Credit Enhancement Rate. Means, on any date of determination, the percentage obtained by comparing Excess Spread with respect to the Pool Balance and the weighted average Credit Score for the Pool Balance by reference to the following table (as increased from time to time as provided in the following proviso): Credit Score -
... -------------------------------------------------------------------------------------------------------------- Excess Spread 220-224 225-229 230-234 235-239 240+ - -------------------------------------------------------------------------------------------------------------- Credit ** 9.0% 16.00% 13.00% 10.00% 7.00% 5.50% Enhancement ** 8.5% and * or = 9.0% 18.50% 13.50% 10.50% 7.50% 5.50% Rate ** 8.0% and * or = 8.5% 18.50% 14.00% 11.40% 8.50% 5.50% ** 7.5% and * or = 8.0% 18.50% 15.00% 12.20% 9.00% 6.50% ** 7.0% and * or = 7.5% 19.00% 16.00% 13.00% 9.50% 7.00% ** 6.5% and * or = 7.0% 19.50% 16.75% 14.00% 10.00% 7.50% ** 6.0% and * or = 6.5% 20.00% 17.50% 15.00% 10.50% 8.00% ** 5.5% and * or = 6.0% 20.50% 18.25% 16.00% 11.50% 9.00% - -------------------------------------------------------------------------------------------------------------- * less than ** greater than provided that (i) the percentage obtained above shall be increased by 3% if the average of the Receivables Pool Servicer Delinquency Ratios for the preceding three Collection Periods at such time is greater than the percentage obtained by reference to the table below, (ii) the percentage obtained above shall be increased by 6% 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 on Exhibit B to the Security and Funding Agreement (and the Required Lending Groups have not waived such event); and (iii) the percentage obtained 4 above shall be increased by 2% if a Trigger Event occurs (provided that the Advance Percentage shall remain at such reduced percentage until such time as the related Trigger Event has been cured for a period of three (3) consecutive months). Seasoning Receivables Pool (In Months) Servicer Delinquency Ratio 1-12 4.0% 13-24 5.0%
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