PTC Event of Default definition
PTC Event of Default means, with respect to each Trust Agreement, the failure to pay within 10 Business Days after the due date thereof: (i) the outstanding Pool Balance of the applicable Class of Certificates on the Final Legal Distribution Date for such Class or (ii) interest due on such Certificates on any Distribution Date (unless the Subordination Agent shall have made an Interest Drawing or a withdrawal from the Cash Collateral Account relating to a Liquidity Facility for such Class, with respect thereto in an aggregate amount sufficient to pay such interest and shall have distributed such amount to the Trustee entitled thereto).
PTC Event of Default means, with respect to each Trust Agreement, the failure to distribute within 10 Business Days after the applicable Distribution Date: (i) the outstanding Pool Balance of the applicable Class of Certificates on the Final Legal Distribution Date for such Class or (ii) interest scheduled for distribution on such Certificates on any Distribution Date (unless, in the case of the Class A Trust Agreement or the Class B Trust Agreement, the Subordination Agent shall have made an Interest Drawing or a withdrawal from the Cash Collateral Account relating to a Liquidity Facility for such Class, with respect thereto in an aggregate amount sufficient to pay such interest and shall have distributed such amount to the Trustee entitled thereto).
PTC Event of Default. Means, with respect to the Certificates of any series, any failure to pay within ten Business Days of the due date thereof: (i) the outstanding Pool Balance of such series of Certificates on the date specified in any Trust Supplement for such payment or (ii) interest due on the Certificates of such series on any Distribution Date (unless the related Subordination Agent shall have made an Interest Drawing or Drawings (as defined in the related Intercreditor Agreement), or a withdrawal or withdrawals pursuant to a cash collateral account under such Intercreditor Agreement, with respect thereto in an aggregate amount sufficient to pay such interest and shall have distributed such amount to the Trustee).
Examples of PTC Event of Default in a sentence
For purposes of the Applicable Trust, "PTC Event of Default," as used in the Basic Agreement, shall have the meaning set forth in the Intercreditor Agreement.
Any failure by the Pass Through Trustee to make expected principal distributions on the 1998-1-A Pass Through Certificates on any Regular Distribution Date (other than the Final Legal Distribution Date) will not be a PTC Event of Default.
Any failure by the Pass Through Trustee to make expected principal distributions on the 1998-1-B Pass Through Certificates on any Regular Distribution Date (other than the Final Legal Distribution Date) will not be a PTC Event of Default.
Any failure by the Pass Through Trustee to make expected principal distributions on the 1997-1-B Pass Through Certificates on any Regular Distribution Date (other than the Final Legal Distribution Date) will not be a PTC Event of Default.
Any failure by the Pass Through Trustee to make expected principal distributions on the 1997-1-A Pass Through Certificates on any Regular Distribution Date (other than the Final Legal Distribution Date) will not be a PTC Event of Default.
More Definitions of PTC Event of Default
PTC Event of Default means, with respect to each Trust Agreement, the failure to pay within 10 Business Days of the due date thereof: (i) the outstanding Pool Balance of the applicable Class of Certificates on the Final Legal Distribution Date for such Class or (ii) interest due on such Certificates on any Distribution Date (unless the Subordination Agent shall have made an Interest Drawing, or a withdrawal from the Cash Collateral Account, with respect thereto in an aggregate amount sufficient to pay such interest and shall have distributed such amount to the Trustee entitled thereto).
PTC Event of Default means, with respect to each Trust Agreement, the failure to distribute within 10 Business Days after the applicable Distribution Date: (i) the outstanding Pool Balance of the applicable Class of Certificates on the Final Legal Distribution Date for such Class or (ii) interest scheduled for distribution on such Certificates on any Distribution Date (unless, in the case of the Class AA Trust Agreement, the Class A Trust Agreement or the Class B Trust Agreement, the Subordination Agent shall have made an Interest Drawing or a withdrawal from the Cash Collateral Account relating to a Liquidity Facility for such Class, with respect thereto in an aggregate amount sufficient to pay such interest and shall have distributed such amount to the Trustee entitled thereto).
PTC Event of Default. Means any failure to pay within 10 Business Days of the due date thereof: (i) the outstanding Pool Balance on a date specified in any Trust Supplement or (ii) interest due on the Certificates of any series on any Distribution Date.
PTC Event of Default. Means any failure to pay within 10 Business Days of the due date thereof: (i) the outstanding Pool Balance on June 15, 2009 or (ii) interest due on the Certificates on any Distribution Date (unless the Subordination Agent shall have made an Interest Drawing (as defined in the Intercreditor Agreement) or a withdrawal or withdrawals from a cash collateral account pursuant to Section 3.6(f) of the Intercreditor Agreement, with respect thereto in an amount sufficient to pay such interest and shall have distributed such amount to the Certificateholders).
PTC Event of Default. Means any failure to pay within 10 Business Days of the due date thereof: (i) the outstanding Pool Balance on the Final Legal Distribution Date or (ii) interest due on the Certificates on any Distribution Date (unless the Subordination Agent shall have made an Interest Drawing (as defined in the Intercreditor Agreement), a withdrawal or withdrawals from a cash collateral account pursuant to Section 3.6(f) of the Intercreditor Agreement, with respect thereto in an amount sufficient to pay such interest (or such Pool Balance, as the case may be) and shall have distributed such amount to the Trustee entitled thereto).
PTC Event of Default means, with respect to each Pass Through Agreement, the failure to pay within 10 Business Days of the due date thereof: (i) the outstanding Pool Balance of the applicable Class of Pass Through Certificates on the Final Legal Distribution Date for such Class or (ii) interest due on such Pass Through Certificates on any Distribution Date (unless, in the case of the Class A or Class B Certificates, the Subordination Agent shall have made an Interest Drawing with respect thereto in an amount sufficient to pay such interest and shall have distributed such amount to the holders of the Pass Through Certificates entitled thereto).
PTC Event of Default. Means, with respect to the Applicable Certificates, any failure to pay within ten Business Days of the due date thereof: (i) the outstanding Pool Balance of the Applicable Certificates on the Final Legal Distribution Date for the Applicable Certificates (unless the Subordination Agent has made a drawing under the Policy in an aggregate amount sufficient to pay such outstanding Pool Balance and shall have distributed such amount to the Trustee) or (ii) interest due on the Applicable Certificates on any Distribution Date (unless the Subordination Agent shall have made an Interest Drawing, or a withdrawal from the Cash Collateral Account or a drawing under the Policy with respect thereto in an aggregate amount sufficient to pay such interest and shall have distributed such amount to the Trustee).