Discrepancy Event definition

Discrepancy Event means the inability of the Servicer and the Back-Up Servicer or the Independent Accountants, as applicable, to resolve an error or discrepancy in a Daily Report or Settlement Statement which involves an amount in excess of $500,000. The rights of any Series 1996-1 Certificateholder under this Section 20 may be delegated, on a non-exclusive basis, to a representative provided, however, that the rights of said representative under this Section 20 shall be subject to the same limitations as are the rights of the Series 1996-1 Certificateholders and shall be subject to the condition described in Annex I hereto.
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Examples of Discrepancy Event in a sentence

  • For purposes of this Section, a "Discrepancy Event" shall mean the inability of the Servicer and the Back-Up Servicer or the Independent Accountants, as applicable, to resolve an error or discrepancy in a Daily Report or Settlement Statement which involves an amount in excess of $500,000.

  • Unless there shall have occurred a Servicer Default, a Pay-Out-Event or a Discrepancy Event, or the Servicer shall have advised the Series 2001-1 Certificateholder that a Servicer Default or a Pay-Out-Event is likely to occur, the Proposing Certificateholder shall provide the Servicer at least fifteen (15) days notice with respect to the proposed date of visitation and contemporaneously therewith shall provide the Trustee a copy of the same.

  • Unless there shall have occurred a Servicer Default, a Pay-Out-Event or a Discrepancy Event, or the Servicer shall have advised the Series 1996-1 Certificateholder that a Servicer Default, or Pay-Out-Event is likely to occur, the Proposing Certificateholder shall provide the Servicer at least fifteen (15) days notice with respect to the proposed date of visitation and contemporaneously therewith shall provide the Trustee a copy of the same.

  • The Servicer shall pay the reasonable out-of-pocket expenses of one representative designated by the Series 2001-1 Certificateholders in making such visits and inspections pursuant to this Section 20 which expenses in the aggregate shall not exceed $30,000 per year unless a Servicer Default, a Pay-Out-Event or a Discrepancy Event has occurred and is continuing, or if the Servicer shall have advised the Series 2001-1 Certificateholders that a Servicer Default or a Pay-Out-Event is likely to occur.