Administration and Servicing of Managed Assets Sample Clauses

The 'Administration and Servicing of Managed Assets' clause defines the responsibilities and procedures for managing and maintaining assets held under an agreement. It typically outlines the duties of the party tasked with asset administration, such as collecting payments, performing maintenance, keeping records, and ensuring compliance with relevant laws or standards. This clause ensures that managed assets are properly cared for and that both parties understand who is accountable for their ongoing management, thereby reducing the risk of neglect or mismanagement.