Successor Subservicer Sample Clauses
The Successor Subservicer clause defines the process and criteria for appointing a new subservicer if the original subservicer is removed or resigns. Typically, this clause outlines the conditions under which a successor may be designated, the qualifications required, and the responsibilities that transfer to the new subservicer. For example, it may specify that the successor must have relevant experience and be approved by certain parties. The core function of this clause is to ensure continuity in servicing obligations and minimize disruption in the administration of the underlying assets or loans.
Successor Subservicer. Each Servicer may terminate any Subservicing Agreement in accordance with the terms and conditions of such Subservicing Agreement and either itself directly service the related Mortgage Loans or enter into a Subservicing Agreement with a successor Subservicer that qualifies under Section 8.03.
Successor Subservicer. 100 Section 8.05
Successor Subservicer. If any successor servicer succeeds to the obligations of the Subservicer after a termination pursuant to Sections 10.1 or 10.3 above, the successor servicer, to the extent necessary to permit the successor servicer to carry out the provisions of the terms hereof and without act or deed on the part of the successor servicer, shall succeed to all of the rights and obligations of the Subservicer under any servicing agreement entered into pursuant to Section 5.1(b), except that in the event of a Subservicer Event of Default or resignation or termination at the option of the Subservicer, such servicing agreements may be terminated or cancelled upon the request of the successor subservicer and any termination fees will be borne by the Subservicer. In such event, the successor servicer shall be deemed to have assumed all of the Subservicer's interest therein and to have replaced the Subservicer as a party to such servicing agreement to the same extent as if such servicing agreement had been assigned to the successor servicer, except that the Subservicer, as applicable, shall not have any liability or obligation under such servicing agreement in respect of events that occur after such succession unless so provided in such servicing agreement or unless such events arise out of actions or events that occurred prior to such succession. In the event that the successor servicer assumes the servicing obligations of the Subservicer, upon request of the successor servicer, the Subservicer, shall at its own expense (if the transfer of servicing is occasioned by a Subservicer Event of Default or the resignation of the Subservicer pursuant to clause (iii) of Section 10.3 or is at the option of the Subservicer pursuant to Section 10.1(d)) or at the related Owner's expense (if the transfer is occasioned by the resignation of the Subservicer pursuant to clauses (i) and (ii) of Section 10.3 or is at the option of the related Owner pursuant to Section 10.1(c)) deliver to the successor servicer (as the case may be) all documents and records relating to this Agreement and the Assets then being serviced thereunder and an accounting of amounts collected and held by it, if any, and will otherwise use its best efforts to effect the orderly and efficient transfer of any servicing agreement to the successor servicer.