Servicing Centralization Event Clause Samples
A Servicing Centralization Event clause defines the circumstances under which the responsibility for servicing certain assets or obligations is transferred to a centralized servicer. Typically, this clause outlines specific triggers—such as a default, downgrade of a party, or operational failure—that require all servicing activities to be consolidated under a designated entity. By centralizing servicing, the clause ensures continuity, efficiency, and consistent management, particularly in situations where decentralized servicing could lead to confusion or increased risk.
Servicing Centralization Event. Upon the occurrence of a Servicing Centralization Event, the Servicer shall promptly send written notice thereof to the parties hereto, and the Backup Servicer and the Servicer shall work with the Administrative Agent and the Lenders to put into effect the items described on Schedule G, together with such other items as may reasonably be agreed upon between the Backup Servicer, the Administrative Agent and the Lenders.
Servicing Centralization Event. Upon the occurrence of a Servicing Centralization Event, the Servicer shall promptly send written notice thereof to the parties hereto, and the Backup Servicer and the Servicer shall work with the Administrative Agent and the Lenders to put into effect the items described on Schedule G, together with such other items as may reasonably be agreed upon between the Backup Servicer, the Administrative Agent and the Lenders. LEGAL02/4049656702/41783784v137 LEGAL02/40496567v15 LEGAL02/41254404v5 LEGAL02/42659188v3 Article Eight THE BACKUP SERVICER
Servicing Centralization Event. Upon the occurrence of a Servicing Centralization Event, the Servicer shall promptly send written notice thereof to the parties hereto, and the Backup Servicer and the Servicer shall work with the Administrative Agent and the Lenders to put into effect the items described on Schedule G, together with such other items as may reasonably be agreed upon between the Backup Servicer, the Administrative Agent and the Lenders. 143 DOCPROPERTY DOCXDOCID DMS=IManage Format=<<LIB>>/<<NUM>>v<<VER>> \* MERGEFORMAT LEGAL02/46534623v2
Servicing Centralization Event. Following the occurrence of a Servicing Centralization Event, unless waived by the Required Lenders, the following will occur: