Facility Servicer Event of Default definition

Facility Servicer Event of Default shall be read to mean the occurrence of either a “Lending Facility Servicer Default” or an “Exchange Note Servicer Default.”

Facility Servicer Event of Default has the meaning specified in Section 8.1(a) of the Closed-End Servicing Agreement.

Facility Servicer Event of Default shall be read to mean the occurrence of either a “Lending Facility Servicer Default” (as defined in Section 4.1 of the Basic Servicing Agreement) or an “Exchange Note Servicer Default”; provided, further, that, if any event described in Section 6.3(a)(iii) through (vi) of the Credit and Security Agreement shall have been caused solely by a Force Majeure Event, then the applicable cure period referred to in such clause shall be extended for an additional ten (10) calendar days; provided, further, that, if there is no cure period listed in any such clause, then such cure period shall be ten (10) calendar days.

Examples of Facility Servicer Event of Default in a sentence

• If the Issuer has actual knowledge of the occurrence of a Facility Servicer Event of Default or Exchange Note Servicer Event of Default, the Issuer will promptly notify the Indenture Trustee and the Rating Agencies of such occurrence and specify in such notice any action the Issuer is taking in respect of such event.

• The Servicer will notify the Depositor, the Owner Trustee, the Indenture Trustee and each Rating Agency of any Facility Servicer Event of Default or Exchange Note Servicer Event of Default or any event that with the giving of notice or lapse of time, or both, would become a Facility Servicer Event of Default or Exchange Note Servicer Event of Default, no later than five Business Days after a Responsible Person of the Servicer obtains actual knowledge of such event.

• If the Issuer has actual knowledge of the occurrence of a Facility Servicer Event of Default or Exchange Note Servicer Event of Default, the Issuer will promptly notify the Indenture Trustee and the Rating Agencies of the occurrence and specify in the notice any action the Issuer is taking in respect of the event.

• The Servicer will notify the Depositor, the Owner Trustee, the Indenture Trustee and each Rating Agency of any Facility Servicer Event of Default or Exchange Note Servicer Event of Default or any event that with the giving of notice or lapse of time, or both, would become a Facility Servicer Event of Default or Exchange Note Servicer Event of Default, no later than five Business Days after a Responsible Person of the Servicer obtains actual knowledge of the event.

• CLOSED-END SERVICER DEFAULT Section 8.1 Facility Servicer Event of Default 25 Section 8.2 Warehouse Facility Servicer Events of Default 25 Section 8.3 Exchange Note Servicer Events of Default 26 Section 8.4 Appointment of Successor Servicer 27 Section 8.5 Waiver of Servicer Event of Default 29 ARTICLE IX.

• Notwithstanding any other provision of this Agreement, so long as MBFS USA remains both the Lender and the Servicer and no Facility Servicer Event of Default or Revolving Facility Servicer Event of Default has occurred, no Revolving Facility Collection Account need be established.

• Notwithstanding any other provision of this Agreement, so long as DCFS USA remains both the Lender and the Servicer and no Facility Servicer Event of Default or Revolving Facility Servicer Event of Default has occurred, no Revolving Facility Collection Account need be established.

• CLOSED-END SERVICER DEFAULT Section 8.1 Facility Servicer Event of Default 29 Section 8.2 Warehouse Facility Servicer Events of Default 29 Section 8.3 Exchange Note Servicer Events of Default 31 Section 8.4 Appointment of Successor Servicer 32 Section 8.5 Waiver of Servicer Event of Default 33 ARTICLE IX.