Servicing Fee Event definition
Servicing Fee Event. Provided that the Trustee has received a letter from each Rating Agency from whom the Company requested a rating of any of the related Certificates stating that such action will not result in a reduction of the then current rating of the related Certificates rated by such Rating Agency at the request of the Company, the Servicing Fee in respect of each Contract may be retained by BCI at the time of the related collection on such Contract (or may be withdrawn from the Certificate Account in accordance with Section 3.07(a)(2) upon giving written notice to the Trustee of a "Servicing Fee Event" provided, that a Servicing Fee Event shall no longer be deemed to be occurring if the Servicer delivers a notice to each Rating Agency from whom the Company requested a rating of any of the related Certificates and to the Trustee stating that a Servicing Fee Event shall no longer be occurring.
Examples of Servicing Fee Event in a sentence
On the Closing Date, a Servicing Fee Event shall be deemed to have occurred and be continuing.