Common use of Events of Backup Servicing Default Clause in Contracts

Events of Backup Servicing Default. If any one of the following events ("Events of Backup Servicing Default") shall occur and be continuing: (a) Failure on the part of the Backup Servicer duly to observe or to perform in any material respect any covenant or agreement of the Backup Servicer set forth in this Agreement or the Servicing Agreement, which failure shall (i) materially and adversely affect the rights of Certificateholders and (ii) continue unremedied for a period of 30 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been sent (A) to the Backup Servicer by the Trustee, or (B) to the Backup Servicer and to the Trustee by the Holders of Certificates evidencing not less than 20% of the Voting Interests thereof; or (b) The entry of a decree or order by a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a conservator, receiver or liquidator for the Backup Servicer in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of 30 consecutive days; or (c) The consent by the Backup Servicer to the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Backup Servicer or of or relating to substantially all of its property; or the Backup Servicer shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors or voluntarily suspend payment of its obligations;

Events of Backup Servicing Default. If any one of the following events ("Events of Backup Servicing Default") shall occur and be continuing: (a) Failure to make any payment, transfer or deposit required to be made by the Backup Servicer under the terms of this Agreement or the Servicing Agreement, which failure shall continue for two (2) Business Days after the date due; or (b) Failure on the part of the Backup Servicer duly to observe or to perform in any material respect any covenant or agreement of the Backup Servicer set forth in this Agreement or the Servicing Agreement, which failure shall (i) materially and adversely affect the rights of Certificateholders and (ii) continue unremedied for a period of 30 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been sent (A) to the Backup Servicer by the Trustee, or (B) to the Backup Servicer and to the Trustee by the Holders of Certificates evidencing not less than 20% of the Voting Interests thereof; or (bc) The entry of a decree or order by a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a conservator, receiver or liquidator for the Backup Servicer in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of 30 consecutive days; or (cd) The consent by the Backup Servicer to the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Backup Servicer or of or relating to substantially all of its property; or the Backup Servicer shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors or voluntarily suspend payment of its obligations;