Effects of Termination of Servicer. (a) Upon the appointment of the successor Servicer, the predecessor Servicer shall remit any Scheduled Payments, Overdue Payments and any other payments or proceeds that it may receive pursuant to any Lease Contract or otherwise to the successor Servicer after such date of appointment.
(b) After the delivery of a Servicer Termination Notice, the outgoing Servicer shall have no further obligations with respect to the management, administration, servicing, enforcement, custody or collection of the Lease Contracts and the successor Servicer shall have all of such obligations, except that the outgoing Servicer will transmit or cause to be transmitted directly to the successor Servicer, promptly on receipt and in the same form in which received, any amounts held by the outgoing Servicer (properly endorsed where required for the successor Servicer to collect them) received as payments upon or otherwise in connection with the Lease Contracts. The outgoing Servicer's indemnification obligations pursuant to Section 5.01 hereof will survive the termination of the Servicer but will not extend to any acts or omissions of a successor Servicer.
Effects of Termination of Servicer. (a) Upon the appointment of the successor Servicer, the predecessor Servicer shall immediately remit any Scheduled Payments, Final Scheduled Payments, Liquidation Proceeds or other payments that it may receive pursuant to any Contract or otherwise to the successor Servicer for the benefit of the Indenture Trustee on behalf of the Noteholders after such date of appointment.
(b) Subject to Section 6.02 hereof, after the delivery of a Servicer Termination Notice, the predecessor Servicer shall have no further rights or obligations with respect to the management or servicing of the Pledged Property or the enforcement, custody or collection of the Contracts, and the successor Servicer shall have all of such obligations, except that the predecessor Servicer will transmit or cause to be transmitted directly to the successor Servicer for the benefit of the Noteholders, promptly upon receipt and in the same form in which received, any amounts held by the predecessor Servicer (properly endorsed where required for the successor Servicer to collect them) received as payments upon or otherwise in connection with the Contracts. The predecessor Servicer's indemnification obligations pursuant to Section 5.01 hereof will survive the termination or resignation of the predecessor Servicer but will not extend to any acts or omissions of a successor Servicer.
(c) An Event of Servicing Termination shall not affect the rights and duties of the parties hereunder (including, but not limited to, the obligations and indemnities of the Servicer pursuant to Article IV of the Indenture and Section 5.01 hereof) other than those relating to the management, servicing, custody or collection of the Contracts.
Effects of Termination of Servicer. (a) The predecessor Servicer shall remit or cause to be transmitted directly to the successor Servicer in the same form in which received, any amounts held by such predecessor Servicer (properly endorsed where required for such successor to collect them) received as payments upon or otherwise in connection with the Trust Estate within one Business Day of receipt thereof. All payments received by the predecessor Servicer shall be held in trust by it until such remittance to the successor Servicer.
(b) After the delivery of a Servicer Termination Notice, the predecessor Servicer shall have no further obligations with respect to the management, administration, servicing, enforcement, custody or collection of the Contracts and Mortgage Notes, and the successor Servicer shall have all of such obligations, except that such predecessor Servicer will transmit any payments or proceeds that such predecessor Servicer may receive pursuant to any Contract, Mortgage Note or otherwise in accordance with Section 6.05(a) herein. Such outgoing Servicer's indemnification obligations pursuant to Section 5.01 hereof will survive the termination of such Servicer but will not extend to any acts or omissions of a successor Servicer.
Effects of Termination of Servicer. (a) Upon the appointment of the successor Servicer, the predecessor Servicer shall remit to the successor Servicer any Scheduled Payments and any other payments, proceeds or other amounts that it may receive pursuant to any Contract or otherwise after such date of appointment.
(b) After the delivery of a Servicer Termination Notice, the outgoing Servicer shall have no further obligations with respect to the management, administration, servicing, enforcement, custody or collection of the Contracts and the successor Servicer shall have all of such obligations, except that the outgoing Servicer shall cooperate in effecting the transition of Servicing to the successor Servicer as described in Sections 6.01 and 6.02 hereof and shall transmit or cause to be transmitted directly to the successor Servicer, promptly on receipt and in the same form in which received, any amounts held by the outgoing Servicer (properly endorsed where required for the successor Servicer to collect them) received as payments upon or otherwise in connection with the Contracts, together with any standard pleading forms used in the enforcement of Defaulted Contracts, a list of counsel used by such predecessor Servicer in bringing collection actions and a list of collection actions currently in progress. The outgoing Servicer's indemnification obligations pursuant to Section 5.01 hereof will survive the termination of the Servicer but shall not extend to any acts or omissions of a successor Servicer.
Effects of Termination of Servicer. Section 6.06. No Effect on Other Parties.................. 25 ARTICLE 7
Effects of Termination of Servicer. (a) Upon the appointment of a successor Servicer, the predecessor Servicer shall remit any Scheduled Payments and any other payments or proceeds that such predecessor may receive pursuant to any Contract or otherwise to such successor after such date of appointment.
(b) After the delivery of a Servicer Termination Notice, the outgoing Servicer shall have no further obligations with respect to the management, administration, servicing, enforcement, custody or collection of the Contracts, and the successor Servicer shall have all of such obligations, except that the outgoing Servicer will transmit or cause to be transmitted directly to such successor Servicer promptly on receipt and in the same form in which received, any amounts held by the outgoing Servicer (properly endorsed where required for such successor to collect them) received as payments upon or otherwise in connection with the Contracts. The outgoing Servicer's indemnification obligations pursuant to Section 5.01 hereof will survive the termination of the Servicer but will not extend to any acts or omissions of a successor Servicer.
Effects of Termination of Servicer. (a) Upon the appointment of the Successor Servicer, the Servicer shall immediately remit any Rents or other payments that it has received or receives pursuant to any Lease or otherwise to the Successor Servicer for the benefit of the Holders and the Relevant Company after such date of appointment.
(b) After the delivery of a Servicer Termination Notice and appointment of a Successor Servicer, the former Servicer shall have no further obligations with respect to the servicing of the Leases or the enforcement, custody or collection of the Leases, and the Successor Servicer shall have all of such obligations, except that the former Servicer will transmit or cause to be transmitted directly to the Successor Servicer for the benefit of the Holders, promptly upon receipt and in the same form in which received, any amounts held by the former Servicer (properly endorsed where required for the Successor Servicer to collect them) received as payments upon or otherwise in connection with the Leases, the Railcars or the other Railcar Assets. The former Servicer's indemnification obligations pursuant to Section 5.03 will survive the termination of the Servicer hereunder but will not extend to any acts or omissions of a Successor Servicer.
(c) A Servicer Event of Termination shall not affect the rights and duties of the parties hereunder (including, but not limited to, the obligations and indemnities of the Servicer pursuant to Section 5.03) other than those relating to the servicing, custody or collection of the Leases, the Railcars and the other Railcar Assets.
(d) The predecessor Servicer shall defend, indemnify and hold the Successor Servicer and any officers, directors, employees or agents of the Successor Servicer harmless against any and all claims, losses, penalties, fines, forfeitures, legal fees and related costs, judgments and any other costs, fees, and expenses that the Successor Servicer may sustain in connection with the claims asserted at any time by third parties against the Successor Servicer which result from (i) any willful, bad faith or grossly negligent act taken or omission by the predecessor Servicer or
Effects of Termination of Servicer. (a) Upon the appointment of a successor Servicer, the predecessor Servicer shall remit any Scheduled Payments and any other payments or proceeds that such predecessor may receive pursuant to any Contract or otherwise to such successor after such date of appointment.
Effects of Termination of Servicer. Upon termination of this Agreement as provided for herein, Servicer shall immediately, (a) remit to Originator any scheduled Lease payments or any other payments that it may receive pursuant to any Lease serviced under this Agreement, (b) return to Originator all documents under custodial control of Servicer pursuant to this Agreement, (c) execute any document necessary to effectuate the termination of this Agreement (d) provide Originator a final accounting of all sums received and applied pursuant to this Agreement.
Effects of Termination of Servicer. (a) Upon the appointment of the successor Servicer, the Servicer shall immediately remit any Scheduled Payments, Final Scheduled Payments, Residual Receipts or other payments that it may receive pursuant to any Contract or otherwise to the successor Servicer for the benefit of the Issuer after such date of appointment.
(b) After the delivery of a Servicer Termination Notice, the former Servicer shall have no further obligations with respect to the management or servicing of the Trust Property or the enforcement, custody or collection of the Contracts, and the successor Servicer shall have all of such obligations, except that the former Servicer will transmit or cause to be transmitted directly to the successor Servicer for the benefit of the Noteholders and the Note Insurer, promptly upon receipt and in the same form in which received, any amounts held by the former Servicer (properly endorsed where required for the successor Servicer to collect them) received as payments upon or otherwise in connection with the Contracts. The former Servicer's indemnification obligations pursuant to Section 5.01 hereof will survive the termination of the Servicer hereunder but will not extend to any acts or omissions of a successor Servicer.
