Asset Manager Termination Event definition

Asset Manager Termination Event means the occurrence of (i) any event of default (as such term is defined in each Asset Management Agreement) by an Asset Manager under any Asset Management Agreement, (ii) any material breach by an Asset Manager of the related Assignment of Asset Management Agreement, (iii) any Insolvency Event occurs with respect to any Asset Manager, or (iv) any Governmental Authority or any person, agency or entity acting or purporting to act under governmental authority shall have taken any action to condemn, seize or appropriate, or to assume custody or control of, all or any substantial part of the Property of any Asset Manager, or shall have taken any action to displace the management of an Asset Manager or to curtail its authority in the conduct of the business of an Asset Manager.
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Asset Manager Termination Event means the occurrence of (i) any event of default (as such term is defined in each Asset Management Agreement) by Asset Manager under any Asset Management Agreement or (ii) any material breach by Asset Manager of the Asset Manager Side Letter.
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Asset Manager Termination Event. Any of (i) the occurrence of any material default or event of default (howsoever defined) by the Asset Manager under the Management Agreement after the expiration of any grace or cure periods thereunder, (ii) any material failure of the Asset Manager to manage the Borrowing Base Properties in accordance with the Asset Management Standard, which failure continues uncured for three (3) Business Days after the earlier of receipt of written notice thereof from Lender or Borrowers, Parent Guarantor or Pledgor/Guarantor obtains Knowledge of such failure, (iii) an Event of Default shall have occurred or (iv) any material breach by Asset Manager of the Asset Manager Letter Agreement, which failure continues uncured for three (3) Business Days after the earlier of receipt of written notice thereof from Lender or Borrowers, Parent Guarantor or Pledgor/Guarantor obtains Knowledge of such failure.
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More Definitions of Asset Manager Termination Event

Asset Manager Termination Event means (i) the failure of the Asset Manager to materially comply with applicable laws; (ii) an event which gives rise to the right of General Partner or any other applicable Seller Party to terminate the Asset Manager’s asset management services under the Seller Operating Agreement “for cause” in accordance with Section 9.10(d) of the Seller Operating Agreement provided that such event shall materially adversely effect the REO Properties and the Trust Mortgage Loans, in the aggregate, as reasonably determined by the Seller; (iii) the occurrence of an Event of Default or (iv) the occurrence of an Act of Insolvency with respect to PAF VI, Prime Manager or another Asset Manager.
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Related to Asset Manager Termination Event

  • Servicer Termination Event shall have the meaning assigned to such term in the Lead Securitization Servicing Agreement or at any time that the Mortgage Loan is no longer subject to the provisions of the Lead Securitization Servicing Agreement, any analogous concept under the servicing agreement pursuant to which the Mortgage Loan is being serviced in accordance with the terms of this Agreement.

  • Servicer Termination Events (or any analogous term under the Lead Securitization Servicing Agreement) include customary market termination events with respect to failure to make advances, failure to timely remit payments to the Non-Lead Note Holders as required hereunder or under the Lead Securitization Servicing Agreement (subject to no more than one business day grace period), failure to timely deposit amounts into any REO Account or to remit to a Servicer for deposit into a related collection or custodial account, failure to deliver (or cause to be delivered) materials or information required in order for each Non-Lead Note Holder or each Non-Lead Depositor to timely comply with its obligations under the Exchange Act, the Securities Act and Form SF-3, and for rating agency downgrades or other triggers with respect to any certificates issued in connection with a Non-Lead Securitization, subject to customary grace periods (provided that, in the case of failures related to the securities laws, such grace periods will not cause a Non-Lead Depositor to fail to comply with the applicable provisions of such securities laws). Upon the occurrence of such a Servicer Termination Event with respect to the Master Servicer affecting a Non-Lead Securitization Note Holder and the Master Servicer is not otherwise terminated pursuant to the Lead Securitization Servicing Agreement, the Master Servicer shall be required, upon the direction of such Non-Lead Securitization Note Holder, to appoint a subservicer with respect to such Non-Lead Securitization Note. Upon the occurrence of a Servicer Termination Event with respect to the Special Servicer affecting a Non-Lead Securitization Note Holder and the Special Servicer is not otherwise terminated pursuant to the Lead Securitization Servicing Agreement, the Trustee shall, upon direction of such Non-Lead Securitization Note Holder, terminate the Special Servicer with respect to, but only with respect to, the Mortgage Loan;

  • Purchase and Sale Termination Event has the meaning set forth in Section 8.1 of the Sale Agreement.

  • Company Termination Event means any of the following:

  • Consultation Termination Event shall have the meaning assigned to such term or an analogous term in the Servicing Agreement.

  • Servicer Termination Notice Defined in Section 6.15.

  • Additional Termination Event has the meaning specified in Section 5(b).

  • Senior Termination Date For each Senior Certificate Group, the Distribution Date on which the aggregate Class Certificate Balance of the related Classes of Senior Certificates has been reduced to zero.

  • ERISA Termination Event means (i) a “Reportable Event” described in Section 4043 of ERISA and the regulations issued thereunder (other than a “Reportable Event” not subject to the provision for 30-day notice to the PBGC under such regulations), or (ii) the withdrawal of a Borrower or any of its ERISA Affiliates from a “single employer” Plan during a plan year in which it was a “substantial employer”, both of such terms as defined in Section 4001(a) of ERISA, or (iii) the filing of a notice of intent to terminate a Plan or the treatment of a Plan amendment as a termination under Section 4041 of ERISA, or (iv) the institution of proceedings to terminate a Plan by the PBGC or (v) any other event or condition which might constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan or (vi) the partial or complete withdrawal of a Borrower or any ERISA Affiliate of such Borrower from a “multiemployer plan” as defined in Section 4001(a) of ERISA.

  • Swap Termination Event means the occurrence of a “Termination Event” under the Swap Agreement, as defined in the Swap Agreement.]

  • Commitment Termination Event means (a) the occurrence of any Event of Default described in clauses (a) through (d) of Section 8.1.9, or (b) the occurrence and continuance of any other Event of Default and either (i) the declaration of the Loans to be due and payable pursuant to Section 8.3, or (ii) in the absence of such declaration, the giving of notice to the Borrower by the Administrative Agent, acting at the direction of the Required Lenders, that the Commitments have been terminated.

  • Forbearance Termination Event has the meaning set forth in Section 3(a) hereto.

  • Potential Termination Event means an event which, with the giving of notice and/or the lapse of time, would constitute a Termination Event.

  • Term SOFR Transition Event means the determination by the Administrative Agent that (a) Term SOFR has been recommended for use by the Relevant Governmental Body, (b) the administration of Term SOFR is administratively feasible for the Administrative Agent and (c) a Benchmark Transition Event or an Early Opt-in Election, as applicable, has previously occurred resulting in a Benchmark Replacement in accordance with Section 2.14 that is not Term SOFR.

  • Unmatured Termination Event means an event that, with the giving of notice or lapse of time, or both, would constitute a Termination Event.

  • Event of Servicer Termination With respect to the Servicing Agreement, a Servicing Default as defined in Section 6.01 of the Servicing Agreement.

  • Control Termination Event shall have the meaning given to such term or any one or more analogous terms in the Lead Securitization Servicing Agreement.

  • Termination Events means each of the events specified in Clause 10.3 of this Contract.

  • Escrow Termination Date has the meaning ascribed to such term in Section 9.12.

  • Benchmark Transition Event means the occurrence of one or more of the following events with respect to the then-current Benchmark: