Required Overcollateralization definition

Required Overcollateralization means, as of any date, an amount equal to the product of (i) Required Overcollateralization Percentage as of such date times (ii) the Net Eligible Pool Balance as of such date.
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Required Overcollateralization means, as of any date, an amount equal to the product of (i) Weighted Average Overcollateralization Percentage as of such date times (ii) the highest Net Eligible Pool Balance since the most recent Funding Date or, if more recent, the most recent Take-out Date, in each case after giving effect to the related additions or removals of Receivables on such date. "Required Overcollateralization Percentage" means, as of any date, (i) with respect to Prime Receivables, either (a) on any date of determination as of which no Step-up Event (Prime) has occurred and is continuing, 12.0013.00% or (b) on any date of determination as of which a Step-up Event (Prime) has occurred and is continuing, 17.0018.00%, and (ii) with respect to Near PrimeNon-Prime Receivables, either (a) on any date of determination as of which no Step-up Event (Non-Prime) has occurred and is continuing, 20.0024.00% or (b) on any date of determination as of which as Step-up Event (Non-Prime) has occurred and is continuing, 25.00%, and (iii) with respect to Subprime Receivables, either (a) on any date of determination as of which no Step-up Event (Non-Prime) has occurred and is continuing, 30.00% or (b) on any date of determination as of which as Step-up Event (Non-Prime) has occurred and is continuing, 35.00%.29.00%. "Required Rate" means, as of any date and any Eligible Receivable, the sum of (i) the Weighted Average Hedge Rate as of such date plus (ii) the Program Fee RateApplicable Margin as of such date plus (iii) the Servicing Fee Rate plus (iv) the Backup Servicing Fee Rate plus (v) the greater of (a) zero percent (0.00%) and (b) the percentage which will result in Excess Spread (Adjusted) that is at least equal to the related Target Rate. "Requirements of Law" means, with respect to any Person, the certificate of incorporation or articles of association and by-laws or other organizational or governing documents of such Person, and any law, treaty, rule or regulation, or order or determination of an arbitrator or Governmental Authority, in each case applicable to or binding upon such Person or to which such Person is subject, whether federal, State or local (including usury laws, the Federal Truth in Lending Act, the Equal Credit Opportunity Act, the Fair Credit Billing Act, the Fair Credit 39 149194398v7
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Required Overcollateralization shall have the meaning ascribed thereto in Section 5.21 hereof. hereof.
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Examples of Required Overcollateralization in a sentence

  • The Required Overcollateralization Level for any Payment Date shall be as set forth in Schedule B hereto.

  • As to any other Distribution Date, the Required Overcollateralization Amount.

  • As to any Distribution Date on which a Delinquency Event does not exist, the Required Overcollateralization Amount without giving effect to the OC Floor calculation.

  • The Issuer will meet the “Overcollateralization Test” if, on any date of determination, the sum of the Outstanding Receivables Balance of all Eligible Receivables plus the amount on deposit in the Collection Account equals or exceeds the sum of the outstanding principal amount of the Notes plus the Required Overcollateralization Amount.

  • In addition, the Required Overcollateralization Amount may be reduced with the prior written consent of the Rating Agencies.

  • In addition, on each Transfer Date, the Depositor agrees to offer for sale to the Issuer and the Issuer agrees to purchase from the Depositor additional Loans in an amount sufficient to maintain the Required Overcollateralization Amount.

  • On or after the Stepdown Date if a Trigger Event is in effect for such Payment Date, the Required Overcollateralization Amount will equal the Required Overcollateralization Amount in effect on the immediately preceding Payment Date.

  • On each Payment Date, Noteholders will be entitled to receive interest payments in an aggregate amount equal to the related Note Interest for such Payment Date, together with principal payments in an aggregate amount equal to the Monthly Principal plus, until the Overcollateralization Amount is equal to the Required Overcollateralization Amount, Excess Cash, if any, for such Payment Date.

  • In addition, in connection with the Issuer’s obligation to maintain the Required Overcollateralization Amount hereunder, the Issuer shall, if directed by Initial Noteholder, effect Dispositions in accordance with the Basic Documents and this Section 3.06.

  • Payment Dates; Expected Amortization --------------------------------------------------------- Schedule for Principal; Quarterly Interest; Required Overcollateralization -------------------------------------------------------------------------- Level; No Premium.


More Definitions of Required Overcollateralization

Required Overcollateralization means, as of any date, an amount equal to the product of (i) Weighted Average Overcollateralization Percentage as of such date times (ii) the highest Net Eligible Pool Balance since the most recent Funding Date or, if more recent, the most recent Take-out Date, in each case after giving effect to the related additions or removals of Receivables on such date. "Required Overcollateralization Percentage" means, as of any date, (i) with respect to Prime Receivables, either (a) on any date of determination as of which no Step-up Event (Prime) has occurred and is continuing, 13.00% or (b) on any date of determination as of which a Step-up Event (Prime) has occurred and is continuing, 18.00%, (ii) with respect to Near Prime Receivables, either (a) on any date of determination as of which no Step-up Event (Non-Prime) has occurred and is continuing, 25.50% or (b) on any date of determination as of which as Step- up Event (Non-Prime) has occurred and is continuing, 30.50%, and (iii) with respect to Subprime Receivables, either (a) on any date of determination as of which no Step-up Event (Non-Prime)
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