Reference Pool Servicer Termination Events Sample Clauses
The 'Reference Pool Servicer Termination Events' clause defines the specific circumstances under which the servicer responsible for managing a reference pool of assets can be removed or replaced. Typically, this clause outlines events such as breaches of contract, insolvency, or failure to perform servicing duties as triggers for termination. By clearly specifying these events, the clause ensures that the interests of investors and other stakeholders are protected by allowing for the prompt replacement of a servicer who is not fulfilling their obligations, thereby maintaining the integrity and performance of the asset pool.
Reference Pool Servicer Termination Events. The Reference Pool Servicer Termination Events applicable to the 20 - Reference Pool are as stated in Section 7.3(a) of the Servicing Agreement. [There are no additional Reference Pool Servicer Termination Events for the 20 - Reference Pool.]
Reference Pool Servicer Termination Events. Unless otherwise stated in the related Servicing Supplement, the following events will each be a “Reference Pool Servicer Termination Event” for the related Reference Pool:
Reference Pool Servicer Termination Events. Unless otherwise stated in the related Servicing Supplement, the following events will each be a "Reference Pool Servicer Termination Event" for the related Reference Pool:
(i) the Servicer fails to deliver to the Collateral Agent or the Administrative Agent any proceeds or payment required to be delivered on the Reference Pool under this Agreement or the related Servicing Supplement and that failure continues for five Business Days after the earlier of the date (A) the Servicer receives notice of the failure from the Collateral Agent, the Administrative Agent or the related Exchange Noteholder or (B) a Responsible Person of the Servicer has knowledge of the failure, unless:
(1) (A) the failure is caused by an event outside the Servicer's control that the Servicer could not have avoided through the exercise of commercially reasonable efforts, (B) the failure does not continue for more than ten Business Days after the earlier of the date the Servicer receives notice of the failure from the Collateral Agent, the Administrative Agent or the related Exchange Noteholder or a Responsible Person of the Servicer has knowledge of the failure, (C) during the period the Servicer uses all commercially reasonable efforts to perform its obligations under this Agreement and the related Servicing Supplement and (D) the Servicer promptly notifies the Collateral Agent, the Administrative Agent and the Exchange Noteholder of the failure (or acknowledges receipt of the notice of the failure), including a description of the Servicer's efforts to correct the failure; or
(2) (A) the failure would not reasonably be expected to, or after investigation and quantification does not, result in a failure to pay or deposit an amount greater than 0.05% of the Exchange Note Balance of the related Exchange Note and (B) the failure does not continue for more than (i) if the Servicer's long-term debt is rated investment grade by each rating agency rating the related Securities, 90 days after the Servicer receives notice of the failure or a Responsible Person of the Servicer has knowledge of the failure and (ii) if the Servicer's long-term debt is not so rated, 90 days after the failure;
(ii) the Servicer (including in its capacity as Custodian) fails to observe or to perform in any material respect any other obligation relating to the Reference Pool under this Agreement or the related Servicing Supplement and that failure has a material adverse effect on the rights of the related Exchange No...