Additional Early Amortization Events. If any one of the events specified in Section 7.1 of the Agreement (after any grace periods or consents applicable thereto) shall occur during the Revolving Period, an Early Amortization Event shall occur as provided in such Section 7.1 of the Agreement if any one of the following events shall occur during the Revolving Period with respect to the VFC Certificates:
a) failure on the part of the Company to make any payment (i) in respect of principal owing on any VFC Certificates within one Business Day of the date such principal is due, (ii) in respect of interest or fees owing on any VFC Certificates within two Business Days of the date such amount is due or (iii) in respect of any other amounts owing by the Company under any Pooling and Servicing Agreement or the Insurance Agreement to or for the benefit of the VFC Certificateholders or the Enhancement Provider within five Business Days of the date such other amount is due;
b) failure on the part of the Company duly to observe or perform in any material respect any covenants or agreements of the Company set forth in any Pooling and Servicing Agreement, the Insurance Agreement or any Certificate Purchase Agreement which has a material adverse effect on the Enhancement Provider or the VFC Certificateholders (which determination shall be made without regard to whether any Enhancement is then available from any Enhancement Provider) which continues unremedied for 30 days from the earlier of (i) the date upon which a Responsible Officer of the Company obtains knowledge of such failure or (ii) the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Company by the Trustee, or the Company and the Trustee by the Control Party;
c) any representation or warranty made by the Company in any Pooling and Servicing Agreement to or for the benefit of the VFC Certificateholders or the Enhancement Provider or in the Insurance Agreement or in any Certificate Purchase Agreement (i) shall prove to have been incorrect in any material respect when made or when delivered which continues to be incorrect for a period of 30 days after the day on which notice of such failure, requiring the same to be remedied, shall have been given by the Trustee to the Company (or the Control Party to the Company and the Trustee) and (ii) as a result of such incorrectness, the interests of the VFC Certificateholders (without giving effect to the availability of any Enhancement) or the Enhance...
Additional Early Amortization Events. The occurrence of any of the following events shall, immediately upon the occurrence thereof without notice or other action on the part of the Trustee or the Holders of the Certificates, be deemed to be an "Early Amortization Event" solely with respect to the Certificates:
(a) on any Distribution Date, the Available Subordinated Amount shall be less than the Required Subordinated Amount (after giving effect to the distributions to be made on such Distribution Date); or
(b) on any Distribution Date, the balance of the Reserve Fund is less than the Reserve Fund Required Amount, in each case after giving effect to all deposits and distributions on such Distribution Date; or
(c) any Servicer Default occurs; or
(d) any Class A Carry-Over Amount or Class B Carry-Over Amount is outstanding on six consecutive Distribution Dates; or
(e) the ratio (expressed as a percentage) of (x) the average for each month of the net losses on the Receivables in the Pool (i.e., gross losses less Recoveries on any Receivables (including, without limitation, recoveries from Collateral Security in addition to the products financed by the Receivables, recoveries from manufacturers, distributors or importers and Insurance Proceeds)) during any three (3) consecutive calendar months to (y) the average of the month-end Pool Balances for such three-month period, exceeds 5% on an annualized basis; provided, however, that this clause (e) may be revised or waived without the consent of the Certificateholders and no such revision or waiver shall be deemed an amendment of the terms hereof, but shall be a revision or waiver made in accordance with the terms hereof if, prior to each such revision or waiver, the Rating Agency Condition is satisfied; or
(f) the average Monthly Payment Rate (x) with respect to the three (3) Collection Periods included in the period from January through March of any calendar year is less than 12% and (y) with respect to any other three (3) consecutive Collection Periods is less than 14%; provided, however, that this clause (f) may be revised or waived without the consent of the Certificateholders and no such revision or waiver shall be deemed an amendment of the terms hereof, but shall be a revision or waiver made in accordance with the terms hereof if, prior to each such reversion or waiver, the Rating Agency Condition is satisfied; or
(g) the failure to pay the outstanding principal balance of the Certificates on the September 2003 Distribution Date; or
(h) the sum...
Additional Early Amortization Events. 29 ARTICLE VII
Additional Early Amortization Events and the consequences thereof may be set forth in each Supplement with respect to the Series relating thereto.
Additional Early Amortization Events. SECTION 5.01.
Additional Early Amortization Events. 22 SECTION 6.02 Recommencement of the Revolving Period .............................. 23
Additional Early Amortization Events. The occurrence ------------------------------------ of any of the following events shall, immediately upon the occurrence thereof without notice or other action on the part of the Trustee or the Holders of the Certificates, be deemed to be an "Early Amortization Event" solely with respect ------------------------ to the Certificates:
(a) on any Distribution Date, the Available Subordinated Amount shall be less than the Required Subordinated Amount (after giving effect to the distributions to be made on such Distribution Date); or
(b) on any Distribution Date, the balance of the Reserve Fund is less than the Reserve Fund Required Amount, in each case after giving effect to all deposits and distributions on such Distribution Date; or
(c) any Servicer Default occurs; or
Additional Early Amortization Events. If any one of the events specified in Section 7.01 of the Agreement (after any grace periods or consents applicable thereto) or any one of the following events (each, an "Early Amortization Event"), shall occur:
(a) failure on the part of the Company or the Master Servicer to direct any payment or deposit to be made, or failure of any payment or deposit required by the terms of the Agreement or any Supplement to be made, in respect of interest owing on any Term Certificates within five days of the date such payment or deposit is required to be made;
Additional Early Amortization Events. 20 ------------
Additional Early Amortization Events. The occurrence of any of the following events shall, immediately upon the occurrence thereof without notice or other action on the part of the Trustee or the Series 2003-1 Certificateholders, be deemed to be an Early Amortization Event solely with respect to Series 2003-1 (each, an "Additional Early Amortization Event"):
(a) on any Payment Date, the balance of the Reserve Fund is less than three and one-half percent (3.5%) of the aggregate outstanding principal balance of the Series 2003-1 Certificates, in each case after giving effect to all deposits, withdrawals and payments on such Payment Date; or
(b) any Servicer Default occurs; or
(c) on any Determination Date occurring in the months of November through June, the average of the Monthly Payment Rates for the three preceding Collection Periods is less than twenty percent (20%) (or a lower percentage if the Rating Agency Condition has been satisfied with respect to that lower percentage); or on any Determination Date occurring in the months of July through October, the average of the Monthly Payment Rates for the three preceding Collection Periods is less than twenty-two and one-half percent (22.5%) (or a lower percentage if the Rating Agency Condition has been satisfied with respect to that lower percentage); or
(d) the outstanding principal amount of the Series 2003-1 Certificates is not fully repaid on the Expected Final Payment Date; or
(e) the ratio (expressed as a percentage) of (i) the average for each month of the net losses on the Receivables (exclusive of the Ineligible Receivables) owned by the Trust (i.e., gross losses less recoveries on any Receivables) (including recoveries from collateral security in addition to recoveries from the products, recoveries from Manufacturers and insurance proceeds) during any three consecutive calendar months, to (ii) the average of the month-end aggregate balances of those Receivables (without deducting therefrom the Discount Portion) for such three-month period, exceeds five percent (5%) on an annualized basis; provided, that the percentage in this clause (e) may be changed, or any Early Amortization Event relating to this clause (e) may be waived, at the direction of the Transferor and without the consent of any Series 2003-1 Certificateholder upon the satisfaction of the Rating Agency Condition; or
(f) the sum of all Eligible Investments and amounts on deposit in the Excess Funding Account and any excess funding accounts for any other Series represents mo...
