题目
In credit card receivable ABSs, principal cash flows can be altered only when the:
选项
A.lockout period expires.
B.excess spread account is depleted.
C.early amortization provision is triggered.
答案
C
解析
： C is correct. In credit card receivable ABSs, the only way the principal cash flows can be altered is by triggering the early amortization provision. Such provisions are included in the ABS structure to safeguard the credit quality of the issue. A is incorrect because expiration of the lockout period does not result in the alteration of principal cash flows but instead defines when principal repayments are distributed to the ABS investors. During the lockout period, principal repayments by cardholders are reinvested. When the lockout period expires, principal repayments by cardholders are distributed to investors. B is incorrect because the excess spread account is a credit enhancement for loss absorption. When the excess spread account is depleted, losses are applied against the overcollateralization amount followed by the senior/subordinated structure. The only way principal cash flows can be altered is by triggering the early amortization provision. ： 这道题问的是在信用卡应收账款ABS中，只有在下列情况下，才能更改本金现金流： C是正确的。在信用卡应收账款中，唯一可以改变本金现金流的方法是触发提前摊销条款。这些条款都包含在ABS结构中，以保障发行的信用质量。 A是不正确的，因为锁定期的到期不会导致本金现金流的变化，而是定义何时向ABS投资者分配本金偿还。在锁定期内，持卡人的本金还款将再投资。当锁定期到期时，持卡人的本金还款将分配给投资者。 B是不正确的，因为超额差价账户是一种吸收损失的信用增级。当超额利差账户耗尽时，损失将被应用于高级/次级结构之后的超额征收金额。唯一可以改变本金现金流的方法是触发提前摊销准备。