Required Seller definition

Required Seller s Interest” means, as of any date of determination, the product of (a) 5% and (b) the result of (i) the excess of the outstanding principal balance of all outstanding Classes of Notes other than Risk Retention Retained Notes minus (ii) the principal balance of all funds held in segregated principal accumulation accounts that meet the requirements of Rule 5(c)(2) of Regulation RR for the repayment of the principal amount of Notes other than Risk Retention Retained Notes.

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Required Seller s Percentage” means 0%.

Required Seller has the meaning set forth in Section 3.7(b).

Examples of Required Seller in a sentence

Evidence of the Required Seller Insurance shall be provided to Purchaser promptly following receipt thereof.
Seller shall have furnished to Purchaser evidence that Seller has secured and has in effect all Required Seller Insurance meeting the requirements of Section 9.1.
Seller may also secure insurance coverages and policies in addition to the Required Seller Insurance, and all such insurance costs shall be borne exclusively by Seller at its sole cost and expense.
Seller shall provide to Purchaser proof of renewed Required Seller Insurance coverages in the form of a certificate of insurance of each such policy as far in advance of the renewal as possible.
Failure of Seller (or its Subcontractor) to maintain any Required Seller Insurance shall also not relieve Seller from any liability under this Agreement, nor shall these requirements be construed to conflict with Seller’s indemnification obligations.

More Definitions of Required Seller

Required Seller has the meaning specified in Section 9.2(a).

Required Seller s Interest” means as of any date of determination, the product of (i) 5% and (ii) the aggregate of the principal balances of all outstanding Notes other than Risk Retention Retained Notes as of such date of determination.

Required Seller s Interest Amount” means, the Required Seller’s Interest Percentage of the aggregate Invested Amount of all Series of Notes outstanding (excluding any Notes held for the life of such Notes by OnDeck or any of its wholly-owned affiliates).

Required Seller s Percentage" set forth in Section 1.01 of the Master Pooling and Servicing Agreement is hereby amended by deleting the phrase "shall mean 7%" thereof and substituting in its place the phrase "shall mean 5%";

Required Seller s Percentage” shall mean 5%; provided, however, that the Seller may reduce the Required Seller’s Percentage upon (a) 30 days’ prior notice to the Trust, the Indenture Trustee and each Rating Agency, and each Series Enhancer or other person entitled to receive such notice pursuant to any applicable Supplement, (b) the satisfaction of the Rating Agency Condition in respect of such reduction, and (c) delivery to the Trust, the Indenture Trustee, each such Series Enhancer and each such other person of an Officer’s Certificate of the Seller stating that the Seller reasonably believes that such reduction will not, based on the facts known to such officer at the time of such certification, then cause an Amortization Event or a Series Amortization Event, or any event that, after the giving of notice or the lapse of time, would constitute an Amortization Event or a

Required Seller s Allocated Amount” shall mean, with respect to any date, an amount equal to the product of the Required Seller’s Percentage and the aggregate amount of Principal Receivables in the Trust;

Required Seller s Interest Percentage” means, 5.0% of the aggregate unpaid principal balance of all notes issued or to be issued by the Issuer (excluding any Notes held for the life of such Notes by OnDeck or any of its wholly-owned affiliates).