Examples of Event of Servicing Default in a sentence
Upon any such waiver of an Event of Servicing Default, such default shall cease to exist, and any default arising therefrom shall be deemed to have been remedied for every purpose of this Servicing Agreement.
Upon discovery of the occurrence of any Event of Servicing Default, after the applicable grace period set forth in the applicable subparagraphs of Section 5.01, the Servicer shall give written notice of the occurrence of an Event of Servicing Default to the Note Insurer or, if a Note Insurer Default has occurred and is continuing, to the Class A Noteholders.
The Backup Servicer shall promptly notify the Trustee of the occurrence of any Event of Backup Servicing Default or Event of Servicing Default of which it has obtained actual knowledge and any breach by the Backup Servicer or the Seller of any of its respective covenants or representations and warranties contained in this Agreement.
The Indenture Trustee shall not be required to take notice of or be deemed to have notice or knowledge of any Event of Servicing Default, Event of Insolvency or Event of Default, unless specifically notified in writing at the address set forth in Section 14.04 or until a Responsible Officer shall have acquired actual knowledge of any Event of Servicing Default, Event of Insolvency or Event of Default.
The Note Insurer or, if a Note Insurer Default has occurred and is continuing, the Noteholders constituting Class A Noteholder Approval, or if the Aggregate Outstanding Principal Balance of the Class A Notes has been reduced to zero and all Reimbursement Obligations due to the Note Insurer shall have been paid in full, Noteholders constituting Class B Noteholder Approval may, on behalf of the Noteholders of all Notes Outstanding, waive any Event of Servicing Default.
In addition to the right to terminate contained in Section VI, the Servicer agrees that upon the happening of any Event of Servicing Default (as defined herein), the Backup Servicer, the Trustee or the successor Servicer may avail itself of any other relief to which the Backup Servicer, the Trustee or the successor Servicer may be legally or equitably entitled, subject only to the provision of Section XIII of this Servicing Agreement.
FPF may waive any Event of Servicing Default by the Servicer in the performance of its obligations hereunder and its consequences.
In addition to the right to terminate contained in Section VI, the Servicer agrees that upon the happening of any Event of Servicing Default (as defined herein), the Backup Servicer or the successor Servicer may avail itself of any other relief to which the Backup Servicer or the successor Servicer may be legally or equitably entitled, subject only to the provision of Section XIII of this Servicing Agreement.
If successfully implemented, it will change the 150 years old British Tradition, was implemented in India in 1867.
The Trustee shall give written notice to each Certificateholder promptly upon receipt of a notice from the Backup Servicer pursuant to Section 4.02 hereof or from the Servicer pursuant to paragraph IV.F.1 of the Servicing Agreement or the Seller pursuant to Section 8.06(g) hereof of an event which with the giving of notice or the lapse of time, or both, would constitute an Event of Backup Servicing Default or an Event of Servicing Default.