credit protection agreementmeans an agreement concluded between the originator and the investor to transfer the credit risk of securitised exposures from the originator to the investor by means of credit derivatives or guarantees, whereby the originator commits to pay an amount, known as a credit protection premium, to the investor and the investor commits to pay an amount, known as a credit protection payment, to the originator in the event that one of the contractually defined credit events occurs;
credit protection paymentmeans the amount the investor has committed to pay to the originator under the credit protection agreement in the event that a credit event defined in the credit protection agreement occurs;
credit protection premiummeans the amount the originator has committed to pay to the investor under the credit protection agreement for the credit protection promised by the investor;
non-refundable purchase price discountmeans the difference between the outstanding balance of the exposures in the underlying pool and the price at which those exposures are sold by the originator to the SSPE, where neither the originator nor the original lender are reimbursed for that difference.
NPEmeans an exposure that meets any of the conditions set out in Article 47a(3) of Regulation (EU) No 575/2013;
synthetic excess spreadmeans the amount that, according to the documentation of a synthetic securitisation, is contractually designated by the originator to absorb losses of the securitised exposures that might occur before the maturity date of the transaction;