Backup Servicer Termination Notice definition

Backup Servicer Termination Notice. Defined in Section 7.5.

Backup Servicer Termination Notice shall have the meaning given to such term in Section 8.10(a).

Backup Servicer Termination Notice. On and after the receipt by the Backup Servicer of the Backup Servicer Termination Notice, the Backup Servicer shall continue to perform all backup servicing functions under this Agreement until the date specified in the Backup Servicer Termination Notice or otherwise specified by the Administrative Agent (acting at the direction of the Required Lenders) in writing or, if no such date is specified in the Backup Servicer Termination Notice or otherwise specified by the Administrative Agent (acting at the direction of the Required Lenders), until a date mutually agreed upon by the Backup Servicer and the Administrative Agent (acting at the direction of the Required Lenders).

Examples of Backup Servicer Termination Notice in a sentence

• Upon the Backup Servicer’s receipt of Backup Servicer Termination Notice from the Administrative Agent of the designation of a replacement Backup Servicer pursuant to the provisions of Section 7.05, the Backup Servicer agrees that it will terminate its activities as Backup Servicer hereunder.

• Backup Servicer Termination Notice: Defined in Section 7.5. Backup Servicing Fee: The fee payable by the Borrower to the Backup Servicer pursuant to the Backup Servicing Agreement and Section 7.4 hereof.

• Until the Administrative Agent shall give to Wells Fargo Bank, National Association a Backup Servicer Termination Notice, Wells Fargo Bank, National Association is hereby designated as, and hereby agrees to perform the duties and obligations of, a Backup Servicer pursuant to the terms hereof.

• Until the Administrative Agent shall give to Xxxxx Fargo Bank, National Association a Backup Servicer Termination Notice, Xxxxx Fargo Bank, National Association is hereby designated as, and hereby agrees to perform the duties and obligations of, a Backup Servicer pursuant to the terms hereof.

More Definitions of Backup Servicer Termination Notice

Backup Servicer Termination Notice has the meaning given to such term in subsection 5.25(a).

Backup Servicer Termination Notice provided that if the Backup Servicer is removed prior to the first anniversary of the Closing Date it shall receive the early removal fee specified in the Backup Servicer Fee Letter. In the event of any such removal, a replacement Backup Servicer may be appointed by the Administrative Agent, and except following the occurrence of an Event of Default (unless waived in writing by the Administrative Agent), with the consent of the Borrower (such consent not to be unreasonably withheld).

Backup Servicer Termination Notice. Has the meaning set forth in Section 9.05(a) hereof. Bankruptcy Code: Title 11 of the United States Code.

Backup Servicer Termination Notice. Has the meaning set forth in Section 9.05(a).

Backup Servicer Termination Notice dated one day prior to the effective date of such Backup Servicer Termination Notice, in the case of any removal for cause, and at least 30 days prior to the effective date of the Backup Servicer Termination Notice, in the case of any removal without cause. In the event of any such removal, a replacement Backup Servicer may be appointed by the Administrative Agent.

Backup Servicer Termination Notice given in writing to the Backup Servicer, Servicer, the Purchaser and the Indenture Trustee. In the event of any such removal, a replacement Backup Servicer may be appointed by the Note Purchaser Agent with the consent of Servicer (such consent not to be unreasonably withheld, conditioned or delayed). It is understood that Servicer shall conduct the preliminary negotiations as to fees with any proposed successor Backup Servicer, in consultation with the Note Purchaser Agent. However, except as otherwise agreed to by the Note Purchaser Agent with the consent of Servicer (such consent not to be unreasonably withheld, conditioned or delayed), any successor Backup Servicer shall not be entitled to receive compensation for its services in excess of the compensation required to be paid to the Backup Servicer hereunder.

Backup Servicer Termination Notice. In the event of any such removal, a replacement Backup Servicer may be appointed by the Administrative Agent or the Administrative Agent with the consent of the Required Lenders.