EU Retained Interest definition

EU Retained Interest shall have the meaning ascribed thereto in Section 10.16.

EU Retained Interest. A material net economic interest in the first loss tranche of not less than 5% of the nominal value of the securitised exposures within the meaning of paragraph 3(d) of Article 6 of the EU Securitization Regulation, in the form of Preferred Shares in such amount (as at the Closing Date) acquired on the Closing Date and retained by the Retention Holder pursuant to the EU Retention Letter.

EU Retained Interest has the meaning stated in Section 4.6 of the Originator Receivables Transfer Agreement.

Examples of EU Retained Interest in a sentence

• Further, World Omni has not changed the retention option or method of calculating the EU Retained Interest.

• World Omni has not (and has not permitted WOAR or any of its other affiliates to) subject the EU Retained Interest to any credit risk mitigation or hedging, or sold, transferred or otherwise surrendered all or part of the rights, benefits or obligations arising from the EU Retained Interest, except, in each case, to the extent permitted in accordance with the EU Securitization Rules.

• As at the Closing Date, the EU Retained Interest will be comprised of the Class C Notes.

• On or after the Issue Date, BGFL (in its capacity as Risk Retention Holder and U.S. Retention Holder, as applicable) may directly or indirectly obtain funding to finance its economic exposure to some or all of (i) the UK Retained Interest and/or EU Retained Interest required to be retained in compliance with the UK Retention Requirement and/or EU Retention Requirement, and (ii) the U.S. Retained Interest required to be retained in compliance with the U.S. Retention Rules.

• Such retention requirement will be satisfied by the Originator retaining, in accordance with Article 6(3)(c) of the Securitisation Regulation, randomly selected exposures equivalent to not less than 5% (five per cent.) of the nominal value of the Receivables included in the Receivables Portfolio, where such non-securitised exposures would otherwise have been included in the Receivables Portfolio.Any change to the manner in which the EU Retained Interest is held will be notified to investors.

More Definitions of EU Retained Interest

EU Retained Interest has the meaning designated in Section 16.17(a) of the Exchange Note Servicing Supplement.

EU Retained Interest has the meaning designated in Section 5.06(a) of the Receivables Purchase Agreement.

EU Retained Interest. The net economic interest the E.U. Retention Provider will retain in the securitized exposures (as such term is used in Article 405(1) of the CRR, Article 51 of the AIFMD Lxxxx 0 Regulation and Article 254 of the Solvency II Level 2 Regulation) pursuant to the terms of the E.U. Risk Retention Letter, being in an amount of not less than 5% in the form specified in paragraph (d) of Article 405(1) of the CRR, paragraph (d) of Article 51(1) of the AIFMD Level 2 Regulation, as each such regulation is in effect as of the Closing Date, and paragraph (d) of Article 254(2) of the Solvency II Level 2 Regulation, by way of holding, subject to the provisions of the E.U. Risk Retention Letter, the minimum principal amount of Subordinated Notes required by the E.U. Retention Requirement Laws, as each such regulation is in effect as of the Closing Date, being an amount equal to 5% of the nominal value of the Collateral Obligations.

EU Retained Interest. A material net economic interest in the first loss tranche of not less than 5% of the nominal value of the securitised exposures within the meaning of paragraph 3(d) of Article 6 of the EU Securitization Regulation, as it applies as of the First Refinancing Date through the retention of Preferred Shares with an original Aggregate Outstanding Amount (such original Aggregate Outstanding Amount calculated as of the date of issuance of such Preferred Shares) not less than 5% of the Collateral Principal Amount on the relevant date of determination, by the Retention Holder pursuant to the EU Refinancing Retention Letter.

EU Retained Interest has the meaning specified in Section 8.02(b). “E.U. Retention Regulatory Change Event” means any change in, or the adoption of, any new law, rule, direction, guidance or regulation which (i) requires the manner in which the E.U. Retention Interest is held by Spirit MTA REIT to be restructured after the Series 2018-1 Closing Date and Spirit MTA REIT is unable to reasonably restructure such E.U. Retention Interest or (ii) otherwise results in the securitization transaction contemplated by the Transaction Documents becoming non-compliant with the E.U. Retention Requirements. “E.U. Retention Requirements” has the meaning specified in Section 8.02(b). “Eurodollar Advance” means a Series 2018-1 Class A Advance that bears interest at the Eurodollar Rate during such time as it bears interest at such rate, as provided herein. “Eurodollar Business Day” means any Business Day on which dealings are also carried on in the London interbank market and banks are open for business in London. “Eurodollar Funding Rate” means, for any Eurodollar Interest Accrual Period, (i) the rate per annum determined by the Administrative Agent at approximately 11:00 a.m. (London time) on the date that is two Eurodollar Business Days prior to the beginning of such Eurodollar Interest Accrual Period on the page of the Reuters screen which displays the London interbank offered rate administered by ICE 5 XXXXXXXXXX00\00000000

EU Retained Interest has the meaning specified in Section 13.22.

EU Retained Interest. The net economic interest the E.U. Retention Provider will retain in the securitization pursuant to the terms of the E.U. Risk Retention Letter, being in an amount of not less than 5% in the form specified in paragraph (d) of Article 6(3) of the Securitization Regulation, as such regulation is in effect as of the Closing Date, by way of holding, subject to the provisions of the E.U. Risk Retention Letter, a 100% ownership interest in the Retention Provider, and causing the Retention Provider to hold the minimum principal amount of Subordinated Notes required by the E.U. Securitization Laws, as of the Closing Date, being an amount equal to 5% of the nominal value of the Collateral Obligations (the “Retained Amount”).