Authority and Power. All authority and power granted to an Applicable Servicer under this Agreement shall automatically cease and terminate on the Facility Termination Date and shall pass to and be vested in the Borrower thereafter. Each Applicable Servicer agrees to cooperate with the Borrower in effecting the termination of the responsibilities and rights of each Applicable Servicer to conduct servicing of this Agreement (including the right to direct remittances out of the Collection Accounts).
Appears in 7 contracts
Samples: Loan and Servicing Agreement (ACRES Commercial Realty Corp.), Loan and Servicing Agreement (Cim Real Estate Finance Trust, Inc.), Loan and Servicing Agreement (ACRES Commercial Realty Corp.)
Authority and Power. All authority and power granted to an Applicable the Facility Servicer under this Agreement shall automatically cease and terminate on the Facility Termination Date and shall pass to and be vested in the Borrower thereafter. Each Applicable Servicer agrees to cooperate with thereafter and, without limitation, the Borrower in effecting the termination is hereby authorized and empowered to execute and deliver, on behalf of the responsibilities Facility Servicer, as attorney-in-fact or otherwise, all documents and rights other instruments, and to do and accomplish all other acts or things necessary or appropriate to effect the purposes of each Applicable Servicer to conduct such transfer of servicing of this Agreement (including the right to direct remittances out of the Collection Accounts)rights.
Appears in 1 contract
Samples: Loan and Servicing Agreement (Stepstone Private Credit Fund LLC)
Authority and Power. All authority and power granted to an Applicable Servicer under this Agreement shall automatically cease and terminate on the Facility Termination Date and shall pass to and be vested in the Borrower thereafter. Each Applicable Servicer agrees to cooperate with the Borrower in effecting the termination of the responsibilities and rights of each Applicable Servicer to conduct servicing of this Agreement (including the right to direct remittances out of the Collection AccountsAccount).
Appears in 1 contract
Samples: Loan and Servicing Agreement (ACRES Commercial Realty Corp.)
Authority and Power. All authority and power granted to an Applicable Servicer under this Agreement shall automatically cease and terminate on the Facility Termination Date and shall pass to and be vested in the Borrower thereafter. Each Applicable Servicer agrees to cooperate with the Borrower in effecting the termination of the responsibilities and rights of each Applicable Servicer to conduct servicing of this Agreement (including the right to direct remittances out of the Collection Secured Accounts).
Appears in 1 contract
Authority and Power. All authority and power granted to an the Applicable Servicer under this Agreement shall automatically cease and terminate on the Facility Termination Date and shall pass to and be vested in the Borrower thereafterthereafter and, without limitation, the Borrower is hereby authorized and empowered to execute and deliver, on behalf of the Applicable Servicer, as attorney‐in‐fact or otherwise, all documents and other instruments, and to do and accomplish all other acts or things necessary or appropriate to effect the purposes of such transfer of servicing rights. Each The Applicable Servicer agrees to cooperate with the Borrower in effecting the termination of the responsibilities and rights of each Applicable Servicer to conduct servicing of this Agreement (including the right to direct remittances out of the Collection Accounts).to
Appears in 1 contract
Samples: Loan and Servicing Agreement (Carlyle Secured Lending III)