Master Servicer Default definition

Master Servicer Default. One or more of the events described in Section 8.01(b).

Master Servicer Default is defined in Section 7.5.

Master Servicer Default means an event specified in Section 8.01(a) of the Sale and Servicing Agreement.

Examples of Master Servicer Default in a sentence

• Notice of any Master Servicer Default shall be given by telecopy and by certified mail.

• Upon any such waiver of a past default, such default shall cease to exist, and any Servicer Default or Master Servicer Default arising therefrom shall be deemed to have been remedied for every purpose of this Agreement.

• If a Master Servicer Default has occurred and has not been cured or waived, the Trustee shall exercise such of the rights and powers vested in it by this Agreement, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of such Person’s own affairs.

• Upon any such waiver, such default shall cease to exist, and any Event of Master Servicer Default arising therefrom shall be deemed to have been cured, for every purpose of this Agreement; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon.

• In the case of the Master Servicer, no Master Servicer Default has occurred and is continuing to exist.

More Definitions of Master Servicer Default

Master Servicer Default shall have, with respect to any , the meaning assigned to such term in Section 6.01 of the Servicing Agreement.

Master Servicer Default means an event specified in Section 8.1(a) of the related Transfer and Servicing Agreement or Supplemental Transfer and Servicing Agreement.

Master Servicer Default means an event specified in Section 5.1 of the Master Servicing Agreement.

Master Servicer Default. (a) The Master Servicer (i) shall fail to make any payment or deposit required to be made by it hereunder within one (1) Business Day of when due or the Master Servicer shall fail to observe or perform any term, covenant or agreement on the Master Servicer’s part to be performed under Sections 6.1(b)(i) (conduct of business, ownership), 6.1(f) (compliance with receivables and credit and collection policy), 6.1(h) (obligor payments), 6.1(i) (handling collections), 6.2(a) (no sales or liens), 6.2(c) (no change in business or policy), 6.2(d) (no subsidiaries, mergers), 6.2(e) (no change in obligor payments), or 6.2(f) (no change in handling collections) (any of the preceding parenthetical phrases in this clause (i) are for purposes of reference only and shall not otherwise affect the meaning or interpretation of any provision hereof), or (ii) shall fail to observe or perform any other term, covenant or agreement to be observed or performed by it under Sections 2.8, 2.9, 2.12 or 2.15, or (iii) shall fail to observe or perform any other term, covenant or agreement hereunder or under any of the other Transaction Documents to which such Person is a party or by which such Person is bound, and such failure shall remain unremedied for twenty (20) days; or

Master Servicer Default has the meaning specified in the Sale and Servicing Agreement.

Master Servicer Default hereunder:

Master Servicer Default. (a) any failure on the part of the Master Servicer duly to observe or to perform in any material respect any of the covenants or agreements of the Master Servicer set forth in this Agreement, which failure shall (i) materially and adversely affect the rights of the Noteholders and (ii) continue unremedied for a period of 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Master Servicer by the Issuer (or for such longer period, not in excess of 120 days, as may be reasonably necessary to remedy such default; provided that such default is capable of remedy within 120 days and the Master Servicer delivers a certificate of an officer of the Master Servicer to the Issuer to such effect and to the effect that the Master Servicer has commenced or will promptly commence, and will diligently pursue, all reasonable efforts to remedy such default); or