Examples of Original Servicer in a sentence
CONA, in its capacity as New Servicer, acknowledges and confirms that it is bound by the Agreement, that it has accepted all of COBNA’s right, title, and interest, and has assumed all of COBNA’s duties, obligations, and liabilities and the performance of every covenant, in, to, and under the Agreement, and has agreed that it shall be substituted for COBNA, in its capacity as Original Servicer, under the Agreement.
In particular, but without limitation, the Original Servicer has been (and New Servicers may be) appointed to service Loans in the Portfolio sold to the LLP and the Cash Manager has been appointed to monitor compliance with the Asset Coverage Test and the Amortisation Test and to provide cash management services to the LLP.
The Original Servicer shall pay or reimburse all Reliening Expenses on demand.
In addition, the Original Servicer (or a Successor Servicer (as defined below), if applicable) shall determine whether any amounts in the Lockbox Account do not constitute Remittances with respect to receivables of one of the three Types referred to above, but have nonetheless been paid or deposited thereto by a customer in error (“Misdirected Payments”).
CONA, in its individual capacity and as New Servicer, acknowledges and confirms that it is bound by the Agreement, that it has accepted all of COBNA’s right, title, and interest, and has assumed all of COBNA’s duties, obligations, and liabilities and the performance of every covenant, in, to, and under the Agreement, and has agreed that it shall be substituted for COBNA, in its individual capacity and as Original Servicer, under the Agreement.
We have also maintained the quality of the Group’s liquidity portfolio by focussing on high quality UK Government issued debt and, at 31 December 2012, the proportion of our treasury assets rated A3 or above was 99.6% (2011: 98.1%).
The parties acknowledge that such property may be necessary to or useful in the servicing, administration and collection of the Securitization Assets and the Other Assets and agree to cooperate in good faith such that the respective interests of any Securitization Agent, the Original Servicer and the Originator therein, and with respect thereto, shall be protected and preserved.
As used in this Agreement, the following terms shall have the meanings indicated: “Account Control Agreement” means that certain Account Control Agreement, dated as of the Original Closing Date, among the Borrower, the Original Servicer, the Collateral Agent and The Bank of New York Mellon Trust Company, National Association, as Securities Intermediary, which agreement relates to the Covered Accounts.
The Original Servicer (or any Successor Servicer (as defined below)), shall (within two (2) business days of receipt of the associated remittance details) determine and identify the portion of such Remittance received in the Lockbox or Lockbox Accounts that represents the Financing Assets (“Financing Remittances”) and the portion that represents Other Assets (“Other Remittances”).
The Original Servicer agrees to pay the Account Custodian and the Concentration Account Bank, upon receipt of the Account Custodian’s and the Concentration Account Bank’s invoice, all costs, expenses and attorneys’ fees incurred by the Concentration Account Bank in the preparation and administration of this Agreement (including any amendments hereto or instruments or agreements required hereunder).