Common use of Effects of Servicer Termination Clause in Contracts

Effects of Servicer Termination. (a) Upon the appointment of the successor Servicer, the terminated Servicer shall hold in trust for the Trustee and immediately remit any Scheduled Payments, Residual Receipts, Overdue Payments, Security Deposit, Insurance Proceeds, Advance Payments, Prepayments, and proceeds of any Related Security that it may receive pursuant to any Contract, any Broker Agreement, Insurance Policy or otherwise to the successor Servicer for the benefit of the Trustee; provided, that amounts representing Security Deposits shall be remitted as required by paragraph (b) below.

Effects of Servicer Termination. (a) Upon the appointment of the successor Servicer, the terminated Servicer shall hold in trust for the Trustee and immediately remit any Scheduled Payments, Residual Receipts, Recoveries, Overdue Payments, Security Deposit, Insurance Proceeds, Advance Payments, Prepayments, and proceeds of any Related Security that it may receive pursuant to any Contract, any Broker Agreement, Insurance Policy or otherwise to the successor Servicer for the benefit of the Trustee; provided, that amounts representing Security Deposits shall be remitted as required by paragraph (b) below.