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This excerpt taken from the C 8-K filed Jan 23, 2009. Municipal Tender Option Bond (TOB) QSPEs
The Company sponsors QSPE TOB trusts that hold municipal securities and issue long-term senior floating-rate notes (“Floaters”) to third-party investors and junior residual securities (“Residuals”) to the Company. The discussion of municipal securities Tender Option Bond (“TOB”) Trusts on page 57 addresses the structure of these QSPE TOB trusts, along with other Proprietary TOB trusts and Customer TOB trusts.
Unlike other Proprietary TOB trusts, and to conform to the requirements for a QSPE, the Company has no ability to unilaterally unwind QSPE TOB trusts. The Company would reconsider consolidation of the QSPE TOB trusts in the event that the amount of Floaters held by third parties decreased to such a level that the QSPE TOB trusts no longer met the definition of a QSPE because of insufficient third-party investor ownership of the Floaters.
This excerpt taken from the C 10-Q filed Oct 31, 2008. Municipal Tender Option Bond (TOB) QSPEs The Company sponsors QSPE TOB trusts that hold municipal securities and issue long-term senior floating-rate notes ("Floaters") to third-party investors and junior residual securities ("Residuals") to the Company. Unlike other Proprietary TOB trusts, and to conform to the requirements for a QSPE, the Company has no ability to unilaterally unwind QSPE TOB trusts. The Company would reconsider consolidation of the QSPE TOB trusts in the event that the amount of Floaters held by third parties decreased to such a level that the QSPE TOB trusts no longer met the definition of a QSPE because of insufficient third-party investor ownership of the Floaters. This excerpt taken from the C 8-K filed Aug 14, 2008. Municipal Tender Option Bond (TOB) QSPEs
The Company sponsors QSPE TOB trusts that hold municipal securities and issue long-term senior floating-rate notes (“Floaters”) to third-party investors and junior residual securities (“Residuals”) to the Company. The discussion of municipal securities Tender Option Bond (“TOB”) Trusts on page 55 addresses the structure of these QSPE TOB trusts, along with other Proprietary TOB trusts and Customer TOB trusts.
Unlike other Proprietary TOB trusts, and to conform to the requirements for a QSPE, the Company has no ability to unilaterally unwind QSPE TOB trusts. The Company would reconsider consolidation of the QSPE TOB trusts in the event that the amount of Floaters held by third parties decreased to such a level that the QSPE TOB trusts no longer met the definition of a QSPE because of insufficient third-party investor ownership of the Floaters.
This excerpt taken from the C 10-Q filed Aug 1, 2008. Municipal Tender Option Bond (TOB) QSPEs The Company sponsors QSPE TOB trusts that hold municipal securities and issue long-term senior floating-rate notes ("Floaters") to third-party investors and junior residual securities ("Residuals") to the Company. Unlike other Proprietary TOB trusts, and to conform to the requirements for a QSPE, the Company has no ability to unilaterally unwind QSPE TOB trusts. The Company would reconsider consolidation of the QSPE TOB trusts in the event that the amount of Floaters held by third parties decreased to such a level that the QSPE TOB trusts no longer met the definition of a QSPE because of insufficient third-party investor ownership of the Floaters. This excerpt taken from the C 10-Q filed May 2, 2008. Municipal Tender Option Bond (TOB) QSPEs The Company sponsors QSPE TOB trusts that hold municipal securities and issue long-term senior floating-rate notes ("Floaters") to third-party investors and junior residual securities ("Residuals") to the Company. Unlike other Proprietary TOB trusts, and to conform to the requirements for a QSPE, the Company has no ability to unilaterally unwind QSPE TOB trusts. The Company would reconsider consolidation of the QSPE TOB trusts in the event that the amount of Floaters held by third parties decreased to such a level that the QSPE TOB trusts no longer met the definition of a QSPE because of insufficient third-party investor ownership of the Floaters. This excerpt taken from the C 10-K filed Feb 22, 2008. Municipal Tender Option Bond (TOB) QSPEs The Company sponsors QSPE TOB trusts that hold municipal securities and issue long-term senior floating-rate notes (“Floaters”) to third-party investors and junior residual securities (“Residuals”) to the Company. The discussion of municipal securities Tender Option Bond (“TOB”) Trusts on page 163 addresses the structure of these QSPE TOB trusts, along with other Proprietary TOB trusts and Customer TOB trusts. Unlike other Proprietary TOB trusts, and to conform to the requirements for a QSPE, the Company has no ability to unilaterally unwind QSPE TOB trusts. The Company would reconsider consolidation of the QSPE TOB trusts in the event that the amount of Floaters held by third parties decreased to such a level that the QSPE TOB trusts no longer met the definition of a QSPE because of insufficient third-party investor ownership of the Floaters. | EXCERPTS ON THIS PAGE:
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