Which one of the following statements is correct regarding equipment trust certificates (ETCs) ?
A) The trust fund issuing the ETCs leases equipment from manufacturers and then re-leases the equipment to transportation firms.
B) ETCs are used principally to finance the daily operations of large equipment manufacturers.
C) ETC holders receive dividend payments derived from lease payments received by the trust fund.
D) ETCs are all issued as senior notes.
E) ETCs generally have an unlimited life.
Correct Answer:
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