Common use of Additional Early Amortization Events Clause in Contracts

Additional Early Amortization Events. (a) Except as provided in Section 6.1(b), the occurrence of any of the following events shall, immediately upon the occurrence thereof without notice or other action on the part of the Indenture Trustee or the Series 2003-VFN-B Holders, be deemed to be an Early Amortization Event solely with respect to Series 2003-VFN-B: (i) on any Determination Date, the average of the Monthly Payment Rates for the three (3) preceding Collection Periods is less than 30%; (ii) on any Determination Date, the Available Subordinated Amount for the next Payment Date will be reduced to an amount less than the Required Subordinated Amount on such Determination Date, after giving effect to the distributions to be made on such Payment Date; (iii) any Servicing Default with respect to Series 2003-VFN-B occurs; (iv) the Funded Amount is not repaid by the Expected Final Payment Date; (v) not more than ninety (90) days before the Commitment Expiry Date, as it may be extended from time to time, Agent gives notice of the refusal of Alternate Investors, as such term is defined in the Note Purchase Agreement, to extend their commitments thereunder; (vi) failure on the part of the Transferor, the Servicer or World Omni, as applicable, (a) to make any payment or deposit required by the Trust Sale and Servicing Agreement or the Receivables Purchase Agreement, including but not limited to any Transfer Deposit Amount or Adjustment Payment, on or before the date occurring ten Business Days after the date such payment or deposit is required to be made therein; or (b) to deliver a Monthly Payment Date Statement on the date required under the Trust Sale and Servicing Agreement (or within the applicable grace period which will not exceed five Business Days); (c) to comply with its covenant not to create any lien on a Receivable; or (d) to observe or perform in any material respect any other covenants or agreements set forth in the Trust Sale and Servicing Agreement or the Receivables Purchase Agreement, which failure continues unremedied for a period of 45 days after written notice of such failure; (vii) any representation or warranty made by World Omni in the Receivables Purchase Agreement or by the Transferor in the Trust Sale and Servicing Agreement or any information required to be given by the Transferor to the Indenture Trustee to identify the Accounts proves to have been incorrect in any material respect when made and continues to be incorrect in any material respect for a period of 60 days after written notice and as a result the interests of the Series 2003-VFN-B Holders are materially and adversely affected; provided, however, that an Early Amortization Event shall not be deemed to occur thereunder if the Transferor has repurchased the related Receivables or all such Receivables, if applicable, during such period in accordance with the provisions of the Trust Sale and Servicing Agreement; (viii) the occurrence of an Event of Default with respect to the Notes and the declaration that the Notes are due and payable pursuant to Section 5.2 of the Indenture; or (ix) on the first day of the Amortization Period, the amount on deposit in the Reserve Fund does not equal the Reserve Fund Required Amount. (b) In the case of any event described in Section 6.1(a)(vi), (vii) or (viii) above, an Early Amortization Event with respect to Series 2003-VFN-B will be deemed to have occurred only if, after the applicable grace period described in such clauses, either (i) the Indenture Trustee or (ii) Series 2003-VFN-B Holders holding Notes evidencing more than 50% of the aggregate unpaid principal amount of the Notes, by written notice to the Certificateholders and the Servicer (and the Indenture Trustee, if such notice is given by Series 2003-VFN-B Holders) declare that an Early Amortization Event has occurred as of the date of such notice.

Additional Early Amortization Events. (a) Except as provided in Section 6.1(b6.01(b), the occurrence of any of the following events shall, immediately upon the occurrence thereof without notice or other action on the part of the Indenture Trustee or the Series 20032000-VFN-B Holders1 Noteholders, be deemed to be an Early Amortization Event solely with respect to Series 20032000-VFN-B1: (i) on any Determination Date, the average of the Monthly Payment Rates for the three (3) preceding Collection Periods is less than 30%; (ii) on any Determination Date, the Available Subordinated Amount for the next Payment Date will be reduced to an amount less than the Required Subordinated Amount on such Determination Date, after giving effect to the distributions to be made on such the next Payment Date; (iii) any Servicing Default with respect to the Series 20032000-VFN-B 1 Notes occurs; (iv) the Funded any Carry-Over Amount is not repaid by the Expected Final outstanding on six consecutive Payment DateDates; (v) not more than ninety (90) days before the Commitment Expiry Date, as it may be extended from time to time, Agent gives notice of the refusal of Alternate Investors, as such term is defined in the Note Purchase Agreement, to extend their commitments thereunder; (vi) failure on the part of the Transferor, the Servicer or World Omni, as applicable, (a) to make any payment or deposit required by the Trust Sale and Servicing Agreement or the Receivables Purchase Agreement, including but not limited to any Transfer Deposit Amount or Adjustment Payment, on or before the date occurring ten Business Days after the date such payment or deposit is required to be made therein; or (b) to deliver a Monthly Payment Date Statement on the date required under the Trust Sale and Servicing Agreement (or within the applicable grace period which will not exceed five Business Daysbusiness days); (c) to comply with its covenant not to create any lien on a Receivable; or (d) to observe or perform in any material respect any other covenants or agreements set forth in the Trust Sale and Servicing Agreement or the Receivables Purchase Agreement, which failure continues unremedied for a period of 45 days after written notice of such failure;; and (viivi) any representation or warranty made by World Omni in the Receivables Purchase Agreement or by the Transferor in the Trust Sale and Servicing Agreement or any information required to be given by the Transferor to the Indenture Trustee to identify the Accounts proves to have been incorrect in any material respect when made and continues to be incorrect in any material respect for a period of 60 days after written notice and as a result the interests of the Series 2003-VFN-B Holders Noteholders are materially and adversely affected; provided, however, that an Early Amortization Event shall not be deemed to occur thereunder if the Transferor has repurchased the related Receivables or all such Receivables, if applicable, during such period in accordance with the provisions of the Trust Sale and Servicing Agreement; (viiivii) the occurrence of an Event of Default with respect to the Series 2000- 1 Notes and the declaration that the Series 2000-1 Notes are due and payable pursuant to Section 5.2 of the Indenture; or; (ixviii) on the first day of the Amortization Accumulation Period, the amount on deposit in the Reserve Fund does not equal or exceed the Reserve Fund Required Amount; and (ix) on the Expected Principal Payment Date, the Series 2000-1 Notes are not paid in full. (b) In the case of any event described in Section 6.1(a)(vi6.01(a)(iii), (viiv) or (viiivi) above, an Early Amortization Event with respect to Series 20032000-VFN-B 1 will be deemed to have occurred only if, after the applicable grace period described in such clauses, either (i) the Indenture Trustee or (ii) Series 20032000-VFN1 Noteholders holding Series 2000-B Holders holding 1 Notes evidencing more than 50% of the aggregate unpaid principal amount of the Controlling Class of the Series 2000-1 Notes, by written notice to the Certificateholders and the Servicer (and the Indenture Trustee, if such notice is given by Series 20032000-VFN-B Holders1 Noteholders) declare that an Early Amortization Event has occurred as of the date of such notice.

Additional Early Amortization Events. (a) Except as provided in Section 6.1(b6.01(b), the occurrence of any of the following events shall, immediately upon the occurrence thereof without notice or other action on the part of the Indenture Trustee or the Series 2003-VFN-B Holders200_-_ Noteholders, be deemed to be an Early Amortization Event solely with respect to Series 2003-VFN-B200_-_: (i) on any Determination Date, the average of the Monthly Payment Rates for the three (3) preceding Collection Periods is less than 30%; (ii) on any Determination Date, the Available Subordinated Amount for the next Payment Date will be reduced to an amount less than the Required Subordinated Amount on such Determination Date, after giving effect to the distributions to be made on such the next Payment Date; (iii) any Servicing Default with respect to the Series 2003-VFN-B 200_-_ Notes occurs; (iv) the Funded [any Carry-Over Amount is not repaid by the Expected Final outstanding on six consecutive Payment DateDates]; (v) not more than ninety (90) days before the Commitment Expiry Date, as it may be extended from time to time, Agent gives notice of the refusal of Alternate Investors, as such term is defined in the Note Purchase Agreement, to extend their commitments thereunder; (vi) failure on the part of the Transferor, the Servicer or World Omni, as applicable, (a) to make any payment or deposit required by the Trust Sale and Servicing Agreement or the Receivables Purchase Agreement, including but not limited to any Transfer Deposit Amount or Adjustment Payment, on or before the date occurring ten Business Days after the date such payment or deposit is required to be made therein; or (b) to deliver a Monthly Payment Date Statement on the date required under the Trust Sale and Servicing Agreement (or within the applicable grace period which will not exceed five Business Daysbusiness days); (c) to comply with its covenant not to create any lien on a Receivable; or (d) to observe or perform in any material respect any other covenants or agreements set forth in the Trust Sale and Servicing Agreement or the Receivables Purchase Agreement, which failure continues unremedied for a period of 45 days after written notice of such failure;; and (viivi) any representation or warranty made by World Omni in the Receivables Purchase Agreement or by the Transferor in the Trust Sale and Servicing Agreement or any information required to be given by the Transferor to the Indenture Trustee to identify the Accounts proves to have been incorrect in any material respect when made and continues to be incorrect in any material respect for a period of 60 days after written notice and as a result the interests of the Series 2003-VFN-B Holders Noteholders are materially and adversely affected; provided, however, that an Early Amortization Event shall not be deemed to occur thereunder if the Transferor has repurchased the related Receivables or all such Receivables, if applicable, during such period in accordance with the provisions of the Trust Sale and Servicing Agreement;; and (viiivii) the occurrence of an Event of Default with respect to the Series 200_-_ Notes and the declaration that the Series 200_-_ Notes are due and payable pursuant to Section 5.2 of the Indenture; or (ix) on the first day of the Amortization Period, the amount on deposit in the Reserve Fund does not equal the Reserve Fund Required Amount. (b) In the case of any event described in Section 6.1(a)(vi6.01(a)(iii), (viiv), (vi) or (viiivii) above, an Early Amortization Event with respect to Series 2003-VFN-B 200_-_ will be deemed to have occurred only if, after the applicable grace period described in such clauses, either (i) the Indenture Trustee or (ii) Series 2003-VFN-B Holders 200_-_ Noteholders holding Series 200_-_ Notes evidencing more than 50% of the aggregate unpaid principal amount of the Class A Notes, by written notice to the Certificateholders and the Servicer (and the Indenture Trustee, if such notice is given by Series 2003-VFN-B Holders200_-_ Noteholders) declare that an Early Amortization Event has occurred as of the date of such notice.

Additional Early Amortization Events. (a) Except as provided in Section 6.1(b), the occurrence of any of the following events shall, immediately upon the occurrence thereof without notice or other action on the part of the Indenture Trustee or the Series 20032000-VFN-B VFN Holders, be deemed to be an Early Amortization Event solely with respect to Series 20032000-VFN-B: (i) on any Determination Date, the average of the Monthly Payment Rates for the three (3) preceding Collection Periods is less than 30%; (ii) on any Determination Date, the Available Subordinated Amount for the next Payment Date will be reduced to an amount less than the Required Subordinated Amount on such Determination Date, after giving effect to the distributions to be made on such Payment Date; (iii) any Servicing Default with respect to Series 20032000-VFN-B VFN occurs; (iv) the Funded Amount is not repaid by the Expected Final Payment Date; (v) not more than ninety (90) days before the Commitment Expiry Date, as it may be extended from time to time, Agent gives notice of the refusal of Alternate InvestorsAPA Banks, as such term is defined in the Note Purchase Agreement, to extend their commitments thereunder; (vi) failure on the part of the Transferor, the Servicer or World Omni, as applicable, (a) to make any payment or deposit required by the Trust Sale and Servicing Agreement or the Receivables Purchase Agreement, including but not limited to any Transfer Deposit Amount or Adjustment Payment, on or before the date occurring ten Business Days after the date such payment or deposit is required to be made therein; or (b) to deliver a Monthly Payment Date Statement on the date required under the Trust Sale and Servicing Agreement (or within the applicable grace period which will not exceed five Business Days); (c) to comply with its covenant not to create any lien on a Receivable; or (d) to observe or perform in any material respect any other covenants or agreements set forth in the Trust Sale and Servicing Agreement or the Receivables Purchase Agreement, which failure continues unremedied for a period of 45 days after written notice of such failure; (vii) any representation or warranty made by World Omni in the Receivables Purchase Agreement or by the Transferor in the Trust Sale and Servicing Agreement or any information required to be given by the Transferor to the Indenture Trustee to identify the Accounts proves to have been incorrect in any material respect when made and continues to be incorrect in any material respect for a period of 60 days after written notice and as a result the interests of the Series 20032000-VFN-B VFN Holders are materially and adversely affected; provided, however, that an Early Amortization Event shall not be deemed to occur thereunder if the Transferor has repurchased the related Receivables or all such Receivables, if applicable, during such period in accordance with the provisions of the Trust Sale and Servicing Agreement; (viii) the occurrence of an Event of Default with respect to the Notes and the declaration that the Notes are due and payable pursuant to Section 5.2 of the Indenture; or (ix) on the first day of the Amortization Period, the amount on deposit in the Reserve Fund does not equal the Reserve Fund Required Amount. (b) In the case of any event described in Section 6.1(a)(vi), (vii) or (viii) above, an Early Amortization Event with respect to Series 20032000-VFN-B VFN will be deemed to have occurred only if, after the applicable grace period described in such clauses, either (i) the Indenture Trustee or (ii) Series 20032000-VFN-B VFN Holders holding Notes evidencing more than 50% of the aggregate unpaid principal amount of the Notes, by written notice to the Certificateholders and the Servicer (and the Indenture Trustee, if such notice is given by Series 20032000-VFN-B VFN Holders) declare that an Early Amortization Event has occurred as of the date of such notice.

Additional Early Amortization Events. (a) Except as provided in Section 6.1(b), the occurrence of any of the following events shall, immediately upon the occurrence thereof without notice or other action on the part of the Indenture Trustee or the Series 2003-VFN-B A Holders, be deemed to be an Early Amortization Event solely with respect to Series 2003-VFN-BA: (i) on any Determination Date, the average of the Monthly Payment Rates for the three (3) preceding Collection Periods is less than 30%; (ii) on any Determination Date, the Available Subordinated Amount for the next Payment Date will be reduced to an amount less than the Required Subordinated Amount on such Determination Date, after giving effect to the distributions to be made on such Payment Date; (iii) any Servicing Default with respect to Series 2003-VFN-B A occurs; (iv) the Funded Amount is not repaid by the Expected Final Payment Date; (v) not more than ninety (90) days before the Commitment Expiry Date, as it may be extended from time to time, Agent gives notice of the refusal of Alternate Investors, as such term is defined in the Note Purchase Agreement, to extend their commitments thereunder[reserved]; (vi) failure on the part of the Transferor, the Servicer or World Omni, as applicable, (a) to make any payment or deposit required by the Trust Sale and Servicing Agreement or the Receivables Purchase Agreement, including but not limited to any Transfer Deposit Amount or Adjustment Payment, on or before the date occurring ten Business Days after the date such payment or deposit is required to be made therein; or or (b) to deliver a Monthly Payment Date Statement on the date required under the Trust Sale and Servicing Agreement (or within the applicable grace period which will not exceed five Business Days); (c) to comply with its covenant not to create any lien on a Receivable; or (d) to observe or perform in any material respect any other covenants or agreements set forth in the Trust Sale and Servicing Agreement or the Receivables Purchase Agreement, which failure continues unremedied for a period of 45 days after written notice of such failure; (vii) any representation or warranty made by World Omni in the Receivables Purchase Agreement or by the Transferor in the Trust Sale and Servicing Agreement or any information required to be given by the Transferor to the Indenture Trustee to identify the Accounts proves to have been incorrect in any material respect when made and continues to be incorrect in any material respect for a period of 60 days after written notice and as a result the interests of the Series 2003-VFN-B Holders are materially and adversely affected; provided, however, that an Early Amortization Event shall not be deemed to occur thereunder if the Transferor has repurchased the related Receivables or all such Receivables, if applicable, during such period in accordance with the provisions of the Trust Sale and Servicing Agreement; (viii) the occurrence of an Event of Default with respect to the Notes and the declaration that the Notes are due and payable pursuant to Section 5.2 of the Indenture; or (ix) on the first day of the Amortization Period, the amount on deposit in the Reserve Fund does not equal the Reserve Fund Required Amount. (b) In the case of any event described in Section 6.1(a)(vi), (vii) or (viii) above, an Early Amortization Event with respect to Series 2003-VFN-B will be deemed to have occurred only if, after the applicable grace period described in such clauses, either (i) the Indenture Trustee or (ii) Series 2003-VFN-B Holders holding Notes evidencing more than 50% of the aggregate unpaid principal amount of the Notes, by written notice to the Certificateholders and the Servicer (and the Indenture Trustee, if such notice is given by Series 2003-VFN-B Holders) declare that an Early Amortization Event has occurred as of the date of such notice.

Additional Early Amortization Events. (a) Except as provided in Section 6.1(b6.01(b), the occurrence of any of the following events shall, immediately upon the occurrence thereof without notice or other action on the part of the Indenture Trustee or the Series 20032001-VFN-B Holders1 Noteholders, be deemed to be an Early Amortization Event solely with respect to Series 20032001-VFN-B1: (i) on any Determination Date, the average of the Monthly Payment Rates for the three (3) preceding Collection Periods is less than 3025%; (ii) on any Determination Date, the Available Subordinated Amount for the next Payment Date will be reduced to an amount less than the Required Subordinated Amount on such Determination Date, after giving effect to the distributions to be made on such the next Payment Date; (iii) any Servicing Default with respect to the Series 20032001-VFN-B 1 Notes occurs; (iv) the Funded any Carry-Over Amount is not repaid by the Expected Final outstanding on six consecutive Payment DateDates; (v) not more than ninety (90) days before the Commitment Expiry Date, as it may be extended from time to time, Agent gives notice of the refusal of Alternate Investors, as such term is defined in the Note Purchase Agreement, to extend their commitments thereunder; (vi) failure on the part of the Transferor, the Servicer or World Omni, as applicable, (a) to make any payment or deposit required by the Trust Sale and Servicing Agreement or the Receivables Purchase Agreement, including but not limited to any Transfer Deposit Amount or Adjustment Payment, on or before the date occurring ten Business Days after the date such payment or deposit is required to be made therein; or (b) to deliver a Monthly Payment Date Statement on the date required under the Trust Sale and Servicing Agreement (or within the applicable grace period which will not exceed five Business Daysbusiness days); (c) to comply with its covenant not to create any lien on a Receivable; or (d) to observe or perform in any material respect any other covenants or agreements set forth in the Trust Sale and Servicing Agreement or the Receivables Purchase Agreement, which failure continues unremedied for a period of 45 days after written notice of such failure;; and (viivi) any representation or warranty made by World Omni in the Receivables Purchase Agreement or by the Transferor in the Trust Sale and Servicing Agreement or any information required to be given by the Transferor to the Indenture Trustee to identify the Accounts proves to have been incorrect in any material respect when made and continues to be incorrect in any material respect for a period of 60 days after written notice and as a result the interests of the Series 2003-VFN-B Holders Noteholders are materially and adversely affected; provided, however, that an Early Amortization Event -------- ------- shall not be deemed to occur thereunder if the Transferor has repurchased the related Receivables or all such Receivables, if applicable, during such period in accordance with the provisions of the Trust Sale and Servicing Agreement; (viiivii) the occurrence of an Event of Default with respect to the Series 2001-1 Notes and the declaration that the Series 2001-1 Notes are due and payable pursuant to Section 5.2 of the Indenture; or; (ixviii) on the first day of the Amortization Accumulation Period, the amount on deposit in the Reserve Fund does not equal or exceed the Reserve Fund Required Amount; and (ix) on the Expected Principal Payment Date, the Series 2001-1 Notes are not paid in full. (b) In the case of any event described in Section 6.1(a)(vi6.01(a)(iii), (viiv) or (viiivi) above, an Early Amortization Event with respect to Series 20032001-VFN-B 1 will be deemed to have occurred only if, after the applicable grace period described in such clauses, either (i) the Indenture Trustee or (ii) Series 20032001-VFN1 Noteholders holding Series 2001-B Holders holding 1 Notes evidencing more than 50% of the aggregate unpaid principal amount of the Controlling Class of the Series 2001-1 Notes, by written notice to the Certificateholders and the Servicer (and the Indenture Trustee, if such notice is given by Series 20032001-VFN-B Holders1 Noteholders) declare that an Early Amortization Event has occurred as of the date of such notice.

Additional Early Amortization Events. (a) Except as provided in Section 6.1(b6.01(b), the occurrence of any of the following events shall, immediately upon the occurrence thereof without notice or other action on the part of the Indenture Trustee or the Series 20032004-VFN-B Holders1 Noteholders, be deemed to be an Early Amortization Event solely with respect to Series 20032004-VFN-B1: (i) on any Determination Date, the average of the Monthly Payment Rates for the three (3) preceding Collection Periods is less than 30%; (ii) on any Determination Date, the Available Subordinated Amount for the next Payment Date will be reduced to an amount less than the Required Subordinated Amount on such Determination Date, after giving effect to the distributions to be made on the next Payment Date; provided, however, if the Available Subordinated Amount is less than the Required Subordinated Amount as a result of an increase in the Subordination Factor, such Payment shortfall continues unremedied for a period of 15 days after that Determination Date; (iii) any Servicing Default with respect to the Series 20032004-VFN-B 1 Notes occurs; (iv) the Funded any Carry-Over Amount is not repaid by the Expected Final outstanding on six consecutive Payment DateDates; (v) not more than ninety (90) days before the Commitment Expiry Date, as it may be extended from time to time, Agent gives notice of the refusal of Alternate Investors, as such term is defined in the Note Purchase Agreement, to extend their commitments thereunder; (vi) failure on the part of the Transferor, the Servicer or World Omni, as applicable, (a) to make any payment or deposit required by the Trust Sale and Servicing Agreement or the Receivables Purchase Agreement, including but not limited to any Transfer Deposit Amount or Adjustment Payment, on or before the date occurring ten Business Days after the date such payment or deposit is required to be made therein; or (b) to deliver a Monthly Payment Date Statement on the date required under the Trust Sale and Servicing Agreement (or within the applicable grace period which will not exceed five Business Days); (c) to comply with its covenant not to create any lien on a Receivable; or (d) to observe or perform in any material respect any other covenants or agreements set forth in the Trust Sale and Servicing Agreement or the Receivables Purchase Agreement, which failure continues unremedied for a period of 45 days after written notice of such failure; (vii) any representation or warranty made by World Omni in the Receivables Purchase Agreement or by the Transferor in the Trust Sale and Servicing Agreement or any information required to be given by the Transferor to the Indenture Trustee to identify the Accounts proves to have been incorrect in any material respect when made and continues to be incorrect in any material respect for a period of 60 days after written notice and as a result the interests of the Series 2003-VFN-B Holders are materially and adversely affected; provided, however, that an Early Amortization Event shall not be deemed to occur thereunder if the Transferor has repurchased the related Receivables or all such Receivables, if applicable, during such period in accordance with the provisions of the Trust Sale and Servicing Agreement; (viii) the occurrence of an Event of Default with respect to the Notes and the declaration that the Notes are due and payable pursuant to Section 5.2 of the Indenture; or (ix) on the first day of the Amortization Period, the amount on deposit in the Reserve Fund does not equal the Reserve Fund Required Amount. (b) In the case of any event described in Section 6.1(a)(vi), (vii) or (viii) above, an Early Amortization Event with respect to Series 2003-VFN-B will be deemed to have occurred only if, after the applicable grace period described in such clauses, either (i) the Indenture Trustee or (ii) Series 2003-VFN-B Holders holding Notes evidencing more than 50% of the aggregate unpaid principal amount of the Notes, by written notice to the Certificateholders and the Servicer (and the Indenture Trustee, if such notice is given by Series 2003-VFN-B Holders) declare that an Early Amortization Event has occurred as of the date of such notice.