Credit Servicing definition

Credit Servicing means the origination of loans (including applications and credit verifications), credit collection and application of cash receipts. "Credit Servicing Expenses" shall mean the gross expenses incurred in the performance of Credit Servicing activities; provided there shall be attributed to HEX's Credit Servicing Expenses 100% of the amount charged by the Banner Group to the HEX Group in respect of the services provided pursuant to subsection (a)(1) above. Banner's "Allocable Share" of Credit Servicing Expenses, for any period, shall mean the product obtained by multiplying HEX's aggregate Credit Servicing Expenses for such period by a fraction, the numerator of which shall be the aggregate amount of receivables of the Banner Group for such period and the denominator of which shall be the sum of the aggregate receivables of the HEX Group for such period plus the aggregate receivables of the Banner Group for such period. Banner shall pay its Allocable Share on a quarterly basis, in arrears, based upon the estimated Allocable Share for such quarter. Within 45 days after the end of each calendar quarter, HEX shall prepare and deliver to Banner a calculation setting forth in reasonable detail Banner's actual Allocable Share for such quarter. Except as provided above, the allocable share of such costs for each member of the Banner Group shall be determined on the basis of its percentage utilization of the applicable service or management's best estimate thereof.
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Examples of Credit Servicing in a sentence

  • Each Noteholder or Note Owner, by its acceptance of a Note, or in the case of a Note Owner, a beneficial interest in a Note, acknowledges that the Ford Credit Servicing Agreement will terminate on January 28, 2012.

  • The Issuer and the Servicer shall permit Ford Credit to repurchase Ford Credit Receivables that are Liquidated Receivables under the Ford Credit Servicing Agreement on the date such Ford Credit Receivables became Liquidated Receivables in return for a deferred repurchase amount equal to Liquidation Proceeds for such Ford Credit Receivables.

  • Banner's "Allocable Share" of Credit Servicing Expenses, for any period, shall mean the product obtained by multiplying HEX's aggregate Credit Servicing Expenses for such period by a fraction, the numerator of which shall be the aggregate amount of receivables of the Banner Group for such period and the denominator of which shall be the sum of the aggregate receivables of the HEX Group for such period plus the aggregate receivables of the Banner Group for such period.

  • The HEX Group shall provide Credit Servicing (as defined in Subsection (b) below) with respect to the Banner Group's receivables portfolio.

  • In respect of the "Credit Servicing" performed by HEX on behalf of the Banner Group, the Banner Group shall be responsible for its "Allocable Share" (as hereinafter defined) of the aggregate "Credit Servicing Expenses" (as hereinafter defined) incurred by HEX.

  • Each Noteholder or Note Owner, by its acceptance of a Note, or in the case of a Note Owner, a beneficial interest in a Note, acknowledges that the Ford Credit Servicing Agreement will terminate on March 30, 2010.

  • The Issuer and the Servicer shall permit Ford Credit to repurchase Liquidated Receivables (as defined in the Ford Credit Receivables Servicing Agreement) under Section 3.8 of the Ford Credit Receivables Servicing Agreement in return for the Deferred Repurchase Amount (as defined in the Ford Credit Servicing Agreement).

  • Nintendo, as Content Provider’s sale commission agent, will receive from Content Provider the Commission for each Sale in the Territory.

  • The Issuer and the Master Servicer shall permit Ford Credit to repurchase Liquidated Receivables (as defined in the Ford Credit Servicing Agreements) under Section 3.8 of the Ford Credit Servicing Agreements in return for the Deferred Repurchase Amount (as defined in the Ford Credit Servicing Agreements).

  • The Issuer and the Servicer shall permit Ford Credit to repurchase Liquidated Receivables (as defined in each Ford Credit Receivables Servicing Agreement) under Section 3.8 of each Ford Credit Receivables Servicing Agreement in return for the Deferred Repurchase Amount (as defined in each Ford Credit Servicing Agreement).

Related to Credit Servicing

  • Servicing Bank means the Agent or the Security Trustee;

  • Countrywide Servicing Countrywide Home Loans Servicing LP, a Texas limited partnership and its successors and assigns.

  • FTPS Unit Servicing Agent means FTP Services LLC or any successor FTPS Unit servicing agent appointed as hereinafter provided."

  • GreenPoint Servicing Agreement Solely with respect to the GreenPoint Mortgage Loans, the Master Loan Purchase and Servicing Agreement, dated as of March 1, 2003, between the Transferor, as purchaser, and GreenPoint, as seller and as servicer, and as the same may be amended further from time to time, and any assignments and conveyances related to the GreenPoint Mortgage Loans.

  • Servicing In accordance with Regulation AB, the act of servicing, managing or administering the Mortgage Loans or any other assets of the Trust by an entity (other than the Certificate Administrator and the Trustee) that meets the definition of “servicer” set forth in Item 1101 of Regulation AB and is subject to the disclosure requirements set forth in Item 1108 of Regulation AB. For clarification purposes, any uncapitalized occurrence of this term shall have the meaning commonly understood by participants in the commercial mortgage-backed securities market.