Rapid Amortization Event Sample Clauses

Rapid Amortization Event. The occurrence of any one of the following events (each, a “Rapid Amortization Event”) during the Managed Amortization Period:
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Rapid Amortization Event. Transferor reasonably believes that the addition of the Receivables arising in the Additional Accounts will not, based on the facts known to Transferor, then or thereafter cause a Pay Out Event to occur with respect to any Series.
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Rapid Amortization Event. (a) Upon the occurrence of any of the following events:
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Rapid Amortization Event. If a Rapid Amortization Event occurs and is continuing, the Servicer shall so notify the Administrative Agent immediately following the discovery of such Rapid Amortization Event.
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Rapid Amortization Event. If a Rapid Amortization Event occurs and is continuing, the Servicer shall so notify the Lender immediately following the discovery of such Rapid Amortization Event. From and after the occurrence of a Rapid Amortization Event, the Lender may, by notice to the Borrower and the Servicer, direct that all Collections not applied to interest be applied to repayment of principal of the Advances until, after giving effect to such repayments and any change in the Weighted Average Loan-to-Value Ratio, the Combined Loan-to-Value Ratio is 72% or lower.
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Rapid Amortization Event. Any of the following events (which in the cases of clauses (i), (ii) and (iii) shall not be considered to have occurred until the Securities Administrator or Trustee has notified, in writing, the other parties hereto that such event has occurred): (i) a breach of any representations, warranties or covenants of the Seller in a material manner, with such breach continuing unremedied for a specified period of time following the submission of the applicable written notice(s); (ii) a declaration of bankruptcy or insolvency by any of the Trust Fund, the Depositor or the related Servicer; (iii) the Trust Fund becomes subject to the Investment Company Act of 1940; or (iv) the occurrence of a Rapid Amortization Trigger Event.
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Rapid Amortization Event. Section 11.01.
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Rapid Amortization Event. No Rapid Amortization Event has occurred and is continuing.
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Rapid Amortization Event 
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Related to Rapid Amortization Event

  • Rapid Amortization Events If any one of the following events occurs during the Managed Amortization Period:

  • Amortization Events The occurrence of any one or more of the following events shall constitute an Amortization Event:

  • Servicer Termination Events The following events will each be a “Servicer Termination Event”:

  • Consequences of a Servicer Termination Event If a Servicer Termination Event shall occur and be continuing, the Trust Collateral Agent may, or at the direction of the Majority Noteholders shall, by notice given in writing to the Servicer (and to the Trust Collateral Agent if given by the Noteholders) terminate all of the rights and obligations of the Servicer under this Agreement. On or after the receipt by the Servicer of such written notice or upon termination of the term of the Servicer, all authority, power, obligations and responsibilities of the Servicer under this Agreement, whether with respect to the Notes, the Certificate or the Other Conveyed Property or otherwise, shall pass to, be vested in and become obligations and responsibilities of the successor Servicer appointed by the Majority Noteholders; provided, however, that the successor Servicer shall have no liability with respect to any obligation which was required to be performed by the terminated Servicer prior to the date that the successor Servicer becomes the Servicer or any claim of a third party based on any alleged action or inaction of the terminated Servicer. The successor Servicer is authorized and empowered by this Agreement to execute and deliver, on behalf of the terminated Servicer, as attorney-in-fact or otherwise, any and all documents and other instruments and to do or accomplish all other acts or things necessary or appropriate to effect the purposes of such notice of termination, whether to complete the transfer and endorsement of the Receivables and the Other Conveyed Property and related documents to show the Trust as lienholder or secured party on the related Lien Certificates, or otherwise. The terminated Servicer agrees to cooperate with the successor Servicer in effecting the termination of the responsibilities and rights of the terminated Servicer under this Agreement, including, without limitation, the transfer to the successor Servicer for administration by it of all cash amounts that shall at the time be held by the terminated Servicer for deposit, or have been deposited by the terminated Servicer, in the Collection Account or thereafter received with respect to the Receivables and the delivery to the successor Servicer of all Receivable Files, Monthly Records and Collection Records and a computer tape in readable form as of the most recent Business Day containing all information necessary to enable the successor Servicer to service the Receivables and the Other Conveyed Property. The terminated Servicer shall grant the Trust Collateral Agent, the successor Servicer and the Majority Noteholders reasonable access to the terminated Servicer’s premises at the terminated Servicer’s expense.

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