Cash Reserve Event definition

Cash Reserve Event means as of any Settlement Date, (i) the arithmetic average of the Net Spread for [*], (ii) the Delinquency Ratio is greater than [*], or (iii) the average Payment Rate for [*], or [*]; provided, however, that following each occurrence of a Cash Reserve Event, such trigger shall remain in effect until [*]";

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Cash Reserve Event means as of any Settlement Date, (i) the arithmetic average of the Net Spread for [**], (ii) the Delinquency Ratio is greater than [**], or (iii) the arithmetic average of the Payment Rate for [**]; provided, however, that following each occurrence of a Cash Reserve Event, such trigger shall remain in effect until [**];

Cash Reserve Event shall occur in respect of the Series 2023-1 Ownership Interest if, on a Calculation Day, the number, expressed as a percentage (the “Excess Spread Percentage”), equal to twelve times:

Examples of Cash Reserve Event in a sentence

• Following the occurrence and during the continuation of a Cash Reserve Event, the Trust shall have the right to require the Seller or the Servicer to, and upon such request the Seller or the Servicer, as applicable, shall, assemble copies of all of the Contracts and make the same available to the Backup Servicer or other third-party custodian specified by, and at a place selected by, the Trust within 30 days.

• The Seller may, provided that the Rating Agency Condition has been satisfied, provide Additional Property equal to, and in lieu of, any amount required to be deposited to the Cash Reserve Account within 15 days following the occurrence of a Cash Reserve Event.

• Following the occurrence and during the continuation of a Cash Reserve Event, the Financial Services Agent shall have the right to require the Seller or the Servicer to, and upon such request the Seller or the Servicer, as applicable, shall, assemble copies of all of the Contracts and make the same available to the Backup Servicer or other third-party custodian specified by, and at a place selected by, the Financial Services Agent within 30 days.

• No Termination Event and no Cash Reserve Event and no event that, with the giving of notice or the passing of time, or both, would constitute either a Termination Event or a Cash Reserve Event shall have occurred and be continuing.

• If deposits are required to be made in respect of both a Cash Reserve Event and the Pre-Accumulation Reserve Period, they shall be deemed to have been made, firstly, in respect of the Pre- Accumulation Reserve Period and, once all required deposits in respect thereof have been made, then in respect of the Cash Reserve Event.

More Definitions of Cash Reserve Event

Cash Reserve Event means [*];

Cash Reserve Event shall occur in respect of the Series 2025-1 Ownership Interest if, on a Calculation Day, the number, expressed as a percentage (the “Excess Spread Percentage”), equal to twelve times: the average Ownership Finance Charge Receivables for the Series 2025-1 Ownership Interest during the three Reporting Periods preceding such Calculation Day, minus the sum of the Series Interest and Additional Funding Expenses (less any investment income accrued and received in respect of amounts on deposit in the Accumulations Account and the applicable Pre- Accumulation Available Amount, if any, as contemplated in Section 6.2(2)), the Series Pool Losses and the Contingent Successor Servicer Amount, in each case, for the Series 2025-1 Ownership Interest averaged over the three Reporting Periods preceding such Calculation Day, divided by the Invested Amount of the Series 2025-1 Ownership Interest averaged over the three Reporting Days preceding such Calculation Day, is less than or equal to 4% and shall end on the Calculation Day on which the Excess Spread Percentage (utilizing, in the foregoing calculation, the three Reporting Periods and Reporting Days, as applicable, preceding such Calculation Day) exceeds 4%;