PTC Event of Default definition

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).
PTC Event of Default means the failure to pay within 10 Business Days of the due date thereof: (i) the outstanding Pool Balance of the Certificates 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, 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).

Examples of PTC Event of Default in a sentence

  • The date referred to in clause (i) of the definition of the term "PTC Event of Default" in the Basic Agreement is the Final Maturity Date.

  • 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.

  • A PTC Event of Default with respect to the most senior outstanding Class of Certificates resulting from an Indenture Default under all Indentures will constitute a Triggering Event.

  • PTC Event of Default: Has the meaning specified in the Intercreditor Agreement.

  • Any failure to make expected principal distributions with respect to any Class of Certificates on any Regular Distribution Date (other than the Final Maturity Date) will not constitute a PTC Event of Default with respect to such Certificates.


More Definitions of PTC Event of Default

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, 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) any PIK Amount on the earlier of (A) the Regular Distribution Date that is the third Regular Distribution Date following the Regular Distribution Date on which the interest represented by such PIK Amount was originally scheduled to be distributed and (B) the date that is 18 months prior to the Final Legal Distribution Date.
PTC Event of Default is amended to read as follows:
PTC Event of Default. Agent shall have made an Interest Drawing or Drawings (as defined in the Intercreditor Agreement), or a withdrawal or withdrawals pursuant to Section 3.6(f) of the Intercreditor Agreement, with respect thereto in an aggregate amount sufficient to pay such interest and shall have distributed such amount to the Trustee).
PTC Event of Default if applicable, has the meaning set forth in the related Series Supplement.
PTC Event of Default. With respect to Certificates of any series, (i) has the meaning set forth in any related Intercreditor Agreement, or (ii) if not defined, in any such Intercreditor Agreement, means any failure to pay within ten Business Days of the due date thereof: (a) the outstanding Pool Balance of such series of Certificates on the date specified in any Trust Supplement for such payment or (b) interest due on the Certificates of such series on any Distribution Date.
PTC Event of Default. Has the meaning assigned to such term in the Intercreditor Agreement.