• Comments

Joint Response to ABS Conflicts of Interests Proposal

Comments submitted by a NABL-led coalition in response to the SEC’s request for comments on its proposed rule “Prohibition Against Conflicts of Interest in Certain Securitizations.”

President Joe Biden delivers remarks about his FY2024 budget proposal in Philadelphia, PA on March 9, 2023.
President Joe Biden delivers remarks about his FY2024 budget proposal in Philadelphia, PA on March 9, 2023.
  • News

Biden Releases FY2024 Budget Proposal

The White House’s FY2024 budget proposal is out and includes the “LIHTC Fix.”

Tax Increment Financing (“TIF”) Bonds

Bonds are special obligations secured by incremental increases in tax revenues paid by users of developed property or by general increases in taxable values within a designated tax increment area.

Credit Enhancement or Liquidity Facility Provider

Parties providing superior credit to improve the credit quality of a bond issue, and/or funds to the issuer to repurchase bonds that a bondholder may tender.

Weighted Average Maturity

Generally, the weighted average maturity of a bond issue is the sum of the product of the issue price of each maturity of the bond issue multiplied by the number…

Upgrade (Ratings)

The increasing of a rating by a rating agency.  Higher ratings indicate higher credit quality.

Trust Indenture Act of 1939

A federal statute setting out the requirements for trust indentures in connection with publicly traded corporate securities.

Trustee’s Counsel

An attorney or firm of attorneys engaged to serve as counsel to the trustee.


A commercial bank or trust company with trust powers which acts in a fiduciary capacity for and on behalf of the bondholders by entering into an indenture with the issuer…

Taxable Bond

A bond, the interest on which is not excludable from gross income for federal income tax purposes.

Supplemental Indenture

A supplement to an outstanding indenture, entered into pursuant to the terms of an outstanding indenture and delivered in connection with the issuance of additional bonds, to cure an inconsistency…

Reimbursement Agreement

A contract typically seen in transactions that involve a letter of credit or a guaranty.