Designated Backup Subservicer definition

Designated Backup Subservicer mean the designated backup subservicer appointed by the Backup Servicer pursuant to Section 8.5(c), initially CenterOne.
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Designated Backup Subservicer means SST and its permitted successors and assigns in such capacity.
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Examples of Designated Backup Subservicer in a sentence

  • Any such determination permitting the resignation of the Servicer, the Designated Backup Subservicer or Backup Servicer shall be evidenced by an Opinion of Counsel to such effect delivered and acceptable to the Trust Collateral Agent, the Owner Trustee and the Insurer (unless an Insurer Default shall have occurred and be continuing).

  • The Designated Backup Subservicer shall have no liability for any actions taken or omitted by the Servicer.

  • In the event that the Designated Backup Subservicer and the Servicer are unable to reconcile discrepancies with respect to a Servicer’s Certificate by the next succeeding Distribution Date, the Servicer shall cause the Independent Accountants, at the Servicer’s expense, to audit the Servicer’s Certificate and, prior to the last day of the month after the month in which such Servicer’s Certificate was delivered, reconcile the discrepancies.

  • The Backup Servicer shall cause the Designated Backup Subservicer to provide a letter to the Controlling Party and to the Trustee that it has verified the Servicer’s Certificate in accordance with this Section and shall notify the Servicer and the Controlling Party of any discrepancies, in each case, on or before the fifth Business Day following the Distribution Date.

  • In the event that the Designated Backup Subservicer reports any discrepancies, the Servicer and the Backup Servicer shall attempt to reconcile such discrepancies prior to the next succeeding Distribution Date, but in the absence of a reconciliation, the Servicer’s Certificate shall control for the purpose of calculations and distributions with respect to the next succeeding Distribution Date.

  • Other than the duties specifically set forth in this Agreement, the Designated Backup Subservicer shall have no obligations hereunder, including, without limitation, to supervise, verify, monitor or administer the performance of the Servicer.

  • UACC, the Designated Backup Subservicer, the Backup Servicer and any director, officer, employee or agent of UACC, the Designated Backup Subservicer or Backup Servicer may rely in good faith on the written advice of counsel or on any document of any kind prima facie properly executed and submitted by any Person respecting any matters arising under this Agreement.

  • Notwithstanding the above, if the Backup Servicer or the Designated Backup Subservicer shall be legally unable or unwilling to act as Servicer, and an Insurer Default shall have occurred and be continuing, the Backup Servicer, the Designated Backup Subservicer, the Trust Collateral Agent or a Note Majority may petition a court of competent jurisdiction to appoint any Eligible Servicer as the successor to the Servicer.

  • Prior to the execution of any amendment to this Agreement, the Owner Trustee and the Trustee, Trust Collateral Agent, Collateral Agent, Designated Backup Subservicer and Backup Servicer shall be entitled to receive and conclusively rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and the Opinion of Counsel referred to in Section 12.2(h)(1) has been delivered.

  • So long as no Insurer Default shall have occurred and be continuing, the Insurer (or, if an Insurer Default shall have occurred and be continuing, the Note Majority) may, on behalf of all Noteholders, waive any default by the Servicer, the Designated Backup Subservicer or the Backup Servicer in the performance of its obligations hereunder and its consequences.

Related to Designated Backup Subservicer

  • Backup Servicer means Wxxxx Fargo Bank, National Association, in its capacity as Backup Servicer under this Agreement.

  • Backup Servicer Fee means the fee to be paid to the Backup Servicer as set forth in the Backup Servicing Agreement.

  • Back-Up Servicer means Xxxxx Fargo Bank, National Association and its permitted successors and assigns, as provided in the Indenture.

  • Special Servicer Servicing Personnel The divisions and individuals of the Special Servicer who are involved in the performance of the duties of the Special Servicer under this Agreement.

  • Servicer means the Master Servicer or the Special Servicer, as the context may require.

  • Master Servicer Servicing Personnel The divisions and individuals of the Master Servicer who are involved in the performance of the duties of the Master Servicer under this Agreement.

  • Master Servicer means the master servicer appointed as provided in the Lead Securitization Servicing Agreement.

  • Subservicer means any Person that services Receivables on behalf of the Servicer or any Subservicer and is responsible for the performance (whether directly or through Subservicers or Subcontractors) of a substantial portion of the material servicing functions required to be performed by the Servicer under this Agreement that are identified in Item 1122(d) of Regulation AB.

  • Backup Servicing Fee means, as to each Distribution Date, $4,000; provided, however, that if the Backup Servicer becomes the successor Servicer, such fee shall no longer be paid.

  • Backup Servicing Agreement means the Backup Servicing Agreement dated as of the Closing Date, among the Backup Servicer, Credit Acceptance, the Seller, the Issuer and the Trust Collateral Agent.

  • Interim Servicer The servicer under the Interim Servicing Agreement, or its successor in interest, or any successor to the Interim Servicer under the Interim Servicing Agreement, as therein provided.

  • Other Special Servicer The applicable other “special servicer” under an Other Pooling and Servicing Agreement relating to a Serviced Companion Loan.

  • Successor Master Servicer The meaning ascribed to such term pursuant to Section 8.02.

  • Non-Lead Certificate Administrator means the “certificate administrator” under any Non-Lead Securitization Servicing Agreement.

  • Backup Servicer Termination Notice has the meaning given to such term in Section 8.04.

  • Successor Servicer has the meaning specified in Section 3.07(e) of the Indenture.

  • Non-Lead Master Servicer means the “master servicer” under any Non-Lead Securitization Servicing Agreement.

  • Sub-Servicer Any Person with which the Master Servicer has entered into a Sub-Servicing Agreement and which meets the qualifications of a Sub-Servicer pursuant to Section 3.02.

  • Certificate Administrator means the certificate administrator appointed as provided in the Lead Securitization Servicing Agreement.

  • Lead Depositor means the Depositor under the Lead Securitization Servicing Agreement.

  • Special Servicer means the applicable special servicer with respect to the Mortgage Loan appointed as provided in the Lead Securitization Servicing Agreement.

  • Certificate Administrator Personnel The divisions and individuals of the Certificate Administrator who are involved in the performance of the duties of the Certificate Administrator under this Agreement.

  • Outside Special Servicer With respect to an Outside Serviced Mortgage Loan, the special servicer under the applicable Outside Servicing Agreement.

  • Portfolio Administrator means any entity and any successor or replacement thereto, as specified in the Final Terms for each Series of ETP Securities, appointed as Portfolio Administrator in accordance with the terms of the relevant Portfolio Administration Agreement.

  • Servicer Affiliate A Person (i) controlling, controlled by or under common control with the Servicer or which is 50% or more owned by the Servicer and (ii) which is qualified to service residential mortgage loans.

  • Outside Servicer With respect to an Outside Serviced Mortgage Loan, the master servicer under the applicable Outside Servicing Agreement.