Negative Covenants of the Backup Servicer Clause Samples
The Negative Covenants of the Backup Servicer clause restricts certain actions or behaviors of the backup servicer in a financial or securitization transaction. Typically, this clause prohibits the backup servicer from engaging in activities such as incurring additional debt, transferring its servicing obligations, or making significant changes to its business operations without prior consent. By imposing these limitations, the clause ensures that the backup servicer remains stable and reliable, thereby protecting the interests of the transaction parties and minimizing operational risk.
Negative Covenants of the Backup Servicer. From the Closing Date until the Collection Date: No Changes in Backup Servicer Fee. The Backup Servicer will not make any changes to the Backup Servicer Fee set forth in the Backup Servicer and Collateral Custodian Fee Letter without the prior written approval of the Administrative Agent.
Negative Covenants of the Backup Servicer. From the date hereof until the Collection Date:
Negative Covenants of the Backup Servicer. From the Closing Date until the Collection Date:
Negative Covenants of the Backup Servicer. From the date hereof until the Collection Date, the Backup Servicer will not make any changes to the Backup Servicing Fee without the prior written approval of the Deal Agent (acting at the direction, or with the consent, of the Required Lenders).
Negative Covenants of the Backup Servicer. From the date hereof until the Collection Date, the Backup Servicer hereby covenants and agrees as follows:
Negative Covenants of the Backup Servicer. The Backup Servicer hereby covenants to the Borrower, CAC, the Collateral Agent, the Deal Agent and the Secured Parties, that:
Negative Covenants of the Backup Servicer. From the date hereof until the Collection Date, the Backup Servicer will not make any changes to the Backup Servicing Fee set forth in the Backup Servicer Fee Letter without the prior written approval of the Administrative Agent and the Purchaser Agent.