Servicer Standard definition

Servicer Standard means, with respect to any Loans included in the Collateral Portfolio, to service and administer such Loans on behalf of the Secured Parties in accordance in all material respects with Applicable Law, and in all respects with the terms of this Agreement, the Underlying Instruments, all customary and usual servicing practices for loans like the Loans and, to the extent consistent with the foregoing, (a) with reasonable care, using a degree of skill and diligence not less than that with which the Servicer services and administers loans for its own account or for the account of its Investment Affiliates having similar lending objectives and restrictions, and (b) to the extent not inconsistent with clause (a), in a manner consistent with the customary and usual servicing practices, standards, policies and procedures followed by institutional managers of national standing relating to assets of the nature and character of such assets in the Collateral Portfolio; in each case where the foregoing requirements shall not be affected by (i) any relationship that the Servicer or any Investment Affiliate of the Servicer may have with any Obligor or any Investment Affiliate of any Obligor, (ii) the Servicer’s obligations to incur servicing and administrative expenses with respect to a Loan, (iii) the Servicer’s right to receive compensation for its services hereunder or with respect to any particular transaction, (iv) the ownership by the Servicer or any Investment Affiliate thereof of any Loans, (v) the ownership, servicing or management for others by the Servicer of any other loans or property by the Servicer, or (vi) any relationship that the Servicer or any Investment Affiliate of the Servicer may have with any holder of other loans of the Obligor with respect to such Loans.

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Servicer Standard. The servicer standard of care set forth on Schedule III.

Servicer Standard means, with respect to any Collateral Obligations, to service and administer such Collateral Obligations in accordance with Applicable Law, the terms of this Agreement, the Underlying Instruments, all customary and usual servicing practices for loans like the Collateral Obligations and, to the extent consistent with the foregoing, the same care, skill, prudence and diligence with which the Servicer services and administers loans for its own account or for the account of others.

Examples of Servicer Standard in a sentence

• The Servicer agrees to maintain and update such Records consistent with the Servicer Standard of Performance.

• No later than 1:00 p.m. on each Determination Date, the Servicer shall deliver to the Trustee, the Paying Agent, the Company (if the Company is not the Servicer), Standard & Poor's and Fitch a "Monthly Report," substantially in the form of Exhibit N hereto.

• The Borrower agrees to maintain and update such Records consistent with the Servicer Standard of Performance.

• The Servicer may, in its discretion and consistent with the Servicer Standard and the applicable Underlying Instrument, foreclose upon or repossess, as applicable, or otherwise comparably convert the ownership of any Underlying Collateral relating to a Defaulted Loan as to which no satisfactory arrangements can be made for collection of delinquent payments.

• Each of the Loans was underwritten or acquired and is being serviced in conformance with the Servicer Standard and the standard underwriting, credit, collection, operating and reporting procedures and systems of the Servicer.

• The Servicer will comply with the Servicer Standard and all material provisions of Applicable Law in realizing upon such Underlying Collateral, and employ practices and procedures including reasonable efforts consistent with the Servicer Standard to enforce all obligations of Obligors foreclosing upon, repossessing and causing the sale of such Underlying Collateral at public or private sale in circumstances other than those described in the preceding sentence.

• The Borrower will not, except as otherwise permitted in the Servicing Agreement and in accordance with the Servicer Standard, extend, amend or otherwise modify the terms of any Loan (including the related Underlying Collateral), other than any Loan having an Adjusted Borrowing Value of zero.

• In addition to the duties and obligations set forth in the Servicing Agreement, the Borrower shall cause the Servicer to take or cause to be taken all such actions as may be necessary or advisable to service, administer and collect on the Collateral Portfolio from time to time, all in accordance with Applicable Law, the applicable Loan and its Underlying Instruments and the Servicer Standard.

• The Servicer has complied in all material respects with the Servicer Standard with regard to the servicing of the Loans.

• The Servicer shall manage, service, administer and make collections on the Collateral Obligations and perform the other actions required to be taken by the Servicer in accordance with the terms and provisions of this Agreement and the Servicer Standard.

More Definitions of Servicer Standard

Servicer Standard. The meaning specified in Section 6.2(e).

Servicer Standard means, with respect to any Collateral Obligations, to service and administer such Collateral Obligations in accordance with Applicable Law, the terms of this Agreement, the Underlying Instruments, all customary and usual servicing practices for loans like the Collateral Obligations and, to the extent consistent with the foregoing, the same care, skill, prudence and diligence with which the Servicer services and administers loans for its own account or for the account of others. “Significant Event” means any significant event in respect of the Facility or the Risk Retention Retained Interest such as: (a) a material breach of the obligations provided for in Transaction Documents, including any remedy, waiver or consent subsequently provided in relation to such a breach; (b) a change in the structural features that can materially impact the performance of this Facility; (c) a change in the risk characteristics of this Facility or of the Collateral Obligations that could materially impact the performance of this Facility; or (d) any material amendment to any Transaction Document. “Significant Event Report” means a written report of a Significant Event provided by the Designated Reporting Entity. “Similar Law” means any federal, state or local law, regulation or other legal constraint that is materially similar to the fiduciary and/or prohibited transaction provisions of Title I of ERISA or Section 4975 of the Code. “Sixth Amendment Effective Date” means August 1, 2025. “SOFR” means the secured overnight financing rate as administered by the SOFR Administrator. “SOFR Administrator” means the NYFRB (or a successor administrator of the secured overnight financing rate). “SOFR Administrator’s Website” means the SOFR Administrator’s, currently at h▇▇▇://▇▇▇.▇▇▇▇▇▇▇▇▇▇.▇▇▇, or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time. -65-

Servicer Standard means, with respect to any Collateral Obligations, to service and administer such Collateral Obligations on behalf of the Borrower in accordance with Applicable Law, the terms of this Agreement, the Underlying Instruments, with reasonable care (i) exercising the same care, skill, prudence and diligence with which the Servicer services and administers loans for its own account or for the account of others with respect to comparable assets and/or portfolios having similar investment objectives and restrictions and (ii) to the extent not inconsistent with clause (i) above, in accordance the Servicer’s customary standards, policies and procedures.