Third Party Credit Enhancement definition

Third Party Credit Enhancement if applicable, shall mean any credit enhancement obtained by the Servicer in accordance with Section 10. "Third Party Credit Enhancement Account," if applicable, shall have the meaning specified in Section 7(e). "Third Party Credit Enhancement Agreement," if applicable, shall mean the Agreement among the Seller, the Servicer, the Trustee and the Third Party Credit Enhancement Provider with respect to the Third Party Credit Enhancement.

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Third Party Credit Enhancement. Fee," if applicable, shall mean, on any Distribution Date, the sum of all fees, costs and interest payable to the Third Party Credit Enhancement Provider or the Trustee as administrator of the Third Party Credit Enhancement for the related Due Period pursuant to the Third Party Credit Enhancement Agreement.

Third Party Credit Enhancement. Provider," if applicable, shall have the meaning set forth in the Series Term Sheet.

Examples of Third Party Credit Enhancement in a sentence

The amount of unreimbursed Third Party Credit Enhancement Drawings shall be reduced by the amount of such deposit.
The percentage of the Series Third Party Credit Enhancement for each outstanding Class of such Series shall not change upon the issuance of the Additional Certificates.
The Class C Cumulative Investor Charged-Off Amount and the Third Party Credit Enhancement Amount shall both be reduced by the amount of such deposit.
The Third Party Credit Enhancement Provider shall not be entitled to reimbursement from the assets of the Trust for any withdrawals from the Third Party Credit Enhancement Account except as specifically provided in this Series Supplement.
Any funds on deposit in the Third Party Credit Enhancement Account for more than one Business Day shall be invested in Permitted Investments under Section 4.02(c) of the Pooling and Servicing Agreement.
The Trust shall possess all right, title and interest in all funds on deposit from time to time in the Third Party Credit Enhancement Account and in all proceeds thereof.
The Servicer at all times shall maintain accurate records reflecting each transaction in the Third Party Credit Enhancement Account.
The Third Party Credit Enhancement Account shall be under the sole dominion and control of the Trustee as the administrator of the Third Party Credit Enhancement for the benefit of the Certificateholders of this Series and the Third Party Credit Enhancement Provider.
The interest of the Third Party Credit Enhancement Provider in the Third Party Credit Enhancement Account shall be subordinated to the interests of the Certificateholders of this Series to the extent provided herein and in the Third Party Credit Enhancement Agreement.
Pursuant to authority granted to it under Section 3.01(b) of the Pooling and Servicing Agreement, the Servicer shall have the revocable power to instruct the Trustee to withdraw funds from the Third Party Credit Enhancement Account for the purpose of carrying out the duties of the Servicer hereunder.

More Definitions of Third Party Credit Enhancement

Third Party Credit Enhancement means, with respect to a Party and this Agreement, any Credit Enhancement that is executed or provided by one or more Third Parties (whether or not a Party is also a party thereto), regardless of whether or not such document is identified as a Third Party Credit Enhancement.

Third Party Credit Enhancement means any outside or third party credit enhancement which may include, but is not limited to, a cash collateral account, a letter of credit, a surety bond, an insurance policy or any other form of credit enhancement.

Third Party Credit Enhancement means, with respect to a Party and a Covered Agreement, any Credit Enhancem ent that is executed or provided by one or more Third Parties (whether or not a Party is also a party thereto), regardless o f w hether or not such docum ent is identified as a Third Party Credit Enhancement.