Initial Agent definition
Examples of Initial Agent in a sentence
The Initial Agent may transfer its rights and obligations to a Servicer, the Certificate Administrator or the Trustee, as successor Agent, at any time without the consent of any Note Holder.
The originals of all of the Mortgage Loan Documents (other than each Non-Lead Securitization Note) (a) prior to the Lead Securitization will be held by the Initial Agent and (b) after the Lead Securitization, will be held by the Lead Securitization Note Holder (in the name of the Trustee and held by a duly appointed custodian therefor in accordance with the Lead Securitization Servicing Agreement), in each case, on behalf of the registered holders of the Notes.
Prior to the Lead Securitization Date, the originals of all of the Mortgage Loan Documents (other than any Non-Controlling Notes, which shall be held by the related Non-Controlling Note Holder or its custodian) shall be held in the name of and by the Initial Agent on behalf of the registered holders of each of the Notes.
Notwithstanding the foregoing, the Note Holders hereby agree that, simultaneously with the closing of the Lead Securitization, the Master Servicer shall be deemed to have been automatically appointed as the successor Agent under this Agreement in place of the Initial Agent without any further notice or other action.
Notwithstanding the foregoing, Note Holders hereby agree that, simultaneously with the closing of the Lead Securitization, the Master Servicer shall be deemed to have been automatically appointed as the successor Agent under this Agreement in place of the Initial Agent without any further notice or other action.