Common use of has occurred Clause in Contracts

has occurred. (1) No reference is made in this chart to the Aggregate Servicing Fee which shall be collected and governed in accordance with the terms of Sections 2.1, 2.3, 6.3 and 6.4 of this Agreement. EXHIBIT B-2(C) PROCESS FOR HANDLING POST CLOSING REQUESTS UPON CLASSIFICATION A. PROCESS FOR DISPOSITION OF POST CLOSING REQUESTS ONCE CLASSIFICATION IS MADE. Upon classification of a Post Closing Request into one of the three (3) categories enumerated above, Primary Servicer shall process the Post Closing Request as follows: 1. CATEGORY 1 REQUESTS AND DEEMED CATEGORY 1 REQUESTS: a) If Primary Servicer classifies a Post Closing Request as a Category 1 Request or Deemed Category 1 Request, it shall promptly (but in no event more than five (5) Business Days after receiving such request) notify Master Servicer of (a) such request; (b) Primary Servicer's classification of the Post Closing Request as a Category 1 Request or Deemed Category 1 Request; and (c) Primary Servicer's Materiality Determination regarding any Category 1 Consent Aspect involved in such request. Notwithstanding the foregoing, as a result of the monthly reconciliation of reserve accounts that Primary Servicer provides to Master Servicer under this Agreement, Primary Servicer shall have no obligation (a) except as required under Section 8.18(d) of the Pooling and Servicing Agreement, to notify or seek the consent of Master Servicer or Special Servicer (as applicable) of any disbursement made from an escrow or reserve account pursuant to and in accordance with the terms of such agreement governing such reserve or escrow or (b) to seek consent of Master Servicer to extend (1) the time available to a Mortgagor to complete repairs, replacements or improvements pursuant to an escrow or reserve agreement or (2) the expiration date of any letters of credit associated with such escrow or reserve, as long as (i) Primary Servicer promptly notifies Master Servicer in writing of such extension; (ii) the amount being held pursuant to the applicable escrow or reserve agreement at the time of the proposed extension is less than $1,000,000.00; (iii) the length of such extension when added to all other extensions granted after the Closing Date does not exceed one hundred eighty (180) days; and (iv) any such extension is in accordance with the terms of this Agreement (including without limitation the Servicing Standard) and the Pooling and Servicing Agreement and with respect to an A/B Mortgage Loan, the applicable A/B Intercreditor Agreement. b) Primary Servicer shall evaluate the Category 1 Request or Deemed Category 1 Request and process such request to meet the requirements set forth in the loan documents for the applicable Mortgage Loan ("Loan Documents") in a manner that complies with the terms of this Agreement and the Pooling and Servicing Agreement and with respect to an A/B Mortgage Loan, the applicable A/B Intercreditor Agreement. Such evaluation and processing may commence, and continue but may not be completed prior to Primary Servicer's notice to Master Servicer of the Category 1 Request or Deemed Category 1 Request. Primary Servicer shall draft, or cause to be drafted, all documents necessary or appropriate to effect the Category 1 Request or Deemed Category 1 Request in accordance with the terms of the Loan Documents, this Agreement and the Pooling and Servicing Agreement with respect to an A/B Mortgage Loan, the applicable A/B Intercreditor Agreement. c) Notwithstanding the foregoing, the following additional requirements shall apply to particular types or aspects of Category 1 Requests:

has occurred. (1) No reference is made in this chart to In consideration of the Aggregate Servicing Fee which shall be collected and governed in accordance with the terms of Sections 2.1, 2.3, 6.3 and 6.4 of this Agreement. EXHIBIT B-2(C) PROCESS FOR HANDLING POST CLOSING REQUESTS UPON CLASSIFICATION A. PROCESS FOR DISPOSITION OF POST CLOSING REQUESTS ONCE CLASSIFICATION IS MADE. Upon classification purchase of a Post Closing Request into one of Receivable, the three (3) categories enumerated above, Primary Servicer shall process remit the Post Closing Request as follows: 1. CATEGORY 1 REQUESTS AND DEEMED CATEGORY 1 REQUESTS: a) If Primary Servicer classifies a Post Closing Request as a Category 1 Request or Deemed Category 1 Request, it shall promptly (but Purchase Amount with respect to such Receivable in no event more than five (5) Business Days after receiving such request) notify Master Servicer of (a) such request; (b) Primary Servicer's classification of the Post Closing Request as a Category 1 Request or Deemed Category 1 Request; and (c) Primary Servicer's Materiality Determination regarding any Category 1 Consent Aspect involved manner specified in such requestSection 9.04. Notwithstanding the foregoing, if SST shall have become the Servicer, it will not be so obligated to purchase such nonconforming Receivables. SST's only obligation to the Trust shall be to make the indemnity in Section 13.02 hereof. The Indenture Trustee and Owner Trustee shall have no duty to conduct any affirmative investigation as to the occurrence of any condition requiring the repurchase of any Receivable pursuant to this Section. The sole remedy of the Owner Trustee, the Trust, or the Secured Parties with respect to the aforementioned breaches shall be to require the Servicer to purchase Receivables pursuant to this Section 8.10; provided, however, that the Servicer shall indemnify the Insurer, the Issuer and the Noteholders and each of their respective officers, employees, directors, agents and representatives against all costs, expenses, losses, damages, claims and liabilities, including reasonable fees and expenses of counsel, which may be asserted against or incurred by any of them as a result of third party claims arising out of the monthly reconciliation of reserve accounts that Primary Servicer provides events or facts giving rise to Master Servicer under this Agreement, Primary such breach. No predecessor nor successor Servicer shall have no obligation (a) except as required under Section 8.18(d) be responsible for the acts or omissions of any other Servicer. Upon receipt of the Pooling Purchase Amount and Servicing Agreementany related indemnity payments, the Indenture Trustee shall release to notify or seek the consent of Master Servicer or Special Servicer (as applicable) its designee the related Receivable File and shall execute and deliver all instruments of any disbursement made from an escrow transfer or reserve account pursuant to and in accordance with the terms of such agreement governing such reserve or escrow or (b) to seek consent of Master Servicer to extend (1) the time available to a Mortgagor to complete repairsassignment, replacements or improvements pursuant to an escrow or reserve agreement or (2) the expiration date of any letters of credit associated with such escrow or reservewithout recourse, as long as (i) Primary are prepared by the Servicer promptly notifies Master Servicer in writing of such extension; (ii) the amount being held pursuant and delivered to the applicable escrow or reserve agreement at the time of the proposed extension is less than $1,000,000.00; (iii) the length of such extension when added Indenture Trustee and are necessary to all other extensions granted after the Closing Date does not exceed one hundred eighty (180) days; and (iv) any such extension is in accordance with the terms of this Agreement (including without limitation the Servicing Standard) and the Pooling and Servicing Agreement and with respect to an A/B Mortgage Loan, the applicable A/B Intercreditor Agreement. b) Primary Servicer shall evaluate the Category 1 Request or Deemed Category 1 Request and process such request to meet the requirements set forth vest in the loan documents for Servicer or such designee the applicable Mortgage Loan ("Loan Documents") Issuer's right, title and interest in a manner that complies with the terms of this Agreement and the Pooling and Servicing Agreement and with respect to an A/B Mortgage Loan, the applicable A/B Intercreditor AgreementReceivable. Such evaluation and processing may commence, and continue but may not be completed prior to Primary Servicer's notice to Master Servicer of the Category 1 Request or Deemed Category 1 Request. Primary Servicer shall draft, or cause to be drafted, all documents necessary or appropriate to effect the Category 1 Request or Deemed Category 1 Request in accordance with the terms of the Loan Documents, this Agreement and the Pooling and Servicing Agreement with respect to an A/B Mortgage Loan, the applicable A/B Intercreditor Agreement. c) Notwithstanding the foregoing, BVAC shall not be required to remit the following additional requirements shall apply Purchase Amount in the manner specified in this Section 8.10 with respect to particular types any Receivable repurchased or aspects of Category 1 Requests:subject to repurchase by BVAC pursuant to Section 8.08 for the reasons specified in Section 8.08.