Collateral affordability

Master trusts allow issuers to sell multiple securities from a single trust. There is no segregation of any sort between the receivables in the trust and as such, all issues are backed by the same collateral. The master trust structure affords the issuer great flexibility, since the cost and effort associated with issuing a new series from a master trust is lower than for creating a new trust for every issue. For example, an issuer creates a new master trust and sells 100 million in credit card receivables from selected accounts into the master trust and then issues securities backed by these receivables. When more financing is needed, the issuer sells a further 100 million in receivables from more accounts into the same trust and issues more securities. This means that the issuer does not have to set up new master trusts if it wants to securitise new receivables. All securities are issued from the same master trust and backed by the same collateral. 

If good collateral perfusion is unlikely, one then must consider whether one can afford to let the tissue become ischemic. As an example, it would be very reasonable to embolize a peripheral renal artery branch that was injured during a biopsy and sacrifice a small section of renal parenchyma, since it would have negligible effect on renal function. However if the main renal artery was ruptured during PTA, you would not want to embolize this artery except in dire situations since it would sacrifice the entire kidney. 

In our view, the economist s term negative externality is the equivalent of the military s term collateral damage. Try getting Noel or Sam or Abbey, or any member of their families, to accept they are simply part of the price society must pay Our view is that human life is sacrosanct and the notion of collateral damage is unacceptable. There is no one we know who accepts the notion of collateral damage as the price we must pay for affordable air or rail transport. Everyone welcomes cheaper and cheaper air and rail fares, but no one accepts that these should occur at the cost of safety. These modes aim for zero disabling injury and death. 

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