Examples of Servicing Standard in a sentence
Except as otherwise directed by the Manager, the Servicer will maintain (and cause each applicable Subservicer to maintain) a collection department that complies with the Servicing Standard and protects the Company’s interests in the Assets and the Collateral in accordance with the Servicing Standard.
The Manager hereby grants to the Servicer a limited power of attorney to execute all documents on its behalf (including as the “Manager” of the Company, in turn acting on behalf of the Company) in accordance with the Servicing Standard set forth below and as may be necessary to effectuate the Servicer’s obligations under this Agreement until such time as the Manager revokes said limited power of attorney.
The Servicer will not (i) place, or (ii) knowingly (including for this purpose any knowledge that the Servicer would have obtained if it had complied with the Servicing Standard) permit (voluntarily or involuntarily) to be placed, or to exist, any Lien on any of the Assets, the Collateral, the Asset Documents, or the Asset Proceeds, except for, in the case of Collateral or Acquired Property, such Permitted Liens as the Manager may permit from time to time.
Any Subservicing Agreement with any Subservicer must provide for the Servicing by the Subservicer in accordance with the Servicing Standard and the other terms of this Agreement and the LLC Operating Agreement, and must comply with the requirements set forth in Section 3 of the Servicing Addendum to the LLC Operating Agreement.