Active Servicing Duties Sample Clauses
The Active Servicing Duties clause defines the specific responsibilities and obligations of a party, typically a servicer, in actively managing and administering certain assets or accounts. This may include tasks such as collecting payments, monitoring asset performance, handling customer inquiries, and taking necessary actions to preserve asset value. By clearly outlining these duties, the clause ensures that the servicer remains proactive in managing the assets, thereby protecting the interests of the asset owner or investor and minimizing the risk of neglect or mismanagement.
Active Servicing Duties. Unless and until the Backup Servicer or another Person is appointed as Successor Servicer, the Backup Servicer agrees that, in the event the Servicer is terminated or otherwise ceases to function as the Servicer pursuant to the Sale and Servicing Agreement, if the Indenture Trustee or Noteholders representing not less than 25% of the Outstanding Amount of Notes shall issue a Transfer Notice to the Backup Servicer and Servicer, then prior to the expiration of the Transfer Period, the Backup Servicer shall promptly execute a counterpart to the Sale and Servicing Agreement and thereafter shall assume the rights, obligations and duties of a Successor Servicer as expressly set forth thereunder.
Active Servicing Duties. In the event that the Servicer is terminated, resigns or otherwise ceases to function as Servicer under the Sale and Servicing Agreement, the Indenture Trustee shall (unless otherwise directed by XLCA, if then the Controlling Party) deliver a Transfer Notice to the Backup Servicer appointing the Backup Servicer as Successor Servicer. Upon the expiration of the Transfer Period, the Backup Servicer shall assume the duties, liabilities and obligations of the Servicer under the Sale and Servicing Agreement, as modified in accordance with Schedule III, and under Section 2.04(b)(ii)(A) and Sections 4.01(b) and (e) of the Insurance Agreement.
Active Servicing Duties. In the event that the Servicer is terminated, resigns or otherwise ceases to function as Servicer under the Sale and Servicing Agreement, the Indenture Trustee shall (unless otherwise directed by MBIA, if then the Controlling Party) deliver a Transfer Notice to the Backup Servicer appointing the Backup Servicer as Successor Servicer. Upon the expiration of the Transfer Period, the Backup Servicer shall assume the duties, liabilities and obligations of the Servicer under the Sale and Servicing Agreement, as modified in accordance with Schedule III, and the Insurance Agreement as modified in accordance with Schedule IV.
Active Servicing Duties. In the event the Servicer is terminated or otherwise ceases to function as the Servicer pursuant to the Transfer and Servicing Agreement, if the Indenture Trustee issues a Transfer Notice to the Backup Servicer and Servicer, then, prior to the expiration of the Transfer Period, Backup Servicer shall promptly execute a counterpart to the Transfer and Servicing Agreement, contemporaneously with an amendment to the initial terms of the Transfer and Servicing Agreement reflecting the terms set out on Schedule II hereto and upon the expiration of the Transfer Period Backup Servicer shall assume the rights, obligations and duties of a Successor Servicer as expressly set forth thereunder. For purposes of Section 8.01 of the Transfer and Servicing Agreement and, to the extent applicable, Section 10.02 of the Master Indenture, the Transferor, the Servicer and the Issuer all irrevocably consent to an amendment to the initial terms of the Transfer and Servicing Agreement, the Master Indenture and the Existing Indenture Supplements reflecting the terms set out on Schedule II hereto in the circumstances described above.