Delinquency Trigger Breach definition
Examples of Delinquency Trigger Breach in a sentence
Pursuant to the terms of the Indenture, in the event a Delinquency Trigger Breach occurs and Certified Note Owners vote to initiate an asset representations review by the Reviewer to determine instances of non-compliance with respect to asset related representations and warranties specified in the Asset Representations Review Agreement, such a review will be conducted as described in Section 3.4 of the Asset Representations Review Agreement.
If the voting process is not completed within such 150-day period and a Delinquency Trigger Breach has not occurred in any subsequent reporting period, then the Certified Note Owners may not initiate or, if already initiated, complete a vote to direct an Asset Representations Review with respect to that Delinquency Trigger Breach.
However, if a Delinquency Trigger Breach occurs in a subsequent period, the 90-day petition period described in the first sentence of this clause (ii) and the 150-day period for the completion of a vote will restart from the filing of the Form 10-D disclosing the most recent breach if no petition to vote has been initiated, no vote has been scheduled and no Asset Representations Review is being conducted.
The vote to direct such an Asset Representations Review must be completed within 150 days following the filing with the Commission of the Form 10-D disclosing the Delinquency Trigger Breach.
In addition, unless the Resignation Condition specified in clause (i) or (ii) of the definition thereof has occurred, the Asset Representation Reviewer shall not resign (x) within one hundred fifty (150) days following the latest occurrence of a Delinquency Trigger Breach, and (y) if a Review Notice has been received by the Asset Representations Reviewer, until after the completion of the Review and the delivery by the Asset Representations Reviewer of a Review Report pursuant to Section 3.5.
The vote to direct such an Asset Representations Review must be completed within one hundred and fifty (150) days following the filing with the Commission of the Form 10-D disclosing the Delinquency Trigger Breach.
However, if a Delinquency Trigger Breach occurs in a subsequent period, the 90- day petition period described in the first sentence of this clause (ii) and the 150- day period for the completion of a vote will restart from the filing of the Form 10- D disclosing the most recent breach if no petition to vote has been initiated, no vote has been scheduled and no Asset Representations Review is being conducted.