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. 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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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, 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.

  • No Event of Default, Event of Early Termination, Potential Default, Material Adverse Effect with respect to Seller 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).

  • 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.


More Definitions of Cease Funding Event

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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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 shall have the meaning assigned to such term in Section 9(b)(xvii) hereof.
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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

  • 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.

  • 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.

  • 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.