Backup Servicer Appointment Event definition

Backup Servicer Appointment Event means that (i) CRB is the Servicer and (ii) CRB receives written notice of the determination by the FDIC or other appropriate banking regulatory agency, that CRB has ceased to meet the FDIC criteria of a “well capitalized bank”, as finally determined by the FDIC or other appropriate banking regulatory agency using the method agreed upon by the Federal Financial Institutions Examination Council.
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Backup Servicer Appointment Event means that (i) Mechanics Bank is the Servicer and (ii) Mechanics Bank receives written notice of the determination by the FDIC or other appropriate banking regulatory agency, that Mechanics Bank has ceased to meet the FDIC criteria of a “well capitalized bank”, as finally determined by the FDIC or other appropriate banking regulatory agency using the method agreed upon by the Federal Financial Institutions Examination Council.
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Examples of Backup Servicer Appointment Event in a sentence

  • Within 60 days of the occurrence of a Backup Servicer Appointment Event, CRB shall appoint an entity to be the Backup Servicer hereunder, which appointment shall be subject to satisfaction of the Rating Agency Condition.

  • Within 60 days of the occurrence of a Backup Servicer Appointment Event, Mechanics Bank shall appoint an entity to be the Backup Servicer hereunder, which appointment shall be subject to satisfaction of the Rating Agency Condition.

  • Within 60 days of the occurrence of a Backup Servicer Appointment Event, CRB shall appoint an entity to be the Backup Servicer hereunder, which appointment will become effective upon the satisfaction of the Rating Agency Condition with respect to such appointment.

Related to Backup Servicer Appointment Event

  • Backup Servicer Fee means the fee to be paid to the Backup Servicer as set forth in the Backup Servicing Agreement.

  • Backup Servicer Termination Notice has the meaning given to such term in Section 8.04.

  • Special Servicer Termination Event shall have the meaning given to such term in the Lead Securitization Servicing Agreement.

  • Master Servicer Event of Termination As defined in Section 7.01 hereof.

  • Servicer Event of Termination One or more of the events described in Section 7.01.

  • Backup Servicing Fee means, as to each Distribution Date, $4,000; provided, however, that if the Backup Servicer becomes the successor Servicer, such fee shall no longer be paid.

  • Backup Servicer means Wxxxx Fargo Bank, National Association, in its capacity as Backup Servicer under this Agreement.

  • 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.

  • Master Servicer Event of Default One or more of the events described in Section 7.01.

  • Master Servicer Termination Test With respect to any Distribution Date, the Master Servicer Termination Test will be failed if the Cumulative Loss Percentage exceeds 4.00%.

  • Servicer Replacement Event means any one or more of the following that shall have occurred and be continuing:

  • Backup Servicing Agreement means the Backup Servicing Agreement dated as of the Closing Date, among the Backup Servicer, Credit Acceptance, the Seller, the Issuer and the Trust Collateral Agent.

  • 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;

  • Serviced Appointment has the meaning set forth in Section 1.1.

  • Servicer Termination Test With respect to any Distribution Date, the Servicer will fail the Servicer Termination Test if the Realized Loss Percentage for the Mortgage Loans exceeds the applicable percentages set forth below with respect to such Distribution Date: January 2006 through December 2007 2.75% January 2008 through December 2008 3.25% January 2009 through December 2009 3.75% January 2010 and thereafter 4.50%

  • Collateral Custodian Termination Notice has the meaning assigned to that term in Section 12.05.

  • Successor Master Servicer The meaning ascribed to such term pursuant to Section 8.02.

  • Succeeded Appointment means any Appointment for which a Succession Time has occurred.

  • Servicer Fee has the meaning specified in Section 2.05(a).

  • Servicer Event of Default One or more of the events described in Section 7.01.

  • Servicer Termination Notice Defined in Section 6.15.

  • Successor Servicer has the meaning specified in Section 3.07(e) of the Indenture.

  • Special Servicer Decision With respect to any Serviced Loan or Serviced Loan Combination, any of the following (to the extent it is not a Major Decision):

  • Repo Custodian shall have the meaning set forth in the preamble of this Agreement.

  • Swap Provider Trigger Event A Swap Termination Payment that is triggered upon: (i) an Event of Default under the Interest Rate Swap Agreement with respect to which the Swap Provider is a Defaulting Party (as defined in the Interest Rate Swap Agreement), (ii) a Termination Event under the Interest Rate Swap Agreement with respect to which the Swap Provider is the sole Affected Party (as defined in the Interest Rate Swap Agreement) or (iii) an Additional Termination Event under the Interest Rate Swap Agreement with respect to which the Swap Provider is the sole Affected Party.

  • Restricted Appointment means (a) any Appointment for which the applicable Authorizations have not been obtained, and (b) any Appointment for which the maturity date of the applicable Corporate Trust Contract is on or before June 30, 2022.