Common use of Delinquency Control Clause in Contracts

Delinquency Control. (a) Subject to the Servicing Standard, the Servicer shall be responsible for protecting the Company’s interest in the Borrower Loans by dealing effectively with Borrowers who are delinquent or in default. The Servicer’s Delinquent Loan servicing program shall include an adequate accounting system which will immediately and positively indicate the existence of Delinquent Loans, a procedure that provides for sending delinquent notices, and assessing late charges, and a procedure for the individual analysis of distressed or chronically delinquent Borrower Loans.

Delinquency Control. (a) Subject to the Servicing Standard, the Loan and Note Servicer shall be responsible for protecting the Company’s interest in the Borrower Loans by dealing effectively with Borrowers who are delinquent or in default. The Loan and Note Servicer’s Delinquent Loan servicing program shall include an adequate accounting system which that will immediately and positively indicate the existence of Delinquent Loans, a procedure that provides for sending delinquent notices, notices and assessing late charges, and a procedure for the individual analysis of distressed or chronically delinquent Borrower Loans.