Servicing of Loans. The servicing, administering and collection of the Loans shall be conducted by the Servicer then authorized to act as such under the Sale and Servicing Agreement.
Servicing of Loans. Seller and each Guarantor shall cause the Interim Servicer to service, or cause to be serviced, all Loans that are part of the Purchased Assets in accordance with prudent servicing practices, pending any delivery of such servicing to Buyer pursuant to this Agreement, employing at least the same procedures and exercising the same care that Interim Servicer customarily employs in servicing Loans for its own account. Seller shall notify servicers of Buyer’s interest hereunder and Seller shall notify Buyer in writing of the name and address of all servicers of Loans and shall identify each servicer with respect to each Purchased Asset on a loan-by-loan basis. Buyer shall have the right to approve each servicer and the form of all Servicing Agreements or servicing side letter agreements. Seller shall cause each servicer to hold or cause to be held all escrow funds collected with respect to such Loans in customary custodial accounts and shall apply the same for the purposes for which such funds were collected. Upon Buyer’s request, Seller shall provide reasonably promptly to Buyer a letter addressed to and agreed to by each servicer of Loans, in form and substance reasonably satisfactory to Buyer, advising such servicer of such matters as Buyer may reasonably request relating to the Loans. If Seller should discover that, for any reason whatsoever, Seller or any entity responsible to Seller by contract for the administration and/or servicing any such Loan has failed to perform fully Seller’s obligations under the Program Documents or any of the obligations of such entities with respect to the Purchased Assets, Seller shall promptly notify Buyer.
Servicing of Loans. From and after the Servicing Transfer Date, the Company shall service the Loans in compliance with the LLC Operating Agreement.
Servicing of Loans. 73 SECTION 5.01. Responsibility for Loan Administration ........................... 73 SECTION 5.02. Standard of Care ................................................. 74 SECTION 5.03. Records .......................................................... 74 SECTION 5.04. Inspection ....................................................... 74 SECTION 5.05. Certificate Account .............................................. 74 SECTION 5.06. Enforcement ...................................................... 78 SECTION 5.07. Trustee to Cooperate ............................................. 79 SECTION 5.08. Costs and Expenses ............................................... 80
Servicing of Loans. The servicing, administering and collection of the Loans shall be conducted by the Servicer, which hereby agrees to perform, take or cause to be taken all such action as may be necessary or advisable to collect each Loan from time to time, all in accordance with applicable laws, rules and regulations and with the care and diligence which the Servicer employs in servicing similar loans for its own account, in accordance with the Credit Guidelines and the Collection Guidelines. Funding hereby appoints the Servicer as its agent to enforce Funding's and any Assignee's rights and interests in, to and under the Loans, the Related Security, the Collections, and the other Contributed Property. The Servicer shall hold in trust for Funding and any Assignees, in accordance with its interests, all Records which evidence or relate to the Loans, Related Security, Collections and other Contributed Property.
Servicing of Loans. As of each applicable Closing Date, Purchaser or its designee(s) shall be responsible for the management, servicing, administration and collection related to the Purchaser Loans. Purchaser agrees to be responsible for the management, servicing, administration and collection related to the Retained Loans, which shall be memorialized in a separate, mutually acceptable servicing agreement between the parties (“Servicing Agreement”). As of each applicable Closing Date, Purchaser or its designee(s) shall have full power and authority to do or cause to be done any and all things relating to such servicing which Purchaser may deem necessary or desirable in accordance with Applicable Law with respect to Purchaser Loans. If (i) Purchaser, in its capacity as servicer of any Retained Loan, breaches its obligations to comply with Applicable Laws in any material respect under the Servicing Agreement entered into between the parties, and such breach cannot be cured in all material respects within sixty (60) days after Bank provides written notice to Purchaser of such breach, or (ii) any Retained Loan that has not been properly allocated to Bank in accordance with this Agreement, or (iii) Bank has repurchased any Purchaser Loan from a third party purchaser designated by Purchaser where the underlying cause for such repurchase is an uncured material breach of Purchaser’s obligations under agreements between Purchaser and Bank, then at Bank’s option Purchaser shall purchase or cause to be purchased from Bank such Purchaser Loan or Retained Loan, as applicable, within five (5) Business Days at a price equal to the Outstanding Principal Balance, plus any accrued and unpaid interest on such Retained Loan. Contemporaneous with any such purchase by Purchaser of a Retained Loan pursuant to this Section 3(b), Bank will transfer all applicable Loan Documents in Bank’s possession to Purchaser.
Servicing of Loans. The Manager and the Servicer hereby agree that the Servicer shall, from the date hereof, service all Loans in accordance with the terms and conditions set forth herein. The Servicer agrees to service and administer the Loans on behalf of the Manager in a manner consistent with good lending practices, utilizing loan procedures to be recommended by the Servicer, as approved and adopted by the Manager.
Servicing of Loans. The Issuer acknowledges that due diligence must be used in the origination, servicing and collection of Loans, and servicing of the Loans must be done in accordance with applicable law. The Issuer hereby acknowledges that it has selected, or will select, the Servicer (which may appoint a Subservicer) to service the Loans held by the Issuer Loan Trustee on behalf of the Issuer and on behalf of the Issuer Loan Trustee. The Issuer acknowledges that the Issuer Loan Trustee is not required by this Trust Agreement to monitor or supervise the actions taken by the Servicer and the Subservicers. The Issuer will cause an annual certification to be provided to the Issuer Loan Trustee by June 30 of each year, covering the twelve months ending March 31 preceding the date of such certification, that servicing of the Loans by the Servicer and the Subservicers has been conducted in accordance with the terms of the respective agreements that the Issuer has with the Servicer or the applicable Subservicer.
Servicing of Loans. The Depositor acknowledges that due diligence must be used in the origination, servicing and collection of Loans and servicing of the Loans must be done in accordance with applicable law. The Depositor hereby acknowledges that it has selected, or will select, the Servicer (which may appoint a Subservicer) to service the Loans held by the Depositor Loan Trustee on behalf of the Depositor and on behalf of the Depositor Loan Trustee. The Depositor acknowledges that the Depositor Loan Trustee is not required by this Trust Agreement to monitor or supervise the actions taken by the Servicer and the Subservicers. The Depositor will cause an annual certification to be provided to the Depositor Loan Trustee by June 30 of each year, covering the twelve months ending March 31 preceding the date of such certification, that servicing of the Loans by the Servicer and the Subservicers has been conducted in accordance with the terms of the respective agreements that the Depositor has with the Servicer or the applicable Subservicer.
Servicing of Loans. At the request of Seller, promptly after the execution of this Agreement, the parties will use their best efforts to negotiate an arrangement under which Buyer services certain of the loans included in the Excluded Assets from and after the Closing on mutually acceptable terms.
