Common use of Delinquency Trigger Clause in Contracts

Delinquency Trigger. (a) The Servicer shall provide prompt written notice to the Issuer, the Transferor, and the Indenture Trustee of the occurrence of any Delinquency Trigger (which notice shall include the related Three Month Average 60+-Day Delinquency Rate)and, on a monthly basis thereafter, whether any such Delinquency Trigger is or is no longer continuing (and, if continuing, the related Three Month Average 60+-Day Delinquency Rate) and, for so long as the Servicer, on behalf of the Issuer, files distribution reports on Form 10-D with the Commission pursuant to Section 2.05, shall disclose the occurrence of any such Delinquency Trigger and its continuing status, in each case in the distribution report on Form 10-D for the distribution period in which such Delinquency Trigger occurs and is or is no longer continuing, as applicable. (b) In the event the Delinquency Trigger is adjusted by the Transferor pursuant to subsections 6.01(b) and (c) of the Transfer Agreement, for so long as the Servicer, on behalf of the Issuer, files distribution reports on Form 10-D with the Commission pursuant to Section 2.05, the Servicer shall disclose, to the extent it has notice thereof, the adjusted Delinquency Trigger and how it was determined to be appropriate, in the distribution report on Form 10-D for the distribution period in which the adjustment occurs.

Delinquency Trigger. (a) The Servicer shall provide prompt written notice to the Issuer, the Transferor, and the Indenture Trustee of the occurrence of any Delinquency Trigger (which notice shall include the related Three Month Average 60+-Day Delinquency Rate)andand, on a monthly basis thereafter, whether any such Delinquency Trigger is or is no longer continuing (and, if continuing, the related Three Month Average 60+-Day Delinquency Rate) and, for so long as the Servicer, on behalf of the Issuer, files distribution reports on Form 10-D with the Commission pursuant to Section 2.05, shall disclose the occurrence of any such Delinquency Trigger and its continuing status, in each case in the distribution report on Form 10-D for the distribution period in which such Delinquency Trigger occurs and is or is no longer continuing, as applicable. (b) In the event the Delinquency Trigger is adjusted by the Transferor pursuant to subsections 6.01(b) and (c) of the Transfer Agreement, for so long as the Servicer, on behalf of the Issuer, files distribution reports on Form 10-D with the Commission pursuant to Section 2.05, the Servicer shall disclose, to the extent it has notice thereof, the adjusted Delinquency Trigger and how it was determined to be appropriate, in the distribution report on Form 10-D for the distribution period in which the adjustment occurs.