Underlying Servicer definition

Underlying Servicer means, with respect to a Loan Asset, any agent, sub-agent or servicer appointed by the lender or lenders or the administrative agent or other similar agent for such lender or lenders, for such Loan Asset to administer and service such Loan Asset or the Underlying Loan Obligations for such Loan Asset.

Underlying Servicer means, with respect to a Portfolio Asset consisting of a loan participation, any sub-agent or servicer appointed by the Underlying Agent or trustee or similar agent for such Portfolio Asset to administer and service the Underlying Loan Obligations for such Portfolio Asset.

Underlying Servicer. With respect to any Underlying Mortgage Loan, the servicer of such Underlying Mortgage Loan.

Examples of Underlying Servicer in a sentence

• If the Portfolio Asset Servicer does not receive from the related Underlying Servicer, Counterparty Lender or Obligor the payments to be paid to Borrower or the Portfolio Asset Servicer as Collections on the date when such payments are scheduled to be made (to the extent the Portfolio Asset Servicer has received such payment information from the Underlying Servicer), the Portfolio Asset Servicer shall promptly notify Borrower and such Underlying Servicer, Counterparty Lender or Obligor.

• The Collection Account is the only account to which the Obligors or any agent, administrative agent, Counterparty Lender, Underlying Agent, Underlying Servicer or issuer of any Portfolio Asset have been instructed by the Borrower or the Portfolio Asset Servicer on Borrower’s behalf, to send Collections with respect to the Portfolio Assets.

• The Borrower (and the Portfolio Asset Servicer on its behalf) shall not make any change in its instructions to the Obligors or any agent, administrative agent, Counterparty Lender, Underlying Agent, Underlying Servicer or issuer of any Portfolio Asset, as applicable, regarding payments to be made with respect to the related Portfolio Asset to the Collection Account, as applicable, unless the Majority Lenders have directed, or otherwise has consented in writing to, such change.

• The Collection Account is the only account to which the Obligors or any agent, administrative agent, Counterparty Lender, Underlying Servicer or issuer of any Loan Asset have been instructed by the Borrower or the Portfolio Asset Servicer on the Borrower’s behalf, to send Collections with respect to the Loan Assets.

• The Borrower shall cooperate fully with the Underlying Servicer in connection with the obligations set forth above and will execute any and all documents reasonably required to fulfill the intent of this Section 14.12(a).

• After verification and security check-up, the guard notifies the boss of the client’s arrival.

• Each of the Borrower and the Underlying Servicer is aware that in light of the circumstances described in the preceding sentence and other relevant facts, the filing of a voluntary petition under the Bankruptcy Code for the purpose of making any loan or any other assets of the Borrower available to satisfy claims of the creditors of the Underlying Depositor would not result in making such assets available to satisfy such creditors under the Bankruptcy Code.

• Amounts deposited by the Borrower or any Underlying Servicer in the Collection Account pursuant to this Section 2.10 on account of Loan Assets shall be treated as Collections for purposes of Section 2.08 and shall be applied as and when provided in Section 2.08.

• To encounter the risk, some operational strategies/tools such as Stockpile Inventory, Multiple Suppliers, Backup Supply Source, Manage Demand, and Strengthen Supply Chain can be used.

• Upon discovery by the Underlying Servicer, any of the other AmeriCredit Parties, or the Collateral Agent of a breach of any of the representations and warranties incorporated herein, the party discovering such breach shall give prompt written notice to the other parties of such breach.

More Definitions of Underlying Servicer

Underlying Servicer. Bank of America, National Association. Underlying Transaction: Each of (i) Banc of America Mortgage Trust 2005-3, (ii) Banc of America Alternative Loan Trust 2005-11 and (iii) Banc of America Alternative Loan Trust 2006-9, as applicable.

Underlying Servicer means, with respect to a Loan Asset consisting of a loan participation, any sub-agent or servicer appointed by the Underlying Agent for such Loan Asset to administer and service the Underlying Portfolio Obligations for such Loan Asset.

Underlying Servicer. Each of Temple-Inland Mortgage Corporation, Cendant Mortgage Corporation and Chase Mortgage Company, and their respective permitted successors and assigns under the related Underlying Servicing Agreements, as servicers of the related Servicing Retained Mortgage Loans pursuant to the related Underlying Servicing Agreements.

Underlying Servicer means, (i) initially, Greystone Servicing Company LLC, or (ii) any other agent, sub-agent, or servicer reasonably acceptable to the Initial Lender and appointed by the Borrower or the Portfolio Asset Servicer to administer and service the Underlying Loan Obligations for such Portfolio Asset.

Underlying Servicer shall have the meaning set forth in the Recitals hereto. “Uniform Commercial Code” or “UCC” shall mean the Uniform Commercial Code as in effect from time to time in the State of New York; provided that if by reason of mandatory provisions of law, the perfection or the effect of perfection or non-perfection of the security interest in any Purchased Mortgage Loan, Servicing Rights, Related Purchased Mortgage LoansAssets or the continuation, renewal or enforcement thereof is governed by the Uniform Commercial Code as in effect in a jurisdiction other than New York, “Uniform Commercial Code” shall mean the Uniform Commercial Code as in effect in such other jurisdiction for purposes of the provisions of the Agreement relating to such perfection or effect of perfection or non-perfection. “Unscheduled Payment” shall mean, with respect to aany Mortgage Loan that is a HomeSafe Flex or HomeSafe Select, a payment to a Mortgagor of a requested draw amount or other such amounts disbursed on behalf of the Mortgagor from Set-Aside Amounts which is added to the Principal Balance pursuant to the terms of the related Mortgage Loan. “UPI Modification” shall have the meaning set forth in Section 12(i) of the Agreement. “UPI Party” shall mean, individually and collectively, as the context may require, each of the Participation Trustee, the Participation Trust, the Participation Trust Manager, the Participation Seller, the Participation Registrar, the Participation Paying Agent, the Underlying Servicer, the UTI Trust, the Depositor, the Series Trust Manager, the UTI Trustee, the Series Trustee, and the Series 2023-GOT Trust. “UTI Trust” shall have the meaning set forth in the Recitals hereto “UTI Trustee” shall have the meaning set forth in the Recitals hereto. “U.S. Government Securities Business Day” shall mean any day except for (i) a Saturday, (ii) a Sunday and (iii) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities. “Warehouse Lender” shall mean any Person, if any, that has at any time had any security interest, pledge or hypothecation of the Purchased Mortgage Loans for the benefit of such Person. “Yield Maintenance Fee” shall have the meaning specified in the Pricing Letter.