Primary Servicer Default definition

Primary Servicer Default. As defined in Section 6.1 hereof.
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Primary Servicer Default hereunder:
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Examples of Primary Servicer Default in a sentence

  • In connection with any resignation under subsections (a) or (b) above, the Primary Servicer shall comply with Section 6.3 as if a Primary Servicer Default occurred, except that reference in such Section to Primary Servicing Termination Date shall be construed to mean the date of resignation under subsections (a) or (b) above, as the case may be.

  • Primary Servicer agrees to give prompt written notice to the Master Servicer and the Depositor (and any other Applicable Depositor) upon the occurrence of any Primary Servicer Default.

  • Primary Servicer agrees to give prompt written notice to Master Servicer upon the occurrence of any Primary Servicer Default.

  • The obligations and responsibilities of the Primary Servicer as created hereby (other than as expressly provided herein) shall terminate upon the earlier to occur of (i) the receipt by the Primary Servicer of the Master Servicer's written notice of such termination delivered at the Master Servicer's option following the occurrence of a Primary Servicer Default or (ii) the final payment or other liquidation of the last Mortgage Loan remaining outstanding (the "Primary Servicing Termination Date").

  • Primary Servicer agrees to give prompt written notice to the Capmark Master Servicer and the Depositor (and any other Applicable Depositor) upon the occurrence of any Primary Servicer Default.

  • Primary Servicer Default 23 Section 6.2.........................................................

  • Section 6.1 Primary Servicer Default..................................

  • Primary Servicer’s rights and obligations shall expressly survive a termination of Master Servicer’s servicing rights pursuant to the Pooling and Servicing Agreement (except a termination of Master Servicer caused by a Primary Servicer Default).

Related to Primary Servicer Default

  • Servicer Default means an event specified in Section 8.01.

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

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

  • Servicing Default The meaning assigned in Section 6.01 of the Servicing Agreement.

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

  • 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 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 Termination As defined in Section 7.01 hereof.

  • Event of Servicer Termination With respect to the Servicing Agreement, a Servicing Default as defined in Section 6.01 of the Servicing Agreement.

  • Mortgage Loan Event of Default means an “Event of Default” under and as defined in the Mortgage Loan Agreement.

  • 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;

  • 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):

  • 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 Event of Default has the meaning set forth in Section 13.01(b).

  • Purchaser Default has the meaning set forth in Section 11.2(a).

  • Servicer Notice As defined in Section 11.17.

  • NIMs Insurer Default As defined in Section 10.13.

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

  • Primary Servicer Collection Account shall have the meaning set forth in Section 3.01(c)(7) of this Agreement.

  • Primary Servicing Agreement means the agreement between the Primary Servicer and the General Master Servicer, dated as of March 1, 2007, under which the Primary Servicer services the Mortgage Loans set forth on the schedule attached thereto.

  • Primary Servicer Prudential Asset Resources, Inc., or any successor thereto (as primary servicer) appointed as provided in the Primary Servicing Agreement.

  • Customer Default has the meaning set out in clause 8.3.

  • Primary Servicing Fee means, with respect to each Mortgage Loan and REO Mortgage Loan, the fee payable to the Primary Servicer pursuant to Section 3.01(c)(20) of this Agreement.

  • Servicer Termination Notice Defined in Section 6.15.

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

  • Event of Servicing Termination means an event specified in Section 8.1 of the Sale and Servicing Agreement.