Common use of Series Events of Default Clause in Contracts

Series Events of Default. If any one of the following shall occur: (a) the Obligor or the Servicer shall fail to make when due and payable any payment or deposit required hereunder or under any other Series 2002-A Related Document, in any case on or before the date occurring one (1) Business Day after the date such payment or deposit shall become due; or (b) the Obligor or the Transferor shall fail to perform or observe any covenant with respect to such Person set forth in any Series 2002-A Related Document, and such failure shall remain unremedied for ten (10) Business Days after receipt by the Obligors’ Agent of written notice thereof by the Trustee or the Agent; or (c) any representation or warranty made by the Obligor, the Servicer or the Transferor in any Series 2002-A Related Document or in any other document delivered pursuant thereto shall prove to have been incorrect when made or deemed made and continues to be incorrect for a period of ten (10) Business Days after the earlier to occur of (1) the discovery thereof by the Obligor or (2) the receipt by the Obligors’ Agent of written notice thereof from the Trustee or the Agent; or (d) an Insolvency Event shall occur with respect to the Transferor, the Obligor, the Obligors’ Agent, or the Servicer; or (e) the Net Investment exceeds the lesser of the Maximum Series Limit and the Borrowing Base (x) for three consecutive Business Days or (y) as of the close of business on any Settlement Date; or (f) the Trustee on behalf of the Series 2002-A Secured Parties shall fail to have a valid and perfected first priority security interest in either (x) the Series 2002-A Contracts or (y) items of Equipment having an Original Equipment cost in excess of $25,000 and, in the case of this clause (y), relating to a material portion of the Equipment in the Series 2002-A Trust Estate; or (g) (x) the Obligor shall fail to pay any principal of or premium or interest on any indebtedness when the same becomes due and payable (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise) or (y) the Servicer or the Transferor shall fail to pay any principal of or premium or interest on any indebtedness having a principal amount of $1,000,000 or greater when the same becomes due and payable (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise) and, with respect to both clauses (x) and (y), any such failure shall continue after the applicable grace period, if any, specified in the agreement or instrument relating to such indebtedness; or any other default under any agreement or instrument relating to any such indebtedness of any Obligor, the Servicer or the Transferor or any other event shall occur and shall continue after the applicable grace period, if any, specified in such agreement or instrument if the effect of such default or event is to accelerate, or to permit the acceleration of, the maturity of such indebtedness; or any such indebtedness shall be declared to be due and payable or required to be prepaid (other than by a regularly scheduled required prepayment) prior to the stated maturity thereof; or (h) the failure by Xxxxxx to complete at least one Take-Out during any “Take-Out Period”; where “Take-Out Period” shall mean the eighteen month period commencing on the date on which the initial Advance is funded under Section 4.01(b) hereof, and each eighteen month period thereafter; provided, that if a Market Disruption Event is determined by the Series Controlling Party to have occurred during the last calendar month of any Take-Out Period, such Take-Out Period shall be extended for a period of ninety (90) calendar days, and the following Take-Out Period shall commence at the end of such extended period; or

Series Events of Default. If any one of the following shall occur: (a) the Obligor or the Servicer shall fail to make when due and payable any payment or deposit required hereunder or under any other Series 20022000-A Related Document, in any case on or before the date occurring one (1) Business Day after the date such payment or deposit shall become due; or (b) the Obligor or the Transferor shall fail to perform or observe any covenant with respect to such Person set forth in any Series 20022000-A Related Document, and such failure shall remain unremedied for ten (10) Business Days after receipt by the Obligors’ ' Agent of written notice thereof by the Trustee Trustee, the Series Support Provider or the Agent; or (c) any representation or warranty made by the Obligor, the Servicer or the Transferor in any Series 20022000-A Related Document or in any other document delivered pursuant thereto shall prove to have been incorrect when made or deemed made and continues to be incorrect for a period of ten (10) Business Days after the earlier to occur of (1) the discovery thereof by the Obligor or (2) the receipt by the Obligors’ ' Agent of written notice thereof from the Trustee Trustee, the Series Support Provider or the Agent; or (d) an Insolvency Event shall occur with respect to the Transferor, the Obligor, the Obligors’ ' Agent, or the Servicer; or (e) the Net Investment exceeds the lesser of the Maximum Series Limit and the Borrowing Base (x) for three consecutive Business Days or (y) as of the close of business on any Settlement Date; or (f) the Trustee on behalf of the Series 20022000-A Secured Parties shall fail to have a valid and perfected first priority security interest in either (x) the Series 20022000-A Contracts or (y) items of Equipment having an Original Equipment cost in excess of $25,000 and, in the case of this clause (y), relating to a material portion of the Equipment in the Series 20020000-A Trust Estate; or (g) (x) the Obligor shall fail to pay any principal of or premium or interest on any indebtedness when the same becomes due and payable (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise) or (y) the Servicer or the Transferor shall fail to pay any principal of or premium or interest on any indebtedness having a principal amount of $1,000,000 or greater when the same becomes due and payable (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise) and, with respect to both clauses (x) and (y), any such failure shall continue after the applicable grace period, if any, specified in the agreement or instrument relating to such indebtedness; or any other default under any agreement or instrument relating to any such indebtedness of any Obligor, the Servicer or the Transferor or any other event shall occur and shall continue after the applicable grace period, if any, specified in such agreement or instrument if the effect of such default or event is to accelerate, or to permit the acceleration of, the maturity of such indebtedness; or any such indebtedness shall be declared to be due and payable or required to be prepaid (other than by a regularly scheduled required prepayment) prior to the stated maturity thereof; or (h) the failure by Xxxxxx to complete at least one Take-Out during any “Take-Out Period”; where “Take-Out Period” shall mean the eighteen month period commencing on the date on which the initial Advance is funded under Section 4.01(b) hereof, and each eighteen month period thereafter; provided, that if a Market Disruption Event is determined by the Series Controlling Party to have occurred during the last calendar month of any Take-Out Period, such Take-Out Period shall be extended for a period of ninety (90) calendar days, and the following Take-Out Period shall commence at the end of such extended period; orX Xxxxx Xxxxxx;

Series Events of Default. If any one of the following shall occur: (a) the Obligor or the Servicer shall fail to make when due and payable any payment or deposit required hereunder or under any other Series 2002-A Related Document, in any case on or before the date occurring one (1) Business Day after the date such payment or deposit shall become due; or (b) the Obligor or the Transferor shall fail to perform or observe any covenant with respect to such Person set forth in any Series 2002-A Related Document, and such failure shall remain unremedied for ten (10) Business Days after receipt by the Obligors’ ' Agent of written notice thereof by the Trustee Trustee, the Series Support Provider or the Agent; or (c) any representation or warranty made by the Obligor, the Servicer or the Transferor in any Series 2002-A Related Document or in any other document delivered pursuant thereto shall prove to have been incorrect when made or deemed made and continues to be incorrect for a period of ten (10) Business Days after the earlier to occur of (1) the discovery thereof by the Obligor or (2) the receipt by the Obligors’ ' Agent of written notice thereof from the Trustee Trustee, the Series Support Provider or the Agent; or (d) an Insolvency Event shall occur with respect to the Transferor, the Obligor, the Obligors’ ' Agent, or the Servicer; or (e) the Net Investment exceeds the lesser of the Maximum Series Limit and the Borrowing Base (x) for three consecutive Business Days or (y) as of the close of business on any Settlement Date; or (f) the Trustee on behalf of the Series 2002-A Secured Parties shall fail to have a valid and perfected first priority security interest in either (x) the Series 2002-A Contracts or (y) items of Equipment having an Original Equipment cost in excess of $25,000 and, in the case of this clause (y), relating to a material portion of the Equipment in the Series 20020000-A Trust Estate; or (g) (x) the Obligor shall fail to pay any principal of or premium or interest on any indebtedness when the same becomes due and payable (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise) or (y) the Servicer or the Transferor shall fail to pay any principal of or premium or interest on any indebtedness having a principal amount of $1,000,000 or greater when the same becomes due and payable (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise) and, with respect to both clauses (x) and (y), any such failure shall continue after the applicable grace period, if any, specified in the agreement or instrument relating to such indebtedness; or any other default under any agreement or instrument relating to any such indebtedness of any Obligor, the Servicer or the Transferor or any other event shall occur and shall continue after the applicable grace period, if any, specified in such agreement or instrument if the effect of such default or event is to accelerate, or to permit the acceleration of, the maturity of such indebtedness; or any such indebtedness shall be declared to be due and payable or required to be prepaid (other than by a regularly scheduled required prepayment) prior to the stated maturity thereof; or (h) the failure by Xxxxxx to complete at least one Take-Out during any “Take-Out Period”; where “Take-Out Period” shall mean the eighteen month period commencing on the date on which the initial Advance is funded under Section 4.01(b) hereof, and each eighteen month period thereafter; provided, that if a Market Disruption Event is determined by the Series Controlling Party to have occurred during the last calendar month of any Take-Out Period, such Take-Out Period shall be extended for a period of ninety (90) calendar days, and the following Take-Out Period shall commence at the end of such extended period; orX Xxxxx Xxxxxx;

Series Events of Default. If any one of the following shall occur: (a) the Obligor or the Servicer shall fail to make when due and payable any payment or deposit required hereunder or under any other Series 20022000-A Related Document, in any case on or before the date occurring one (1) Business Day after the date such payment or deposit shall become due; or (b) the Obligor or the Transferor shall fail to perform or observe any covenant with respect to such Person set forth in any Series 20022000-A Related Document, and such failure shall remain unremedied for ten (10) Business Days after the earlier to occur of (1) the discovery thereof by the Obligor or (2) the receipt by the Obligors’ Agent of written notice thereof by from the Trustee or the Agent; or (c) any representation or warranty made by the Obligor, the Servicer or the Transferor in any Series 20022000-A Related Document or in any other document delivered pursuant thereto shall prove to have been incorrect when made or deemed made and continues to be incorrect for a period of ten (10) Business Days after the earlier to occur of (1) the discovery thereof by the Obligor or (2) the receipt by the Obligors’ Agent of written notice thereof from the Trustee or the Agent; or (d) an Insolvency Event shall occur with respect to the Transferor, the Obligor, the Obligors’ Agent, or the Servicer; or (e) the Net Investment exceeds the lesser of the Maximum Series Limit and the Borrowing Base (x) for three consecutive Business Days or (y) as of the close of business on any Settlement Date; or (f) the Trustee on behalf of the Series 20022000-A Secured Parties shall fail to have a valid and perfected first priority security interest in either (x) the Series 20022000-A Contracts or (y) items of Equipment having an Original Equipment cost in excess of $25,000 and, in the case of this clause (y), relating to a material portion of the Equipment in the Series 20020000-A Trust Estate; or (g) (x) the Obligor shall fail to pay any principal of or premium or interest on any indebtedness when the same becomes due and payable (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise) or (y) the Servicer or the Transferor shall fail to pay any principal of or premium or interest on any indebtedness having a principal amount of $1,000,000 or greater when the same becomes due and payable (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise) and, with respect to both clauses (x) and (y), any such failure shall continue after the applicable grace period, if any, specified in the agreement or instrument relating to such indebtedness; or any other default under any agreement or instrument relating to any such indebtedness of any Obligor, the Servicer or the Transferor or any other event shall occur and shall continue after the applicable grace period, if any, specified in such agreement or instrument if the effect of such default or event is to accelerate, or to permit the acceleration of, the maturity of such indebtedness; or any such indebtedness shall be declared to be due and payable or required to be prepaid (other than by a regularly scheduled required prepayment) prior to the stated maturity thereof; or (h) the failure by Xxxxxx to complete at least one Take-Out during any “Take-Out Period”; where “Take-Out Period” shall mean the eighteen month period commencing on the date on which the initial Advance is funded under Section 4.01(b) hereof, and each eighteen month period thereafter; provided, that if a Market Disruption Event is determined by the Series Controlling Party to have occurred during the last calendar month of any Take-Out Period, such Take-Out Period shall be extended for a period of ninety (90) calendar days, and the following Take-Out Period shall commence at the end of such extended period; orX Xxxxx Xxxxxx;

Series Events of Default. If any one of the following (each, a "Series Event of Default") shall occur: (ai) there shall be a failure to pay in full the Series 1997-A Interest Distribution Amount for any three consecutive Payment Dates, or (ii) the Obligor or Aggregate Principal Balance of the Servicer shall fail to make when due and payable any payment or deposit required hereunder or under any other Series 20021997-A Related Document, Notes shall not have been repaid in any case full on or before the date occurring one (1) Business Day after the date such payment or deposit shall become dueprior to July 15, 2012; or (b) any failure by the Obligor Issuer, the Seller or the Transferor shall fail Company to perform make any payment, transfer or observe deposit or remit any covenant with respect funds, or, if applicable, to give instructions or notice to the Trustee or the Paying Agent to make such Person set forth payment, transfer or deposit or remit any funds, in any Series 2002-A Related Documenteach case, when required to do so and such failure shall remain remains unremedied for ten two (102) Business Days after receipt by the Obligors’ Agent of written notice thereof by Issuer, the Trustee Seller or the AgentCompany, as applicable, was required to make such payment, deposit or remittance or give such instruction; or (c) any representation or warranty made failure by the ObligorIssuer, the Servicer Seller or the Transferor Company duly to observe or perform in any material respect any other covenant or agreement of the Issuer, the Seller or the Company set forth in any of the Agreement, this Supplement, the Issuer Purchase Agreement, the Seller Purchase Agreement, the Note Purchase Agreement, any other Operative Document relating to Series 20021997-A, any other instrument, agreement or document related to any Series 1997-A Related Document Note or in to any other document delivered pursuant thereto shall prove to have been incorrect when made or deemed made and of the foregoing, which failure (x) continues to be incorrect unremedied for a period of ten thirty (1030) Business Days days after the earlier to occur of (1i) the discovery thereof date upon which a Responsible Officer of such breaching party obtained actual knowledge of such failure and (ii) the date upon which written notice of such failure shall have been given to such breaching party by the Obligor Trustee, any Noteholder, the Master Servicer, any Control Party or any other Person, and (2y) has, or could reasonably be expected in the receipt by determination of the Obligors’ Agent of written notice thereof from the Trustee or the AgentMajority Noteholders to have, a Material Adverse Effect with respect to Series 1997-A; or (d) an Insolvency Event any representation, warranty or certification made or deemed to have been made by the Issuer, the Seller or the Company under or in connection with the Agreement, the Supplement, the Issuer Purchaser Agreement, the Seller Purchase Agreement, the Note Purchase Agreement, any other Operative Document relating to Series 1997-A, any other instrument, agreement or document related to any Series 1997-A Note or to any of the foregoing, or in any certificate or information delivered pursuant to or in connection with any of the foregoing (including, without limitation, any certificates delivered by any officer of X.X. Xxxxxxxxx Structured Settlement Funding Corporation for, and on behalf of, the Company) (either individually and/or in its capacity as a member or manager of the Seller) (either individually and/or in its capacity as a member or manager of the Issuer) in connection with any of the opinions of counsel delivered on the Series Closing Date), shall, in any event, prove to have been incorrect in any material respect when made or deemed to have been made, and such incorrectness (x) continues unremedied for thirty (30) days after the earlier of (i) the date upon which a Responsible Officer of such breaching party obtained actual knowledge of such incorrectness and (ii) the date upon which written notice of such failure shall occur have been given to such breaching party by the Trustee, any Noteholder, the Master Servicer, any Control Party or any other Person, and (y) has, or could reasonably be expected in the determination of the Majority Noteholders to have, a Material Adverse Effect with respect to Series 1997-A; provided, however, that to the Transferorextent that any such untrue representation relates to a Series Receivable, it shall not constitute a Series Event of Default hereunder to the Obligor, extent the Obligors’ Agent, Issuer causes the Seller to repurchase or substitute such Series Receivable as required pursuant to Section 2.06(f) of the ServicerAgreement and the Seller shall so repurchase and substitute such Series Receivables as required therein; or (e) the Net Investment exceeds Trustee shall cease to have, a valid, perfected and continuing first priority "security interest" (as defined in the lesser UCC of the Maximum jurisdiction the law of which governs the perfection of the interest in such Series Limit Pledged Assets created hereunder) in the Series Pledged Assets for Series 1997-A now existing and hereafter arising and the Borrowing Base (x) for three consecutive Business Days proceeds thereof; provided, that, if such affected Series Pledged Assets constitute 10% or (y) as less of the close Aggregate Discounted Receivables Balance of business on all of the Series Pledged Assets, then such circumstance shall not constitute a Series Event of Default if, within fifteen (15) days after learning of any Settlement Datesuch circumstance, the Issuer shall cause the Seller to repurchase such affected Pledged Assets from the Issuer for a price equal to the Aggregate Discounted Receivables Balance thereof (to be paid in cash to the Trustee's Account) or to contribute (in exchange for such affected Receivables) to the Issuer for inclusion in the Series Pledged Assets, Eligible Receivables in respect of which such circumstance does not exist and having an Aggregate Discounted Principal Balance equal to or in excess of that of the affected Receivables; or (f) the Trustee on behalf of the Series 2002-A Secured Parties an Overcollateralization Default shall fail to have a valid and perfected first priority security interest in either (x) the Series 2002-A Contracts or (y) items of Equipment having an Original Equipment cost in excess of $25,000 and, in the case of this clause (y), relating to a material portion of the Equipment in the Series 2002-A Trust Estateoccur; or (g) (x) the Obligor shall fail to pay any principal of or premium or interest on any indebtedness when Issuer, the same becomes due and payable (whether by scheduled maturitySeller, required prepayment, acceleration, demand or otherwise) or (y) the Servicer Company or the Transferor Master Servicer (if an Affiliated Entity) shall fail to pay any principal of or premium or interest on any indebtedness having a principal amount of $1,000,000 or greater when the same becomes due and payable (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise) and, with respect to both clauses (x) and (y), any such failure shall continue after the applicable grace period, if any, specified in the agreement or instrument relating to such indebtedness; or any other default under any agreement or instrument relating to any such indebtedness of any Obligor, the Servicer or the Transferor or any other event shall occur and shall continue after the applicable grace period, if any, specified in such agreement or instrument if the effect of such default or event is to acceleratebecome, or to permit become controlled by, an "investment company" within the acceleration of, meaning of the maturity of such indebtedness; or any such indebtedness shall be declared to be due and payable or required to be prepaid (other than by a regularly scheduled required prepayment) prior to the stated maturity thereofInvestment Company Act; or (h) either (i) the failure Series 1997-A Notes shall be characterized by Xxxxxx the Internal Revenue Service as other than indebtedness of the Issuer for federal income tax purposes or (ii) the Issuer shall become an association taxable as a corporation for federal income tax purposes or shall become a publicly traded partnership within the meaning of Section 7701 of the Internal Revenue Code; or (i) any transfer by the Company to complete the Seller, or by the Seller to the Issuer, of Receivables and Related Property (whether constituting Series Receivables for Series 1997-A or otherwise) thereunder on any date shall cease to create a valid sale, transfer and/or assignment to the Seller and/or the Issuer of all right, title and interest of the Company and/or the Seller, as applicable, in, to and under all such Receivables and Related Property; or (j) the Issuer or the Seller shall cease to be an Affiliate of the Company or the Company shall cease to own or control a controlling percentage of the limited liability company interest of the Seller, or the Company (indirectly through the Seller or otherwise) shall cease to own or control a controlling percentage of the limited liability company interests of the Issuer; or (k) to the extent that the Master Servicer is an Affiliated Entity, a Servicer Default shall occur which has a material adverse effect on the interests of the Series 1997-A Noteholders under the Agreement, this Supplement, the Issuer Purchase Agreement, the Seller Purchase Agreement, the Note Purchase Agreement or any related instrument or agreement; or (l) the Intercreditor Agreement shall be held (by a court having jurisdiction in a final, unappealable decision or order) to be unenforceable in any material respect; or (m) either (i) the Back-up Servicing Agreement shall be terminated or (ii) the Back-up Servicer shall breach its obligations thereunder and such breach (x) shall remain unremedied for more than sixty (60) days after notice thereof has been given to the Back-up Servicer and (y) has, or could reasonably be expected to have a Material Adverse Effect and, in either of the cases of clause (i) or (ii) above, the Rating Agencies (or any of the them) then rating the Series 1997-A Notes have reduced or withdrawn their ratings of such rated Notes as a result thereof and shall not have, within such sixty (60) day period increased or reinstated such ratings to a level at least one Takeequal to the ratings which existed at the time of the occurrence of such event . then, (i) the Majority Noteholders or (ii) the Trustee (at the direction of the Majority Noteholders), in either case, by notice given in writing to the Issuer and the Master Servicer (and to the Trustee to the extent that such notice is given by the Majority Noteholders) may declare that an Event of Default has occurred with respect to Series 1997-Out during any “Take-Out Period”; where “Take-Out Period” shall mean the eighteen month period commencing on A as of the date of such notice. Notwithstanding any provision to the contrary in the Agreement, the Issuer or the Master Servicer on which its behalf shall promptly notify the initial Advance is funded under Section 4.01(b) hereof, Trustee and each eighteen month period thereafter; provided, that if a Market Disruption Event is determined by the Series Controlling Party to have occurred during Rating Agencies of the last calendar month occurrence of any Take-Out PeriodSeries Event of Default or any event or circumstance that with the lapse of time or the giving of notice or both would constitute such a Series Event of Default, which notice shall contain a statement from such Take-Out Period shall be extended for a period of ninety (90) calendar days, and Person's chief financial officer describing what action the following Take-Out Period shall commence at Issuer or the end of Master Servicer intends to take with respect to such extended period; oroccurrence.