Servicer Replacement Event Sample Clauses
Servicer Replacement Event. At any time following the occurrence and during the continuation of (i) any Termination Event or (ii) a Rating Level 4 Period (each, a "Servicer Replacement Event"), the Administrative Agent may (with the consent or at the direction of the Majority Managing Agents) designate another Person to succeed Medco as the Servicer. If replaced as Servicer, Medco agrees that it will (i) terminate, and cause each existing sub-servicer to terminate, its collection activities in a manner and to the extent requested by the Administrative Agent to facilitate the transition to a new Servicer and (ii) transfer to the Administrative Agent (or its designee), or (to the extent permitted by applicable Law and contract) license to the Administrative Agent (or its designee) the use of, all software used in connection with the billing and collection of the Receivables. To the extent any such transfer or license would require the payment of any license fee or other amount the Servicer agrees to pay such fee or other amount out of its own funds promptly upon demand by the Administrative Agent. The Servicer shall cooperate with and assist any successor Servicer in the performance of its responsibilities as Servicer (including, without limitation, providing access to, and transferring, to such successor Servicer all records related to the Receivables and allowing (to the extent permitted by applicable law and contract) the successor Servicer to use all licenses, hardware or software necessary or desirable to collect or obtain or store information regarding the Receivables). Notwithstanding its removal as Servicer, Medco irrevocably agrees (to the extent requested to do so by the Administrative Agent)
(i) to continue to bill the Receivables and to provide all supporting data required to ▇▇ ▇elivered to, or requested by, the Obligors pursuant to the Contracts and (ii) to act as the data-processing agent for any successor Servicer, in each case in substantially the same manner as Medco conducted such functions while it acted as the Servicer.
Servicer Replacement Event. Without limiting the foregoing, whether or not an Event of Default has occurred, in the event of a Servicer Replacement Event that has not been cured, the Administrative Agent may, at the request of the Special Majority Lenders, terminate the Servicing Agreement and replace the Servicers with a Person selected by the Special Majority Lenders.
Servicer Replacement Event. A Servicer Replacement Event shall have occurred and be continuing and the Administrative Agent shall have directed the Borrower in writing to terminate the Servicing Agreement pursuant to Section 6.15(a) hereof, and the Borrower shall not have identified and appointed a replacement Servicer in accordance with Section 6.15(a) to assume the duties of such Servicer within 60 days of the date that the Administrative Agent has provided such direction; provided that, if the Borrower demonstrates by evidence reasonably satisfactory to the Administrative Agent, that it is diligently working toward appointing a replacement Servicer, such period shall be extended for an additional 60 days.
Servicer Replacement Event. Without limiting the foregoing, whether or not an Event of Default has occurred, in the event of a Servicer Replacement Event that has not been cured and no replacement servicer has been appointed by Fly HoldCo (and approved by the Required Lenders) within two (2) months following such Servicer Replacement Event, the Administrative Agent may, at the request of the Required Lenders, terminate the Servicing Agreement and replace the Servicer with a Person selected by the Required Lenders.
Servicer Replacement Event. Each of the following shall constitute a Servicer Replacement Event (“Servicer Replacement Event”) (for any reason whatsoever and whether or not such event shall be voluntary or involuntary or come about or be effected by operation of law or pursuant to or in compliance with any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body, including any order or directive of any Governmental Entity) hereunder:
(i) a Facility Event of Default; or
(ii) any payment required to be made under Section 3.02(a) of the Warehouse Agreement is not made when due; or
(iii) (A) BBAM or any of its Significant Subsidiaries (as defined at the end of this clause (a)) shall consent to the appointment of or the taking of possession by a receiver, trustee or liquidator of itself or of a substantial part of its property, or BBAM or any of its Significant Subsidiaries shall admit in writing its inability to pay its debts generally as they become due, or does not pay its debts generally as they become due or shall make a general assignment for the benefit of creditors, or BBAM or any of its Significant Subsidiaries shall file a voluntary petition in bankruptcy or a voluntary petition or an answer seeking reorganization, liquidation or other relief in a case under any bankruptcy laws or other insolvency laws (as in effect at such time) or an answer admitting the material allegations of a petition filed against BBAM or any of its Significant Subsidiaries, in any such case, or BBAM or any of its Significant Subsidiaries shall seek relief by voluntary petition, answer or consent, under the provisions of any other bankruptcy or other similar law providing for the reorganization or winding-up of corporations, trusts or banks (as in effect at such time) or BBAM or any of its Significant Subsidiaries shall seek an agreement, composition, extension or adjustment with its creditors under such laws, or BBAM or any of its Significant Subsidiaries shall adopt a resolution authorizing action in furtherance of any of the foregoing; or
Servicer Replacement Event. The occurrence of any of the events described in Section 8.1(c).