Servicing Event of Default. Shall mean any one of the following events: (a) any failure by Senior Participant to remit to Junior Participant any amount required to be so remitted by Senior Participant in servicing the Loan pursuant to, and at the time specified by, the terms of this Agreement, and such failure continues unremedied for more than three (3) Business Days after the date on which the remittance was due; (b) any failure on the part of Senior Participant to (i) duly abide by
... Accepted Servicing Practices, or (ii) observe or perform in any material respect any other of the material covenants or agreements of Senior Participant relating to the servicing of the Loan under this Agreement, which, in either case, continues unremedied for a period of 15 days (or if not otherwise curable within such 15 day period, for such additional period as is reasonably necessary to remedy same; provided Senior Participant is diligently pursuing such, but in no event longer than 60 days) after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to Senior Participant by Junior Participant; (c) the entry of a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator, receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings against Senior Participant or for the winding-up or liquidation of the affairs of Senior Participant and such decree or order remains unstayed and in effect for a period of 60 days; (d) the consent by Senior Participant to the appointment of a conservator or receiver or liquidator or liquidating committee in any 6 insolvency, readjustment of debt, marshalling of assets and liabilities, voluntary liquidation or similar proceedings of or relating to Senior Participant or relating to all or substantially all of the property of Senior Participant; or (e) the admission by Senior Participant in writing of its inability to pay its debts generally as they become due, the filing by Senior Participant of a petition to take advantage of any applicable insolvency or reorganization statute, the making by Senior Participant of an assignment for the benefit of its creditors or the voluntary suspension by Senior Participant of payment of substantially all of its obligations.
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