Servicer Basic Documents definition

Servicer Basic Documents means the Basic Documents to which the Servicer is a party.
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Servicer Basic Documents means all Basic Documents to which the initial Servicer is a party or by which it is bound. "Servicer Termination Event" has the meaning given to such term in Section 7.13. "Servicer Termination Notice" has the meaning given to such term in Section 7.13. "Servicing Fee" means the fee payable to the Servicer on each Payment Date in accordance with Section 2.09(b) in an amount equal to either (i) in the case of the initial Servicer, the product of (a) one-twelfth times (b) the applicable Servicing Fee Rate times (c) the average daily Principal Balance of the Receivables during the related Collection Period or (ii) in the case of the Backup Servicer in its capacity as Successor Servicer, the related fees set forth in the Backup Servicing Agreement; provided, that the Servicing Fee for a Successor Servicer may 42 149194398v7 be subject to a minimum monthly fee to be mutually agreed upon by the Required Lenders and such Successor Servicer. "Servicing Fee Rate" means, in the case of the initial Servicer, on any date of determination, a rate per annum equal to 2.00%.the sum of (i) the product of (a) 1.00% per annum times (b) the Prime Receivable Collateral Percentage on such date, plus (ii) the product of (a) 3.00% per annum times (b) 100% minus the Prime Receivable Collateral Percentage on such date. "Short-Term Rating Requirement" means, with respect to any Person, that such Person has a short-term unsecured debt rating of not less than A-1 by Standard & Poor's and not less than Prime-1 by ▇▇▇▇▇'▇. "Significant Take-out Date" means, at any time the Aggregate Adjusted Principal Balance is greater than or equal to $175,000,000, any Take-out Date on which the aggregate Adjusted Principal Balance of Receivables that are released from the Collateral in accordance with Section 2.12 have an aggregatewould cause the Aggregate Adjusted Principal Balance (i) of at least $40,000,000 and (ii) that represents 80% or more of the Eligible Pool Balance on such Take-out Date (beforeto be less than $175,000,000 after giving effect to such Take-out); provided, that if any Receivables that are so released on a Take-out Date are included in the Collateral again during the Collection Period in which the related Take-out Date occurred or during the either of the two succeeding Collection Periods, then such Receivables shall be deemed not to have been released from the Collateral on the initial Take-out Date for purposes of this definition, but only as of the date on which they are ag...
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Servicer Basic Documents means all Basic Documents to which the initial Servicer is a party or by which it is bound. "Servicer Termination Event" has the meaning given to such term in Section 7.13. "Servicer Termination Notice" has the meaning given to such term in Section 7.13. "Servicing Fee" means the fee payable to the Servicer on each Payment Date in accordance with Section 2.09(b) in an amount equal to either (i) in the case of the initial Servicer, the product of (a) one-twelfth times (b) the applicable Servicing Fee Rate times (c) the average daily Principal Balance of the Receivables during the related Collection Period or (ii) in the case of the Backup Servicer in its capacity as Successor Servicer, the related fees set forth in the Backup Servicing Agreement; provided, that the Servicing Fee for a Successor Servicer may be subject to a minimum monthly fee to be mutually agreed upon by the Required Lenders and such Successor Servicer. 42
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Examples of Servicer Basic Documents in a sentence

  • The Servicer is duly qualified to do business in good standing and has obtained all necessary licenses and approvals in each jurisdiction in which the failure to so qualify or to obtain such licenses and approvals would, in the reasonable judgment of the Servicer, materially and adversely affect the performance by the Servicer of its obligations under, or the validity or enforceability of, the Servicer Basic Documents, the Receivables or the Securities.

  • The Servicer has the power and authority to execute, deliver and perform its obligations under the Servicer Basic Documents; and the execution, delivery and performance of the Servicer Basic Documents have been duly authorized by the Servicer by all necessary action.

  • The Servicer (i) has all necessary power, authority and legal right to (A) execute and deliver the Servicer Basic Documents and (B) carry out the terms of the Servicer Basic Documents and (ii) has duly authorized by all necessary corporate action the execution, delivery and performance of the Servicer Basic Documents.

  • The Servicer will timely and fully perform and comply with all provisions, covenants and other promises required to be observed by it under the Servicer Basic Documents.

  • All approvals, authorizations, consents, orders or other actions of any Person or of any Governmental Authority (if any) required for the due execution, delivery and performance by the Servicer of the Servicer Basic Documents have been obtained.

  • This Agreement and the other Servicer Basic Documents constitute its legal, valid and binding obligations, enforceable against it in accordance with their respective terms, except as the enforceability thereof may be limited by bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights generally and to general principles of equity, whether applied in a proceeding in equity or at law.

  • The Servicer shall comply with its obligations under this Agreement and the other Servicer Basic Documents.

  • It has the power and authority to execute and deliver this Agreement and the other Servicer Basic Documents and to carry out their respective terms; and the execution, delivery and performance of this Agreement and the other Servicer Basic Documents have been duly authorized by it by all necessary action.

  • The initial Servicer will timely and fully perform and comply with all provisions, covenants and other promises required to be observed by it under the Servicer Basic Documents.

  • The Servicer will timely and fully perform and comply in all material respects with all provisions, covenants and other promises required to be observed by it under the Servicer Basic Documents.


More Definitions of Servicer Basic Documents

Servicer Basic Documents means all Basic Documents to which the initial Servicer is a party or by which it is bound. "Servicer Termination Event" has the meaning given to such term in Section 7.13. "Servicer Termination Notice" has the meaning given to such term in Section 7.13. "Servicing Fee" means the fee payable to the Servicer on each Payment Date in accordance with Section 2.09(b) in an amount equal to either (i) in the case of the initial Servicer, the product of (a) one-twelfth times (b) the applicable Servicing Fee Rate times (c) the average daily Principal Balance of the Receivables during the related Collection Period or (ii) in the case of the Backup Servicer in its capacity as Successor Servicer, the related fees set forth in the Backup Servicing Agreement; provided, that the Servicing Fee for a Successor Servicer may
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Servicer Basic Documents means all Basic Documents to which the Servicer or any Subservicer is a party or by which it is bound. “Servicer File” means, with respect to a Receivable, each of the following documents: (i) application of the Obligor for credit; (ii) a copy (but not the original) of the Contract and any amendments thereto; and (iii) such other documents as the Servicer customarily retains in its files in order to accomplish its duties under this Agreement in accordance with the Collection Policy. “Servicer Master Collection Account” means each account established by the Master Collection Account Bank (and subject to the Servicers Account Agreement and the Intercreditor Agreement) listed on Schedule G-1 attached hereto, as such schedule may be updated from time to time in accordance with Section 6.04(t). “Servicer Termination Event” has the meaning given to such term in Section 7.11. “Servicer Termination Notice” has the meaning given to such term in Section 7.11. “Servicing Centralization Event” [***]. “Servicing Fee” means the fee payable to the Servicer on each Payment Date, monthly in arrears in accordance with Section 2.08, in an amount equal to the product of (i) the Servicing Fee Rate, (ii) the aggregate Principal Balance of all Receivables as of the first day of the related Collection Period (or, with respect to any Receivables added or to be added to the Collateral following such first day, the related Cutoff Date) and (iii) 1/12; provided, that the Servicing Fee for the Collection Period during which the initial Funding Date occurs, shall be an amount equal to the product of (i) the Servicing Fee Rate, (ii) the aggregate Principal Balance of all Receivables as of the related Cutoff Date and (iii) a fraction having as its numerator the number of days from the initial Funding Date through the end of the related Collection Period, and as its denominator 360. “Servicing Fee Rate” [***].
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Servicer Basic Documents means all Basic Documents to which the initial Servicer is a party or by which it is bound. "Servicer Termination Event" has the meaning given to such term in Section 7.13. "Servicer Termination Notice" has the meaning given to such term in Section 7.13. "Servicing Fee" means the fee payable to the Servicer on each Payment Date in accordance with Section 2.09(b) in an amount equal to either (i) in the case of the initial Servicer, the product of (a) one-twelfth times (b) the applicable Servicing Fee Rate times (c) the average daily Principal Balance of the Receivables during the related Collection Period or (ii) in the case of the Backup Servicer in its capacity as Successor Servicer, the related fees set forth in the Backup Servicing Agreement; provided, that the Servicing Fee for a Successor Servicer may
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Related to Servicer Basic Documents

  • Basic Documents means this Agreement, the Certificate of Trust, the Trust Agreement, the Purchase Agreement, the Indenture, the Asset Representations Review Agreement, the Underwriting Agreement and other documents and certificates delivered in connection therewith.

  • Servicer means the Master Servicer or the Special Servicer, as the context may require.