Examples of Successor Servicer in a sentence
Upon the Backup Servicer’s appointment as Successor Servicer, the Backup Servicer shall be entitled to receive a one-time servicing transfer fee not to exceed $150,000 in the aggregate.
The degree of examination of such accounting, records, and work which the Backup Servicer deems necessary to complete any conversion and portfolio transfer in connection with the Backup Servicer becoming a Successor Servicer shall not be construed as a representation by the Backup Servicer of the accuracy of such accounting, records, and work.
As soon as a Successor Servicer is appointed, the Indenture Trustee shall notify the Issuer, the Holders and the Rating Agencies of such appointment, specifying in such notice the name and address of such Successor Servicer.
If within thirty (30) days after the delivery of the notice referred to above, a new Servicer shall not have been appointed, the Indenture Trustee, at the Issuer’s expense, may petition the MoPSC or a court of competent jurisdiction to appoint a Successor Servicer.
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.