Servicer Events of Termination. (a) If any one of the following events (“Servicer Events of Termination”) shall occur and be continuing:
(A) The failure by the Servicer to make any Advance; or (B) any other failure by the Servicer to deposit in the Collection Account or the Distribution Account any deposit required to be made under the terms of this Agreement which continues unremedied for a period of one Business Day after the date upon which written notice of such failure shall have been given to the Servicer by the Trustee or to the Servicer and the Trustee by the NIMS Insurer or any Holders of a Regular Certificate evidencing at least 25% of the Voting Rights; or
(ii) The failure by the Servicer to make any required Servicing Advance which failure continues unremedied for a period of 30 days, or the failure by the Servicer duly to observe or perform, in any material respect, any other covenants, obligations or agreements of the Servicer as set forth in this Agreement, which failure continues unremedied for a period of 30 days (or if such failure or breach cannot be remedied within 30 days, then such remedy shall have been commenced within 30 days and diligently pursued thereafter; provided, however, that in no event shall such failure or breach be allowed to exist for a period of greater than 90 days), after the date (A) on which written notice of such failure, requiring the same to be remedied, shall have been given to the Servicer by the Trustee or to the Trustee by the NIMS Insurer or any Holders of a Regular Certificate evidencing at least 25% of the Voting Rights or (B) of actual knowledge of such failure by a Servicing Officer of the Servicer; or
(iii) The entry against the Servicer of a decree or order by a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a trustee, conservator, receiver or liquidator in any insolvency, conservatorship, receivership, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of 60 days; or
(iv) The Servicer shall voluntarily go into liquidation, consent to the appointment of a conservator or receiver or liquidator or similar person in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Servicer or of or relating to all or substantially all of its property; or a decre...
Servicer Events of Termination. Section 7.02 Trustee to Act; Appointment of Successor....................... Section 7.03
Servicer Events of Termination. Trustee to Act; Appointment of Successor.
Servicer Events of Termination. 103 Section 7.02. Trustee to Act; Appointment of Successor.........................................105 Section 7.03. Waiver of Defaults...............................................................106 Section 7.04. Notification to Certificateholders...............................................107 Section 7.05. Survivability of Servicer Liabilities............................................107 ARTICLE VIII THE TRUSTEE
Servicer Events of Termination. (a) If any one of the following events ("Servicer Events of Termination") shall occur and be continuing:
Servicer Events of Termination. Trustee to Act; Appointment of Successor. SECTION 7.03. Waiver of Defaults. SECTION 7.04. Notification to Certificateholders. SECTION 7.05. Survivability of Servicer Liabilities.
Servicer Events of Termination. 73 Section 7.02 Securities Administrator to Act; Appointment of Successor......................................74 Section 7.03
Servicer Events of Termination. 65 Section 6.02. Master Servicer to Act; Appointment of Successor...........................................66 Section 6.03. Waiver of Defaults.........................................................................68 Section 6.04. Notification to Noteholders................................................................68 Section 6.05. Survivability of Liabilities...............................................................69 Section 6.06. Master Servicer Events of Termination......................................................69 Section 6.07. Appointment of Successor Master Servicer...................................................71 ARTICLE VII MISCELLANEOUS PROVISIONS Section 7.01. Amendment..................................................................................74 Section 7.02. GOVERNING LAW..............................................................................74 Section 7.03. Notices....................................................................................74 Section 7.04. Severability of Provisions.................................................................76 Section 7.05. Third-Party Beneficiaries..................................................................76 Section 7.06. Counterparts...............................................................................77 Section 7.07. Effect of Headings and Table of Contents...................................................77 Section 7.08. Termination................................................................................77 Section 7.09. No Petition................................................................................77 Section 7.10. No Recourse................................................................................77 Section 7.11. Indenture Trustee Rights...................................................................77 Section 7.12. Compliance.................................................................................77 Section 7.13. Intention of the Parties and Interpretation................................................77 ARTICLE VIII DUTIES OF THE ADMINISTRATOR Section 8.01. Administrative Duties......................................................................79 Section 8.02. Records....................................................................................80 Section 8.03. Additional Information to be Furnished.....................................................80 Section 8.04. No Recourse to Owner Trustee....
Servicer Events of Termination. If a Servicer Event of Termination shall occur and be continuing with respect to any Servicer, then, and in each and every such case, for so long as such Servicer Event of Termination shall not have been remedied within the applicable grace period set forth in the related Servicing Contract, the Trustee may, and at the direction of the Holders of each Class of Regular Certificates evidencing Percentage Interests aggregating not less than 51% shall, exercise all of its rights under the related Servicing Contract to terminate all of the rights and obligations of such Servicer as the servicer under such Servicing Contract in accordance with the terms thereof. Any notice given by the Trustee to the Servicer with respect to the foregoing shall also be given by the Trustee to the Rating Agencies, the Depositor and the Seller. In connection with the termination of a Servicer, the Trustee will be entitled to be reimbursed by the Trust Fund (in the event that such Servicer does not timely reimburse the Trustee) for all of the reasonable costs associated with the termination of such Servicer, appointment of any successor Servicer and the transfer of the related servicing to a successor Servicer, including without limitation all reasonable costs and expenses associated with the completion, correction or manipulation of servicing data as may be required to correct any errors or insufficiencies in the servicing data or otherwise to enable the Trustee or the successor Servicer to service the related Mortgage Loans properly and effectively.
Servicer Events of Termination. (a) If any one of the following events ("Servicer Events of Termination") shall occur and be continuing:
(i) (A) The failure by the Servicer to make any Advance or to pay Compensating Interest; or (B) any other failure by the Servicer to deposit in the Collection Account or remit to the Trustee for deposit in the Distribution Account any payment required to be made under the terms of this Agreement, which failure continues unremedied for a period of one Business Day after the first date on which (x) the Servicer has knowledge of such failure or (y) written notice of such failure is given to the Servicer; or
(ii) The failure by the Servicer to make any required Servicing Advance which failure continues unremedied for a period of 30 days, or the failure by the Servicer duly to observe or perform, in any material respect, any other covenants, obligations or agreements of the Servicer as set forth in this Agreement, which failure continues unremedied for a period of 30 days (or five days in the case of the failure to observe or perform any of the obligations set forth in Section 3.16, 3.19, 3.20, 3.31 or 6.02), after the date (A) on which written notice of such failure, requiring the same to be remedied, shall have been given to the Servicer by the Trustee or the NIMS Insurer or by any Holder of a Regular Certificate evidencing at least 25% of the Voting Rights or (B) actual knowledge of such failure by a Servicing Officer of the Servicer; or
(iii) The entry against the Servicer of a decree or order by a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a trustee, conservator, receiver or liquidator in any insolvency, conservatorship, receivership, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of 60 days; or
(iv) The Servicer shall voluntarily go into liquidation, consent to the appointment of a conservator or receiver or liquidator or similar person in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Servicer or of or relating to all or substantially all of its property; or a decree or order of a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a conservator, receiver, liquidator or similar person in any insolvency, r...
