Examples of Servicer Removal Event in a sentence
The Borrower, the Servicer, each Lender and the Administrative Agent hereby agree that, upon the occurrence of a Servicer Removal Event, the Administrative Agent may provide a removal notice to the Servicer (with a copy to the Collateral Agent) (a “Servicer Removal Notice”) and terminate all of the rights, obligations, power and authority of the Servicer under this Agreement.
The Borrower, the Servicer, each Lender and the Administrative Agent hereby agree that, upon the occurrence of a Servicer Removal Event that triggers an Event of Default, the Administrative Agent may provide a removal notice to the Servicer (with a copy to the Collateral Agent) (a “Servicer Removal Notice”) and terminate all of the rights, obligations, power and authority of the Servicer under this Agreement.
During the existence of an Unmatured Event of Default, an Event of Default or a Servicer Removal Event, there shall be no limit on the timing of such inspections and no prior notice will be required before any inspection.
The Borrower, the Servicer, each Lender and the Administrative Agent hereby agree that, upon the occurrence of an Event of Default or a Servicer Removal Event, the Administrative Agent, by written notice to the Servicer (with a copy to the Collateral Agent) (a “Servicer Removal Notice”), may terminate all of the rights, obligations, power and authority of the Servicer under this Agreement.
No event has occurred which constitutes a Servicer Removal Event (other than any Servicer Removal Event which has previously been disclosed to the Administrative Agent as such).
The Administrative Agent shall (subject to Section 9.01(c)) take such action with respect to such Event of Default, Unmatured Event of Default or Servicer Removal Event as may be requested by the Required Lenders acting jointly or as the Administrative Agent shall deem advisable or in the best interest of the Lenders.
Together with each Servicing Report, the Servicer shall submit to the Administrative Agent, each Lender and the Collateral Agent a certificate substantially in the form of Exhibit I (a “Servicer Certificate”), signed by a Responsible Officer of the Servicer, which shall include a certification by such Responsible Officer that no Event of Default, Servicer Removal Event or Unmatured Event of Default has occurred.
So long as no Unmatured Event of Default, Event of Default or Servicer Removal Event has occurred and is continuing, such visits and inspections shall occur only (x) upon two (2) Business Days’ prior written notice and (y) during normal business hours.
Neither the Servicer nor the Borrower shall, unless an Event of Default, Unmatured Event of Default or Servicer Removal Event, be required to pay a combined total amount of more than $250,000 in any twelve-month period.