Payout Events. If any of the following events ("Payout Events") shall occur: (a) as of any Reporting Date, the Delinquency Ratio for the preceding Determination Date exceeds 3.0%; (b) as of any Reporting Date, the Default Ratio for the preceding Determination Date exceeds 2.75%; (c) the passage of 60 days following receipt by the Purchaser of a written notification of the Seller's intent to terminate the revolving period; (d) a Restricting Event has occurred.
Appears in 3 contracts
Sources: Receivables Purchase Agreement (Resource America Inc), Receivables Purchase Agreement (Fidelity Leasing Inc), Receivables Purchase Agreement (Fidelity Leasing Inc)