Translator：Xiong Yajie

Recently, Landing Law Offices assisted trò chơi máy đánh bạcernational Leasing Co., Ltd. in its first ABCP project, namely trò chơi máy đánh bạcernational Leasing Co., Ltd.’s 2023 New Energy No. 1 Phase 1 green directional asset-backed commercial paper, with “zero feedback” in terms of legal aspects and was approved by the National Association of Financial Market Institutional Investors and successfully issued.

The ABCP project’s issuance fund-raising scale is approximately RMB 900 million, with an issuance period of 180 days. trò chơi máy đánh bạcernational Leasing Co., Ltd. will serve as the initiator and difference payment committer, with the initiator initially entitled to financial leasing of photovoltaic equipment that has completed green certification and related ancillary interests owned by the originator as the basic assets, and an asset-backed commercial paper trust is established as the issuance vehicle.

Landing was hired as the special legal advisor for this ABCP project, providing a full set of legal services including demonstrating the project transaction structure, conducting legal due diligence, verifying basic intellectual property, drafting transaction documents, and issuing legal opinions. At the same time, Landing will further provide corresponding legal services based on the rolling issuance, recurring purchases, new entrustments, etc. of this ABCP project.

It should be noted that in the field of asset securitization, the ABCP project has an innovative transaction structure and also demonstrates unique financing advantages. For example, a rolling issuance and subsequent issuance mechanism for priority asset-backed notes can be set up so that financing entities can repay financing debts without relying on the cash flow of underlying assets; and while the underlying assets remain stable, multiple issuances of priority asset-backed notes can also be realized. At the same time, due to the short issuance period, financing entities can choose the most favorable time to issue according to market interest rates. Therefore, in terms of reducing financing costs and improving issuance efficiency, the financing advantages of the ABCP project are indeed obvious. After assisting in the successful issuance of this ABCP project, it also means that Landingtrò chơi máy đánh bạcsquo;s professional capabilities in serving the field of asset securitization have been expanded and enhanced again.

Regarding the issuance of this ABCP project, Landing assigned lawyer Zhaofu Liu, Jinchang Li, and assistants Xinyuan Xu and Qiran Yang to provide professional and efficient legal services. Landing adheres to the concept of "absolute professionalism" and will continue to provide clients with various professional legal services.