Minimum Credit Enhancement definition

Minimum Credit Enhancement means, as of any date of determination, the greater of (1) $25,000,000, and (2) the following:

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Minimum Credit Enhancement means, as of any date of determination, the sum of (A) the URC Reserve Requirement, plus (B) the greatest of (1) $30,000,000; (2) the aggregate amount of the six largest Outstanding Principal Balances of all Eligible Loan Assets (and, for the purpose of this calculation, all Eligible Loan Assets funded to an Obligor and its Affiliates shall constitute a single Eligible Loan Asset), (3) either (x) if such date of determination is prior to the CQT Matrix Trigger Date, 45% of the Aggregate Outstanding Loan Balance other than the Excess Concentration Amounts for all Eligible Loan Assets, or (y) if such date of determination is on or after the CQT Matrix Trigger Date, 35% of the Aggregate Outstanding Loan Balance other than the Excess Concentration Amounts for all Eligible Loan Assets, and (4) the sum of the following:

Minimum Credit Enhancement means, as of any date of determination, the sum of (A) the URC Reserve Requirement, plus (B) the greatest of (1) $30,000,000; (2) the aggregate amount of the four largest Outstanding Principal Balances of all Eligible Loan Assets (and, for the purpose of this calculation, all Eligible Loan Assets funded to an Obligor and its Affiliates shall constitute a single Eligible Loan Asset), (3) either (x) if such date of determination is prior to the CQT Matrix Trigger Date, 45% of the Aggregate Outstanding Loan Balance other than the Excess Concentration Amounts for all Eligible Loan Assets, or (y) if such date of determination is on or after the CQT Matrix Trigger Date, 40% of the Aggregate Outstanding Loan Balance other than the Excess Concentration Amounts for all Eligible Loan Assets, and (4) the sum of the following:

Examples of Minimum Credit Enhancement in a sentence

• As of any date, the test that is satisfied if the Dollar Equivalent of the aggregate Adjusted Borrowing Value of all Eligible Loans as of such date plus the Dollar Equivalent of the amount of Principal Collections on deposit in the Principal Collection Account as of such date minus the Advances Outstanding is equal to or greater than the Dollar Equivalent of the Minimum Credit Enhancement Amount.

• 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 3.75%.

• The Borrower is in compliance with the Minimum Credit Enhancement Amount Test as evidenced by a Borrowing Base Certificate.

• Additionally, the Notes will receive Stated Principal only upon the satisfaction of the Minimum Credit Enhancement Test, the Cumulative Net Loss Test and the Delinquency Test for the related Payment Date, as described under “— Hypothetical Structure and Calculations with respect to the Reference Tranches — Allocation of Senior Reduction Amount and Subordinate Reduction Amount” below.

More Definitions of Minimum Credit Enhancement

Minimum Credit Enhancement means, as of any date of determination, the sum of (A) the URC Reserve Requirement, plus (B) the greatest of

Minimum Credit Enhancement means the required minimum percentage for each individual loan type, as applicable, indicated in a footnote to the Sublimit, Rate and Term Schedule of the Addendum.

Minimum Credit Enhancement means, as of any date of determination, the sum of (A) the URC Reserve Requirement, plus (B) the greatest of (1) $10,500,000; (2) the aggregate amount of the four largest Outstanding Principal Balances of all Eligible Loan Assets (and, for the purpose of this calculation, all Eligible Loan Assets funding to an Obligor and its Affiliates shall constitute a single Eligible Loan Asset); (3) 50% of the Aggregate Outstanding Loan Balance other than the Excess Concentration Amounts for all Eligible Loan Assets; and (4) the sum of the following:

Minimum Credit Enhancement means, as of any date of determination, the sum of (A) the URC Reserve Requirement, plus (B) the greatest of (1) $10,500,000; (2) the aggregate amount of the four largest Outstanding Principal Balances of all Eligible Loan Assets (and, for the purpose of this calculation, all Eligible Loan Assets funded to an Obligor and its Affiliates shall constitute a single Eligible Loan Asset), and (3) 50% of the Aggregate Outstanding Loan Balance other than the Excess Concentration Amounts for all Eligible Loan Assets.