Backup Servicer Termination Notice definition

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

Backup Servicer Termination Notice. Defined in Section 7.5.

Backup Servicer Termination Notice. On and after the receipt by the Backup Servicer of the Backup Servicer Termination Notice, the Backup Servicer shall continue to perform all backup servicing functions under this Agreement until the date specified in the Backup Servicer Termination Notice or otherwise specified by the Administrative Agent (acting at the direction of the Required Lenders) in writing or, if no such date is specified in the Backup Servicer Termination Notice or otherwise specified by the Administrative Agent (acting at the direction of the Required Lenders), until a date mutually agreed upon by the Backup Servicer and the Administrative Agent (acting at the direction of the Required Lenders).

Examples of Backup Servicer Termination Notice in a sentence

• Upon the Backup Servicer’s receipt of Backup Servicer Termination Notice from the Administrative Agent of the designation of a replacement Backup Servicer pursuant to the provisions of Section 7.5, the Backup Servicer agrees that it will terminate its activities as Backup Servicer hereunder.

• Upon the Backup Servicer’s receipt of Backup Servicer Termination Notice from the Administrative Agent of the designation of a replacement Backup Servicer pursuant to the provisions of Section 7.05, the Backup Servicer agrees that it will terminate its activities as Backup Servicer hereunder.

• The Backup Servicer shall continue to perform all backup servicing functions under this Agreement until the date specified in the Backup Servicer Termination Notice or, if no such date is specified, until a date mutually agreed by the Backup Servicer and the Indenture Trustee.

• The backup servicing role with respect to the Collateral shall be conducted by the Person designated as Backup Servicer hereunder from time to time in accordance with this Section 7.1. Until the Administrative Agent shall give to Xxxxx Fargo a Backup Servicer Termination Notice, Xxxxx Fargo is hereby designated as, and hereby agrees to perform the duties and obligations of, a Backup Servicer pursuant to the terms hereof.

• The backup servicing role with respect to the Collateral shall be conducted by the Person designated as Backup Servicer hereunder from time to time in accordance with this Section 7.1. Until the Administrative Agent shall give to Wxxxx Fargo a Backup Servicer Termination Notice, Wxxxx Fargo is hereby designated as, and hereby agrees to perform the duties and obligations of, a Backup Servicer pursuant to the terms hereof.

More Definitions of Backup Servicer Termination Notice

Backup Servicer Termination Notice has the meaning given to such term in Section 5.25(a).

Backup Servicer Termination Notice provided that if the Backup Servicer is removed prior to the first anniversary of the Closing Date it shall receive the early removal fee specified in the Backup Servicer Fee Letter. In the event of any such removal, a replacement Backup Servicer may be appointed by the Administrative Agent, and except following the occurrence of an Event of Default (unless waived in writing by the Administrative Agent), with the consent of the Borrower (such consent not to be unreasonably withheld).

Backup Servicer Termination Notice. Has the meaning set forth in Section 9.05(a) hereof. Bankruptcy Code: Title 11 of the United States Code.

Backup Servicer Termination Notice dated one day prior to the effective date of such Backup Servicer Termination Notice, in the case of any removal for cause, and at least 30 days prior to the effective date of the Backup Servicer Termination Notice, in the case of any removal without cause. In the event of any such removal, a replacement Backup Servicer may be appointed by the Administrative Agent.

Backup Servicer Termination Notice. In the event of any such removal, a replacement Backup Servicer may be appointed by the Administrative Agent; provided that if no Servicer Default is then existing, the Administrative Agent shall obtain the prior written consent of the Servicer of such new Backup Service, such consent not to be unreasonably withheld or delayed.

Backup Servicer Termination Notice given in writing to the Backup Servicer, Servicer, the Purchaser and the Indenture Trustee. In the event of any such removal, a replacement Backup Servicer may be appointed by the Note Purchaser Agent with the consent of Servicer (such consent not to be unreasonably withheld, conditioned or delayed). It is understood that Servicer shall conduct the preliminary negotiations as to fees with any proposed successor Backup Servicer, in consultation with the Note Purchaser Agent. However, except as otherwise agreed to by the Note Purchaser Agent with the consent of Servicer (such consent not to be unreasonably withheld, conditioned or delayed), any successor Backup Servicer shall not be entitled to receive compensation for its services in excess of the compensation required to be paid to the Backup Servicer hereunder.

Backup Servicer Termination Notice has the meaning given to such term in Section 8.04. “Backup Servicing Fee” means the fee payable to the Backup Servicer on each Payment Date in accordance with Section 2.12(c), which fee shall be as set forth on Schedule K. “Bankruptcy Code” means the United States Bankruptcy Code (Title 11 of the United States Code). “Bankruptcy Receivable” shall mean, to the extent reflected on the servicing systems of the Servicer, any Receivable (a) with respect to which, as of the applicable Cutoff Date, all or any portion of the Principal Balance thereof has been discharged or is involved in any bankruptcy or court-ordered restructuring proceeding and has not been reaffirmed by the related Obligor, or (b) the Obligor of which has filed, or there has been filed against such Obligor, voluntary or involuntary proceedings under the Bankruptcy Code or any other Insolvency Laws and such Receivable has not been reaffirmed by the Obligor in that proceeding. “Base Rate” means, for any day, a rate per annum equal to the higher of (i) the Prime Rate in effect on such day, and (ii) the Federal Funds Rate in effect on such day plus 0.50%. Any change in the Base Rate due to a change in the Prime Rate or the Federal Funds Rate shall be effective as of the opening of business on the effective day of such change in the Prime Rate or the Federal Funds Rate, respectively.