Common use of Repo Event of Default and Repo Trigger Event Clause in Contracts

Repo Event of Default and Repo Trigger Event. (a) If a Repo Event of Default has occurred and is continuing and a Trust Officer of the Indenture Trustee has written notice or actual knowledge of such an event, the Indenture Trustee shall, by written notice to the Issuer and the Holders of the Notes (i) instruct the Issuer to cease purchasing Eligible Assets and (ii) notify the Noteholders, the Administrator, the Rating Agency, the Custodian, the Owner Trustee, the Standby Servicer, the Servicer and the Seller that a Repo Event of Default has occurred. The Required Noteholders shall have the right to waive any Repo Event of Default within five (5) Business Days following the receipt of notice of such default. (b) If a Repo Trigger Event has occurred, then the Indenture Trustee shall cause the sale of the Collateral and apply proceeds from the sale of such Collateral pursuant to the terms of Section 9.6.

Repo Event of Default and Repo Trigger Event. (a) 8. If a Repo Event of Default has occurred and is continuing and a Trust Officer of the Indenture Trustee has written notice or actual knowledge of such an event, the Indenture Trustee shall, by written notice to the Issuer and the Holders of the Notes (i) instruct 117791222 the Issuer to cease purchasing Eligible Assets and (ii) notify the Noteholders, the Administrator, the Rating Agency, the Custodian, the Owner Trustee, the Standby Servicer, the Servicer Servicer, the Seller and the Seller Repo Guarantor that a Repo Event of Default has occurred. The Required Noteholders shall have the right to waive any Repo Event of Default within five (5) Business Days following the receipt of notice of such default. (b) 9. If a Repo Trigger Event has occurred, then the Indenture Trustee shall cause the sale of the Collateral and apply proceeds from the sale of such Collateral pursuant to the terms of Section 9.6.

Repo Event of Default and Repo Trigger Event. (a) If a Repo Event of Default has occurred and is continuing and a Trust Officer of the Indenture Trustee has written notice or actual knowledge of such an event, the Indenture Trustee shall, by written notice to the Issuer and the Holders of the Notes (i) instruct the Issuer to cease purchasing Eligible Assets and (ii) notify the Noteholders, the Administrator, the Rating Agency, the Custodian, the Owner Trustee, the Standby Servicer, the Servicer Servicer, the Seller and the Seller Repo Guarantor that a Repo Event of Default has occurred. The Required Noteholders shall have the right to waive any Repo Event of Default within five (5) Business Days following the receipt of notice of such default. (b) If a Repo Trigger Event has occurred, then the Indenture Trustee shall cause the sale of the Collateral and apply proceeds from the sale of such Collateral pursuant to the terms of Section 9.6.