Common use of Responsibilities of the Servicer Clause in Contracts

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;

Responsibilities of the Servicer. Any Servicer retained by Lender to service Loans funded under this Agreement from time-to-time shall: A. U. 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 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 which that cause undue or unexpected delays; (2) CFS has given Servicer and Lender sufficient at least 15 days prior written notice of new 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.