Master Servicer Default Administrator Default Clause Samples

Master Servicer Default Administrator Default. (a) If any one of the following events (a "Master Servicer Default") shall occur and be continuing: (1) any failure by a Master Servicer (i) to deliver to the Indenture Trustee for deposit in any of the Trust Accounts any payment required by the Basic Documents or (ii) in the event that daily deposits into the Collection Account are not required, to deliver to the Administrator any payment, required by the Basic Documents, which failure in case of either clause (i) or (ii) continues unremedied for two Business Days after written notice of such failure is received by such Master Servicer from the Eligible Lender Trustee, the Indenture Trustee, the Surety Provider or the Administrator or after discovery of such failure by an officer of such Master Servicer; or (2) any failure by a Master Servicer or TMSI duly to observe or to perform in any material respect any other covenants or agreements of such Master Servicer or TMSI set forth in this Agreement or any other Basic Document, which failure shall (i) materially and adversely affect the rights of Noteholders, Certificateholders or the Surety Provider and (ii) continues unremedied for a period of 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given (A) to such Master Servicer or TMSI, as the case may be, by the Indenture Trustee, the Eligible Lender Trustee, the Surety Provider or the Administrator or (B) to such Master Servicer or TMSI, as the case may be, and to the Indenture Trustee and the Eligible Lender Trustee by the Noteholders or Certificateholders, as applicable, representing not less than 25% of the Outstanding Amount of the Notes or 25% of the outstanding Certificate Balance; or (3) an Insolvency Event occurs with respect to a Master Servicer; then, and in each and every case, so long as a Master Servicer Default shall not have been remedied, either the Surety Provider or, with the written consent of the Surety Provider, the Indenture Trustee or the Noteholders of Notes evidencing not less than 25% of the Outstanding Amount of the Notes, by notice then given in writing to such Master Servicer (and to the Indenture Trustee and the Eligible Lender Trustee if given by the Noteholders or the Surety Provider) may terminate all the rights and obligations (other than the obligations set forth in Section 6.3 hereof) of such Master Servicer under this Agreement. On or after the receipt by such Master Servicer of such written notice, all au...