DEFAULT; TERMINATION OF SERVICER Sample Clauses
DEFAULT; TERMINATION OF SERVICER. 95 SECTION 7.01. Events of Default...........................................................95 SECTION 7.02. Trustee to Act; Appointment of Successor....................................97 SECTION 7.03. Notification to Certificateholders..........................................98
DEFAULT; TERMINATION OF SERVICER. 137 SECTION 7.01.
DEFAULT; TERMINATION OF SERVICER. SECTION 7.01. Events of Default
DEFAULT; TERMINATION OF SERVICER. SECTION 7.01. Events of Default "Event of Default," wherever used herein, means any one of the following events:
(i) any failure by the Servicer to make any Advance, to deposit in the Collection Account or the Certificate Account or remit to the Trustee any payment (excluding a payment required to be made under Section 4.01 hereof) required to be made under the terms of this Agreement, which failure shall continue unremedied for three Business Days and, with respect to a payment required to be made under Section 4.01 hereof, for one Business Day, after the date on which written notice of such failure shall have been given to the Servicer by the Trustee or the Depositor, or to the Trustee, the Depositor and the Servicer by the NIMs Insurer, the Class A Certificate Insurer or the Holders of Certificates evidencing greater than 50% of the Voting Rights evidenced by the Certificates; or
(ii) any failure by the Servicer to observe or perform in any material respect any other of the covenants or agreements on the part of the Servicer contained in this Agreement or any representation or warranty shall prove to be untrue, which failure or breach shall continue unremedied for a period of sixty (60) days after the date on which written notice of such failure shall have been given to the Servicer, the Trustee, the Depositor and the Class A Certificate Insurer by the Trustee or the Depositor, the Class A Certificate Insurer or to the Servicer, the Trustee, the Depositor and the Class A Certificate Insurer by the Holders of Certificates evidencing greater than 50% of the Voting Rights evidenced by the Certificates; or
(iii) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a receiver or liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Servicer and such decree or order shall have remained in force undischarged or unstayed for a period of sixty (60) consecutive days; or
(iv) consent by the Servicer to the appointment of a receiver or liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings of or relating to the Servicer or all or substantially all of the property of the Servicer; or
(v) admission by the Servicer in writing of its inability to pay its debts generally as they become due, file a petition to take a...
DEFAULT; TERMINATION OF SERVICER. 109 SECTION 7.01. Events of Default...................................................................... 109 SECTION 7.02. Trustee to Act; Appointment of Successor............................................... 111 SECTION 7.03. Notification to Certificateholders..................................................... 112 ARTICLE VIII CONCERNING The Trustee...................................................................... 112 SECTION 8.01. Duties of the Trustee.................................................................. 112 SECTION 8.02. Certain Matters Affecting the Trustee.................................................. 113 SECTION 8.03. Trustee Not Liable for Certificates or Mortgage Loans.................................. 115 SECTION 8.04. Trustee May Own Certificates........................................................... 115 SECTION 8.05. Trustee's Fees and Expenses............................................................ 115 SECTION 8.06. Indemnification and Expenses of Trustee................................................ 115 SECTION 8.07. Eligibility Requirements for Trustee................................................... 116 SECTION 8.08. Resignation and Removal of Trustee..................................................... 116 SECTION 8.09. Successor Trustee...................................................................... 117 -iii- TABLE OF CONTENTS (continued)
DEFAULT; TERMINATION OF SERVICER