PRIMARY SERVICER DEFAULT Sample Clauses
The "Primary Servicer Default" clause defines the circumstances under which the primary servicer of a loan or asset is considered to be in default under the servicing agreement. Typically, this clause outlines specific events or failures—such as not remitting payments, breaching material obligations, or failing to maintain required insurance—that would trigger a default status. By clearly identifying what constitutes a default, the clause enables the lender or investor to take remedial actions, such as replacing the servicer or enforcing penalties, thereby protecting their interests and ensuring the continued proper management of the serviced assets.
PRIMARY SERVICER DEFAULT. SECTION 6.2 TERMINATION................................................. SECTION 6.3 POST-TERMINATION OBLIGATIONS................................ SECTION 6.4
PRIMARY SERVICER DEFAULT. Each of the following events shall constitute a "Primary Servicer Default" hereunder:
(i) any failure by the Primary Servicer to remit to the Master Servicer when due any amount required to be remitted under this Agreement; or
(ii) any failure by the Primary Servicer duly to observe or perform in any material respect any of the covenants or agreements on the part of the Primary Servicer contained in this Agreement, which failure continues unremedied for a period of twenty-five (25) days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Primary Servicer by the Master Servicer; provided, however, that to the extent the Master Servicer determines, in its reasonable discretion, that the Primary Servicer is in good faith attempting to remedy such failure and the Certificateholders shall not be materially and adversely affected thereby, such cure period may be extended to the extent necessary to permit the Primary Servicer to cure such failure; provided, further, that such cure period may not exceed sixty (60) days; and; provided, further that if such failure to perform on the part of the Primary Servicer results in an Event of Default by the Master Servicer under the Pooling and Servicing Agreement, then the cure periods described in this Section 6.1(ii) shall not apply; or
(iii) any breach of the representations and warranties made pursuant to Section 2.4 hereof that materially and adversely affects the interest of the Master Servicer and that continues unremedied for a period of twenty-five (25) days after the date on which written notice of such breach, requiring the same to be remedied, shall have been given by the Master Servicer to Primary Servicer; provided, however, that to the extent the Master Servicer determines in its reasonable discretion that the Primary Servicer is in good faith attempting to remedy such breach and the Certificateholders shall not be materially and adversely affected thereby, such cure period may be extended to the extent necessary to permit the Primary Servicer to cure such breach; provided, however, that such cure period may not exceed sixty (60) days; and provided, further, that if such failure to perform on the part of the Primary Servicer results in an Event of Default (or an event that with notice or the passage of time would constitute such an Event of Default) by the Master Servicer under the Pooling and Servicing Agreement, then the cure periods descri...
PRIMARY SERVICER DEFAULT. Each of the following events shall constitute a "Primary Servicer Default" hereunder:
PRIMARY SERVICER DEFAULT. Section 6.2 Termination....................................................... Section 6.3 Post-Termination Obligations...................................... Section 6.4
PRIMARY SERVICER DEFAULT. EACH OF THE FOLLOWING EVENTS SHALL CONSTITUTE A "PRIMARY SERVICER DEFAULT" HEREUNDER: 13 SECTION 6.2 TERMINATION. 14 SECTION 6.3 POST-TERMINATION OBLIGATIONS. 15 SECTION 6.4 ADDITIONAL TERMINATION. 16 ARTICLE VII 16 SUBCONTRACTORS 17 ARTICLE VIII 17 PRIMARY SERVICER TO HOLD PROPERTY FOR THE MASTER SERVICER 17 ARTICLE IX 17 INDEMNIFICATION 17
PRIMARY SERVICER DEFAULT. It shall be a “Primary Servicer Default” if either of the events set forth below shall occur and be continuing and remain unremedied prior to the expiration of the specified period: