Define self liquidating premium

06-Nov-2017 19:46

Legally, this was widely held not to include lease-backed ABS.

In 2005, the SEC expanded the scope of the definition to include certain transactions backed by leases which also relied on some residual risk.

Although the Securities and Exchange Commission (SEC) has not expressly interpreted the Dodd-Frank definition, it is very similar to previous definitions.

The pre-2005 definition (adopted in 1992), defines an ABS as one that is “primarily secured by the cash flows of a discrete pool of receivables or other financial assets…that by their terms convert into cash within a finite time period,” – which sounds familiar.

Section 941 of the Dodd-Frank Wall Street Consumer Protection Act defines an asset-backed security as: “A fixed income or other security collateralised by any type of The authors believe that aircraft ABS are not self-liquidating because the initial revenues from the assets under lease are not sufficient to pay off the debt and interest at the terms end – a definition that has been used by the courts for around a century.

Originators of Aircraft ABS deals are not subject to the US Dodd-Frank’s 5% risk retention rules, according to a panel of aviation lawyers in a new white paper.

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