Required Enhancement Amount means, with respect to any Distribution Date, an amount equal to the product of the Adjusted Investor Amount (after giving effect to all reductions thereof to be made on such Distribution Date) and 15.0%, but not less than $7,059,000; provided, however, that (i) if a Pay Out Event shall have occurred, the Required Enhancement Amount for each Distribution Date thereafter (subject to clause (ii) below) shall equal the Required Enhancement Amount for the Distribution Date immediately preceding the occurrence of such Pay Out Event, (ii) in no event shall the Required Enhancement Amount exceed the sum of the Class A Adjusted Investor Amount and the Class B Adjusted Investor Amount on such date and (iii) the Required Enhancement Amount may be reduced without the consent of the Series 1997-2 Certificateholders if (x) the Transferor shall have received written notice from each Rating Agency (with a copy delivered to the Trustee) that the Rating Agency Condition is satisfied, (y) the Transferor shall have delivered to the Trustee an Officer's Certificate to the effect that, based on the facts known to such officer at such time, in the reasonable belief of the Transferor, such reduction will not cause a Pay Out Event or an event that, after the giving of notice or the lapse of time, would constitute a Pay Out Event, to occur with respect to Series 1997-2 and (z) the Transferor shall have provided an Opinion of Counsel addressed to the Trustee, dated the date of such reduction, that such reduction will not (a) adversely affect the tax characterization of any outstanding Series or Class with respect to which an Opinion of Counsel addressed to the Trustee was delivered at the time of their issuance that such Investor Certificates would be characterized as debt, (b) cause the Trust to be classified, for federal income tax purposes, as an association (or publicly traded partnership) taxable as a corporation and (c) cause or constitute an event in which gain or loss would be recognized by any Certificateholder.
Required Enhancement Amount means, with respect to any Series of Notes, the amount specified in the applicable Series Supplement.
Required Enhancement Amount means, with respect to any Distribution Date, the greater of (i) the product of (a) the sum of (I) the sum of the Class A Invested Amount and the Class A Floating Percentage of the Pre-Funded Amount and (II) the sum of the Class B Invested Amount and the Class B Floating Percentage of the Pre-Funded Amount, each as of such Distribution Date after taking into account all distributions made on such Distribution Date, minus the amount of funds on deposit in the Cash Collateral Account, after taking into account all deposits and withdrawals on such Distribution Date, and (b) a fraction, the numerator of which is 10% and the denominator of which is the excess of 100% over 10% and (ii) the sum of (A) the product of (I) $500,000,000, (II) 1.0% and (III) a fraction the numerator of which is equal to the Available Cash Collateral Amount as of the immediately preceding Distribution Date and the denominator of which is the Total Enhancement for such Distribution Date and (B) the product of (I) $500,000,000 (II) 3.0% and (III) a fraction the numerator of which is equal to the Collateral Invested Amount as of the immediately preceding Distribution Date and the denominator of which is the Total Enhancement for such Distribution Date; provided, however, that (i) if there are any withdrawals from the Cash Collateral Account pursuant to Section 4.12(c) or any reductions in the Collateral Invested Amount pursuant to clause (b) of the definition of such amount, or a Pay Out Event occurs with respect to Series 1996-E, then the Required Enhancement Amount for any Distribution Date shall equal the Required Enhancement Amount on the Distribution Date immediately preceding such reduction or Pay Out Event, (ii) in no event shall the Required Enhancement Amount exceed the sum of the Class A Invested Amount and the Class B Invested
Examples of Required Enhancement Amount in a sentence
Required Enhancement Amount (line a times 18%) $ 162,000,000.00 65.
Required Enhancement Amount (line a times 18%) $ 108,000,000.00 67.
Required Enhancement Amount (line a times 18%) $ 162,000,000.00 67.
The amount by which: (a) The Series 1997-1 Enhancement Amount: $________, is less then (b) The Series 1997-1 Required Enhancement Amount: $________.
At such time the Administrator or the Administrative Agent shall also notify the Trustee of (i) the excess, if any, of the Series 2004-1 Required Enhancement Amount over the Series 2004-1 Enhancement Amount, excluding the available amount under the Series 2004-1 Letter of Credit issued by such Series 2004-1 Letter of Credit Provider, on such date and (ii) the amount available to be drawn on such Series 2004-1 Letter of Credit on such date.
More Definitions of Required Enhancement Amount
Required Enhancement Amount means with respect to any Distribution Date, 12% of the Adjusted Invested Amount on such Distribution Date after taking into account any adjustments to the Adjusted Invested Amount on such Distribution Date, but not less than $21,000,000; provided, however, that (i) if a Pay Out Event with respect to Series 1997-2 has occurred, the Required Enhancement Amount for any Distribution Date shall equal the Required Enhancement Amount for the Distribution Date immediately preceding such Pay Out Event, (ii) in no event shall the Required Enhancement Amount exceed the outstanding principal amount of the Class A Certificates and the Class B Certificates, as of the last day of the Monthly Period preceding such Distribution Date after taking into account the payments to be made on such Distribution Date and (iii) the Required Enhancement Amount may be reduced, at the Sellers' option at any time, to a lesser amount if prior written notice of such reduction is given to the Collateral Interest Holder and the Sellers, the Servicer and the Trustee have been provided evidence that the Rating Agency Condition shall have been satisfied.
Required Enhancement Amount shall, with respect to any applicable Financing Source, have the meaning, if any, specified in the Financing Documents of such Financing Source.
Required Enhancement Amount means, with respect to any date of determination, the sum of (x) the Required Series Cash Collateral Amount, plus (y) the Required Class B Amount.
Required Enhancement Amount is defined, with respect to any Series of Notes, in the applicable Series Supplement.
Required Enhancement Amount means on any day an amount equal to the sum of (A), the product of (x) the Credit Amount Percentage, and (y) the Program Size, plus (B) the Required Reserve Fund Amount.
Required Enhancement Amount has the meaning specified, with respect to any Series, in the applicable Series Supplement.
Required Enhancement Amount means the sum of the Credit Amounts for all of the Series of Senior Notes.