Conduit - A medium, or a legal vehicle. Specific to securitisations, this means an entity formed to hold receivables transferred by the originator on behalf of the investors. In pass through structures, an SPV is a mere conduit as it merely represents the collective property and cashflows of the investors. In case of asset-backed commercial paper it means the SPV which holds the receivables transferred by different originators, and issues commercial paper to raise money to buy the same.

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