Servicer Events of Default definition

Servicer Events of Default any failure by Servicer to make any deposit or payment, or to remit any payment, required to be made under the terms of this Agreement which continues unremedied for a period of three (3) Business Days after the date upon which written notice of such failure, requiring the same to be remedied, shall have been given to Servicer by Owner; provided, that Owner need not send such written notice to Servicer more than three (3) times in any twelve (12) month period, and thereafter, any failure of Servicer to make any such payment when due shall be an immediate Servicer Event of Default under this Agreement; or
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Servicer Events of Default. Option One must maintain a minimum "Tangible Net Worth" (defined and determined in accordance with GAAP and exclusive of (i) any loans outstanding to any officer or director of Option One or its Affiliates and (ii) any intangibles (other than originated or purchased servicing rights)) of $200 million as of any day. IN COMPLIANCE ____ NOT IN COMPLIANCE ____
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Servicer Events of Default failure on the part of the Servicer to remit to the Indenture Trustee any amount required to be remitted under this Agreement within the time period required under this Agreement; provided, however that the failure of the Indenture Trustee to accept any remittance from the Servicer shall not constitute a Servicer Event of Default;
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Examples of Servicer Events of Default in a sentence

  • The Trustee, prior to the occurrence of a Master Servicer Event of Default and after the curing of all Master Servicer Events of Default which may have occurred, undertakes to perform such duties and only such duties as are specifically set forth in this Agreement.

  • The Trustee, prior to the occurrence of a Master Servicer Event of Default and after the curing or waiver of all Master Servicer Events of Default which may have occurred, and the Securities Administrator each undertake to perform such duties and only such duties as are specifically set forth in this Agreement as duties of the Trustee and the Securities Administrator, respectively.

  • The Trustee, before the occurrence of a Master Servicer Event of Default and after the curing of all Master Servicer Events of Default that may have occurred, shall undertake to perform such duties and only such duties as are specifically set forth in this Agreement.

  • The Trustee, prior to the occurrence of a Servicer Event of Default and after the curing of all Servicer Events of Default which may have occurred, undertakes to perform such duties and only such duties as are specifically set forth in this Agreement.

  • Each of the Trustee and the Trust Administrator, prior to the occurrence of a Servicer Event of Default and after the curing of all Servicer Events of Default which may have occurred, undertakes to perform such duties and only such duties as are specifically set forth in this Agreement.

  • Waiver of Servicer Events of Default and Master Servicer Events of Termination.

  • The Trustee, prior to the occurrence of a Servicer Event of Default and after the curing of all Servicer Events of Default that may have occurred, undertakes to perform such duties and only such duties as are specifically set forth in this Agreement.

  • The Trustee, prior to the occurrence of a Master Servicer Event of Default and after the curing of all Master Servicer Events of Default which may have occurred, and each of the Trust Administrator, the Paying Agent, the Certificate Registrar and the Authenticating Agent, at all times, undertakes to perform such duties and only such duties as are specifically set forth in this Agreement.

  • Master Servicer Events of Default; Indenture Trustee To Act; Appointment of Successor.

  • The Trustee, before the occurrence of a Servicer Event of Default or Master Servicer Event of Termination and after the curing of all Servicer Events of Default or Master Servicer Events of Termination that may have occurred, shall undertake to perform such duties and only such duties as are specifically set forth in this Agreement.


More Definitions of Servicer Events of Default

Servicer Events of Default failure on the part of the Servicer to remit to the Trustee within three Business Days following the receipt thereof any monies received by the Servicer required to be remitted to the Trustee under the Assignment and Servicing Agreement;
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Related to Servicer Events of Default