Credit Risk Retention Requirements Sample Clauses

Credit Risk Retention Requirements. Pursuant to The U.S. Credit Risk Retention Rules, a “securitizer” or “sponsor” of asset-backed securities is required (unless an exemption exists), either directly or through one or more entities that it directly or indirectly majority controls, is majority controlled by, or is under common majority control with (a “Majority-Owned Affiliate”), to retain an “eligible vertical interest” or “eligible horizontal residual interest” (or any combination thereof) in a securities transaction. Under the U.S. Credit Risk Retention Rules, a “sponsor” is a person who organizes and initiates a securitization transaction by selling or transferring assets, either directly or indirectly, including through an affiliate, to the issuer. the U.S. Credit Risk Retention Rules include certain restrictions on hedging, transfer and financing of the required credit risk retention. These restrictions provide that (i) the retaining sponsor or any “majority-owned affiliate” may not transfer the required credit risk retention except to a “majority-owned affiliate” of the retaining sponsor, (ii) the retaining sponsor and its affiliates will not be permitted to engage in any hedging transactions if payments on the hedge instrument are materially related to the required credit risk retention and the hedge position would limit the financial exposure to the required credit risk retention, and (iii) neither the retaining sponsor nor any of its affiliates may pledge the required credit risk retention as collateral for any obligation unless such obligation is with full recourse to the sponsor or affiliate, respectively. Pursuant to the U.S. Credit Risk Retention Rules, the restrictions on hedging, transfer and financing of the required credit risk retention will expire on the date that is the latest of (i) the date on which the total unpaid Principal Balance of the Mortgage Loans has been reduced to 33% of the total unpaid Principal Balance of the Mortgage Loans as of the Closing Date; (ii) the date on which the total outstanding principal amount of the Class A Loans and the Notes has been reduced to 33% of the total outstanding principal amount of the Class A Loans and the Notes as of the Closing Date; or (iii) two years after the Closing Date. Notwithstanding any references herein to the U.S. Credit Risk Retention Rules and other risk retention related matters, in the event the U.S. Credit Risk Retention Rules (or any relevant portion thereof) are repealed or determined by applicable regulato...
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Related to Credit Risk Retention Requirements

  • Credit Risk Retention The Seller shall retain, either directly or through a “majority-owned affiliate” (as such term is defined in 17 CFR Part 246.2) of the Seller, an economic interest in the Receivables in accordance with 17 CFR Part 246.4, and shall not, and shall cause any such majority-owned affiliate to not, sell, pledge or hedge such interest except as is permissible under 17 CFR Part 246.12.

  • Information Requirements (a) The Company covenants that, if at any time before the end of the Effectiveness Period the Company is not subject to the reporting requirements of the Exchange Act, it will cooperate with any Holder of Registrable Securities and take such further reasonable action as any Holder of Registrable Securities may reasonably request in writing (including, without limitation, making such reasonable representations as any such Holder may reasonably request), all to the extent required from time to time to enable such Holder to sell Registrable Securities without registration under the Securities Act within the limitation of the exemptions provided by Rule 144 and Rule 144A under the Securities Act and customarily taken in connection with sales pursuant to such exemptions. Upon the written request of any Holder of Registrable Securities, the Company shall deliver to such Holder a written statement as to whether it has complied with such filing requirements, unless such a statement has been included in the Company's most recent report filed pursuant to Section 13 or Section 15(d) of Exchange Act. Notwithstanding the foregoing, nothing in this Section 7 shall be deemed to require the Company to register any of its securities (other than the Common Stock) under any section of the Exchange Act.

  • Regulation RR Risk Retention Ford Credit, as Sponsor, and the Depositor agree that (i) Ford Credit will cause the Depositor to, and the Depositor will, retain the Residual Interest on the Closing Date and (ii) Ford Credit will not permit the Depositor to, and the Depositor will not, sell, transfer, finance or hedge the Residual Interest except as permitted by Regulation RR.

  • Notification Requirements The Borrowers shall timely give to the Agent and each of the Lenders the following notices:

  • Satisfaction Requirement If any agreement, certificate or other writing, or any action taken or to be taken, is by the terms of this Agreement required to be satisfactory to any Purchaser, to any holder of Notes or to the Required Holder(s), the determination of such satisfaction shall be made by such Purchaser, such holder or the Required Holder(s), as the case may be, in the sole and exclusive judgment (exercised in good faith) of the Person or Persons making such determination.

  • Compliance with Safeguarding Customer Information Requirements The Servicer has implemented and will maintain security measures designed to meet the objectives of the Interagency Guidelines Establishing Standards for Safeguarding Customer Information published in final form on February 1, 2001, 66 Fed. Reg. 8616, and the rules promulgated thereunder, as amended from time to time (the “Guidelines”). The Servicer shall promptly provide the Seller information regarding the implementation of such security measures upon the reasonable request of the Seller.

  • Construction Requirements a) All Life and Safety and applicable Building Codes will be strictly enforced (i.e., tempered glass, fire dampers, exit signs, smoke detectors, alarms, etc.). Prior coordination with the Building Manager is required.

  • Investment Company Diversification Requirements The Borrower (together with its Subsidiaries to the extent required by the Investment Company Act) will at all times comply with the portfolio diversification and similar requirements set forth in the Investment Company Act applicable to business development companies. The Borrower will at all times, subject to applicable grace periods set forth in the Code, comply with the portfolio diversification and similar requirements set forth in the Code applicable to RICs.

  • Notification Requirement Through and up to the conclusion of the Non-Competition Period, Executive shall give notice to the Company of each new business activity he plans to undertake, at least seven (7) days prior to beginning any such activity. Such notice shall state the name and address of the Person for whom such activity is undertaken and the nature of Executive’s business relationship(s) and position(s) with such Person.

  • Repatriation Requirements The Employee agrees to promptly repatriate proceeds resulting from the sale of Shares acquired under the Program to a foreign currency account at an authorized bank in Russia if legally required at the time Shares are sold and to comply with all applicable local foreign exchange rules and regulations. Neither the Company nor any of its Subsidiaries shall be liable for any fines or penalties resulting from the Employee’s failure to comply with applicable laws.

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