Effects of Termination of Servicer Sample Clauses

Effects of Termination of Servicer. (a) Upon the appointment of the successor Servicer, the predecessor Servicer shall remit any Scheduled Payments, Overdue Payments and any other payments or proceeds that it may receive pursuant to any Lease Contract or otherwise to the successor Servicer after such date of appointment.
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Effects of Termination of Servicer. (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, [Total Payoff amounts], Advance Payments, Prepayment Amounts, 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.
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Effects of Termination of Servicer. .. 24 Section 6.06. No Effect on Other Parties.................. 25 ARTICLE 7
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Effects of Termination of Servicer. (a) Upon the appointment of a successor Servicer for any Series, the predecessor Servicer for such Series shall remit any Scheduled Payments related to such Series and any other payments or proceeds that such predecessor may receive pursuant to any Contract or otherwise related to such Series to such successor after such date of appointment.
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Effects of Termination of Servicer. Upon termination of this Agreement as provided for herein, Servicer shall immediately, (a) remit to Originator any scheduled Lease payments or any other payments that it may receive pursuant to any Lease serviced under this Agreement, (b) return to Originator all documents under custodial control of Servicer pursuant to this Agreement, (c) execute any document necessary to effectuate the termination of this Agreement (d) provide Originator a final accounting of all sums received and applied pursuant to this Agreement. ARTICLE 6
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Effects of Termination of Servicer. 50 ARTICLE X EVENTS OF DEFAULT AND REMEDIES
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Effects of Termination of Servicer. (a) Upon the appointment of the successor Servicer, the predecessor Servicer shall thereafter hold in trust for the Purchaser (and the Administrative Agent) and shall remit within one (1) Business Day of identification, any payments or proceeds that it may receive with respect to the Transferred Receivables to the Administrative Agent for deposit into the Concentration Account after such date of appointment.
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Effects of Termination of Servicer. (a) Upon the termination of this Agreement or the Servicer pursuant to Sections 7.01 or 8.01 hereof, the Servicer shall pay all monies with respect to the Policies held by the Servicer, to which the Servicer is not otherwise entitled, to the Issuer or upon the Issuer's order.
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Related to Effects of Termination of Servicer

  • Effects of Termination Upon the termination of this Agreement for any reason:

  • 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.

  • Effect of Termination of Service Except as otherwise provided in accordance with Section 4(b) above, if you cease to be a Service Provider, you will forfeit all unvested Units.

  • Events of Servicing Termination If any one of the following events ("Events of Servicing Termination") shall occur and be continuing:

  • Termination of Serviced Duties At the time all of the applicable Seller’s obligations under any Serviced Appointment are terminated and/or of no further force and effect (the “Appointment Expiration Time”), including upon or following any (a) valid termination or removal of the applicable Seller from all Corporate Trust Capacities with respect to a Serviced Appointment, whether as a Succeeded Appointment or otherwise, or (b) with the prior consent of the applicable Purchaser, resignation by, assignment by or succession of the applicable Seller from all Corporate Trust Capacities with respect to a Serviced Appointment, whether as a Succeeded Appointment or otherwise, the Purchasers (i) shall have no further Serviced Duties under this Agreement in connection with such Appointments and (ii) shall not be responsible hereunder for any of the duties, obligations or liabilities related to such Appointments accruing or arising on or after the Appointment Expiration Time, or for any performance, duties or obligations related thereto arising prior to, but requiring performance after, the Appointment Expiration Time, in each case, without limiting the Purchasers’ obligations under the Purchase Agreement. The parties shall execute, or procure the execution of, such documents and instruments as may be reasonably necessary to give effect to this Section 3.7.

  • Servicer Events of Termination (a) If any one of the following events ("Servicer Events of Termination") shall occur and be continuing:

  • Master Servicing; Termination of Servicer Xxxxxx, including any successor servicer hereunder, shall be subject to the supervision of the Master Servicer, which Master Servicer shall be obligated to enforce Xxxxxx’x obligation to service the Mortgage Loans in accordance with the provisions of this Agreement. The Master Servicer, acting on behalf of the Trustee and the Trust Fund, shall have the same rights (but not the obligations) as the Purchaser to enforce the obligations of Xxxxxx under the Purchase Agreement and unless otherwise specified in Exhibit One to this Agreement, references to the “Initial Purchaser” or the “Purchaser” in the Purchase Agreement shall be deemed to refer to the Master Servicer (including the Trustee and the Trust Fund on whose behalf the Master Servicer is acting); provided, however, that any obligation of the Purchaser to pay or reimburse Xxxxxx shall be satisfied solely from funds available for such purposes in the Custodial Account or the Trust Fund pursuant to the Pooling and Servicing Agreement. The Master Servicer shall be entitled to terminate the rights and obligations of Xxxxxx under this Agreement upon the occurrence of an Event of Default under Section 15.01 of the Purchase Agreement (as modified by this Agreement). Notwithstanding anything herein to the contrary, in no event shall the Master Servicer or the Trustee be required to assume any of the obligations of the Purchaser under the Purchase Agreement and, in connection with the performance of the Master Servicer’s duties hereunder, the parties and other signatories hereto agree that the Master Servicer shall be entitled to all the rights, protections and limitations of liability afforded to the Master Servicer under the Pooling and Servicing Agreement.

  • Events of Termination Subject to Section 6.4 below, this Agreement will terminate as to a Fund:

  • Waiver of Past Events of Servicing Termination The Holders of Notes evidencing not less than 51% of the Note Balance of the Controlling Class may, on behalf of all Noteholders, waive any Event of Servicing Termination and its consequences, except an event resulting from the failure to make any required deposits to or payments from the Collection Account, the Note Payment Account, the Certificate Payment Account or the Reserve Account in accordance with this Agreement. Upon any such waiver of an Event of Servicing Termination, such event shall cease to exist, and shall be deemed to have been remedied for every purpose of this Agreement. No such waiver shall extend to any subsequent or other event or impair any right arising therefrom, except to the extent expressly so waived.

  • Rights of Termination 10.1 The Company may in its sole discretion terminate this agreement by written notice to the Customer if:

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