Amortization Event definition
Examples of Amortization Event in a sentence
One such review per fiscal year shall be at the expense of the Borrower and additional reviews in a fiscal year shall be at the expense of the requesting Lender(s); provided that, after the occurrence and during the continuance of a Rapid Amortization Event or an Event of Default, any such reviews, regardless of frequency, shall be at the expense of the Borrower.
The Servicer will furnish to the Administrative Agent and each Lender, as soon as possible and in any event within two (2) Business Days after a Responsible Officer becomes aware of the occurrence of each Rapid Amortization Event, each Event of Default, each Unmatured Event of Default and each Servicer Termination Event, a written statement, signed by a Responsible Officer, setting forth the details of such event and the action that the Servicer proposes to take with respect thereto.
The Borrower shall bear the cost of such reviews and audits; provided that, other than in the case of the occurrence and during the continuation of a Rapid Amortization Event or an Event of Default, the Borrower shall not be required to bear such costs in excess of $40,000 in any twelve-month period.
The Administrative Agent shall not be deemed to have knowledge of any Rapid Amortization Event or Event of Default unless the Administrative Agent has received notice of such Rapid Amortization Event or Event of Default, in a document or other written communication titled “Notice of Rapid Amortization Event” or “Notice of Event of Default”, as applicable, from the Borrower or a Secured Party.