Collateral Deficit definition
Examples of Collateral Deficit in a sentence
The only withdrawals from the Margin Account shall be (1) if at any time any Event of Default has occurred and is continuing, for application under the Enforcement Priority of Payments at the direction of the Requisite Lenders and (2) if no Default or Event of Default or Collateral Deficit has occurred or would result therefrom, for transfer to the Principal Collection Account or remittance to the Equity Holder as provided in the Margining Agreement.
Notwithstanding anything to the contrary in this Agreement, Sellers may not substitute other Eligible Loans for any Purchased Loans (i) if after taking into account such substitution, a Collateral Deficit would occur, (ii) such substitution would cause a breach of any provision of this Agreement or (iii) a Default shall have occurred and be continuing.
A notice for the payment or delivery in respect of a Collateral Deficit received before noon on a Business Day, local time of the party receiving the notice, must be met not later than 5:00 p.m. (New York time) on the Business Day following the day upon which the notice was given, local time of the party receiving the notice.
The only withdrawals from the Margin Account shall be (1) if at any time any Event of Default has occurred and is continuing, for application under the Enforcement Priority of Payments at the direction of the Requisite Lenders and (2) if no Default or Event of Default or Collateral Deficit has occurred and is continuing or would result therefrom, for remittance to the Equity Owner or transfer to the Principal Collection Account as provided in the Margining Agreement.
A notice for the payment or delivery in respect of a Collateral Deficit received before 9:00 a.m. on a Business Day, local time of the party receiving the notice, must be met not later than 5:00 p.m. on the Business Day on which the notice was given, local time of the party receiving the notice.
A notice for the payment or delivery in respect of a Collateral Deficit received before 10:00 a.m. (New York time) on a Business Day must be met not later than 4:00 p.m. (New York time) on the Business Day on which the notice was given.
The Depository Acknowledgment shall provide that upon notice to the Collection Account Bank (which notice Buyer may deliver after the occurrence of a Trigger Event, an Event of Default or a Market Value Collateral Deficit or Securitization Value Collateral Deficit which is not cured in accordance with Section 4), only Buyer shall be permitted to withdraw funds from the Collection Account, such funds to be applied by Buyer to reduce the outstanding Repurchase Price.
The only withdrawals from the Margin Account shall be (1) if at any time any Event of Default has occurred and is continuing, for application under the Enforcement Priority of Payments at the direction of the Requisite Lenders and (2) if no Default or Event of Default or Collateral Deficit has occurred and is continuing or would result therefrom, for remittance to the Equity Owner or transfer to the Borrowing Base Principal Collection Account as provided in the Margining Agreement.
Borrower may obtain the release of Lender's security --------- interest in any Dealer Note at any time, and from time to time; provided that, after such release, there will not then exist a Net Collateral Deficit, by paying to Lender the reasonable costs and expenses incurred by Lender, including reasonable attorneys' fees, if any, in connection with such release; provided, however, no Default or Event of Default has occurred and is continuing hereunder.
At any time that a Net Collateral Deficit is ---------------------- found to exist, Borrower shall promptly eliminate such Net Collateral Deficit within five (5) Business Days after written notice thereof from Lender either (a) by delivering, or by causing to be delivered, to Lender additional Eligible Collateral, necessary to eliminate the deficit, or (b) by paying to Lender the amount of such deficit in accordance with Section 2.5 hereof.