Servicer Replacement Events. (a) For purposes of this Agreement, the occurrence and continuance of any of the following shall constitute a “Servicer Replacement Event”:
Servicer Replacement Events. 7781 Section 6.02
Servicer Replacement Events. (a) “Servicer Replacement Event,” wherever used herein with respect to the Property Manager or Special Servicer, means any one of the following events: (i) any failure by the Property Manager or the Special Servicer to remit or deposit moneys, as required under the Indenture or this Agreement, to the Collection Account, the Release Account or the Payment Account, which failure remains unremedied for onetwo (12) Business Day after the earlier of (x) the date on which notice of such failure, requiring the same to be remedied, is given to the Property Manager or Special Servicer, as applicable, by the Indenture Trustee, or to such Property Manager or Special Servicer, as applicable, and the Indenture Trustee by the Noteholders holding at least 25% of the Aggregate Series Principal Balance and (y) actual knowledge of such failure by such Property Manager or Special Servicer, as applicable; or (ii) the Property Manager fails to make any P&I Advance as required by this Agreement; (iii) the Property Manager fails to make any Property Protection Advance or fails to pay (or, in the event the Property Manager is Spirit Realty, fails to direct the Indenture Trustee to pay) any Emergency Property Expenses from funds on deposit in the Collection Account, in each case as required by the Indenture or this Agreement, which failure remains unremedied for threefour (34) Business Days after the earlier of (x) the date on which notice of such failure, requiring the same to be remedied, shall have been given to such Property Manager by the Indenture Trustee, or to such Property Manager and the Indenture Trustee by the Noteholders holding at least 25% of the Aggregate Series Principal Balance and (y) actual knowledge of such failure by such Property Manager; or (iv) either the Property Manager or the Special Servicer fails to comply in any material respect with any other of the covenants or agreements on the part of the Property Manager or the Special Servicer, as the case may be, contained in this Agreement, which failure continues unremedied for a period of 30 days after the date on which written notice of such failure shall have been received by the Property Manager or the Special Servicer, as applicable (15 days in the case of a failure to pay the premium for any insurance policy required to be maintained pursuant to this Agreement or such fewer days as may be required to avoid the commencement of foreclosure proceedings for unpaid real estate taxes or the lapse of insuranc...
Servicer Replacement Events. (a) “Servicer Replacement Event” wherever used herein with respect to the Property Manager, the Issuer Manager or Special Servicer, means any one of the following events:
Servicer Replacement Events. A “Servicer Replacement Event” shall mean, as of any date of determination, the occurrence and continuance of one or more of the following events:
Servicer Replacement Events
