At Charles Schwab Bank we strive to provide the highest level of service and products for our clients, and the Pledged Asset
Mortgage is another example of how we are working towards a more integrated service model," said Musci.
Before CDARS, Ponca City School District collateralized all of its deposits at a local bank with traditionally pledged assets
such as Treasuries and bonds.
In addition, the company has sold assets, pledged assets
and borrowed money on an unsecured basis to raise approximately $4 billion in liquidity, but despite this, "Northwest's cash balance as of year end 2005 had dropped to $1.
The bonds are secured by pledged assets
including gross receipts, a first mortgage lien, and a debt service reserve fund.
The ratings for the secured credit facility at CCOC reflect the lower collateral support from its pledged assets
as well as expected benefits from the over-collateralization of the secured assets at Towers LLC, GS V and Global Signal Holdings III LLC.
The asset parity is calculated by dividing the dollar amount of total program pledged assets
(that includes the guaranteed mortgage and amounts on deposit in program funds and reserves) by the total amount of bonds outstanding.
15x and a minimum ratio of pledged assets
to secured debt of 1.
The CTA also permitted the securing of future indebtedness with the Pledged Assets
In addition to the pledged assets
in the indenture, the bonds are also backed by the general obligation pledge of the corporation (rated 'AA+' by Fitch).
Private water enterprises currently account for 2% of current pledged loans, all secured by system revenues, with additional pledged assets
in some cases.