Common use of Holder Responsible for Servicing Series Assets Clause in Contracts

Holder Responsible for Servicing Series Assets. Each respective Holder will cause the Series Assets allocated to and associated with its respective Series to be administered, managed and controlled pursuant to a Servicing Agreement. Each Holder may engage, or cause the Company (on its own behalf or on behalf of or with respect to such Series) or such Series to engage, one or more servicers to administer, manage and control the Series Assets allocated to and associated with such Series; provided, that NMAC shall be the initial Servicer for all Series Interests outstanding as of the date of this Agreement, including the Unallocated Assets Series. The terms and conditions under which any Servicer will perform such functions will be set forth in a Servicing Agreement appointing such Servicer. The Company (on its own behalf or on behalf of or with respect to such Series) or the applicable Series will be a party to or execute an acknowledgment and acceptance of each Servicing Agreement and of the appointment of the Servicer.