Early Accumulation Events Sample Clauses
The Early Accumulation Events clause defines specific circumstances under which certain obligations or rights under an agreement are triggered before the standard timeline. Typically, this clause outlines events such as defaults, breaches, or other predefined conditions that accelerate the accumulation of benefits, liabilities, or payments. Its core practical function is to provide a clear mechanism for parties to respond to unexpected developments, ensuring that risks are managed proactively and that both parties understand when and how early accumulation may occur.
Early Accumulation Events. If the Series established hereby is eligible to have an Early Accumulation Period, each of the events described in clause (a), (b), (g) or (i) of Section 9.01 of the Pooling and Servicing Agreement shall not be Amortization Events but shall instead be Early Accumulation Events. In addition, each of the following events shall be Early Accumulation Events for purposes of this Series Supplement:
(a) on any Distribution Date, the three month rolling average Series Excess Spread is less than the Series Buffer Amount and the three month rolling average Group Excess Spread is less than the Group Buffer Amount;
(b) if a Supplemental Credit Enhancement Event shall have occurred and Greenwood as Servicer shall have failed to arrange for the Supplemental Credit Enhancement in accordance with the requirements of Section 11(c) hereof (including, without limitation, receipt of the confirmation from Standard & Poor's required thereby). If any event described in clause (a), (b), (g) or (i) of Section 9.01 of the Pooling and Servicing Agreement occurs, an Early Accumulation Event shall occur with respect to the Investor Certificates of such Class only if the event has a material adverse effect on the Investor Certificateholders of such Class and if, after the applicable grace period described in those clauses, either the Trustee declares or the Investor Certificateholders of such Class evidencing Fractional Undivided Interests aggregating not less than 51% of the Class Invested Amount for either Class declare by written notice to Greenwood and the Master Servicer (and to the Trustee if given by the Investor Certificateholders) that an Early Accumulation Event has occurred as of the date of the notice. In the case of any event described in clause (a) or (b) of this Section 22, an Early Accumulation Event shall occur with respect to the Investor Certificates of such Class immediately upon the occurrence of the event without any notice or other action on the part of the Trustee or the Investor Certificateholders of such Class. On the date on which an Early Accumulation Event is deemed to have occurred the Early Accumulation Period will commence.
Early Accumulation Events. 65 SECTION 23. Purchase of Investor Certificates and Series Termination......................... 65 SECTION 24.
Early Accumulation Events. 65 SECTION 23. Purchase of Investor Certificates and Series Termination . . . . . . . . . . . . . . . . . . . . . . . . 66 SECTION 24.
Early Accumulation Events. If the Series established hereby is eligible to have an Early Accumulation Period, each of the events described in clause (a), (b), (g) or (i) of Section 9.01 of the Pooling and Servicing Agreement shall not be Amortization Events but shall instead be Early Accumulation Events. In addition, each of the following events shall be Early Accumulation Events for purposes of this Series Supplement:
(a) on any Distribution Date, the three month rolling average Series Excess Spread is less than the Series Buffer Amount and the three month rolling average Group Excess Spread is less than the Group Buffer Amount;
(b) if a Supplemental Credit Enhancement Event shall have occurred and Greenwood as Servicer shall have failed to arrange for the Supplemental Credit Enhancement in accordance with the requirements of Section 11(c) hereof (including, without limitation, receipt of the confirmation from Standard & Poor's required thereby). If any event described in clause (a), (b), (g) or (i) of Section 9.01 of the Pooling and Servicing Agreement occurs, an Early Accumulation Event shall occur with respect to the Investor Certificates of such Class only if the event has a material adverse effect on the Investor Certificateholders of such Class and if, after the applicable grace period described in those clauses, either the Trustee declares or the Investor Certificateholders of such Class evidencing Fractional Undivided Interests aggregating not less than 51% of the Class Invested Amount for
Early Accumulation Events. If the Series established hereby is eligible to have an Early Accumulation Period, each of the events described in clause (a), (b), (g) or (i) of