Servicing generally Sample Clauses
The 'Servicing generally' clause defines the overall responsibilities and obligations of a party, typically a servicer, in managing and administering certain assets or accounts under an agreement. It outlines the standards and procedures the servicer must follow, such as collecting payments, maintaining records, and handling customer inquiries. This clause ensures that servicing activities are performed consistently and in accordance with agreed-upon standards, thereby providing clarity and accountability in the management of the relevant assets or obligations.
Servicing generally. In connection with its servicing and master servicing, CitiMortgage · may, acting alone or through third-party servicers, take any action it deems necessary or desirable. · may execute and deliver on behalf of itself, the certificate holders or the Trustee any instruments of satisfaction or cancellation, or of partial or full release or discharge and all other comparable instruments, for the mortgage loans and the related mortgaged properties. · will service and master service the mortgage loans in the best interests of, and for the benefit of, the certificate holders and any Insurer. · will service the affiliated mortgage loans in accordance with its normal servicing procedures for mortgage loans held in its own portfolio. · will master service the third-party mortgage loans, in accordance with prudent mortgage loan servicing standards and procedures accepted in the mortgage banking industry and in accordance with the Guide. · will promptly notify the Trustee of any circumstance that might adversely affect CitiMortgage’s ability to service or master service any mortgage loan or to otherwise perform its obligations under this agreement. · will maintain accurate books and records, and an adequate system of audit and internal controls, that will permit the Trustee, or its duly authorized representatives and designees, to examine and audit and make legible reproductions of records during reasonable business hours. All such records will be maintained for the period required by the Guide or any longer period required by law. The Trustee will furnish CitiMortgage with any powers of attorney and other documents reasonably necessary or appropriate, and will take any other actions that CitiMortgage reasonably requests, to enable CitiMortgage to carry out its servicing duties.
Servicing generally. (a) General Duties; Licensing. Acting directly or through one or more Sub-Servicers as provided in Section 2.14, the Servicer, as servicer, shall administer the Mortgage Loans with reasonable care, using that degree of skill and attention that the Servicer exercises with respect to all comparable mortgage loans that it services for itself or others. The Servicer shall follow its customary standards, policies and procedures in performing its duties as Servicer, to the extent not in conflict with the provisions of this Agreement. Notwithstanding the appointment of any Sub-Servicer, the Servicer shall remain liable for the performance of all of the servicing obligations and responsibilities under this Agreement. The Servicer shall maintain all licenses and qualifications necessary under the laws of any jurisdiction where Mortgaged Properties are located for it to perform the servicing obligations hereunder legally. The Servicer shall cause any Sub-Servicer to maintain for it all licenses and qualifications necessary to perform its servicing obligations in the states where the Mortgaged Properties to which the applicable Sub-Servicing Agreement relates are located. The Servicer shall cooperate with the Issuer and the Indenture Trustee and furnish to the Issuer and the Indenture Trustee such information in its possession as may be necessary or otherwise reasonably requested to enable the Issuer and the Indenture Trustee to perform their respective tax reporting duties under the Indenture. The Issuer and the Indenture Trustee shall furnish the Servicer with any powers of attorney and other documents necessary or appropriate to enable the Servicer to carry out its servicing and administrative duties hereunder.
Servicing generally. 15 Section 2.2 Collection of Certain Mortgage Loan Payments; Collateral Proceeds Account............................................................ 17 Section 2.3 Hazard Insurance Policies................................................... 20
Servicing generally. Servicer shall Service on behalf of Lender, all Eligible Loans. In connection with such Servicing, the Servicer shall:
(a) Maintain a complete file for the Eligible Loans of each borrower, which file shall include the information specified concerning, and the Loan Documentation relating to, each of the Eligible Loans.
(b) Take all steps, (excluding Cure activity if non-Servicer error), unless otherwise agreed, necessary to maintain the insurance or guarantee coverage on each Loan in full force and effect at all times.
(c) Endeavor to collect or cause to be collected and forthwith, upon receipt, pay over to the Lender all payments of principal and interest on all Eligible Loans.
(d) Retain summary records of all contracts, follow-ups and collection efforts, and records of all written correspondence relating to the Eligible Loans of each borrower.
(e) Prepare and maintain all appropriate accounting records with respect to all transactions related to the Eligible Loans of each borrower, including accounting for all payments of principal and interest.
(f) Handle the processing of all adjustments including extensions, reinstatements, and deferments.
(g) Handle the processing of all address changes and the updating of the address records accordingly.
(h) In the case of defaulted Eligible Loans, take all steps necessary to file and prove a claim for loss with the Secretary or the Guarantor, as the case may be and as required, and assume responsibility for all necessary communication and contact with the Secretary or the Guarantor, as the case may be and as required, to accomplish recovery on such defaulted Eligible Loans.
(i) Maintain the original file pertaining to all Eligible Loans in fireproof storage facilities in order to protect such original file concerning each Loan.
(j) Answer all inquiries received by Servicer from borrowers or Lender or Lender’s designees pertaining to Eligible Loans, school status or refunds, and cooperate to the extent necessary to gather the information needed to answer such inquiries, provided however, that such inquiries may be referred to the institution which a borrower attended or is attending, if necessary, and Servicer shall have no responsibility with respect to any disputes between a borrower and such institution regarding tuition, registration or quality of education. Servicer shall perform the Services with respect to each Eligible Loan until the same is paid in full (whether by the borrower or the Secretary or Guarantor...
Servicing generally. (a) General Duties; Licensing. Acting directly or through one or more Sub-Servicers as provided in Section 2.14, the Master Servicer, as servicer, shall administer the Mortgage Loans with reasonable care, using that degree of skill and attention that the Master Servicer exercises with respect to all comparable mortgage loans that it services for itself or others. The Master Servicer shall follow its customary standards, policies and procedures in performing its duties as Master Servicer, to the extent not in conflict with the provisions of this Agreement. Notwithstanding the appointment of any Sub-Servicer, the Master Servicer shall remain liable for the performance of all
Servicing generally. Section 2.02 Collection of Certain Mortgage Loan Payments; Collection Account....................................................... Section 2.03
Servicing generally