Engagement of Successor Servicer; Indenture Trustee to Act. (i) If the Servicer resigns or is terminated under this Agreement, the Indenture Trustee will promptly engage an institution having a net worth of not less than $50,000,000 whose regular business includes the servicing of motor vehicle receivables, as the successor to the Servicer under this Agreement and successor to the Administrator under Section 3.5 of the Administration Agreement.
Appears in 56 contracts
Samples: Sale and Servicing Agreement (Ford Credit Auto Receivables Two LLC), Sale and Servicing Agreement (Ford Credit Auto Owner Trust 2024-B), Sale and Servicing Agreement (Ford Credit Auto Owner Trust 2024-B)
Engagement of Successor Servicer; Indenture Trustee to Act. (i) If the Servicer resigns or is terminated under this Agreement, the Indenture Trustee will promptly engage an institution having a net worth of not less than $50,000,000 whose regular business and operations includes the servicing of motor vehicle receivablesconsumer receivables and can accommodate the servicing of device payment plan agreements, as the successor to the Servicer under this Agreement (the “Successor Servicer”) and successor to the Administrator under Section 3.5 3.4 of the Administration Agreement.
Appears in 23 contracts
Samples: Transfer and Servicing Agreement (Verizon Owner Trust 2020-C), Transfer and Servicing Agreement (Verizon Owner Trust 2020-B), Transfer and Servicing Agreement (Verizon Owner Trust 2020-A)