Last updated: June 2, 2014

Installment Receivables and Card Shopping Receivables
1.

Outline of Underlying Assets
Installment sales are defined under Installment Sales Act as payments over a period of not less than
two months, and the installment sales include almost all sales but sales in which one pays the total
amount only once next month after the purchase. Under the Installment Sales Act, installment receivables
and card shopping receivables are classified into installment sales (comprehensive method and individual
method), intermediation of credit purchases, (intermediation of comprehensive credit purchases andintermediation of individual credit purchases), or loan affiliated installment sales (comprehensive method
only, individual loan affiliated installment sales are included in the intermediation of individual credit
purchases) based on structure of contracts. Individual method is a method in which a credit card company
makes a credit decision every time a consumer purchases products or receives services without using acredit card and then the consumer and the credit card company enter into a credit agreement individually.
Comprehensive method is the one in which a consumer and a credit card company enter into a credit
agreement comprehensively at first within the scope of the limit and the consumer uses his or her credit
card when he or she purchases products. Repayment methods are revolving payments that arepredetermined payments every month without any direct relation to the charges for the products orservices in addition to lump-sum payments and installment payments.
Claims generated by installment sales through individual method and by intermediation of credit
purchases are classified as installment receivables (individual installment receivables or shopping credit
receivables), and claims generated by installment sales through comprehensive method, intermediation of
credit purchases and loan affiliated installment sales are classified as card shopping receivables. Amongthese receivables, receivables with revolving payments or installment payments are the receivables to be
securitized primarily.
For the individual method, in case where the products are automobiles, such receivables are
separately treated from installment receivables as automobile loan receivables as before. (Please refer to"Automobile Loans")

2.

General Scheme for Installment Receivables Securitization (in case of Trust Method)(i) An originator assigns the installment receivables held against the multiple underlying debtors, which
are chosen based on trust agreements, to a trust of a trust bank (trustee), which then issues a senior
beneficial interest and a subordinated beneficial interest.
(ii) For assignment of the installment receivables, the originator perfects the assignment of theinstallment receivables against third parties by way of registration provided by Article 4 (1) of Act on
Special Provisions, etc. of the Civil Code Concerning the Perfection Requirements for the
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Assignment of Movables and Claims. Perfection against debtors is reserved until certain eventsoccur.
(iii) The originator undertakes collection operations for the installment receivables as an initial servicer inaccordance with the agreement on assignment of administrative work and delivers the collected
money to the trustee. The trustee then redeems the principal amount of the senior beneficial interest
and pay dividends.
(iv) In preparation for a case where the originator cannot conduct servicing operation normally, backup
servicer stands by.
<Scheme Map>
Backup Servicer
Debtors
Installment
contracts

Collected proceedsof installment
receivables

Backup Service Contract
Assignment of installment receivables

Originator/Servicer

Payment oftransfer proceeds

Trust Beneficiary Right
Delivery of collected proceeds

Transfer of preferredbeneficiary rights

Trust Bank (Trustee)

Redemption of preferred beneficiary rights andpayment of dividends on preferred beneficiary rights

Investors

3.

Expected Risks and Evaluation on Them

(1) Risk of Deterioration in Creditworthiness of Underlying Debtors
In case where occurrences of defaults on debts by underlying debtors of the installment receivables
exceed a certain percentage, securitization receivables may suffer a loss.
For this risk, JCR provides credit enhancement through senior-subordinated structure, etc.
commensurate with the rating (please refer to 4. Calculation of Required Subordination Amount below).
(2) Cancellation Risk (Member Store Risk)
Under the current Installment Sales Act and Act on Specified Commercial Transactions, rescissionof contracts is admitted in various cases as described below.
First of all, for all products and services in principle, 8- day cooling-off period is admitted fordoor-to-door sales, telemarketing sales and specified continuous service offers of intermediation ofindividual credit purchases and 20-day cooling-off period is admitted for multilevel marketingtransactions and business opportunity related sales transactions. In case where a consumer
misunderstands and applies for a contract or indicates his or her intention to accept the offer as a resultof an illegal act such as a misstatement or a willful concealment of important matters, the consumer can
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cancel the contract irrespective of the cooling-off period. As for the specified continuous service offers
and multilevel marketing transactions, midterm cancellation after the cooling-off period is admitted, andupper limit on penalty for contract breach in such case is provided.
Consumers who use intermediation of credit purchases are permitted to stop payments when there
is a flaw in a product, a product is not delivered, there is a fraud, or there is coercion or compulsion in
the buy and sell agreement, based on these facts with certain requirements. As for the intermediation ofindividual credit purchases, consumers can receive refund from credit sales companies and credit
companies in cases where cooling off rights have been exercised or member stores made wrongful
solicitation.
To reduce dilution risk of receivables owing to these cancellations, it is necessary that member
stores be diversified by way of measures such as reducing the ratio of the same member store to the poolof the receivables to a certain percentage. Incorporation of seasoning into the eligibility requirements is
also effective for reduction of this risk. With these requirements, JCR examines to what extent thecancellation (member store) risk can have an impact on credit risk of the pool of the securitization
receivables, content of products or services of the pool, screening of member stores by the originator,
creditworthiness of influential member stores, etc. and calculates cancellation loss and sets up
subordination separately from subordination for bad debts, if necessary.
(3) Risk of Originator's Bankruptcy, etc.
(i) True Sale
In the originator's bankruptcy, civil rehabilitation, or corporate reorganization proceedings, there
is a risk that the relevant court or receiver may judge the claims assigned by securitization as theclaims belonging to the bankruptcy estate, rehabilitation debtor's property, or reorganizationcompany's assets and as the claims or security rights subject to the bankruptcy, civil rehabilitation, or
corporate reorganization proceedings (the so called "true sale" issue).
Major focal points in terms of credit ratings for the true sale are the following:• It has already been confirmed whether or not the originator has an intention of assigning its
receivables. The originator's intention of assigning its receivables has already been approved
according to the internal procedures.
• The originator has no right of control, except that it has rights and obligations as asubordinated beneficiary, seller beneficiary, and servicer.
• Except in the case of occurrence of certain events (cleanup call, violation of representations
and warranties, violation of eligibility criteria, other contractual violations, etc.), theoriginator has neither obligation nor right to repurchase the transferred receivables.
• With regard to the assignment of the receivables from the originator to the trust of the trustee,requirements for perfection against third parties have been fulfilled. In case of occurrence ofany cause for replacing the servicer, requirements for perfection against debtors are to be
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fulfilled. Other requirements for perfection have been met.
• The originator renders no indemnification for solvency of debtors.
• In case where there is a seller beneficial interest, such seller beneficial interest can beconsidered to rank pari passu with senior beneficial interest and should not be constituted asa credit enhancement measure.
• The assignment price of receivables between the originator and the trustee has been
determined based on rational and fair prices as standards.
(ii) Risk of No Perfection Against Debtors
In many cases of securitizing installment receivables, the originator fulfills requirements for
perfection of assignment by third parties by registration of assignment of claims as stipulated in Act
on Special Provisions, etc. of the Civil Code Concerning the Perfection Requirements for the
Assignment of Movables and Claims, while requirements for perfection of assignment against
debtors are reserved at the beginning. If the originator falls into bankruptcy by any chance, collected
proceeds to be received by the trustee, etc. from the debtors may possibly decrease because theoriginator has not acquired requirements for perfection against debtors.
In response to this risk, it is determined that the originator will promptly acquire requirementsfor perfection against debtors using the method as stipulated in Act on Special Provisions, etc. of the
Civil Code Concerning the Perfection Requirements for the Assignment of Movables and Claims orin the civil code in case of occurrence of certain events such as the originator's deterioration in thecreditworthiness.
(4) Risk Pertaining Servicer(i) Risk of Originator's Bankruptcy, etc. as Servicer
When its claims are securitized, the originator often enters into an agreement on assignment ofadministrative work with the trustee to whom the claims have been assigned, on the basis of which it
pursues collection operations by continuing the collection method as has been practiced by it. In thiscase, relations between the originator and underlying debtors will not change after the securitization
outwardly and it can avoid confusion arising from securitization of the receivables. However, if any
bankruptcy, civil rehabilitation, or corporate reorganization proceedings have been commenced by oragainst the originator, the collection operations may possibly be confused and suspended on atemporary basis.
In response to this risk, liquidity facilities should be administered and a scheme, in which theagreement on assignment of administrative work with the originator can be cancelled and the backup
servicer can take over the collection operations if the trustee, etc. admits, is required.

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(ii) Commingling Risk
In securitization of installment receivables, the originator continues to face the underlying
debtors after assignment of receivables usually as a mandatory for servicing (administration andcollection) operation. The originator's position will not change outwardly. For this reason, when theoriginator becomes bankrupt, there is a risk that the collected money from the receivables will mix orcommingle with the originator's inherent cash.
In response to this risk, subordination for commingling risk of the collected money retained in
the hands of the originator at hand is required to be set up separately from subordination for credit
losses of the securitization receivables.
4.

Calculation of Required Subordination Amount
As installment receivables are in general well diversified into many small claims by their nature,
expected amount of loss owing to defaults on the underlying claims is calculated by stress test based on
approach of many small lots using the law of large numbers.

(1) Analyses of Population Receivables and Securitization Receivables(i) Analysis of Historical Data
JCR calculates credit loss rate, cancellation rate and prepayment rate from historical data of the
population receivables. As for credit losses in the case of securitization, JCR includes long-termdelinquent receivables (over 3 to 4 months past due normally) in addition to legal liquidation claims
and bad debts, for which attorneys intervened, into the credit loss rate.
(ii) Analyses of Composition Ratio of Population Receivables
JCR understands characteristics of the population receivables from data by composition ratio of
the population receivables (by sex, age, balance, address of debtors, industry of member stores,
products, etc.) and refers to the data when determining stress multiplying factor.
(iii) Analysis of Composition Ratio of Securitization Receivables
JCR then checks whether or not the pool of securitization receivables is similar to the pool of
population receivables by comparing the composition ratio of the former with that ratio of the latter.
If the two are different, JCR adjusts the difference by the stress multiplying factor.
(2) Determination of Base Rate
JCR determines a base case for verification and analysis of movements of credit loss rate and othervariables from historical data of the population receivables. With the average value of historical data
being a basis, JCR determines a final base rate for each variable, taking into consideration past trend,
outlier, and also qualitative factors such as items confirmed by the due diligence meeting (credit policy,
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billing system, debt collection procedures, transfer to the managed claims or guidelines for write-offs)
or macro data on the market entirely, and then incorporating these considerations into the analysis.
(3) Stress Test
JCR calculates next required subordination amount commensurate with rating after generatingstressed credit loss rate and other variables for the expected cash flows during the securitization period.
There are multiple cases for the levels after the addition of stress, and they include a level of the basecase multiplied by a constant, or the one with the standard deviation of historical data. JCR adopts anappropriate level for each case. JCR takes into consideration qualitative factors such as attributes of the
population receivables and securitization receivables and adjusts the stress level, if necessary, while
taking the following stress multiplying factors as basics.
Stress Multiplying Factors:
RatingStress Multiplying Factor

AAA

3.5 times

AA

3.0 timesA

2.5 times

BBB

2.0 times(4) Commingling Risk
JCR deals with the commingling risk in principle by setting the required subordinated beneficial
interest amount to the largest amount to be expected to become uncollectible if the originator as servicer
becomes bankrupt at any time after start of the securitization. JCR determines the required
subordination amount in accordance with collection schedule by confirming scheduled cash flow for thereceivables, because installment receivables include claims with unequal monthly payments such as
payments combined with bonus payments.
In case where the originator meets certain requirements, JCR allows the originator to reserve to set
up a subordinated beneficial interest amount for the commingling risk initially required until
infringement of trigger by setting up a trigger for the commingling.
(Please refer to "Commingling Risk Pertaining to the Securitization Products")(5) Cash Reserve (Liquidity Facility)
It is necessary to reserve funds as cash reserve to be required in a period until the collected moneyis credited to the SPV or trust again after the servicer transfers its collection operation to the backup
servicer when the servicer goes into a situation where it cannot conduct collection business as usual due
to default or some other reasons.
JCR has a policy as a general rule in rating that backup servicer should be set up from the very
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beginning of the securitization. As for an originator with a certain level of a rating, however, JCR admits
that a backup servicer is not selected at the beginning.
(Please refer to "Backup Servicer in Securitization")
5.

Outline of Receivables with a Revolving Period and Rating Methodology for Them

(1) Outline
In securitization of card shopping receivables, it is often the case that receivables generated byadditional use of credit card by debtors are transferred to the trust, and furthermore, the originator
assigns the receivables to the trust additionally during the initial revolving period so that a certain
amount of principal balance can be maintained and then redemption of senior beneficial interest is
started after the end of the revolving period. There are cases where the originator can raise funds with alonger period than period of underlying claims by setting up a revolving period for the individual
installment receivables.
(2) General Securitization Scheme(i) The originator assigns the card shopping receivables held against the multiple underlying debtors,
which are chosen based on trust agreements, to the trust of a trust bank (trustee), which then issues
a senior beneficial interest, a subordinated beneficial interest, and a seller beneficial interest. The
senior beneficial interest is assigned while the subordinated beneficial interest and seller beneficial
interest are held by the originator. The purpose of the seller beneficial interest is to absorb
fluctuations in balance of the receivables assigned to the trust of the trustee and does not work as acredit enhancement measure.
(ii) For assignment of the card shopping receivables, the originator perfects the assignment of the card
shopping receivables against third parties by way of registration provided by Article 4 (1) of Act on
Special Provisions, etc. of the Civil Code Concerning the Perfection Requirements for the
Assignment of Movables and Claims. Perfection against debtors is reserved until certain eventsoccur.
(iii) The originator undertakes collection operations for the card shopping receivables as an initialservicer on behalf of the trustee in accordance with the agreement on assignment of administrative
work and delivers the collected money to the trustee.
(iv) Receivables generated by additional use of credit card by debtors are transferred to the trust and are
added to the seller beneficial interest. During the revolving period, the trustee pays dividends on
the senior beneficial interest from the collected proceeds and if the remaining amount exceeds therequired amount for the seller beneficial interest, the excess amount is appropriated for redemptionof the principal of seller beneficial interest. If principal balance of the receivables in trust falls
below a certain amount, the originator assigns the receivables additionally to the trust of the trustee
for the shortage so that the principal balance can be maintained at a certain amount.
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(v) After the termination of the revolving period, collected money from the underlying debtors isappropriated for dividend payments and redemption of principal for the senior beneficial interestand seller beneficial interest.
(vi) If early redemption event, etc. occur, the revolving period terminates at that time, and redemptionof the senior beneficial interest starts.
(3) Expected Risks and Evaluation on Them(i) Credit Risk and Cancellation Risk
There will be a risk from bad debts of the underlying debtors and there will be also a risk thatthe receivables cease to exist owing to cancellation of credit agreements. JCR responds to these risks
by a credit enhancement measure through senior-subordinated structure.
(ii) Commingling Risk
JCR sets up the assumed amount of commingling loss in accordance with collection schedule
for the receivables as a minimum required seller beneficial amount.
(iii) Risk of Deterioration in Assigned Receivables During the Revolving Period
In preparation for a case where the credit loss rate, principal recovery rate, etc. of the pool of theassigned receivables get worse than a certain level during the revolving period, dynamic reserve is
set up in many cases. If these rates deteriorate further, such case is handled by terminating therevolving period and starting redemption of the senior beneficial interest.
Other risks are the same as in the case of normal installment receivables.
(4) Calculation of Required Subordination Amount(i) Analyses of Population Receivables and Securitization Receivables
As card shopping receivables are also in general well diversified into many small claims by
their nature, expected amount of loss owing to defaults on the underlying claims is calculated bystress test based on approach of many small lots (large numbers approach) using the law of large
numbers.
(a) Calculation of Credit Loss Rate and Other Variables
JCR calculates credit loss rate, cancellation rate, principal repayment rate, rate of additionaluse of credit card and yield rate from historical data of the population receivables. If the credit
loss rate and delinquency rate of the submitted historical data include cancellation, JCR calculates
the credit loss rate by adding up required subordination amount for credit risk.
(b) Attribute Analyses of Population Receivables and Securitization Receivables
JCR understands characteristics of the pool of population receivables and pool of
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securitization receivables from data by composition ratio of these pools and refers to the datawhen determining stress multiplying factor by comparing the two.
(ii) Determination of Base Rate
JCR determines a base case for verification and analysis of movements of credit loss rate andother variables from historical data of the population receivables. With the average value of historical
data being a basis, JCR determines a final base rate for each variable, taking into consideration pasttrend, outlier, and also qualitative factors such as items confirmed by the meeting with the originator(credit policy, billing system, debt collection procedures, transfer to the managed claims or
guidelines for write-offs) or macro data on the market entirely, and then incorporating these
considerations into the analysis.
(iii) Stress Test
JCR calculates next required subordination amount after generating stressed credit loss rate andother variables for the expected cash flows during the securitization period. There are multiple cases
for the levels after the addition of stress, and they include a level of the base case multiplied by aconstant, or the one with the standard deviation of historical data multiplied by a constant being
added to the base case. JCR adopts an appropriate level for each case. JCR determines a stressmultiplying factor for the credit loss rate in consideration of qualitative factors such as attributes ofthe population receivables and securitization receivables, while taking the same basics for the stressmultiplying factor as applied to the basics for normal installment receivables as the basics.
(iv) Commingling Risk
As described above, the assumed amount of commingling loss is maintained in the amount ofseller beneficial interest as a required amount in general.
(v) Cash Reserve and Backup Servicer
Cash reserve and backup servicer are the same as in the case of normal installment receivables.
6.

Outline of Monthly Clear Receivables and Rating Methodology for Them

(1) Outline
Monthly clear receivables are generated as a right to claim for charges for products or services
provided to a credit cardholder who purchased such products or services by choosing a payment method
in which the cardholder pays the total amount one month after the purchase. In accordance with thedefinition of the installment sales under Installment Sales Act, installment sales are payments after a 2
month period, and monthly clear receivables with payment method of total amount one month after thepurchase are not applied to the installment sales.
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While it seems that there are many schemes in which securitization with a period of less than one
month is repeated every month, there are also securitization schemes by which long-term fundprocurement can be made by way of appropriating the collected money from the underlying claims topurchases of additional receivables repeatedly (revolving).
(2) Expected Risks and Evaluation on Them(i) Credit Risk and Cancellation Risk
There is a possibility that recovery of the securitization receivables cannot be made as scheduled
owing to deterioration in creditworthiness of underlying debtors or insufficient funds at bank debit
accounts of them. In case where underlying debtors cancel the credit agreement, a risk that thereceivables may cease to exist (dilution risk) can arise. JCR responds to this risk by a credit
enhancement measure through senior-subordinated structure.
(ii) Commingling Risk
In case where the originator who receives delegation of servicing operation from the trustee, etc.
goes bankrupt, loss on the collected money (commingling loss) will become the full collectedamount over the recovery period for the receivables at a maximum, because monthly clear
receivables are receivables with single payment and usually the payment dates concentrate on
specific dates. Namely, commingling loss is equal to the total principal amount of the securitization
receivables excluding cases of revolving-type securitization scheme.
(3) Calculation of Required Subordination Amount(i) Analyses of Population Receivables and Securitization Receivables
As monthly clear receivables are in general well diversified into many small claims by theirnature, expected amount of loss owing to defaults on the underlying claims is calculated by stresstest based on approach of many small lots (large numbers approach) using the law of large numbers.
(a) Calculation of Credit Loss Rate and Other Variables
JCR calculates credit loss rate and cancellation rate from historical data of the population
receivables. JCR calculates the credit loss rate in accordance with definition, etc. of default foreach securitization project. Excluding cases where a tail period is set up during a period frompayment date of monthly clear receivables until redemption date of the securitization products,
JCR thinks that not only receivables, which were written off as bad debts in the historical data,but over one month past due receivables should be included in the calculation of credit loss rate.
If the credit loss rate and delinquency rate of the submitted historical data include
cancellation, JCR calculates the credit loss rate by adding up required subordination amount for
credit risk.
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(b) Attribute Analyses of Population Receivables and Securitization Receivables
JCR understands characteristics of the pool of population receivables and pool of
securitization receivables from data by composition ratio of these pools and refers to the datawhen determining stress multiplying factor by comparing the two.
(ii) Determination of Base Rate
JCR determines a base case for verification and analysis of movements of credit loss rate andother variables from historical data of the population receivables. With the average value of historical
data being a basis, JCR determines a final base rate for each variable, taking into consideration pasttrend, outlier, and also qualitative factors such as items confirmed by the meeting with the originator(credit policy, billing system, debt collection procedures, transfer to the managed claims or
guidelines for write-offs) or macro data on the market entirely, and then incorporating these
considerations into the analysis.
(iii) Stress Test
JCR calculates next required subordination amount after generating stressed credit loss rate andother variables for the expected cash flows during the securitization period. There are multiple cases
for the levels after the addition of stress, and they include a level of the base case multiplied by aconstant, or the one with the standard deviation of historical data multiplied by a constant being
added to the base case. JCR adopts an appropriate level for each case. JCR determines a stressmultiplying factor in consideration of qualitative factors such as attributes of the population
receivables and securitization receivables, while taking the same basics for the stress multiplying
factor as applied to the basics for normal installment receivables as the basics.
In case of monthly clear receivables, in particular, a sharp reduction in deposit amount for amonth can lead to failure of timely payment, because certainty of principal repayment of the
securitization products at the redemption date is a thing to be rated. Under this securitization scheme,stress multiplying factor should be set at a stronger level than that for a long-term securitization
product, in which a sharp reduction in deposit amount for a month does not lead to an impairment ofprincipal if the deposit amount recovers next month following the month, in which deposit amount isreduced sharply. This shall not, however, apply to cases where a tail period is set up or cases ofrevolving-type securitization scheme.
(iv) Commingling Risk
As described above, in case of monthly clear receivables, commingling loss will become the fullcollected amount over the recovery period for the receivables at a maximum. Accordingly, the largest
amount to be uncollectible needs to be set up as a subordinated beneficial interest for commingling
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creditworthiness of the originator as a servicer.
(v) Backup Servicer
Under a revolving-type securitization scheme, in case where the initial servicer goes into asituation where it cannot conduct collection business as usual due to default or some other reasons, ascheme, in which the trustee, etc. can cancel agreement on assignment of administrative work with
the initial servicer and the backup servicer can take over the collection operations, needs to beprepared. Meanwhile, under schemes other than revolving-type securitization scheme, it is lessnecessary to set up a backup servicer in securitization of monthly clear receivables.
(vi) Cash Reserve
It is necessary to reserve funds as cash reserve to be required in a period until the collected
money is credited to the trustee, etc. again after the initial servicer transfers its collection operation to
the backup servicer when the initial servicer goes into a situation where it cannot conduct collection
business as usual due to default or some other reasons. Meanwhile, under schemes other thanrevolving-type securitization scheme, it is less necessary to set up cash reserve.
7.

Monitoring
JCR monitors performance of underlying assets and other and makes a review of rating as longas the rated debts exist for the long-term securitization over a year in principle. JCR conducts
monitoring constantly and checks performance of underlying assets such as monthly credit loss rate,
trend in subordination ratio and ability of the parties to the structure to perform their tasks. Whenmaking a rating review, JCR revises a base rate, which is a prerequisite for rating, in light ofperformance of underlying assets or economic conditions, if necessary, and then makes a cash flow
analysis based on this prerequisite, taking into consideration the remaining period of the
securitization product. JCR makes a rating review periodically. In addition, JCR reviews a rating
temporarily in cases where a rapid change or event occurs to the product.

Because of the possibility of human or mechanical error as well as other factors in the information herein, JCR makes no representation or
warranty, express or implied, as to accuracy, results, adequacy, timeliness, completeness or merchantability, or fitness for any particular purpose,with respect to any such information, and is not responsible for any errors or omissions, or for results obtained from the use of such information.
Under no circumstances will JCR be liable for any special, indirect, incidental or consequential damages of any kind caused by the use of any suchinformation, including but not limited to, lost opportunity or lost money, whether in contract, tort, strict liability or otherwise, and whether suchdamages are foreseeable or unforeseeable. Information herein is statements of opinion, and not statements of fact as to credit risk decisions or
recommendations regarding decisions to purchase, sell or hold any securities such as individual bonds or commercial paper. JCR retains all rights
pertaining to this document. Any reproduction, adaptation, alteration, etc. of this document, is prohibited, whether or not wholly or partly, without
prior consent of JCR.

Japan Credit Rating Agency, Ltd.
Jiji Press Building, 5-15-8 Ginza,
Chuo-ku, Tokyo 104-0061, Japan
Tel. +81 3 3544 7013, Fax. +81 3 3544 7026

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