Cease Funding Event definition

Cease Funding Event. Any of the following:
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Cease Funding Event. A Cease Funding Event shall have occurred and be continuing on any date of determination if Xxxxxxx Mac or Xxxxxx Mae shall have given written notice to the Servicer that suspends or terminates the Servicer’s right to reimbursement of Delinquency Advance Receivables, Escrow Advance Receivables or Corporate Advance Receivables, which termination or suspension was not related to a specific claim submitted for reimbursement, and which suspension or termination continues for a period greater than five (5) Business Days from the date of written notice of such refusal, failure or suspension and continues to exist on such date of determination.
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Cease Funding Event. If at any time during the period beginning on the Closing Date and ending on the nine (9) month anniversary of the Closing Date (i) the Effective Collections Rate is less than 85% for any three (3) consecutive months and (ii) the Aggregate Advance exceeds the Debt Yield (calculated utilizing ten percent (10%) per annum as the applicable percent being tested); provided that a Cease Funding Event commencing under (x) clause (i) shall be discontinued when and if the Effective Collections Rate shall have been at least 85% for any three (3) consecutive months, and (y) clause (ii) shall be discontinued when and if the Aggregate Advance is equal to or less than the Debt Yield (calculated utilizing ten percent (10%) per annum as the applicable percent being tested) at any time.
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Examples of Cease Funding Event in a sentence

  • Lender shall not be required to make any Advance if (i) the Repayment Period has commenced or (ii) any Cease Funding Event, Springing Deed of Trust Trigger Event, Borrowing Base Deficiency, Default or Event of Default then has occurred or would occur as a result of such Advance.

  • No Event of Default, Event of Early Termination, Potential Default, Material Adverse Effect with respect to Seller, Parent Guarantor or Guarantor or Cease Funding Event has occurred or is continuing.

  • No Event of Default, Event of Early Termination, Potential Default, Material Adverse Effect with respect to Guarantor or Seller or Cease Funding Event has occurred or is continuing.

  • No Event of Default, Event of Early Termination, Potential Default, Material Adverse Effect with respect to Seller or Guarantor or Cease Funding Event has occurred or is continuing.

  • Upon receiving such a notice, the Administrative Agent shall promptly notify each Buyer of such Event of Default, Event of Early Termination, Potential Default, Material Adverse Effect with respect to Seller or Cease Funding Event and provide each Buyer with a copy of such notice and shall endeavor to provide such notice to the Buyers within three (3) Business Days (but without any liability whatsoever in the event of its failure to do so).

  • Notwithstanding anything to the contrary herein, no Cease Funding Event described herein shall (a) cause the termination or modification of any existing Transaction, or (b) void the terms of any Funding Notice for specific Loans delivered by the Buyer to the Seller on or before the declaration of such Cease Funding Event.

  • In furtherance of the foregoing, upon receipt of a Bailee Agreement, which must be acknowledged by the Administrative Agent; provided that no Event of Early Termination, Event of Default, Material Adverse Effect with respect to Seller or Cease Funding Event has occurred of which the Custodian shall have received written notice, the Custodian shall release to the Seller the requested Mortgage Loan Files.

  • No Event of Default, Cease Funding Event, Backup Servicing Trigger Event or Collateral Shortfall shall exist immediately before giving effect to, or shall result from, such proposed Borrowing or from the application of the proceeds thereof or from the honoring of any Notice of Borrowing.

  • Notwithstanding the foregoing, the waivers set forth above do not establish a course of conduct between the Loan Parties, the Administrative Agent and the Lender and each Loan Party hereby agrees that the Administrative Agent and the Lender are not obligated to waive the testing of the financial covenants set forth in the Credit Agreement for any future period or waive any future Cease Funding Event, Default or Event of Default under the Credit Agreement or any other Loan Document.

  • There is a requirement for a minimal co‑payment for certain services.


More Definitions of Cease Funding Event

Cease Funding Event. A Cease Funding Event shall have occurred and be continuing on any date of determination if either Xxxxxxx Mac or Xxxxxx Xxx shall have given written notice to the Servicer that suspends or terminates the Servicer’s right to reimbursement of Delinquency Advance Receivables, Delinquent MBS Mortgage Repurchase Advance Receivables, Escrow Advance Receivables or Corporate Advance Receivables, which termination or suspension was not related to a specific claim submitted for reimbursement, and which suspension or termination continues for a period greater than five (5) Business Days from the date of written notice of such refusal, failure or suspension and continues to exist on such date of determination.
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Cease Funding Event shall have the meaning assigned to such term in Section 9(b)(xvii) hereof.
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Cease Funding Event means, as of any date of determination, as determined by the Administrative Agent in its Permitted Discretion the occurrence of:
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Cease Funding Event. Any of the following: (a) the aggregate original Asset Value of those Purchased Assets that are deemed to be Defective Assets is greater than or equal to [***] of the outstanding Transactions for more than [***] or longer in Administrative Agent’s discretion; or (b) a breach of any servicing obligations of any Servicer, including, but not limited to, its failure to deposit any funds required to be deposited under Section 6.2(i) into the Collateral Account. “Change of Control”: With respect to Seller, Guarantor or any Servicer, Change of Control shall mean any of the following: (a) if such Person is a corporation, any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), other than a trustee or other fiduciary holding securities of such Person under an employee benefit plan of such Person, becomes the “beneficial owner” (as defined in Rule 13d-3 promulgated under the Exchange Act), directly or indirectly, of securities of Person representing 50% or more of (i) the outstanding shares of common stock of such Person or (ii) the combined voting power of such Person’s then-outstanding securities;
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Related to Cease Funding Event

  • Special Servicer Termination Event shall have the meaning given to such term in the Lead Securitization Servicing Agreement.

  • Financing Event means the earlier of (i) a public offering by the Company of its Common Stock with aggregate gross proceeds of at least $5 million; or (ii) the listing of the Company’s Common Stock on a National Securities Exchange, as such term is defined under the Exchange Act.

  • Initial Funding Date means the Funding Date on which the first Loan is made pursuant to this Agreement, as specified in the Initial Borrower Funding Request.

  • Pre-Funding Period means the period beginning on the Closing Date and ending on the earliest of (a) the date on which the amount on deposit in the Pre-Funding Account is less than $10,000, (b) the Funding Termination Date or (c) the date on which an Event of Termination occurs.

  • Servicer Termination Event shall have the meaning assigned to such term in the Lead Securitization Servicing Agreement or at any time that the Mortgage Loan is no longer subject to the provisions of the Lead Securitization Servicing Agreement, any analogous concept under the servicing agreement pursuant to which the Mortgage Loan is being serviced in accordance with the terms of this Agreement.

  • Capital Disqualification Event has the meaning specified in Section 1.1 of the Indenture.

  • Sharing Event means (i) the occurrence of any Event of Default with respect to any Borrower pursuant to Section 12.05, (ii) the declaration of the Total Revolving Loan Commitment termination, or the acceleration of the maturity of any Revolving Loans, in each case pursuant to the last paragraph of Section 12 or (iii) the failure of any Borrower to pay any principal of, Face Amount of, or interest on, Revolving Loans or any Letter of Credit Obligations on the Maturity Date.

  • Rating Event means the rating on the Notes is lowered by each of the Rating Agencies and the Notes are rated below an Investment Grade Rating by each of the Rating Agencies on any day within the 60-day period (which 60-day period will be extended so long as the rating of the Notes is under publicly announced consideration for a possible downgrade by any of the Rating Agencies) after the earlier of (a) the occurrence of a Change of Control and (b) public notice of the occurrence of a Change of Control or the Company’s intention to effect a Change of Control; provided that a Rating Event will not be deemed to have occurred in respect of a particular Change of Control (and thus will not be deemed a Rating Event for purposes of the definition of Change of Control Triggering Event) if each Rating Agency making the reduction in rating does not publicly announce or confirm or inform the Trustee in writing at the request of the Company that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the Change of Control (whether or not the applicable Change of Control has occurred at the time of the Rating Event).

  • Pre-Funding Account means the account designated as the Pre-Funding Account in, and which is established and maintained pursuant to Section 7.07.

  • Liquidation Event means, whether in a single transaction or series of transactions, the voluntary or involuntary liquidation, dissolution or winding up of the Company or such Subsidiaries the assets of which constitute all or substantially all of the assets of the business of the Company and its Subsidiaries, taken as a whole.

  • Pre-Funding Earnings means any Investment Earnings on amounts on deposit in the Pre-Funding Account.

  • Servicer Termination Events (or any analogous term under the Lead Securitization Servicing Agreement) include customary market termination events with respect to failure to make advances, failure to timely remit payments to the Non-Lead Note Holders as required hereunder or under the Lead Securitization Servicing Agreement (subject to no more than one business day grace period), failure to timely deposit amounts into any REO Account or to remit to a Servicer for deposit into a related collection or custodial account, failure to deliver (or cause to be delivered) materials or information required in order for each Non-Lead Note Holder or each Non-Lead Depositor to timely comply with its obligations under the Exchange Act, the Securities Act and Form SF-3, and for rating agency downgrades or other triggers with respect to any certificates issued in connection with a Non-Lead Securitization, subject to customary grace periods (provided that, in the case of failures related to the securities laws, such grace periods will not cause a Non-Lead Depositor to fail to comply with the applicable provisions of such securities laws). Upon the occurrence of such a Servicer Termination Event with respect to the Master Servicer affecting a Non-Lead Securitization Note Holder and the Master Servicer is not otherwise terminated pursuant to the Lead Securitization Servicing Agreement, the Master Servicer shall be required, upon the direction of such Non-Lead Securitization Note Holder, to appoint a subservicer with respect to such Non-Lead Securitization Note. Upon the occurrence of a Servicer Termination Event with respect to the Special Servicer affecting a Non-Lead Securitization Note Holder and the Special Servicer is not otherwise terminated pursuant to the Lead Securitization Servicing Agreement, the Trustee shall, upon direction of such Non-Lead Securitization Note Holder, terminate the Special Servicer with respect to, but only with respect to, the Mortgage Loan;

  • MREL Disqualification Event means that, at any time, all or part of the outstanding nominal amount of Securities is or will be excluded fully or partially from the eligible liabilities available to meet the MREL Requirements provided that: (a) the exclusion of a Series of such Securities from the MREL Requirements due to the remaining maturity of such Securities being less than any period prescribed thereunder, does not constitute a MREL Disqualification Event; (b) the exclusion of all or some of a Series of Securities due to there being insufficient headroom for such Securities within a prescribed exception to the otherwise applicable general requirements for eligible liabilities does not constitute a MREL Disqualification Event; and (c) the exclusion of all or some of a Series of Securities as a result of such Securities being purchased by or on behalf of the Issuer or as a result of a purchase which is funded directly or indirectly by the Issuer, does not constitute a MREL Disqualification Event.

  • CarMax Funding means CarMax Auto Funding LLC, a Delaware limited liability company.

  • Reserve Account Funding Date means the Distribution Date which occurs not later than the earliest of (a) the Distribution Date with respect to the Monthly Period that commences not later than three months prior to the Distribution Date with respect to the first Monthly Period in the Controlled Accumulation Period, (b) in the event that the average Excess Spread Percentage for any three consecutive Monthly Periods ending in the May 2023 Monthly Period or any Monthly Period thereafter is less than 2%, the Distribution Date with respect to such Monthly Period, (c) in the event that the average Excess Spread Percentage for any three consecutive Monthly Periods ending in the November 2023 Monthly Period or any Monthly Period thereafter is less than 3%, the Distribution Date with respect to such Monthly Period and (d) such earlier Distribution Date as the Transferor may determine by written notice to the Trustee and the Servicer. For this purpose, the “Excess Spread Percentage” for any Monthly Period shall be equal to the Series Adjusted Portfolio Yield for such Monthly Period minus the Base Rate for such Monthly Period.

  • TLAC Disqualification Event means OSFI has advised the Bank in writing that the bail-inable notes issued under the applicable pricing supplement will no longer be recognized in full as TLAC under the TLAC Guideline as interpreted by the Superintendent, provided that a TLAC Disqualification Event will not occur where the exclusion of those bail-inable notes from the Bank’s TLAC requirements is due to the remaining maturity of those bail-inable notes being less than any period prescribed by any relevant eligibility criteria applicable as of the issue date of those bail-inable notes.

  • Liquidating Event has the meaning set forth in Section 13.1 hereof.

  • ERISA Termination Event means (i) a “Reportable Event” described in Section 4043 of ERISA and the regulations issued thereunder (other than a “Reportable Event” not subject to the provision for 30-day notice to the PBGC under such regulations), or (ii) the withdrawal of a Borrower or any of its ERISA Affiliates from a “single employer” Plan during a plan year in which it was a “substantial employer”, both of such terms as defined in Section 4001(a) of ERISA, or (iii) the filing of a notice of intent to terminate a Plan or the treatment of a Plan amendment as a termination under Section 4041 of ERISA, or (iv) the institution of proceedings to terminate a Plan by the PBGC or (v) any other event or condition which might constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan or (vi) the partial or complete withdrawal of a Borrower or any ERISA Affiliate of such Borrower from a “multiemployer plan” as defined in Section 4001(a) of ERISA.

  • Commitment Termination Event means the earlier of (a) automatically and without notice or further action, the occurrence of any Event of Default described in Section 7.01(i) (Bankruptcy, Insolvency, etc.) with respect to the Borrower and (b) the occurrence and continuation of any other Event of Default under this Agreement pursuant to which either a Commitment Termination Event has been expressly declared or a declaration of the Loan to be due and payable has been given, in each case pursuant to Section 7.03 (Action if other Event of Default).

  • Sporting event means any of the following athletic activities that is organized, operated, managed, or sponsored by the School:

  • Put Event means the occurrence of:

  • Acquisition Event means a merger or consolidation in which the Company is not the surviving entity, any transaction that results in the acquisition of all or substantially all of the Company’s outstanding Common Stock by a single person or entity or by a group of persons and/or entities acting in concert, or the sale or transfer of all or substantially all of the Company’s assets.

  • Adverse Grantor Trust Event As defined in Section 10.02(e).

  • Deemed Liquidation Event means (a) a merger or consolidation in which (i) the Corporation is a constituent party or (ii) a subsidiary of the Corporation is a constituent party and the Corporation issues shares of its capital stock pursuant to such merger or consolidation, except any such merger or consolidation involving the Corporation or a subsidiary in which the shares of capital stock of the Corporation outstanding immediately prior to such merger or consolidation continue to represent, or are converted into or exchanged for shares of capital stock that represent, immediately following such merger or consolidation, at least a majority, by voting power, of the capital stock of (1) the surviving or resulting corporation; or (2) if the surviving or resulting corporation is a wholly owned subsidiary of another corporation immediately following such merger or consolidation, the parent corporation of such surviving or resulting corporation; or (b) the sale, lease, transfer, exclusive license or other disposition, in a single transaction or series of related transactions, by the Corporation or any subsidiary of the Corporation of all or substantially all the assets of the Corporation and its subsidiaries taken as a whole, or the sale or disposition (whether by merger, consolidation or otherwise) of one or more subsidiaries of the Corporation if substantially all of the assets of the Corporation and its subsidiaries taken as a whole are held by such subsidiary or subsidiaries, except where such sale, lease, transfer, exclusive license or other disposition is to a wholly owned subsidiary of the Corporation.

  • Disqualifying Event has the meaning specified in the definition of Eligible Currency.

  • Initial Funding means the funding of the initial Loans or issuance of the initial Letters of Credit upon satisfaction of the conditions set forth in Sections 6.01 and 6.