Appointment of Master Servicer. (a) The servicing, administering and collection of the Receivables shall be conducted by the Person (the “Master Servicer”) so designated from time to time as Master Servicer in accordance with this Section 7.1. Each of the SPV, the Administrative Agent, the Funding Agents and the Investors hereby appoints as its agent the Master Servicer, from time to time designated pursuant to this Section 7.1, to enforce its respective rights and interests in and under the Affected Assets. To the extent permitted by applicable law, each of the SPV and Arrow (to the extent not then acting as Master Servicer hereunder) hereby grants to any Master Servicer appointed hereunder an irrevocable power of attorney to take any and all steps in the SPV’s and/or Arrow’s name and on behalf of the SPV or Arrow as necessary or desirable, in the reasonable determination of the Master Servicer, to collect all amounts due under any and all Receivables, including endorsing the SPV’s and/or Arrow’s name on checks and other instruments representing Collections and enforcing such Receivables and the related Contracts and to take all such other actions set forth in this Article VII. Until the Administrative Agent gives notice to Arrow (in accordance with this Section 7.1) of the designation of a new Master Servicer, Arrow is hereby designated as, and hereby agrees to perform the duties and obligations of, the Master Servicer pursuant to the terms hereof. Upon the occurrence of a Termination Event or a Potential Termination Event (which Potential Termination Event is not capable of being cured), the Administrative Agent may (with the consent of the Majority Investors), and upon the direction of the Majority Investors shall, designate as Master Servicer any Person (including itself) to succeed Arrow or any successor Master Servicer, on the condition in each case that any such Person so designated shall agree to perform the duties and obligations of the Master Servicer pursuant to the terms hereof.
Appointment of Master Servicer. The Purchaser may, in its sole discretion from time to time, engage a master servicer (the “Master Servicer”) to assist the Purchaser in the supervision of the performance by the Seller of its obligations and responsibilities arising under this Agreement. In the event that the Purchaser so appoints a Master Servicer, the Purchaser shall provide written notice thereof to the Seller. From the date of such notice until such time as the Seller receives written notice from the Purchaser that it has terminated or replaced such Master Servicer, the Seller shall deliver all notices, reports and remittances that the Seller is obligated to deliver to the Purchaser under this Agreement directly to the Master Servicer named in such notice (or to any successor master servicer named in any subsequent written notice received from the Purchaser). The Master Servicer, acting on behalf of the Purchaser, shall have the benefit of the covenants and agreements of the Seller under this Agreement and the Master Servicer, acting on behalf of the Purchaser, shall have the same rights as the Purchaser to enforce the obligations of the Seller arising under this Agreement. The Master Servicer shall be entitled to terminate the rights and obligations of the Seller under this Agreement upon the occurrence of an Event of Default as provided in this Agreement. Notwithstanding anything herein to the contrary, in no event shall the Master Servicer assume any of the obligations of the Purchaser under this Agreement; and in connection with the performance of the Master Servicer’s duties hereunder the Seller agrees that the Master Servicer shall be entitled to all of the rights, protections, indemnities and limitations of liability afforded to the Purchaser under this Agreement. The Purchaser hereby appoints Aurora Loan Services LLC as its initial Master Servicer hereunder.
Appointment of Master Servicer. The Purchaser shall have the right, at any time, to appoint a master servicer (the “Master Servicer”) in its sole discretion. Servicer hereby agrees to remit to, take direction from, and cooperate with, the Master Servicer, in accordance with the terms of this Agreement. Purchaser shall notify Servicer of any appointment of a Master Servicer.
Appointment of Master Servicer. Purchaser may from time to time appoint and delegate to a third party the duties of Master Servicer under this Agreement. If a third party Master Servicer is appointed, Purchaser shall so notify Seller, and such notice shall be deemed to confirm to Seller that Purchaser has appointed the Master Servicer (including any successors thereto), its agent and attorney-in-fact, with full power of substitution, to take any and all reasonable steps in the Seller’s name and on the Seller’s behalf necessary or desirable in the determination of the Master Servicer to collect all amounts due under any and all Purchased Receivables, process all Collections, commence proceedings with respect to enforcing payment of such Purchased Receivables and the related Contracts, and adjusting, settling or compromising the account or payment thereof. Upon receipt of Purchaser’s notice of appointment, the Seller shall furnish the Master Servicer (and any successors thereto) with any specific powers of attorney and other documents necessary or appropriate to enable the Master Servicer to carry out its servicing and administrative duties under this Agreement, and shall cooperate with the Master Servicer to the fullest extent in order to ensure the collectability of the Purchased Receivables. To the extent the Purchaser shall have delegated its duties with respect to any Purchased Receivable or related Contracts, it shall not be obligated to perform any of the obligations of the Master Servicer hereunder.
Appointment of Master Servicer. Owner hereby appoints Master Servicer as its agent to service the Transferred Receivables and enforce its rights and interests in and under the Transferred Receivables and to serve in such capacity until the termination of its responsibilities pursuant to Sections 5.1 or 6.1. In connection therewith, Master Servicer hereby accepts such appointment and agrees to perform the duties and obligations set forth herein. Master Servicer may delegate any duties to any of its Affiliates without further action or subcontract with a Sub-Servicer for the collection, servicing or administration of the Transferred Receivables or any portion thereof; provided, that (a) Master Servicer shall remain liable and responsible for the performance of the duties and obligations of any such Affiliate or Sub-Servicer pursuant to the terms hereof and (b) any Sub-Servicing Agreement that may be entered into with, and any other transactions or services relating to the Transferred Receivables involving, a Sub-Servicer shall be deemed to be between the Sub-Servicer and Master Servicer alone, and Owner shall not be deemed party thereto and shall have no obligations, duties or liabilities with respect to the Sub-Servicer.
Appointment of Master Servicer. The servicing, administering and collection of the Receivables shall be conducted by such Person (the "MASTER SERVICER") so designated from time to time in accordance with this Section 6.1. Until the Company gives notice to K2 Inc. of the designation of a new Master Servicer, K2 Inc. is hereby designated as, and hereby agrees to perform the duties and obligations of, the Master Servicer pursuant to the terms hereof. The Master Servicer may perform its servicing duties and obligations hereunder either acting directly or through one or more sub-servicers; PROVIDED, HOWEVER, that the Master Servicer will remain primarily liable for the servicing of the Receivables and have the ultimate responsibility for ensuring that the sub-servicers perform their duties as such. The Agent may, and upon the direction of the Majority Investors, the Agent shall upon the occurrence of any Termination Event designate as Master Servicer any Person (including itself) to succeed K2 Inc. or any successor Master Servicer, on the condition in each case that any such Person so designated shall agree to perform the duties and obligations of the Master Servicer pursuant to the terms hereof. The Agent may notify any Obligor of the Transferred Interest.
Appointment of Master Servicer. 26 SECTION 5.2. Duties of Master Servicer; Subservicers......................................................27 SECTION 5.3. Collection Responsibilities; Receivable Modifications........................................31 SECTION 5.4. Maintenance of Insurance.....................................................................31 Section 5.5. Assumption and Substitution Agreements.......................................................32 SECTION 5.6. Realization Upon Defaulted Receivables.......................................................32 Section 5.7. Representations and Warranties as to the Master Servicer...................................................................33 SECTION 5.8. Existence; Status as Master Servicer; Merger.................................................34 SECTION 5.9. Performance of Obligations...................................................................35 SECTION 5.10. Event of Master Servicer Termination.........................................................35 SECTION 5.11. Optional Purchase of Vacation Credits........................................................35
Appointment of Master Servicer. (a) The servicing, administering and collection of the Trust Estate Receivables shall be conducted by the Master Servicer designated from time to time in accordance with this Section. Until the Trustee (acting upon the direction of the Noteholders) gives notice (the "Successor Notice") to the Borrower and the Master Servicer of the designation of a new Master Servicer, TWRI is hereby designated as, and hereby agrees to perform the duties and obligations of, Master Servicer in accordance with the terms of this Indenture. The Trustee and the Noteholders agree not to provide the Borrower and the Master Servicer with a Successor Notice unless an Event of Master Servicer Termination shall have occurred and be continuing and shall remain unremedied for five Business Days after written notice thereof shall have been given to the Borrower and the Master Servicer by the Trustee.
Appointment of Master Servicer. 54 SECTION 7.2. Duties of Master Servicer.. . . . . . . . . . . . . . . . . .55 SECTION 7.3. Blocked Account Arrangements. . . . . . . . . . . . . . . . .56 SECTION 7.4. Enforcement Rights After Designation of New Master Servicer. . . . . . . . . . . . . . . . . . . . . . .57 SECTION 7.5. Master Servicer Default.. . . . . . . . . . . . . . . . . . .58 SECTION 7.6. Servicing Fee.. . . . . . . . . . . . . . . . . . . . . . . .59 SECTION 7.7. Protection of Ownership Interest of the Investors.. . . . . .59
Appointment of Master Servicer. (a) The servicing, administering and collection of the Receivables shall be conducted by the Person (the “Master Servicer”) so designated from time to time as Master Servicer in accordance with this Section 7.1. Each of the SPV, the Managing Agents and the Investors hereby appoints as its agent the Master Servicer, from time to time designated pursuant to this Section, to enforce its respective rights and interests in and under the Affected Assets. To the extent permitted by applicable law, each of the SPV and the Originators (to the extent not then Commitment THEMUFG BANK OF TOKYO-MITSUBISHI $70,00,000 UFJ, LTD., as a Managing Agent and Administrator for the MUFG Investor Group By: Name: Title: THEMUFG BANK OF TOKYO-MITSUBISHI UFJ, LTD., as a Committed Investor for the MUFG Investor Group By: Name: Title: PNC-Valvoline Transfer and Administration Agreement SCHEDULE I Section 2.4 of this Agreement shall be read in its entirety as follows:
