Alternative Credit Support Election definition

Alternative Credit Support Election means an election made by the Sellers pursuant to Section 12.
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Examples of Alternative Credit Support Election in a sentence

  • 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.

  • The Available Subordinated Amount will increase by $26,315,800 after an Effective Alternative Credit Support Election.

  • Supplemental Subordinated Amount $2,631,580 prior to the effectiveness of an Alternative Credit Support Election and zero following the effectiveness of an Alternative Credit Support Election.

  • Additional Credit Support Amount The lesser of (x)(i) $26,315,800 prior to the occurrence of a Supplemental Credit Enhancement Event or (ii) $23,684,220 following the occurrence of a Supplemental Credit Enhancement Event and (y) the difference between the Maximum Class B Credit Enhancement Amount (after giving effect to an Alternative Credit Support Election) and the Available Class B Credit Enhancement Amount (immediately before giving effect to the Alternative Credit Support Election).

  • Supplemental Subordinated Amount Prior to the effectiveness of an Alternative Credit Support Election, 0.5% of the Series Initial Investor Interest and zero following the effectiveness of an Alternative Credit Support Election.

  • Additional Credit Support Amount The lesser of (x)(i) $ prior to the occurrence of a Supplemental Credit Enhancement Event or (ii) $ following the occurrence of a Supplemental Credit Enhancement Event and (y) the difference between the Maximum Class B Credit Enhancement Amount (after giving effect to an Alternative Credit Support Election) and the Available Class B Credit Enhancement Amount (immediately before giving effect to the Alternative Credit Support Election).

  • Supplemental Subordinated Amount $4,736,845 prior to the effectiveness of an Alternative Credit Support Election and zero following the effectiveness of an Alternative Credit Support Election.

  • Additional Credit Support Amount The lesser of (x)(i) $47,368,450 prior to the occurrence of a Supplemental Credit Enhancement Event or (ii) $42,631,605 following the occurrence of a Supplemental Credit Enhancement Event and (y) the difference between the Maximum Class B Credit Enhancement Amount (after giving effect to an Alternative Credit Support Election) and the Available Class B Credit Enhancement Amount (immediately before giving effect to the Alternative Credit Support Election).

  • The Available Subordinated Amount will be increased following an Effective Alternative Credit Support Election (as defined below) by $26,315,800.

  • Additional Credit Support Amount The lesser of (x)(i) $39,473,700 prior to the occurrence of a Supplemental Credit Enhancement Event or (ii) $35,526,330 following the occurrence of a Supplemental Credit Enhancement Event and (y) the difference between the Maximum Class B Credit Enhancement Amount (after giving effect to an Alternative Credit Support Election) and the Available Class B Credit Enhancement Amount (immediately before giving effect to the Alternative Credit Support Election).

Related to Alternative Credit Support Election

  • Substitute Credit Support has the meaning specified in Paragraph 4(d)(i).

  • Fitch Credit Support Amount means, for any Valuation Date, the excess, if any, of:

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

  • S&P Credit Support Amount means, for any Valuation Date, the excess, if any, of:

  • Eligible Credit Support means Eligible Collateral and Other Eligible Support.

  • Credit Support Instrument" "Credit Support Provider"

  • Credit Support Amount has the meaning specified in Paragraph 3.

  • Original Applicable Credit Support Percentage With respect to each of the following Classes of Subordinated Certificates, the corresponding percentage described below, as of the Closing Date: Class B-1 % Class B-2 % Class B-3 % Class B-4 % Class B-5 % Class B-6 %

  • Credit Support Balance means, with respect to a Transferor on a Valuation Date, the aggregate of all Eligible Credit Support that has been transferred to or received by the Transferee under this Annex, together with any Distributions and all proceeds of any such Eligible Credit Support or Distributions, as reduced pursuant to Paragraph 2(b), 3(c)(ii) or 6. Any Equivalent Distributions or Interest Amount (or portion of either) not transferred pursuant to Paragraph 5(c)(i) or (ii) will form part of the Credit Support Balance.

  • Applicable Credit Support Percentage As defined in Section 4.02(e).

  • credit supporter means a person or company that provides a guarantee or alternative credit support for any of the payments to be made by an issuer of securities as stipulated in the terms of the securities or in an agreement governing rights of, or granting rights to, holders of the securities;

  • Alternate Credit Facility means any irrevocable direct pay letter of credit, insurance policy or similar credit enhancement or support facility for the benefit of the Trustee, the terms of which Alternate Credit Facility shall in all respects material to the registered owners of the Bonds be the same (except for the term set forth in such Alternate Credit Facility) as those of the Letter of Credit.

  • Cumulative Credit means, at any date, an amount, not less than zero in the aggregate, determined on a cumulative basis equal to, without duplication:

  • Alternative Benchmark Rate means an alternative benchmark or screen rate which is customarily applied in international debt capital markets transactions for the purposes of determining floating rates of interest (or the relevant component part thereof) in the Specified Currency, provided that all determinations will be made by the Independent Adviser in its reasonable discretion.

  • Alternative Payment Mechanism means, with respect to any securities or combination of securities (together in this definition, “such securities”), provisions in the related transaction documents requiring the Corporation to issue (or use commercially reasonable efforts to issue) one or more types of APM Qualifying Securities raising eligible proceeds at least equal to the deferred Distributions on such securities and apply the proceeds to pay unpaid Distributions on such securities, commencing on the earlier of (x) the first Distribution Date after commencement of a deferral period on which the Corporation pays current Distributions on such securities and (y) the fifth anniversary of the commencement of such deferral period, and that

  • Alternative method means any method of sampling and analyzing for an air pollutant that is not a reference or equivalent method but that has been demonstrated to the satisfaction of the commissioner and the U.S. EPA to, in specific cases, produce results adequate for a determination of compliance.

  • Credit Support Provider has the meaning specified in the Schedule.

  • Moody’s First Trigger Ratings Threshold means, with respect to Party A, the guarantor under an Eligible Guarantee or an Eligible Replacement, (i) if such entity has a short-term unsecured and unsubordinated debt rating from Moody’s, a long-term unsecured and unsubordinated debt rating or counterparty rating from Moody’s of “A2” and a short-term unsecured and unsubordinated debt rating from Moody’s of “Prime-1”, or (ii) if such entity does not have a short-term unsecured and unsubordinated debt rating or counterparty rating from Moody’s, a long-term unsecured and unsubordinated debt rating or counterparty rating from Moody’s of “A1”.

  • Posted Credit Support means Posted Collateral and Other Posted Support.

  • Credit Support Annex means the Credit Support Annex annexed to this Agreement.

  • Term Benchmark when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the Adjusted Term SOFR Rate.

  • Credit Support Instrument The instrument or document pursuant to which the Credit Support for a given Series (or Class within such Series) is provided, as specified in the applicable Supplement.

  • Senior Specified Enhancement Percentage As of any date of determination, 38.00%.

  • Required Ratings Threshold means each of the S&P Required Ratings Threshold and the Moody’s Second Trigger Ratings Threshold.

  • Ratings Decline Period means the period that (i) begins on the earlier of (a) the date of the first public announcement of the occurrence of a Change of Control and (b) the occurrence of a Change of Control and (ii) ends 90 days following consummation of such Change of Control; provided that such period shall be extended for so long as the rating of the Notes, as noted by the applicable Rating Agency, is under publicly announced consideration for downgrade by the applicable Rating Agency.

  • Alternative Base Rate means the rate that has replaced LIBOR in customary market usage for determining floating interest rates in respect of bonds denominated in Dollars or, if the Independent Financial Adviser or the Issuer (in consultation with the Calculation Agent and acting in good faith and a commercially reasonable manner), as applicable, determines that there is no such rate, such other rate as the Independent Financial Adviser or the Issuer (in consultation with the Calculation Agent and acting in good faith and a commercially reasonable manner), as applicable, determines in its or the Issuer’s sole discretion is most comparable to LIBOR. If the Alternative Base Rate is determined, such Alternative Base Rate shall be the Alternative Base Rate for the remaining Interest Periods.