OVERCOLLATERALIZATION. Overcollateralization Target [_____]% Overcollateralization Floor [_____]% Beginning Ending Target Overcollateralization Amount $[_____________] $[_____________] $[_____________] Overcollateralization as a % of Original Adjusted Pool [_____] [_____] [_____] Overcollateralization as a % of Current Adjusted Pool [_____] [_____] [_____]
OVERCOLLATERALIZATION. The initial level of --------------------- overcollateralization shall be the Overcollateralization Initial Amount. The level of overcollateralization will increase to, and thereafter be maintained at, the Overcollateralization Target Amount. The level of overcollateralization is increased and maintained in accordance with Section 5.4(a).
OVERCOLLATERALIZATION. Excess spread will be applied, to the extent available, to make accelerated payments or distributions of principal to the securities then entitled to receive payments or distributions of principal; such application will cause the aggregate principal balance of the Bonds to amortize more rapidly than the Home Equity Loans, resulting in overcollateralization. Prior to the overcollateralization step down date, overcollateralization is expected to build to [2.0]% of the sum of (i) the Initial Pool Principal Balance, (ii) the Cut-off Date Principal Balance of each Subsequent Home Equity Loan and (iii) the amount, if any, on deposit in the Pre-funding Account (net of investment income) (the "Assumed Pool Principal Balance"). On or after the overcollateralization step down date, overcollateralization will be permitted to decrease to an amount equal to [4.0]% of the then outstanding aggregate unpaid principal balance of the Home Equity Loans (the "Pool Principal Balance"), subject to a floor of [0.5]% of the Assumed Pool Principal Balance.
OVERCOLLATERALIZATION. 62 Opening balance (Ending balance prior month) [2} -[32] 62 $ 40,217,544.32 Memo Item 63 [RESERVED] 63 17,583,981.24 64 [RESERVED] 64 Ending Pool Balance 272,755,506.44 65 Overcollateralization (Release) / Deposit 65 Ending Note Balance $ (231,754,700.27 ) 66 Ending Overcollateralization Balance [54] + [60] 66 $ 41,000,806.17 Overcollateralization Ending Balance 41,000,806.17 67 Overcollateralization Percentage [66] / [9] 67 15.03 % Navistar Financial 2008-A Owner Trust For the Month of April 2008 Distribution Date of May 19, 2008 Servicer Certificate #1 page 4 of 4 PERFORMANCE METRICS
OVERCOLLATERALIZATION. The sum of the aggregate principal balance of the Initial Mortgage Loans as of the Cut-off Date and the original pre-funded amounts will exceed the aggregate certificate principal balance of the Class A Certificates, the Mezzanine Certificates and the Class P Certificates on the Closing Date by approximately $3,749,900, which is equal to the initial certificate principal balance of the Class CE Certificates. Such amount represents approximately 0.75% of the sum of the aggregate principal balance of the Initial Mortgage Loans as of the Cut-off Date and the original pre-funded amounts. This is approximately equal to the initial amount of overcollateralization required to be provided by the mortgage pool under the Pooling and Servicing Agreement. See "Description of the Certificates--Overcollateralization Provisions" in this prospectus supplement. ALLOCATION OF LOSSES. If, on any Distribution Date, there is not sufficient excess interest or overcollateralization to absorb realized losses on the Mortgage Loans as described under "Description of the Certificates-- Overcollateralization Provisions" in this prospectus supplement, then realized losses on the Mortgage Loans will be allocated first, to the Class M-4 Certificates, second, to the Class M-3 Certificates, third, to the Class M-2 Certificates and fourth, to the Class M-1 Certificates. The Pooling and Servicing Agreement does not permit the allocation of realized losses on the Mortgage Loans to the Class A Certificates, the Class S Certificates or the Class P Certificates; however, investors in the Class A Certificates and the Class S Certificates should realize that under certain loss scenarios there will not be enough principal and interest on the Mortgage Loans to distribute to the Class A Certificates all principal and interest amounts to which such certificates are then entitled or to distribute to the Class S Certificates all interest amounts to which such certificates are then entitled. See "Description of the Certificates <PAGE> - --Allocation of Losses; Subordination" in this prospectus supplement. ONCE REALIZED LOSSES ARE ALLOCATED TO THE MEZZANINE CERTIFICATES, THEIR CERTIFICATE PRINCIPAL BALANCES WILL BE PERMANENTLY REDUCED BY THE AMOUNT SO ALLOCATED AND NO AMOUNTS WILL BE DISTRIBUTABLE WITH RESPECT TO SUCH WRITTEN DOWN AMOUNTS ON THAT DISTRIBUTION DATE OR ANY FUTURE DISTRIBUTION DATE.
OVERCOLLATERALIZATION. On the closing date, the aggregate principal balance of the contracts as of the cut-off date will exceed the aggregate original principal balances of the notes by approximately $__________, or approximately _____% of the aggregate cut-off date principal balance of the contracts included in the trust as of the closing date. On any payment date prior to the stepdown date or on which a trigger event is in effect, the Class A noteholders will receive 100% of the principal collections and excess interest on the contracts, as described under "Description of the Notes -- Priority of Payments" and " -- Principal". This will have the effect of accelerating the amortization of the notes relative to the amortization of the contracts and thereby increasing the overcollateralization amount. Once the overcollateralization target amount is reached or is permitted to step down, a portion of the principal collections and excess interest that would otherwise have been paid to the holders of the notes will be distributed to the owner trust certificates. The step down of the overcollateralization target amount will have the effect of decelerating the amortization of the notes relative to the amortization of the contracts and thereby decreasing the overcollateralization amount With respect to any payment date, the "overcollateralization amount" will be the excess of the pool principal balance for that payment date over the aggregate of the note balances of the offered notes.
OVERCOLLATERALIZATION. The Originator, Servicer, Depositor and Borrower each covenants and agrees to cause the excess of the Principal Balance of Eligible Loans over the sum of all Credit Extensions outstanding under the Credit Agreement at all times to be at least equal to the Required Over collateralization Amount.
OVERCOLLATERALIZATION. Overcollateralization Target [_____]% Overcollateralization Floor [_____]% Beginning Ending Target Overcollateralization Amount $[_____________] $[_____________] $[_____________] Overcollateralization as a % of Original Adjusted Pool [_____] [_____] [_____] Overcollateralization as a % of Current Adjusted Pool Hyundai Auto Receivables Trust 2013-C Monthly Servicing Report Collection Period [_______] Distribution Date [_____] Transaction Month [_____] 30/360 Days [_____] Actual/360 Days [_____]
OVERCOLLATERALIZATION. The excess of the principal balance of the home equity loans over the outstanding principal balance of the Class A and Class M Notes represents overcollateralization which will be applied to absorb some losses on the home equity loans to the extent not covered by Excess Interest. The overcollateralization will be represented by the equity certificate of the trust, which will initially be held by the Depositor. The Excess Interest described above will be distributed to the Class A and Class M Notes as principal if the Overcollateralization Amount is below the required level. This will reduce the principal balance of the Class A and Class M Notes faster than the principal balance of the home equity loans until the Targeted Overcollateralization Amount is reached.
