Servicing Events of Default. If a Master Servicer other than Xxxxxx Mae is serving as such, the following events are “Servicing Events of Default” with respect to a Trust:
(a) any failure by the successor Master Servicer to remit, or cause the Direct Servicer to remit, funds for deposit to a Certificate Account on or before the applicable Latest Servicer Remittance Date for payment to Holders, as required by Section 6.3, which failure continues uncured for one Business Day following written notice of such failure to the successor Master Servicer by the Trustee or by Holders representing at least 25% of the Voting Rights of the related Trust (determined in accordance with Section 14.1);
(b) except as otherwise provided in clause (a) of this Subsection 11.1(3), any failure by the successor Master Servicer to perform in any material respect any of its covenants or agreements, which failure continues uncured for a period of 60 days following written notice of the failure to the successor Master Servicer by the Trustee or by the Holders representing at least 25% of the Voting Rights of the related Trust (determined in accordance with Section 14.1);
(c) entry of a decree or order of a court or agency or supervisory authority having jurisdiction in a voluntary or involuntary case under any present or future federal or state bankruptcy, insolvency or similar law or the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceeding, or for the winding-up or liquidation of its affairs against the successor Master Servicer, and which remains in force undischarged or unstayed for a period of 60 days, if such proceeding is not being contested by that successor Master Servicer in good faith, or results in the entry of an order for relief or any such adjudication or appointment;
(d) consent by the successor Master Servicer to the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings of or relating to the successor Master Servicer or of or relating to all or substantially all of its property;
(e) admission by the successor Master Servicer in writing of its inability to pay its debts generally as they become due, filing a petition to take advantage of any applicable insolvency or reorganization statute, making an assignment for the benefit of its creditors, or voluntarily suspending payment of its obligations; ...
Servicing Events of Default. (a) If any one of the following events ("Servicing Events of Default") shall occur and be continuing:
(i) Any failure by the Servicer, if the Servicer is the Paying Agent, to distribute to Certificateholders any payment required under the terms of this Agreement or, if the Servicer is not the Paying Agent, to pay over or to cause to be paid over to the Paying Agent for such distribution, any payment so required or to remit to the Paying Agent for deposit in the Certificate Account any payment required to be made under the terms of this Agreement (including any payment required to be made by the Servicer pursuant to Section 3.08) which failure continues unremedied for a period of (A) ten Business Days after the date on which written notice of such failure shall have been given to the Servicer by or on behalf of the Trustee, or to the Servicer and the Trustee by the Holders of the Required Amount of Certificates, if the Servicer falls to distribute or remit the full amount of a required payment as the result of an error in calculating the amount of such required payment or (B) three Business Days after written notice of such failure shall have been given to the Servicer as provided above if the Servicer falls to distribute or remit the full amount of a required payment for any reason other than as a result of an error in calculation; or
(ii) Failure on the part of the Servicer duly to observe or perform in any material respect any of its covenants or agreements set forth in this Agreement, which failure (A) materially adversely affects the rights of the Certificateholders and (B) continues unremedied for a period of 60 Business Days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Servicer by or on behalf of the Trustee, or to the Servicer and the Trustee by the Holders of the Required Amount of Certificates; or
(iii) The entry of a decree or order by a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a conservator, receiver or liquidator for the Servicer in any insolvency, readjustment of debt, marshaling 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 consecutive days; or
(iv) The Servicer shall consent to the appointment of a conservator or receiver or liquidator in any insolvency, readjustmen...
Servicing Events of Default. 83 Section 6.02. Indenture Trustee to Act; Appointment of Successor....................................86 Section 6.03. Waiver of Servicing Events of Default.................................................87 Section 6.04. Additional Remedies of the Owner Trust and the Indenture Trustee upon a Servicing Event of Default.............................................87
Servicing Events of Default. An “Event of Default” shall have occurred under, and as defined in, the Servicing Agreement, except such an Event of Default under Sections 5.3(a)(iii) and 5.3(a)(iv) of the Servicing Agreement.
