How will the issuance limits on credit card, floorplan, and auto ABS (issued by a master trust) be enforced?
Issuers of credit card, floorplan, and auto ABS must state in their prospectuses that the aggregate amount of eligible ABS they have issued does not exceed the amount of their 2009 ABS maturities. Issuers may issue ABS in excess of their 2009 maturities; however, these excess amounts will not be eligible collateral for TALF loans unless they are issued out of an existing or newly established master trust for floorplan or auto ABS in which all or substantially all of the underlying exposures were originated on or after January 1, 2009.
Issuers of credit card, floorplan, and auto ABS must state in their prospectuses that the aggregate amount of eligible ABS they have issued does not exceed the amount of their 2009 ABS maturities. Issuers may issue ABS in excess of their 2009 maturities; however, these excess amounts will not be eligible collateral for TALF loans.
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