Sequential Amortization Event definition

Sequential Amortization Event shall exist if, on any Determination Date, (a)(i) a Manager Termination Event, (ii) Servicer Termination Event or (iii) an Event of Default has occurred; (b) as a condition to accepting its appointment as a Replacement Manager, such Replacement Manager requires an increase of at least 25% to the existing O&M Fee Base Rate to perform the related duties; (c) as a condition to accepting its appointment as a Replacement Servicer, such Replacement Servicer (other than the Backup Servicer) requires an increase of at least 25% to the existing Administrative Fee Base Rate to perform the related duties; or (d) the Cumulative Default Level as of the last day of any Collection Period specified below exceeds the corresponding level specified below: Collection Period Cumulative Default Level 1 – 12 [***]% 13 – 24 [***]% 25 – 36 [***]% 37 – 48 [***]% 49 and thereafter [***]%
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Sequential Amortization Event shall exist if, on any Determination Date, (a)(i) a Manager Termination Event, (ii) Servicer Termination Event or (iii) an Event of Default has occurred; (b) as a condition to accepting its appointment as a Replacement Manager, such Replacement Manager requires an increase of at least [***]% to the existing O&M Fee Base Rate to perform the related duties; (c) as a condition to accepting its appointment as a Replacement Servicer, such Replacement Servicer (other than the Backup Servicer) requires an increase of at least [***]% to the existing Administrative Fee Base Rate to perform the related duties; (d) a Sequential Interest Amortization Period exists, or (e) the Cumulative Default Level as of the last day of any Collection Period specified below exceeds the corresponding level specified below: KL2 3395391.6 [***] = Certain information has been excluded from this exhibit because it is both not material and would likely cause harm to the company if publicly disclosed. Collection Period Cumulative Default Level 1 – 12 [***]% 13 – 24 [***]% 25 – 36 [***]% 37 – 48 [***]% 49 and thereafter [***]%
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Sequential Amortization Event shall exist if, on any Determination Date, (a) a Manager Termination Event, Servicer Termination Event or an Event of Default has occurred, (b) a Sequential Interest Amortization Period exists, (c) occurring on or after December 2020, for each of the three immediately preceding Payment Dates, the amount of Available Funds remaining after distributions of amounts pursuant to clauses (i) through (vii) of the Priority of Payments was less than 80% of the Principal Distribution Amount for the related Payment Date (determined assuming a Regular Amortization Period) or (d) the Cumulative Default Level as of the last day of any Collection Period specified below exceeds the corresponding level specified below: Collection Period Cumulative Default Level 1 – 12 6.00 % 13 – 24 9.00 % 25 – 36 12.00 % 37 – 48 15.00 % 49 and thereafter 17.00 % A Sequential Amortization Event of the type described in clause (a) above will continue until the Notes (including Deferred Interest Amounts, Post-ARD Additional Interest Amounts and Deferred Post-ARD Additional Interest Amounts) have been paid in full. A Sequential Amortization Event of the type described in clause (b) above will continue until a Sequential Interest Amortization Period no longer exists. A Sequential Amortization Event of the type described in clause (c) above will continue until the amount of Available Funds remaining after distributions of amounts pursuant to clauses (i) through (vii) of the Priority of Payments is equal to or greater than 80% of the Principal Distribution Amount for the related Payment Date (determined assuming a Regular Amortization Period) for three consecutive Payment Dates. A Sequential Amortization Event of the type described in clause (d) above will continue until the Cumulative Default Level as of the last day of any Collection Period specified above no longer exceeds the corresponding level specified.
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More Definitions of Sequential Amortization Event

Sequential Amortization Event shall exist if, on any Determination Date, (a)(i) a Manager Termination Event, (ii) Servicer Termination Event or (iii) an Event of Default has occurred; (b) as a condition to accepting its appointment as a Replacement Manager, such Replacement Manager requires an increase of at least 25% to the existing O&M Fee Base Rate to perform the related duties; (c) as a condition to accepting its appointment as a Replacement Servicer, such Replacement Servicer (other than the Backup Servicer) requires an increase of at least 25% to the existing Administrative Fee Base Rate to perform the related duties; or (d) the Cumulative Default Level as of the last day of any Collection Period specified below exceeds the corresponding level specified below: Collection Period Cumulative Default Level 1 – 12 6.00% 13 – 24 9.00% 25 – 36 12.00% 37 – 48 15.00% 49 and thereafter 17.00%
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Related to Sequential Amortization Event

  • Potential Amortization Event means an event which, with the passage of time or the giving of notice, or both, would constitute an Amortization Event.

  • Amortization Event has the meaning specified in Article IX.

  • Amortization Date means the earliest to occur of (i) the day on which any of the conditions precedent set forth in Section 6.2 are not satisfied, (ii) the Business Day immediately prior to the occurrence of an Event of Bankruptcy with respect to any Seller Party, (iii) the Business Day specified in a written notice from the Administrator following the occurrence of any other Amortization Event, and (iv) the date which is 30 days after the Administrator’s receipt of written notice from Seller that it wishes to terminate the facility evidenced by this Agreement.

  • Scheduled Payment Date means a date on which a payment or delivery is to be made under Section 2(a)(i) with respect to a Transaction.