Overcollateralization Certificates definition

Overcollateralization Certificates has the meaning assigned to such term in the Trust Agreement.
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Examples of Overcollateralization Certificates in a sentence

  • The Overcollateralization Certificates may not be acquired by (a) an employee benefit plan (as defined in Section 3(3) of ERISA) that is subject to the provisions of Title I of ERISA, (b) a plan described in Section 4975(e)(1) of the Code or (c) any entity whose underlying assets include plan assets by reason of a plan's investment in the entity or which uses plan assets to acquire Overcollateralization Certificates (each, a "Benefit Plan").

  • Except as expressly provided herein, any written notice of the Owners delivered pursuant to this Agreement shall be effective if signed by the Holders of the Certificates that include Holders of Trust Certificates evidencing not less than a majority of the Percentage Interests evidenced by the Trust Certificates and the Holders of Overcollateralization Certificates evidencing not less than a majority of the Certificate Balance, in each case, at the time of the delivery of such notice.

  • The Servicer of the Receivables may at its option purchase the Owner Trust Estate at a price specified in the Sale and Servicing Agreement, and such purchase of the Receivables and other property of the Trust will effect early retirement of the Overcollateralization Certificates; provided, however, such right of purchase is exercisable only as of the last day of any Collection Period as of which the Pool Balance is less than or equal to 10% of the Original Pool Balance.

  • Except as expressly provided herein, any action that may be taken by the Owners under this Agreement may be taken by the Holders of the Certificates that include the Holders of Trust Certificates evidencing not less than a majority of the Percentage Interests evidenced by the Trust Certificates and the Holders of Overcollateralization Certificates evidencing not less than a majority of the Certificate Balance.

  • The Overcollateralization Certificates shall be issued in minimum denominations of $1,000,000 principal amount of Certificate Balance.

  • As provided in the Trust Agreement and subject to certain limitations therein set forth, Overcollateralization Certificates are exchangeable for new Overcollateralization Certificates of authorized denominations evidencing the same aggregate denomination, as requested by the Holder surrendering the same.

  • Notwithstanding the foregoing, the Servicer shall not be permitted to exercise such option unless the amount to be deposited in the Collection Account pursuant to the preceding sentence is greater than or equal to the sum of the outstanding principal balance of the Notes and the Certificate Balance of the Overcollateralization Certificates and all accrued but unpaid interest (including any overdue interest and premium) thereon.

  • Except as provided in the Trust Agreement, the Overcollateralization Certificates are issuable only as registered Overcollateralization Certificates in minimum denominations of $1,000,000 principal amount of Certificate Balance and in integral multiples of $1,000 in excess thereof.

  • Following the payment in full of the aggregate Outstanding Amount of the Notes and of the Certificate Balance of the Overcollateralization Certificates and of all other amounts owing or to be distributed hereunder or under the Indenture or the Trust Agreement to Noteholders and the termination of the Trust, any amount then allocated to the Reserve Account shall be distributed to the Seller.

  • OWNER TRUSTEE'S CERTIFICATE OF AUTHENTICATION This is one of the Overcollateralization Certificates referred to in the within-mentioned Trust Agreement.

Related to Overcollateralization Certificates

  • Overcollateralization Floor With respect to any Distribution Date, 0.50% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date.

  • Overcollateralization Amount With respect to any Distribution Date, the excess, if any, of (a) the aggregate Stated Principal Balance of the Mortgage Loans before giving effect to distributions of principal to be made on such Distribution Date over (b) the aggregate Certificate Principal Balance of the Class A Certificates and Class M Certificates immediately prior to such date.

  • REMIC II Overcollateralization Amount With respect to any date of determination, (i) 0.50% of the aggregate Uncertificated Balances of the REMIC II Regular Interests (other than REMIC II Regular Interest P) minus (ii) the aggregate of the Uncertificated Balances of REMIC II Regular Interest A-1, REMIC II Regular Interest A-2A, REMIC II Regular Interest A-2B, REMIC II Regular Interest A-2C, REMIC II Regular Interest A-2D, REMIC II Regular Interest M-1, REMIC II Regular Interest M-2, REMIC II Regular Interest M-3, REMIC II Regular Interest M-4, REMIC II Regular Interest M-5, REMIC II Regular Interest M-6, REMIC II Regular Interest M-7, REMIC II Regular Interest M-8, REMIC II Regular Interest M-9, REMIC II Regular Interest M-10 and REMIC II Regular Interest M-11, in each case as of such date of determination.

  • 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.

  • 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.