Primary Servicer Responsibilities definition
Examples of Primary Servicer Responsibilities in a sentence
Upon the termination of the performance of the Primary Servicer Responsibilities by the Primary Servicer in accordance with Section 1.05(b) of the Agreement, the Primary Servicer shall immediately transfer to a successor servicer designated by the Purchaser all records, computer access and other information as shall be necessary or desirable, in the reasonable judgment of such successor servicer, to perform such responsibilities.
If an Event of Termination shall occur and be continuing, the Purchaser may terminate the appointment of the Servicer to perform any or all of the Primary Servicer Responsibilities in the manner set forth in Section 1.05(b).
Upon the transfer of servicing with respect to any Purchased Receivable pursuant to this Agreement, the Provider shall no longer be paid the Primary Servicing Fee relating to such Purchased Receivables, which will be paid to the successor Person performing the Primary Servicer Responsibilities.
Upon the occurrence of a Servicer Termination Event, the Purchaser may, by written notice, terminate the Provider's Primary Servicer Responsibilities, in which event the Provider shall, as promptly as commercially possible, transfer to a successor servicer designated by the Purchaser all records, computer access and other information as shall be necessary or desirable, in the reasonable judgment of such successor servicer, to perform such responsibilities.
The parties hereby agree that at such time as any Batch Receivable due from an Obligor is unpaid for more than 120 days after the Last Service Date, the Provider shall, upon the request of the Purchaser, turn over all of its Primary Servicer Responsibilities under this Agreement with respect to such Batch Receivable to a successor Servicer selected by the Purchaser, and such Servicer shall thereafter service such Batch Receivable.
Upon the occurrence of a Servicer Termination Event, the Purchaser may, by written notice, terminate each Provider's Primary Servicer Responsibilities, in which event the Providers shall immediately transfer to a successor servicer designated by the Purchaser all records, computer access and other information as shall be necessary or desirable, in the judgment of such successor servicer, to perform such responsibilities.
The Company may, at any time following the occurrence of one or more Servicer Termination Events (and may, without requirement of notice to any party, upon one or more Servicer Termination Events resulting from the events described in Section 5.03(9) or (j)) affecting the Group-Wide Originators (in each case, a "GROUPWIDE SERVICER TERMINATION EVENT"), designate the Master Servicer or any other Person to succeed the Primary Servicer as its agent for performance of the Primary Servicer Responsibilities.
The Purchaser may, at any time following the occurrence of a Servicer Termination Event (and shall, without requirement of notice to any party, upon a Servicer Termination Event resulting from the events described in clauses (g) or (j) of Exhibit V hereto), designate the Master Servicer or any other Person to succeed the Provider as its agent for performance of the Primary Servicer Responsibilities.
The parties hereby agree that at such time as any Batch Receivable is unpaid for more than 365 days after the Last Service Date, the Primary Servicer shall, upon the request of the Purchaser, turn over all of its Primary Servicer Responsibilities under this Agreement with respect to such Batch Receivable to a successor servicer selected by the Purchaser, and such servicer shall thereafter service such Batch Receivable.
Each of the Originators, the Primary Servicer and the Company hereby acknowledge that the Primary Servicer's appointment is subject to and limited by the Lender's appointment of the Company as its agent for performance of the Primary Servicer Responsibilities under the LSA and the Lender's rights thereunder to replace the Company.