Servicing of Contracts. ..53 Section 5.01 Initial Servicer's Appointment and Acceptance; Responsibility for Contract Administration.............................................................................53 Section 5.02
Servicing of Contracts. At no expense to Agent or any Lender, each Borrower shall diligently and faithfully perform the following services relating to the Contracts and the other Collateral:
Servicing of Contracts. 50 SECTION 5.01. APPOINTMENT AND ACCEPTANCE; RESPONSIBILITY FOR CONTRACT ADMINISTRATION..................................................................50 SECTION 5.02. GENERAL DUTIES...........................................................................50
Servicing of Contracts. The Servicer shall perform such actions with respect to the Contracts as are required by or provided for in the Servicing Agreement. The Servicer will provide the Insurer with written notice of any change or amendment to any Transaction Document as currently in effect.
Servicing of Contracts. 25 Section 5.01. Responsibility for Contract Administration............................................25 Section 5.02. Standard of Care......................................................................25 Section 5.03. Records...............................................................................25 Section 5.04. Inspection............................................................................25 Section 5.05. Trust Accounts........................................................................25 Section 5.06. Enforcement...........................................................................26 Section 5.07. Trustees to Cooperate.................................................................27 Section 5.08. Costs and Expenses....................................................................27 Section 5.09. Maintenance of Security Interests in Motorcycles......................................28 i Section 5.10. Successor Servicer/Lockbox Agreements.................................................28 ARTICLE SIX
Servicing of Contracts. Collect all payments and other proceeds of the Contracts and other Collateral and deposit the proceeds into a Dominion Account and perform customary insurance follow-up with respect to each policy of insurance covering the Property which is the subject of the Contracts.
Servicing of Contracts. 24 6.20. Prohibitions Regarding Subordinated Note........................... 24 6.21. Lock-Box Banks..................................................... 24 6.22. Contract Files..................................................... 25 6.23. Material Adverse Effect............................................ 25 SECTION 7. WIND-DOWN EVENTS; REMEDIES......................................... 25
Servicing of Contracts. (a) As part of the consideration for MFS entering into this Agreement and agreeing to purchase Contracts from SELLER, SELLER agrees that during the Term hereof, MFS shall have the option but not the obligation, in MFS's sole discretion, to service, as SELLER's exclusive collection agent, all Servicing Contracts entered into by SELLER and shall be entitled to retain the Servicing Fee for its performance of such services. If MFS elects to administer and service any Servicing Contracts, MFS shall perform the following duties with respect to such Servicing Contracts to the best of its skill and ability: (i) inform each Customer of the billing arrangements, send a welcome letter and a monthly billing statement or coupon book to each Customer of a Servicing Contract, proceed to collect all payments due thereunder by posting and depositing all payments or like monies received on the Servicing Contracts within forty-eight (48) hours of receipt; (ii) promptly return incomplete checks, drafts or other items of payment received with respect to the Servicing Contract to SELLER or as otherwise directed by SELLER; (iii) re-deposit checks, drafts and other items of payment returned to MFS for reasons of "Return to Maker" or "Non-sufficient funds" or words of similar effect according to MFS's standard collection procedures; (iv) notify SELLER of any items of payment received bearing a notation "payment in full," "interest only" or words to that effect and follow SELLER's instructions with respect to such items; (v) hold all post-dated checks, drafts or other items of payment and deposit them on the date appearing on the check, draft or other item of payment; (vi) use its own funds, tools, supplies and equipment in the performance of its services hereunder, (vii) maintain books and records of all Servicing Contracts in accordance with generally accepted accounting principles including, without limitation records concerning principal, interest, late charges, and pre-payments received through pre-authorized debits, checks, drafts or other items of payment and, upon SELLER's written request, give access thereto to SELLER; (viii) provide SELLER monthly with a full and complete accounting in respect of each and every Servicing Contract, and weekly e-mail Aged Balance Reports from Finance and Loan Servicing; (ix) in the event a Customer becomes delinquent over fifteen (15) days, mail written delinquent notice letters to such Customer; (x) service such delinquent Servicing Contra...
Servicing of Contracts. The Borrower shall collect all payments and other proceeds of the Contracts and other Collateral and deposit the proceeds into the Payment Account and perform customary insurance follow-up with respect to policies of insurance covering the Property which is the subject of the Contracts.
Servicing of Contracts. Section 4.01.
