Alternate Credit Enhancement Sample Clauses

Alternate Credit Enhancement. CHI, at its option and upon prior written notice to the Rating Agencies, may substitute an alternate form of credit enhancement in place of the Limited Guarantee, provided that (i) the Rating Agencies shall notify CHI, the Company, the Servicer and the Trustee in writing that such alternate form of credit enhancement shall not result in a reduction in the then current ratings of the Certificates and (ii) CHI shall cause to be delivered to the Trustee an Opinion of Counsel to the effect that such substitution of credit enhancement shall not adversely affect the status of the Trust Fund as a REMIC. Such alternate form of credit enhancement can be in the form of cash or securities deposited by CHI or any other Person in a segregated escrow, trust or collateral account or a letter of credit, certificate insurance policy or surety bond provided by a third party.
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Alternate Credit Enhancement. Clayton, at its option and upon prior written notice to the Rating Xxxxxxes, may substitute an alternate form of credit enhancement in place of the Limited Guarantee, provided that (i) the Rating Agencies shall notify Clayton, Vanderbilt, the Servicer and the Trustee in writing that such alternate form of credit enhancement shall not result in a reduction in the then current ratings of the Certificates and (ii) Clayton shall cause to be delivered to the Trustee an Opinion of Cxxxxxx to the effect that such substitution of credit enhancement shall not adversely affect the status of the Trust Fund as a REMIC. Such alternate form of credit enhancement can be in the form of cash or securities deposited by Clayton or any other Person in a segregated escrow, trust or collaxxxxx xccount or a letter of credit, certificate insurance policy or surety bond provided by a third party.
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Alternate Credit Enhancement. The Guarantor, at its option and upon prior written notice to each Rating Agency, may substitute a Alternate Credit Enhancement in place of the Limited Guaranty, provided that (i) the Rating Agency Condition shall have been satisfied and (ii) the Guarantor shall cause to be delivered to the Trustee an Opinion of Counsel to the effect that such substitution of credit enhancement shall not adversely affect the status of the Trust Fund as a REMIC. The alternate form of credit enhancement may consist of cash or securities deposited by the Guarantor or any other Person in a segregated escrow, trust or collateral account or a letter of credit, certificate insurance policy or surety bond provided by a third party and delivered to or held by the Trustee or any other credit enhancement or support approved by the Rating Agencies ("Alternate Credit Enhancement").
Sample 1
Alternate Credit Enhancement. The Company may, at its option, exercisable at any time upon 10 days' prior written notice to the Servicer, CIT and the Trustee, deliver or cause to be delivered, Alternate Credit Enhancement provided that the Rating Agency Condition has been satisfied and upon the delivery by the Company to the Trustee of an Opinion of Counsel that such action would not cause the Trust to fail to qualify as a REMIC. Upon the Substitution Date (or to become effective on the Substitution Date) (i) all obligations of CIT under the Limited Guarantee shall cease and be of no further force or effect, (ii) the Company, the Servicer, the Trustee and the Alternate Credit Enhancer shall execute and deliver the Alternate Credit Enhancement Documents and any amendments and supplements to be made, pursuant to Section 12.07 hereof, and (iii) the Servicer shall mail written notice to the Class B Certificateholders of the termination of the Limited Guarantee and the delivery of the Alternate Credit Enhancement. On and after the Substitution Date, the Servicer or the Trustee (as provided in the Alternate Credit Enhancement Documents) shall give any notices required on the Determination Date, and make any transfers from the Alternate Credit Enhancement Account to the Certificate Account, such that the aggregate amount transferred from the Certificate Account (if any) and the Alternate Credit Enhancement Account (together with any amount paid under the Limited Guarantee) on each Remittance Date is equal to the lesser of the amount of the Guarantee Payment which would have been due on such Remittance Date and the amount on deposit in the Alternate Credit Enhancement Account.
Sample 1
Alternate Credit Enhancement. FUNB, at its option and upon prior written notice to each Rating Agency, may substitute or add an alternate form of credit enhancement in place of or in addition to the Letter of Credit, provided that (i) the Rating Agency Condition shall have been satisfied and (ii) FUNB shall cause to be delivered to the Trustee an Opinion of Counsel to the effect that such substitution of credit enhancement shall not adversely affect the status of the Trust Fund as a "grantor trust". Such alternate form of credit enhancement can be in the form of cash or securities deposited by FUNB or any other Person in a segregated escrow, trust or collateral account or a letter of credit, certificate insurance policy or surety bond provided by a third party and delivered to or held by the Trustee. In no event shall such Alternate Credit Enhancement create a lien on any loan made by the Sellers under Section 7(a) of the SBA Rules and Regulations.
Sample 1
Alternate Credit Enhancement. The Letter of Credit Provider, at its option and upon prior written notice to the Indenture Trustee, may substitute or add an alternate form of credit enhancement in place of or in addition to a Letter of Credit, provided that the Rating Agency Condition shall have been satisfied. Such alternate form of credit enhancement can be in the form of cash or securities deposited by the Letter of Credit Provider or any other Person in a segregated escrow, trust or collateral account or a letter of credit, certificate insurance policy or surety bond provided by a third party and delivered to or held by the Indenture Trustee.
Sample 1

Related to Alternate Credit Enhancement

  • Credit Enhancement 55 SECTION 12.

  • Supplemental Credit Enhancement Event Upon the occurrence of a Supplemental Credit Enhancement Event, Greenwood as Servicer shall, within 60 days of notice from Standard & Poor's of the withdrawal or downgrade (or such longer period as may be agreed to by Standard & Poor's), arrange for the payment of the Supplemental Credit Enhancement Amount, if any, by a Person other than Greenwood (or from Series Excess Servicing) to the Trustee as administrator of the Credit Enhancement for application in accordance with the provisions of the Credit Enhancement Agreement. Both the form and the provider of the Supplemental Credit Enhancement Amount, if any, shall be determined at the time it is to be paid; provided, that the Master Servicer shall have received confirmation from Standard & Poor's that the arrangements with respect to the Supplemental Credit Enhancement Amount, if any, will not result in the rating of the Investor Certificates of the Series established hereby being withdrawn or lowered. In addition to the foregoing, the Master Servicer shall notify Moodx'x xx the occurrence of a Supplemental Credit Enhancement Event as soon as practicable after such occurrence, and shall notify Moodx'x xx advance of its implementation of the form and provider of the Supplemental Credit Enhancement Amount, if any.

  • Alternative Credit Support Election (a) The Sellers may elect to effect a change in the calculation of the Class Percentage with respect to Finance Charge Collections during the Early Accumulation Period or the Amortization Period, as set forth in the definition of "Class Percentage," and increase the Available Class B Credit Enhancement Amount, by making an Alternative Credit Support Election. An Alternative Credit Support Election may be made as follows:

  • Credit Support A Credit Support Document between the Parties may apply to obligations governed by the Agreement. If the Parties have executed a Credit Support Document, such Credit Support Document shall be subject to the terms of the Agreement and is hereby incorporated by reference in the Agreement. In the event of any conflict between a Credit Support Document and the Agreement, the Agreement shall prevail, except for any provision in such Credit Support Document in respect of governing law.

  • Subordination Agent Required; Eligibility There shall at all times be a Subordination Agent hereunder which shall be a corporation organized and doing business under the laws of the United States of America or of any State or the District of Columbia having a combined capital and surplus of at least $100,000,000 (or the obligations of which, whether now in existence or hereafter incurred, are fully and unconditionally guaranteed by a corporation organized and doing business under the laws of the United States of America, any State thereof or of the District of Columbia and having a combined capital and surplus of at least $100,000,000), if there is such an institution willing and able to perform the duties of the Subordination Agent hereunder upon reasonable or customary terms. Such corporation shall be a citizen of the United States and shall be authorized under the laws of the United States or any State thereof or of the District of Columbia to exercise corporate trust powers and shall be subject to supervision or examination by federal, state or District of Columbia authorities. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of any of the aforesaid supervising or examining authorities, then, for the purposes of this Section 6.9, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Subordination Agent shall cease to be eligible in accordance with the provisions of this Section, the Subordination Agent shall resign immediately in the manner and with the effect specified in Section 8.1.

  • Collection Allocation Mechanism On the CAM Exchange Date, (a) the Commitments shall automatically and without further act be terminated as provided in Article VII, (b) each Lender shall become obligated to fund, within one Business Day, all participations in outstanding Swingline Loans held by it (it being agreed that the CAM Exchange shall not result in a reallocation of such funding obligations, but only of the funded participations resulting therefrom) and (c) the Lenders shall automatically and without further act be deemed to have made reciprocal purchases of interests in the Designated Obligations such that, in lieu of the interests of each Lender in the particular Designated Obligations that it shall own as of such date and immediately prior to the CAM Exchange, such Lender shall own an interest equal to such Lender’s CAM Percentage in each Designated Obligation. Each Lender, each person acquiring a participation from any Lender as contemplated by Section 11.04 and each Borrower hereby consents and agrees to the CAM Exchange. Each Borrower and each Lender agrees from time to time to execute and deliver to the Administrative Agent all such promissory notes and other instruments and documents as the Administrative Agent shall reasonably request to evidence and confirm the respective interests and obligations of the Lenders after giving effect to the CAM Exchange, and each Lender agrees to surrender any promissory notes originally received by it hereunder to the Administrative Agent against delivery of any promissory notes so executed and delivered; provided that the failure of any Borrower to execute or deliver or of any Lender to accept any such promissory note, instrument or document shall not affect the validity or effectiveness of the CAM Exchange. As a result of the CAM Exchange, on and after the CAM Exchange Date, each payment received by the Administrative Agent pursuant to any Loan Document in respect of the Designated Obligations shall be distributed to the Lenders pro rata in accordance with their respective CAM Percentages (to be redetermined as of each such date of payment or distribution to the extent required by the next paragraph), but giving effect to assignments after the CAM Exchange Date, it being understood that nothing herein shall be construed to prohibit the assignment of a proportionate part of all an assigning Lender’s rights and obligations in respect of a single Class of Commitments or Loans. In the event that, after the CAM Exchange, the aggregate amount of the Designated Obligations shall change as a result of the making of an LC Disbursement of either Tranche by an Issuing Bank that is not reimbursed by the applicable Borrower, then (a) each Lender of such Tranche shall, in accordance with Section 2.05(d), promptly purchase from the applicable Issuing Bank a participation in such LC Disbursement in the amount of such Lender’s Tranche One Percentage or Tranche Two Percentage, as the case may be, of such LC Disbursement (without giving effect to the CAM Exchange), (b) the Administrative Agent shall redetermine the CAM Percentages after giving effect to such LC Disbursement and the purchase of participations therein by the applicable Lenders, and the Lenders shall automatically and without further act be deemed to have made reciprocal purchases of interests in the Designated Obligations such that each Lender shall own an interest equal to such Lender’s CAM Percentage in each of the Designated Obligations and (c) in the event distributions shall have been made in accordance with the preceding paragraph, the Lenders shall make such payments to one another as shall be necessary in order that the amounts received by them shall be equal to the amounts they would have received had each LC Disbursement been outstanding immediately prior to the CAM Exchange. Each such redetermination shall be binding on each of the Lenders and their successors and assigns and shall be conclusive absent manifest error.

  • Change in Credit and Collection Policy At least thirty (30) days prior to the effectiveness of any material change in or material amendment to the Credit and Collection Policy, a copy of the Credit and Collection Policy then in effect and a notice (A) indicating such change or amendment, and (B) if such proposed change or amendment would be reasonably likely to adversely affect the collectibility of the Receivables or decrease the credit quality of any newly created Receivables, requesting the Agent's consent thereto.

  • Reallocation of Applicable Revolving Percentages to Reduce Fronting Exposure All or any part of such Defaulting Lender’s participation in L/C Obligations and Swingline Loans shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Applicable Revolving Percentages (calculated without regard to such Defaulting Lender’s Commitment) but only to the extent that such reallocation does not cause the aggregate Revolving Exposure of any Non-Defaulting Lender to exceed such Non-Defaulting Lender’s Revolving Commitment. Subject to Section 11.20, no reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased exposure following such reallocation.

  • Termination of Revolving Credit Facility The Revolving Credit Facility and the Revolving Credit Commitments shall terminate on the Revolving Credit Maturity Date.

  • Lender Credit Decision, Etc Each of the Lenders and the Issuing Bank expressly acknowledges and agrees that neither the Administrative Agent nor any of its Related Parties has made any representations or warranties to the Issuing Bank or such Lender and that no act by the Administrative Agent hereafter taken, including any review of the affairs of the Borrower, any other Loan Party or any other Subsidiary or Affiliate, shall be deemed to constitute any such representation or warranty by the Administrative Agent to the Issuing Bank or any Lender. Each of the Lenders and the Issuing Bank acknowledges that it has made its own credit and legal analysis and decision to enter into this Agreement and the transactions contemplated hereby, independently and without reliance upon the Administrative Agent, any other Lender or counsel to the Administrative Agent, or any of their respective Related Parties, and based on the financial statements of the Borrower, the other Loan Parties, the other Subsidiaries and other Affiliates, and inquiries of such Persons, its independent due diligence of the business and affairs of the Borrower, the other Loan Parties, the other Subsidiaries and other Persons, its review of the Loan Documents, the legal opinions required to be delivered to it hereunder, the advice of its own counsel and such other documents and information as it has deemed appropriate. Each of the Lenders and the Issuing Bank also acknowledges that it will, independently and without reliance upon the Administrative Agent, any other Lender or counsel to the Administrative Agent or any of their respective Related Parties, and based on such review, advice, documents and information as it shall deem appropriate at the time, continue to make its own decisions in taking or not taking action under the Loan Documents. The Administrative Agent shall not be required to keep itself informed as to the performance or observance by the Borrower or any other Loan Party of the Loan Documents or any other document referred to or provided for therein or to inspect the properties or books of, or make any other investigation of, the Borrower, any other Loan Party or any other Subsidiary. Except for notices, reports and other documents and information expressly required to be furnished to the Lenders and the Issuing Bank by the Administrative Agent under this Agreement or any of the other Loan Documents, the Administrative Agent shall have no duty or responsibility to provide any Lender or the Issuing Bank with any credit or other information concerning the business, operations, property, financial and other condition or creditworthiness of the Borrower, any other Loan Party or any other Affiliate thereof which may come into possession of the Administrative Agent or any of its Related Parties. Each of the Lenders and the Issuing Bank acknowledges that the Administrative Agent’s legal counsel in connection with the transactions contemplated by this Agreement is only acting as counsel to the Administrative Agent and is not acting as counsel to any Lender or the Issuing Bank.

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