Required Spread Amount means, on each Payment Date, the Required Cash Floor; provided, that on or after the first Payment Date on which the Excess Yield Requirement (as defined in the Insurance Agreement) has not been met, the Required Spread Amount shall be the greater of (a) the Required Cash Floor then in effect and (b) (i) ________% of the Pool Balance as of the end of the Collection Period related to the current Payment Date less (ii)
Required Spread Amount means on each Distribution Date, 1.25% of the Initial Certificate Balance; provided, that on any Distribution Date on which (or after the first Distribution Date on which) the Excess Yield Requirement is not met, the Required Spread Amount shall be equal to 5% of the Certificate Balance (after giving effect to any payment of Monthly Principal on such Distribution Date); and provided further that upon and during the continuance of an Event of Default or a Trigger Event, the Required Spread Amount shall be equal to the Surety Bond Amount as of such Distribution Date after giving effect to any draws on the Surety Bond, draws on the Spread Account and other distributions pursuant to Section 9.04 on such Distribution Date.
Required Spread Amount means on each Payment Date, the lesser of (x) _____% of the Initial Note Balances and (y) the Note Balances as of the previous Payment Date (after giving effect to any payment of Monthly Principal on such Payment Date); provided, that, upon and during the continuance of an Indenture Default or a Trigger Event, the Required Spread Amount shall be equal to the Policy Amount as of such Payment Date, without giving effect to amounts on deposit in the related Spread Account, after giving effect to any draws on the Policy, draws on the related Spread Account and other distributions pursuant to Section 8.04 on such Payment Date. Once such Indenture Default or Trigger Event has been cured or discontinued, the Required Spread Amount shall be determined as set forth above.
Examples of Required Spread Amount in a sentence
Once such Event of Default or Trigger Event has been cured or discontinued, the Required Spread Amount shall be determined as otherwise set forth above.
Notwithstanding the foregoing, upon and during the continuance of an Event of Default or a Trigger Event, the Required Spread Amount shall be equal to the Policy Amount as of such Payment Date, without giving effect to amounts on deposit in the Spread Account, after giving effect to any draws on the Policy, draws on the Spread Account and other distributions pursuant to Section 9.04 on such Payment Date.
Notwithstanding the foregoing, upon and during the continuance of an Event of Default or a Trigger Event, the Required Spread Amount shall be equal to the Policy Amount as of such Payment Date, without giving effect to amounts on deposit in the Spread Account, after giving effect to any draws on the Policy, draws on the Spread Account and other distributions pursuant to Section 8.04 on such Payment Date.
Once such Event of Default or Trigger Event has been cured or discontinued, the Required Spread Amount shall be determined as set forth above.
Notwithstanding any of the foregoing, upon and during the continuance of an Event of Default or a Trigger Event, the Required Spread Amount shall be equal to the Policy Amount as of such Distribution Date, without giving effect to amounts on deposit in the Spread Account, after giving effect to any draws on the Policy, draws on the Spread Account and other distributions pursuant to Section 9.04 on such Distribution Date.
More Definitions of Required Spread Amount
Required Spread Amount means, on each Payment Date, the Required Cash Floor; provided, that on or after the first Payment Date on which the Excess Yield Requirement (as defined in the Insurance Agreement) has not been met, the Required Spread Amount shall be the greater of (a) the Required Cash Floor then in effect and (b) 5.00% of the Note Balances as of the end of the Collection Period related to the current Payment Date. Notwithstanding the foregoing, upon and during the continuance of an Event of Default or a Trigger Event, the Required Spread Amount shall be equal to the Policy Amount as of such Payment Date, without giving effect to amounts on deposit in the Spread Account, after giving effect to any draws on the Policy, draws on the Spread Account and other distributions pursuant to Section 9.04 on such Payment Date. Once such Event of Default or Trigger Event has been cured or discontinued, the Required Spread Amount shall be determined as otherwise set forth above.
Required Spread Amount means on each Distribution Date, 1.25% of the Initial Certificate Balance; provided, that on any Distribution Date on which (or after the first Distribution Date on which) the Excess Yield Requirement is not met, the Required Spread Amount shall be equal to 6.5% of the Certificate Balance (after giving effect to any payment of Monthly Principal on such Distribution Date). On any Distribution Date following such first Distribution Date on which the Excess Yield Requirement is not met, the Required Spread Amount shall be reduced below 6.5% beginning on the twelfth Distribution Date, as follows:
Required Spread Amount means on each Distribution Date, the lesser of (x) 1.50% of the Initial Certificate Balance and (y) the Certificate Balance as of the previous Distribution Date (after giving effect to any payment of Monthly Principal on such Distribution Date); provided, that on any Distribution Date on which (or after the first Distribution Date on which) the Excess Yield Requirement is not met, the Required Spread Amount shall be increased, if greater than the amounts provided above, to 4.50% of the Certificate Balance (after giving effect to any payment of Monthly Principal on such Distribution Date). On any Distribution Date following such first Distribution Date on which the Excess Yield Requirement is not met, the Required Spread Amount shall be reduced below 4.50% of the Certificate Balance (if such amount is the applicable Required Spread Amount) beginning on the eighteenth (18th) Distribution Date, as follows:
Required Spread Amount means on each Distribution Date, ____% of the Initial Certificate Balance (after giving effect to any payment of Monthly Principal on such Distribution Date); provided, that on any Distribution Date on which (or after the first Distribution Date on which) the Excess Yield Requirement is not met, the Required Spread Amount shall be equal to _% of the Certificate Balance (after giving effect to any payment of Monthly Principal on such Distribution Date); and provided further that upon and during the continuance of an Event of Default or a Trigger Event, the Required Spread Amount shall be equal to the Surety Bond Amount as of such Distribution Date after giving effect to any draws on the Surety Bonds, draws on the Spread Account and other distributions pursuant to Section 9.04 on such Distribution Date.
Required Spread Amount means, on each Payment Date, the Required Cash Floor; provided, that on or after the first Payment Date on which the Excess Yield Requirement has not been met, the Required Spread Amount shall be the greater of (a) the Required Cash Floor then in effect and (b) 5.00% of the Note Balances as of the end of the Collection Period related to the current Payment Date. Notwithstanding the foregoing, upon and during the continuance of an Event of Default or a Trigger Event, the Required Spread Amount shall be equal to the Policy Amount as of such Payment Date, without giving effect to amounts on deposit in the Spread Account, after giving effect to any draws on the Policy, draws on the Spread Account and other distributions pursuant to Section 9.04 on such Payment Date. Once such Event of Default or Trigger Event has been cured or discontinued, the Required Spread Amount shall be determined as otherwise set forth above. The Required Spread Amount may be met by a combination of cash, in an amount not less than the Required Cash Floor, and the Overcollateralization Amount and shall be determined without regard to the Pre-Funding Reserve Balance.
Required Spread Amount. Excess Yield Requirements" or "Net Cumulative Loss Event."
Required Spread Amount means on each Distribution Date, the lesser of (x) 1.50% of the Initial Certificate Balance and (y) the Certificate Balance as of the previous Distribution Date (after giving effect to any payment of Monthly Principal on such Distribution Date); provided, that on any Distribution Date on which the Excess Yield Requirement is not met, the Required Spread Amount shall be increased, if greater than the amounts provided above, to 4.50% of the Certificate Balance (after giving effect to any payment of Monthly Principal on such Distribution Date); provided, further, that on any Distribution Date on which a Net Cumulative Loss Event (as defined in the Insurance Agreement) has occured and has not been cured, the Required Spread Amount shall equal the greater of (x) the lesser of (i) 1.75% of the Initial Certificate Balance and (ii) the Certificate Balance as of the previous Distribution Date and (y) 8.50% of the Certificate Balance (after giving effect to any payment of Monthly Principal on such Distribution Date). On any Distribution Date following such first Distribution Date on which the Excess Yield is not met (and there is not a Net Cumulative Loss Event which has occurred and has not been cured), the Required Spread Amount shall be reduced below 4.50% of the Certificate Balance (if such amount is the applicable Required Spread Amount) beginning on the eighteenth (18th) Distribution Date, as follows: