Common use of Servicing Events of Default Clause in Contracts

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; or (f) failure of the successor Master Servicer to meet the standard of eligibility set forth in Subsection 11.2(3).

Servicing Events of Default. If a Master Servicer other than Xxxxxx Mae Xxx 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; or (f) failure of the successor Master Servicer to meet the standard of eligibility set forth in Subsection 11.2(3).

Servicing Events of Default. If a Master Servicer other than Xxxxxx Mae Xxx is serving as such, the following events are “Servicing Events of Default” with respect to a Trust:Trust:‌ (a) any failure by the successor Master Servicer to remit, or cause the Direct Primary 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; or (f) failure of the successor Master Servicer to meet the standard of eligibility set forth in Subsection 11.2(3).

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:Trust:‌ (a) any failure by the successor Master Servicer to remit, or cause the Direct Primary 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; or (f) failure of the successor Master Servicer to meet the standard of eligibility set forth in Subsection 11.2(3).

Servicing Events of Default. If a Master Servicer other than Xxxxxx Mae Xxx is serving as such, the following events are “Servicing Events of Default” with respect to a Trust:Trust:‌ (a) any failure by the successor Master Servicer to remit, or cause the Direct Primary 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 Xxxxxxxx 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; or (f) failure of the successor Master Servicer to meet the standard of eligibility set forth in Subsection 11.2(3).

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 Primary 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; or (f) failure of the successor Master Servicer to meet the standard of eligibility set forth in Subsection 11.2(3).

Servicing Events of Default. If a Master Servicer other than Xxxxxx Mae Xxx 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 Primary 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; or (f) failure of the successor Master Servicer to meet the standard of eligibility set forth in Subsection 11.2(3).

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:Trust:‌ (a) any failure by the successor Master Servicer to remit, or cause the Direct Primary 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);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; or (f) failure of the successor Master Servicer to meet the standard of eligibility set forth in Subsection 11.2(3).