Master Servicer Termination Event Sample Clauses

Master Servicer Termination Event. For purposes of this Agreement, each of the following shall constitute a “Master Servicer Termination Event”: (a) Any failure by the Master Servicer to deliver, or cause to be delivered, to the Administrator for distribution pursuant to the terms of this Agreement or any Basic Document, any proceeds or payment required to be so delivered by the Master Servicer under the terms of this Agreement or any Basic Document (including deposits of the Repurchase Amount pursuant to Section 4.7) that continues unremedied for a period of three Business Days after written notice is received by the Master Servicer from the Administrator or the Indenture Trustee or after discovery of such failure by a responsible officer of the Master Servicer (but in no event later than three Business Days after the Master Servicer is required to make such delivery or deposit); (b) Failure on the part of the Master Servicer duly to observe or perform any other covenants or agreements of the Master Servicer set forth in this Agreement or the Basic Documents, which failure (i) materially and adversely affects the rights of Noteholders (determined without regard to the availability of funds under any Series Support) 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 to the Master Servicer by the Administrator or the Indenture Trustee or after discovery thereof by the Master Servicer; (c) The entry of a decree or order for relief by a court or regulatory authority having jurisdiction in respect of the Master Servicer in an involuntary case under the federal bankruptcy laws, as now or hereafter in effect, or another present or future, federal bankruptcy, insolvency or similar law, or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Master Servicer or of any substantial part of its property or ordering the winding up or liquidation of the affairs of the Master Servicer or the commencement of an involuntary case under the federal bankruptcy laws, as now or hereinafter in effect, or another present or future federal or state bankruptcy, insolvency or similar law and such case is not dismissed within 60 days; or (d) The commencement by the Master Servicer of a voluntary case under the federal bankruptcy laws, as now or hereafter in effect, or any other present or future, federal or state, bankruptcy, insolvency or similar...