Asset Servicing Agreement definition
Examples of Asset Servicing Agreement in a sentence
Servicer represents to Purchaser that as of the Funding Date, neither Servicer nor any Pledged Asset Servicer is in default under the related Pledged Asset Servicing Agreement.
Servicer represents and warrants that the terms of each Pledged Asset Servicing Agreement are not inconsistent with any of the provisions of this Agreement.
Such enforcement, including without limitation, the legal prosecution of claims, termination of the related Pledged Asset Servicing Agreement with respect to the related Pledged Asset Mortgage Loans, and the pursuit of other appropriate remedies, shall be carried out as the Servicer, in its good faith business judgment, would require were it the owner of the related Securities Accounts and other Pledged Assets.
The Servicer shall enforce the obligations of each Pledged Asset Servicer to service and administer the Pledged Assets as provided in the related Pledged Asset Servicing Agreement, and shall take appropriate action thereunder if any Pledged Asset Servicer fails to substantially comply with its obligations to administer the Pledged Assets.
In the event the Trustee receives an indemnification payment from MLCC under Section 3 of the Pledged Asset Servicing Agreement that is attributable to losses resulting from MLCC’s failure to administer the Pledged Assets in accordance with the terms of the Pledged Asset Servicing Agreement in connection with Pledged Asset Loans, the Trustee shall deposit such amount in the Collection Account.
The Trustee, as assignee of the Pledged Asset Servicing Agreement, shall enforce the obligations of MLCC to service and administer the Pledged Assets as provided in the Pledged Asset Servicing Agreement, and shall take appropriate action thereunder if MLCC fails to substantially comply with its obligations to administer the Pledged Assets.
Each of this Agreement, the Management Agreement, the Asset Servicing Agreement and the Outsource Agreement (collectively, the “Manager Agreements”) has been duly authorized, executed and delivered by the Manager and constitutes a valid and binding agreement of the Manager enforceable in accordance with its terms, except to the extent that enforcement thereof may be limited by bankruptcy, insolvency, reorganization or other laws affecting enforcement of creditors’ rights or by general equitable principles.
Section 8.1 Management Agreement, Servicing Agreement, Solar Asset Management Agreement and Solar Asset Servicing Agreement.
The Company hereby acknowledges and approves the terms of the Asset Servicing Agreement and the Outsource Agreement.
The Borrower shall cause the Solar Asset Manager (to the extent an Affiliate of the Borrower) and each Relevant Party that is party to a Solar Asset Servicing Agreement to (i) perform and observe all of the material terms, covenants and conditions of each Solar Asset Servicing Agreement and (ii) promptly notify the Agent of any notice to Borrower or a Managing Member of any material default under any Solar Asset Servicing Agreement.