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Ch. 660
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2000 LAWS OF MARYLAND
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GOVERNMENT OF THE UNITED STATES OR AN AGENCY OF THE UNITED STATES. OR
BY THE FEDERAL NATIONAL MORTGAGE ASSOCIATION OR THE FEDERAL HOME LOAN
MORTGAGE CORPORATION; AND
2. AS TO LENDING FOREIGN SECURITIES. SOVEREIGN DEBT
RATED I BY THE SECURITIES VALUATION OFFICE OF THE NATIONAL ASSOCIATION OF
INSURANCE COMMISSIONERS;
(II) AS TO REPURCHASE TRANSACTIONS, CASH, CASH
EQUIVALENTS, AND DIRECT OBLIGATIONS OF, OR SECURITIES THAT ARE FULLY
GUARANTEED AS TO PRINCIPAL AND INTEREST BY, THE GOVERNMENT OF THE
UNITED STATES OR AN AGENCY OF THE UNITED STATES, OR BY THE FEDERAL
NATIONAL MORTGAGE ASSOCIATION OR THE FEDERAL HOME LOAN MORTGAGE
CORPORATION; AND
(III) AS TO REVERSE REPURCHASE TRANSACTIONS, CASH AND CASH
EQUIVALENTS.
(2) (3) (I) "ASSET-BACKED SECURITY' MEANS A SECURITY OR
OTHER INSTRUMENT, EXCLUDING A MUTUAL FUND, EVIDENCING AN INTEREST IN,
OR THE RIGHT TO RECEIVE PAYMENTS FROM, OR PAYABLE FROM DISTRIBUTIONS
ON, AN ASSET, A POOL OF ASSETS, OR SPECIFICALLY DIVISIBLE CASH FLOWS THAT
ARE LEGALLY TRANSFERRED TO A TRUST OR ANOTHER SPECIAL PURPOSE
BANKRUPTCY-REMOTE BUSINESS ENTITY, ON THE FOLLOWING CONDITIONS:
1. THE TRUST OR OTHER BUSINESS ENTITY IS ESTABLISHED
SOLELY FOR THE PURPOSE OF ACQUIRING SPECIFIC TYPES OF ASSETS OR RIGHTS TO
CASH FLOWS, ISSUING SECURITIES AND OTHER INSTRUMENTS REPRESENTING AN
INTEREST IN OR RIGHT TO RECEIVE CASH FLOWS FROM THOSE ASSETS OR RIGHTS,
AND ENGAGING IN ACTIVITIES REQUIRED TO SERVICE THE ASSETS OR RIGHTS AND
ANY CREDIT ENHANCEMENT OR SUPPORT FEATURES HELD BY THE TRUST OR OTHER
BUSINESS ENTITY; AND
2. THE ASSETS OF THE TRUST OR OTHER BUSINESS ENTITY
CONSIST SOLELY OF INTEREST BEARING OBLIGATIONS OR OTHER CONTRACTUAL
OBLIGATIONS REPRESENTING THE RIGHT TO RECEIVE PAYMENT FROM THE CASH
FLOWS FROM THE ASSETS OR RIGHTS.
(II) HOWEVER, THE EXISTENCE OF CREDIT ENHANCEMENTS, SUCH
AS LETTERS OF CREDIT OR GUARANTEES, OR SUPPORT FEATURES SUCH AS SWAP
AGREEMENTS, DO NOT CAUSE A SECURITY OR OTHER INSTRUMENT TO BE
INELIGIBLE AS AN ASSET-BACKED SECURITY.
(3) (4) "BUSINESS ENTITY' INCLUDES A SOLE PROPRIETORSHIP,
CORPORATION, ASSOCIATION, GENERAL OR LIMITED PARTNERSHIP, LIMITED
LIABILITY COMPANY, JOINT-STOCK COMPANY, JOINT VENTURE, TRUST, OR ANY
OTHER FORM OF BUSINESS ORGANIZATION, WHETHER FOR PROFIT OR NOT FOR
PROFIT.
(5) (I) "CASH EQUIVALENT" MEANS A HIGHLY LIQUID INVESTMENT OR
SECURITY WITH AN ORIGINAL TERM TO MATURITY OF 90 DAYS OR LESS THAT IS:
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- 3368 -
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