Servicer Event of Default Sample Clauses
A Servicer Event of Default clause defines the specific circumstances under which the party responsible for servicing a financial asset or portfolio is considered to have failed in its obligations. This typically includes events such as failure to remit payments, breach of servicing standards, insolvency, or misrepresentation. When such an event occurs, the clause usually allows the other parties to take remedial actions, such as replacing the servicer or accelerating obligations. The core function of this clause is to protect the interests of investors or stakeholders by providing clear triggers and remedies in the event the servicer does not perform as required.
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Servicer Event of Default. If an Event of Default or Servicer Event of Default exists, Buyer shall have the right at any time thereafter to terminate the related Servicing Agreement (or, in the case of an Event of Default, all of the Servicing Agreements) and transfer servicing of the related Purchased Assets to Buyer or its designee, at no cost or expense to Buyer, it being agreed that Seller will pay any fees and expenses required to terminate such Servicing Agreement and transfer servicing to Buyer or its designee.
Servicer Event of Default. Any one of the conditions or circumstances enumerated in Section 4.07 with respect to the Servicer.
Servicer Event of Default. If a Master Servicer Event of Default described in clauses (a) through (d) of this Section 8.3 shall occur, then, and in each and every such case, so long as such Master Servicer Event of Default shall not have been remedied, the Indenture Trustee may, and at the direction of the Holders of Securities entitled to at least 51% of the Voting Rights, the Indenture Trustee shall, by notice in writing to the Master Servicer, terminate all the rights and obligations of the Master Servicer hereunder, other than its rights as a Securityholder; provided, however, that if the rights and obligations of the Master Servicer are terminated due to a failure to make a P&I Advance as required under Section 8.1(c) and (x) the Master Servicer reimburses the Indenture Trustee for the P&I Advance made by the Indenture Trustee under Section 8.1(c) within five (5) Business Days (plus interest from the date the Indenture Trustee made the P&I Advance at the Prime Rate as published in the Wall Street Journal on the day of such reimbursement) and (y) each Rating Agency and the Indenture Trustee consent thereto, the Master Servicer shall be re-instated as master servicer on the date of such repayment without the requirement of further action. If a Master Servicer Event of Default described in clause (e) of this Section 8.3 shall occur, the Indenture Trustee may terminate, by notice in writing to the Master Servicer, all the rights and obligations of the Master Servicer hereunder, other than its rights as a Securityholder. On and after the receipt by the Master Servicer of such written notice, all authority and power of the Master Servicer hereunder, whether with respect to the Securities (other than as a Holder thereof) or the Mortgage Loans or otherwise, shall, to the maximum extent permitted by law, pass to and be vested in the Indenture Trustee pursuant to and under this Section 8.3 (provided, however, that the Master Servicer shall continue to be entitled to receive all amounts accrued or owing to it hereunder on or prior to the date of such termination). Without limiting the generality of the foregoing, the Indenture Trustee is hereby authorized and empowered to execute and deliver on behalf of and at the expense of the Master Servicer, as the Master Servicer's attorney-in-fact or otherwise, any and all documents and other instruments, and to do or accomplish all other acts or things that in the Indenture Trustee's sole and absolute judgment may be necessary or appropriate, to e...
Servicer Event of Default. A Servicer Event of Default shall have occurred and remained continuing.
Servicer Event of Default. If the Issuer has actual knowledge of the occurrence of a Facility Servicer Event of Default or Exchange Note Servicer Event of Default, the Issuer will promptly notify the Indenture Trustee and the Rating Agencies of such occurrence and specify in such notice any action the Issuer is taking in respect of such event. If an Exchange Note Servicer Event of Default arises from the failure of the Servicer to perform any of its duties and obligations under the Servicing Agreement with respect to the 2013-B Collateral, the Issuer will take all reasonable steps available to cause the Servicer to remedy such failure.
Servicer Event of Default. Any one of the events, conditions or circumstances enumerated in Section 7.1(a).
Servicer Event of Default. If an Event of Default or Servicer Event of Default has occurred and is continuing, Buyer shall have the right at any time thereafter to terminate the related Servicing Agreement, assume the role of Waterfall Account Bank for all purposes hereunder and to transfer the Waterfall Account to Buyer or its nominee, and transfer servicing of the related Purchased Assets to Buyer or its designee, at no cost or expense to Buyer, it being agreed that Seller will pay any fees and expenses required to terminate such Servicing Agreement and transfer servicing to Buyer or its designee.
Servicer Event of Default. If any of the following events (each, a “Servicer Event of Default”) shall occur:
(a) (i) failure by the Servicer to deposit or transfer into the Lockbox Account any proceeds or payment required to be so deposited or transferred under the terms of this Agreement on the due date therefor, (ii) any failure to remit any Monthly Report within two (2) Business Days of the due date therefor, (iii) any failure to remit any Daily Borrowing Base Report within one (1) Business Day of the due date therefor or (iv) a failure to comply with Section 7.07 or Section 7.11; or
(b) failure by the Servicer duly to observe or to perform in any material respect any other covenants or agreements of the Servicer set forth in this Agreement or to manage and service the Collateral in accordance with the Credit and Collection Policies and Procedures and such failure continues for thirty (30) days after the earlier of (i) the date on which written notice of such failure is given to the Servicer by the Agent and (ii) the date any Senior Officer of the Servicer has knowledge of such failure; or
(c) the average of the Default Ratios for any three (3) consecutive Remittance Periods exceeds 2.50%; or
(d) the average of the 90-Day Delinquency Rates for any three (3) consecutive Remittance Periods exceeds 2.25% (or 3.00% during the first six Remittance Periods after the Closing Date); or
(e) breach of a Financial Covenant; or
(f) The average 30-Day Delinquency Rate for any three (3) consecutive Remittance Periods exceeds 8.00% (or 12.00% during the first six Remittance Periods after the Closing Date); or
(g) a material delegation of the Servicer’s duties not in compliance with this Agreement; or
(h) the material breach of any of the representations and warranties made by the Servicer herein which shall continue unremedied for a period of thirty (30) days after the earlier of (x) the date on which written notice of such breach, requiring the same to be remedied, shall have been given to the Servicer by the Agent and (y) the date any Senior Officer of the Servicer has knowledge of such breach; or
(i) an Event of Bankruptcy shall occur with respect to the Servicer; or
(j) an Event of Default shall have occurred; or
(k) a Change in Control with respect to the Servicer shall have occurred; or
(l) the Servicer shall, without having received the prior written consent of the Agent, make any change to the Credit and Collection Policies and Procedures which could reasonably be expected to have a mat...
Servicer Event of Default. Any one of the conditions or circumstances enumerated in the applicable Servicing Agreement.
Servicer Event of Default. Upon the occurrence of any of the following events (each, a "Servicer Event of Default"), the Lender may terminate the rights of the Servicer and cause a successor Servicer to be appointed to service the Pledged Receivables: