tokens: An event of default by Servicer ( a " Servicer Default ") hereunder shall exist in the event that one or more of the following events shall occur and be continuing beyond any applicable grace or cure periods : ( i ) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency , readjustment of debt , marshalling of assets and liabilities or similar proceedings , or for the winding - up or liquidation of its affairs , shall have been entered against Servicer ; ( ii ) Servicer shall consent to the appointment of a conservator or receiver or liquidator or liquidating committee in any insolvency , readjustment of debt , marshalling of assets and liabilities , voluntary liquidation or similar proceedings of or relating to Servicer or of or relating to all or substantially all of its property ; ( iii ) Servicer shall admit in writing its inability to pay its debts generally as they become due , file a petition to take advantage of any applicable insolvency or reorganization statute , make an assignment for the benefit of its creditors or voluntarily suspend payment of its obligations ; ( iv ) any failure on the part of Servicer to observe or perform in any material respect any covenant or agreement on the part of Servicer contained in this Agreement , which remains unremedied for a period of fifteen ( 15 ) Business Days after the date on which written notice of such failure , requiring the same to be remedied , shall have been given to Servicer by a Holder ( except that said fifteen ( 15 ) Business Day period shall be 8 extended for such period of time as shall be reasonably necessary in order to cure such default as long as Servicer shall be diligently prosecuting such cure to completion and said extended period would not reasonably be expected to materially impair a Holder ' s interest in the Loan but in no event shall such additional period exceed sixty ( 60 ) days ); or ( v ) any failure by Servicer to notify the Holders of a default by Borrower under the Loan Documents within five ( 5 ) Business Days after Servicer ' s receipt of written notice thereof .