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TXCPTax-Exempt Commercial Paper (credit)
TXCPUniversity of Texas College of Pharmacy
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In late 1993's low interest rate environment for tax-exempt commercial paper (2 percent to 3 percent), the additional cost of an LOC made the rate to the borrower generally noncompetitive with other short-term fixed rate alternatives.
Tax-exempt commercial paper generally requires a liquidity provider to assure the holder of the paper that, in the event the remarketing agent is unable to remarket the paper, the liquidity provider will step forward and guarantee payment at maturity.