Pay-Out Event definition
Examples of Pay-Out Event in a sentence
Pursuant to Section 9.01 of the Receivables Purchase Agreement, FSB and RFC IV have given prior notice of this Amendment to the Trustee and each Rating Agency, and FSB has delivered to RFC IV an Officer’s Certificate of FSB, dated the date of this Amendment, stating that FSB reasonably believes that this Amendment will not cause a Pay-Out Event or a Reinvestment Event.
Pursuant to Section 9.01 of the Receivables Purchase Agreement, Centurion and RFC III have given prior notice of this Amendment to the Trustee and each Rating Agency, and Centurion has delivered to RFC III an Officer’s Certificate of Centurion, dated the date of this Amendment, stating that Centurion reasonably believes that this Amendment will not cause a Pay-Out Event or a Reinvestment Event.
The Transferor and the Servicer hereby severally represent and warrant that, on and as of the date hereof and on and as of the Effective Date (as defined below), after giving effect to the amendments to the Series 2001-1 Supplement as provided herein, no Pay-Out Event has occurred and is continuing and no event has occurred and is continuing which, if such event remains uncured, will, with the lapse of time, constitute a Pay-Out Event.
The Transferor and the Servicer hereby severally represent and warrant that, on and as of the date hereof and on and as of the Effective Date (as defined above), after giving effect to the amendments to the Series 2001-1 Supplement as provided herein, no Pay-Out Event has occurred and is continuing and no event has occurred and is continuing which, if such event remains uncured, will, with the lapse of time, constitute a Pay-Out Event.
To the extent not otherwise provided for in this Agreement or any Supplement, the Trustee agrees that upon obtaining knowledge of any Servicer Default or Pay-Out- Event with respect to the Trust or any Series in accordance with the preceding sentence, the Trustee will promptly provide written notice thereof to each Rating Agency.