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Must a credit card or auto dealer floorplan ABS issuer issue eligible ABS concurrent with the maturation of the ABS the eligible ABS is refinancing?

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Must a credit card or auto dealer floorplan ABS issuer issue eligible ABS concurrent with the maturation of the ABS the eligible ABS is refinancing?

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No. Issuers may pre-fund their maturing ABS with eligible ABS up to three months in advance. Issuers also have the option to refinance ABS that matured in 2009 in bulk on any date up to December 31, 2009. Issuers may not, however, pre-fund ABS that mature in 2010 with eligible ABS.

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