Responsibilities of Servicer Clause Examples
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 xx 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. 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. Lender shall ensure that any Servicer retained by Lender to service Loans funded under this Agreement shall:
Responsibilities of Servicer. Section 2.1. The Borrower hereby appoints and engages Servicer to provide the services described on Annex 1 hereto (the “Services”), pursuant to, and in accordance with, the terms and provisions of this Agreement, and Servicer hereby accepts such appointment and agrees to perform its covenants, duties, obligations and the Services on the terms and conditions set forth in this Agreement. Servicer will, for the benefit of the Borrower and so long as the Loan Agreement is in effect, the Administrative Agent and the Lenders, perform the Services in all cases subject to the Servicing Standard. Servicer shall also take such ancillary actions (even if not specifically set forth in Annex 1) as are reasonably necessary to service the Pledged Policies in accordance with the Servicing Standard. Servicer and the Borrower agree that in the event the Borrower, or so long as the Loan Agreement is in effect, the Administrative Agent, requests Servicer perform additional work other than the Services and such ancillary actions, Servicer will decide in its reasonable discretion whether to perform such work. If Servicer reasonably declines to perform such work, such declination shall not constitute a default and may not serve as a reason for the termination of Servicer.
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.
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. 6 Section 3.02 Servicer Standard of Care . . . . . . . . . . . . . . . . . . . . . . . . 8 Section 3.03 Lockbox Account and Servicer Remittances . . . . . . . . . . . . . . . . 9 Section 3.04