Examples of Pay-Out Event in a sentence
Although this was not a Servicer Default or a Pay Out Event, it was a technical breach of the Agreement which has been fully cured.
The Rapid Amortization Period will begin on the earlier to occur of (a) a Trust Pay Out Event or (b) a Series 1999-J Pay Out Event if either the Interest Rate Swap is or has been terminated or, following certain reductions or a withdrawal of the rating of the Swap Counterparty, the Swap Counterparty shall have failed to adequately fund the Interest Reserve Account.
S-11 A Pay Out Event for your Series will include the following events: .
A Series 1999-J Pay Out Event for your Series will include the following events: .
In addition, if (i) the Interest Rate Swap terminates, (ii) following certain reductions or a withdrawal of the rating of the Swap Counterparty, the Swap Counterparty shall have failed to adequately fund the Interest Reserve Account, or (iii) a Trust Pay Out Event occurs, a Rapid Amortization Period will begin and the timing of your principal payments could change.