Aged Term Servicing Clause Samples
The Aged Term Servicing clause defines the procedures and responsibilities for managing and servicing obligations or assets that have reached a certain age or duration within a contract. Typically, this clause outlines how older accounts, loans, or contractual terms are to be handled, such as specifying additional reporting, review, or collection efforts once a term surpasses a set timeframe. By establishing clear guidelines for the treatment of aged terms, this clause ensures that both parties understand their duties regarding long-standing obligations, thereby reducing the risk of neglect or dispute over older items.
Aged Term Servicing. The parties hereby agree that at such time as any Batch Receivable due from an Obligor is unpaid for more than 120 days after the Last Service Date, the Provider shall, upon the request of the Purchaser, turn over all of its Primary Servicer Responsibilities under this Agreement with respect to such Batch Receivable to a successor Servicer selected by the Purchaser, and such Servicer shall thereafter service such Batch Receivable.
Aged Term Servicing. The parties hereby agree that at such time as any Receivable is unpaid for more than 270 days after the Last Service Date, the the Primary Servicer or applicable Borrower shall, upon the request of the Lender, turn over all of its Primary Servicer Responsibilities under this Agreement with respect to such Receivable to a successor servicer selected by the Lender, and such servicer shall thereafter service such Receivable.
Aged Term Servicing. The parties hereby agree that at such time as any Receivable is unpaid for more than 365 days after the Last Service Date, the Primary Servicer shall, upon the request of the Agent, turn over all of its Primary Servicer Responsibilities under this Agreement with respect to such Receivable to a successor servicer selected by the Agent, and such servicer shall thereafter service such Receivable.
Aged Term Servicing. The parties hereby agree that at such time as any Batch Receivable is unpaid for more than 120 days after the Invoice Date, the Primary Servicer shall, upon the request of the Purchaser, turn over all of its Primary Servicer Responsibilities under this Agreement with respect to such Batch Receivable to a successor servicer selected by the Purchaser, and such servicer shall thereafter service such Batch Receivable.