Common use of Backup Servicer Duties After Assumption Date Clause in Contracts

Backup Servicer Duties After Assumption Date. In the event that the Servicer is terminated or resigns in accordance with this Note Purchase Agreement, the Backup Servicer agrees that it shall undertake those servicing duties and obligations as set forth in and subject to Section 2 and Schedule V of the Backup Servicing Agreement. Notwithstanding Section 5.9 hereof, so long as _________ is the Backup Servicer, the Collateral Agent, as successor Servicer, will not be obligated or liable for the servicing and administration activities to the extent that the Backup Servicer is responsible for such activities under the Backup Servicing Agreement.

Backup Servicer Duties After Assumption Date. In the event that the Servicer is terminated or resigns in accordance with this Note Purchase AgreementIndenture, the Backup Servicer agrees that it shall undertake those servicing duties and obligations as set forth in and subject to Section 2 and Schedule V of the Backup Servicing Agreement. Notwithstanding Section 5.9 hereof, so long as _________ is the Backup Servicer, the Collateral Agent, as successor Servicer, will not be obligated or liable for the servicing and administration activities to the extent that the Backup Servicer is responsible for such activities under the Backup Servicing Agreement.37