Commencement of Servicing Responsibilities Clause Samples

The 'Commencement of Servicing Responsibilities' clause defines the exact point at which a party becomes obligated to begin performing servicing duties under an agreement. Typically, this clause specifies a start date or a triggering event, such as the closing of a transaction or the transfer of assets, after which the servicing party must assume all related responsibilities. By clearly establishing when servicing obligations begin, this clause ensures both parties understand their roles and helps prevent disputes over the timing of performance.
Commencement of Servicing Responsibilities. On each Closing Date, the Owner shall appoint the Servicer to perform, and the Servicer shall assume and accept such appointment for, all servicing responsibilities for the related Mortgage Loans on the related Mortgage Loan Schedule. Prior to each Closing Date, the Servicer shall have serviced the related Mortgage Loans in accordance with Accepted Servicing Practices from the date of origination of the related Mortgage Loans to the related Closing Date.
Commencement of Servicing Responsibilities. In accordance with the terms and conditions set forth in this Agreement, the Servicer shall service the Mortgage Loans for and on behalf of the Owner from and after the Commencement Date for each Mortgage Loan. By selling each Mortgage Loan to the Purchaser under the Loan Purchase Agreement, the Servicer shall be deemed to agree to service the related Mortgage Loans for and on behalf of the Owner in accordance with the terms and conditions set forth in this Agreement and in such confirmation. Effective upon the Commencement Date for each Mortgage Loan, the Owner hereby appoints the Servicer to perform, and the Servicer hereby assumes and accepts such appointment for, all servicing responsibilities for the Mortgage Loans. On or prior to the initial Commencement Date hereunder, the Servicer shall provide to the Owner: (i) an Officer's Certificate of the Servicer, in the form of Exhibit E hereto, including all attachments thereto, and (ii) an opinion of counsel to the Servicer in the form of Exhibit F hereto.
Commencement of Servicing Responsibilities. On each Transfer Date, the Owner shall appoint the Servicer to perform, and the Servicer shall assume and accept such appointment for, all servicing responsibilities for the related Mortgage Loans on the related Mortgage Loan Schedule. The engagement of the Servicer to perform the servicing responsibilities hereunder is not mandatory and is expressly conditioned upon the acquisition of the related Mortgage Loans by the Owner, the election of the Owner respecting the engagement of the Servicer to perform the related servicing responsibilities and the election, in the manner hereinafter set forth, of the Servicer to accept such transfer. Upon the Owner's determination in its sole discretion to engage the Servicer to perform the servicing responsibilities with respect to Conventional Loans, FHA Loans and/or VA Loans pursuant to the terms of this Agreement, the Owner shall execute a Confirmation Agreement in the form attached as Exhibit B-2 hereto, and deliver the same to the Servicer. The Owner shall notify the Servicer by telephone of its determination to transfer such servicing responsibilities to the Servicer and shall deliver the Confirmation Agreement to the Servicer within 2 Business Days of such verbal notification. The Servicer may elect to accept or reject on an all or nothing basis such engagement to perform the servicing responsibilities with respect to the additional Conventional Loans, FHA Loans and/or VA Loans by either (i) in the case of an acceptance, executing the Confirmation Agreement and delivering the same to the Owner in accordance with Section 10.06 within 5 Business Days of receipt of such Confirmation Agreement, or (ii) in the case of a rejection, by written notification thereof delivered to the Owner in accordance with Section 10.06 within 5 Business Days of receipt of such Confirmation Agreement.
Commencement of Servicing Responsibilities. On the Closing Date, the Servicer shall assume all servicing responsibilities hereunder with respect to the Mortgage Loans.
Commencement of Servicing Responsibilities. As of the date hereof, the Servicer shall assume all servicing responsibilities hereunder with respect to the Mortgage Notes.
Commencement of Servicing Responsibilities. With respect to each Mortgage Loan, prior to each Transfer Date, the Owner shall notify the Servicer and the Custodian of the related Transfer Date by delivering an Acknowledgment Agreement to the Servicer and the Custodian for execution. Subject to the Servicer's and the Custodian's execution of the Acknowledgment Agreement and the receipt of the related Servicer Mortgage File by the Servicer, the Servicer shall perform the servicing responsibilities as provided herein and as set forth in the related Acknowledgment Agreement relating to such Mortgage Loan. The Servicer shall have no obligation to accept a prospective mortgage loan for servicing hereunder in the event that in its reasonable discretion it determines that the terms upon which it would be required to service such mortgage loan are unacceptable. The Servicer shall promptly communicate any determination that it will not accept a mortgage loan for servicing to the Owner and NationsBank.
Commencement of Servicing Responsibilities. Section 2.03. The Servicer to Act as Servicer Section 2.04. Collection of Mortgage Note Payments Section 2.05. Foreclosure Section 2.06. Sub-Servicing Agreements Section 2.07. Maintenance of Hazard Insurance Section 2.08. Maintenance of PMI Policy Section 2.09. Fidelity Bond and Errors and Omissions Insurance Section 2.10. Establishment of and Deposits to Collection Account Section 2.11. Permitted Withdrawals from Collection Account Section 2.12. Establishment of and Deposits to Escrow Account Section 2.13. Permitted Withdrawals from Escrow Section 2.14. Maintenance of FHA Mortgage Insurance and VA Guaranty Section 2.15. Notification of Adjustments Section 2.16. Completion and Recordation of Assignment of Mortgage and FHA and VA Change Notices Section 2.17. Protection of Accounts; Eligible Investments Section 2.18. Custodial Agreement Section 2.19. Servicing Compensation Section 2.20. Withdrawals and Substitutions of Mortgage Notes ARTICLE III REMITTANCES AND REPORTING BY THE SERVICER Section 3.01. Remittances to Trustee Section 3.02. Reporting by the Servicer Section 3.03. Annual Certificate Section 3.04. Annual Accountants' Report ARTICLE IV
Commencement of Servicing Responsibilities. 14 2.04 Owner Covenants Regarding Transfer of Servicing .. 14
Commencement of Servicing Responsibilities. On or prior to each Transfer Date, the Owner shall notify the Servicer of the related Transfer Date by delivering an Acknowledgment Agreement to the Servicer. Notwithstanding anything herein or in the Acknowledgment Agreement to the contrary, subject to the Servicer's execution of the Acknowledgment Agreement, the obligation of the Servicer to perform the servicing responsibilities of the Mortgage Loans on and after each related Transfer Date is mandatory. The Servicer promptly shall notify the Owner if any such Servicing File does not contain any document necessary for the Servicer to perform its duties hereunder with respect to any Mortgage Loan, and the Owner shall use its Best Efforts to cause such document to be delivered promptly to the Servicer.

Related to Commencement of Servicing Responsibilities

  • Sellers Engagement of Servicer to Perform Servicing Responsibilities Section 2.01. Contract for Servicing; Possession of Servicing Files. The Seller, by execution and delivery of this Agreement, does hereby contract with the Servicer as the owner of the servicing rights, subject to the terms of this Agreement, for the servicing of the Mortgage Loans. The Servicer shall maintain a Servicing File with respect to each Mortgage Loan in order to service such Mortgage Loans pursuant to this Agreement and each Servicing File delivered to the Servicer shall be held in trust by the Servicer for the benefit of the Trustee; provided, however, that the Servicer shall have no liability for any Servicing Files (or portions thereof) not delivered by the Seller. The Servicer’s possession of any portion of the Mortgage Loan documents shall be at the will of the Trustee for the sole purpose of facilitating servicing of the related Mortgage Loan pursuant to this Agreement, and such retention and possession by the Servicer shall be in a custodial capacity only. The ownership of each Mortgage Note, Mortgage, and the contents of the Servicing File shall be vested in the Trustee and the ownership of all records and documents with respect to the related Mortgage Loan prepared by or which come into the possession of the Servicer shall immediately vest in the Trustee and shall be retained and maintained, in trust, by the Servicer at the will of the Trustee in such custodial capacity only. The Servicing File retained by the Servicer pursuant to this Agreement shall be identified in accordance with the Servicer’s file tracking system to reflect the ownership of the related Mortgage Loan by the Trustee. The Servicer shall release from its custody the contents of any Servicing File retained by it only in accordance with this Agreement.

  • Commencement of Services The Consultant shall begin carrying out the Services from the Effective Date or from such other Date specified in the SC.

  • Acknowledgement of Services and Responsibility of the Manager The Resident acknowledges that neither the Manager nor the Institution stands in loco parentis with respect to the Resident. The Residence provides living accommodations for independent students who are to be responsible and accountable for their personal needs and their interactions with their fellow residents as opposed to residential care. The Manager is responsible for the maintenance and operation of the residence. The Manager, in consultation with the Institution, may from time to time, in its sole and unfettered discretion, establish and/or amend policies, protocols and guidelines to uphold and ensure compliance with the standards set forth by the Manager, all of which will constitute part of the Residence Community Living Standards or Institution Code of Conduct, as appropriate. The Resident hereby acknowledges and agrees that they are solely responsible for their compliance with / review of such policies, protocols and guidelines (as may be created, amended, revised or restated by the Manager) found at ▇▇▇.▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇.

  • Monitoring Responsibilities The Custodian shall furnish annually to the Fund, during the month of June, information concerning the foreign sub-custodians employed by the Custodian. Such information shall be similar in kind and scope to that furnished to the Fund in connection with the initial approval of this Contract. In addition, the Custodian will promptly inform the Fund in the event that the Custodian learns of a material adverse change in the financial condition of a foreign sub-custodian or any material loss of the assets of the Fund or in the case of any foreign sub-custodian not the subject of an exemptive order from the Securities and Exchange Commission is notified by such foreign sub-custodian that there appears to be a substantial likelihood that its shareholders' equity will decline below $200 million (U.S. dollars or the equivalent thereof) or that its shareholders' equity has declined below $200 million (in each case computed in accordance with generally accepted U.S. accounting principles).

  • Responsibilities of Contractor A. The Contractor shall perform all work on the described project as required by the Contract documents. The work to be performed includes the labor and services necessary to produce such replacement, and all materials, supplies, tools, transportation, equipment, and machinery required for replacement. B. This project bid includes all materials, labor and equipment to complete the reconstruction and resurfacing of streets as outlined in the Project Manual for WWREYN - ▇▇▇▇▇▇▇▇ SANITARY SEWER - PHASE 1 dated March 25th, 2021 as outlined in Attachment A.