Advance Percentage

Advance Percentage. With respect to any Funding Date, the advance percentage with respect to Receivables and Asset Backed Securities (the "Advance Percentage") to determine the Advance Amount shall be 100% with respect to Asset Backed Securities, subject to the reserve requirement to be established at or prior to the initial funding under the ABS Funding Sublimit, as acceptable to each Lending Group and the Primary Seller, and shall be 89% with respect to Receivables, subject in the case of Receivables to downward... adjustment on such Funding Date as described below: (1) if the cumulative net loss ratio for any AFS public term securitization entered into in the preceding 24-month period exceeds the limits set forth in Exhibit B hereto (and the Required Lending Groups have not waived such event), the Advance Percentage in effect at the opening of business on such Funding Date shall be reduced by 6% (without duplication of any reduction pursuant to clause (1) above); and (2) if there is an Excess Spread Deficiency (calculated as of the close of business one (1) Business Day prior to such Funding Date), then the Advance Percentage shall be reduced by the product of (i) the amount of such Excess Spread Deficiency (stated as a percentage) multiplied by (ii) 2.0; provided that if the Advance Percentage has been reduced as a result of the application of this clause (3), the Advance Percentage shall remain at such reduced percentage until such time as the Excess Spread Deficiency has been cured. View More

Advance Percentage. With respect to any Funding Date, the advance percentage (the "Advance Percentage") to determine the Advance Amount shall be (i) with respect to Asset Backed Securities, 100%, subject to the reserve requirement to be established at or prior to the initial funding under the ABS Funding Sublimit, as accept- 2 able to each Lending Group and the Primary Seller, and (ii) with respect to Receivables, shall be 100% minus the Credit Enhancement Rate at... such time. View More