Examples of PFS in a sentence
The “Monthly Remittance Condition” shall be deemed to be satisfied if (i) PFS is the Servicer, (ii) no Servicer Replacement Event has occurred and is continuing and (iii) PFS has (x) a short-term debt rating of at least “[ ]” from [ ] and either (y) (A) a long-term unsecured debt rating of at least “[ ]” from [ ] or (B) a short-term unsecured debt rating of at least “[ ]” from [ ].
Notice of any such determination permitting the resignation of PFS will be communicated to the Issuer and the Indenture Trustee at the earliest practicable time (and, if such communication is not in writing, will be confirmed in writing at the earliest practicable time) and any such determination will be evidenced by an Opinion of Counsel to such effect delivered to the Issuer and the Indenture Trustee concurrently with or promptly after such notice.
Except as otherwise defined herein or as the context may otherwise require, capitalized terms used but not otherwise defined herein are defined in Appendix A to the Sale and Servicing Agreement dated as of the date hereof (as from time to time amended, supplemented or otherwise modified and in effect, the “Sale and Servicing Agreement”) among the Issuer, PFS, as servicer, the Depositor, as seller, and [ ], as indenture trustee, which also contains rules as to usage that are applicable herein.
Subject to the provisions of Sections 6.3 and 6.5, PFS will not resign from the obligations and duties hereby imposed on it as Servicer under this Agreement except upon determination that the performance of its duties under this Agreement is no longer permissible under applicable law.
No failure or delay on the part of PFS, the Issuer or the Asset Representations Reviewer in exercising any power or right hereunder (to the extent such Person has any power or right hereunder) shall operate as a waiver thereof, nor shall any single or partial exercise of any such power or right preclude any other or further exercise thereof or the exercise of any other power or right.