Hot Backup Servicer Event definition

Hot Backup Servicer Event has the meaning set forth in the Backup Servicing Agreement.
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Hot Backup Servicer Event means, as of any date of determination with respect to the Monthly Period most recently ended, that any one of the following events shall have occurred with respect to such Monthly Period: (a) the Excess Spread was less than 20.0%;
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Hot Backup Servicer Event means, as of any date of determination with respect to the Monthly Period most recently ended, that any one of the following events shall have occurred with respect to such Monthly Period: (a) the Average Term Excess Spread was less than 19.0%; (b) the Maximum Delinquency Rate was greater than 16.0%; or (c) the Maximum 15 Day Delinquency Rate was greater than 9.0%. Notwithstanding the foregoing, a Hot Backup Servicer Event shall be deemed to no longer exist from and after the date upon which the Hot Backup Servicer Event Cure has occurred (provided that only one Hot Backup Servicer Event Cure shall be permitted hereunder).
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More Definitions of Hot Backup Servicer Event

Hot Backup Servicer Event means, as of any date of determination with respect to the Monthly Period most recently ended, that any one of the following events shall have occurred EAST\142259790.4 17 with respect to such Monthly Period: (a) if any Term Receivables are then owned by the Company, the Average Term Excess Spread was less than 19.0%; (b) the Maximum Delinquency Rate was greater than 16.0%; or (c) the Maximum 15 Day Delinquency Rate was greater than 9.0%. Notwithstanding the foregoing, a Hot Backup Servicer Event shall be deemed to no longer exist from and after the date upon which the Hot Backup Servicer Event Cure has occurred (provided that only one Hot Backup Servicer Event Cure shall be permitted hereunder).
Sample 1
Hot Backup Servicer Event means, as of any date of determination with respect to the Monthly Period most recently ended, that any one of the following events shall have occurred with respect to such Monthly Period: (a) if any Term Receivables are then owned by the Company, the Average Term Excess Spread was less than 19.0%; (b) the Maximum Delinquency Rate was greater than 16.0%; or (c) the Maximum 15 Day Delinquency Rate was greater than 9.0%. Notwithstanding the foregoing, a Hot Backup Servicer Event shall be deemed to no longer exist from and after the date upon which the Hot Backup Servicer Event Cure has occurred (provided that only one Hot Backup Servicer Event Cure shall be permitted hereunder).
Sample 1
Hot Backup Servicer Event means the occurrence of any of either following events on any Interest Payment Date: (a) the Rolling 3-Month Average Excess Spread as of the Determination Date immediately preceding such Interest Payment Date is less than 9.00%; or (b) the Rolling 3-Month Average Maximum 15 Day Delinquency Rate as of the Determination Date immediately preceding such Interest Payment Date is greater than 12.50%.
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Related to Hot Backup Servicer Event

  • 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.

  • Backup Servicing Agreement means the Amended and Restated Backup Servicing Agreement dated as of the Closing Date among the Borrower, the Servicer, the Administrative Agent and the Backup Servicer, as amended by that certain Amendment No. 1 to Backup Servicing Agreement dated as of April 14, 2009, as the same may from time to time be further amended, restated, supplemented, waived or modified.

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