Successor Collateral Custodian definition

Successor Collateral Custodian has the meaning given to such term in Section 7.17(f)

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Successor Collateral Custodian which, unless the Administrative Agent shall select another successor, shall be Vervent Inc.) to be custodian of the Receivable Files and the accounts and records relating thereto and the Collateral Custodian shall, at its sole cost and expense, (i) deliver, or cause to be delivered, the Receivable Files and the related accounts and records maintained by the Collateral Custodian to such Successor Collateral Custodian, or its agent or designee, as the case may be, at such place as such Successor Collateral Custodian may reasonably designate and (ii) otherwise cooperate with the Successor Collateral Custodian in affecting the termination of the rights and responsibilities of the predecessor Collateral Custodian under this Agreement. From and after the appointment of a Successor Collateral Custodian, the predecessor Collateral Custodian shall continue to perform all custodial functions under this Agreement until the date specified by the Administrative Agent in writing or, if no such date is specified, until a date mutually agreed upon by the predecessor Collateral Custodian and the Administrative Agent. The Administrative Agent may, in its discretion, at the time described in immediately preceding sentence, appoint the Backup Servicer as the Successor Collateral Custodian hereunder, and the Backup Servicer shall on such date assume all obligations of the Collateral Custodian hereunder, and all authority and power of the predecessor Collateral Custodian under this Agreement shall pass to and be vested in the Backup Servicer. The Administrative Agent shall have the same rights of removal and termination for cause with respect to any Successor Collateral Custodian as with respect to Lendbuzz Funding as the initial Collateral Custodian.

Examples of Successor Collateral Custodian in a sentence

• No termination or resignation of the Servicer or the Collateral Custodian hereunder shall be effective until a Successor Servicer or Successor Collateral Custodian, in each case acceptable to the Administrative Agent, has accepted its appointment as Successor Servicer or Successor Collateral Custodian, respectively, hereunder and has agreed to be bound by the terms of this Agreement.

• From and after the appointment of a Successor Collateral Custodian, the predecessor Collateral Custodian shall continue to perform all custodial functions under this Agreement until the date specified by the Administrative Agent in writing or, if no such date is specified, until a date mutually agreed upon by the predecessor Collateral Custodian and the Administrative Agent.

• The Administrative Agent may, in its discretion, at the time described in immediately preceding sentence, appoint the Backup Servicer as the Successor Collateral Custodian hereunder, and the Backup Servicer shall on such date assume all obligations of the Collateral Custodian hereunder, and all authority and power of the predecessor Collateral Custodian under this Agreement shall pass to and be vested in the Backup Servicer.

• The Administrative Agent shall have the same rights of removal and termination for cause with respect to the Backup Servicer or any other Successor Collateral Custodian as with respect to Lendbuzz as the Collateral Custodian.

• The Administrative Agent shall have the same rights of removal and termination for cause with respect to any Successor Collateral Custodian as with respect to Lendbuzz Funding as the initial Collateral Custodian.

• The Administrative Agent shall have the same rights of removal and termination for cause with respect to any Successor Collateral Custodian as with respect to Lendbuzz Floorplan as the initial Collateral Custodian.

• Indemnities by the Backup Servicer in its Capacity as the Successor Servicer or Successor Collateral Custodian 109 Section 10.01.

• Indemnities by the Backup Servicer in its Capacity as the Successor Servicer or Successor Collateral Custodian 120 Section 10.01.

• Indemnities by the Backup Servicer in its Capacity as the Successor Servicer or Successor Collateral Custodian 130 Section 10.01.

• Indemnities by the Backup Servicer in its Capacity as the Successor Servicer or Successor Collateral Custodian 129 Section 10.01.