Common use of PTC Event of Default Clause in Contracts

PTC Event of Default. A PTC Event of Default shall have occurred if, for any Pass Through Trust, the Pass Through Trustee shall fail to pay within 10 Business Days of the due date thereof (i) the outstanding Pool Balance of the 1997-1-B Pass Through Certificates on the Final Legal Distribution Date or (ii) interest due on the 1997-1 Pass Through Certificates on any Regular Distribution Date unless the Subordination Agent has made an Interest Drawing in an amount sufficient to pay such interest and has distributed such amount to the Certificateholders. Any failure by the Pass Through Trustee to make expected principal distributions on the 1997-1-B Pass Through Certificates on any Regular Distribution Date (other than the Final Legal Distribution Date) will not be a PTC Event of Default.

PTC Event of Default. A PTC Event of Default shall have occurred if, for any Pass Through Trust, the Pass Through Trustee shall fail to pay within 10 Business Days of the due date thereof (i) the outstanding Pool Balance of the 1997-1-B A Pass Through Certificates on the Final Legal Distribution Date or (ii) interest due on the 1997-1 Pass Through Certificates on any Regular Distribution Date unless the Subordination Agent has made an Interest Drawing in an amount sufficient to pay such interest and has distributed such amount to the Certificateholders. Any failure by the Pass Through Trustee to make expected principal distributions on the 1997-1-B A Pass Through Certificates on any Regular Distribution Date (other than the Final Legal Distribution Date) will not be a PTC Event of Default.

PTC Event of Default. A PTC Event of Default shall have occurred if, for any Pass Through Trust, the Pass Through Trustee shall fail to pay within 10 Business Days of the due date thereof (i) the outstanding Pool Balance of the 19971998-1-B Pass Through Certificates on the Final Legal Distribution Date or (ii) interest due on the 19971998-1 Pass Through Certificates on any Regular Distribution Date unless the Subordination Agent has made an Interest Drawing in an amount sufficient to pay such interest and has distributed such amount to the Certificateholders. Any failure by the Pass Through Trustee to make expected principal distributions on the 19971998-1-B Pass Through Certificates on any Regular Distribution Date (other than the Final Legal Distribution Date) will not be a PTC Event of Default.

PTC Event of Default. A PTC Event of Default shall have occurred if, for any Pass Through Trust, the Pass Through Trustee shall fail to pay within 10 Business Days of the due date thereof (i) the outstanding Pool Balance of the 19971998-1-B A Pass Through Certificates on the Final Legal Distribution Date or (ii) interest due on the 19971998-1 Pass Through Certificates on any Regular Distribution Date unless the Subordination Agent has made an Interest Drawing in an amount sufficient to pay such interest and has distributed such amount to the Certificateholders. Any failure by the Pass Through Trustee to make expected principal distributions on the 19971998-1-B A Pass Through Certificates on any Regular Distribution Date (other than the Final Legal Distribution Date) will not be a PTC Event of Default.