Partially funded structures

There are two types of CDO liability structures utilized in synthetic transactions completely unfunded structures that use portfolio swaps exclusively to transfer the entire credit risk of the reference portfolio to investors and partially funded structures which transfer only the highest credit risk segment of the portfolio. 

It is our pleasure to thank Dr. Don Nicholson for computational assistance and valuable discussions. The authors benefited from the NATO travel grant No 890816.The research of two of the authors (D.Z. and A.N.A) was partially benefited from collaborations within, and has been partially funded by, the Human Capital and Mobility Network on Ab-Initio (from electronic structure) calculation of complex processes in materials (contract ERBCHRXCT930369). 

Tliis funding is of practical relevance for liquid-phase strategy because the partially crystalline structure of peptide-PEG esters permits ea handling of the precipitated product. Furthermore, the danger of inclusions of low molecular weight components as observed in amorphous precipitates is considerably reduced ... 

I would like to thank Dr. W. Butler for formatting figures of crystal structures and Drs. O. Mundt and H. J. Breunig for providing preprints of papers prior to publication. I also thank the donors of the Petroleum Research Fund administered by the American Chemical Society and the AFOSR (Grant 81-094) for partial support of our research. 

The objective of structure modelling is the invention of a zeolite structure having a theoretical x-ray diffraction pattern (21) that matches the PXD spectrum for the unknown experimental material. A short-cut is to use a previously generated source of PXD patterns for the many theoretical structures already described in the literature (eg. see 22). Although such a valuable data bank has been proposed by Smith(23), it is not yet funded or available, except in partial form within a few individual companies and university departments. 

We thank V.A. Drits for comments on an early version of this manuscript and D.R. Peacor and G. Ferraris for comments on the final version. Special thanks to Marco Poppi for helping in deriving models of mica crystal chemistry. Partial support for this work was made possible by the donors of The Petroleum Research Fund, administered by The American Chemical Society, under grant PRF-32858-AC5 and by the U.S. National Science Foundation, under grant EAR-0001122. We also thank the Italian MURST (project Layer silicates Crystal chemical, structural and petrological aspects ) and the CNR for financial support. 

In a securitisation structure, a bankruptcy remote SPV uses the proceeds of the debt issue to acquire the properties. It then leases them back to the seller for a term that will equal or exceed the tenor of the debt issue. Lease payments will service the debt in one of various ways The debt may be fully amortised over the term (although this gives rise to a significant tax mismatch) the debt may be partially amortised, which requires refinancing or a sale of the property to ensure repayment of the debt at maturity or the issue size may be increased to fund the purchase of a zero coupon bond to repay the principal at maturity. A typical structure is illustrated in Exhibit 12.4. 

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