Excess Receivables definition

Excess Receivables means, in relation to the Cover Pool and on each Test Calculation Date, those Receivables the aggregate Outstanding Principal of which is equal to: (i) any amount by reason of which the Portfolios comprised in the Cover Pool are in excess (as nominal value, interest coverage and net present value) of any Eligible Assets necessary to satisfy all Tests on the relevant Test Calculation Date; minus (ii) the aggregate Outstanding Principal of those Receivables indicated by the Servicer as Affected Receivables pursuant to the provisions of clause 8.1 (Payment of Indemnity) of the Warranty and Indemnity Agreement.

Excess Receivables means with respect to any Eligible Obligor or the Nissan Group identified on SCHEDULE 6 hereto, any Eligible Purchased Receivables generated during any Quarterly Period in excess of the amounts set forth opposite the name of such Eligible Obligor on SCHEDULE 6 hereto.

Excess Receivables means, on any Determination Date, an aggregate amount equal to the sum, without duplication, of (A) the aggregate amount by which Principal Receivables relating to Used Vehicles exceeds 25% of the aggregate amount of Principal Receivables included in the Trust calculated as of the last day of the preceding Collection Period, (B) the aggregate amount of Principal Receivables as of the last day of the preceding Collection Period in Eligible Accounts that are on "finance hold" for credit reasons by World Omni as of the last day of such preceding Collection Period, and (C) the aggregate amount by which Principal Receivables arising in Eligible Accounts under World Omni's Delayed Payment Privilege Program exceeds 2% of the aggregate amount of Principal Receivables included in the Trust as of the last day of the preceding Collection Period; provided that these percentages and dollar limits may be increased from time to time upon satisfaction of the Rating Agency Condition.

Examples of Excess Receivables in a sentence

• The Indenture Trustee shall apply and remit any such payment by the VFN Noteholders toward the payment of the related New Receivables Funding Amounts and (if applicable) Excess Receivables Funding Amounts as described in Section 4.3(c).

• Following the Letter Expiration Date, Bank will designate Accounts as Transferable Excess Accounts in order to reduce the total Receivables held by Bank (other than Receivables already designated as Transferable Excess Receivables) to an amount less than the Threshold Amount, using a methodology mutually agreed by the Parties.

• Any draws under any VFNs shall be used only (i) to purchase new Receivables pursuant to the Receivables Pooling Agreement and (ii) to provide funding in respect of Excess Receivables Funding Amounts, in each case, in a manner that would not be in violation of any term hereof (including, without limitation, in a manner that would result in a material adverse United States federal income tax consequence to the Trust Estate or any Noteholders).

• Any draws under any VFNs shall be used only (i) to purchase new Receivables pursuant to the Receivables Pooling Agreement or an Assignment and Recognition Agreement and (ii) to provide funding in respect of Excess Receivables Funding Amounts, in each case, in a manner that would not be in violation of any term hereof (including, without limitation, in a manner that would result in a material adverse United States federal income tax consequence to the Trust Estate or any Noteholders).

• The “Special Adjustment Amount” shall consist of the IPAC Note Proceeds, the NC-SRT Proceeds and the Excess Receivables.

More Definitions of Excess Receivables

Excess Receivables means any Receivables forming part of the Cover Pool which arise from Mortgage Loans that are in excess of the value of the Mortgage Loans required to satisfy the Asset Coverage Tests.

Excess Receivables means, in relation to the Cover Pool and on each Test Calculation Date, those Receivables the aggregate Outstanding Principal of which is equal to: (i) any amount by reason of which the Portfolios comprised in the Cover Pool are in excess (as nominal value, interest coverage

Excess Receivables shall have the meaning set forth in Section 2.5(c) of the Sale Agreement.

Excess Receivables means, at any time, all performing Net Receivables other than Required Receivables.

Excess Receivables has the meaning set forth in the LFA.

Excess Receivables has the meaning set forth in Section -Permitted Distributions of the Disclosure Schedule.

Excess Receivables means a number (which may be positive or negative) equal to (a) Accounts Receivable minus (b) Accounts Payable minus (c) Gross Amounts Due to Models.