Current Transactions

For purposes of the exemption under Securities Act Section 3(a)(3) for commercial paper, the exemption is limited to notes that arise out of a current transaction or the proceeds of which have been or are to be used for current transactions.  These are usually understood to include the making of loans upon or the purchasing of notes, installment contracts or other evidences of indebtedness in the ordinary course of business or the payment or refinancing of outstanding commercial paper or refinancing of assets financed by eligible commercial paper.