Servicing Changes Clause Samples
The Servicing Changes clause defines the conditions and procedures under which the servicing of a loan or financial agreement may be transferred from one party to another. Typically, this clause outlines the rights and obligations of both the original and new servicer, including notification requirements to the borrower and the effective date of the transfer. Its core practical function is to ensure a smooth transition of servicing responsibilities, minimizing confusion for borrowers and maintaining continuity in the management of the loan.
Servicing Changes. If, following the date of this Agreement, the Corporation shall propose to (i) originate loans other than those currently originated or otherwise acquired by it in the ordinary course of business which loans would have servicing requirements different from those set forth herein; and/or (ii) otherwise alter any aspect of its origination activities or servicing requirements that, in each case, Servicer determines in good faith would have a material effect on its obligations under this Agreement (any such amendment, supplement, discontinuation, introduction or other alteration being herein referred to as a "Servicing Change"), the Corporation shall give the Servicer written notice of each such proposed Servicing Change accompanied, as applicable, by a written description of each proposed loan type or amendment, supplement or other alteration to the origination or servicing activities, which description shall in each case be sufficiently clear, comprehensive and detailed to provide a reasonable basis for the training of individuals who would be required to follow the procedures described thereby (such written notice is referred to herein as a "Servicing Change Proposal"). Within sixty (60) Business Days following the Servicer's receipt of a Servicing Change Proposal, the Servicer shall either (i) accept such Servicing Change Proposal by delivering to the Corporation a written notice of acceptance, in which case the Servicing Change shall become effective on the date specified in the Servicing Change Proposal, or (ii) deliver a written notice of non-acceptance to the Corporation stating that (a) the performance of services hereunder by the Servicer in accordance with such proposed Servicing Change would result in an increase in the cost to and burden upon the Servicer of performing services hereunder and/or (b) such proposed Servicing Change cannot be practicably implemented. Any such notice shall contain a description of the increased cost or burden or, as appropriate, the reason or such impracticability. In the event the Servicer timely delivers to the Corporation any such notice of non-acceptance in response to a Servicing Change Proposal, such proposed Servicing Change shall not become effective unless and until agreed upon in writing by both the Corporation and such party. In the event that Servicer advises the Corporation that it is not willing to enter into a Servicing Change with the Corporation at the price and on the terms and conditions set forth in...
Servicing Changes. It will not make any change to its administration, servicing or collection systems unless such change is permitted by the Credit and Collection Policies.
Servicing Changes. If, following the date of this Agreement, Owner shall propose to (i) amend, supplement, discontinue or introduce any Program Form; (ii) amend or supplement the Servicing Activities; and/or (iii) otherwise alter any aspect of the Servicing Activities (any such amendment, supplement, discontinuation, introduction or other alteration being herein referred to as a "Servicing Change"), Owner shall give Subservicer written notice of each such proposed Servicing Change accompanied, as applicable, by (a) a specimen of each Program Form proposed to be amended, supplemented or introduced, in the form in which it is proposed to be amended, supplemented or introduced; and/or (b) a written description of each proposed amendment, supplement or other alteration to the Servicing Activities, which description shall in each case be sufficiently clear, comprehensive and detailed to provide a reasonable basis for the training of individuals who would be required to follow the procedures described thereby (such written notice, as accompanied by the items described in clauses (a) and (b), is referred to herein as a "Servicing Change Proposal").