Collection Notice Event definition

Collection Notice Event means (a) the occurrence of any Potential Amortization Event under Section 9.1(d), (b) the occurrence with respect to Servicer or Performance Guarantor of any event of the type described in Section 9.1(d), but without regard to the 60 day grace period included in the last clause thereof, (c) the occurrence of any Amortization Event or (d) the occurrence of a Material Adverse Effect (as such term is defined herein, in the Receivables Sale Agreement or in any ▇▇▇▇▇▇▇ RPA).
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Collection Notice Event means (a) (i) the rating of Servicer’s long-term senior unsecured debt rating, as in effect on the date of this Agreement shall have been reduced by one notch by either Rating Agency and (ii) such Rating Agency shall have announced a negative outlook with respect to such reduced rating, and the event described in this clause (i) shall have continued for a period of ten days, or (ii) such rating shall have been reduced by two or more notches by either Rating Agency or shall have been withdrawn. (It is intended by the parties that a “notch” refers to a rating subcategory within a main rating category by a Rating Agency, e.g., a change from B1 to B2 by ▇▇▇▇▇’▇ or from B+ to B by S&P each shall constitute a reduction of one notch.)
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Collection Notice Event means (a) the occurrence of any Potential Servicer Default under Section 9.1(e), (b) the occurrence with respect to the Originator of any event of the type described in Section 9.1(e) (but without regard to the 60-day grace period included in the last clause thereof) or (c) the occurrence of any Servicer Default.
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Examples of Collection Notice Event in a sentence

  • The Agent (on behalf of the Purchasers) may, and at the direction of the Required Financial Institutions shall, at any time following the occurrence of a Collection Notice Event, by notice to ▇▇▇▇▇▇▇ and Seller designate any Person to succeed ▇▇▇▇▇▇▇ as Servicer or any successor Servicer.

  • The Program Agent (acting with the consent or at the direction of the Required Committed Investors) is authorized at any time when an Amortization Event exists or a Collection Notice Event has occurred and is continuing, to date and to deliver to the Collection Banks the Collection Notices and thereafter to make transfers and payments from Blocked Accounts and the Collection Account in lieu of Servicer in accordance with Article II of this Agreement.

  • The Administrative Agent, for the benefit of the Purchasers, is authorized at any time after the occurrence of a Collection Notice Event to date and to deliver to the Collection Banks a Collection Notice under any Collection Agreement.

  • The Agent is authorized at any time after the occurrence of a Collection Notice Event to date and to deliver to the Collection Banks the Collection Notices.

  • The Agent (on behalf of the Purchasers) may, and at the direction of the Required Financial Institutions shall, at any time following the occurrence of a Collection Notice Event, by notice to CH-23 and the Sellers designate any Person to succeed CH-23 as Servicer or any successor Servicer.

  • Unless and until the Agent gives notice to each bank maintaining a Servicer Account or the Lock-Box Account to the contrary following a Collection Notice Event, the available and collected funds in the Lock-Box Account and Servicer Accounts may continue to sweep into Cardinal’s master account no.

  • The Indenture Trustee is authorized at any time following the occurrence of a Collection Notice Event to deliver to the Lock-Box Processors written instructions assuming exclusive control of the Lock-Boxes pursuant to the control agreement entered into by the Indenture Trustee and such Lock-Box Processors.


More Definitions of Collection Notice Event

Collection Notice Event has the meaning specified in each Indenture Supplement.
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Collection Notice Event means the delivery of a written notice by any Agent to the Indenture Trustee, the Servicer and each Seller that such Agent, in its sole discretion, is declaring the occurrence of a "Collection Notice Event".
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