Securitization Default definition

Securitization Default is defined in Section 9.1.10.
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Securitization Default means a Manager Default (as defined in Appendix A to the Securitization Indenture), an Event of Default (as defined in Appendix A to the Securitization Indenture) or a Exterran Event (as defined in Appendix A to the Securitization Indenture).
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Securitization Default means any termination event, default or event of default, or event or occurrence which, with the passage of time or the giving of notice or both, would become a termination event, default or event of default under any Securitization Document, which has not been cured within any applicable period thereunder.
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Examples of Securitization Default in a sentence

  • After the occurrence of a Securitization Default or a Bank Default, Allocated Collections constituting Non-Securitization Collections shall be disbursed in accordance with Section 8(c) hereof.

  • After the occurrence of a Securitization Default or a Bank Default, Allocated Collections constituting Securitization Collections shall be disbursed in accordance with Section 8(b) hereof.

  • In permitting the Indenture Trustee to distribute Securitization Collateral from the Lockbox Account pursuant to this Section 8(b), the Intercreditor Collateral Agent may rely conclusively on the notice provided by the Indenture Trustee to the effect that a Securitization Default has occurred without conducting any independent investigation thereof and notwithstanding any assertion or evidence to the contrary.

  • Borrower, UDRC and UDRC II and each of their Affiliates are in full compliance with their respective obligations under the UDRC Securitization Documents and the UDRC II Securitization Documents, and no Securitization Default exists.

  • Each Counter-Party shall maintain any required Securitization Default Charge escrow deposit in a form acceptable to ERCOT in its sole discretion pursuant to Section 26.5.3, Means of Satisfying Securitization Default Charge Credit Requirements.

  • Although ERCOT is the servicer for the assessment and collection of Securitization Default Charges, by providing escrow deposits pursuant to this Section each Counter-Party grants the Texas Electric Market Stabilization Funding M LLC (TEMSFM) a secured interest in Securitization Default Charge escrow deposits to secure its obligation to pay the same.

  • In permitting the Indenture Trustee to distribute Securitization Collateral from the Lockbox Accounts pursuant to this Section 8(b), the Intercreditor Collateral Agent may rely conclusively on the notice provided by the Indenture Trustee to the effect that a Securitization Default has occurred without conducting any independent investigation thereof and notwithstanding any assertion or evidence to the contrary.

  • Monitoring of Allocation Process; Effect of a Securitization Default; Effect of a Bank Default 17 Section 9.

  • After the occurrence of a Securitization Default or a Bank Default, Allocated Collections constituting Non-Securitization Collections shall be disbursed in accordance with Section 8(b) or Section 8(c), as the case may be.

  • Borrower, UDRC II and UDRC III and each of their Affiliates are in full compliance with their respective obligations under the Securitization Documents, and no Securitization Default exists.


More Definitions of Securitization Default

Securitization Default means any default or event of default, or event or occurrence which, with the passage of time or the giving of notice or both, would become a default or event of default, by UDRC, UDRC II or any seller to UDRC or UDRC II in their respective obligations under the UDRC Securitization Documents or the UDRC II Securitization Documents, which has not been cured within any applicable period thereunder.
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Securitization Default means a default or event of default occurs under any documents providing for a Permitted Credit Card Program which default or event of default results in the termination of any Permitted Credit Card Program, provided, however, that a Securitization Default shall not occur as a result of the termination of any Permitted Credit Card Program as described above if (a) such Permitted Credit Card Program is replaced with a Permitted Credit Card Program simultaneously with or prior to such termination or (b) Availability is greater than $200,000,000 at the time of such termination and at all times thereafter so long as no Permitted Credit Card Program is in place.
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Securitization Default means with respect to each Securitization Transaction of the Company Entities (i) a Willful Breach of any Securitization Instrument or (ii) (x) the occurrence of a “Change of Control” (as such term is defined therein) or (y) a “Default” or an “Event of Default,” “rapid amortization event,” “funding termination event,” “sequential order event,” “servicer termination event” or similar “amortization event” or “termination event” (however defined under the applicable Securitization Instrument and whether by lapse of time or notice or both), in each case, under the terms of any Securitization Instrument, as in effect on the Agreement Date or on the Closing Date, as applicable.
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Securitization Default. Any payout event, early amortization event, servicer default or similar event under the Master Trust Agreement or any comparable agreement funding the continuing purchase of Account Receivables, other than any such event arising solely out of a breach at any time of the Servicing Agreement or Subservicing Agreement by XxXxx’x or any action of Sellers prior to the Closing Date.
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Securitization Default means (i) any "Pay Out Event" under any Securitization Document shall occur and be continuing or (ii) the occurrence of the Termination Date (as defined in the Certificate Purchase Agreement but excluding any event described in clause (v) of such definition) or (iii) the failure of any Senior Class Agent (as defined in the Certificate Purchase Agreement) or any Bank Investor (as defined in the Certificate Purchase Agreement) to consent to any extension of the Commitment Termination Date (as defined in the Certificate Purchase Agreement) within the time period provided in the Certificate Purchase Agreement.
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Securitization Default means (i) any “Pay Out Event” under any Securitization Document shall occur and be continuing or (ii) the occurrence of the Termination Date (as defined in the Certificate Purchase Agreement but excluding any event described in clause (v) of such definition) or (iii) the failure of any Senior Class Agent (as defined in the Certificate Purchase Agreement) or any Bank Investor (as defined in the Certificate Purchase Agreement) to consent to any extension of the Commitment Termination Date (as defined in the Certificate Purchase Agreement) within the time period provided in the Certificate Purchase Agreement or (iv) a default or event of default occurs under the Household Agreement or any documents related thereto or any documents providing for a Permitted Credit Card Program which default or event of default results in the termination of either the Household Arrangement or any Permitted Credit Card Program, as applicable, provided, however, that a Securitization Default shall not occur as a result of the termination of either the Household Arrangement or any Permitted Credit Card Program as described in clause (iv) above if (a) the Household Arrangement or Permitted Credit Card Program is replaced with a Permitted Credit Card Program simultaneously with or prior to such termination or (b) Availability is greater than $200,000,000 at the time of such termination and at all times thereafter so long as none of the Securitization Program, Household Arrangement or Permitted Credit Card Program is in place.
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Related to Securitization Default

  • Loan Default means any event, condition or failure which, with notice or lapse of time or both, would become a Loan Event of Default.

  • Modification Default Loss means the loss calculated in Exhibits 2a(1)-(3) for single family loans previously modified pursuant to this Single Family Shared-Loss Agreement that subsequently default and result in a foreclosure, short sale or Deficient Loss.

  • Registration Default As defined in Section 5 hereof.

  • Swap Default Any of the circumstances constituting an “Event of Default” under the Swap Agreement.

  • Non-Defaulting Party has the meaning specified in Section 6(a).

  • in default means that, as to any Mortgage Loan, any Mortgage Note payment or escrow payment is unpaid for thirty (30) days or more after its due date (whether or not the Seller has allowed any grace period or extended the due date thereof by any means) or another material default has occurred and is continuing, including the commencement of foreclosure proceedings or the commencement of a case in bankruptcy for any Customer in respect of such Mortgage Loan.

  • Non-default Rate means a rate per annum equal to the cost (without proof or evidence of any actual cost) to the Non-defaulting Party (as certified by it) if it were to fund the relevant amount.

  • Mortgage Loan Event of Default means an “Event of Default” under and as defined in the Mortgage Loan Agreement.

  • Subordination Deficiency With respect to any Distribution Date, the excess, if any, of (a) the Specified Subordinated Amount applicable to such Distribution Date over (b) the Subordinated Amount applicable to such Distribution Date.

  • Servicing Default The meaning assigned in Section 6.01 of the Servicing Agreement.

  • Non-Defaulting Member means a Member who is not a Defaulting Member.

  • Registration Default Period shall have the meaning assigned thereto in Section 2(c).

  • Non-Defaulting Bank means each Bank other than a Defaulting Bank.

  • Servicer Event of Default One or more of the events described in Section 7.01.

  • Collateral Event of Default has the meaning set forth in Section 13.01(b).

  • Non-Defaulting Lender means, at any time, each Lender that is not a Defaulting Lender at such time.

  • Loan Event of Default means any of the events specified in Section 5.1 of the Loan Agreement, provided that any requirement for the giving of notice, the lapse of time, or both, or any other condition, event or act has been satisfied.

  • Master Servicer Event of Default One or more of the events described in Section 7.01.

  • Note Default Interest Spread means, with respect to the outstanding principal balance of any Note, a rate per annum equal to the lesser of (i) the Maximum Legal Rate minus the Note A Rate or (ii) five percent (5%).

  • Note Event of Default means any “Event of Default” specified in Section 5.1 of the Indenture.

  • Issuer Event of Default means the occurrence of any of the following events:

  • Owner Event of Default shall have the meaning set forth in Section 18.3.

  • Incipient Default means any occurrence that is, or with notice or lapse of time or both would become, an Event of Default.

  • Senior Payment Default means any default in the payment of principal of (or premium, if any) or interest on any Senior Debt of the Company when due, whether at the Stated Maturity of any such payment or by declaration of acceleration, call for redemption or otherwise. In the event that any Senior Nonmonetary Default (as defined below) shall have occurred and be continuing, then, upon the receipt by the Company, the Subsidiary Guarantors and the Trustee of written notice of such Senior Nonmonetary Default from the agent for the Designated Senior Debt which is the subject of such Senior Nonmonetary Default, no Securities Payment shall be made during the period (the “Payment Blockage Period”) commencing on the date of such receipt of such written notice and ending on the earlier of (i) the date on which such Senior Nonmonetary Default shall have been cured or waived or shall have ceased to exist or all Designated Senior Debt the subject of such Senior Nonmonetary Default shall have been discharged; (ii) the 179th day after the date of such receipt of such written notice; or (iii) the date on which the Payment Blockage Period shall have been terminated by written notice to the Company, any Subsidiary Guarantor or the Trustee from the agent for the Designated Senior Debt initiating the Payment Blockage Period; provided, however, that nothing in this Section shall prevent the satisfaction of any sinking fund payment in accordance with Article Sixteen by delivering and crediting pursuant to Section 1602 Securities which have been acquired (upon redemption or otherwise) prior to the date of such receipt of such written notice. No more than one Payment Blockage Period may be commenced with respect to the Securities of a particular series during any 360-day period and there shall be a period of at least 181 consecutive days in each 360-day period when no Payment Blockage Period is in effect. For all purposes of this paragraph, no Senior Nonmonetary Default that existed or was continuing on the date of commencement of any Payment Blockage Period shall be, or be made, the basis for the commencement of a subsequent Payment Blockage Period, whether or not within a period of 360 consecutive days, unless such Senior Nonmonetary Default shall have been cured for a period of not less than 90 consecutive days.

  • Non-Payment Default means any event (other than a Payment Default) the occurrence of which entitles one or more Persons to accelerate the maturity of any Designated Senior Indebtedness.

  • Non-Monetary Default shall have the meaning assigned to such term in Section 11(d).