Affiliate of Servicer definition

Affiliate of Servicer means, with respect to Servicer, any Person directly or indirectly controlling, controlled by or under common control with Servicer, (y) “Person” means an individual, corporation, limited liability company, partnership, joint venture, trust or unincorporated organization), and (z) “Agent” means any sub-servicer or agent of Servicer, to the extent such Agent’s role as sub-servicer or agent of Servicer with respect to the Mortgage loans specified in Schedule A, including without limitation any Agent who makes advances or manages Servicer’s custodial accounts and remittances for Servicer, or any Agent who makes claims for reimbursement or other collection of Reimbursement Amounts for Servicer. Upon the earlier to occur of (A) the payment in full (from whatever source) of the Notes (as defined in the Indenture), or (B) Xxxxxxx Mac’s receipt of an Indenture Trustee Final Notice, Xxxxxxx Mac may, in its sole and absolute discretion, set off against the Reimbursement Rights (that is, subtract from the amount of the Reimbursement Rights) the amounts of any and all damages, fees, costs and expenses relating to defaults and/or outstanding obligations of Servicer (and/or of any Affiliate of Servicer) due and owing to Xxxxxxx Mac, including, but not limited to, amounts owed to Xxxxxxx Mac for any mortgage loan repurchases or claim amounts arising under any other agreement between Servicer (and/or of any Affiliate of Servicer) and Xxxxxxx Mac. Servicer and Xxxxxxx Mac each acknowledge that all advances and related Reimbursement Rights and Reimbursement Amounts are owned by Servicer (or the Issuer, as assignee of Servicer and Depositor) and not by any Agent, notwithstanding that Agent may have disbursed the advances and notwithstanding any claims by Agent for reimbursement.

Affiliate of Servicer means, with respect to Servicer, any Person directly or indirectly controlling, controlled by or under common control with Servicer, and (y) “Person” means an individual, corporation, limited liability company, partnership, joint venture, trust or unincorporated organization). Upon the earlier to occur of (A) the payment in full (from whatever source) of the Notes (as defined in the Indenture), or (B) Xxxxxxx Mac’s receipt of an Indenture Trustee Final Notice, Xxxxxxx Mac may, in its sole and absolute discretion, set off against the Reimbursement Rights (that is, subtract from the amount of the Reimbursement Rights) the amounts of any and all damages, fees, costs and expenses relating to defaults and/or outstanding obligations of Servicer (and/or of any Affiliate of Servicer) due and owing to Xxxxxxx Mac, including, but not limited to, amounts owed to Xxxxxxx Mac for any mortgage loan repurchases or claim amounts arising under any other agreement between Servicer (and/or of any Affiliate of Servicer) and Xxxxxxx Mac.

Affiliate of Servicer means, with respect to Servicer, any Person directly or indirectly controlling, controlled by or under common control with Servicer, (y) “Person” means an individual, corporation, limited liability company, partnership, joint venture, trust or unincorporated organization), and (z) “Agent” means any sub-servicer or agent of Servicer, to the extent such Agent’s role as sub-servicer or agent of Servicer with respect to the Mortgage loans specified in Schedule A, including without limitation 4 Fourth Amended and Restated Consent Agreement any Agent who makes advances or manages Servicer’s custodial accounts and remittances for Servicer, or any Agent who makes claims for reimbursement or other collection of Reimbursement Amounts for Servicer. Upon the earlier to occur of (A) the payment in full (from whatever source) of the Notes (as defined in the Indenture), or (B) Xxxxxxx Mac’s receipt of an Indenture Trustee Final Notice, Xxxxxxx Mac may, in its sole and absolute discretion, set off against the Reimbursement Rights (that is, subtract from the amount of the Reimbursement Rights) the amounts of any and all damages, fees, costs and expenses relating to defaults and/or outstanding obligations of Servicer (and/or of any Affiliate of Servicer) due and owing to Xxxxxxx Mac, including, but not limited to, amounts owed to Xxxxxxx Mac for any mortgage loan repurchases or claim amounts arising under any other agreement between Servicer (and/or of any Affiliate of Servicer) and Xxxxxxx Mac. Servicer and Xxxxxxx Mac each acknowledge that all advances and related Reimbursement Rights and Reimbursement Amounts are owned by Servicer (or the Issuer, as assignee of Servicer and Depositor) and not by any Agent, notwithstanding that Agent may have disbursed the advances and notwithstanding any claims by Agent for reimbursement. 3.

Examples of Affiliate of Servicer in a sentence

The Bank reserves the right at the time of award of contract to increase or decrease, of the quantity of goods and services originally specified while floating the Invitation for Quotation, in the Schedule of Requirements without any change in unit price or any other terms and conditions.
Servicer shall provide Purchaser with prior written notice to the delegation of any of its duties as Servicer to any Subcontractor other than an Affiliate of Servicer.

Related to Affiliate of Servicer

Additional Servicer Each affiliate of each Servicer that services any of the Mortgage Loans and each Person who is not an affiliate of the any Servicer, who services 10% or more of the Mortgage Loans. For clarification purposes, the Master Servicer and the Securities Administrator are Additional Servicers.
Approved Servicer shall have the meaning assigned to such term in the definition of “Qualified Institutional Lender.”
Successor Master Servicer The meaning ascribed to such term pursuant to Section 8.02.
Eligible Servicer means a Person which, at the time of its appointment as Servicer, (i) has a net worth of not less than $50,000,000, (ii) is servicing a portfolio of motor vehicle retail installment sale contracts and/or motor vehicle loans, (iii) is legally qualified, and has the capacity, to service the Receivables, (iv) has demonstrated the ability to service a portfolio of motor vehicle retail installment sale contracts and/or motor vehicle loans similar to the Receivables professionally and competently in accordance with standards of skill and care that are consistent with prudent industry standards and (v) is qualified and entitled to use pursuant to a license or other written agreement, and agrees to maintain the confidentiality of, the software which the Servicer uses in connection with performing its duties and responsibilities under the Sale and Servicing Agreement or obtains rights to use, or develops at its own expense, software which is adequate to perform its duties and responsibilities under the Sale and Servicing Agreement.
Servicer Employee As defined in Section 3.18.
Servicing Function Participant Any Additional Servicer, Sub-Servicer, Subcontractor or any other Person, other than the Certificate Administrator, the Operating Advisor, the Master Servicer, the Special Servicer and the Trustee, that is performing activities that address the Servicing Criteria, unless such Person’s activities relate only to 5% or less of the Mortgage Loans by unpaid principal balance calculated in accordance with the provisions of Regulation AB.
Event of Servicer Termination With respect to the Servicing Agreement, a Servicing Default as defined in Section 6.01 of the Servicing Agreement.
Subservicer means any Person that services Receivables on behalf of the Servicer or any Subservicer and is responsible for the performance (whether directly or through Subservicers or Subcontractors) of a substantial portion of the material servicing functions required to be performed by the Servicer under this Agreement that are identified in Item 1122(d) of Regulation AB.
Event of Servicing Termination means an event specified in Section 8.1 of the Sale and Servicing Agreement.
Interim Servicer The servicer under the Interim Servicing Agreement, or its successor in interest, or any successor to the Interim Servicer under the Interim Servicing Agreement, as therein provided.
The Master Servicer has fully furnished and shall continue to fully furnish, in accordance with the Fair Credit Reporting Act and its implementing regulations, accurate and complete information (e.g., favorable and unfavorable) on its borrower credit files to Equifax, Experian and Trans Union Credit Information Company or their successors on a monthly basis; and
Special Servicer means the special servicer appointed to act in such capacity with respect to the Mortgage Loan as provided in the Lead Securitization Servicing Agreement.
Primary Servicer Prudential Asset Resources, Inc., or any successor thereto (as primary servicer) appointed as provided in the Primary Servicing Agreement.
Additional Servicing Compensation means any servicing compensation (other than Servicing Fees, Special Servicing Fees, Workout Fees or Liquidation Fees) that any Servicer is entitled to retain under the Servicing Agreement.
Controlling Affiliate means an Affiliate that directly or indirectly Controls the Hotel and/or Controls the entity that Controls the Hotel.