Delta/United Frequent-Flier Securitizations - How Does it Work?

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I saw an article today in the WSJ about Delta using it's frequent-flier program as collateral in a $6.5bn offering. United also did this recently, and Spirit is thinking about doing the same. I understand how these asset-backed securitizations make sense with respect to physical collateral (PP&E) or money-owed (accounts receivable) - but I don't understand how these frequent flier programs can be used as collateral, as they don't seem to have any future revenue streams / inherent value associated with them. 

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