Common use of Series 20__-_ Amortization Events Clause in Contracts

Series 20__-_ Amortization Events. If any of the following events occurs with respect to the Series 20__-_ Notes: (a) failure by either Depositor (i) to make any payment or deposit required to be made under the related Sale and Servicing Agreement, the Indenture or this Indenture Supplement on or before the date occurring five Business Days after the date such payment or deposit is required to be made or (ii) to observe or perform in any material respect any other covenants or agreements of such Depositor in the related Sale and Servicing Agreement, the Indenture or this Indenture Supplement that has an Adverse Effect and continues for 60 days after the date on which notice of such failure, requiring the same to be remedied, has been given to such Depositor by the Indenture Trustee and continues to have an Adverse Effect for such 60-day period; (b) any representation or warranty made by either Depositor in the related Sale and Servicing Agreement, the Indenture or this Indenture Supplement, or any information contained in a computer file or other list required to be delivered by such Depositor pursuant to the related Sale and Servicing Agreement, proves to have been incorrect in any material respect when made or when delivered and has an Adverse Effect, which continues to be incorrect in any material respect for 60 days after the date on which notice of such failure, requiring the same to be remedied, has been given to such Depositor by the Indenture Trustee and continues to have an Adverse Effect for such 60-day period; provided, however, that a Series 20__-_ Amortization Event pursuant to this clause (b) will be deemed remedied if such Depositor has accepted reassignment of the related Receivable, or all of such Receivables, if applicable, during such period in accordance with the related Sale and Servicing Agreement; (c) a Servicer Termination Event (including, for purposes of Section 6.1(a)(ii) of each Sale and Servicing Agreement, any breach of the covenant set forth in the Servicer Covenant Letter) that has an Adverse Effect; (d) the Note Balance of the Series 20__-_ Notes is not paid in full on the Expected Final Payment Date; (e) the average of the Monthly Principal Payment Rates for the three preceding Collection Periods is less than __%; (f) on any Determination Date, the Available Subordinated Amount for the next Payment Date will be less than the Required Subordinated Amount after giving effect to any payments to be made on such Payment Date, and continues unremedied for five Business Days after such Payment Date; provided that, for the purpose of determining whether a Series 20__-_ Amortization Event has occurred pursuant to this clause (f), any reduction of the Available Subordinated Amount resulting from reallocations of the Available Depositor Principal Collections to pay interest on the Series 20__-_ Notes if LIBOR is equal to or greater than the prime rate upon which interest on the receivables is calculated on the applicable LIBOR Determination Date will be considered a Series 20__-_ Amortization Event only if LIBOR remains equal to or greater than such prime rate for the next 30 consecutive days following such LIBOR Determination Date; (g) the amounts in the Excess Funding Account exceed __% of the sum of the “Adjusted Invested Amounts” of all Series for three consecutive Collection Periods, after giving effect to any payments to be made on each related Payment Date; or (h) the occurrence of an Event of Default with respect to Series 20__-_ and an acceleration of the maturity of the Series 20__-_ Notes pursuant to Section 5.2 of the Indenture. then, in the case of any event described in clauses (a) through (c) above that is continuing, after any applicable grace period, either the Indenture Trustee or the Noteholders of a majority of the Note Balance of the Series 20__-_ Notes by notice to the Depositors and the Servicer (and to the Indenture Trustee if given by the Noteholders of Series 20__-_ Notes) may declare that an Amortization Event with respect to the Series 20__-_ Notes (a “Series 20__-_ Amortization Event”) has occurred as of the date of such notice, and, in the case of any event described in clauses (d) through (h) above, a Series 20__-_ Amortization Event, will occur without any notice or other action on the part of the Indenture Trustee or the Series 20__-_ Noteholders immediately upon the occurrence of such event.

Series 20__-_ Amortization Events. If any of the following events occurs with respect to the Series 20__-_ 20 - Notes: (a) failure by either Depositor (i) to make any payment or deposit required to be made under the related Sale and Servicing Agreement, the Indenture or this Indenture Supplement on or before the date occurring five Business Days after the date such payment or deposit is required to be made or (ii) to observe or perform in any material respect any other covenants or agreements of such Depositor in the related Sale and Servicing Agreement, the Indenture or this Indenture Supplement that has an Adverse Effect and continues for 60 days after the date on which notice of such failure, requiring the same to be remedied, has been given to such Depositor by the Indenture Trustee and continues to have an Adverse Effect for such 60-day period; (b) any representation or warranty made by either Depositor in the related Sale and Servicing Agreement, the Indenture or this Indenture Supplement, or any information contained in a computer file or other list required to be delivered by such Depositor pursuant to the related Sale and Servicing Agreement, proves to have been incorrect in any material respect when made or when delivered and has an Adverse Effect, which continues to be incorrect in any material respect for 60 days after the date on which notice of such failure, requiring the same to be remedied, has been given to such Depositor by the Indenture Trustee and continues to have an Adverse Effect for such 60-day period; provided, however, that a Series 20__-_ 20 - Amortization Event pursuant to this clause (b) will be deemed remedied if such Depositor has accepted reassignment of the related Receivable, or all of such Receivables, if applicable, during such period in accordance with the related Sale and Servicing Agreement; (c) a Servicer Termination Event (including, for purposes of Section 6.1(a)(ii) of each Sale and Servicing Agreement, any breach of the covenant set forth in the Servicer Covenant Letter) that has an Adverse Effect; (d) the Note Balance of the Series 20__-_ 20 - Notes is not paid in full on the Expected Final Payment Date; (e) the average of the Monthly Principal Payment Rates for the three preceding Collection Periods is less than __%; (f) on any Determination Date, the Available Subordinated Amount for the next Payment Date will be less than the Required Subordinated Amount after giving effect to any payments to be made on such Payment Date, and continues unremedied for five Business Days after such Payment Date; provided that, for the purpose of determining whether a Series 20__-_ 20 - Amortization Event has occurred pursuant to this clause (f), any reduction of the Available Subordinated Amount resulting from reallocations of the Available Depositor Principal Collections to pay interest on the Series 20__-_ 20 - Notes if LIBOR is equal to or greater than the prime rate upon which interest on the receivables is calculated on the applicable LIBOR Determination Date will be considered a Series 20__-_ 20 - Amortization Event only if LIBOR remains equal to or greater than such prime rate for the next 30 consecutive days following such LIBOR Determination Date; (g) the amounts in the Excess Funding Account exceed __% of the sum of the “Adjusted Invested Amounts” of all Series for three consecutive Collection Periods, after giving effect to any payments to be made on each related Payment Date; or (h) the occurrence of an Event of Default with respect to Series 20__-_ 20 - and an acceleration of the maturity of the Series 20__-_ 20 - Notes pursuant to Section 5.2 of the Indenture. then, in the case of any event described in clauses (a) through (c) above that is continuing, after any applicable grace period, either the Indenture Trustee or the Noteholders of a majority of the Note Balance of the Series 20__-_ 20 - Notes by notice to the Depositors and the Servicer (and to the Indenture Trustee if given by the Noteholders of Series 20__-_ 20 - Notes) may declare that an Amortization Event with respect to the Series 20__-_ 20 - Notes (a “Series 20__-_ 20 - Amortization Event”) has occurred as of the date of such notice, and, in the case of any event described in clauses (d) through (h) above, a Series 20__-_ 20 - Amortization Event, will occur without any notice or other action on the part of the Indenture Trustee or the Series 20__-_ 20 - Noteholders immediately upon the occurrence of such event.