Funding Termination Event. The earlier to occur of (a) the cumulative Funding of Loans having an aggregate Loan Balance of $60,000,045 and (b) the occurrence of a Depositor Event of Default, Servicer Event of Default or Special Servicer Event of Default that has not been cured or waived within thirty (30) days after written notice thereof.
Funding Termination Event means the occurrence of any of the following events: (a) an Event of Default shall have occurred, or (b) any representation or warranty made or deemed made by the Issuer, the Depositor, the Seller or the Servicer herein or in any other Transaction Document or which is contained in any certificate, document or financial or other statement furnished by it at any time under or in connection with the Note Funding Agreement or any such other Transaction Document shall prove to have been incorrect in any material and adverse respect on or as of the date made or deemed made (except where such representation or warranty specifically relates to any earlier date, in which case such representation and warranty shall have been true and correct in all material respects as of such earlier date); provided that a breach of the Seller’s representation and warranty under Section 6(a) of each of the Sale Agreement or the Purchase Agreement shall be deemed to occur only if the Seller is required to and does not repurchase or provide substitute Timeshare Loans for the Timeshare Loans causing such violation in accordance with the terms of the Purchase Agreement or Sale Agreement within the time frame provided for therein; or (c) the Issuer, the Depositor, the Seller or the Servicer shall fail to observe or perform any material provision of any other agreement contained in the Note Funding Agreement or any other Transaction Document (other than as provided in paragraphs (a) and (b) of this definition), and such failure shall continue unremedied for a period of five Business Days after the Issuer, the Depositor, the Seller or the Servicer becomes aware of or is notified of such failure; or (d)(i) the Indenture shall cease, for any reason, to be in full force and effect, or the Issuer shall so assert or (ii) the Lien created by the Indenture shall cease to be enforceable and of the same effect and priority purported to be created thereby; or (e) a Cash Accumulation Event shall have occurred.
Funding Termination Event means any of the following conditions or events:
Examples of Funding Termination Event in a sentence
No Event of Default, Funding Termination Event or Funding Interruption Event shall then be occurring.
For the avoidance of doubt, in the event that the Agent or a Committed Purchaser having a Commitment Interest greater than or equal to 30% provides notice of a Funding Termination Event in accordance with the terms and provisions of the Indenture, then no Committed Purchaser shall be obligated to purchase Additional Note Balances otherwise required to be made by it by the terms of this Agreement.
Company shall immediately (but in no event later than two (2) Business Days after occurrence of a Funding Termination Event) provide to CDC written notice of any Funding Termination Event; provided, however that Company shall be deemed to have provided such notice if, in the reasonable opinion of CDC, a Funding Termination Event has occurred.
Notwithstanding anything to the contrary contained herein, CDC shall have the right, in its sole and absolute discretion, to immediately cease the payment of any Upfront Payment and/or Periodic Payment due hereunder in the event of a Development Program Termination or a Funding Termination Event.
Failing material can be identified either through OFQ testing, production sample testing, or through field condition surveys as defined in section 5.6.4.2.1 of existing material.
More Definitions of Funding Termination Event
Funding Termination Event means the date on which any two (2) Key Employees cease to be involved in the day to day operations of the Originator or are unable to work for three (3) consecutive months and are not replaced by successors acceptable to the Administrative Agent within sixty (60) days.
Funding Termination Event. The cumulative Funding of Series 99-1 Term Certificates having an aggregate original principal amount of $60,000,045.
Funding Termination Event means the occurrence of any Event of Default, Amortization Event or Servicer Event of Default.
Funding Termination Event means the occurrence of any of the following events: (a) an Event of Default shall have occurred; or (b) any representation or warranty made or deemed made by the Issuer, the Depositor, the Seller or the Servicer herein or in any other Transaction Document or which is contained in any certificate, document or financial or other statement furnished by it at any time under or in connection with the Note Funding Agreement or any such other Transaction Document shall prove to have been incorrect in any material and adverse respect on or as of the date made or deemed made (except where such representation or warranty specifically relates to any earlier date, in which case such representation and warranty shall have been true and correct in all material respects as of such earlier date); provided that a breach of the Seller’s representation and warranty under Section 6(a) of each of the Sale Agreement or the Purchase Agreement shall be deemed to occur only if the Seller is required to and does not repurchase or provide substitute Timeshare Loans for the Timeshare Loans causing such violation in accordance with the terms of the Purchase Agreement or Sale Agreement within the time frame provided for therein; or (c) the Issuer, the Depositor, the Seller or the Servicer shall fail to observe or perform any material provision of any other agreement contained in the Note Funding Agreement or any other Transaction Document (other than as provided in paragraphs (a) and (b) of this definition), and such failure shall continue unremedied for a period of five Business Days after the Issuer, the Depositor, the Seller or the Servicer becomes aware of or is notified of such failure; or (d)(i) the Indenture shall cease, for any reason, to be in full force and effect, or the Issuer shall so assert or (ii) the Lien created by the Indenture shall cease to be enforceable and of the same effect and priority purported to be created thereby; or (e) a Cash Accumulation Event shall have occurred; or (f) the Recovery Ratio is less than 25%.
Funding Termination Event means:
Funding Termination Event means the occurrence of either of the following: (i) the Originator makes any material change to the Underwriting Guidelines without the prior written consent of the Administrative Agent or (ii) any two (2) Key Employees cease to be involved in the day-to-day operations of the Originator or are unable to work for three (3) consecutive months and are not replaced by successors acceptable to the Administrative Agent within sixty (60) days.
Funding Termination Event. For each Series of Certificates, the events specified in the related Supplement.