Administration and Servicing Clause Samples
Administration and Servicing. OF MORTGAGE LOANS
Administration and Servicing of Receivables -------------------------------------------
Administration and Servicing. OF THE TRUST FUND
Administration and Servicing of Loans in Warehouse ---------------------------------------------------
(a) Originator To Act as Servicer. Originator shall service and administer ----------------------------- the Loans and shall have power and authority to do any and all things in connection with such servicing and administration which Originator may deem necessary or desirable and consistent with the terms of this Servicing Agreement and the Master Mortgage Loan Purchasing Agreement excepting the following:
(1) Originator may not waive, modify or vary any term of any Loan or consent to the postponement of strict compliance with any such term or in any manner grant indulgence to the Mortgagor without the prior consent of Purchaser.
(2) Originator may not permit any modification with respect to any Loan that would increase or decrease the Mortgage Interest Rate, defer or forgive the payment of any principal or interest, reduce the outstanding principal amount (except for actual payments of principal), or extend the final maturity date of such Loan. Without limiting the generality of the above, Originator shall continue, and is hereby authorized and empowered in accordance with this Servicing Agreement, to execute and deliver on behalf of Purchaser, all instruments of satisfaction or cancellation, or of partial or full release, discharge and all other comparable instruments, with respect to the Loan and with respect to the Mortgaged Property. If reasonably required by Originator, Purchaser shall furnish Originator with any powers of attorney and other documents necessary or appropriate to enable Originator to carry out its servicing and administrative duties under this Servicing Agreement. In servicing and administering the Loans, Originator shall employ procedures (including the collection procedures) and exercise the same care that it customarily employs and exercises in servicing and administering Loans for its own account giving due consideration to accepted mortgage servicing practices of prudent lending institutions and the Purchaser's reliance on Originator. The Loans may not be sub-serviced on behalf of Originator without written permission from the Purchaser.
Administration and Servicing. OF RECEIVABLES
Administration and Servicing. OF THE HOME LOANS
Section 4.01 Duties of the Servicer............................................ Section 4.02 Payment of Taxes, Insurance and Other Charges..................... Section 4.03 Fidelity Bond; Errors and Omissions Insurance..................... Section 4.04
Administration and Servicing. At and after the Effective Time, Reinsurer will provide or arrange for (including through receipt of services from Ceding Company for a transition period) all Administrative Services for the Business and supply to Ceding Company copies of accounting and other records pertaining to such services as Ceding Company may from time to time reasonably request. Such services will include but not be limited to the following:
(a) billing and collection of Premiums;
(b) payment of claims;
(c) payment of any refunds of Premiums;
(d) handling of normal Policyholder requests under the Reinsured Policies;
(e) preparation of monthly, quarterly and annual financial statement data, where applicable, for inclusion in Ceding Company's financial statements;
(f) administration of the Other Agreements;
(g) preparation, processing and filing of any agent appointments;
(h) underwriting and issuing of any New Policies on behalf of Ceding Company; and
(i) renewal of any Existing Policies or New Policies on behalf of Ceding Company. Reinsurer will perform all Administrative Services in a manner that is consistent with the terms of the Reinsured Policies and the Other Agreements (as the case may be), the current practice of reinsurance with respect to its business, and in a reasonable manner consistent with industry standards for the administration of dental, life, accident and health insurance and in accordance in all material respects with all applicable laws and regulations.
Administration and Servicing. OF MORTGAGE LOANS
Section 3.01 Master Servicer to Act as Servicer. (See Section 3.01 of the Standard Terms)
Section 3.02 Subservicing Agreements Between Master Servicer and Subservicers; Enforcement of Subservicers' and Sellers' Obligations. (See Section 3.02 of the Standard Terms)
Administration and Servicing. In administering and servicing the Loans, Vestin Mortgage shall act on behalf of the Assignors as to the Assignors' Participation Interest in the Loans and ▇▇▇▇▇ Financial shall act as agent for the Assignees with respect to the Assignees' Participation Interest in the Loans. Vestin Mortgage agrees to utilize its own facilities and equipment and its own employees and other persons authorized under the Loan Documents in the administering and servicing of the Loans, all without cost to the Assignees.