Collateral characteristics

Analysing the collateral characteristics of a credit card portfolio is essential because it tells us how the transaction is likely to perform. The major characteristics we focus on are ... 

Campbell (6) was perhaps the first to investigate the relationship between tenderometer values for raw peas and the texture characteristics of collateral samples after freezing and cooking. A high degree of correlation was observed. The investigations of Nielsen and co-workers (31) indicate the usefulness of the instrument for estimation of maturity in peas intended for freezing preservation. In order to secure consistent and reproducible results, the instrument requires standardization and calibration, and the measurements must be made under standardized conditions of temperature and interval after harvest. 

Acute coronary syndromes most often result from a physical disruption of the fibrous cap, either frank cap fracture or superficial endothelial erosion, allowing the blood to make contact with the thrombogenic material in the lipid core or the subendothelial region of the intima. This contact initiates the formation of a thrombus, which can lead to a sudden and dramatic blockade of blood flow through the affected artery. If the thrombus is nonocclusive or transient, it may either be clinically silent or manifest as symptoms characteristic of unstable angina. Importantly, if collateral vessels have previously formed, for example, due to chronic ischemia produced by multi vessel disease, even total occlusion of one coronary artery may not lead to an acute myocardial infarction. 

The large diameter A/l-afferent fibre enters the dorsal horn of the spinal cord through the medial division of the dorsal root. It then descends through the medial region of lamina I or II, or alternatively, curves around the medial (central) edge of the dorsal horn down to the ventral horn. On reaching deeper laminae, laminae IV and V, the AjS-fibres ascend back up into laminae III and IV where they repeatedly subdivide and form a characteristic termination pattern. The densest arborisation appears to occur in lamina III. Axons originating from specialised muscle stretch receptors have collaterals that pass ventrally to make monosynaptic connections with neurons of laminae V, VI and VII. Some also extend to laminae VIII and IX of the ventral horn where they synapse directly onto motor neurons and form the basis of monosynaptic reflexes. 

Another distinct class of dmgs are those requiring a prescription or a written order from a physician or health professional. Congress authorized FDA to determine whether a dmg should be a prescription dmg. Typically prescription dmgs are those that (/) have habit-forming characteristics (2) require a physician s supervision, because of toxic or other harmful effects, methods of use, or collateral measures necessary for use or (5) are limited to prescription use under an NDA. 

In Japanese, moyamoya means puff of smoke and describes the characteristic radiological appearance of the fine anastomotic collaterals that develop from the perforating and pial arteries at the base of the brain, the orbital and ethmoidal branches of the external carotid artery and the leptomeningeal and transdural vessels in response to severe stenosis or occlusion of one, or both, distal internal carotid arteries (Yonekawa and Khan 2003). The circle of Willis and the proximal cerebral and basilar arteries may also be involved. 

Other nonadrenergic, noncholinergic fibers have the anatomic characteristics of sensory fibers and contain peptides such as substance P that are stored in and released from the fiber terminals. These fibers have been termed sensory-efferent or sensory-local effectoP fibers because when activated by a sensory input they are capable of releasing transmitter peptides from the sensory ending itself, from local axon branches, and from collaterals that terminate in the autonomic ganglia. These peptides are potent agonists in many autonomic effector tissues. 

Investing in CMBS, whether they are single-asset or multiborrower transactions, requires an appreciation of the nature of the underlying properties and the inherent sensitivities of the cash flows they generate. The type and extent of analysis undertaken should be tailored to reflect the characteristics of the collateral pool and also whether the proposed investment is at a senior or junior level in the capital structure. 

Credit card ABS (CCABS) constitute one of the most liquid and widely accepted asset classes in Europe and most European ABS investors are likely to hold some credit card securitisations. The purpose of this chapter is to discuss the structural features and investment characteristics of CCABS. The focus is on the UK credit card ABS market because the vast majority of European credit card transactions are backed by sterling-denominated collateral. 

Three types of consumer finance receivables have been securitised in the past credit card receivables, auto receivables (essentially auto loan and auto lease receivables), and other consumer finance receivables, which typically include unsecured personal loans. Credit card receivables are discussed in Chapter 13. The purpose of this chapter is to provide an overview of the European auto and consumer loan ABS markets and review the structural, collateral, and performance characteristics of the two asset classes. We decided to review auto and consumer loan ABS combined in one chapter because of the many similarities between the two asset classes. 

For example, FIAT 1 benefits from four triggers that measure certain characteristics of the collateral. During the three-year revolving period, new receivables can only be purchased if the eligibility criteria shown in Exhibit 14.8 are met. 

Strips created from whole-loan CMOs trade differently from those issued out of agency CMOs, due to the nature of the underlying collateral they are viewed differently by investors and so their secondary market characteristics are less liquid. 

Siegler, S., Block, J. and Schneck, C.D. (1988) The mechanical characteristics of the collateral ligaments of the human ankle joint. Foot Ankle, 8(5), 234-42. 

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