Common use of Recordation Event Clause in Contracts

Recordation Event. Any of (i) the long-term senior unsecured debt rating of LBH no longer being rated at least “BBB-” by Standard & Poor’s and “Baa3” by Xxxxx’x, (ii) the resignation of the Master Servicer, (iii) the occurrence of an Event of Master Servicing Termination, (iv) the failure of LBH to maintain the capital standards established for “well capitalized” institutions under the prompt corrective action regulations issued pursuant to the Federal Deposit Insurance Corporation Improvement Act of 1991, as amended, or (v) the occurrence of a bankruptcy, insolvency or foreclosure relating to the Issuer; provided, that any Recordation Event may be waived by the Insurer by its providing written notice of such waiver to the Master Servicer and the Indenture Trustee; and (vi) at the written request of the Insurer to the Indenture Trustee to record Assignments of Mortgages because the Insurer has determined, in the exercise of its reasonable judgment, that such recordation is necessary to protect the Insurer’s interest with respect to such Mortgage Loans because (a) a Material Adverse Change with respect to the Master Servicer has occurred, (b) the Insurer has been so advised by counsel as a result of a change that occurred after the Closing Date in applicable law or the interpretation thereof or (c) with respect to a particular Mortgage Loan, the insolvency of the related Mortgagor.

Recordation Event. Any of (i) the long-term senior unsecured debt rating of LBH no longer being rated at least “BBB-” by Standard & Poor’s S&P and “Baa3” by Xxxxx’x, (ii) the resignation an Event of the Master ServicerDefault, (iii) the occurrence of an Event of Master Servicing Servicer Termination, (iv) the failure of LBH to maintain the capital standards established for “well capitalized” institutions under the prompt corrective action regulations issued pursuant to the Federal Deposit Insurance Corporation Improvement Act of 1991, as amended, or (viv) the occurrence of a bankruptcy, insolvency or foreclosure relating to the IssuerServicer; provided, that any Recordation Event may be waived by the Controlling Insurer by its providing written notice of such waiver to the Master Servicer and the Indenture Trustee; and (vi) at the written request of the Controlling Insurer to the Indenture Trustee to cause the Custodian to record Assignments of Mortgages because the Controlling Insurer has determined, in the exercise of its reasonable judgment, that such recordation is necessary to protect the Controlling Insurer’s interest with respect to such Mortgage Loans because (a) a Material Adverse Change with respect to the Master Seller or the Servicer has occurred, (b) the Controlling Insurer has been so advised by counsel as a result of a change that occurred after the Closing Date in applicable law or the interpretation thereof or (c) with respect to a particular Mortgage Loan, the insolvency of the related Mortgagor.