Backup Servicing Agreement Clause Samples
A Backup Servicing Agreement is a contractual provision that designates a third-party service provider to step in and manage servicing duties if the primary servicer fails or is unable to perform its obligations. Typically, this clause outlines the conditions under which the backup servicer will assume responsibilities, the scope of their duties, and the process for transitioning servicing activities. Its core practical function is to ensure continuity and reliability in servicing, thereby protecting the interests of stakeholders by minimizing disruptions in the event of servicer default or incapacity.
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Backup Servicing Agreement. At all times after the date that is ninety (90) days after the Closing Date, Colonial is in compliance in all material respects with its obligations under the Backup Servicing Agreement, and such agreements remain in full force and effect in accordance with their terms (as such terms may be amended pursuant to Section 10.2.26 below).
Backup Servicing Agreement. The Issuer, the Indenture Trustee, the Servicer, the Depositor and the Backup Servicer hereby agree to execute the Backup Servicing Agreement. The Backup Servicer shall be responsible for each of the duties and obligations imposed upon it by the provisions of the Backup Servicing Agreement and shall have no duties or obligations under any Transaction Document to which it is not a party.
Backup Servicing Agreement. The Backup Servicer hereby remakes the representations and warranties made by it under the Backup Servicing Agreement.
Backup Servicing Agreement. The Servicer shall provide the Backup Servicer with all information, data and reports as required by the terms of the Backup Servicing Agreement.
Backup Servicing Agreement. The Backup Servicing Agreement shall terminate for any reason and, provided that the Company shall have used commercially reasonable efforts to timely engage a replacement Backup Servicer following such termination, within thirty (30) days of such termination no replacement agreement with an alternative backup servicer shall be effective; or
Backup Servicing Agreement. Borrower shall keep the Backup Servicing Agreement (or a substitute Backup Servicing Agreement with a lockbox agent acceptable to Agent) in full force and effect and shall perform its obligations thereunder, all in accordance with the terms and conditions set forth in the Backup Servicing Agreement.
Backup Servicing Agreement. The Backup Servicing Agreement or any provision thereof shall cease to be in full force or effect; or
Backup Servicing Agreement. If this Agreement is amended to increase the Commitments and join additional Lenders other than AloStar to this Agreement, then Borrower shall, within thirty (30) days after the date of such amendment, enter into a backup servicing agreement with a Backup Servicer in form and substance satisfactory to Agent.
Backup Servicing Agreement. Each of the Purchaser Agent and the Purchasers agrees that neither the Seller nor the Servicer shall have any obligation to pay or reimburse the Backup Servicer, the Purchaser Agent or any Purchaser for fees, costs and expenses incurred by the Backup Servicer, the Purchaser Agent [MoneyLion] Master Receivables Purchase Agreement or any Purchaser in connection with the preparation, negotiation, execution, delivery and administration of the Backup Servicing Agreement, including, without limitation, any fees or other amounts payable under the Backup Servicing Agreement.
Backup Servicing Agreement. The Borrower shall promptly comply with any such request from the Administrative Agent. The Borrower shall provide direction to the applicable Backup Servicer with respect to modifications of the terms of the Receivables in accordance with the requirements set forth in the Servicing Agreement, and shall comply with all restrictions with respect to the release, discharge, termination or cancellation of any Receivable.