Primary Servicer Responsibilities Clause Samples

The Primary Servicer Responsibilities clause defines the main duties and obligations of the party designated as the primary servicer in a financial or loan servicing agreement. This typically includes tasks such as collecting payments from borrowers, maintaining accurate records, managing escrow accounts, and communicating with both borrowers and the lender. By clearly outlining these responsibilities, the clause ensures that all parties understand the scope of the servicer’s role, thereby promoting accountability and reducing the risk of disputes over service expectations.
Primary Servicer Responsibilities. Each Primary Servicer will be responsible, on behalf of and for the benefit of each Trust for which the Primary Servicer services Mortgage Loans, to service the related Mortgage Loans pursuant to Accepted Servicing Practices, which responsibilities may include the following: (a) service the related Mortgage Loans in accordance with Sections 5.2 through 5.11, including without limitation: (i) collect payments on the Mortgage Loans as provided in Section 5.3 and deposit payments of principal and interest on those Mortgage Loans as provided in Section 6.1; (ii) make any Servicing Advances required by its Servicing Contract; (iii) waive, forbear and modify provisions of the Mortgage Loans to the extent provided in Subsection 5.3(3); (iv) process releases, additions and substitutions of Mortgaged Property, Defeasance Securities or Supplemental Collateral, including in connection with Defeasance; (v) enforce Due-on-Transfer Provisions as and to the extent provided in Section 5.8, subject to the exceptions in Subsection 5.8(2) and Section 5.9; and (vi) foreclose or otherwise realize upon defaulted Mortgage Loans as provided in Section 5.10. (b) retain possession of Supplemental Collateral, guaranty contracts and other security for the Mortgage Loans; (c) pay all expenses incurred by it in connection with its servicing activities with respect to the Mortgage Loans; (d) pay the Guaranty Fee to the Guarantor; and (e) establish and maintain Custodial Accounts as provided in Section 6.1. If and to the extent that the Special Servicer or Subservicer servicing a Mortgage Loan or REO Property is different from the Primary Servicer, the servicing duties described in this Subsection 5.1(3) that are assigned to that Special Servicer or Subservicer in the Servicing Contract will be performed by the Special Servicer or Subservicer, as applicable. Primary servicing will be performed by Primary Servicers engaged by contract with the Master Servicer or by Subservicers engaged by contract between a Subservicer and a Primary Servicer or the Master Servicer. If a Primary Servicer is terminated or resigns before a replacement Primary Servicer can be engaged, the Master Servicer may engage (or act as) Primary Servicer to perform such services.
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Primary Servicer Responsibilities. Each Primary Servicer will be responsible, on behalf of and for the benefit of each Trust for which the Primary Servicer services Mortgage Loans, to service the related Mortgage Loans pursuant to Accepted Servicing Practices.‌ If and to the extent that the Special Servicer or Subservicer servicing a Mortgage Loan or REO Property is different from the Primary Servicer, the servicing duties described in this Subsection 5.1(3) that are assigned to that Special Servicer or Subservicer in the Servicing Contract will be performed by the Special Servicer or Subservicer, as applicable. Primary servicing will be performed by Primary Servicers engaged by contract with the Master Servicer or by Subservicers engaged by contract between a Subservicer and a Primary Servicer or the Master Servicer. If a Primary Servicer is terminated or resigns before a replacement Primary Servicer can be engaged, the Master Servicer may engage (or act as) Primary Servicer to perform such services.
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Primary Servicer Responsibilities. Each Guarantor shall be responsible for the following administration and servicing obligations which shall be performed by Borrower on behalf of the Guarantors until such time as the Lender shall exercise its rights under Section 8.11(a):
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Related to Primary Servicer Responsibilities

  • Provider Responsibilities The Private Child-Caring Facility (PCC) (a.k.a., Provider) must comply with the following requirements:

  • Buyer Responsibilities Buyer will: (a) promptly perform its obligations identified in the applicable Proposal or Order; (b) promptly provide all information reasonably required or useful for performance of the Service, including completion of the Order, prior to commencement of the Services; (c) designate a business contact and a technical contact to coordinate Buyer’s personnel and act as a liaison; (d) seek all consents and permits and provide all notices required in connection with the completion of the Services; and (e) provide Honeywell with prompt access to Buyer’s systems and premises as set forth in Section 12(c) (Working Hours for Services) to the extent necessary during the performance of the Services. If Buyer fails to perform any of Buyer’s obligations, Honeywell will: (i) be excused from failure to perform any of Honeywell’s affected obligations under this Agreement; (ii) be entitled to a reasonable extension of time, and a reasonable reimbursement of additional costs or fees incurred as a result of the same; and (iii) not be responsible for any liability arising from such failure. Honeywell is not responsible or liable for any problems, unavailability, delay or security incidents arising from or related to: (A) conditions or events reasonably outside of Honeywell’s control; (B) cyberattack; (C) public internet and communications networks; (D) data, software, hardware, services, telecommunications, infrastructure or networking equipment not provided by Honeywell, or acts or omissions of third parties Buyer retains; (E) Buyer’s and/or Buyer’s users’ negligence or failure to use the latest version or follow Documentation; (F) modifications or alterations not made by Honeywell; (G) loss or corruption of data; (H) unauthorized access via Buyer’s credentials; or (I) Buyer’s failure to use commercially reasonable administrative, physical and technical safeguards to protect Buyer’s systems or data or follow industry-standard security practices.

  • Engineer Responsibilities No subcontract relieves the Engineer of any responsibilities under this contract.

  • Owner Responsibilities The project owner or the engineer or architect of record acting as the owner’s agent shall fund special inspection services.

  • User Responsibilities i. Users are required to follow good security practices in the selection and use of passwords; ii. Users shall ensure that unattended equipment is protected; and iii. Users shall adopt a clear desk policy for papers and removable storage media and a clear screen policy for information processing facilities.