Rapid Amortization Event. The occurrence of any one of the following events (each, a “Rapid Amortization Event”) during the Revolving Period:
(a) Class A Interest Collections or Principal Collections for any Payment Date are not enough to make any payment of principal or interest in each case that is due on the Class A Notes, and the continuance of such failure for a period of five Business Days;
(b) any of the Trust, the Depositor or the Master Servicer shall voluntarily or involuntarily go into liquidation, consent to the appointment of a conservator or receiver or liquidator or similar person in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Trust, the Depositor or the Master Servicer, or of or relating to all or substantially all of its property, or a decree or order of a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a conservator, receiver, liquidator or similar person in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trust, the Depositor or the Master Servicer and such decree or order shall have remained in force undischarged or unstayed for a period of 60 days; or the Trust, the Depositor or the Master Servicer shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors or voluntarily suspend payment of its obligations.
(c) the aggregate of Insurance Policy Draw Amounts exceeds [__]% of the Cut-Off Pool Principal Balance;
(d) the Trust becomes subject to regulation by the SEC as an investment company within the meaning of the Investment Company Act of 1940, as amended; or
(e) failure on the part of the Trust, the Depositor, the Seller or the Master Servicer to perform any of its other material obligations under the Sale and Servicing Agreement, the Trust Agreement or the Indenture. In the case of any event described by clause (a) or (e), after the applicable grace period, if any set forth in such subparagraphs, either the Indenture Trustee, the Insurer (so long as an Insurer Default shall not have occurred and be continuing) or the Class A Noteholders holding Notes evidencing not less than 51% of the aggregate Class A Note Purchase Balance, by wri...
Rapid Amortization Event. The occurrence of any one of the following events (each, a “Rapid Amortization Event”):
(a) default in the payment of any interest on any Class of Notes when the same becomes due and payable or the failure to pay any installment of principal on any class of Notes in accordance with Section 5.01 and such default continues for a period of five Business Days, or a failure to pay the entire Note Principal Amount of any Note when the same becomes due and payable under the Indenture or on the Final Scheduled Payment Date.
(b) failure on the part of the Issuer, the Depositor, the Seller or the Servicer, as the case may be, to observe or perform in any material respect any other material covenants or agreements set forth in the Mortgage Loan Purchase Agreement, this Agreement, the Indenture or the Trust Agreement, as the case may be, which failure materially and adversely affects the Noteholders or the Insurer and which continues unremedied for a period of 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Issuer, the Depositor, the Servicer, or the Seller, as the case may be, by the Indenture Trustee, or to the Issuer, the Depositor, the Servicer, or the Seller, as the case may be, by the Indenture Trustee or the Insurer in accordance with Section 11.04 of the Indenture;
(c) the Trust or the Depositor files a petition to take advantage or otherwise voluntarily commences a case or proceeding under any applicable bankruptcy, insolvency, reorganization or other similar statute;
Rapid Amortization Event. Transferor reasonably believes that the addition of the Receivables arising in the Additional Accounts will not, based on the facts known to Transferor, then or thereafter cause a Pay Out Event to occur with respect to any Series.
Rapid Amortization Event. If a Rapid Amortization Event occurs and is continuing, the Servicer shall so notify the Administrative Agent immediately following the discovery of such Rapid Amortization Event.
Rapid Amortization Event. No Rapid Amortization Event has occurred and is continuing.
Rapid Amortization Event. Section 11.01.
Rapid Amortization Event. (a) Upon the occurrence of any of the following events:
(i) the failure to pay in full the accrued and unpaid interest on and all principal of any Series of Notes by the applicable Adjusted Repayment Date;
(ii) the occurrence of a Series Rapid Amortization Event specified in the Series Supplement relating to any Series of Notes;
(iii) the occurrence of a Servicer Termination Event; or
(iv) the occurrence of an Event of Default, a “Rapid Amortization Event” shall be deemed to have occurred, without the giving of further notice or any other action on the part of the Indenture Trustee or any Holder of Notes.
(b) Subject to the waiver of any Rapid Amortization Event described in Section 5.1(c) below and the Series 2007-1 Rapid Amortization Cure Right, as applicable, upon the occurrence of a Rapid Amortization Event (which, for avoidance of doubt, in each and every case shall become applicable to all Series of Notes then Outstanding irrespective of whether such Rapid Amortization Event initially relates to a particular Series or Class of Notes), the Indenture Trustee shall apply all amounts available in accordance with the provisions of Articles X and XI below, on each Payment Date thereafter (subject to Sections 11.1(e) and 11.1(g)) first, to the payment in full of the Aggregate Outstanding Principal Amount of all Senior Notes then Outstanding and second, to the Aggregate Outstanding Principal Amount of all Subordinated Notes then Outstanding (in accordance with the provisions of Articles X and XI below).
(c) In connection with the occurrence of a Rapid Amortization Event:
(i) the Series Controlling Party of the Series of Notes with respect to which a Rapid Amortization Event described in Sections 5.1(a)(i) and 5.1(a)(ii) occurs will be entitled to waive such Rapid Amortization Event (in which case the Series Rapid Amortization Event relating to a particular Series will be waived in respect of all other Series of Notes Outstanding for purposes of Section 5.1(a)(ii) above other than any Series of Notes with respect to which the same Series Rapid Amortization Event has occurred pursuant to the related Series Supplement); provided that a waiver of any Rapid Amortization Event set forth in Section 5.1(a)(i) above will also require the written consent of the Holders of 100% of the Aggregate Outstanding Principal Amount of the applicable Series of Notes; and
(ii) the Aggregate Controlling Party will be entitled to waive any Rapid Amortization Event described in Sect...
Rapid Amortization Event. Any of the following events (which in the cases of clauses (i), (ii) and (iii) shall not be considered to have occurred until the Securities Administrator or Trustee has notified, in writing, the other parties hereto that such event has occurred): (i) a breach of any representations, warranties or covenants of the Seller in a material manner, with such breach continuing unremedied for a specified period of time following the submission of the applicable written notice(s); (ii) a declaration of bankruptcy or insolvency by any of the Trust Fund, the Depositor or the related Servicer; (iii) the Trust Fund becomes subject to the Investment Company Act of 1940; or (iv) the occurrence of a Rapid Amortization Trigger Event.
Rapid Amortization Event. If a Rapid Amortization Event occurs and is continuing, the Servicer shall so notify the Lender immediately following the discovery of such Rapid Amortization Event. From and after the occurrence of a Rapid Amortization Event, the Lender may, by notice to the Borrower and the Servicer, direct that all Collections not applied to interest be applied to repayment of principal of the Advances until, after giving effect to such repayments and any change in the Weighted Average Loan-to-Value Ratio, the Combined Loan-to-Value Ratio is 72% or lower.
Rapid Amortization Event
