Monthly Remittance Condition definition
Monthly Remittance Condition has the meaning set forth in Section 4.2 of the Sale and Servicing Agreement.
Monthly Remittance Condition. Each of the following conditions:
Monthly Remittance Condition shall have the meaning assigned to such term in Section 5.02.
Examples of Monthly Remittance Condition in a sentence
Notwithstanding the foregoing, for so long as the Monthly Remittance Condition is satisfied, the Servicer shall not be required to remit such collections on a daily basis, but may retain such collections without segregation and remit such collections with respect to the preceding calendar month to the Collection Account on the Payment Determination Date immediately preceding the related Payment Date.
More Definitions of Monthly Remittance Condition
Monthly Remittance Condition means, as of any date, that (i) GM Financial is the Servicer, (ii) GM Financial (or General Motors Financial Company, Inc., for so long as it is an Affiliate of GM Financial) has a short-term unsecured debt rating of at least “F1” by Fitch and at least “A-1” by Standard & Poor’s and (iii) no Servicer Termination Event or Event of Default has occurred and is continuing.
Monthly Remittance Condition means each of the following conditions has been satisfied: (i) World Omni is the Servicer, (ii) no Servicer Default shall have occurred and is continuing, and (iii) (a) World Omni’s long-term unsecured debt obligations rating by S&P is BBB or better and (b) World Omni’s unsecured debt obligations rating by any other Rating Agency is acceptable to such other Rating Agency.
Monthly Remittance Condition has the meaning set forth in Section 8.03(c) of the 20[•]-[•] Servicing Supplement.
Monthly Remittance Condition means that (i) MBFS USA is the Servicer and is a direct or indirect wholly owned subsidiary of Daimler AG, (ii) there exists no Servicer Event of Default and (iii) Daimler AG’s and MBFS USA’s short-term unsecured debt is rated in the highest short-term rating category (excluding any “+” signs associated with such rating) by each Rating Agency.
Monthly Remittance Condition means either (a) the Servicer obtains a short-term certificate of deposit rating of the Servicer from Standard & Poor's and Moody's of A-1+ and P-1, respectively, or (b) the Servicer provides the Indenture Trustee with a letter from each Rating Agency to the effect that the current ratings assigned to the Securities by such Rating Agency will not be adversely affected by the remittance of Collections on a monthly, rather than a daily, basis.
Monthly Remittance Condition means, as of any date, that (i) AmeriCredit is the Servicer, (ii) AmeriCredit has a short-term unsecured debt rating of at least “F1” by Fitch and at least “P-1” by Moody’s and (iii) no Servicer Termination Event or Event of Default has occurred and is continuing.
Monthly Remittance Condition has the meaning set forth in Section 13.3 of the Exchange Note Servicing Supplement.