Commercial Paper (CP) is short-term, unsecured debt issued in the form of electronic promissory notes, and is often used as a generally lower cost alternative to borrowing from banks or other institutions. The paper is usually sold to institutional investors, who desire to purchase CP as one form of short term money market investment. To the issuer CP provides debt management flexibility. Because commercial paper maturities don't exceed nine months and proceeds are typically used only for current transactions, the notes are exempt from registration with the United States Securities and Exchange Commission.