Administration and Servicing of Loans and Contracts Clause Samples
The 'Administration and Servicing of Loans and Contracts' clause defines the responsibilities and procedures for managing and maintaining loans or contractual agreements throughout their term. It typically outlines who is responsible for collecting payments, maintaining records, handling communications with borrowers or counterparties, and addressing any issues that arise during the life of the loan or contract. By clearly assigning these duties, the clause ensures that all parties understand their roles, promotes efficient management, and helps prevent disputes related to the ongoing administration of the agreement.
Administration and Servicing of Loans and Contracts. 43 Section 4.01. Appointment; Duties of Servicer................................................. 43 Section 4.02. Collection and Application of Payments on the Loans and Contracts; Extensions and Amendments..................................... 45 Section 4.03. Realization Upon Contracts......................................................... 46 Section 4.04. [Reserved].................................................................................... 46 Section 4.05. Maintenance of Security Interests in Financed Vehicles............. 46 Section 4.06. Covenants of Servicer.................................................................. 47 Section 4.07. Payments of Security Interests in Financed Vehicles.................. 51 Section 4.08. Servicer Fee................................................................................. 52 Section 4.09. Servicer’s Certificate................................................................... 52 Section 4.10. Annual Statement as to Compliance; Notice of Default.............. 54 Section 4.11. Annual Independent Certified Public Accountants’ Report........ 55 Section 4.12. Access to Certain Documentation and Information Regarding Loans and Contracts.................................................................... 56 Section 4.13. Servicer Expenses........................................................................ 57 Section 4.14. Servicer Note to Resign as Servicer............................................ 57 Section 4.15. The Backup Servicer.................................................................... 57 Section 4.16. [Reserved].................................................................................... 58 Section 4.17. Obligations in Respect of the Servicer........................................ 58 Section 4.18. Dealer Collections Purchase........................................................ 58 ARTICLE V. TRUST ACCOUNTS; DISTRIBUTIONS; STATEMENTS TO CERTIFICATEHOLDERS AND NOTEHOLDERS........................... 59 Section 5.01. Establishment of Accounts of the Trust....................................... 59 Section 5.02. Collections; Allocation................................................................ 62 Section 5.03. Certain Reimbursements to the Servicer..................................... 63 Section 5.04. Additional Deposits..................................................................... 63 Section 5.05. Reserve Account....................................................
Administration and Servicing of Loans and Contracts