Common use of Rapid Amortization Events Clause in Contracts

Rapid Amortization Events. If any one of the following events shall occur during the Revolving Period with respect to any Series of Notes (each, a “Rapid Amortization Event”): (a) on any Determination Date during the Revolving Period, the average annualized Monthly Loss Percentage over the previous three (3) Monthly Periods is greater than the Specified Monthly Loss Percentage; (b) a breach of any Concentration Limit for three (3) consecutive months during the Revolving Period; (c) the Overcollateralization Test is not satisfied for more than five (5) Business Days; or (d) the occurrence of a Servicer Default or an Event of Default; then, in the case of any event described in clause (a) through (d) above, a Rapid Amortization Event with respect to all Series of Notes shall occur unless otherwise specified in a related Series Supplement, without any notice or other action on the part of the Trustee or the affected Holders immediately upon the occurrence of such event. The Required Noteholders may waive any Rapid Amortization Event and its consequences.