Specified Spread Account Balance definition
Specified Spread Account Balance means 2.25% of the Pool Balance as of the Cutoff Date. In addition to the ability to amend the “Specified Spread Account Balance” definition pursuant to Section 9.1(a) of the Indenture, the Specified Spread Account Balance may also be reduced or modified without the consent of the Holders of the Notes if the Rating Agency Condition is satisfied with respect to such reduction or modification; provided that such reduction or modification is not prohibited by Regulation RR.
Specified Spread Account Balance means on the Closing Date, 2.25% of the sum of the Pool Balance as of the Cutoff Date and on any Payment Date thereafter the lesser of, (a) 2.25% of the Pool Balance as of the Cutoff Date and (b) the outstanding principal amount of the Notes. However, if (A) the Specified Spread Account Reduction Trigger is met on the Payment Date in December 2013 or any Payment Date thereafter, the percentage in clause (a) will be reduced to 2.00% on such Payment Date and will remain at such percentage for each Payment Date thereafter unless further reduced on the Payment Dates as provided in the following clauses (B),(C) or (D); (B) the Specified Spread Account Reduction Trigger is met on the Payment Date in June 2014 or any Payment Date thereafter, the percentage in clause (a) of the preceding sentence will be reduced to 1.75% on such Payment Date (regardless of whether the Specified Spread Account Reduction Trigger was met on the Payment Date in December 2013 or any Payment Date thereafter and will remain at such percentage for each Payment Date thereafter unless further reduced on the Payment Date as provided in the following clauses (C) or (D); (C) the Specified Spread Account Reduction Trigger is met on the Payment Date in December 2014 or any Payment Date thereafter, the percentage in clause (a) of the preceding sentence will be reduced to 1.50% on such Payment Date (regardless of whether the Specified Spread Account Reduction Trigger was met on the Payment Dates in December 2013 or any Payment Date thereafter or June 2014 or any Payment Date thereafter) and will remain at such percentage for each Payment Date thereafter unless further reduced on the Payment Date as provided in the following clause (D); and (D) the Specified Spread Account Reduction Trigger is met on the Payment Date in June 2015 or any Payment Date thereafter, the percentage in clause (a) of the preceding sentence will be reduced to 1.15% on such Payment Date (regardless of whether the Specified Spread Account Reduction Trigger was met on the Payment Dates in December 2013 or any Payment Date thereafter, June 2014 or any Payment Date thereafter or December 2014 or any Payment Date thereafter) and will remain at such percentage for each Payment Date thereafter. In addition to the ability to amend the “Specified Spread Account Balance” definition pursuant to Section 9.1(a) of the Indenture, the Specified Spread Account Balance may also be reduced or modified without the consent of the Holders of the...
Specified Spread Account Balance means on the Closing Date, % of the sum of the Pool Balance as of the [Initial] Cutoff Date and on any Payment Date thereafter the lesser of, (a) % of the [sum of (i) the] Pool Balance as of the [Initial] Cutoff Date [plus (ii) the aggregate Contract Value of all Subsequent Receivables sold to the Trust as of their respective Cutoff Dates] and (b) the outstanding principal amount of the Notes. However, if (A) the Specified Spread Account Reduction Trigger is met on the Payment Date in [Month] 20XX or any Payment Date thereafter, the percentage in clause (a) will be reduced to % on such Payment Date and will remain at such percentage for each Payment Date thereafter unless further reduced on the Payment Dates as provided in the following clauses (B), (C) or (D); (B) if the Specified Spread Account Reduction Trigger is met on the Payment Date in [Month] 20XX or any Payment Date thereafter, the percentage in clause (a) of the preceding sentence will be reduced to % on such Payment Date (regardless of whether the Specified Spread Account Reduction Trigger was met on the Payment Date in [Month] 20XX or any Payment Date thereafter and will remain at such percentage for each Payment Date thereafter unless further reduced on the Payment Date as provided in the following clause (C) or (D); (C) the Specified Spread Account Reduction Trigger is met on the Payment Date in [Month] 20XX or any Payment Date thereafter, the percentage in clause (a) of the preceding sentence will be reduced to % on such Payment Date (regardless of whether the Specified Spread Account Reduction Trigger was met on the Payment Dates in [Month] 20XX or any Payment Date thereafter or [Month] 20XX or any Payment Date thereafter) and will remain at such percentage for each Payment Date thereafter unless further reduced on the Payment Date as provided in the following clause (D); and (D) the Specified Spread Account Reduction Trigger is met on the Payment Date in [Month] 20XX or any Payment Date thereafter, the percentage in clause (a) of the preceding sentence will be reduced to % on such Payment Date (regardless of whether the Specified Spread Account Reduction Trigger was met on the Payment Dates in [Month] 20XX or any Payment Date thereafter, [Month] 20XX or any Payment Date thereafter or [Month] 20XX or any Payment Date thereafter) and will remain at such percentage for each Payment Date thereafter. In addition to the ability to amend the “Specified Spread Account Balance” definition pursuant...
Examples of Specified Spread Account Balance in a sentence
The Specified Spread Account Balance may be reduced or the definition thereof otherwise modified without the consent of any of the Noteholders or the Certificateholders if the Rating Agency Condition is satisfied.
After the termination of the Letter of Credit and deposit of amounts into the Spread Account to comply with the Specified Spread Account Balance, the Servicer shall continue to seek a replacement Letter of Credit Provider in accordance with the foregoing until a replacement Letter of Credit is entered into with an Eligible Letter of Credit Bank.
The Specified Spread Account Balance may be reduced or the definition thereof otherwise modified without the consent of any of the Indenture Noteholders, the Class B Noteholders or the Certificateholders if the Rating Agency Condition is satisfied.
The amount on deposit in the Spread Account on -------------- such day shall be greater than or equal to the Specified Spread Account Balance with respect to such day.
Furthermore, at or after the end of the Funding Period, the Specified Spread Account Balance will be reduced to, with respect to any Payment Date, the lessor of (a) 2.00% (or a greater percentage specified by the Servicer) of the Initial Pool Balance and (b) the Note Balance, so long as Standard & Poor's confirms to the Servicer in writing that such reduction will not result in a reduction or withdrawal of its then current rating of any Class of the Notes.
More Definitions of Specified Spread Account Balance
Specified Spread Account Balance means 2.25% of the Pool Balance as of the cutoff date. The “Specified Spread Account Balance” definition may be amended without noteholder consent in a manner that results in an increase in the amounts required to be on deposit in the spread account pursuant to such definition; provided that such amendment is not prohibited by Regulation RR. In addition, the Specified Spread Account Balance may also be reduced or modified without the consent of the noteholders if the Rating Agency Condition is satisfied; provided that such reduction or modification is not prohibited by Regulation RR.
Specified Spread Account Balance means, with respect to any Calculation Day or Distribution Date, ____% of the Aggregate Scheduled Balance on such date of calculation, except that if on any date of calculation (i) the Charge-Off Percentage for the three calendar month period ending on such date of calculation exceeds ____% or (ii) the Delinquency Percentage for the three calendar month period ending on such date of calculation exceeds ____%, then the Specified Spread Account Balance shall equal _____% of the Aggregate Scheduled Balance on such date of calculation (but only for so long as such Charge-Off Percentage or Delinquency Percentage thresholds continue to be exceeded on any subsequent date of calculation). Notwithstanding the foregoing, in no event shall the Specified Spread Account Balance be greater than $__________ or less than $_________; provided, however, the Specified Spread Account Balance shall not be greater than the Outstanding Amount of the Securities if such amount is less than $_________.
Specified Spread Account Balance means, with respect to any Payment Date, the lesser of (a) 2.00% of the Initial Pool Balance and (b) the Note Balance.
Specified Spread Account Balance means 2.00% of the Pool Balance as of the Cutoff Date. In addition to the ability to amend the “Specified Spread Account Balance” definition pursuant to Section 9.1(a) of the Indenture, the Specified Spread Account Balance may also be reduced or modified without the consent of the Holders of the Notes if the Rating Agency Condition is satisfied with respect to such reduction or modification; provided that such reduction or modification is not prohibited by Regulation RR.
Specified Spread Account Balance means, with respect to any Calculation Day or Distribution Date, 4.0% of the Aggregate Principal Balance on such Calculation Day, except that if on any Calculation Day (i) the Net Charge-Off Percentage for the related Calculation Day exceeds the Net Charge-Off Percentage Trigger or (ii) the Delinquency Percentage for the three calendar month period ending on such Calculation Day exceeds 2.5%, then the Specified Spread Account Balance shall equal 9.0% of the Aggregate Principal Balance on such Calculation Day (but only for so long as such Net Charge-Off Percentage or Delinquency Percentage thresholds continue to be exceeded on any subsequent Calculation Day). Notwithstanding the foregoing, in no event shall the Specified Spread Account Balance be greater than $157,500,000 or less than $31,500,000; provided, however, the Specified Spread Account Balance shall not be greater than the Outstanding Amount of the Securities if such amount is less $31,500,000.
Specified Spread Account Balance means for each Distribution Date, the Credit Enhancement Target Amount for such Distribution Date minus the Letter of Credit Available Amount for such Distribution Date.
Specified Spread Account Balance means, with respect to any Distribution Date, an amount equal to % of the Cut-off Date Aggregate Principal Balance; provided, however, that, if the Net Charge-Off Percentage for such Distribution Date is greater than the related Spread Account Trigger, the specified Spread Account and Balance for such Distribution Date will be equal to % of the Cut-Off Date Aggregate Principal Balance. Notwithstanding the foregoing, in no event shall the Specified Spread Account Balance be greater than the Outstanding Amount of the Notes.