Explanation

Credit card receivable ABS have specific structural features that differ from other types of ABS:

A. A lockout period - This IS a feature of credit card ABS. During the lockout period, only interest payments are made to investors, and principal payments are used to purchase new receivables or held in a trust account.

B. Amortizing collateral - This is LEAST LIKELY a feature of credit card ABS. Credit card receivables are revolving in nature, meaning they don't have a fixed amortization schedule like auto loans or mortgages. The principal is typically repaid through a controlled amortization or bullet payment structure rather than through amortizing collateral.

C. An early amortization provision - This IS a feature of credit card ABS. These provisions are triggered by specific events (like poor portfolio performance or issuer insolvency) and cause the security to begin repaying principal earlier than scheduled.

Key Differences:

• Credit card ABS: Revolving period, controlled amortization, bullet payments
• Auto loan/Mortgage ABS: Amortizing collateral with scheduled principal payments

The correct answer is B because amortizing collateral is characteristic of auto loan or mortgage ABS, not credit card ABS.