Term of Servicer Sample Clauses

Term of Servicer. The Servicer hereby covenants and agrees to act as Servicer under, and for the term of, this Agreement, subject to the provisions of Sections 7.03 and 7.06.
Sample 1Sample 2Sample 3See All (139)
AutoNDA by SimpleDocs
Term of Servicer. 26 Section 4.14. Access to Information Regarding Trust and Basic Documents.................................26
Sample 1
Term of Servicer. Subject to Section 5.05, the Servicer shall act as servicer under this Agreement for an initial quarterly period commencing on the Closing Date and ending on June 30, 1997, which quarterly period shall be extended for a succeeding quarterly period ending March 31, June 30, September 30 and December 31 of each year as provided below (each such quarterly period for which the Servicer shall be designated to act as servicer hereunder, a "Term of Service"). So long as there is no Event of Default pursuant to Section 6.01 of this Agreement, the Financial Guaranty Insurer shall be obligated to deliver to the Indenture Trustee and the Servicer at least 15 days prior to the expiration of the related Term of Service, a written notice (a "Servicer Extension Notice") extending the term of Servicer for the next succeeding quarter. Subject to Section 5.05, the Servicer agrees that, upon receipt of the Servicer Extension Notice, the Servicer shall continue to act as servicer hereunder for the duration of the designated Term of Service. If the Indenture Trustee has not received the Servicer Extension Notice by the 15th day prior to the end of any Term of Service, the Indenture Trustee shall notify the Servicer and the Financial Guaranty Insurer of the non-receipt thereof no later than five Business Days thereafter.
Sample 1
Term of Servicer. The Servicer hereby covenants and agrees to act as such under this Agreement for an initial term, commencing on the Closing Date and ending on September 30, 2000, which term shall be extendible by the Insurer for successive quarterly terms ending on each successive December 31, March 31, June 30 and September 30 (or, pursuant to revocable written standing instructions from time to time to the Servicer and the Trustee, for any specified number of terms greater than one), until the termination of the Trust Fund. Each such notice (including each notice pursuant to standing instructions, which shall be deemed delivered at the end of successive quarterly terms for so long as such instructions are in effect) (a "Servicer Extension Notice") shall be delivered by the Insurer to the Trustee and the Servicer. The Servicer hereby agrees that, as of the date hereof and upon its receipt of any such Servicer Extension Notice, the Servicer shall become bound, for the initial term beginning on the date hereof and for the duration of the term covered by such Servicer Extension Notice, to continue as the Servicer subject to and in accordance with the other provisions of this Agreement, including, without limitation, Section 7.06 hereof. Until such time as an Insurer Default shall have occurred and be continuing, the Trustee agrees that if as of the fifteenth day prior to the last day of any term of the Servicer, the Trustee shall not have received any Servicer Extension Notice from the Insurer, the Trustee will, within five days thereafter, give written notice of such non-receipt to the Insurer, the Trustee (or any alternate successor trustee appointed by the Contract Seller pursuant to Section 9.07) and the Servicer and the Servicer's terms shall not be extended unless a Servicer Extension Notice is received on or before the last day of such term. Notwithstanding the foregoing, so long as the long-term senior debt rating of GreenPoint Bank remains at least BBB- and Baa3 by S&P and Xxxxx'x, respectively, and no Servicer Termination Event has occurred, each quarterly term of the Servicer shall be deemed to be automatically renewed and no Servicer Extension Notice shall be required to effectuate such automatic renewal.
Sample 1
Term of Servicer. 26 Section 4.14 Annual Independent Accountants' Report.....................................26 Section 4.15 Reports to the Commission..................................................26 Section 4.16
Sample 1
Term of Servicer. 46 Section 4.15. Status Report . . . . . . . . . . . . . . . . . . . . 46 ARTICLE V
Sample 1
Term of Servicer. Subject to Section 7.04, the Servicer shall act as servicer under this Agreement for an initial quarterly period commencing on the Closing Date and ending on December 31, 1996, which quarterly period shall be extended for a succeeding quarterly period ending March 31, June 30, September 30 and December 31 of each year as provided below (each such quarterly period for which the Servicer shall be designated to act as servicer hereunder, a "Term of Service"). So long as there is no Event of Default pursuant to Section 8.01 of this Agreement, the Certificate Insurer shall be obligated to deliver to the Trustee and the Servicer at least 15 days prior to the expiration of the related Term of Service, a written notice (a "Servicer Extension Notice") extending the term of Servicer for the next succeeding quarter. Subject to Section 7.04, the Servicer agrees that, upon receipt of the Servicer Extension Notice, the Servicer shall continue to act as servicer hereunder for the duration of the designated Term of Service.
Sample 1
AutoNDA by SimpleDocs
Term of Servicer. Upon 30 days prior written notice, the Servicer may be removed by the Borrower (with the prior written consent of the Administrator), such removal to become effective upon the approval of a successor Servicer by the Administrator and the acceptance of such appointment by such Servicer; provided that such successor Servicer shall assume the obligations provided for in Section 4.04.
Sample 1

Related to Term of Servicer

  • Termination of Servicer (a) If a Servicer Replacement Event shall have occurred and be continuing, the Indenture Trustee shall, at the direction of the Noteholders representing at least a majority of the Note Balance of the Controlling Class, by notice given to the Servicer, the Owner Trustee, the Issuer, the Administrator and the Noteholders, terminate the rights and obligations of the Servicer under this Agreement with respect to the Receivables. In the event the Servicer is removed or resigns as Servicer with respect to servicing the Receivables, the Indenture Trustee shall appoint a successor Servicer. Upon the Servicer’s receipt of notice of termination, such Servicer will continue to perform its functions as Servicer under this Agreement only until the date specified in such termination notice or, if no such date is specified in such termination notice, until receipt of such notice. If a successor Servicer has not been appointed at the time when the outgoing Servicer ceases to act as Servicer in accordance with this Section, the Indenture Trustee without further action will automatically be appointed the successor Servicer. Notwithstanding the above, the Indenture Trustee, if it is legally unable or is unwilling to so act, will appoint, or petition a court of competent jurisdiction to appoint a successor Servicer. Any successor Servicer shall be an established institution having a net worth of not less than $100,000,000 and whose regular business includes the servicing of comparable motor vehicle receivables having an aggregate outstanding principal amount of not less than $50,000,000.

  • Term of Service Except as otherwise provided in this Agreement, Atlas shall serve as the Managing General Partner of the Partnership until either it:

  • Designation of Servicer 22 Section 8.2

  • Duties of Servicer The Servicer, for the benefit of the Issuing Entity, and (to the extent provided herein) the Indenture Trustee shall manage, service, administer and make collections on the Receivables with reasonable care, using that degree of skill and attention that the Servicer or Indenture Trustee, as applicable, exercises with respect to all comparable equipment receivables that it services for its Affiliates or others. The Servicer’s duties shall include collection and posting of all payments, responding to inquiries of Obligors on such Receivables, investigating delinquencies, sending payment coupons or statements to Obligors, reporting tax information to Obligors, accounting for collections and furnishing monthly and annual statements to the Trustee and the Indenture Trustee with respect to distributions. Subject to Section 4.2, the Servicer shall follow its then current customary standards, policies and procedures (“Servicing Procedures”) in performing its duties as Servicer. Without limiting the generality of the foregoing, the Servicer is authorized and empowered to execute and deliver, on behalf of itself, the Issuing Entity, the Trustee, the Indenture Trustee, the Certificateholders, the Noteholders or any of them, any and all instruments of satisfaction or cancellation, or partial or full release or discharge, and all other comparable instruments, with respect to such Receivables or the Financed Equipment securing such Receivables. If the Servicer shall commence a legal proceeding to enforce a Receivable, the Issuing Entity shall thereupon be deemed to have automatically assigned, solely for the purpose of collection, such Receivable to the Servicer. If in any enforcement suit or legal proceeding it shall be held that the Servicer may not enforce a Receivable on the ground that it shall not be a real party in interest or a holder entitled to enforce such Receivable, the Trustee shall, at the Servicer’s direction (and, so long as the Servicer is NH Credit, at the Servicer’s expense), take steps to enforce such Receivable, including bringing suit in its name or the name of the Trust, the Indenture Trustee, the Certificateholders or the Noteholders. The Trustee or the Indenture Trustee shall, upon the written request of the Servicer, furnish the Servicer with any powers of attorney and other documents reasonably necessary or appropriate to enable the Servicer to carry out its servicing and administrative duties hereunder.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!