Backup Servicer Event definition

Backup Servicer Event means the occurrence of any of the following events: (i) the Bank's long term senior debt rating is downgraded to "B3" or less by ▇▇▇▇▇'▇, (ii) an Event of Default or (iii) a Servicer Default.
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Examples of Backup Servicer Event in a sentence

  • If a Backup Servicer Event of Default has occurred and is continuing, the Trust Collateral Agent may, or, at the direction of the Majority Noteholders, shall, by notice given in writing to the Backup Servicer, terminate all of the rights and obligations of the Backup Servicer under this Agreement.

  • Upon a Backup Servicer Event of Default, the Backup Servicer shall promptly notify the Indenture Trustee who shall distribute such notice to the Noteholders, that a Backup Servicer Event of Default has occurred.

  • If a Backup Servicer Event of Default has occurred and is continuing, the Deal Agent may, by notice given in writing to the Backup Servicer, terminate all of the rights and obligations of the Backup Servicer under this Agreement.

  • If a Backup Servicer Event has occurred and continuing, the Holders of Notes evidencing not less than a majority of the Outstanding Amount of the Notes of the Controlling Class, by notice then given in writing to the Master Servicer, the Indenture Trustee and the Owner Trustee may terminate all the rights and obligations of the Master Servicer under this Agreement.

  • Upon a Backup Servicer Event of Default, the Backup Servicer shall promptly notify the Deal Agent, the Servicer and the Borrower that a Backup Servicer Event of Default has occurred.

  • If a Backup Servicer Event of Default has occurred and is continuing, the Class A Insurer may, by notice given in writing to the Backup Servicer, terminate all of the rights and obligations of the Backup Servicer under this Agreement.

  • If a Backup Servicer Event of Default has occurred and is continuing, the Controlling Party may, by notice given in writing to the Backup Servicer, terminate all of the rights and obligations of the Backup Servicer under this Agreement.

  • Within forty-five (45) days following a Mandatory Back-up Servicer Event, the Borrower shall select a Back-up Servicer that is acceptable Program Agent and within ninety (90) days following a Mandatory Back-up Servicer Event, the Borrower shall enter into a Back-up Servicing Agreement, in form and substance acceptable to the Program Agent.

  • If a Backup Servicer Event of Default has occurred and is continuing, the Deal Agent may (acting at the direction, or with the consent, of the Required Lenders), by notice given in writing to the Backup Servicer, terminate all of the rights and obligations of the Backup Servicer under this Agreement.

  • The costs and expenses of such transfer shall be paid by OSIPS if a Backup Servicer Event of Default has occurred; otherwise, such costs and expenses shall be paid by the Borrower in accordance with Section 2.7 of the Loan and Security Agreement.

Related to Backup Servicer Event

  • Backup Servicer Fee means the fee to be paid to the Backup Servicer as set forth in the Backup Servicing Agreement.

  • Backup Servicer means W▇▇▇▇ Fargo Bank, National Association, in its capacity as Backup Servicer under this Agreement.

  • Backup Servicing Fee means, as to each Distribution Date, $4,000; provided, however, that if the Backup Servicer becomes the successor Servicer, such fee shall no longer be paid.

  • Backup Servicer Termination Notice has the meaning given to such term in Section 8.04.

  • Backup Servicing Agreement means the Amended and Restated Backup Servicing Agreement dated as of the Closing Date among the Borrower, the Servicer, the Administrative Agent and the Backup Servicer, as amended by that certain Amendment No. 1 to Backup Servicing Agreement dated as of April 14, 2009, as the same may from time to time be further amended, restated, supplemented, waived or modified.