SERVICER DEFAULT; RESIGNATION Sample Clauses

The 'Servicer Default; Resignation' clause defines the circumstances under which a servicer is considered to be in default and the process by which the servicer may be required or permitted to resign. Typically, this clause outlines specific events or failures—such as breaches of duty, insolvency, or failure to perform contractual obligations—that constitute a default by the servicer. It also details the procedures for resignation, including notice requirements and the appointment of a successor. The core function of this clause is to protect the interests of the parties relying on the servicer by ensuring that, in the event of default or incapacity, a replacement can be installed to maintain continuity and proper administration of the serviced assets.