commercial paper program
USA
commercial paper is usually issued in connection with a commercial paper program. The maturity of commercial paper must be less than 270 days. Most commercial paper has a maturity of between five and 45 days, with 30-35 days being the average maturity. A typical commercial paper program involves an issuer continuously rolling over their commercial paper, financing a more-or-less constant amount of their assets using commercial paper. The nine-month maturity limit is not violated by the continuous rollover of notes, as long as the rollover is not automatic, but is at the discretion of the issuer and the dealer. Many issuers will adjust the maturity of commercial paper to suit the requirements of an investor.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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