COLLATERAL AMOUNT MAINTENANCE Clause Samples
COLLATERAL AMOUNT MAINTENANCE. (a) Buyer shall ▇▇▇▇ to market the Mortgage Loans in its sole discretion, but at least monthly if it shall so determine. If at any time the aggregate Market Value of all Purchased Mortgage Loans subject to all Transactions is less than the aggregate Collateral Amount for all such Transactions (a “Market Value Collateral Deficit”), then Buyer may by notice to Seller require Seller to transfer to Buyer or its designee (including the Custodian) Mortgage Loans (“Additional Loans”) or cash or other collateral acceptable to Buyer, so that the cash and aggregate Market Value of the Purchased Mortgage Loans and other collateral, including any such Additional Loans, will thereupon equal or exceed the aggregate Collateral Amount. If at any time the aggregate Securitization Value of all Mortgage Loans subject to Transactions is less than the aggregate Collateral Amount for all such Transactions (a “Securitization Value Collateral Deficit”), then Buyer may by notice to Seller require Seller to transfer to Buyer or its designee (including the Custodian) Additional Loans or cash or other collateral acceptable to Buyer, so that the cash and aggregate Securitization Value of the Purchased Mortgage Loans and other collateral, including any such Additional Loans, will thereupon equal or exceed the aggregate Collateral Amount.
(b) Notice required pursuant to subsection (a) above may be given by any means of facsimile, telegraphic transmission or any other means to which Buyer and Seller agree. Seller shall transfer Additional Loans or cash pursuant to subsection (a) above not later than 5:00 p.m. on Business Day following the receipt of such notice. The failure of Buyer, on any one or more occasions, to exercise its rights under subsection (a) of this Section shall not change or alter the terms and conditions to which this Agreement is subject or limit the right of the Buyer to do so at a later date. Buyer and Seller agree that a failure or delay to exercise its rights under subsection (a) of this Section shall not limit Buyer's rights under this Agreement or otherwise existing by law or in any way create additional rights for Seller.
(c) In the event that Seller fails to comply with the provisions of this Section 4, Buyer shall not enter into any additional Transactions hereunder after the date of such failure.
COLLATERAL AMOUNT MAINTENANCE. (a) The Lender shall ▇▇▇▇ to market the Subordinate Certificates from time to time in its sole discretion, but at least monthly. If at any time 70% of the aggregate Market Value of the Subordinate Certificates is less than the Facility Balance (a "Margin Deficit"), then Lender may by notice to the Borrower require -------------- the Borrower to cure such Margin Deficit by delivering cash or such other additional collateral as is acceptable to the Lender in its sole discretion, to Lender within two (2) Business Days of notice thereof.
(b) Notice required pursuant to subsection (a) may be given by any means of telecopier or telegraphic transmission. A notice for the payment of a Margin Deficit received before 9:00 a.m. on a Business Day, local time, of the party receiving the notice, must be met not later than 5:00 p.m. on the Business Day on which the notice was given, local time, of the party receiving the notice. Any notice given on a Business Day after 9:00 a.m., local time, of the party receiving the notice, shall be met not later than 2:00 p.m. (New York time) on the second Business Day thereafter. The failure of Lender, on any one or more occasions, to exercise its rights under subsection (a) of this Section 6 shall not change or alter the terms and conditions to which this Agreement is subject or limit the right of the Lender to do so at a later date. A failure or delay by Lender to exercise its rights under subsection (a) of this Section 6 shall not limit Lender's rights under this Agreement or otherwise existing by law or in any way create additional rights for the Borrower.
COLLATERAL AMOUNT MAINTENANCE. (a) If at any time the aggregate Market Value of all Purchased Mortgage Loans subject to all Transactions is less than the aggregate Collateral Amount for all such Transactions (a "Market Value Collateral Deficit"), then Buyer may by notice to Seller require Seller to transfer to Buyer or its designee (including the Custodian) Mortgage Loans ("Additional Loans") or cash, so that the cash and aggregate Market Value of the Purchased Mortgage Loans, including any such Additional Loans, will thereupon equal or exceed the aggregate Collateral Amount. If at any time the aggregate Securitization Value of all Mortgage Loans subject to Transactions is less than the aggregate Collateral Amount for all such Transactions (a "Securitization Value Collateral Deficit"), then Buyer may by notice to Seller require Seller to transfer to Buyer or its designee (including the Custodian) Additional Loans or cash, so that the cash and aggregate Securitization Value of the
COLLATERAL AMOUNT MAINTENANCE. (a) If at any time the aggregate Market Value of all Purchased Student Loans subject to all Transactions plus all cash delivered to Buyer is less than the aggregate Collateral Amount for all such Transactions (a "Collateral Deficit"), then Buyer may by notice to Seller require Seller to transfer to Buyer or its designee Student Loans "Additional Student Loans") or cash, so that the
COLLATERAL AMOUNT MAINTENANCE. (a) If at any time the Credit Market Value of any Purchased Mortgage Loan is less than the Adjusted Purchase Price for such Mortgage Loan (a "COLLATERAL DEFICIT"), then Buyer may, by notice to Seller, require Seller to transfer to Buyer or its designee (including the Custodian) cash ("ADDITIONAL FUNDS") so that the cash and Credit Market Value of the Purchased Mortgage Loan, will thereupon equal or exceed the Adjusted Purchase Price for such Mortgage Loan; PROVIDED, HOWEVER, that any such Collateral Deficit will be offset to the extent there exists any Collateral Excess with respect to any other Purchased Mortgage Loan held by the Buyer. "COLLATERAL EXCESS" shall mean, with respect to any Purchased Mortgage Loan, the amount, if any, by which the Credit Market Value exceeds the Adjusted Purchase Price of such Purchased Mortgage Loan.
COLLATERAL AMOUNT MAINTENANCE. (a) If at any time the aggregate Market Value of all Purchased Student Loans subject to all Transactions plus all cash delivered to Buyer is less than the aggregate Collateral Amount for all such Transactions (a "Collateral Deficit"), then Buyer may by notice to Seller require Seller to transfer to Buyer or its designee Student Loans "Additional Student Loans") or cash, so that the cash and aggregate Market Value of the Purchased Student Loans, including any such Additional Student Loans, will thereupon equal or exceed the aggregate Collateral Amount.
(b) Notice required pursuant to subsection (a) above may be given by any means of telecopier or telegraphic transmission. A notice for the payment or delivery in respect of a Collateral Deficit must be met not later than 5:00 p.m. on the same Business Day, local time of the party receiving the notice. Any notice given on a Business Day after 9:00 a.m., local time of the party receiving the notice, shall be met not later than 2:00 p.m. (New York time) on the next Business Day. The failure of Buyer, on any one or more occasions, to exercise its rights under subsection (a) of this Section shall not change or alter the terms and conditions to which this Agreement is subject or limit the right of the Buyer to do so at a later date. Buyer and Seller agree that a failure or delay to exercise its rights under subsection (a) of this Section shall not limit Buyer's rights under this Agreement or otherwise existing by law or in any way create additional rights for Seller.
(c) In the event that Seller fails to comply with the provisions of this Section 4, Buyer shall not enter into any additional Transactions hereunder after the date of such failure.