Common use of Effects of Termination of Servicer Clause in Contracts

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.

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.

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 51 58 benefit of the Trustee; provided, that amounts representing Security Deposits shall be remitted as required by paragraph (b) below.

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.