Required Credit Enhancement definition

Required Credit Enhancement means, with respect to any Payment Date, an amount equal to the percentage of the Contract Pool Principal Balance set forth in the table below as of the end of the immediately prior Collection Period; provided, that, the percentages for the Required Credit Enhancement set forth below shall be reduced to the amount specified below, only if the applicable Cumulative Loss Ratio, as of the Payment Dates that shall occur in February 2007 and August 2007, is less than or equal to the Target Cumulative Loss Ratio. Required Credit Payment Date Enhancement ----------------------------------- --------------- September 2005 - January 2007 4.00% February 2007 - July 2007 3.50% On or after August 2007 3.00%
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Required Credit Enhancement means, at any time of determination, either (1) prior to the date of termination of this Agreement in accordance with SECTION 2.01(b) or the occurrence of a Service Termination Event or an Insurance Agreement Event of Default (unless such Servicer Termination Event or Insurance Agreement Event of Default has been waived by the Controlling Party), the greater of (i) [**]% of the Investment at such time of determination and (ii) the sum of (a) [**]% of the Investment at such time of determination, (b) [**]% of the Outstanding Balance at such time of Receivables purchased as part of the initial Purchase with respect to which any Scheduled Contract Payment or part thereof was unpaid as of the date of such initial Purchase between 60 days and 120 days, inclusive, from its original due date, and (c) [**]% of the aggregate outstanding amount of Balloon Payments as such time of determination, (2) from and after the date of termination of this Agreement in accordance with SECTION 2.01(b), the greatest of (i) an amount determined in clause (1) at such time of determination, (ii) the lesser of (a) the Investment at such time of determination and (b) [**]% of the amount of the Required Credit Enhancement on the day immediately preceding the date of termination of this Agreement in accordance with SECTION 2.01(b), and (iii) $[***] or (3) from and after the date of the occurrence of a Servicer Termination Event or an Insurance Agreement Event of Default (unless such Servicer Termination Event or Insurance Agreement Event of Default has been waived by the Controlling Party), the greater of (x) the lesser of (i) the amount determined in accordance with clause (1) on on the day immediately preceding such date of termination, and (ii) the Investment at such time of determination and (y) $[***].
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Required Credit Enhancement means the percentages indicated in the matrix below as the Required Credit Enhancement (“RCE”):
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Examples of Required Credit Enhancement in a sentence

  • One commenter requested clarification regarding whether it would be sufficient to report the Required Credit Enhancement and Available Credit Enhancement under item 8 to satisfy the requirement under item 7(c).

  • Thereafter, the Required Credit Enhancement shall reduce from time to time by the amount of the amortisation of such premium, such amortisation to be calculated over the amount of time remaining until the expected maturity date of the Eligible Security.


More Definitions of Required Credit Enhancement

Required Credit Enhancement means, credit enhancement provided either under the Letter of Credit or pursuant to any other form of credit enhancement in respect of which Rating Confirmation has been given equal to the sum of five percent (5%) of the aggregate face amount of outstanding Notes issued to purchase or finance Eligible Assets (for the avoidance of doubt, no credit enhancement is expected to be provided at the time of purchase with respect to Eligible Fortis Assets, provided that doing so will not result in a withdrawal or downgrade of the rating of the Notes) plus, with respect to Eligible Securities, the greatest of (i) the amount of credit enhancement required pursuant to paragraph (A) below, (ii) Moody’s Enhancement (as defined herein) and (iii) Fitch’s Enhancement (as defined herein).
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Required Credit Enhancement means, as of the close of business on --------------------------- each Settlement Date, the greatest of the following amounts:
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Required Credit Enhancement means, with respect to any Payment Date, an amount equal to the percentage of the Contract Pool Principal Balance set forth in the table below as of the end of the immediately prior Collection Period; provided, that, the percentages for the Required Credit Enhancement set forth below shall be reduced to the amount specified below, only if the applicable Cumulative Loss Ratio, as of the Payment Dates that shall occur in [ ] and [ ], is less than or equal to the Target Cumulative Loss Ratio. Payment Date Required Credit Enhancement [ ] – [ ] [ ]% [ ] – [ ] [ ]% On or after [ ] [ ]%
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Required Credit Enhancement means 25%.”.
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Required Credit Enhancement means, subject to the proviso below, if the Purchaser has not satisfied the requirements set forth in Section 7.2 of the Sale and Servicing Agreement, (i) if the Aggregate Principal Balance of all Eligible Receivables as of the most recent Determination Date is less than $10,000,000, 21.0% and (ii) in all other cases, the percentages indicated in the matrix below as the Required Credit Enhancement (“RCE”): Weighted Average FICO Score Weighted Average Seasoning (0-6 months) Weighted Average Seasoning (7-12 months) Weighted Average Seasoning (12+ months) 650-665 RCE = 27.0% RCE = 23.0% RCE = 21.0% 666-680 RCE = 26.0% RCE = 22.0% RCE = 20.0% 681-699 RCE = 25.0% RCE = 21.0% RCE = 19.0% > or = 700 RCE = 24.0% RCE = 20.0% RCE = 18.0% For the purposes of determining the Weighted Average FICO Score as referenced above, Obligors for whom no FICO score is available will be deemed to have a FICO score of 550.
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Required Credit Enhancement means (i) if the Purchaser has obtained an updated rating of the Note pursuant to Section 7.2(ii) of the Sale and Servicing Agreement, the percentage determined by the Noteholder in its sole and absolute discretion to reflect the advance rate applied by Xxxxx’x or S&P (as defined below) to assign a rating of “Baa2” or “BBB” to the Note, respectively, or (ii) if the Purchaser has completed the Required Transaction pursuant to Section 7.2(i) of the Sale and Servicing Agreement, the percentage determined by the Noteholder in its sole and absolute discretion to reflect the advance rate applied by Xxxxx’x and/or Standard & Poor’s Rating Service, a division of XxXxxx-Xxxx Companies, Inc. (“S&P”), in connection with the class of securities issued in connection with the Required Transaction and rated “Baa2” or “BBB”, respectively; provided, that, if no class of securities issued in connection with the Required Transaction is rated “Baa2” or “BBB” by either Xxxxx’x or S&P, respectively, then the percentage determined by the Noteholder in its sole and absolute discretion to reflect the advance rate that would have been by applied by Xxxxx’x or S&P if such class of securities had been issued; provided further, that, if the advance rate that was applied or that would have been applied by Xxxxx’x and S&P resulted or would have resulted, as the case may be, in different Required Credit Enhancement percentages, then the Required Credit Enhancement shall be the greater of the Required Credit Enhancement percentages, as determined by the Noteholder in its sole and absolute discretion and based on such advance rates.
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Related to Required Credit Enhancement

  • Credit Enhancement means, with respect to this Agreement, any credit enhancement or other credit support arrangement in support of the obligations of the Company hereunder or with respect hereto, including any guarantee, collateral arrangement (including any pledge, charge, mortgage or other security interest in collateral or title transfer arrangement), trust or similar arrangement, letter of credit, transfer of margin, reimbursement obligation or any similar arrangement.

  • Credit Enhancement Provider means, with respect to any Securities, any person issuing, funding or otherwise making available, for the benefit of Securityholders or any party to a Serviced Corporate Trust Contract, an asset as an enhancement of the credit quality or liquidity of any Securities or the mortgage assets or other assets pledged for or underlying such Securities, such as a letter of credit, surety bond, insurance policy, guaranty, reserve fund pledge or collateral undertaking.

  • Credit Enhancement Agreement means the Agreement among the Sellers, the Master Servicer, the Trustee and the Credit Enhancement Provider with respect to the Credit Enhancement.

  • Credit Enhancements means surety bonds, insurance policies, letters of credit, guarantees and other

  • Credit Enhancer means the Credit Enhancer identified in the Adoption Annex.

  • Credit Enhancement Agreements means, collectively, any documents, instruments, guarantees or agreements entered into by the Company, any of its Restricted Subsidiaries, or any Receivables Entity for the purpose of providing credit support for one or more Receivables Entities or any of their respective securities, debt instruments, obligations or other Indebtedness.

  • Conduit Credit Enhancer shall have the meaning assigned to such term in Section 14(d).

  • Credit Enhancement Percentage For any Distribution Date, the percentage equivalent of a fraction, the numerator of which is the sum of the aggregate Certificate Principal Balances of the Mezzanine Certificates and the Class CE Certificates, and the denominator of which is the aggregate Stated Principal Balance of the Mortgage Loans, calculated after taking into account distributions of principal on the Mortgage Loans and distribution of the Principal Distribution Amount to the Certificates then entitled to distributions of principal on such Distribution Date.

  • 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 6.00%.

  • Senior Credit Support Depletion Date The date on which the Class Certificate Balance of each Class of Subordinated Certificates has been reduced to zero.

  • Subordination Agent Has the meaning specified in the Intercreditor Agreement.

  • Liquidity Facility Provider means a Person that is a party to a Liquidity Facility with the Authority with respect to specified Bonds and whose credit rating by each nationally recognized Rating Agency then rating the Class I Bonds is sufficiently high to maintain the then current rating on such Bonds by such Rating Agency or the equivalent of such rating by virtue of guarantees or insurance arrangements.

  • Class B Liquidity Provider has the meaning set forth in the Intercreditor Agreement.

  • Required Secured Creditors means (i) at any time when any Credit Document Obligations are outstanding or any Commitments under the Credit Agreement exist, the Required Lenders (or, to the extent provided in Section 13.12 of the Credit Agreement, each of the Lenders) and (ii) at any time after all of the Credit Document Obligations have been paid in full and all Commitments under the Credit Agreement have been terminated and no further Commitments may be provided thereunder, the holders of a majority of the Other Obligations.

  • Collateral Enhancement Obligation means any warrant or equity security, excluding Exchanged Equity Securities, but including without limitation, warrants relating to Mezzanine Obligations and any equity security received upon conversion or exchange of, or exercise of an option under, or otherwise in respect of a Collateral Debt Obligation; or any warrant or equity security purchased as part of a unit with a Collateral Debt Obligation (but in all cases, excluding, for the avoidance of doubt, the Collateral Debt Obligation), in each case, the acquisition of which will not result in the imposition of any present or future, actual or contingent liabilities or obligations on the Issuer other than those which may arise at its option; provided that no Collateral Enhancement Obligation may be a Dutch Ineligible Security.

  • Collateral Provider means the Security Collateral Provider under a Security Document or the Transferor under a Transfer Annex, according to context, in relation to which “Collateral Taker” means the Secured Party or the Transferee, as the case may be.

  • Class A Liquidity Provider has the meaning set forth in the Intercreditor Agreement.

  • Collection Agent means at any time the Person then authorized pursuant to Section 6.01 to service, administer and collect Transferred Receivables.

  • Servicer Letter of Credit means a letter of credit, surety bond or insurance policy issued by a depository institution, insurance company or financial institution having a short-term credit rating at least equal to the Required Deposit Rating and providing that the Indenture Trustee may draw thereupon in the event the Servicer fails to deposit SUBI Collections into the 20[__]-[__] SUBI Collection Account on a monthly basis.

  • Back-Up Servicer means Xxxxx Fargo Bank, National Association and its permitted successors and assigns, as provided in the Indenture.

  • Replacement Liquidity Provider has the meaning set forth in the Intercreditor Agreement.

  • Series Enhancement means the rights and benefits provided to the Trust or the Investor Certificateholders of any Series or Class pursuant to any letter of credit, surety bond, insurance policy, cash collateral guaranty, subordinated interest in the Trust Assets, cash collateral account, collateral interest, spread account, guaranteed rate agreement, maturity liquidity facility, tax protection agreement, interest rate swap agreement, interest rate cap agreement or other similar arrangement. The subordination of any Series or Class to another Series or Class shall be deemed to be a Series Enhancement.

  • QFC Credit Support has the meaning specified in Section 11.21.

  • Servicer Custodial Account The separate Eligible Account or Accounts created and maintained by the Servicer pursuant to Section 3.08(b).

  • Required Secured Parties has the meaning given to it in the Intercreditor Agreement.