请问什么时候会触动本金提前谈笑条款呢？没太理解是啥意思，能举个具体例子吗？谢谢！-有问必答-品职教育专注CFA ESG FRM CPA 考研等财经培训课程

请问什么时候会触动本金提前谈笑条款呢？没太理解是啥意思，能举个具体例子吗？谢谢！

NO.PZ2018062020000033

问题如下：

In credit card receivable ABSs, principal cash ﬂows can be altered only when the:

选项：

lockout period expires.

excess spread account is depleted.

early amortization provision is triggered.

解释：

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.

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. 解释： 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.

嗨，爱思考的PZer你好：

同学你好：

本金现金流只有在触发了提前摊还机制时才会发生改变。本金的现金流在锁定期之后交到投资者手里，这并不是现金流发生变化，只是信用卡贷款ABS运营中正常的一个流程。这里说的触发了提前摊还机制是指遇到了一些特殊事件，本金才会提前还给投资者。特殊事件比如，很多信用卡持有人没有按期还款导致资产池出了问题，或者SPV出现了问题等等，才会触发提前摊销机制。

这道题考的就是原版书正文一个小结论，原版书上也没有过多的展开和相关的举例。简单了解记忆即可。

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请问什么时候会触动本金提前谈笑条款呢？没太理解是啥意思，能举个具体例子吗？谢谢！

1 个答案

1

0

875

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