Alternative Credit Support Election Sample Clauses

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: (i) at any time during the Revolving Period, Discover Bank on behalf of the Holder of the Seller Certificate shall deliver written notice of such Alternative Credit Support Election to the Rating Agencies, the Trustee and the Credit Enhancement Provider; (ii) prior to the last day of the Revolving Period, the Additional Credit Support Amount shall be paid to the Trustee as administrator of the Credit Enhancement for application in accordance with the provisions of the Credit Enhancement Agreement; provided, however, that following an Early Accumulation Event or an Amortization Event, the Additional Credit Support Amount may be paid to the Trustee as administrator of the Credit Enhancement at any time on or prior to the last day of the Due Period in which the Early Accumulation Event or the Amortization Event occurs; (iii) prior to the last day of the Revolving Period (or, following an Early Accumulation Event or an Amortization Event during the Revolving Period, on or prior to the last day of the Due Period in which the Early Accumulation Event or the Amortization Event occurs), the Rating Agencies shall have confirmed that the Alternative Credit Support Election shall not cause a reduction in or withdrawal of the rating of any Class of Investor Certificates of the Series established hereby; and (iv) prior to the last day of the Revolving Period (or, following an Early Accumulation Event or an Amortization Event during the Revolving Period, on or prior to the last day of the Due Period in which the Early Accumulation Event or the Amortization Event occurs), Discover Bank on behalf of the Holder of the Seller Certificate shall have delivered to the Rating Agencies written confirmation that the conclusions reached in the legal opinions delivered on the Initial Closing Date regarding the absolute transfer of the Receivables and the security interest of the Trust in the Receivables are not affected by the Alternative Credit Support Election. (b) If each of the actions set forth in Section 12(a) above has been taken or satisfied as required, th...
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Alternative Credit Support Election. In the event that an Alternative Credit Support Election is made pursuant to the provisions of the Series Supplement, Greenwood on behalf of the Holder of the Seller Certificate may cause the Additional Credit Support Amount to be funded by Series Excess Servicing and other amounts paid to the Trustee as administrator of the Credit Enhancement to fund the Available Class B Credit Enhancement Amount, pursuant to Section 9 of the Series Supplement, or may request that the Credit Enhancement Provider make an additional loan in the amount of the Additional Credit Support Amount. If Greenwood on behalf of the Holder of the Seller Certificate makes such request, and if the Credit Enhancement Provider elects to make such loan, the amount of such loan shall be added to the unpaid principal amount of the Loan. In the event that the Alternative Credit Support Election does not become effective, the Additional Credit Support Amount (or, if the entire amount of the Additional Credit Support Amount is not then on deposit in the Credit Enhancement Account, the portion of the Additional Credit Support Amount that is then on deposit) shall be withdrawn from the Credit Enhancement Account and repaid to Greenwood on behalf of the Holder of the Seller Certificate (or, if such amount was loaned by the Credit Enhancement Provider, returned to the Credit Enhancement Provider).
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Alternative Credit Support Election. 57 SECTION 13. Calculation of Investor Losses............................................................................58 SECTION 14.
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Alternative Credit Support Election. In the event that an Alternative Credit Support Election is made pursuant to the provisions of the Series Supplement, Discover Bank on behalf of the Holder of the Seller Certificate may request that the Credit Enhancement Provider make an additional loan in the amount of the Additional Credit Support Amount. If Discover Bank on behalf of the Holder of the Seller Certificate makes such request, and if the Credit Enhancement Provider elects to make such loan, the amount of such loan shall be added to the unpaid principal amount of the Loan. In the event that the Alternative Credit Support Election does not become effective, the Additional Credit Support Amount (or, if the entire amount of the Additional Credit Support Amount is not then on deposit in the Credit Enhancement Account, the portion of the Additional Credit Support Amount that is then on deposit) shall be withdrawn from the Credit Enhancement Account and repaid to Discover Bank on behalf of the Holder of the Seller Certificate (or, if such amount was loaned by the Credit Enhancement Provider, returned to the Credit Enhancement Provider).
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Alternative Credit Support Election. In the event that an Alternative Credit Support Election is made pursuant to the provisions of the Series Supplement, Greenwood on behalf of the Holder of the Seller Certificate may cause the Additional Credit Support Amount to be funded by Series Excess Servicing and other amounts paid to the Trustee as administrator of the Credit Enhancement to fund the Available Class B Credit Enhancement
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Alternative Credit Support Election. In the event that an Alternative Credit Support Election is made pursuant to the provisions of the Series Supplement, Discover Bank on behalf of the Holder of the Seller Certificate may cause the Additional Credit Support Amount to be funded by Series Excess Servicing and other amounts paid to the Trustee as
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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: (i) at any time during the Revolving Period, Discover Bank on behalf of the Holder of the Seller Certificate shall deliver written notice of such Alternative Credit Support Election to the Rating Agencies, the Trustee and the Credit Enhancement Provider; 49 60 (ii) prior to the last day of the Revolving Period, the Additional Credit Support Amount shall be paid to the Trustee as administrator of the Credit Enhancement for application in accordance with the provisions of the Credit Enhancement Agreement; provided, however, that following an Early Accumulation Event or an Amortization Event, the Additional Credit Support Amount may be paid to the Trustee as administrator of the Credit Enhancement at any time on or prior to the last day of the Due Period in which the Early Accumulation Event or the Amortization Event occurs;
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Alternative Credit Support Election. 57 SECTION 13. Calculation of Investor Losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58 SECTION 14.
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Alternative Credit Support Election. In the event that an Alternative Credit Support Election is made pursuant to the provisions of the Series Supplement, Greenwood on behalf of the Holder of the Seller Certificate may cause the Additional Credit Support Amount to be funded by Series Excess Servicing and other amounts paid to the Trustee as administrator of the Credit Enhancement to fund the Available Class B Credit Enhancement Amount, pursuant to Section 9 of the Series Supplement, or may request that the Credit Enhancement Provider make an additional loan in the amount of the Additional Credit Support Amount. If Greenwood on behalf of the Holder of the Seller Certificate makes such request, and if the Credit Enhancement Provider elects to make such loan, the amount of such loan shall be added to the unpaid principal amount of the Loan. In the event that the Alternative Credit Support Election does not become effective, the Additional Credit
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Related to Alternative Credit Support Election

  • 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.

  • Certain Credit Support Events If (i) the L/C Issuer has honored any full or partial drawing request under any Letter of Credit and such drawing has resulted in an L/C Borrowing, (ii) as of the Letter of Credit Expiration Date, any L/C Obligation for any reason remains outstanding, (iii) the Borrower shall be required to provide Cash Collateral pursuant to Section 2.05 or 8.02(c), or (iv) there shall exist a Defaulting Lender, the Borrower shall immediately (in the case of clause (iii) above) or within one (1) Business Day (in all other cases) following any request by the Administrative Agent or the L/C Issuer, provide Cash Collateral in an amount not less than the applicable Minimum Collateral Amount (determined in the case of Cash Collateral provided pursuant to clause (iv) above, after giving effect to Section 2.15(a)(iv) and any Cash Collateral provided by the Defaulting Lender).

  • Credit Support Obligations (i) Delivery Amount, Return Amount and Credit Support Amount.

  • Credit Support Provider Credit Support Provider means in relation to Party A: (1) Party A in its capacity as a party to the Credit Support Document and (2) the guarantor under any Eligible Guarantee, and in relation to Party B, Party B in its capacity as a party to the Credit Support Document.

  • Reallocation of Applicable Percentages to Reduce Fronting Exposure During any period in which there is a Defaulting Lender, for purposes of computing the amount of the obligation of each non-Defaulting Lender to acquire, refinance or fund participations in Letters of Credit or Swing Line Loans pursuant to Sections 2.03 and 2.04, the “Applicable Percentage” of each non-Defaulting Lender shall be computed without giving effect to the Commitment of that Defaulting Lender; provided, that, (i) each such reallocation shall be given effect only if, at the date the applicable Lender becomes a Defaulting Lender, no Default or Event of Default exists; and (ii) the aggregate obligation of each non-Defaulting Lender to acquire, refinance or fund participations in Letters of Credit and Swing Line Loans shall not exceed the positive difference, if any, of (1) the Commitment of that non-Defaulting Lender minus (2) the aggregate Outstanding Amount of the Committed Loans of that Lender.

  • Optional Termination and Reduction of Aggregate Credit Amounts (i) The Borrower may at any time terminate, or from time to time reduce, the Aggregate Maximum Credit Amounts; provided that (A) each reduction of the Aggregate Maximum Credit Amounts shall be in an amount that is an integral multiple of $1,000,000 and not less than $5,000,000 and (B) the Borrower shall not terminate or reduce the Aggregate Maximum Credit Amounts if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 3.04(c), the total Revolving Credit Exposures would exceed the total Commitments. (ii) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Aggregate Maximum Credit Amounts under Section 2.06(b)(i) at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section 2.06(b)(ii) shall be irrevocable. Any termination or reduction of the Aggregate Maximum Credit Amounts shall be permanent and may not be reinstated. Each reduction of the Aggregate Maximum Credit Amounts shall be made ratably among the Lenders in accordance with each Lender’s Applicable Percentage.

  • Child Support Obligation Under Section 231.006(d) of the Texas Family Code regarding child support, Contractor certifies that the individual or business entity named in this Contract and any related Solicitation Response is not ineligible to receive the specified payment and acknowledges that the Contract may be terminated and payment may be withheld if this certification is inaccurate. If the certification is shown to be false, Contractor may be liable for additional costs and damages set out in 231.006(f).

  • Settlement without Consent if Failure to Reimburse If at any time an indemnified party shall have requested an indemnifying party to reimburse the indemnified party for fees and expenses of counsel, such indemnifying party agrees that it shall be liable for any settlement of the nature contemplated by Section 6(a)(ii) effected without its written consent if (i) such settlement is entered into more than 45 days after receipt by such indemnifying party of the aforesaid request, (ii) such indemnifying party shall have received notice of the terms of such settlement at least 30 days prior to such settlement being entered into and (iii) such indemnifying party shall not have reimbursed such indemnified party in accordance with such request prior to the date of such settlement.

  • Determination of Responsiveness 28.1 The Procuring Entity's determination of a Tender's responsiveness is to be based on the contents of the Tender itself, as defined in ITT28.2.

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

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