Back-up Servicing. In the event that Santander Consumer is the Servicer, and (i) the long-term unsecured debt rating by Moody’s of Banco Santander, S.A. falls below “Baa3” (a “Ratings Trigger Event”) or (ii) Banco Santander, S.A. ceases to directly or indirectly own at least 50% of the common stock of Santander Consumer (an “Ownership Trigger Event”), Santander Consumer shall have in place a back-up servicing arrangement consistent with Moody’s published ratings criteria at the time of the Ratings Trigger Event or Ownership Trigger Event, as applicable, within 90 days of such Ratings Trigger Event or Ownership Trigger Event, respectively, unless it shall be acceptable to Moody’s at such time, or otherwise satisfy the Rating Agency Condition with respect to Moody’s, for Santander Consumer not to have in place a back-up servicing arrangement or to deviate from such published criteria.
Back-up Servicing. In the event that the long-term unsecured debt rating by Moody’s of Banco Santander, S.A. falls below “Baa3” (a “Ratings Trigger Event”), Santander Consumer shall have in place a back-up servicing arrangement consistent with Moody’s ratings criteria at the time of the Ratings Trigger Event within 90 days of such Ratings Trigger Event, unless it shall be acceptable to Moody’s at such time, or otherwise satisfy the Rating Agency Condition with respect to Moody’s, for Santander Consumer not to have in place a back-up servicing arrangement or to deviate from such criteria.
Back-up Servicing. In the event that Santander Consumer is the Servicer, and (i) the long-term unsecured debt rating by Xxxxx’x of Banco Santander, S.A. falls below “Baa3” (a “Ratings Trigger Event”) or (ii) Banco Santander, S.A. ceases to directly or 10 Sale and Servicing Agreement (2017-1) indirectly own at least 50% of the common stock of Santander Consumer (an “Ownership Trigger Event”), Santander Consumer shall have in place a back-up servicing arrangement consistent with Xxxxx’x published ratings criteria at the time of the Ratings Trigger Event or Ownership Trigger Event, as applicable, within 90 days of such Ratings Trigger Event or Ownership Trigger Event, respectively, unless it shall be acceptable to Xxxxx’x at such time, or otherwise satisfy the Rating Agency Condition with respect to Xxxxx’x, for Santander Consumer not to have in place a back-up servicing arrangement or to deviate from such published criteria.
Back-up Servicing. No later than THIRTY (30) days after the Effective Date, Debtor shall retain a third party backup servicer and enter into a backup servicing agreement as approved by Lender with respect to the Consumer Loans. After the occurrence of and during the continuation of an Event of Default, Lender may require that Backup Servicer have the sole right to manage all Collections with respect to the Consumer Loans. The backup servicing agreement shall provide for the priority payment of the backup servicing fees, will contain customary representations, warranties and indemnities and be in form and substance reasonably acceptable to Debtor and Lender.
Back-up Servicing. In the event that Santander Consumer is the Servicer, and (i) the long-term unsecured debt rating by Moody’s of Banco Santander, S.A. falls below “Baa3” (a “Ratings Trigger Event”) or (ii) Banco Santander, S.A. ceases to directly or
Back-up Servicing. Within NINETY (90) days of the Effective Date, Debtor will retain a third party backup servicer acceptable to Lender in its reasonable discretion, and shall enter into a backup servicing agreement as approved by Lender for the Consumer Loans. After certain the occurrence and during the continuation of an Event of Default, Lender may require that the backup servicer have the sole right to manage and contract for ACH withdrawal and remote check processing with all collections drafted directly into a segregated collection account maintained for the benefit of Lender. The backup servicing agreement will provide for the priority payment of the backup servicing fees, will contain customary representations, warranties and indemnities and be in form and substance reasonably acceptable to Debtor and Lender.
Back-up Servicing. The Borrower shall pay the Back-Up Servicing Fee to the Back-Up Servicer unless the Back-Up Servicer is acting as the Successor Servicer in accordance with the Servicing Agreement.
Back-up Servicing. (a) EMC Mortgage Corporation is hereby appointed to act as Back-up Servicer with respect to this Agreement. The Back-up Servicer hereby agrees to cooperate with the Servicer to establish the format of and information contained on the computer diskette to be supplied by the Servicer pursuant to Section 7.22(b) below.
Back-up Servicing. Transition Manager Fee. The Borrower shall pay the Back-Up Servicing/Transition Manager Fee to the Back-Up Servicer and the Transition Manager until such time as the Back-Up Servicer becomes the Successor Servicer in accordance with the Servicing Agreement; provided, that to the extent the Back-Up Servicer becomes the Successor Servicer, the Transition Manager shall be paid a fee at such times and in the same order of priority established pursuant to Section 2.7(B) for the payment of the Back-Up Servicing/Transition Manager Fee, which fee shall be an amount agreed upon between the Administrative Agent and the Transition Manager and shall equal at least fifty percent of the Back-Up Servicing/Transition Manager Fee.
Back-up Servicing. The Administrative Agent, the Group Agents and TFL agree to discuss in good faith on an ongoing basis TFL’s ability to perform its obligations under the Transaction Documents without the need for a Back-Up Servicer and, if the Administrative Agent and TFL agree in writing that TFL has such ability, then TFL may, with prior written consent from each Group Agent (such consent not to be unreasonably withheld), and shall, at the written direction of each Group Agent, upon 30 days’ prior written notice, terminate the Back-Up Servicer, and, for the avoidance of doubt, no Back-Up Servicer shall thereafter be required and no Back-Up Servicing Fees shall thereafter be payable.”
(r) A new Section 12.22 is hereby added to the Loan and Security Agreement in appropriate numerical order reading in its entirety as follows:
