Common use of Events of Default under the Applicable Agreement Clause in Contracts

Events of Default under the Applicable Agreement. ‌ Each of the following shall constitute an Event of Default on the part of the PFI or Servicer under the Guides and the Applicable Agreement: 1. Any breach by the PFI or Servicer, its officers, directors, employees or agents of any representation, warranty or covenant contained in the Applicable Agreements or the Guides, or any failure to disclose any matter that makes any representation or warranty misleading or inaccurate, or any inaccuracy in material information furnished by the PFI or Servicer, including, without limitation, the PFI’s or Servicer's failure to comply fully with the Applicable Standards or the eligibility requirements set forth in the Guides; 2. Any breach by the PFI or Servicer of any representation, warranty or covenant, failure to disclose, or inaccuracy in information furnished by the PFI Servicer regarding itself; 3. The occurrence of an act of insolvency or bankruptcy concerning the Servicer, including, without limitation: • A decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities, or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Servicer; • The PFI or Servicer shall consent to the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities, or similar proceedings of, or relating to the Servicer of, or relating to all of, or substantially all of its property; or • The PFI or Servicer shall admit in writing its inability to pay its debts generally as they become due, or the PFI or Servicer files a petition to take advantage of any applicable insolvency or reorganization statute, makes an assignment for the benefit of creditors, or voluntarily suspends payment of its obligations. 4. The PFI or Servicer fails to meet any capital, leverage or other financial standards imposed by any applicable regulatory authority; 5. The PFI or Servicer is placed on probation or suspension by a federal or state governmental or quasi- governmental, agency, or by FHLMC, FNMA or GNMA; 6. The PFI or Servicer assigns or attempts to assign any of its interests, rights, or obligations under the Applicable Agreements without the MPF Bank's or MPF Provider’s prior written consent, as applicable; 7. The PFI or Servicer defaults under the terms of any other agreement to which the PFI or Servicer and the MPF Bank or MPF Provider are parties; 8. The PFI’s or Servicer's failure to comply with any Applicable Laws; 9. The finding by a court that the PFI or Servicer or any principal officer thereof has committed an act constituting civil fraud, or the conviction of the PFI or Servicer or an officer thereof of any criminal act that relates to lending or mortgage loan servicing activities; or 10. A change in the PFI’s or Servicer’s financial or business condition, or in its operations, which in the MPF Bank’s or MPF Provider’s sole judgment, as applicable, is material and adverse.