TORONTO, ONTARIO--(Marketwire - Sept. 28, 2012) - Master Credit Card Trust (the "Trust") today announced the assignment of its rights in, among other things, the credit card receivables in consideration of the assumption by Master Credit Card Trust II ("Trust II") of the duties and obligations of the Trust, including the payment obligations of each series of notes of the Trust outstanding on the assignment date, pursuant to an Assignment and Assumption Agreement.
The Trust is set to expire in 2018 and Bank of Montreal (the "Bank"), as Administrative Agent and Seller, intends to continue the Master Credit Card securitization program under Trust II.
The Bank will sell certain credit card receivables to Trust II from time to time and act as servicer of such credit card receivables; Trust II will be authorized to create and issue credit card receivables-backed securities from time to time in accordance with a Third Amended and Restated Note Issuance Agreement and any supplements thereto.
The Trust will apply for and will make the required filings with relevant Canadian securities regulatory authorities in order for the Trust to cease to be a reporting issuer or the equivalent in the relevant Canadian provinces and territories. Trust II is expected to become a reporting issuer in due course.