Common use of Rapid Amortization Event Clause in Contracts

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 written notice to the Transferor, the Depositor and the Master Servicer (and to the Indenture Trustee, if given by the Insurer or the Class A Noteholders as well as to the Insurer, if given by the Indenture Trustee or the Class A Noteholders) declare that a Rapid Amortization Event has occurred. If any event described in clauses (b), (c) or (d) occurs, a Rapid Amortization Event shall occur without any notice or other action on the part of the Indenture Trustee, the Insurer or the Class A Noteholders immediately on the occurrence of such event.

Rapid Amortization Event. The occurrence of any one of the following events (each, a “Rapid Amortization Event”) during the Revolving Period: (a) Class A Net 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 [__]1% of the Cut-Off Pool Principal Balance, whether or not previously reimbursed; (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; or (f) the occurrence of an Event of Servicing Termination. In the case of any event described by clause (a), (e) or (ef), 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 written notice to the Transferor, the Depositor and the Master Servicer (and to the Indenture Trustee, if given by the Insurer or the Class A Noteholders as well as to the Insurer, if given by the Indenture Trustee or the Class A Noteholders) declare that a Rapid Amortization Event has occurred. If any event described in clauses (b), (c) or (d) occurs, a Rapid Amortization Event shall occur without any notice or other action on the part of the Indenture Trustee, the Insurer or the Class A Noteholders immediately on the occurrence of such event.

Rapid Amortization Event. The occurrence of any one of the following events (each, a “Rapid Amortization Event”) during the Revolving Managed Amortization 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 [__]1% 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 written notice to the Transferor, the Depositor and the Master Servicer (and to the Indenture Trustee, if given by the Insurer or the Class A Noteholders as well as to the Insurer, if given by the Indenture Trustee or the Class A Noteholders) declare that a Rapid Amortization Event has occurred. If any event described in clauses (b), (c) or (d) occurs, a Rapid Amortization Event shall occur without any notice or other action on the part of the Indenture Trustee, the Insurer or the Class A Noteholders immediately on the occurrence of such event.

Rapid Amortization Event. The occurrence of any one of the following events (each, a “Rapid Amortization Event”) during the Revolving Managed Amortization 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 written notice to the Transferor, the Depositor and the Master Servicer (and to the Indenture Trustee, if given by the Insurer or the Class A Noteholders as well as to the Insurer, if given by the Indenture Trustee or the Class A Noteholders) declare that a Rapid Amortization Event has occurred. If any event described in clauses (b), (c) or (d) occurs, a Rapid Amortization Event shall occur without any notice or other action on the part of the Indenture Trustee, the Insurer or the Class A Noteholders immediately on the occurrence of such event.

Rapid Amortization Event. The occurrence of any one of the following events (each, a “Rapid Amortization Event”) during the Revolving Managed Amortization 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 [__]1% of the Cut-Off Pool Principal Balance; (d) the Trust becomes subject to regulation by the SEC Commission 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 written notice to the Transferor, the Depositor and the Master Servicer (and to the Indenture Trustee, if given by the Insurer or the Class A Noteholders as well as to the Insurer, if given by the Indenture Trustee or the Class A Noteholders) declare that a Rapid Amortization Event has occurred. If any event described in clauses (b), (c) or (d) occurs, a Rapid Amortization Event shall occur without any notice or other action on the part of the Indenture Trustee, the Insurer or the Class A Noteholders immediately on the occurrence of such event. ARTICLE VI. THE SELLER, THE SERVICER AND THE DEPOSITOR

Rapid Amortization Event. The occurrence of any one of the following events (each, a “Rapid Amortization Event”) during the Revolving Period: (a) Class A Investor Interest Collections Amounts or Principal Collections for on any Payment Date are not enough insufficient to make any payment of interest or 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) at any time before the January 2006 Payment Date and before the Specified O/C Amount is reached, the amount on deposit in the Revolving Period Funding Account exceeds 1% of the TrustClass A Note Principal Balance at the close of business on the immediately preceding Determination Date; (c) at any time between the January 2006 and January 2007 Payment Dates and before the Specified O/C Amount is reached, the Depositor amount on deposit in the Revolving Period Funding Account is greater than zero at the close of business on the immediately preceding Determination Date; (d) if, after the Specified O/C Amount is reached, the amount on deposit in the Revolving Period Funding Account exceeds 15% of the Class A Note Principal Balance immediately preceding that Payment Date; (e) The Seller 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 Seller 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 Seller 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.; (cf) if the sum of (x) the aggregate draws under the Note Policy and (y) the excess of Insurance Policy Draw Amounts the Class A Note Principal Balance over the Invested Amount exceeds [__]1% of the Cut-Off Date Pool Principal Balance; (dg) the rating on the Class A Notes falls below the highest rating category by either Rating Agency for a period of sixty days; (h) the Trust becomes subject to regulation by the SEC Commission as an investment company within the meaning of the Investment Company Act of 1940, as amended; or; (ei) 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 Mortgage Loan Purchase Agreement, this Agreement, the Trust Agreement or the Indenture which failure materially and adversely affects the interests of the Class A Noteholders or the Insurer and continues unremedied for 60 days, including but not limited to the occurrence of an Event of Servicing Termination; or (j) the occurrence of an Event of Default under the Indenture. In the case of any event described by clause (a) or (ei), after the applicable grace period, if any any, set forth in such subparagraphs, either the Indenture Trustee, the Indenture Trustee acting at the direction of the Insurer (so long as an Insurer Default shall not have occurred and be continuing) or the Class A Noteholders holding Class A Notes evidencing not less than 51% of the aggregate Class A Note Purchase BalancePrincipal Balance (with the consent of the Insurer), by written notice to the Transferor, the Depositor and the Master Servicer (and to the Indenture Trustee, if given by the Insurer or the Class A Noteholders as well as to the Insurer, if given by the Indenture Trustee or the Class A Noteholders) may declare that a Rapid Amortization Event has occurred. If any event described in clauses (b), ) through (ch) or clause (dj) occurs, a Rapid Amortization Event shall occur without any notice or other action on the part of the Indenture Trustee, the Insurer or the Class A Noteholders immediately on the occurrence of such event.

Rapid Amortization Event. The occurrence of any one of the following events (each, a “Rapid Amortization Event”) during the Revolving Managed Amortization 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 Commission 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 written notice to the TransferorTransferer, the Depositor and the Master Servicer (and to the Indenture Trustee, if given by the Insurer or the Class A Noteholders as well as to the Insurer, if given by the Indenture Trustee or the Class A Noteholders) declare that a Rapid Amortization Event has occurred. If any event described in clauses (b), (c) or (d) occurs, a Rapid Amortization Event shall occur without any notice or other action on the part of the Indenture Trustee, the Insurer or the Class A Noteholders immediately on the occurrence of such event. ARTICLE VI. THE SELLER, THE SERVICER AND THE DEPOSITOR

Rapid Amortization Event. The occurrence of any one of the following events (each, a “Rapid Amortization Event”) during the Revolving Managed Amortization 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 [__]1% 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 written notice to the Transferor, the Depositor and the Master Servicer (and to the Indenture Trustee, if given by the Insurer or the Class A Noteholders as well as to the Insurer, if given by the Indenture Trustee or the Class A Noteholders) declare that a Rapid Amortization Event has occurred. If any event described in clauses (b), (c) or (d) occurs, a Rapid Amortization Event shall occur without any notice or other action on the part of the Indenture Trustee, the Insurer or the Class A Noteholders immediately on the occurrence of such event.