Responsibilities of the Servicer Clause Samples

The "Responsibilities of the Servicer" clause defines the specific duties and obligations that the servicer must perform under the agreement. Typically, this includes tasks such as collecting payments, managing accounts, maintaining records, and communicating with borrowers or other relevant parties. By clearly outlining these responsibilities, the clause ensures that both parties understand the servicer’s role and helps prevent disputes or misunderstandings regarding the scope of the servicer’s work.
Responsibilities of the Servicer. (a) Anything herein to the contrary notwithstanding, the Servicer shall (or shall cause the applicable Originator to): (i) perform all of its obligations, if any, under the Contracts related to the Pool Receivables to the same extent as if interests in such Pool Receivables had not been transferred to the Seller or the Purchasers hereunder, and the exercise by the Administrator, the Purchaser Agents or the Purchasers of their respective rights hereunder shall not relieve the Servicer from such obligations; and (ii) pay out of Collections or other cash owned by the Seller, on behalf of the Seller (or cause the Seller to pay) when due any taxes, energy surcharges and other governmental charges payable by the Seller, if any, in connection with any of the Pool Receivables or this Agreement. None of the Administrator, the Purchaser Agents and the Purchasers shall have any obligation or liability with respect to any Pool Asset, nor shall any of them be obligated to perform any of the obligations of the Seller, the Servicer or any Originator thereunder. (b) TXU hereby irrevocably agrees that if at any time it shall cease to be the Servicer hereunder, it shall act (if the then-current Servicer so requests) as the data-processing agent of the then-current Servicer and, in such capacity, TXU shall conduct the data-processing functions of the administration of the Pool Receivables and the Collections thereon in substantially the same way that TXU conducted such data-processing functions while it acted as the Servicer. So long as it is acting as the Servicer, as consideration for performing such services, the Servicer shall be entitled to a portion of the Servicing Fee equal to the portion of the servicing duties that TXU continues to perform.
View SourceView Similar (15)
Responsibilities of the Servicer. Anything herein to the contrary notwithstanding:
View SourceView Similar (13)
Responsibilities of the Servicer. The Servicer shall not have any duties, obligations or responsibilities other than those specifically expressed and set forth herein and no implied obligations of the Servicer shall be read into this Servicing Agreement. Neither the Servicer nor any of its respective directors, officers, agents or employees shall be liable to any person, including, without limitation, the Owner Trustee, the Note Insurer, the Indenture Trustee or the Noteholders in connection with this Servicing Agreement, except for the breach of any of its representations and warranties or obligations under this Servicing Agreement or for the negligence, bad faith or willful misconduct of the Servicer, or any of its respective officers, directors, agents or employees.
View SourceView Similar (5)
Responsibilities of the Servicer. Any Servicer retained by Lender to service Loans funded under this Agreement from time-to-time shall: A. Promptly upon receipt of the electronic or paper data for a Loan CFS provides under Section 4.A., perform the actions necessary to prepare such Loans for loading to the Servicer's system and authorize disbursement by the Lender. The funding authorization shall be in a form acceptable to the Lender and will be faxed by the Servicer to the Lender (with the original to be forwarded later) at least 60 minutes prior to the latest time the Lender may initiate its electronic funding transaction, provided that: (1) The data provided electronically by CFS contains no errors or problems which cause undue or unexpected delays; (2) CFS has given Servicer and Lender sufficient prior notice of new payees to whom funds must be disbursed;
View SourceView Similar (3)
Responsibilities of the Servicer. (a) The Servicer, for the benefit of the Depositor, the Trustee and the Certificateholders, shall be responsible for, and shall perform, in accordance with the Servicing Guidelines the duties of reporting and collecting on the Loans, in accordance with the standards and procedures set forth in this Agreement and any related provisions of the Trust Agreement and the Loan Acquisition Agreement. The Servicer's responsibilities shall include sending monthly billing and periodic reporting notices to the Obligors, collecting and posting all payments, accounting for collections, furnishing monthly and annual statements to the Special Servicer, the Servicing Advisor, the Trustee, the Rating Agency, the Certificateholders and the Certificateholder Agent with respect to payments and maintaining the perfected security interest of the Trustee in the Trust Estate. The Servicer (at its expense), acting alone, shall have full power and authority, acting at its sole discretion, to do any and all things in connection with such reporting and collection that it may deem necessary or desirable. Without limiting the generality of the foregoing, the Servicer shall, and is hereby authorized and empowered by the Trustee, subject to Section 3.04, to execute and deliver (on behalf of itself, the Certificateholders, the Certificateholder Agent, the Trustee or any of them) any and all instruments necessary to the performance of its obligations with respect to the Loans and any files or documentation pertaining to the Loan Assets (including the Loan Files). Subject to Section 3.04, the Servicer also may, in its sole discretion, waive any late payment charge or penalty, or any other fees that may be payable to it in the ordinary course of servicing any Loan. Notwithstanding the foregoing, the Servicer shall not, except pursuant to a judicial order from a court of competent jurisdiction, or as otherwise expressly provided in this Agreement, release or waive the right to collect the Scheduled Payments or any unpaid balance on any Loan or any prepayment or assumption fees. The Trustee shall, at the expense of the Servicer, furnish the Servicer with any powers of attorney and other documents necessary or appropriate to enable the Servicer to carry out its duties hereunder, and the Trustee shall not be responsible for the Servicer's application thereof. (b) The Servicer shall cooperate with and take directions from the Special Servicer in connection with the Loans, including any Delinquent ...
View SourceView Similar (2)
Responsibilities of the Servicer. Any Servicer retained by Bank to serve the parties under this Agreement from time-to-time shall: A. Promptly upon receipt of the electronic or paper data for a Loan CFS provides under Section 4.A., perform the actions necessary to prepare such Loans for loading to the Servicer's system and authorize disbursement by the Bank. The funding authorization shall be in a form acceptable to the Bank and will be faxed by the Servicer to the Bank (with the original to be forwarded later) at least [30 minutes] prior to the latest time the Bank may initiate its electronic funding transaction, provided that: (1) The data provided electronically by CFS contains no errors or problems which cause undue or unexpected delays;
View SourceView Similar (2)
Responsibilities of the Servicer. Any Servicer retained by Lender to service Loans funded under this Agreement from time-to-time shall: A. Promptly upon receipt of the electronic or paper data for a Loan CFS provides under Section 4.A., perform the actions necessary to prepare such Loans for loading to the Servicer's system and authorize disbursement by the Lender. The funding authorization shall be in a form acceptable to the Lender and will be faxed by the Servicer to the Lender (with the original to be forwarded later) at least 30 minutes prior to the latest time the Lender may initiate its electronic funding transaction, provided that: (1) The data provided electronically by CFS contains no errors or problems that cause undue or unexpected delays; (2) CFS has given Servicer at least 15 days prior written notice of additional Guarantors or one day's prior written notice to Servicer via fax or other electronic transmission of other payees to whom funds must be disbursed; and (3) CFS has given at least two days notice of any significant increase in either the number of Loans or the number of disbursements to be processed or of any other special circumstance that could cause delay. B. The Servicer shall, promptly upon receipt of each file, undertake its obligation with respect to such files and begin reviewing the file for each Loan to confirm the following: (1) the original LCVC or an imaged copy of the LCVC is present and signed by a representative of the owner of the Loans being consolidated, or by any agent representing the owner and authorized to execute the LCVC on behalf of the owner. (2) Application/Promissory Note is present and signed by the Borrower. The Servicer shall have no obligation to verify the actual signature of the Borrower. C. Servicer shall, upon funding, convert the Loans to its servicing system and commence repayment servicing. D. Servicer shall immediately inform the Lender and CFS in writing of any Loan determined to be uninsured as a result of actions or failure to act by CFS or any other party. E. Servicer's obligations under this Section 6 shall be in addition to and not in lieu of its obligations under any servicing agreement and custodian agreement between the Servicer and the Lender. This Agreement shall in no way limit Servicer's obligations under any servicing agreement or custody agreement. F. Servicer will process any required LCVC and follow-up with current holders to complete any additional loan(s) for the Borrower for Borrower requests to add eligibl...
View SourceView Similar (2)
Responsibilities of the Servicer. Anything herein to the contrary notwithstanding: (a) The Servicer shall perform its obligations under the Contracts related to the Purchased Receivables to the same extent as if Purchased Receivables had not been sold and the exercise by the Administrative Agent and by the Purchaser of their rights hereunder shall not release the Servicer or the Seller from any of their duties or obligations with respect to any Purchased Receivables or under the related Contracts; and (b) Neither the Administrative Agent, FSA nor the Purchaser shall have any obligation or liability with respect to any Purchased Receivables or related Contracts, nor shall any of them be obligated to perform the obligations of the Seller or the Servicer thereunder.
View SourceView Similar (2)
Responsibilities of the Servicer. The Servicer:
View Source

Related to Responsibilities of the Servicer

  • Duties of the Servicer The Servicer is hereby authorized to act as agent for the Trust and in such capacity shall manage, service, administer and make collections on the Receivables, and perform the other actions required by the Servicer under this Agreement. The Servicer agrees that its servicing of the Receivables shall be carried out in accordance with customary and usual procedures of institutions which service motor vehicle retail installment sale contracts or promissory notes and, to the extent more exacting, the degree of skill and attention that the Servicer exercises from time to time with respect to all comparable motor vehicle receivables that it services for itself or others. In performing such duties, so long as GM Financial is the Servicer, it shall substantially comply with the Servicing Policies and Procedures. The Servicer’s duties shall include, without limitation, collecting and posting all payments, responding to inquiries of Obligors on the Receivables, investigating delinquencies, sending payment invoices to Obligors, reporting any required tax information to Obligors, monitoring the Collateral, accounting for collections and furnishing monthly and annual statements to the Trust Collateral Agent and the Trustee with respect to distributions, and performing the other duties specified herein. The Servicer, or if GM Financial is no longer the Servicer, GM Financial, at the request of the Servicer, shall also administer and enforce all rights and responsibilities of the holder of the Receivables provided for in the Dealer Agreements (and shall maintain possession of the Dealer Agreements, to the extent it is necessary to do so), the Dealer Assignments and the Insurance Policies, to the extent that such Dealer Agreements, Dealer Assignments and Insurance Policies relate to the Receivables, the Financed Vehicles or the Obligors. To the extent consistent with the standards, policies and procedures otherwise required hereby, the Servicer shall follow its customary standards, policies, and procedures and shall have full power and authority, acting alone, to do any and all things in connection with such managing, servicing, administration and collection that it may deem necessary or desirable. Without limiting the generality of the foregoing, the Servicer is hereby authorized and empowered by the Trust to execute and deliver, on behalf of the Trust, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge, and all other comparable instruments, with respect to the Receivables and with respect to the Financed Vehicles; provided, however, that notwithstanding the foregoing, the Servicer shall not, except pursuant to an order from a court of competent jurisdiction, release an Obligor from payment of any unpaid amount under any Receivable or waive the right to collect the unpaid balance of any Receivable from the Obligor, except in accordance with the Servicer’s customary practices. The Servicer is hereby authorized to commence, in its own name or in the name of the Trust, a legal proceeding to enforce a Receivable pursuant to Section 4.3 or to commence or participate in any other legal proceeding (including, without limitation, a bankruptcy proceeding) relating to or involving a Receivable, an Obligor or a Financed Vehicle. If the Servicer commences or participates in such a legal proceeding in its own name, the Trust shall thereupon be deemed to have automatically assigned such Receivable to the Servicer solely for purposes of commencing or participating in any such proceeding as a party or claimant, and the Servicer is authorized and empowered by the Trust to execute and deliver in the Servicer’s name any notices, demands, claims, complaints, responses, affidavits or other documents or instruments in connection with any such proceeding. The Trust Collateral Agent and the Owner Trustee shall furnish the Servicer with any limited powers of attorney and other documents which the Servicer may reasonably request and which the Servicer deems necessary or appropriate and take any other steps which the Servicer may deem necessary or appropriate to enable the Servicer to carry out its servicing and administrative duties under this Agreement. As set forth in Section 9.3, in the event the Servicer fails to perform its obligations hereunder, the successor Servicer shall be responsible for the Servicer’s duties in this Agreement as if it were the Servicer, provided that the successor Servicer shall not be liable for the Servicer’s breach of its obligations.