Waiver of Rapid Amortization Events Sample Clauses

Waiver of Rapid Amortization Events. The Series 2007-1 Controlling Party shall be entitled to waive (i) a Rapid Amortization Event resulting from the occurrence of an event described in Section 5.1(a)(i) of the Base Indenture, to the extent such Rapid Amortization Event is triggered with respect to the Series 2007-1 Notes, and (ii) a Series 2007-1 Rapid Amortization Event with respect to the Series 2007-1 Notes (but not with respect to any other Series of Notes with respect to which the same Series Rapid Amortization Event has occurred pursuant to the related Series Supplement) in which case such Rapid Amortization triggered by the Series Rapid Amortization shall cease; provided, that a waiver of any Rapid Amortization Event set forth in Section 5.1(a)(i) of the Base Indenture with respect to the Series 2007-1 Notes will also require the written consent of the Holders of 100% of the Aggregate Outstanding Principal Amount of the Series 2007-1 Notes. The Aggregate Controlling Party will be entitled to waive for purposes of all Series of Notes Outstanding (x) any Rapid Amortization Event described in Sections 5.1(a)(iii) and 5.1(a)(iv) of the Base Indenture and (y) any Series 2007-1 Rapid Amortization Event.
AutoNDA by SimpleDocs

Related to Waiver of Rapid Amortization Events

  • 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:

  • Amortization Events or Potential Amortization Events The occurrence of each Amortization Event and each Potential Amortization Event, by a statement of an Authorized Officer of such Seller Party.

  • Early Amortization Events If any one of the following events shall occur:

  • Additional Amortization Events If any one of the following events shall occur:

  • Waiver of Servicer Termination Events The Noteholders of a majority of the Note Balance of the Controlling Class or, if no Notes are Outstanding, the Owner Trustee, at the direction of the holder of the Residual Interest, may direct the Indenture Trustee to waive a Servicer Termination Event, except failure to make required deposits to or payment from any of the Bank Accounts, and its consequences. On any waiver, the Servicer Termination Event will be considered not to have occurred. No waiver will extend to any other Servicer Termination Event or impair a right relating to any other Servicer Termination Event. The Issuer will promptly notify the Rating Agencies of any waiver.

  • Waiver of Servicer Events of Default The Holders representing at least 66% of the Voting Rights evidenced by all Classes of Certificates affected by any default or Servicer Event of Default hereunder may waive such default or Servicer Event of Default; provided, however, that a default or Servicer Event of Default under clause (i) or (vii) of Section 7.01 may be waived only by all of the Holders of the Regular Certificates. Upon any such waiver of a default or Servicer Event of Default, such default or Servicer Event of Default shall cease to exist and shall be deemed to have been remedied for every purpose hereunder. No such waiver shall extend to any subsequent or other default or Servicer Event of Default or impair any right consequent thereon except to the extent expressly so waived.

  • Waiver of Master Servicer Events of Default Subject to Section 11.09(d), the Holders representing at least 66% of the Voting Rights evidenced by all Classes of Certificates affected by any default or Master Servicer Event of Default hereunder may waive such default or Master Servicer Event of Default; provided, however, that a default or Master Servicer Event of Default under clause (i) or (vi) of Section 7.01 may be waived only by all of the Holders of the Regular Certificates. Upon any such waiver of a default or Master Servicer Event of Default, such default or Master Servicer Event of Default shall cease to exist and shall be deemed to have been remedied for every purpose hereunder. No such waiver shall extend to any subsequent or other default or Master Servicer Event of Default or impair any right consequent thereon except to the extent expressly so waived.

  • Collections Prior to Amortization Prior to the Amortization Date, any Collections and/or Deemed Collections received by the Servicer shall be set aside and held in trust by the Servicer for the payment of any accrued and unpaid Aggregate Unpaids or for a Reinvestment as provided in this Section 2.2. If on any Business Day prior to the Amortization Date, any Collections are received by the Servicer after payment of any Obligations that are then due and owing, Seller hereby requests and the Purchasers hereby agree to make, simultaneously with such receipt, a reinvestment (each, a “Reinvestment”) with that portion of the balance of each and every Collection received by the Servicer that is part of any Purchaser Interest, such that after giving effect to such Reinvestment, the amount of Capital of such Purchaser Interest immediately after such receipt and corresponding Reinvestment shall be equal to the amount of Capital immediately prior to such receipt. On each Settlement Date prior to the occurrence of the Amortization Date, the Servicer shall remit to the Fifth Third Account and the PNC Account each Purchaser’s respective Percentage of the amounts set aside during the preceding Settlement Period that have not been subject to a Reinvestment and apply such amounts (if not previously paid in accordance with Section 2.1) to reduce the Obligations. Once such Obligations shall be reduced to zero, any additional Collections received by the Servicer (i) if applicable, shall be remitted to the Fifth Third Account and the PNC Account no later than 12:00 noon (New York time) to the extent required to fund the Purchasers’ respective Percentages of any Aggregate Reduction on such Settlement Date and (ii) any balance remaining thereafter shall be remitted from the Servicer to Seller on such Settlement Date.

  • Termination Events This Agreement may, by notice given prior to or at the Closing, be terminated:

Time is Money Join Law Insider Premium to draft better contracts faster.