Common use of Delinquency Control Clause in Contracts

Delinquency Control. The Servicer shall in accordance with the Servicing Standard: (a) Be responsible for protecting the Owner’s interest in the Assets by dealing effectively with the Borrowers who are delinquent or in default. The Servicer’s delinquent Asset servicing program shall include an adequate accounting system which will immediately and positively indicate the existence of delinquent Assets, a procedure that provides for sending delinquent notices, and assessing late charges, and a procedure for the individual analysis of distressed or chronically delinquent Assets; (b) Maintain a collection department and an on-line automated collection system that substantially complies with the Servicer’s collection guidelines, as applicable; and (c) Provide the Owner with a month-end collection and delinquency report identifying any delinquent Assets, and from time to time as the need may arise, provide the Owner with Asset service reports relating to any items of information which the Servicer is otherwise required to provide hereunder, or detailing any matters the Servicer believes should be brought to the special attention of the Owner.

Delinquency Control. The Servicer shall in accordance with the Servicing Standard: (a) Be responsible for protecting the Owner’s interest in the Assets by dealing effectively with the Borrowers who are delinquent or in default. The Servicer’s delinquent Asset servicing program shall include an adequate accounting servicing tracking system which will immediately and positively indicate the existence of delinquent Assets, a procedure that provides for sending delinquent notices, and assessing late charges, and a procedure for the individual analysis of distressed or chronically delinquent Assets; (b) Maintain a collection department and an on-line automated collection system that substantially complies with the Servicer’s collection guidelines, as applicableguidelines and the Servicing Standard; and (c) Provide the Owner with a month-end collection and delinquency report identifying any delinquent Assets, and from time to time as the need may arise, provide the Owner with Asset service reports relating to any items of information which the Servicer is otherwise required to provide hereunder, or detailing any matters the Servicer believes should be brought to the special attention of the Owner.