Examples of Series Pay Out Event in a sentence
If a Default, Series Pay Out Event or Issuer Pay Out Event occurs and is continuing and is known to a Responsible Officer, Indenture Trustee shall mail to the affected Noteholders or all Noteholders, as applicable, notice of such Default, Series Pay Out Event or Issuer Pay Out Event within 45 days after it occurs.
Any amounts due to the Purchaser in accordance with this Section (i) shall be paid in cash by the Originator or, if no Purchase Termination Event or Series Pay Out Event has occurred and is continuing, at the Purchaser's option, credited against the principal amount owing on the Originator Note on the next Business Day following such purchase or cancellation, (ii) shall constitute Recoveries and (iii) shall be deposited in the Collection Account.
The Transferor shall immediately give notice to the Receivables Trustee of the occurrence of any Trust Pay Out Event or Series Pay Out Event, specifying where applicable that such event is also an Insolvency Event.
In the event that one Funding Agent gives notice to Transferor, Servicer, Indenture Trustee and the other Funding Agent that an event described in subsection (a), (b) or (d), after the applicable grace period, if any, set forth in such subsections, should be declared to be a Series Pay Out Event, such declaration shall become effective on the tenth (10th) day following receipt of such notice unless both Funding Agents have provided a written waiver of such declaration.
Notwithstanding anything to the contrary in the Master Trust Indenture, no Series 2007-A Payout Event may be amended, waived or deleted, and no new Series 2007-A Series Pay Out Event may be added, without the prior consent of the Required Persons.