Facility-based financing system

A system for financing a stadium facility, the system comprising a computerized system for:

• a) projecting one or more sources of future cash flow expected to be generated by the originating entity in the operation of the facility, said sources being selected from the group consisting of gate receipts, season ticket revenue, individual game ticket revenue, and vending revenue;
• b) collecting and pooling rights to receive said cash flow(s) over a period of years;
• c) transferring said rights to one or more special purpose vehicles, each in the form of a separate legal entity, in a manner that effectively removes the respective cash flow(s) from the originating entity's bankruptcy estate;
• d) issuing securities on behalf of said special purpose vehicle(s), using said pooled rights as collateral;
• and
• e) employing the revenue generated from the sale of said securities to finance at least a portion of the construction and/or operating costs of the facility
• wherein the system further comprises:
• means for insuring that investors in the special purpose vehicle receive the maximum amount possible if cash flows are less than expected, and that they are insured or provided credit enhancement against such risk, and
• means for predicting the likely dollar amount of the future cash flows and the inherent risks of amounts less those cash flows being received.

A system for financing a stadium facility, the system comprising a computerized system for:

• a) projecting one or more sources of future cash flow expected to be generated by the originating entity in the operation of the facility, said sources being selected from the group consisting of gate receipts, season ticket revenue, individual game ticket revenue, and vending revenue;
• b) collecting and pooling rights to receive said cash flow(s) over a period of years;
• c) transferring said rights to one or more special purpose vehicles, each in the form of a separate legal entity, in a manner that effectively removes the respective cash flow(s) from the originating entity's bankruptcy estate;
• d) issuing securities on behalf of said special purpose vehicle(s), using said pooled rights as collateral;
• and
• e) employing the revenue generated from the sale of said securities to finance at least a portion of the construction and/or operating costs of the facility
• wherein the system further comprises:
• means for issuing credit support from an issuer, and
• means for performing a quantitative analysis of the expected cumulative net loss experience or cash flow experience for the securitized asset.