Servicing Assumption Date definition

Servicing Assumption Date shall have the meaning specified in Section 1.1 of the Back-up Servicing Agreement.
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Servicing Assumption Date has the meaning specified in Section 5.1(b) of the Servicing Agreement.
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Servicing Assumption Date. The date which is a commercially reasonable period of time (not to exceed sixty (60) days) after receipt by the Back-up Servicer of a Servicing Transfer Notice.
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Examples of Servicing Assumption Date in a sentence

  • The Back-up Servicer agrees to assume the duties and obligations, and it shall be entitled to the rights, of the Servicer under the Sale and Servicing Agreement, except as otherwise set forth herein, as of the applicable Servicing Assumption Date, which duties and obligations shall be deemed to include the duties and obligations of the Servicer under Sections 2.2(a) and 2.2(b)(i), (ii) and (iv) hereof to the extent not completed by the Servicer prior to the delivery of a Servicing Transfer Notice.

Related to Servicing Assumption Date

  • Assumption Date has the meaning set forth in Section 9.23 of the Sale and Servicing Agreement.

  • Sale and Servicing Agreement means the Sale and Servicing Agreement, dated as of the Closing Date, between the Seller, the Issuer, the Servicer and the Indenture Trustee, as the same may be amended, modified or supplemented from time to time.

  • Servicing Transfer Date The date on which a Servicing Transfer occurs.

  • Servicing Rate means 1.00% per annum.

  • Servicing Reserve means, the product (expressed as a percentage) of (a) 1%, times (b) a fraction, the numerator of which is the highest Days Sales Outstanding for the most recent 12 months and the denominator of which is 360.

  • Servicing Agreement means such subsequent Servicing Agreement; provided, however, that until a replacement Servicing Agreement has been entered into (and such written confirmation has been obtained), the Note A-1 Holder shall cause the Mortgage Loan to be serviced pursuant to the provisions of the Servicing Agreement as if such agreement was still in full force and effect with respect to the Mortgage Loan; provided, further, however, that until a replacement Servicing Agreement is in place, the actual servicing of the Mortgage Loan may be performed by any Qualified Servicer appointed by the Note A-1 Holder and does not have to be performed by the service providers set forth under the Servicing Agreement that was previously in effect.