EVENT OF NONPAYMENT. An event of nonpayment shall occur with respect to any Payment Date if the amount remitted by the Servicer pursuant to Sections 5.04(i), 6.04(e) and 6.08 and on deposit in the Collection Account for such Payment Date, plus any amounts withdrawn from the Spread Account pursuant to Section 6.09(b)(iii) and on deposit in the Collection Account, that are not subject to any automatic stay under Section 362 of the United States Bankruptcy Code pursuant to an order of a United States bankruptcy court of competent jurisdiction, will not, taken together, be sufficient to pay the sum of (X) the Fixed Rate Remittance Amount and the Adjustable Rate Remittance Amount (exclusive of the portion of the Fixed Rate Carry-Forward Amount and the Adjustable Rate Carry-Forward Amount representing amounts previously paid to the Fixed Rate Certificateholders and Adjustable Rate Certificateholders, respectively, as Insured Payments) and (Y) the amount to be withdrawn from the Collection Account for deposit into the Insurance Account and Letter of Credit Fee Account pursuant to Sections 6.02(i) and (iii), respectively, in respect of such Payment Date, unless such insufficiency results from a failure by the Certificate Insurer to perform in accordance with the terms of this Agreement or the Certificate Insurance Policy or a failure by the Trustee to perform in accordance with this Agreement.
EVENT OF NONPAYMENT. An event of nonpayment shall occur with respect to each Sub-Pool and with respect to any Remittance Date if (i) on or prior to the related CrossOver Date, the amounts remitted by the Servicer and available to the Trustee pursuant to Sections 5.04(i), 6.05(e), 6.09 and 6.10 (to the extent not included in 5.04(i)) for deposit in the related Certificate Account that are not subject to an automatic stay under Section 362 of the United States Bankruptcy Code pursuant to an order of a United States bankruptcy court of competent jurisdiction, plus the amount of any Net Excess Spread from the other Sub-Pool, plus the amount of any Excess Principal from the other Sub-Pool, plus any amounts on deposit in the related Reserve Account prior to the related Cross-Over Date, plus the amount to be paid pursuant to the last paragraph of Section 6.06(c) (if any), will not, taken together, be sufficient to pay the sum of (x) all of the related Class A Remittance Amount (exclusive of any related Class A Carry-Forward Amount representing amounts previously paid to the related Class A Certificateholders as Insured Payments, or representing interest accrued in respect of such Insured Payments) and (y) the related Monthly Premium to be withdrawn from the related Certificate Account to be paid to the Certificate Insurer pursuant to Section 6.02(i) in respect of such Remittance Date, or (ii) after the related Cross-Over Date, the related Available Remittance Amount remitted by the Servicer to the Trustee pursuant to Section 5.04(i) plus that additional portion of the Amount Available constituting Excess Spread available to pay the related Class A Interest Remittance Amount pursuant to Sections 6.06(c)(A)(Y)(i) through (vii) with respect to Sub-Pool 1, and Section 6.06(c)(B)(Y)(i) with respect to Sub-Pool 2, the amounts remitted by the Servicer to the Trustee pursuant to Sections 6.05(e), 6.09 and 6.10 (to the extent not included in 5.04(i)) for deposit in the related Certificate Account that are not subject to an automatic stay under Section 362 of the United States Bankruptcy Code pursuant to an order of a United States bankruptcy court of competent jurisdiction, will not, taken together, be sufficient to pay the sum of (x) all of the related Class A Remittance Amount (exclusive of any related Class A Carry-Forward Amount representing amounts previously paid to the related Class A Certificateholders, as Insured Payments, or representing interest accrued in respect of such Insured P...
EVENT OF NONPAYMENT. An event of nonpayment with respect to Pool I or Pool II shall occur with respect to any Remittance Date if the amounts remitted by the Servicer to the Trustee pursuant to Sections 5.04(a), 6.07(e), 6.11 and 6.12 for deposit in the Certificate Accounts with respect to Pool I and Pool II (minus the amount to be withdrawn from the applicable Certificate Account for deposit in (i) the applicable Insurance Account pursuant to Section 6.01(b)(i)), plus any amount transferred from the Spread Account to the applicable Certificate Account pursuant to Section 6.05(b)(ii) will not, taken together, be sufficient to pay all of the Pool Remittance Amounts for each such Pool (exclusive of any Pool Carry-Forward Amounts representing amounts previously paid to the Certificateholders of the applicable Pool as Insured Payments and exclusive of any amount described in clause (X)(iv) of the definition of Pool Principal Distribution Amounts with respect to such applicable Pool which have not been paid by the Originators) in respect of such Remittance Date.
Examples of EVENT OF NONPAYMENT in a sentence
EACH CERTIFICATEHOLDER BY THE ACCEPTANCE OF A CERTIFICATE (OR BENEFICIAL INTEREST THEREIN) AGREES THAT EXCEPT AS EXPRESSLY PROVIDED IN THE BASIC DOCUMENTS, IN THE EVENT OF NONPAYMENT OF ANY AMOUNTS WITH RESPECT TO THE CERTIFICATES, IT SHALL HAVE NO CLAIM AGAINST ANY OF THE FOREGOING PERSONS FOR ANY DEFICIENCY, LOSS OR CLAIM THEREFROM.
THE GRANTOR TRUST CERTIFICATEHOLDER BY THE ACCEPTANCE OF THE CERTIFICATE (OR BENEFICIAL INTEREST THEREIN) AGREES THAT EXCEPT AS EXPRESSLY PROVIDED IN THE TRANSACTION DOCUMENTS, IN THE EVENT OF NONPAYMENT OF ANY AMOUNTS WITH RESPECT TO THE GRANTOR TRUST CERTIFICATE, IT SHALL HAVE NO CLAIM AGAINST ANY OF THE FOREGOING PERSONS FOR ANY DEFICIENCY, LOSS OR CLAIM THEREFROM.
EACH NOTEHOLDER BY THE ACCEPTANCE OF A NOTE (OR BENEFICIAL INTEREST THEREIN) AGREES THAT EXCEPT AS EXPRESSLY PROVIDED IN THE TRANSACTION DOCUMENTS, IN THE EVENT OF NONPAYMENT OF ANY AMOUNTS WITH RESPECT TO THE NOTES, IT SHALL HAVE NO CLAIM AGAINST ANY OF THE SPONSOR, THE DEPOSITOR, THE SERVICER, THE ADMINISTRATOR, THE OWNER TRUSTEE, THE NOTE REGISTRAR, THE INDENTURE TRUSTEE OR ANY AFFILIATE FOR ANY DEFICIENCY, LOSS OR CLAIM THEREFROM.
PERMITTEE AUTHORIZES THE PORT OF GRAYS HARBOR TO IMPOUND AND SELL THE VESSEL AT A NON-JUDICIAL SALE IN THE EVENT OF NON-PAYMENT OF PORT OF GRAYS HARBOR FEES, CHARGES AND ASSESSMENTS IN CONFORMITY WITH WASHINGTON RCW 53.08.320.
EACH CERTIFICATEHOLDER BY THE ACCEPTANCE OF A CERTIFICATE (OR BENEFICIAL INTEREST THEREIN) AGREES THAT EXCEPT AS EXPRESSLY PROVIDED IN THE TRANSACTION DOCUMENTS, IN THE EVENT OF NONPAYMENT OF ANY AMOUNTS WITH RESPECT TO THE CERTIFICATES, IT SHALL HAVE NO CLAIM AGAINST ANY OF THE FOREGOING PERSONS FOR ANY DEFICIENCY, LOSS OR CLAIM THEREFROM.
More Definitions of EVENT OF NONPAYMENT
EVENT OF NONPAYMENT. An event of nonpayment with respect to Pool I or Pool IV shall occur with respect to any Remittance Date if the amounts remitted by the Servicer to the Trustee pursuant to Sections 5.04(a), 6.07(e), 6.11 and 6.12 for deposit in the Certificate Accounts with respect to Pool I and Pool IV (minus the amount to be withdrawn from the applicable Certificate Account for deposit in (i) the applicable Insurance Account pursuant to Section 6.01(b)(i)), plus any amount transferred from the Spread Account to the applicable Certificate Account pursuant to Section 6.05(b)(ii) will not, taken together, be sufficient to pay all of the Pool Remittance Amounts for each such Pool (exclusive of any Pool Carry-Forward Amounts representing amounts previously paid to the Certificateholders of the applicable Pool as Insured Payments and exclusive of any amount described in clause (X)(iv) of the definition of Pool Principal Distribution Amounts with respect to such applicable Pool which have not been paid by the Originators and exclusive of the amount, if any, by which the Class AF-6 Supplemental Interest Amount exceeds the Class X Accelerated Distribution Amount) in respect of such Remittance Date.
EVENT OF NONPAYMENT. An event of nonpayment shall occur with respect to any Remittance Date if the amounts remitted by the Servicer to the Trustee pursuant to Sections 5.04(a), 6.07(e), 6.11 and 6.12 for deposit in the Certificate Accounts (minus the amount to be withdrawn from the applicable Certificate Account for deposit in the applicable Insurance Account pursuant to Section 6.01(b)(i)), plus any amount transferred from the Spread Account to the Certificate Account pursuant to Section 6.05(b)(ii) will not, taken together, be sufficient to pay all of the Pool Remittance Amounts for each Pool (exclusive of any Certificateholders' Interest Carryover and any Pool Carry-Forward Amounts representing amounts previously paid to the Certificateholders of the applicable Pool as Insured Payments and exclusive of any amount described in clause (X)(iv) of the definition of Pool Principal Distribution Amounts which have not been paid by the Originators) in respect of such Remittance Date.
EVENT OF NONPAYMENT. An event of nonpayment shall occur with respect to any Payment Date if the amount remitted by the Servicer pursuant to Sections 5.04(i), 6.04(e) and 6.08 and on deposit in the Collection Account on such Payment Date that are not subject to any automatic stay under Section 362 of the United States Bankruptcy Code pursuant to an order of a United States bankruptcy court of competent jurisdiction, will not, taken together, be sufficient to pay the sum of (X) the Fixed Rate Remittance Amount and the Adjustable Rate Remittance Amount (exclusive of the portion of the Fixed Rate Carry-Forward Amount and the Adjustable Rate Carry-Forward Amount representing amounts previously paid to the Fixed Rate Certificateholders and Adjustable Rate Certificateholders, respectively, as Insured Payments) and (Y) the amount to be withdrawn from the Collection Account for deposit into the Insurance Account and Letter of Credit Fee Account pursuant to Sections 6.02(i) and (iii), respectively, in respect of such Payment Date, unless such insufficiency results from a failure by the Certificate Insurer to perform in accordance with the terms of this Agreement or the Certificate Insurance Policy or a failure by the Trustee to perform in accordance with this Agreement.
EVENT OF NONPAYMENT. An event of nonpayment with respect to Pool I or Pool II shall occur with respect to any Remittance Date if the amounts remitted by the Servicer to the Indenture Trustee pursuant to Sections 4.04(a), 7.07(e), 7.11 and 7.12 for deposit in the Note Distribution Accounts with respect to Pool I and Pool II (minus the amount to be withdrawn from the applicable Note Distribution Account for deposit in the applicable Insurance Account pursuant to Section 7.01(b)(i)), plus any amount transferred from the Spread Account to the applicable Note Distribution Account pursuant to Section 7.05(b)(ii) and any Supplemental Interest Payments will not, taken together, be sufficient to pay all of the Pool Remittance Amounts for each such Pool (exclusive of any Pool Carry-Forward Amounts representing amounts previously paid to the Noteholders of the applicable Pool as Insured Payments and exclusive of any amount described in clause (iv) of the definition of Pool Principal Distribution Amounts with respect to such applicable Pool which have not been paid by the Originators) in respect of such Remittance Date.
EVENT OF NONPAYMENT. An event of nonpayment shall occur with respect to any Distribution Date if the amount remitted by the Servicer pursuant to SECTIONS 5.04(I), 6.04(E) AND 6.08 and on deposit in the Collection Account for such Distribution Date, plus any amounts on deposit in the Collection Account, that are not subject to any automatic stay under Section 362 of the United States Bankruptcy Code pursuant to an order of a United States bankruptcy court of competent jurisdiction, will not, taken together, be sufficient to pay the sum of (x) the Class A Interest Remittance Amount and (y) the amount to be withdrawn from the Collection Account pursuant to priority first of SECTIONS 6.05(D)(I), 6.05(D)(II) and 6.05(D)(III) in respect of such Distribution Date, unless such insufficiency results from a failure by the Certificate Insurer to perform in accordance with the terms of this Agreement or the Certificate Insurance Policy or a failure by the Trustee to perform in accordance with this Agreement.
EVENT OF NONPAYMENT. An event of nonpayment shall occur with respect to any Payment Date if the amount remitted by the Servicer pursuant to Sections 5.04(i), 6.04(e) and 6.08 and on deposit in the Collection Account on such Payment Date that are not subject to any automatic stay under Section 362 of the United States Bankruptcy Code pursuant to an order of a United States bankruptcy court of competent jurisdiction, will not, taken together, be sufficient to pay the Class A Remittance Amount (exclusive of (X) the portion of the Class A Carry-Forward Amount representing amounts previously paid to the Class A Certificateholders and as Insured Payments, and (Y) the amount to be withdrawn from the Collection Account for deposit into the Insurance Account and Letter of Credit Fee Account pursuant to Sections 6.02(i) and (iii), respectively, in respect of such Payment Date) unless such insufficiency results from a failure by the Certificate Insurer to perform in accordance with the terms of this Agreement or the Certificate Insurance Policy or a failure by the Trustee to perform in accordance with this Agreement.
EVENT OF NONPAYMENT. An event of nonpayment shall occur with respect to any Remittance Date if the amounts remitted by the Servicer to the Trustee pursuant to Sections 5.04(a), 6.07(e), 6.11 and 6.12 for deposit in the Certificate Accounts (minus the amount to be withdrawn from the applicable Certificate Account for deposit in (i) the FHA Premium Account pursuant to Section 6.01(b)(ii) and (ii) the applicable Insurance Account pursuant to Section 6.01(b)(i)), plus any amount transferred from the Spread Account to the Certificate Account pursuant to Section 6.05(b)(ii) will not, taken together, be sufficient to pay all of the Pool Remittance Amounts for each Pool (exclusive of any Certificateholders' Interest Carryover and any Pool Carry-Forward Amounts representing amounts previously paid to the Certificateholders of the applicable Pool as Insured Payments and exclusive of any amount described in clause (X)(iv) of the definition of Pool Principal Distribution Amounts which have not been paid by the Originators) in respect of such Remittance Date.