Required Collateral Interest definition

Required Collateral Interest means (a) initially, $56,250,000 and (b) on any Transfer Date thereafter, 7.5% of the sum of the Class A Adjusted Investor Interest and the Class B Adjusted Investor Interest on such Transfer Date, after taking into account deposits into the Principal Funding Account on such Transfer Date and payments to be made on the related Distribution Date, and the Collateral Interest on the prior Transfer Date, after any adjustments to be made on such date, but not less than $22,500,000; provided, however, that (x) if either (i) there is a reduction in the Collateral Interest pursuant to clause (c), (d) or (e) of the definition of such term or (ii) a Pay Out Event with respect to the Investor Certificates has occurred, the Required Collateral Interest for any Transfer Date shall equal the Required Collateral Interest for the Transfer Date immediately preceding such reduction or Pay Out Event, (y) in no event shall the Required Collateral Interest exceed the sum of the outstanding principal amounts of (i) the Class A Certificates and (ii) the Class B Certificates, each as of the last day of the Monthly Period preceding such Transfer Date after taking into account the payments to be made on the related Distribution Date and (z) the Required Collateral Interest may be reduced at the Seller's option at any time to a lesser amount if the Seller, the Servicer, the Collateral Interest Holder and the Trustee have been provided evidence that the Rating Agency Condition shall have been satisfied.

Required Collateral Interest means (a) initially,

Required Collateral Interest means (a) initially, $30,000,000 and (b) on any Transfer Date thereafter, an amount equal to the greater of (i) 6% of the sum of (x) the Class A Adjusted Investor Interest and the Class B Adjusted Investor Interest on such Transfer Date (after taking into account deposits into the Principal Funding Account on such Transfer Date and payments to be made on the related Distribution Date) and (y) the Collateral Interest on the prior Transfer Date, after any adjustments to be made on such prior Transfer Date, and (ii) $15,000,000; provided that (x) if either (i) there is a reduction in the Collateral Interest pursuant to clause (c), (d) or (e) of the definition of such term or (ii) a Pay Out Event has occurred, the Required Collateral Interest for any Transfer Date shall (subject to clause (y)) equal the Required Collateral Interest for the Transfer Date immediately preceding such reduction or Pay Out Event and (y) in no event shall the Required Collateral Interest exceed the sum of the outstanding principal amounts of (i) the Class A Certificates and (ii) the Class B Certificates, each as of the last day of the Monthly Period preceding such Transfer Date after taking into account the payments to be made on the related Distribution Date.

Examples of Required Collateral Interest in a sentence

• On each Transfer Date, if a reduction in the Required Collateral Interest has occurred, a portion of collections of Principal Receivables allocable to the Investor Interest will be applied in accordance with the Loan Agreement to reduce the Collateral Interest to the Required Collateral Interest.

• On each Transfer Date with respect to the Controlled Accumulation Period and the Rapid Amortization Period in which a reduction in the Required Collateral Interest has occurred, Available Investor Principal Collections not applied to Class A Monthly Principal or Class B Monthly Principal will be applied to reduce the Collateral Interest until the Collateral Interest equals the Required Collateral Interest.

• See "Description of the Certificates-- Reallocation of Cash Flows" and "--Defaulted Receivables; Investor Charge-Offs." REQUIRED COLLATERAL The "Required Collateral Interest" means (a) INTEREST...................

• See "Description of the Certificates-- Required Collateral Interest." If on any Transfer Date, the Collateral Interest is less than the Required Collateral Interest, certain Excess Spread amounts, if available, will be used to increase the Collateral Interest to the extent of such shortfall.

• If on any Transfer Date the Collateral Interest equals or exceeds the Required Collateral Interest, any such Excess Spread amounts will, first, be deposited into the Reserve Account as described herein and, second, to the extent available, be applied in accordance with the Loan Agreement among the Seller, the Trustee, the Servicer and the Collateral Interest Holder (the "Loan Agreement") and the Series 1997-I Supplement and will not be available to the Certificateholders.

More Definitions of Required Collateral Interest

Required Collateral Interest means, (a) with respect to the Closing Date, the Initial Collateral Interest and (b) with respect to any Transfer Date thereafter, an amount equal to the product of (1) the Required Collateral Percentage and (2) the Adjusted Investor Interest on such Transfer Date after taking into account all deposits in the Principal Funding Account on such date and payments to be made on the related Distribution Date, but not less than $12,000,000; provided that (x) if either (i) there is a reduction in the Collateral Interest pursuant to clause (c), (d) or (e) of the definition of such term or (ii) a Pay Out Event with respect to the Series 1998-1 Investor Certificates has occurred, the Required Collateral Interest for any Transfer Date shall (subject to clause (y) below) equal the Required Collateral Interest for the Transfer Date immediately preceding such reduction or Pay Out Event and (y) in no event shall the Required Collateral Interest exceed the sum of the outstanding principal amounts of (i) the Class A Certificates and (ii) the Class B Certificates, each as of the last day of the Monthly Period preceding such Transfer Date, less cash held in the Principal Funding Account as of such Transfer Date, in each case after taking into account deposits, withdrawals and payments to be made on the related Distribution Date.

Required Collateral Interest in Section 2 of the Series Supplement is hereby amended and restated as follows:

Required Collateral Interest means the product of % and the sum of the Maximum Funded Amount and the Maximum Collateral Funded Amount; provided that the Required Collateral Interest shall equal zero at any time that the Funded Amount is zero.

Required Collateral Interest means (a) initially, $56,250,000 and (b) on any Transfer Date thereafter, 7.5% of the sum of the Class A Adjusted Investor Interest and the Class B Adjusted Investor Interest on such Transfer Date, after taking into account deposits into the Principal Funding Account on such Transfer Date and payments to be made on the related Distribution Date, and the Collateral Interest on the prior Transfer Date, after any adjustments to be made on such date, but not less than

Required Collateral Interest if either (i) there is a reduction in the Collateral Interest pursuant to clause (c), (d) or (e) of the definition of such term or (ii) a Pay Out Event with respect to the Investor Certificates has occurred, the Required Collateral Interest for any Transfer Date shall equal the Required Collateral Interest for the Transfer Date immediately preceding such reduction or Pay Out Event, (y) in no event shall the Required Collateral Interest exceed the sum of the outstanding principal amounts of (i) the Class A Certificates and (ii) the Class B Certificates, each as of the last day of the Monthly Period preceding such Transfer Date after taking into account the payments to be made on the related Distribution Date and (z) the Required Collateral Interest may be reduced at the Transferor's option at any time if the Transferor, the Servicer, the Collateral Interest Holder and the Trustee have been provided evidence that the Rating Agency Condition shall have been satisfied with respect to such reduction.

Required Collateral Interest means (a) initially, $56,250,000 and (b) on any Transfer Date

Required Collateral Interest means (a)