Accepted Servicing Practices definition
Examples of Accepted Servicing Practices in a sentence
If no such coverage amounts are imposed by such regulatory authorities, the amount of coverage shall be at least in such form and amount as are consistent with Accepted Servicing Practices.
The Servicer, the Special Servicer, the Certificate Administrator, the Trustee and the Operating Advisor shall be entitled, to the extent consistent with Accepted Servicing Practices (other than in the case of the Operating Advisor, Trustee and Certificate Administrator), and absent negligence and actual knowledge of an error (in the case of the Operating Advisor, Trustee and Certificate Administrator), to conclusively rely on information supplied by the Loan Parties without independent verification.
The Servicer shall exercise and enforce the rights of the Trust with respect to the Lockbox Account and the Cash Management Account under the Loan Agreement and the Lockbox Agreement and the Cash Management Agreement in accordance with Accepted Servicing Practices and the other terms of this Agreement and the other Loan Documents.
If the Borrower fails to pay any costs and expenses relating to any assignment of a letter of credit after the Servicer has exercised efforts consistent with Accepted Servicing Practices to collect such costs and expenses from the Borrower, then the Servicer shall give the Mortgage Loan Sellers notice of such failure and the amount of costs and expenses, and the Mortgage Loan Sellers shall pay such costs and expenses as and to the extent required under the Mortgage Loan Purchase Agreement.
While negotiating a workout with the Borrower, the Special Servicer shall pursue any appropriate remedies to but not including actual foreclosure until such negotiations, in the judgment of the Special Servicer and in accordance with Accepted Servicing Practices, are not reasonably likely to produce a greater recovery on a net present value basis than foreclosure.