Amortization Event Clause Samples
An Amortization Event clause defines the specific circumstances under which the scheduled repayment of principal on a loan or financial instrument begins or is accelerated. Typically, this clause outlines triggers such as a default, a change in financial condition, or the occurrence of a particular date, after which the borrower must start repaying the principal in regular installments rather than at maturity. By clearly specifying when and how amortization starts, the clause provides predictability for both parties and helps manage credit risk by ensuring timely recovery of the lender’s funds in adverse situations.
Amortization Event. If an Amortization Event under Section 7.1(a), (b) or (d) of the Series 2015-3 Purchase Agreement occurs and is continuing, then the Trust shall deliver to CIBC, as initial servicer, and any Successor Servicer the notice referred to in Section 7.2(1) of the Series 2015-3 Purchase Agreement, unless the Trust is satisfied that such Amortization Event occurred as a result of inadvertence or error on the part of CIBC, as initial servicer, or a Successor Servicer and is capable of timely rectification without having a material adverse effect on the holders of Series 2015-3 Notes or unless the Trust is directed to rescind and annul such Amortization Event in accordance with Section 7.3 of the Series 2015-3 Purchase Agreement by a resolution passed by the holders of the Series 2015-3 Notes holding a majority of the aggregate principal amount of the Series 2015-3 Notes; provided that notwithstanding that the Amortization Event may have occurred as a result of such inadvertence or error, the Trust shall deliver to CIBC, as initial servicer and any Successor Servicer, such notice if directed to do so by a resolution passed by such holders.
Amortization Event. (i) Upon the occurrence of an Amortization Event with respect to one or more, but not all, Outstanding Series of Group II Notes, the Trustee shall exercise all remedies hereunder to the extent necessary to pay all interest on and principal of the related Series of Group II Notes up to the Principal Amount of each such Series of Group II Notes; provided that, any such actions shall not adversely affect in any material respect the interests of the Group II Noteholders of any Series of Group II Notes Outstanding with respect to which no Amortization Event shall have occurred.
(ii) Any amounts relating to the Group II Indenture Collateral or the Group II Note Obligations obtained by the Trustee on account of or as a result of the exercise by the Trustee of any rights or remedies specified in this Article IX shall be held by the Trustee as additional collateral for the repayment of Group II Note Obligations with respect to each Series of Group II Notes with respect to which such rights or remedies were exercised and shall be applied as provided in Article V. If so specified in the applicable Group II Series Supplement, the Trustee may agree not to exercise any rights or remedies available to it as a result of the occurrence of an Amortization Event with respect to a Series of Group II Notes to the extent set forth therein.
Amortization Event. No Amortization Event shall have occurred and be continuing on such date or after giving effect to the purchases or substitutions to be made on such date.
Amortization Event. To the best of its knowledge, no Amortization Event has occurred or is continuing.
Amortization Event. Upon the occurrence of an Amortization Event with respect to one or more, but not all, Series of Notes Outstanding, the Trustee shall exercise all remedies hereunder to the extent necessary to pay all interest and principal on the related Series of Notes, provided that any such actions shall not adversely affect in any material respect the interests of the Noteholders of any Series of Notes Outstanding with respect to which no Amortization Event shall have occurred.
Amortization Event. If, any time after the Issuance Date set forth above, and from time to time thereafter, an Amortization Event has occurred, then the Company shall make monthly cash payments beginning on the fourteenth Trading Day after the Amortization Event Date and continuing on the same day of each successive calendar month (each, an “Amortization Event Payment Date”) until the entire outstanding amounts shall have been repaid. Each monthly cash payment shall be in an amount equal to the sum of (i) the Amortization Principal Amount, plus (ii) the applicable Payment Premium in respect of such Amortization Principal Amount (the “Amortization Amount”). The obligation of the Company to make monthly cash payments related to an Amortization Event shall cease (with respect to any payment that has not yet come due) if at any time after the Amortization Event Date, the condition or event causing the Amortization Event has been cured or the Holder is able to resell the Common Shares issuable upon conversion of this Note in accordance with Rule 144 under the Securities Act, unless a subsequent Amortization Event occurs. Notwithstanding any provision of this Section 1(d) to the contrary, the Holder may, at its option and in its sole discretion, deliver a written notice to the Company no later than the Trading Day immediately prior to the applicable Amortization Event Payment Date electing to have the payment of all or any portion of such Amortization Amount payable on such Amortization Event Payment Date deferred to the next subsequent Amortization Event Payment Date.
Amortization Event. Each of the following events or occurrences described in this Section 9.1 shall constitute an "Amortization Event".
Amortization Event. The Company confirms, acknowledges, and agrees that an event described in Section 1(c) of the Promissory Notes has occurred (the “Floor Price Event”) and is continuing, because the VWAP was less than the Floor Price for five consecutive Trading Days. The Company acknowledges and agrees that the Floor Price Event constitutes an Amortization Event under the Promissory Notes which requires the Company to make monthly cash payments in accordance with Section 1(c) of the Promissory Notes.
Amortization Event. The occurrence of any of the following events: (i) on any Payment Date after giving effect to all purchases of Additional Loans (or the funding of any additional Dealer Loan Contracts allocated to an open pool of Dealer Loan Contracts securing a Dealer Loan) on such date, the amount on deposit in the Principal Collection Account is greater than 5.0% of the Adjusted Collateral Amount for two (2) or more Business Days; (ii) on any Payment Date after giving effect to all purchases of Additional Loans, the Adjusted Collateral Amount is less than the Minimum Collateral Amount and such deficiency continues for two (2) or more Business Days; (iii) a Reserve Advance is made, except if on the date of such Reserve Advance, the Capital is zero; (iv) cumulative Collections through the end of the related Collection Period, expressed as a percentage of the cumulative Forecasted Collections though the end of the related Collection Period, are less than 90.0% for any three (3) consecutive Collection Periods; (v) on any Payment Date, the Weighted Average Spread Rate is less than the Minimum Weighted Average Spread Rate; (vi) the Borrower fails to make a payment or deposit when required under this Agreement or within any applicable grace or cure period; or (vii) the Commitment Termination Date.
Amortization Event. As defined in Article IX.