Backup Servicer Event of Default has the meaning specified in Section 4.1.
Backup Servicer Event of Default. Failure on the part of the Backup Servicer duly to observe or perform in any material respect any covenant or agreement of the Backup Servicer set forth in this Agreement, which failure continues unremedied for a period of thirty (30) days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Backup Servicer by the Majority Noteholders.
Backup Servicer Event of Default means (a) an event of default under the Backup Servicing Agreement or (b) a Regulatory Event that causes a Material Adverse Effect on the Backup Servicer.
More Definitions of Backup Servicer Event of Default
Backup Servicer Event of Default has the meaning set forth in the Backup Servicing Agreement.
Backup Servicer Event of Default. As defined in Section 7.01(II).
Backup Servicer Event of Default has the meaning specified in Section 0.
Backup Servicer Event of Default has the meaning specified in Section 4.1. “Backup Servicer’s Certificate” has the meaning specified in Section 2.10. 22650956.4 “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. “Continued Errors” has the meaning specified in Section 2.2(f). “Errors” has the meaning specified in Section 2.2(f). “Liability” has the meaning specified in Section 2.2(d). “Live Data Files” has the meaning specified in Section 2.6(a). “Servicer’s Data File” has the meaning specified in Section 4.09(b) of the Sale and Servicing Agreement. “Service-Related Activities” means the services and service-related activities and the servicer-related responsibilities of the Servicer provided for under the Sale and Servicing Agreement as modified or eliminated herein with respect to the Backup Servicer. “Servicing Fee” has the meaning given such term in Section 1.01 of the Sale and Servicing Agreement. “Successor Backup Servicer” has the meaning specified in Section 2.4(b). “Third Party” has the meaning specified in Section 2.9(d).
Backup Servicer Event of Default means (a) the failure of the Backup Servicer to make any payment, transfer or deposit as required hereunder, under the Loan and Security Agreement or any other Transaction Document, without curing said failure within one (1) business day of receiving notice thereof, (b) the failure of the Backup Servicer to observe or perform in any material respect any other representation, warranty, covenant or agreements of the Backup Servicer (including with respect to the Credit Guidelines) in this Agreement or any other Transaction Document, as reasonably determined by the Collateral Agent, and failing to cure said failure within fifteen (15) days of receiving notice thereof, (c) the occurrence of any Material Adverse Change, or (d) an Insolvency Event shall occur with respect to the Backup Servicer.
Backup Servicer Event of Default wherever used herein, means any one of the following events:
(a) any failure by the Backup Servicer to observe or perform in any material respect any other of the covenants or agreements on the part of the Backup Servicer contained in this Agreement, which failure materially affects the rights of Certificateholders and continues unremedied for a period of 60 days after the date on which written notice of such failure shall have been given to the Backup Servicer by the Master Servicer, the Trustee, or the Depositor, or to the Backup Servicer, the Master Servicer, and the Trustee by the Holders of Certificates of any Class evidencing not less than 25% of the Percentage Interests of the Class; or
(b) a decree or order of a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a receiver, conservator or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Backup Servicer and such decree or order shall have remained in force undischarged or unstayed for a period of 60 consecutive days; or
(c) the Backup Servicer shall consent to the appointment of a receiver, conservator or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities, or similar proceedings of or relating to the Backup Servicer or all or substantially all of the property of the Backup Servicer; or
(d) the Backup Servicer shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage of, or commence a voluntary case under, any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, or voluntarily suspend payment of its obligations. If a Backup Servicer Event of Default described in clauses (a) through (d) of this Section 7.01(II) shall occur, then, and in each and every such case, so long as such Backup Servicer Event of Default shall not have been remedied, the Trustee may, or at the direction of the Master Servicer or the Holders of Certificates of any Class evidencing not less than 662/3% of the Percentage Interests of the Class, the Trustee shall by notice in writing to the Backup Servicer, terminate all of the rights and obligations of the Backup Servicer under this Agreement. On and after the receipt by the Backup Servicer of such written notice, all authority and power...