Responsibilities of Servicer Sample Clauses
The "Responsibilities of Servicer" clause defines the duties and obligations that the servicer must fulfill under the agreement. Typically, this includes managing accounts, collecting payments, maintaining records, and communicating with relevant parties on behalf of the principal. For example, the servicer may be required to ensure timely remittance of funds and provide regular reporting. This clause ensures that both parties have a clear understanding of the servicer's role, thereby promoting accountability and minimizing disputes over performance expectations.
Responsibilities of Servicer. (a) The Servicer, for the benefit of the Noteholders, shall be responsible for, and shall, in accordance with its customary practices,
(b) The Servicer shall conduct any Contract management, servicing, administration, collection or enforcement actions in the following manner:
(i) The Servicer, as agent for and on behalf of the Issuer, with respect to any Defaulted Contract shall follow such practices and procedures as are normal and consistent with the Servicer's standards and procedures relating to its own contracts, receivables and vacation credits that are similar to the Contracts, Receivables and the Credits, including without limitation, the taking of appropriate actions to foreclose or otherwise liquidate any such Defaulted Contract, together with the related Credits, to collect any Guaranty Amounts, and to enforce the Issuer's rights in or under the Sale Agreement and the Receivables Purchase Agreement. The Servicer shall continue its customary practice of applying payments on Defaulted Contracts and Delinquent Contracts first to delinquent interest, then to interest and then to principal. All Recoveries or Residual Proceeds in respect of any such Receivable and the related Credits received by the Servicer or the Subservicer shall be deposited in the Clearing Account pursuant to Section 3.03(a);
(ii) The Servicer may sue ▇▇ enforce or collect upon Contracts as agent for the Trustee. If the Servicer elects to commence a legal proceeding to enforce a Contract, the act of commencement shall be deemed to be an automatic assignment of the Contract to the Servicer for purposes of collection only. If, however, in any enforcement suit or legal proceeding it is held that the Servicer may not enforce a Contract on the ground that it is not a real party in interest or a holder entitled to enforce the Contract, then the Trustee shall, at the Servicer's request and expense, take such steps as the Servicer deems necessary and instructs the Trustee in writing to take to enforce the Contract, including bringing suit in its name or the name of the Issuer or the names of the Noteholders, and the Trustee shall be indemnified by the Servicer for any such action taken;
(iii) The Servicer shall exercise any rights of recourse against third parties that exist with respect to any Contract in accordance with the Servicer's usual practice and applicable law. In exercising recourse rights, the Servicer is authorized on the Trustee's behalf to reassign the Contract to the pers...
Responsibilities of Servicer. Anything herein to the contrary notwithstanding:
Responsibilities of Servicer. (a) The Issuer hereby appoints the Servicer, for the benefit of the Issuer, the Note Insurer and the Noteholders, to act as Servicer of the Contract Assets and, as such, the Servicer shall be responsible for, and shall, in accordance with its customary servicing procedures and Section 3.02 hereof, manage, service, administer, enforce and make collections on the Contracts, the Equipment, the Receivables and any Insurance Policies, defend the Indenture Trustee's security interest in the Contracts, Receivables and Equipment and other Collateral Granted pursuant to the Indenture against adverse claims, and sell or re-lease the Equipment upon the expiration or other termination of the related Contract (or repossession thereof without termination), each in accordance with the standards and procedures set forth in this Agreement and any related provisions of the Indenture and Contract Acquisition Agreement. The Servicer's responsibilities shall include monitoring and posting of all payments, responding to inquiries of Customers, investigating delinquencies, accounting for collections and furnishing monthly and annual statements to the Back-up Servicer, the Indenture Trustee, the Note Insurer, the Rating Agencies and the Noteholders with respect to the Receivables, making Servicer Advances, providing appropriate federal income tax information to the Indenture Trustee for use in providing information to the Noteholders or the Note Insurer, collecting and remitting sales and property taxes to taxing authorities, and maintaining the perfected security interest of the Indenture Trustee in the Trust Estate. The Servicer (at its expense) shall have full power and authority, acting at its sole discretion, to do any and all things in connection with such managing, servicing, administration, enforcement and collection and such sale of the Equipment that it may deem necessary or desirable, including the prudent delegation of such responsibilities. Without limiting the generality of the foregoing, the Servicer shall, and is hereby authorized and empowered by the Indenture Trustee, subject to Section 3.02 hereof, to execute and deliver (on behalf of itself, the Noteholders, the Indenture Trustee or any of them) any and all instruments of satisfaction or cancellation, or of partial or full release or discharge, and all other comparable instruments, with respect to the Contracts and any files or documentation pertaining to the Contract Assets. The Servicer also may, in its sole...
Responsibilities of Servicer. 6 Section 3.02. Standard of Care............................ 9 Section 3.03. Clearing Account, ACH Payments and Servicer Remittances................................. 9 Section 3.04. Property Management......................... 10 Section 3.05.
Responsibilities of Servicer. Servicer shall have no duties, obligations or responsibilities other than those specifically expressed and set forth herein, and no implied obligations of Servicer shall be read into this Agreement.
Responsibilities of Servicer. Lender shall ensure that any Servicer retained by Lender to service Loans funded under this Agreement shall:
A. Promptly upon receipt of the electronic or paper data for a Loan that CFS provides under Section 4.D, perform the actions necessary to prepare such Loans for loading to Servicer's system.
B. Promptly upon receipt of each Borrower File, undertake its obligation with respect to such file and review the Borrower File for each Loan to confirm that each Borrower File is complete, including without limitation that:
(1) the LCVC is present and signed by a representative of the owner of the loans being consolidated, or by an agent representing the owner and authorized to execute the LCVC on behalf of the owner.
(2) the Application and Consolidation Loan Note are present and signed by the Borrower (but the Servicer shall have no obligation to verify that the signature on the Application or Consolidation Loan Note is the actual signature of the Borrower).
C. Disburse funds from the Funding Account (as defined in Section 7 of this Agreement) in accordance with the provisions of this Section 6.
Responsibilities of Servicer. The Servicer shall not have any duties, obligations or responsibilities other than those specifically expressed and set forth herein and no implied obligations of the Servicer shall be read into this Servicing Agreement. Neither the Servicer nor any of its respective directors, officers, agents or employees shall be liable to any person, including, without limitation, the Owner Trustee, the Note Insurer, the Indenture Trustee or the Noteholders in connection with this Servicing Agreement, except for the breach of any of its representations and warranties or obligations under this Servicing Agreement or for the negligence, bad faith or willful misconduct of the Servicer, or any of its respective officers, directors, agents or employees.
Responsibilities of Servicer. Lender shall ensure that any Servicer retained by Lender to service Loans funded under this Agreement shall:
Responsibilities of Servicer. 6 Section 3.02 Servicer Standard of Care . . . . . . . . . . . . . . . . . . . . . . . . 8 Section 3.03 Lockbox Account and Servicer Remittances . . . . . . . . . . . . . . . . 9 Section 3.04
Responsibilities of Servicer. The exercise by Owner of its rights hereunder shall not release Servicer from any of its duties or responsibilities with respect to the Alarm Accounts. Owner shall have no obligation or liability (except to pay the Servicing Fees) with respect to the Alarm Accounts and shall not be obligated to perform the obligations of Servicer with respect to the Alarm Accounts.