Common use of Additional Amortization Events Clause in Contracts

Additional Amortization Events. The occurrence of any of the following events shall be deemed to be an Early Amortization Event solely with respect to Series 1996-1: (a) on any Determination Date, the average of the Monthly Payment Rates for the three preceding Collection Periods is less than 20%; (b) on any Determination Date, the Available Subordinated Amount for the next Distribution Date will be less than the Required Subordinated Amount on such Determination Date, after giving effect to the distributions to be made on the next Distribution Date; (c) any Service Default with respect to Series 1996-1 occurs; (d) on any Determination Date, as of the last day of the preceding Collection Period, the aggregate amount of Principal Receivables relating to Used Vehicles exceeds 20% of the Pool Balance on such last day; (e) any Carry-over Amount or Additional Carry-over Amount is outstanding on six consecutive Distribution Dates; (f) the outstanding principal amount of the Series 1996-1 Certificates is not repaid by the Expected Payment Date; (g) the Trust shall file a petition commencing a voluntary case under any chapter of the Federal bankruptcy laws; or the Trust shall file a petition or answer or consent seeking reorganization, arrangement, adjustment, or composition under any other similar applicable Federal law, or shall consent to the filing of any such petition, answer, or consent; or the Trust shall appoint, or consent to the appointment of, a custodian, receiver, liquidator, trustee, assignee, sequestrator or other similar official in bankruptcy or insolvency of it or of any substantial part of its property; or the Trust shall make an assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts generally as they become due; and (h) any order for relief against the Trust shall have been entered by a court having jurisdiction in the premises under any chapter of the Federal bankruptcy laws, and such order shall have continued undischarged or unstayed for a period of 60 days; or a decree or order by a court having jurisdiction in the premises shall have been entered approving as properly filed a petition seeking reorganization, arrangement, adjustment, or composition of the Trust under any other similar applicable Federal law, and such decree or order shall have continued undischarged or unstayed for a period of 120 days; or a decree or order of a court having jurisdiction in the premises for the appointment of a custodian, receiver, liquidator, trustee, assignee, sequestrator, or other similar official in bankruptcy or insolvency of the Trust or of any substantial part of its property, or for the winding up or liquidation of its affairs, shall have been entered, and such decree or order shall have remained in force undischarged or unstayed for a period of 120 days. The Trustee agrees that upon gaining knowledge of the occurrence of any event described in Section 9.01 of the Agreement or Section 6.01 of this Series Supplement it shall (a) promptly provide notice to the Rating Agencies of the occurrence of such event and (b) notify the Series 1996-1 Certificateholders of the occurrence of such event within 45 days of the expiration of the applicable grace period, if any. In the case of any event described in Sections 9.01(f) or (g) of the Agreement or Section 6.01(c) of this Series Supplement, an Early Amortization Event with respect to Series 1996-1 will be deemed to have occurred only if, after the applicable grace period described in such Sections, if any, either the Trustee or Series 1996-1 Certificateholders evidencing more than 50% of the aggregate unpaid principal amount of the Series 1996-1 Certificates by written notice to the Seller and the Servicer (and the Trustee, if given by Series 1996-1 Certificateholders) declare that an Early Amortization Event has occurred as of the date of such notice. In the case of any other Early Amortization Event, such Early Amortization Event will be deemed to have occurred immediately upon the occurrence of such event, without any notice or other action on the part of the Trustee or the Series 1996-1 Certificateholders.

Additional Amortization Events. The occurrence of any of the following events shall be deemed to be an Early Amortization Event solely with respect to Series 19962001-1A: (a) on any Determination Date, the average of the Monthly Payment Rates for the three preceding Collection Periods is less than 20%; (b) on any Determination Date, the Available Subordinated Amount for the next Distribution Date will be less than the Required Subordinated Amount on such Determination Date, after giving effect to the distributions to be made on the next Distribution Date; (c) any Service Default with respect to Series 19962001-1 A occurs; (d) on any Determination Date, as of the last day of the preceding Collection Period, the aggregate amount of Principal Receivables relating to Used Vehicles exceeds 20% of the Pool Balance on such last day; (e) any Carry-over Amount or any Additional Carry-over Amount is outstanding on six consecutive Distribution Dates; (f) the outstanding principal amount of the Series 19962001-1 A Certificates is not repaid by the Series 2001-A Expected Payment Date; (g) the Trust shall file a petition commencing a voluntary case under any chapter of the Federal bankruptcy laws; or the Trust shall file a petition or answer or consent seeking reorganization, arrangement, adjustment, or composition under any other similar applicable Federal law, or shall consent to the filing of any such petition, answer, or consent; or the Trust shall appoint, or consent to the appointment of, a custodian, receiver, liquidator, trustee, assignee, sequestrator or other similar official in bankruptcy or insolvency of it or of any substantial part of its property; or the Trust shall make an assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts generally as they become due; and (h) any order for relief against the Trust shall have been entered by a court having jurisdiction in the premises under any chapter of the Federal bankruptcy laws, and such order shall have continued undischarged or unstayed for a period of 60 days; or a decree or order by a court having jurisdiction in the premises shall have been entered approving as properly filed a petition seeking reorganization, arrangement, adjustment, or composition of the Trust under any other similar applicable Federal law, and such decree or order shall have continued undischarged or unstayed for a period of 120 days; or a decree or order of a court having jurisdiction in the premises for the appointment of a custodian, receiver, liquidator, trustee, assignee, sequestrator, or other similar official in bankruptcy or insolvency of the Trust or of any substantial part of its property, or for the winding up or liquidation of its affairs, shall have been entered, and such decree or order shall have remained in force undischarged or unstayed for a period of 120 days. The Trustee agrees that upon gaining knowledge of the occurrence of any event described in Section 9.01 of the Agreement or Section 6.01 of this Series Supplement it shall (a) promptly provide notice to the Rating Agencies of the occurrence of such event and (b) notify the Series 19962001-1 A Certificateholders of the occurrence of such event within 45 days of the expiration of the applicable grace period, if any. In the case of any event described in Sections 9.01(f9.01(e) or (gf) of the Agreement or Section 6.01(c) of this Series Supplement, an Early Amortization Event with respect to Series 19962001-1 A will be deemed to have occurred only if, after the applicable grace period described in such Sections, if any, either the Trustee or Series 19962001-1 A Certificateholders evidencing more than 50% of the aggregate unpaid principal amount of the Series 19962001-1 A Certificates by written notice to the Seller and the Servicer (and the Trustee, if given by Series 19962001-1 A Certificateholders) declare that an Early Amortization Event has occurred as of the date of such notice. In the case of any other Early Amortization Event, such Early Amortization Event will be deemed to have occurred immediately upon the occurrence of such event, without any notice or other action on the part of the Trustee or the Series 19962001-1 A Certificateholders. In the case of any Early Amortization Event described in Sections 9.01(a) or (e) of the Agreement or this Section 6.01, other than Sections 6.01(f), (g) or (h), provided that (i) no other Early Amortization Event (other than an Early Amortization Event which has resulted in an Early Amortization Period which has terminated as described in clause (c) or clause (d) of the definition thereof in this Series Supplement) has occurred and (ii) the scheduled termination of the Revolving Period has not occurred, the Trustee agrees that it shall request written confirmation from Standard & Poor's that the termination of the Early Amortization Period caused by the occurrence of such Early Amortization Event will not result in the downgrading or withdrawal of such entity's rating of the Series 2001-A Certificates. The Trustee further agrees that, where applicable, it shall promptly notify the Series 2001-A Certificateholders that it has received the written confirmation referred to in the preceding paragraph, and that the Series 2001-A Certificateholders may elect to terminate the related Early Amortization Period.

Additional Amortization Events. The occurrence of any of the following events shall be deemed to be an Early Amortization Event solely with respect to Series 19962002-1CC: (a) on any Determination Date, the average of the Monthly Payment Rates for the three preceding Collection Periods is less than 20%; (b) on any Determination Date, the Available Subordinated Amount for the next Distribution Date will be less than the Required Subordinated Amount on such Determination Date, after giving effect to the distributions to be made on the next Distribution Date; (c) any Service Default with respect to Series 19962002-1 CC occurs; (dc) on any Determination Date, as of the last day of the preceding Collection Period, the aggregate amount of Principal Receivables relating to Used Vehicles exceeds 20% of the Pool Balance on such last day; (e) any Carry-over Amount or Additional Carry-over Amount is outstanding on six consecutive Distribution Dates; (fd) the outstanding principal amount of the Series 19962002-1 CC Certificates is not repaid by the Series 2002-CC Expected Payment Date; (ge) the Trust shall file a petition commencing a voluntary case under any chapter of the Federal bankruptcy laws; or the Trust shall file a petition or answer or consent seeking reorganization, arrangement, adjustment, or composition under any other similar applicable Federal law, or shall consent to the filing of any such petition, answer, or consent; or the Trust shall appoint, or consent to the appointment of, a custodian, receiver, liquidator, trustee, assignee, sequestrator or other similar official in bankruptcy or insolvency of it or of any substantial part of its property; or the Trust shall make an assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts generally as they become due; and (hf) any order for relief against the Trust shall have been entered by a court having jurisdiction in the premises under any chapter of the Federal bankruptcy laws, and such order shall have continued undischarged or unstayed for a period of 60 days; or a decree or order by a court having jurisdiction in the premises shall have been entered approving as properly filed a petition seeking reorganization, arrangement, adjustment, or composition of the Trust under any other similar applicable Federal law, and such decree or order shall have continued undischarged or unstayed for a period of 120 days; or a decree or order of a court having jurisdiction in the premises for the appointment of a custodian, receiver, liquidator, trustee, assignee, sequestrator, or other similar official in bankruptcy or insolvency of the Trust or of any substantial part of its property, or for the winding up or liquidation of its affairs, shall have been entered, and such decree or order shall have remained in force undischarged or unstayed for a period of 120 days. The Trustee agrees that that, upon gaining knowledge of the occurrence of any event described in Section 9.01 of the Agreement or in Section 6.01 of this Series Supplement Supplement, it shall (a) promptly provide notice to the Rating Agencies of the occurrence of such event and (b) notify the Series 19962002-1 CC Certificateholders of the occurrence of such event within 45 days of the expiration of the applicable grace period, if any. In the case of any event described in Sections 9.01(f) or (gSection 9.01(e) of the Agreement or in Section 6.01(c) of this Series Supplement, an Early Amortization Event with respect to Series 19962002-1 CC will be deemed to have occurred only if, after the applicable grace period described in such Sections, if any, either the Trustee or Series 19962002-1 CC Certificateholders evidencing more than 50% of the aggregate unpaid principal amount of the Series 19962002-1 CC Certificates by written notice to the Seller and the Servicer (and the Trustee, if given by Series 19962002-1 CC Certificateholders) declare that an Early Amortization Event has occurred as of the date of such notice. In the case of any other Early Amortization Event, such Early Amortization Event will be deemed to have occurred immediately upon the occurrence of such event, without any notice or other action on the part of the Trustee or the Series 19962002-1 CC Certificateholders. In the case of any Early Amortization Event described in Section 9.01(a) or (e) of the Agreement or in this Section 6.01, other than Section 6.01(d), (e) or (f), provided that (i) no other Early Amortization Event (other than an Early Amortization Event which has been either deemed not to exist or waived as described in clause (a) or clause (b) of the definition thereof in this Series Supplement) has occurred, the Trustee agrees that it shall request written confirmation from Standard & Poor's that any waiver of such Early Amortization Event will not result in the downgrading or withdrawal of Standard & Poor's rating of any of the Notes. The Trustee further agrees that, where applicable, it shall promptly notify the Series 2002-CC Certificateholders that it has received the written confirmation referred to in the preceding paragraph, and that the Series 2002-CC Certificateholders may elect to waive the Early Amortization Event.

Additional Amortization Events. The occurrence of any of the following events shall shall, immediately upon the occurrence thereof without notice or other action on the part of the Trustee or the Series [199_-_] Certificateholders, be deemed to be an Early Amortization Event solely with respect to Series 1996-1[199_-_]: (a) on any Determination Date, the average of the Monthly Payment Rates for the three preceding Collection Periods is less than 20%; (b) on any Determination Date, the Available Subordinated Amount for the next Distribution Date will be less than the Required Subordinated Amount on such Determination Date, after giving effect to the distributions to be made on the next Distribution Date; (c) any Service Default with respect to Series 1996-1 occurs; (d) on any Determination Date, as of the last day of the preceding Collection Period, the aggregate amount of Principal Receivables relating to Used Vehicles exceeds 20% of the Pool Balance on such last day; (e) any Carry-over Amount or Additional Carry-over Amount is outstanding on six consecutive Distribution Dates; (f) the outstanding principal amount of the Series 1996-1 Certificates is not repaid by the Expected Payment Date; (g) the Trust shall file a petition commencing a voluntary case under any chapter of the Federal bankruptcy laws; or the Trust shall file a petition or answer or consent seeking reorganization, arrangement, adjustment, or composition under any other similar applicable Federal law, or shall consent to the filing of any such petition, answer, or consent; or the Trust shall appoint, or consent to the appointment of, a custodian, receiver, liquidator, trustee, assignee, sequestrator or other similar official in bankruptcy or insolvency of it or of any substantial part of its property; or the Trust shall make an assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts generally as they become due; and; (hb) any order for relief against the Trust shall have been entered by a court having jurisdiction in the premises under any chapter of the Federal bankruptcy laws, and such order shall have continued undischarged or unstayed for a period of 60 days; or a decree or order by a court having jurisdiction in the premises shall have been entered approving as properly filed a petition seeking reorganization, arrangement, adjustment, or composition of the Trust under any other similar applicable Federal law, and such decree or order shall have continued undischarged or unstayed for a period of 120 days; or a decree or order of a court having jurisdiction in the premises for the appointment of a custodian, receiver, liquidator, trustee, assignee, sequestrator, or other similar official in bankruptcy or insolvency of the Trust or of any substantial part of its property, or for the winding up or liquidation of its affairs, shall have been entered, and such decree or order shall have remained in force undischarged or unstayed for a period of 120 days. The Trustee agrees that upon gaining knowledge of ; (c) the occurrence of any event described in Section 9.01 of the Agreement or Section 6.01 of this Series Supplement it shall (a) promptly provide notice to the Rating Agencies of the occurrence of such event and (b) notify the Series 1996-1 Certificateholders of the occurrence of such event within 45 days of the expiration of the applicable grace period, if any. In the case of any event described in Sections 9.01(f) or (g) of the Agreement or Section 6.01(c) of this Series Supplement, an Early Amortization Event with respect to Series 1996-1 will be deemed to have occurred only if, after the applicable grace period described in such Sections, if any, either the Trustee or Series 1996-1 Certificateholders evidencing more than 50% of the aggregate unpaid outstanding principal amount of the Series 1996-1 [199_-_] Certificates is not repaid by written notice to the Seller and the Servicer (and the Trustee, if given by Series 1996-1 Certificateholders) declare that an Early Amortization Event has occurred as of the date of such notice. In the case of any other Early Amortization Event, such Early Amortization Event will be deemed to have occurred immediately upon the occurrence of such event, without any notice or other action on the part of the Trustee or the Series 1996-1 CertificateholdersExpected Payment Date.