Examples of Prior Servicer in a sentence
The Special Servicer shall maintain a Servicing File with respect to each Transferred Mortgage Loan in order to service such Transferred Mortgage Loans pursuant to this Agreement and each Servicing File delivered to the Special Servicer shall be held in trust by the Special Servicer for the benefit of the Trustee; provided, however, that the Special Servicer shall have no liability for any Servicing Files (or portions thereof) not delivered by the related Prior Servicer.
If Aurora is the Prior Servicer, the Seller shall promptly notify Aurora that this Agreement has been entered into and, upon request, shall deliver a copy of this Agreement to Aurora.
If it is determined that this type of conversion is advantageous to both parties the details will be mutually agreed to by the Prior Servicer and the Special Servicer.
Aurora as Prior Servicer will provide the Bankruptcy Service Release report within 3 Business Days after the related Servicing Transfer Date.
In addition, not later than the third Business Day following the related Servicing Transfer Date, the related Prior Servicer shall transfer to the Special Servicer any funds held in any escrow account or custodial account relating to the related Transferred Mortgage Loans.