Credit Card Receivables

Chapman and Cutler attorneys have among the most extensive experience in credit card securitization in the legal industry.

Chapman attorneys serve as counsel to the issuers of many of the most significant credit card securitization programs. We also serve as designated underwriters' counsel and designated commercial paper conduit counsel for several major credit card ABS issuers. In addition to representing issuers and underwriters, we have significant experience representing credit enhancers, trustees, and investors in numerous credit card ABS transactions. We also represent buyers, sellers, and financing parties in connection with acquisitions, joint ventures, and other principal finance transactions involving credit card portfolios.

Chapman attorneys are innovators in the credit card securitization industry. Our attorneys have been instrumental in the development of:

• the initial master trust and de-linked note trust structures;
• the collateral invested amount and the senior/subordinated enhancement structures;
• the securitization of cash collateral and reserve accounts;
• the first “plain English” prospectus and the first Regulation AB-compliant prospectus under SEC pilot programs; and
• embedded CP programs within master trusts.

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