Successor Servicer definition
Examples of Successor Servicer in a sentence
Without limiting any of the foregoing, under no circumstance shall [____________________] (as Successor Servicer or otherwise) or any other Successor Servicer be deemed to have incurred any obligation to make any advance or provide indemnification for Actual Loss Amounts with respect to any Receivables or any liability or obligation with respect to any Servicer indemnification obligations of any prior servicer including the Initial Servicer.
Notwithstanding anything else herein to the contrary, in no event shall the Indenture Trustee be liable for any Servicing Fee or for any differential in the amount of the Servicing Fee paid hereunder and the amount necessary to induce any Successor Servicer to act as Successor Servicer under this Agreement and the transactions set forth or provided for herein.
In addition to the Servicing Fee, the Servicer and any Successor Servicer shall be entitled to receive Supplemental Servicing Fees and Liquidation Expenses in accordance with Section 2.7 of the Indenture and is entitled to retain all Investment Earnings (net of losses and investment expenses) on the funds in its Depository Accounts.
In the event the Servicer is terminated or resigns as Servicer with respect to servicing the Receivables, all authority and power of the Servicer under this Agreement shall, without further action, pass to and be vested in [(i) the Backup Servicer; or (ii) if the Backup Servicer has been terminated,] such Successor Servicer as may be approved under Section 5.1(b).
No such resignation will become effective until a Successor Servicer has assumed the responsibilities and obligations of the Servicer.