Interim Servicing Sample Clauses
The Interim Servicing clause defines the responsibilities and procedures for managing an asset, loan, or property during a transitional period before permanent servicing arrangements are established. Typically, this clause outlines who will handle day-to-day administration, collect payments, or address maintenance issues in the interim, and may specify the duration and compensation for these temporary services. Its core function is to ensure continuity and prevent lapses in management or oversight during the transition, thereby protecting the interests of all parties involved.
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Interim Servicing. (a) With respect to any Mortgage Loan as to which Servicing Rights are being sold and assigned by Seller to Purchaser under this Agreement, Seller shall perform the obligations related to such Servicing Rights during the related MLCC Interim Servicing Period in accordance with Applicable Requirements and with the same care, customer service and operating standards that Seller uses to service comparable mortgage loans for its own portfolio.
(b) Purchaser shall pay Seller the Base MLCC Interim Servicing Fee for each Mortgage Loan interim-serviced by Seller pursuant to this Agreement for each preceding calendar month or portion thereof during the related MLCC Interim Servicing Period (whether or not a collection is received on such Mortgage Loan). Seller shall be entitled to retain all ancillary income with respect thereto, and all net interest earnings, on the related Custodial Funds Account and Related Escrow Funds Account balances for the preceding calendar month (such income and earnings, together with the Base MLCC Interim Servicing Fee, the “MLCC Interim Servicing Compensation”). During the related MLCC Interim Servicing Period for each Mortgage Loan then being interim serviced by Seller, Seller shall (i) remit monthly to Purchaser, on each Remittance Date, all Servicing Fees (net of the MLCC Interim Servicing Compensation) actually received by Seller pursuant to this Agreement during the preceding calendar month and (ii) no later than the Business Day prior to such Remittance Date, provide Purchaser with a reconciliation of all Servicing Fees and all related reports. If the interest collected in any month on each Mortgage Loan and allocated to pay the Servicing Fee under the related Investor Agreements is insufficient to pay Seller the full amount of the related Base MLCC Interim Servicing Fee for such month, then Purchaser shall pay Seller the shortfall on the related Remittance Date.
(c) Subject to Section 4.03(d) hereof, Purchaser shall remain responsible for all Losses directly associated with the servicing of the Mortgage Loans, except for (i) all or any portion of such Losses resulting from the failure of Seller to comply with Applicable Requirements or otherwise perform or observe its obligations under this Agreement, for which Losses Seller shall remain responsible and (ii) any fact or circumstance in respect of which Purchaser is entitled to indemnification by Seller under this Agreement.
(d) Seller shall: (i) make prompt and proper applicatio...
Interim Servicing. During the period from the Effective Date through the termination of the Transition Services Agreement with respect to each service provided by the Company thereunder, the Company has agreed to continue to provide certain Policyholder services for the Policies and the Post-Closing Policies.
Interim Servicing. With respect to Mortgages or portfolios of Mortgages designated by Freddie Mac as being serviced by Seller/Servicer as Interim Servicer:
(i) Designated Custodian and Interim Servicer will comply in all respects with the terms of this Agreement except as explicitly amended by this Section 2(g);
(ii) with respect to each Note deposited with it that is serviced by an Interim Servicer, unless otherwise instructed by Freddie Mac in writing, Designated Custodian will perform the verifications specified in Guide Sections 2202.6 and 7101.9; and
(iii) notwithstanding the statements in Guide Section 2202.1 regarding payment by the Seller/Servicer, Designated Custodian will ▇▇▇▇ ▇▇▇▇▇▇▇ Mac for custodial services hereunder as set forth in Section 7(b).
Interim Servicing. With respect to Mortgages or portfolios of Mortgages designated by ▇▇▇▇▇▇▇ ▇▇▇ as being serviced by Seller/Servicer as Interim Servicer:
(i) Designated Custodian and Interim Servicer will comply in all respects with the terms of this Agreement except as explicitly amended by this Section 3(f);
(ii) With respect to each Note deposited with it that is serviced by an Interim Servicer, unless otherwise instructed by ▇▇▇▇▇▇▇ ▇▇▇ in writing, Designated Custodian will perform the verifications specified in Guide Sections 2202.6 and 7101.9; and
(iii) Notwithstanding the statements in Guide Section 2202.1 regarding payment by the Seller/Servicer, Designated Custodian will ▇▇▇▇ ▇▇▇▇▇▇▇ Mac for Interim Servicer’s custodial services hereunder as set forth in Section 3(g).
Interim Servicing. During the period (the "Interim Servicing Period") commencing on the Closing Date and ending on November 1, 2003, or such other date as the Seller and the Servicer shall agree upon (the "Transfer Date"), the Seller shall service the Mortgage Loans on behalf of the Purchaser in accordance with the Purchaser's Servicing Guide in effect on the Closing Date. As compensation for servicing the Mortgage Loans during the Interim Servicing Period, the Seller shall be entitled to receive a fee of $7.00 per Mortgage Loan for each full calendar month during the Interim Servicing Period. With respect to any partial month the Seller services the Mortgage Loans on behalf of the Purchaser, the Seller shall be entitled to receive a pro rata portion of the monthly interim servicing fee. On or prior to the Servicing Transfer Date, the Seller shall have made files for each Mortgage Loan, that consist at least of the documents listed on Schedule 4 attached hereto (with respect to each Mortgage Loan, a "Servicing File", and collectively, the "Servicing Files") and shall deliver such Servicing File to the Purchaser. In connection with any Form 10-K Certification, filed pursuant to the Pooling and Servicing Agreement during the Interim Servicing Period, the Seller shall provide the Servicer with a back-up certification substantially in the form attached hereto as Exhibit F.
Interim Servicing. At any time after the Bank Closing Date, the Receiver may establish on its books one or more asset pools and may transfer into those asset pools (by means of accounting entries on the books of the Receiver) all or any assets and liabilities of the Failed Bank that are not acquired by the Assuming Institution, including wholly unfunded Commitments, and assets and liabilities that may be acquired, funded or originated by the Receiver subsequent to the Bank Closing Date. The Receiver may remove assets (and liabilities) from or add assets (and liabilities) to those pools at any time in its discretion. At the option of the Receiver, the Assuming Institution will service, administer and collect those pool assets in accordance with, and for the term set forth in, Exhibit 4.13.
Interim Servicing. (a) During the Interim Servicing Period, at Owner’s request and direction as set forth in this Section 2.01, each Interim Servicer shall perform the Interim Services (as defined below) on the Serviced Loans and Bank shall perform the Bank Collection Services (as defined below) on the Serviced Loans, in each case pursuant to the terms of this Agreement and in accordance with the Servicing Standards, other than as expressly contemplated by Section 7.01 of the Seller Disclosure Schedule, the Purchase Agreement or this Agreement. “Servicing Standards” means acting (i) in compliance in all material respects with Applicable Requirements, (ii) in compliance in all material respects with the Pre-Enstar Credit Insurance Administrative Services Agreement or the Purchaser Credit Insurance Administrative Services Agreement, as applicable, and (iii) at a level substantially consistent with the level of skill, diligence, care and attention and branding that Interim Servicer or Bank has used and exercised with respect to the Serviced Loans, as applicable, in the three months immediately prior to the date of this Agreement. Notwithstanding the generality of the preceding sentence, (X) “Interim Services” means, (i) unless otherwise expressly provided herein, all services performed by each Interim Servicer in connection with servicing, administering and receiving collections on the Serviced Loans, including maintaining the Loan Files, in the three months immediately prior to the date of this Agreement and (ii) performing the administration, servicing, billing, receiving collections and reporting functions related to Credit Insurance that the Owner has agreed to perform under the Purchaser Credit Insurance Administrative Services Agreement, but in either case shall exclude any and all Bank Collection Services; and (Y) “Bank Collection Services” means, (i) unless otherwise expressly provided herein, all collection services performed by the Bank with respect to the Serviced Loans in the three months immediately prior to the date of this Agreement and (ii) performing all collection services related to Credit Insurance that Owner has agreed to perform under the Purchaser Credit Insurance Administrative Services Agreement, but in either case shall exclude any and all Interim Services. To the extent consistent with the foregoing direction, each Interim Servicer shall have full power and authority, acting alone, to do or cause to be done any and all things in connection with Interi...
Interim Servicing. For Mortgages or portfolios of Mortgages identified by Freddie Mac as serviced by Seller/Servicer under contract as Interim Servicer, Designated Custodian and Seller/Servicer will comply with the terms of this Agreement, provided that, Designated Custodian will bill Freddie Mac for the Services hereunder as set forth in Section 7(b).
Interim Servicing. With respect to each Mortgage Pool, during any related Interim Servicing Period, Seller shall service the related Mortgage Loans comprising such Mortgage Pool in accordance with Section 5.02 of this Agreement.
Interim Servicing. On or before the Closing Date, the Parties shall execute the Interim Servicing Agreement attached hereto as Exhibit 7. The Interim Servicing Agreement shall set for the rights and obligations of the parties regarding the servicing of the Mortgage Loans during the Interim Period.