Subservicer Default definition

Subservicer Default. As defined in Section 6.1 hereof.
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Subservicer Default means each of the occurrences or circumstances which with notice or the lapse of time or both would be a Subservicer Event of Default under this Agreement.
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Subservicer Default shall have the meaning specified in Section 10.1.
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Examples of Subservicer Default in a sentence

  • In each and every case, so long as a Subservicer Default shall not have been remedied, the Master Servicer may, by notice in writing to the Subservicer, terminate all of the rights and obligations of the Subservicer as subservicer under this Agreement.

  • Upon receipt of notice of the occurrence of a Subservicer Default, the Subservicer shall promptly give notice thereof to the Indenture Trustee, the Indenture Administrator and the Rating Agencies.

  • Upon any such waiver of a past default, such default shall cease to exist, and any Subservicer Default arising therefrom shall be deemed to have been remedied for every purpose of this Agreement.

  • Upon the occurrence of any Subservicer Default, the Subservicer shall give prompt written notice thereof to the Trustee and Master Servicer, and the Trustee shall give notice of the Subservicer Default to the Certificateholders.

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

  • In addition, notwithstanding anything above to the contrary, no Subservicer Default shall be deemed to have occurred if the event or events giving rise to such Subservicer Default are solely the result of the Servicer or prior to the Conversion Date, the Sub-Subservicer having breached its respective duties under this Agreement or the Sub-Subservicing Agreement, as applicable.

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

  • In each and every case, so long as the Subservicer Default shall not have been remedied, the Servicer, by notice in writing to the Subservicer may terminate all the rights and obligations (other than the obligations set forth in Section 19 hereof) of the Subservicer under this Agreement.

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  • If a Servicer Termination Event or Subservicer Default shall arise from the failure of the Servicer or Subservicer to perform any of its respective duties or obligations under the Servicing Agreement or the Subservicing Agreement, as applicable, the Issuer shall take all reasonable steps available to it to remedy such failure, including any action reasonably requested by the Trustee.


More Definitions of Subservicer Default

Subservicer Default. An event of default by the Subservicer during the Interim Subservicing Period or the Subservicing Period which shall enable the Purchaser to terminate the Subservicer's right to subservice the Mortgage Loans.
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Subservicer Default. The meaning given in Section 13.
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Subservicer Default has the meaning given to such term in Section 6.1.
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Subservicer Default has the meaning given to such term in Section 6.1. "Subservicing Carryover Fee" means, with respect to each Monthly Servicing Payment Date beginning with the Initial Monthly Servicing Payment Date, the Carryover Servicing Fee received by the Servicer or its designee for the Subserviced Student Loans with respect to such Monthly Servicing Payment Date. "Subservicing Fee" means (1) with respect to each Monthly Servicing Payment Date beginning with the Initial Monthly Servicing Payment Date, the Primary Servicing Fee received by the Servicer or its designee for the Subserviced Student Loans with respect to such Monthly Servicing Payment Date, plus (2) any amounts remitted to the Servicer from the Collection Account pursuant to Section 2.7(d) of the Administration Agreement to reimburse the Subservicer (to the extent of Available Funds) for any net payments made by the Subservicer on behalf of the Issuer to the Department in respect of special allowance payment rebates pursuant to Section 4.8 of this Agreement; provided that in the case of that portion of the Subservicing Fee calculated pursuant to the preceding clause (1) with respect to the Initial Monthly Servicing Payment Date, the Subservicer will be entitled only to a pro rata portion of the Subservicing Fee for the number of days in the preceding calendar month from, and including, the Effective Date to, but excluding, the last day of such month. 3 ARTICLE II
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Subservicer Default has the meaning specified in Section 4 of the Subservicing Agreement as “Events of Default by BCC”.
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Related to Subservicer 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.

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

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

  • 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).

  • Master Servicer Event of Termination As defined in Section 7.01 hereof.

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

  • 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 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;

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

  • Seller Default has the meaning set forth in Section 11.2.

  • Buyer Default means an Event of Default of Buyer.

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

  • Loan Event of Default means any of the events specified in Section 5.1 of the Loan Agreement, provided that any requirement for the giving of notice, the lapse of time, or both, or any other condition, event or act has been satisfied.

  • Swap Default Any of the circumstances constituting an “Event of Default” under the Swap Agreement.

  • MI Default has the meaning given to it in paragraph 6.1 of Framework Schedule 9 (Management Information);

  • 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%

  • Minor Default means any Event of Default that is not a Major Default.

  • 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):

  • Employer default means having an outstanding balance or liability to the old fund or to the uninsured employers' fund or being in policy default, as defined in W. Va. Code § 23-2c-2, failure to maintain mandatory workers' compensation coverage, or failure to fully meet its obligations as a workers' compensation self-insured employer. An employer is not in employer default if it has entered into a repayment agreement with the Insurance Commissioner and remains in compliance with the obligations under the repayment agreement.

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

  • Senior Default means any Default or Event of Default under the Senior Credit Agreement or any document referred to therein.