Credit Enhancement Increase Condition definition

Credit Enhancement Increase Condition means either a Level 1 Credit Enhancement Increase Condition or a Level 2 Credit Enhancement Increase Condition.
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Examples of Credit Enhancement Increase Condition in a sentence

  • If a Level 2 Credit Enhancement Increase Condition is in effect, the Asset Backed Loan Overcollateralization Percentage will be 100%.

  • All remaining funds will be used to perform payments in the more junior positions of the Order of Priority.The Target OC percentages for each Note Class are determined subject to 3 items:- They will increase in 2 steps in case the Cumulative Net Loss Ratio exceeds a certain level and Credit Enhancement Increase Condition is met.

  • The respective Amortisation Amount is intended to reduce the aggregate outstanding principal amounts of the Amortising Series of Notes to amounts which would leave an amount of overcollateralisation constant as a percentage of the Aggregate Discounted Receivables Balance, subject to certain specified increases in those percentages in case a Credit Enhancement Increase Condition is in effect.

  • On each Payment Date, any amount of the Cash Collateral Amount in excess of the Specified General Cash Collateral Account Balance for that Payment Date, provided that no Credit Enhancement Increase Condition is in effect, will be released for payment to the Subordinated Lender of the Subordinated Loan.

  • If a Level 1 Credit Enhancement Increase Condition is in effect, the Asset Backed Loan Overcollateralization Percentage will be 17.0%.

  • If the Cumulative Gross Loss Ratio exceeds one point six percent (1.6%) as of any Trust Calculation Date, a Level 2 Credit Enhancement Increase Condition will be deemed to be in effect.

  • On any Payment Date after satisfaction of the amounts in clause 20.3(a) (Distribution Account; Accumulation Account; Counterparty Downgrade Collateral Account; Swap Provisions) of the Trust Agreement, any positive difference between the General Cash Collateral Amount and the Specified Cash Collateral Account Balance shall be distributed according to the following Order of Priority, provided that no Credit Enhancement Increase Condition is in effect.

  • On any Payment Date after satisfaction of the amounts in clause 20.3(a) (Distribution Account; Accumulation Account; Cash Collateral Account, Counterparty Downgrade Collateral Account; Swap Provisions) of the Trust Agreement, any positive difference between the General Cash Collateral Amount and the Specified General Cash Collateral Account Balance shall be distributed according to the following Order of Priority, provided that no Credit Enhancement Increase Condition is in effect.

  • If the Cumulative Gross Loss Ratio exceeds 1.6% as of any Trust Calculation Date, a Level 2 Credit Enhancement Increase Condition will be deemed to be in effect.

  • If a Level 1 Credit Enhancement Increase Condition is in effect, the Asset Backed Loan Overcollateralization Percentage will be 17%.

Related to Credit Enhancement Increase Condition

  • Commitment Increase Supplement as defined in subsection 2.20(c).

  • Minimum Credit Enhancement Test With respect to any Payment Date, a test that will be satisfied if the Subordinate Percentage is greater than or equal to 6.00%.

  • Commitment Increase has the meaning specified in Section 2.18(a).

  • Commitment Increase Date has the meaning assigned to such term in Section 2.08(e).

  • Credit Enhancement Agreement means the Agreement among the Sellers, the Master Servicer, the Trustee and the Credit Enhancement Provider with respect to the Credit Enhancement.

  • Liquidity Facility Provider means a Person that is a party to a Liquidity Facility with the Authority with respect to specified Bonds and whose credit rating by each nationally recognized Rating Agency then rating the Class I Bonds is sufficiently high to maintain the then current rating on such Bonds by such Rating Agency or the equivalent of such rating by virtue of guarantees or insurance arrangements.

  • Credit Enhancement means, with respect to this Agreement, any credit enhancement or other credit support arrangement in support of the obligations of the Company hereunder or with respect hereto, including any guarantee, collateral arrangement (including any pledge, charge, mortgage or other security interest in collateral or title transfer arrangement), trust or similar arrangement, letter of credit, transfer of margin, reimbursement obligation or any similar arrangement.

  • Commitment Increase Notice has the meaning assigned to such term in Section 2.19.

  • Overcollateralization Increase Amount With respect to any Distribution Date, the lesser of (a) the Overcollateralization Deficiency Amount as of such Distribution Date and (b) the Net Monthly Excess Cashflow for such Distribution Date.

  • Facility Increase has the meaning provided in Section 2.15(a).

  • Commitment Increase Agreement has the meaning assigned to such term in Section 2.20.

  • Revolving Commitment Increase Lender has the meaning specified in Section 2.14(a).

  • Revolving Commitment Increase has the meaning set forth in Section 2.14(a).

  • Liquidity Facility “Liquidity Obligations”, “Loan Trustee”, “Non-Extended Facility”, “Note Purchase Agreement”, “Operative Agreements”, “Participation Agreement”, “Performing Equipment Note”, “Person”, “Pool Balance”, “Rating Agencies”, “Regular Distribution Date”, “Replacement Liquidity Facility”, “Responsible Officer”, “Scheduled Payment”, “Special Payment”, “Stated Interest Rate”, “Subordination Agent”, “Taxes”, “Threshold Rating”, “Transfer”, “Trust Agreement”, “Trustee”, “Underwriters”, and “Underwriting Agreement”.

  • Credit Enhancement Percentage For any Distribution Date, the percentage equivalent of a fraction, the numerator of which is the sum of the aggregate Certificate Principal Balances of the Mezzanine Certificates and the Class CE Certificates, and the denominator of which is the aggregate Stated Principal Balance of the Mortgage Loans, calculated after taking into account distributions of principal on the Mortgage Loans and distribution of the Principal Distribution Amount to the Certificates then entitled to distributions of principal on such Distribution Date.

  • Credit Facility Provider means the issuer of or obligor under a Credit Facility.

  • Credit Enhancement Provider means, with respect to any Securities, any person issuing, funding or otherwise making available, for the benefit of Securityholders or any party to a Serviced Corporate Trust Contract, an asset as an enhancement of the credit quality or liquidity of any Securities or the mortgage assets or other assets pledged for or underlying such Securities, such as a letter of credit, surety bond, insurance policy, guaranty, reserve fund pledge or collateral undertaking.

  • Additional Lender Certificate has the meaning assigned to such term in Section 2.06(c)(ii)(F).

  • Class B Liquidity Facility has the meaning set forth in the Intercreditor Agreement.

  • Credit Enhancement Agreements means, collectively, any documents, instruments, guarantees or agreements entered into by the Company, any of its Restricted Subsidiaries, or any Receivables Entity for the purpose of providing credit support for one or more Receivables Entities or any of their respective securities, debt instruments, obligations or other Indebtedness.

  • Replacement Revolving Facility has the meaning assigned to such term in Section 9.02(c)(ii).

  • Additional Credit Extension Amendment means an amendment to this Agreement providing for any Incremental Commitments which shall be consistent with the applicable provisions of this Agreement relating to such Incremental Commitments and otherwise reasonably satisfactory to the Administrative Agent and the Borrower.

  • Replacement Liquidity Facility has the meaning set forth in the Intercreditor Agreement.

  • Replacement Revolving Facility Commitments shall have the meaning assigned to such term in Section 2.21(l).

  • Incremental Facility Amendment has the meaning assigned to such term in Section 2.20(f).

  • Additional Refinancing Lender has the meaning set forth in Section 2.15(a).