Required Overcollateralization definition

Required Overcollateralization means, as of any date, an amount equal to the product of (i) Weighted Average Overcollateralization Percentage as of such date times (ii) the highest Net Eligible Pool Balance since the most recent Funding Date or, if more recent, the most recent Take-out Date, in each case after giving effect to the related additions or removals of Receivables on such date. "Required Overcollateralization Percentage" means, as of any date, (i) with respect to Prime Receivables, either (a) on any date of determination as of which no Step-up Event (Prime) has occurred and is continuing, 13.00% or (b) on any date of determination as of which a Step-up Event (Prime) has occurred and is continuing, 18.00% and (ii) with respect to Non-Prime Receivables, either (a) on any date of determination as of which no Step-up Event (Non-Prime) has occurred and is continuing, 24.00% or (b) on any date of determination as of which as Step-up Event (Non-Prime) has occurred and is continuing, 29.00%. "Required Rate" means, as of any date and any Eligible Receivable, the sum of (i) the Weighted Average Hedge Rate as of such date plus (ii) the Applicable Margin as of such date plus (iii) the Servicing Fee Rate plus (iv) the Backup Servicing Fee Rate plus (v) the greater of (a) zero percent (0.00%) and (b) the percentage which will result in Excess Spread (Adjusted) that is at least equal to the related Target Rate. "Requirements of Law" means, with respect to any Person, the certificate of incorporation or articles of association and by-laws or other organizational or governing documents of such Person, and any law, treaty, rule or regulation, or order or determination of an arbitrator or Governmental Authority, in each case applicable to or binding upon such Person or to which such Person is subject, whether federal, State or local (including usury laws, the Federal Truth in Lending Act, the Equal Credit Opportunity Act, the Fair Credit Billing Act, the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, the Federal Trade Commission Act, the Xxxxxxxx-Xxxx Warranty Act, the Servicemembers Civil Relief Act, Regulations B, U, T, X and Z of the Federal Reserve Board, the Xxxx-Xxxxx Act, the Xxxxx-Xxxxx-Xxxxxx Act, each applicable state Motor Vehicle Retail Installment Sales Act, and state adaptations of the National 39
Sample 1
Required Overcollateralization shall have the meaning ascribed thereto in Section 5.21 hereof. hereof.
Sample 1
Required Overcollateralization shall have the meaning ascribed thereto in Section 5.21 hereof. hereof.
Sample 1

Examples of Required Overcollateralization in a sentence

  • Substitution of Collateral and Required Overcollateralization 49 Section 5.22.

  • For each Asset Group, the amount of such Asset Group One Securities or Asset Group Two Securities, as applicable, or interest therein sold may not exceed the sum of (i) the Note Allocation Amount for such Asset Group on such date and (ii) the Required Overcollateralization Amount for Series 2013-1 for such Asset Group on such Final Maturity Date.

  • If the OC Test shows that Borrower is not in compliance with the Required Overcollateralization, then Borrower shall either (i) deposit funds in an amount sufficient to comply with the Required Overcollateralization, or (ii) otherwise deliver sufficient additional Bond Loan Collateral to comply with the Required Overcollateralization.

  • The Series 2021-1 Required Overcollateralization Percentage is 10.50% and the Series 2021-1 Required Overcollateralization Amount is initially equal to $199,441,340.78.

  • For purposes of calculating the Equity Distribution Test, the Coverage Tests, the Required Overcollateralization Test and the Reinvestment Overcollateralization Test, except as otherwise specified in such tests, such calculations shall not include scheduled interest and principal payments on Defaulted Obligations unless or until such payments are actually made.

  • The Series 2021-1 Required Overcollateralization Percentage is 10.50% and the Series 2021- 1 Required Overcollateralization Amount is initially equal to $199,441,340.78.

  • Borrower shall promptly, but in no event later than five (5) Business Days after Borrower’s receipt of the OC Test Notice, comply with the Required Overcollateralization.

  • Class Required Interest Coverage RatioA/B 120.0%C 110.0%D 105.0% Optional Repurchase or SubstitutionClass Required Overcollateralization RatioA/B 141.1%C 129.4%D 119.2%E 111.2% Measurement of the degree of compliance with the Overcollateralization Ratio Tests will be required as of the Effective Date and any other date thereafter on which such tests are required to be determined under the Indenture.

  • The Series 2021-2 Required Overcollateralization Percentage is 10.00% and the Series 2021- 2 Required Overcollateralization Amount is initially equal to $155,555,555.56.

  • The proprietary nature of individual insurance arrangements between contractors and carriers and that neither DOL nor any of the contracting agencies has any authority to regulate DBA claims makes it difficult assess what factors are currently used to set current DBA premiums.64 There may be difficulties in using experience ratings to determine DBA premiums.

Related to Required Overcollateralization

  • Targeted Overcollateralization Amount means, for a Payment Date, an amount equal to:

  • Target Overcollateralization Amount means, with respect to any Payment Date, 3.00% of the Adjusted Pool Balance as of the Cut-off Date. Notwithstanding the foregoing, the Target Overcollateralization Amount shall not exceed the Adjusted Pool Balance on such Payment Date.

  • Overcollateralization Ratio means, as of any Measurement Date, the ratio (expressed as a percentage) obtained by dividing:

  • 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.

  • Overcollateralization Target Amount means, with respect to any Distribution Date, 4.75% of the Pool Balance as of the Cutoff Date.

  • Required Reserve Factor Floor means, for any Calculation Period, the sum (expressed as a percentage) of (a) 28.00% plus (b) the product of the Adjusted Dilution Ratio and the Dilution Horizon Ratio, in each case, as of the immediately preceding Cut-Off Date.