Administration and Servicing of Contracts Sample Clauses
Administration and Servicing of Contracts. Section 7.01.Designation of Servicing 54 Section 7.02.Servicing Compensation 54 Section 7.03.Duties of the Servicer. 54 Section 7.04.Collection of Payments 58 Section 7.05.Servicer Advances 58 Section 7.06.Payment of Certain Expenses by Servicer 59 Section 7.07.Reports 59 Section 7.08.Rights After Assumption or Designation of Successor Servicer 60 Section 7.09.Limitation on Liability of the Servicer and Others 61 Section 7.10.The Servicer Not to Resign 61 Section 7.11.Servicer Termination Events 61
Administration and Servicing of Contracts. The Servicer agrees, for the benefit of the Lender from the date hereof until the Collection Date, unless the Servicer's obligations are earlier terminated pursuant to the provisions of the Receivables Funding Agreement, to comply with each of the affirmative covenants made by it pursuant to the provisions of Section 5.4 of the Receivables Funding Agreement, each of the negative covenants made by it, pursuant to the provisions of Section 5.5 of the Receivables Funding Agreement and each of the other agreements made by the Servicer under the Receivables Funding Agreement, including without limitation, pursuant to Section 2.6 and Article VI of the Receivables Funding Agreement, each as if set forth in full herein; provided, however that no amendment, modification, waiver, deletion, restatement or other change to any of such Sections or Article or the provisions thereof shall have effect for purposes of the Agreement unless the Lender shall have given its written consent thereto. In additional, the Servicer agrees to deliver a copy of each report, certificate or other document to the Lender on each day on which it delivers any such report, certificate or other document to any party under the Receivables Funding Agreement.
Administration and Servicing of Contracts. Borrower, for the benefit of Lender (to the extent provided herein), shall manage, service, administer and make collections on the Contracts with reasonable care, using that degree of skill and attention that Borrower exercises with respect to all comparable automotive receivables that it services for itself or others. Borrower's duties shall include collection and posting of all payments, responding to inquiries of Obligors on such Contracts, investigating delinquencies, sending monthly statements to Obligors, reporting tax information to Obligors where required by law, accounting for collections, furnishing the Lockbox Depository with wire transfer instructions pursuant to Section 3.10(b) and furnishing such monthly and annual statements to Lender with respect to distributions and such other reports as are set forth herein. Subject to the provisions of Section 9.02, Borrower shall follow its customary standards, policies and procedures in performing its duties as servicer of the Contracts hereunder. Without limiting the generality of the foregoing, Borrower is authorized and empowered to execute and deliver, on behalf of itself and Lender or either of them, any and all instruments of satisfaction or cancellation, or partial or full release or discharge, and all other comparable instruments, with respect to such Contracts or to the Financed Vehicles securing such Contracts. If Borrower shall commence a legal proceeding to enforce a Contract, Lender shall thereupon be deemed to have automatically assigned, solely for the purpose of collection, such Contract to Borrower. If in any enforcement suit or legal proceeding it shall be held that Borrower may not enforce a Contract on the ground that it shall not be a real party in interest or a holder entitled to enforce such Contract, Lender shall, at Borrower's expense and direction, take reasonable steps to enforce such Contract, including bringing suit in Borrower's name or the name of Lender. Lender shall upon the written request of Borrower furnish Borrower with any powers of attorney and other documents reasonably necessary or appropriate to enable Borrower to carry out its servicing and administrative duties hereunder.
Administration and Servicing of Contracts. Section 4.01 RESPONSIBILITY FOR CONTRACT ADMINISTRATION AND SERVICING. BankAmerica Housing Services hereby agrees to act as Servicer under this Agreement. The Certificateholders by their acceptance of the Certificates consent to BankAmerica Housing Services acting as Servicer. The Servicer shall service and administer the Contracts and, subject to the terms of this Agreement, shall have full power and authority to do any and all things which it may deem necessary or desirable in connection with such servicing and administration. Subject to Section 4.02, without limiting the generality of the foregoing, the Servicer hereby is authorized and empowered, when the Servicer believes it appropriate in its best judgment, to execute and deliver, on behalf of the Certificateholders and the Trust Fund or any of them, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge and all other comparable instruments, with respect to the Contracts, with respect to the Manufactured Homes and with respect to the Mortgaged Property. The Trustee shall furnish the Servicer with any powers of attorney and other documents necessary or appropriate to enable the Servicer to service and administer the Contracts. The relationship of the Servicer (and of any successor to the Servicer as Servicer under this Agreement) to the Trustee under this Agreement is intended by the parties to be that of an independent contractor and not that of a joint venturer, partner or agent of the Trustee. Section 4.02 STANDARD OF CARE. In managing, administering, servicing and making collections on the Contracts pursuant to this Agreement, the Servicer will, consistent with the terms of this Agreement and applicable law, act with reasonable care, using that degree of skill and care that it exercises with respect to similar manufactured housing contracts owned and/or serviced by it, but in no event using a degree of skill and care that is lower than that used generally in the servicing industry for such manufactured housing contracts; PROVIDED, HOWEVER, that notwithstanding the foregoing, the Servicer shall not release or waive the right to collect the unpaid balance on any Contract except if default or foreclosure on such Contract has occurred or in the reasonable judgment of the Servicer is imminent and such waiver or release is in the best interest of the Trust, in the reasonable judgement of the Servicer. Notwithstanding anything to the contrary contained in this...
Administration and Servicing of Contracts. Section 7.01. Designation of Servicing. The Deal Agent and the Borrower, at the direction of and on behalf of the Deal Agent, hereby appoint Santander Consumer as Servicer to manage, collect and administer each of the Receivables and the other Collateral, and to enforce its respective rights and interests in and under the Collateral and Santander Consumer hereby accepts such appointment and agrees to perform the duties and responsibilities of the Servicer pursuant to the terms hereof.Section 7.02. Servicing Compensation. As compensation for its servicing activities hereunder and reimbursement for its expenses, the Servicer shall be entitled to receive the Servicing Fee to the extent of funds available therefor pursuant to Section 2.07.Section 7.03. Duties of the Servicer.