Appointment and Acceptance as Servicer Sample Clauses

Appointment and Acceptance as Servicer. Effective as of the Closing Date, but subject to Section 3.3 of the Transfer Agreement (with which the Manager agrees to comply) and the further obligations hereunder with respect to retention of the Servicer, the Manager is hereby appointed (and xxxxxx accepts the appointment) with full authority and responsibility, in its own name, to act as the servicer for the Assets and any Collateral. Until such time as the Company is wound up pursuant to Section 9.2, and except as otherwise provided in Section 12.4 and subject to the interim servicing being provided by or on behalf of the Initial Member (as the Transferor) pursuant to Section 3.3 of the Transfer Agreement, the Manager will, with respect to each Asset or Group of Assets, from and after the Closing Date, be responsible for (and hereby assumes responsibility for) Servicing in accordance with the standards (collectively, the “Servicing Standard”) set forth in Section 1 of the Servicing Addendum attached hereto as Annex IV (and references in the Transaction Documents to this Article XII will be deemed to include such Servicing Addendum) and the terms set forth in Section 2 of the Servicing Addendum and elsewhere in this Article XII (such obligations in respect of Servicing referred to collectively herein as the “Servicing Obligations”). Without in any way limiting the foregoing, but subject to Section 3.3 of the Transfer Agreement and applicable rights of the Manager to perform Asset Management pursuant to Section 12.3(a) and engage a JDC Contractor pursuant to Section 12.3(c), the Manager must cause the Assets (including, for all purposes under this Article XII, the related Collateral) to be serviced as follows: (i) such Asset will, from and after the applicable Servicing Transfer Date (and continuing until the winding-up of the Company pursuant to Section 9.2), and except as provided in the immediately following clause (ii) or as otherwise expressly permitted by the Initial Member, be Serviced by or through the Servicer appointed in accordance with Section 12.3 below, and (ii) following the replacement of the Servicer as a result of an Event of Default, the Assets will be serviced by or through the Servicer appointed by the Initial Member in accordance with Section 12.4 below. All Servicing following the Closing Date must be performed in accordance with the terms of the Transfer Agreement and this Article XII. (b) [Intentionally Omitted].
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Appointment and Acceptance as Servicer. Effective as of the date hereof (and, with respect to each Asset or Group of Assets, as of the applicable Servicing Transfer Date with respect thereto), the Manager appoints the Servicer to service, administer, manage and dispose of the Assets and the Collateral on behalf of and as an agent of the Manager.
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Appointment and Acceptance as Servicer. Effective as of the Cut-Off Date, the Company is appointed (and accepts the appointment as) servicer for the Loans and any Collateral (sometimes referred to herein as the “servicer”).
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Appointment and Acceptance as Servicer. Effective as of the Closing Date, but subject to Section 3.3 of the Contribution Agreement (with which the Manager agrees to comply), the Manager is hereby appointed (and hereby accepts the appointment) with full authority and responsibility, in its own name, to act as the servicer for the Loans and any Underlying Collateral. Until such time as the Company is dissolved and liquidated pursuant to Article IX, and except as otherwise provided in Section 12.4 and subject to the interim servicing being provided by the Initial Member pursuant to Section 3.3 of the Contribution Agreement, the Manager shall, with respect to each Loan or Group of Loans, from and after the Servicing Transfer Date with respect thereto, be responsible for (and hereby assumes responsibility for) servicing, administering, managing and disposing of the Loans and the Underlying Collateral in accordance with the standards (collectively, the “Servicing Standard”) set forth in Section 12.2 (such obligations referred to collectively herein as the “Servicing Obligations”) and the other provisions of this Article XII, including the provisions of
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Related to Appointment and Acceptance as Servicer

  • Appointment of Servicer 2.1 Subject to CLAUSES 2.3 and 4.3(D), and until termination pursuant to CLAUSE 21, the Mortgages Trustee, the Seller and Funding 1 (according to their respective estates and interests) each hereby appoints the Servicer as its lawful agent on their respective behalfs to administer the Loans and their Related Security, to provide certain other administration and management services and to exercise their respective rights, powers and discretions, and to perform their respective duties, under and in relation to the Loans and their Related Security. The Servicer in each case hereby accepts such appointment on the terms and subject to the conditions of this Agreement. The Security Trustee consents to the appointment of the Servicer on the terms of and subject to the conditions of this Agreement. 2.2 For the avoidance of doubt and in connection with the rights, powers and discretions conferred under CLAUSE 2.1, during the continuance of its appointment hereunder, the Servicer shall, subject to the terms and conditions of this Agreement, the Mortgage Conditions, the Mortgage Sale Agreement and the Mortgages Trust Deed, have the full power, authority and right to do or cause to be done any and all things which it reasonably considers necessary, convenient or incidental to the administration of the Loans and their Related Security or the exercise of such rights, powers and discretions, provided however that neither the Mortgages Trustee nor Funding 1 nor their respective directors shall be required or obliged at any time to enter into any transaction or to comply with any directions which the Servicer may give with respect to the operating and financial policies of the Mortgages Trustee or Funding 1 and the Servicer hereby acknowledges that all powers to determine such policies (including the determination of whether or not any particular policy is for the benefit of the Mortgages Trustee or Funding 1) are, and shall at all times remain, vested, as the case may be, in the Mortgages Trustee and/or Funding 1 (and their respective directors) and none of the provisions of this Agreement shall be construed in a manner inconsistent with this proviso. 2.3 The appointment pursuant to CLAUSE 2.1 is conditional upon the issue of the First Issuer Notes having taken place and shall take effect upon and from the Initial Closing Date automatically without any further action on the part of any person PROVIDED THAT if the issue of the First Issuer Notes has not occurred by the 14th June, 2002, or such later date as the First Issuer and the Joint Lead Managers may agree, this Agreement shall cease to be of further effect.

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