Servicer Termination Costs definition

Servicer Termination Costs means any extraordinary out-of-pocket expenses incurred by the Indenture Trustee associated with the transfer of servicing.
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Servicer Termination Costs means any extraordinary out-of-pocket expenses incurred by the successor servicer associated with the transfer of servicing.
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Servicer Termination Costs means any extraordinary out-of-pocket expenses incurred by the Collateral Agent associated with the transfer of servicing.
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Examples of Servicer Termination Costs in a sentence

  • The Indenture Trustee shall be entitled to be reimbursed by the Servicer, (or by the Trust Estate to the extent set forth in Section 3.4(a)(i) or Section 6.6(a)(i) hereof) if the Servicer is unable to fulfill its obligations hereunder for all Servicer Termination Costs.

  • The successor servicer shall be entitled to be reimbursed by the Servicer, (or from the Collateral to the extent set forth in Section 3.4(a)(ii), 3.4(d)(ii) or Section 6.6(a)(ii) hereof) if the Servicer is unable to fulfill its obligations hereunder for all Servicer Termination Costs.

  • The successor servicer shall be entitled to be reimbursed by the Servicer, (or from the Trust Estate to the extent set forth in Section 3.4(a)(iii), or Section 6.6 hereof) if the Servicer is unable to fulfill its obligations hereunder for all Servicer Termination Costs.

  • The successor servicer shall be entitled to be reimbursed by the Servicer, (or from the Collateral to the extent set forth in Section 3.4(a)(iii), 3.4(d)(iii) or Section 6.6(a)(iii) hereof) if the Servicer is unable to fulfill its obligations hereunder for all Servicer Termination Costs.

  • All contracts of insurance relating to the Plans are enforceable and there is no ground on which the insurers might avoid liability under them.

  • The Collateral Agent shall be entitled to be reimbursed by the Servicer, (or by the Timeshare Loans Collateral to the extent set forth in Section 3.4(a)(i) hereof) if the Servicer is unable to fulfill its obligations hereunder for all Servicer Termination Costs.

  • On each Distribution Date, all interest and other investment earnings (net of losses and investment expenses) on funds on deposit in the Servicer Transition Costs Reserve Account shall be distributed to the Servicer, unless the amount on deposit in the Servicer Transition Costs Reserve Account is less than the Servicer Transition Costs Reserve Account Required Amount, in which case such interest and investment earnings shall be deposited into the Servicer Termination Costs Reserve Account.

  • The Indenture Trustee shall be entitled to be reimbursed directly by the Servicer (or by the Issuer to the extent set forth in Section 3.4(a)(i) or Section 6.6(a)(i) hereof) for all Servicer Termination Costs.

  • If any funds remain on deposit in the Servicer Transition Costs Reserve Account six months after the appointment of the Back-up Servicer as successor Servicer, the Indenture Trustee will, at the direction of the removed Servicer, withdraw all remaining amounts on deposit in the Servicer Termination Costs Reserve Account and distribute them to the Servicer.

  • Upon the delivery by the Servicer to the Indenture Trustee of an Officer’s Certificate certifying that the Back-up Servicing Agreement has been terminated (other than as a result of the Back-up Servicer being appointed as the successor Servicer) and that no replacement Back-up Servicing Agreement is required, the Indenture Trustee will, at the direction of the Servicer, withdraw all amounts on deposit in the Servicer Termination Costs Reserve Account and distribute them to the Servicer.


More Definitions of Servicer Termination Costs

Servicer Termination Costs. The reasonable out-of-pocket costs and expenses of the Back-up Servicer incurred in connection with the assumption by the Back-up Servicer of the role of Servicer pursuant to the Basic Documents.
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Related to Servicer Termination Costs

  • Master Servicer Termination Test With respect to any Distribution Date, the Master Servicer Termination Test will be failed if the Cumulative Loss Percentage exceeds 4.00%.

  • Servicer Termination Test With respect to any Distribution Date, the Servicer will fail the Servicer Termination Test if the Realized Loss Percentage for the Mortgage Loans exceeds the applicable percentages set forth below with respect to such Distribution Date: Distribution Date Occurring In Percentage January 2006 through December 2007 2.75% January 2008 through December 2008 3.25% January 2009 through December 2009 3.75% January 2010 and thereafter 4.50%

  • Special Servicer Termination Event shall have the meaning given to such term in the Lead Securitization Servicing Agreement.

  • Servicer Termination Notice Defined in Section 6.15.

  • Servicer Termination Events (or any analogous term under the Lead Securitization Servicing Agreement) include customary market termination events with respect to failure to make advances, failure to timely remit payments to the Non-Lead Note Holders as required hereunder or under the Lead Securitization Servicing Agreement (subject to no more than one business day grace period), failure to timely deposit amounts into any REO Account or to remit to a Servicer for deposit into a related collection or custodial account, failure to deliver (or cause to be delivered) materials or information required in order for each Non-Lead Note Holder or each Non-Lead Depositor to timely comply with its obligations under the Exchange Act, the Securities Act and Form SF-3, and for rating agency downgrades or other triggers with respect to any certificates issued in connection with a Non-Lead Securitization, subject to customary grace periods (provided that, in the case of failures related to the securities laws, such grace periods will not cause a Non-Lead Depositor to fail to comply with the applicable provisions of such securities laws). Upon the occurrence of such a Servicer Termination Event with respect to the Master Servicer affecting a Non-Lead Securitization Note Holder and the Master Servicer is not otherwise terminated pursuant to the Lead Securitization Servicing Agreement, the Master Servicer shall be required, upon the direction of such Non-Lead Securitization Note Holder, to appoint a subservicer with respect to such Non-Lead Securitization Note. Upon the occurrence of a Servicer Termination Event with respect to the Special Servicer affecting a Non-Lead Securitization Note Holder and the Special Servicer is not otherwise terminated pursuant to the Lead Securitization Servicing Agreement, the Trustee shall, upon direction of such Non-Lead Securitization Note Holder, terminate the Special Servicer with respect to, but only with respect to, the Mortgage Loan;

  • Servicer Termination Event shall have the meaning assigned to such term in the Lead Securitization Servicing Agreement or at any time that the Mortgage Loan is no longer subject to the provisions of the Lead Securitization Servicing Agreement, any analogous concept under the servicing agreement pursuant to which the Mortgage Loan is being serviced in accordance with the terms of this Agreement.

  • Master Servicer Event of Termination As defined in Section 7.01 hereof.

  • Servicer Event of Termination One or more of the events described in Section 7.01.

  • Termination Costs The costs and expenses related to the termination of any Servicer, the appointment of a successor servicer or the transfer and assumption of servicing with respect to the related Servicing Agreement, including, without limitation, the items set forth in Section 3.03(c).

  • Event of Servicer Termination With respect to the Servicing Agreement, a Servicing Default as defined in Section 6.01 of the Servicing Agreement.

  • Sponsor Termination Fees means the one-time payment under the Sponsor Management Agreement of a termination fee to one or more of the Sponsors and their Affiliates in the event of either a Change of Control or the completion of a Qualifying IPO.

  • Servicing Advance Reimbursement Amounts As defined in Section 3.22.

  • Escrow Termination Date has the meaning ascribed to such term in Section 9.12.

  • Operating Advisor Termination Event means any one of the following events whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body:

  • Asset Representations Reviewer Termination Event means any one of the following events whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body:

  • Reverse Termination Fee has the meaning set forth in Section 7.02(b).

  • Loan Termination Date means the earliest to occur of the following: (i) as to TERM NOTE 2, TERM NOTE 4, and TERM NOTE 5, September 1, 2011; as to the REVOLVING NOTE, April 21, 2006; (ii) the date the OBLIGATIONS are accelerated pursuant to this AGREEMENT, and (iii) the date BANK receives (a) notice in writing from BORROWER of BORROWER’S election to terminate this AGREEMENT and (b) indefeasible payment in full of the OBLIGATIONS.

  • Excess Servicing Fees With respect to each Mortgage Loan (including an REO Mortgage Loan), that portion of the Servicing Fee that accrues at a per annum rate equal to the Excess Servicing Fee Rate.

  • Event of Servicing Termination means an event specified in Section 8.1 of the Sale and Servicing Agreement.

  • Trust Reimbursement Amount As defined in Section 3.06A(a) of this Agreement.

  • Advance Reimbursement Amounts As defined in Section 3.29 hereof.

  • Termination Fee Event has the meaning ascribed thereto in Section 8.2(2).

  • Collateral Custodian Termination Notice has the meaning assigned to that term in Section 12.05.

  • Master Servicer Remittance Amount With respect to each Master Servicer and each Master Servicer Remittance Date, an amount equal to (a) all amounts on deposit in such Master Servicer’s Collection Account as of 11:00 a.m., New York City time, on such Master Servicer Remittance Date, net of (b) any portion of the amounts described in clause (a) of this definition that represents one or more of the following: (i) collected Monthly Payments with respect to any Mortgage Loan serviced by such Master Servicer that are due on a Due Date following the end of the related Collection Period, (ii) to the extent not covered by clause (i) above, any payments of principal (including Principal Prepayments) and interest, Insurance Proceeds, Condemnation Proceeds and Liquidation Proceeds Received by the Trust with respect to any Mortgage Loan or REO Property serviced by such Master Servicer after the end of the related Collection Period, (iii) any Prepayment Premiums and/or Yield Maintenance Charges Received by the Trust with respect to any Mortgage Loan or successor REO Mortgage Loan serviced by such Master Servicer with respect thereto after the end of the related Collection Period, (iv) any Excess Liquidation Proceeds, (v) any amounts payable or reimbursable to any Person from such Collection Account pursuant to clauses (ii) through (xxii) of Section 3.05(a), and (vi) any amounts deposited in such Collection Account in error; provided that the Master Servicer Remittance Amount with respect to such Master Servicer for the Master Servicer Remittance Date that occurs in the same calendar month as the anticipated Final Distribution Date shall be calculated without regard to clauses (b)(i), (b)(ii), (b)(iii) and (b)(iv) of this definition.

  • Master Servicer Prepayment Charge Payment Amount The amounts payable by the Master Servicer pursuant to Section 2.03(b) in respect of any waived (or, with respect to subsequent changes of law, any unenforceable) Prepayment Charges.

  • Estimated Swap Termination Payment means, with respect to an Early Termination Date, an amount determined by Party A in good faith and in a commercially reasonable manner as the maximum payment that could be owed by Party B to Party A in respect of such Early Termination Date pursuant to Section 6(e) of the ISDA Master Agreement, taking into account then current market conditions.