acquired from the lease trust 12 and places with an issuing entity that issues the asset backed securities the u201c securities product u201d each separate issue of the securities product will be backed by a separate pool of secured notes and various enhancements in order to support the sale of the securities product the secured notes may be discounted from their respective consumer market rates to the current investment market interest rates at the date of the offering and otherwise enhanced to address investment criteria the securities product will be sold either via registered public offerings in compliance with registration and prospectus requirements or exempt private placement transactions sale of the securities product will not constitute a distribution of the secured notes themselves in an alternative embodiment an entity will be formed to purchase a portfolio of secured notes that the vehicle financier 14 has accumulated over time the u201c seller u201d 32 the seller 32 will deposit those financial assets into a trust the u201c issuer trust u201d 34 the issuer trust 34 will be the issuer of the securities product in an alternative embodiment the issuer trust can make a pledge of secured notes to an indenture trustee 37 the seller 32 will sign the registration statement as depositor the vehicle financier 14 will serve as the servicer of the securities sold the secured notes and the collateral backing the secured notes all material disclosures typical for securitization of financial assets will be included in the registration statement for the securities product these will include the relevant pool data relating to the secured notes backing both the.