Common use of Loan Series Termination Events Clause in Contracts

Loan Series Termination Events. Any of the following acts or occurrences shall constitute a Loan Series Termination Event under this Servicing Agreement (each, a “Loan Series Termination Event”): (a) The Servicer shall fail to deliver to the Collateral Agent any Asset Proceeds received by the Servicer as and when required in accordance with this Servicing Agreement or the Credit Agreement, or the Servicer shall fail to pay to the Lender any payment in the amount and on the date required to be made in accordance with this Servicing Agreement and neither such failure is a result of Bad Faith on the part of the Servicer or any Affiliated Party; (b) The Servicer shall fail to observe or perform in any respect any covenant or agreement required to be performed thereby under this Servicing Agreement or under any other Loan Document to which the Servicer is a party and no such failure is a result of Bad Faith on the part of the Servicer or any Affiliated Party; (c) Any representation, warranty or statement of the Servicer made in this Servicing Agreement, or in any certificate, report or other statement, in writing or orally, delivered to any party hereto and pursuant hereto or thereto, shall prove to be incorrect in any material respect as of the date made and no such incorrect representation, warranty or statement is a result of Bad Faith on the part of the Servicer or any Affiliated Party; (d) the actual Asset Series Proceeds received as of any Distribution Date for any Asset Series is less than seventy-five percent (75%) of the Asset Series Proceeds projected to be collected by the Borrower for such Asset Series as of such date in the bid packages submitted by the Borrower as a part of the Accepted Borrowing Requests for such Assets Series; or (e) A Loan Series Event of Default shall occur under the Credit Agreement.