Common use of Failure to Provide Timely Reports Clause in Contracts

Failure to Provide Timely Reports. In the event the Services fails to provide any reports required hereunder to the Owner and Master Servicer accurately, completely and timely, in order to compensate the Master servicer for the additional administrative burden of processing such inaccurate, incomplete or untimely reports, and in addition to any other rights or remedies that the Owner or the Master Servicer may have, the Servicer shall pay the following fees to the Master Servicer. 1. For the first such failure, the amount of $1,000; 2. For the second such failure, the amount of $1,500; and 3. For the third such failure and each failure thereafter, the amount of $2,500; Notwithstanding anything herein to the contrary, the fourth such failure in any successive twenty-four month period shall, at the option of the Master Servicer, constitute an Event of Default under this Agreement without any cure period available to the Servicer.

Failure to Provide Timely Reports. In the event the Services fails to provide any reports required hereunder to the Owner and Master Servicer accurately, completely and timely, in order to compensate the Master servicer for the additional administrative burden of processing such inaccurate, incomplete or untimely reports, and in addition to any other rights or remedies that the Owner or the Master Servicer may have, the Servicer shall pay the following fees to the Master Servicer. 1. For the first such failure, the amount of $1,000; 2. For the second such failure, the amount of $1,500; and and 3. For the third such failure and each failure thereafter, the amount of $2,500; Notwithstanding anything herein to the contrary, the fourth such failure in any successive twenty-four month period shall, at the option of the Master Servicer, constitute an Event of Default under this Agreement without any cure period available to the Servicer.