Early Amortization Events Clause Samples
The Early Amortization Events clause defines specific circumstances under which the scheduled repayment of principal on a financial instrument, such as an asset-backed security, is accelerated ahead of the original timeline. Typically, these events may include triggers like a decline in asset performance, breaches of financial covenants, or defaults by the underlying obligors. By specifying these triggers, the clause protects investors by ensuring that cash flows are redirected to repay principal sooner, thereby mitigating risk in the event of deteriorating asset quality or other adverse developments.
Early Amortization Events. In addition to the events identified as Early Amortization Events in Article XII of the Indenture, the occurrence of any of the following events (each, an “Early Amortization Event”) shall result in an early amortization event for the Series [•] Notes:
(a) if the Quarterly Excess Spread Percentage is less than the Required Excess Spread Percentage; or
(b) a failure by Transferor under the Transfer Agreement to convey Receivables in Additional Accounts within five Business Days after the day on which it is required to convey such Receivables pursuant to Section 2.11(a) of the Transfer Agreement or, if applicable, Section 2.15(c) of the Transfer Agreement; or
(c) if any Servicer Default occurs which would have a material adverse effect on the Series [•] Noteholders; or
(d) the failure to pay the Notes in full on the Expected Final Payment Date; or
(e) the occurrence of an Event of Default and acceleration of the Series [•] Notes pursuant to Article VII of the Indenture; or
(f) (i) failure on the part of Transferor to make any payment or deposit required to be made by it by the terms of the Transfer Agreement on or before the date occurring five Business Days after the date such payment or deposit is required to be made therein or (ii) failure of the Transferor duly to observe or perform in any material respect any of its covenants or agreements set forth in the Transfer Agreement, which failure has a material adverse effect on the Series [•] Noteholders and which continues unremedied for a period of sixty days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Transferor by the Indenture Trustee, or to the Transferor and the Indenture Trustee by any Noteholder of the Series [•] Notes; or
(g) any representation or warranty made by Transferor in the Transfer Agreement or any information contained in an account schedule required to be delivered by it pursuant to the Transfer Agreement shall prove to have been incorrect in any material respect when made or when delivered, which continues to be incorrect in any material respect for a period of sixty days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Transferor by the Indenture Trustee, or to the Transferor and the Indenture Trustee by any Noteholder of the Series [•] Notes and as a result of which the interests of the Series [•] Noteholders are materially and adversely aff...
Early Amortization Events. Unless modified with ------------------------- respect to any Series of Investor Certificates by any related Supplement, if any one of the following events (each, an "Early Amortization Event") shall occur: ------------------------
(a) an Insolvency Event shall have occurred with respect to the Trust, the Company, any Originator or Huntsman International;
(b) the Trust or the Company shall become an "investment company" or "controlled" by an "investment company" within the meaning of the 1940 Act;
(c) the Trust shall receive a written notice from the U.S. Internal Revenue Service taking the position that the Trust should be characterized for United States federal income tax purposes as a "publicly traded partnership" or as an association taxable as a corporation and counsel to the Company cannot provide an opinion reasonably acceptable to the Trustee and each Funding Agent that such claim is without merit; or
(d) no Successor Master Servicer shall have been appointed and accepted such appointment pursuant to the Servicing Agreement following a Master Servicer Default; or
(e) a Program Termination Event shall have occurred and be continuing under the Contribution Agreement or any Origination Agreement; then, an "Early Amortization Period" with respect to all Outstanding Series ------------------------- shall commence without any notice or other action on the part of the Trustee or any Investor Certificateholder immediately upon the occurrence of such event. The Master Servicer shall notify each Rating Agency, each Funding Agent and the Trustee in writing of the occurrence of such Early Amortization Period, specifying the date of the occurrence of such event. Upon the commencement against the Trust, the Company, any Originator or Huntsman International of a case, proceeding or other action described in clause (ii) of the definition of "Insolvency Event", the Company shall cease to accept contributions of ----------------- Receivables from Huntsman International and cease to grant a Participation or security interest in Receivables to the Trust, until such time, if any, as such case, proceeding or other action is vacated, discharged, or stayed or bonded pending appeal. If an Insolvency Event with respect to the Trust or the Company occurs, the Company shall immediately cease to grant a Participation or security interest in Receivables to the Trust (or, if the Company has previously suspended the grant of a Participation or security interest in Receivables to ...
Early Amortization Events. SECTION 6.1
Early Amortization Events. 59 SECTION 7.02. Additional Rights upon the Occurrence of Certain Events........................ 60
Early Amortization Events. 31 SECTION 6.01
Early Amortization Events. If any one of the following events shall occur with respect to the Series 20[ ]-[ ] Notes:
Early Amortization Events. Each of the following shall constitute an "Early Amortization Event":
Early Amortization Events. (a) In addition to the events identified as Early Amortization Events in Section 11.01 of the Indenture, the occurrence of any of the following events (each, an “Early Amortization Event”) will result in an early amortization event for the CHASEseries Notes:
(i) if the average Excess Spread Percentage for any three consecutive Monthly Periods is less than the Required Excess Spread Percentage;
(ii) if (x) the Issuing Entity fails to add additional Collateral to Asset Pool One or (y) the Invested Amount of an existing Asset Pool One Collateral Certificate is not increased when either action is required pursuant to the Asset Pool One Supplement;
(iii) if any Master Owner Trust Servicer Default occurs which would have a material adverse effect on the CHASEseries Noteholders; or
(iv) if (x) (A) any Asset Pool One Restriction Event shall have occurred or (B) any Transfer Restriction Event shall have occurred pursuant to Section 2.12 of the Receivables Purchase Agreement and (y)
(1) the Asset Pool One Pool Balance for the Monthly Period in which such Asset Pool One Restriction Event or Transfer Restriction Event shall have occurred or any Monthly Period thereafter as determined with respect to each Monthly Period on the following Determination Date, calculated without giving effect to (I) the Invested Amount of any Asset Pool One Collateral Certificate with respect to which an Asset Pool One Restriction Event or Transfer Restriction Event has occurred and (II) any Asset Pool One Principal Receivables arising in any Asset Pool One Account with respect to which an Asset Pool One Restriction Event or Transfer Restriction Event has occurred, does not equal or exceed the Asset Pool One Minimum Pool Balance for such Monthly Period or (2) the Asset Pool One Transferor Amount for the Monthly Period in which such Asset Pool One Restriction Event or Transfer Restriction Event shall have occurred or any Monthly Period thereafter as determined with respect to each Monthly Period on the following Determination Date, calculated without giving effect to (I) the Invested Amount of any Asset Pool One Collateral Certificate with respect to which an Asset Pool One Restriction Event or Transfer Restriction Event has occurred and (II) any Asset Pool One Principal Receivables arising in any Asset Pool One Account with respect to which an Asset Pool One Restriction Event or Transfer Restriction Event has occurred, does not equal or exceed the Asset Pool One Required Transferor Amount ...
Early Amortization Events. 56 SECTION 9.02. Additional Rights Upon the Occurrence of Certain Events.......58 ARTICLE X Service Defaults
Early Amortization Events. The occurrence of any of the following events shall constitute an "Early Amortization Event":
(a) any representation or warranty of the Seller, either of the Initial Sellers, the Servicer or the Issuer made or deemed made in or in connection with any Transaction Document, or any representation, warranty, statement or information contained in any report, certificate, financial statement or other instrument furnished by the Seller or the Issuer in connection with or pursuant to any Transaction Document shall prove to have been false or misleading in any material respect when so made, deemed made or furnished and such condition shall continue unremedied for a period of ten (10) Business Days after written notice thereof by the Trustee or after an officer of a Member obtains knowledge thereof;
(i) default shall occur in the payment of any principal, interest or fees in respect of any Note when and as the same shall become due and payable, whether at the due date thereof or by acceleration thereof or otherwise and such default continues unremedied for a period of one (1) Business Day, or (ii) a Borrowing Base Deficiency shall occur, such Borrowing Base Deficiency is greater than amounts retained in the Collateral Account and continues uncured for three (3) consecutive Business Days, or (iii) a Borrowing Base Deficiency shall occur, such Borrowing Base Deficiency is greater than amounts retained in the Collateral Account and such condition occurred on more than four (4) Business Days during any eight (8) consecutive days;
(c) default shall occur in the payment of any other amount (other than an amount referred to in paragraph (b) above) due under any Transaction Document, when and as the same shall become due and payable, and such default shall continue unremedied for a period of ten (10) Business Days;
(d) default shall occur in the due observance or performance by the Issuer of (i) Section 12(a), (h), or (m), (ii) any covenant contained in Section 13, or (iii) Section 19(a) (other than a default in the due observance or performance by the Issuer of clause (ii) of Section l9(a), which default shall be governed by