Commingling Reserve Excess Amount definition

Commingling Reserve Excess Amount means, as of any Payment Date, the excess of the amounts standing to the credit of the Commingling Reserve Account over the Commingling Reserve Required Amount, on the Cut-Off Date immediately preceding such Payment Date, taking into account a drawing (if any) in accordance with the relevant Pre-Enforcement Priority of Payments to be made on such Payment Date.
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Commingling Reserve Excess Amount means, as of any Payment Date, the excess of the amounts standing to the credit of the Commingling Reserve Account over the Commingling Reserve Amount on the Cut-Off Date immediately preceding such Payment Date, after a drawing (if any) in accordance with lit. (h) of the definition of the Available Distribution Amount. A "Commingling Reserve Trigger Event" will have occurred if, at any time, (i) Santander Consumer Finance, S.A. ceases to have the Commingling Required Rating or (ii) Santander Consumer Finance,S.A. ceases to own, directly or indirectly, at least 75 per cent. of the share capital of the Seller, unless, in each case of (i) and (ii), the Seller has at least the Commingling Required Rating.
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Commingling Reserve Excess Amount means, as of any Payment Date, the excess of the amounts standing to the credit of the Commingling Reserve Account over the Commingling Reserve Amount on the Cut-Off Date immediately preceding such Payment Date, after a drawing (if any) in accordance with lit. (h) of the definition of the Available Distribution Amount. Set-Off Reserve If, at any time, a Set-Off Reserve Trigger Event occurs, the Seller is required to transfer, within 14 calendar days, the Set-Off Reserve Amount to an account of the Issuer (the "Set-Off Reserve Account"). If the balance credited to the Set-Off Reserve Account as of any Cut-Off Date following the occurrence of a Set-Off Reserve Trigger Event is less than the Set-Off Reserve Amount as calculated as of such Cut-Off Date, taking into account any amounts to be credited to the Set-Off Reserve Account on the immediately following Payment Date pursuant to the Pre-Enforcement Priority of Payments, the Seller will be required to transfer an amount equal to such shortfall (as determined as of such Cut-Off Date) on the immediately following Payment Date to the Set-Off Reserve Account. A "Set-Off Reserve Trigger Event" will have occurred if, at any time, (i) Santander Consumer Finance, S.A. ceases to have the Set-Off Required Rating or (ii) Santander Consumer Finance, S.A. ceases to own, directly or indirectly, at least 75 per cent. of the share capital of the Seller, unless, in each case of (i) and (ii), the Seller has at least the Set-Off Required Rating.
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Examples of Commingling Reserve Excess Amount in a sentence

  • On any Payment Date following the occurrence of a Commingling Reserve Trigger Event, the Purchaser shall pay to the Seller in its capacity as Servicer, in accordance with the Pre-Enforcement Priority of Payments (i) any fees owed by the Purchaser to the Seller in accordance with a separate fee letter between the Seller and the Purchaser and (ii) the Commingling Reserve Excess Amount, using the balance credited to the Commingling Reserve Account.

  • Moreover, on each Payment Date prior to the service of a Trigger Notice, any Commingling Reserve Excess Amount which will be available on such dates will be used by the Issuer to repay the outstanding principal of the Subordinated Loan outside and irrespective of the Priority of Payments, in accordance with the terms of the Subordinated Loan Agreement.

  • Such repayment will be made on each Payment Date as follows: (i) out and within the limits of the Issuer Available Funds which will be applied in accordance with the applicable Priority of Payments and (ii) prior to the service of a Trigger Notice, out of the Cash Reserve Excess Amount, the Set-Off Reserve Excess Amount and the Commingling Reserve Excess Amount which will be available on each such Payment Date and to be used for such purpose outside and irrespective of the Priority of Payments.

  • The Issuer shall pay the Commingling Reserve Excess Amount to the Seller on each Payment Date outside the applicable Priority of Payments.

  • On any Payment Date following the occurrence of a Commingling Reserve Trigger Event, the Purchaser shall pay to the Seller in its capacity as Servicer, in accordance with the Pre- Enforcement Priority of Payments (i) any fees owed by the Purchaser to the Seller in accordance with a separate fee letter between the Seller and the Purchaser and (ii) the Commingling Reserve Excess Amount, using the balance credited to the Commingling Reserve Account.

  • Moreover, on each Payment Date prior to the service of a Trigger Notice, any Commingling Reserve Excess Amount which will be available on such dates will be used by the Issuer to repay the outstanding principal of the Subordinated Loan outside and irrespective of the Priority of Payments, in accordance with the terms of the Subordinated Loan Agreement.The Issuer shall repay the outstanding principal amount under the Subordinated Loan, subject to the terms and conditions of the Subordinated Loan Agreement.


More Definitions of Commingling Reserve Excess Amount

Commingling Reserve Excess Amount means, as of any PAYMENT DATE, the excess of the amounts standing to the credit of the COMMINGLING RESERVE LEDGER over the COMMINGLING RESERVE AMOUNT, on the CUT-OFF DATE immediately preceding such PAYMENT DATE, after a drawing (if any) in accordance with item 8 of the definition of AVAILABLE DISTRIBUTION AMOUNT;
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Commingling Reserve Excess Amount means, as of any Payment Date, the excess of the amounts standing to the credit of the Commingling Reserve Account over the Commingling Reserve Amount, on the Cut-Off Date immediately preceding such Payment Date, after a drawing (if any) in accordance with item 7 of the definition of Available Distribution Amount;A "Commingling Reserve Trigger Event" will have occurred if, at any time, (i) Santander Consumer Finance, S.A. ceases to have the Commingling Required Rating, (ii) Santander Consumer Finance, S.A. ceases to own, directly or indirectly, at least 75 % of the share capital of Santander Consumer Bank AG, or (iii) S&P notifies any of Santander Consumer Bank AG, the Issuer or the Transaction Security Trustee in writing that Santander Consumer Bank AG is no longer deemed eligible under the then current applicable rating criteria of S&P, unless in each case of (i) and (ii), Santander Consumer Bank AG has at least the Commingling Required Rating;
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Commingling Reserve Excess Amount means, on any Payment Date, the amounts standing to the credit of the Commingling Reserve Account exceeding the Commingling Reserve Required Amount. The Commingling Reserve covers the risk that the Servicer will not transfer the Collections received on the Collection Account to the Distribution Account Ledger in accordance with clause 7.11 (Transfer of Collections) of the Receivables Purchase and Servicing Agreement in case the Servicer is Insolvent so that these funds may become subject to attachment by the creditors of the Servicer. SEE "CREDIT STRUCTURE AND FLOW OF FUNDS" and "OUTLINE OF THE OTHER PRINCIPAL TRANSACTIONDOCUMENTS — The Receivables Purchase and Servicing Agreement". The Available Distribution Amount will be calculated by the Cash Administrator on each Investor Reporting Date and will be used by the Issuer to pay, among others, interest on and principal of the Class A Notes and to pay any amounts due to the other creditors of the Issuer.
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Related to Commingling Reserve Excess Amount

  • Reserve Account Amount means, for any Distribution Date, the amount on deposit in and available for withdrawal from the Reserve Account on such Distribution Date (after giving effect to all deposits to and withdrawals from the Reserve Account on the preceding Distribution Date, or, in the case of the initial Distribution Date, the Closing Date), including all interest and other income (net of losses and investment expenses) earned on such amount during the preceding Collection Period.

  • Yield Supplement Overcollateralization Amount means, with respect to any calendar month and the related Payment Date, or with respect to the Closing Date, the aggregate amount by which the Principal Balance as of the last day of the related Collection Period or the Cutoff Date, as applicable, of each of the related Receivables with an APR as stated in the related contract of less than the Required Rate, other than Defaulted Receivables, exceeds the present value, calculated by using a discount rate equal to the Required Rate, of each scheduled payment of each such Receivables assuming such scheduled payment is made on the last day of each month and each month has 30 days.

  • Reserve Account Draw Amount means, for any Payment Date, an amount equal to the lesser of (a) the Available Funds Shortfall Amount, if any, for such Payment Date and (b) the amount of cash or other immediately available funds on deposit in the Reserve Account (excluding any net investment earnings) on such Payment Date; provided, however, that if such Payment Date is the Redemption Date, the “Reserve Account Draw Amount” shall mean an amount equal to the amount of cash or other immediately available funds on deposit in the Reserve Account on the Redemption Date.