Retention of Servicer Sample Clauses
The Retention of Servicer clause establishes the right of a party, typically a lender or trustee, to appoint and retain a servicer to manage and administer a pool of assets, such as loans or receivables, on their behalf. This clause outlines the terms under which the servicer is engaged, including their duties, compensation, and the standards they must meet. By clearly defining the servicer's role and the conditions of their retention, the clause ensures that asset management is handled efficiently and consistently, reducing operational risk and providing clarity for all parties involved.
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Retention of Servicer. Lender reserves the right to retain the Servicer to act as its agent hereunder with such powers as are specifically delegated to the Servicer by Lender, whether pursuant to the terms of this Agreement, any pooling and servicing agreement or similar agreement entered into as a result of a Securitization, the Cash Management Agreement or otherwise, together with such other powers as are reasonably incidental thereto. Borrower shall pay any reasonable fees and expenses of the Servicer in connection with a release of the Property, assumption or modification of the Loan, enforcement of the Loan Documents or any other action taken by Servicer hereunder on behalf of Lender.
Retention of Servicer. Lender reserves the right to retain the Servicer to act as its agent hereunder with such powers as are specifically delegated to the Servicer by Lender, whether pursuant to the terms of this Agreement, any pooling and servicing agreement or similar agreement entered into as a result of a Secondary Market Transaction, the Deposit Account Agreement or otherwise, together with such other powers as are reasonably incidental thereto. Borrower shall pay any reasonable fees and expenses of the Servicer (i) in connection with a release of the Property (or any portion thereof), (ii) from and after a transfer of the Loan to any “master servicer” or “special servicer” for any reason, including without limitation, as a result of a decline in the occupancy level of the Property, (iii) in connection with an assumption or modification of the Loan, (iv) in connection with the enforcement of the Loan Documents or (v) in connection with any other action or approval taken by Servicer hereunder on behalf of Lender.
Retention of Servicer. Effective as of the Closing Date, to the fullest extent permitted under applicable Law and under the Serviced Corporate Trust Contract related to each Serviced Appointment, (a) ▇▇▇▇▇ Bank hereby engages the Bank Assets Purchaser and (b) ▇▇▇▇▇ Trust Company hereby engages Delaware Trust Assets Purchaser (or the Bank Assets Purchaser, if required by Section 3.3), in each case, as Servicer to perform and discharge the Serviced Duties in respect of each Serviced Appointment as agent of such Seller. To the fullest extent permitted under applicable Law and under such Serviced Corporate Trust Contract, this Agreement shall satisfy any requirement under any such Serviced Corporate Trust Contract for a written instrument of agency appointment with respect to any of the Serviced Appointments.
Retention of Servicer. Lender reserves the right to retain the Servicer to act as its agent hereunder with such powers as are specifically delegated to the Servicer by Lender, whether pursuant to the terms of this Agreement, any pooling and servicing agreement or similar agreement entered into as a result of a Secondary Market Transaction, the Deposit Account Agreement or otherwise, together with such other powers as are reasonably incidental thereto. Borrowers shall pay any reasonable fees and expenses of the Servicer in connection with a release of the Property, assumption or modification of the Loan, enforcement of the Loan Documents or any other action taken by Servicer hereunder on behalf of Lender, to the extent such actions are permitted to be taken pursuant to the terms of the Loan Documents, but only to the extent that Borrowers are expressly required to pay such expenses pursuant to the terms of this Agreement. Notwithstanding anything to the contrary contained herein, to the extent any matter described in this Agreement requires the consent or approval of the special servicer under the pooling and servicing agreement (or other similar agreement) entered into in connection with a Securitization, such special servicer shall be afforded a consent period for such matter equal to the greater of (i) the period of time given to Lender hereunder within which to consent or approve such matter, (ii) 15 Business Days (to the extent such 15 Business Day period is required under the terms of such pooling and servicing agreement).
Retention of Servicer. Lender reserves the right to retain the Servicer to act as its agent hereunder with such powers as are specifically delegated to the Servicer by Lender, whether pursuant to the terms of this Agreement, any pooling and servicing agreement or similar agreement entered into as a result of a Secondary Market Transaction, the Deposit Account Agreement or otherwise, together with such other powers as are reasonably incidental thereto. Borrower shall pay any reasonable fees and expenses of the Servicer (i) in connection with a release of the Property (or any portion thereof), (ii) in connection with an assumption or modification of the Loan, (iii) in connection with the enforcement of the Loan Documents or (iv) in connection with any other action or approval taken by Servicer hereunder on behalf of Lender (which shall not include ongoing regular servicing fees relating to the day-to-day servicing of the Loan, for which Borrower shall not be charged).
Retention of Servicer. 71 10.4 SURVIVAL....................................................71 10.5
Retention of Servicer. Lender reserves the right to retain the Servicer. Lender has advised Borrower that the Servicer initially retained by Lender shall be Wachovia Securities and Borrower shall pay any reasonable servicing fees, special servicing fees, trustee fees and any administrative fees and expenses of the Servicer, including, without limitation, reasonable attorney and other third-party fees and disbursements in connection with a prepayment, release of the Property, assumption or modification of the Loan or enforcement of the Loan Documents. Borrower shall also pay the ongoing standard monthly servicing fee.
Retention of Servicer. On the date hereof, the Company shall enter into a Servicing Agreement to provide for the servicing and administration and management of the Loans and Collateral by a Qualified Servicer (the “Servicer”). Except for the period between the Cut-Off Date and the Servicing Transfer Date, during which time the Loans shall be serviced by the Receiver pursuant to its interim servicing obligations in the Contribution Agreement, the Loans shall at all times be serviced (and any Collateral managed) by or through the Servicer, including any Subservicers permitted hereunder and engaged by the Servicer (“Subservicers”) and the performance of all day-to-day Servicing Obligations of the Company shall be conducted by or through the Servicer (including any Subservicers). Subject to the other terms and conditions of this Agreement, the Servicer may be an Affiliate of the Company. The Servicer may engage or retain Subservicers, including Affiliates of the Company, as it may deem necessary and appropriate, by entering into a subservicing agreement with each such Subservicer (“Subservicing Agreement”) and provided that any Subservicer meets the requirements set forth in clause (i), (iv) and (v) and, to the extent applicable to the services to be performed by such Subservicer, clauses (ii) and (iii) of the definition of Qualified Servicer. The costs and fees of the Servicer (and any Subservicers) shall be borne exclusively by the Company (and not Participant and, except for Company Advances that are reimbursed in accordance with this Agreement, without reduction in Participant’s Share or the amounts due hereunder with respect thereto). Under no circumstances is the Company to transfer to any Servicer any ownership interest in the servicing to the Loans or any right to transfer or sell the servicing to the Loans (other than in connection with the sale of any Loan), and no Servicer shall assign, pledge or otherwise transfer or purport to assign, pledge or otherwise transfer any interest in the servicing to the Loans (other than in connection with the sale of any Loan), and any purported assignment, pledge or other transfer in violation of this provision shall be void ab initio and of no effect.
Retention of Servicer. 53 10.4 Survival .................................................................. 53 10.5 Lender's Discretion ....................................................... 53 10.6
Retention of Servicer. AFS hereby covenants and agrees to act --------------------- as such under this Agreement for an initial term, commencing on the Closing Date and ending on June 30, 1999, which term shall be extendible by the Agent for successive quarterly terms ending on each successive September 30, December 31, March 31 and June 30 (or, pursuant to revocable written standing instructions from time to time to the Servicer, for any specified number of terms greater than one). Each such notice (including each notice pursuant to standing instructions, which shall be deemed delivered at the end of successive quarterly terms for so long as such instructions are in effect) (a "Servicer Extension ------------------ Notice") shall be delivered by the Agent to the Servicer. AFS hereby agrees ------ that, as of the date hereof and upon its receipt of any such Servicer Extension Notice, AFS shall become bound, for the initial term beginning on the Closing Date and for the duration of the term covered by such notice, to continue as the Servicer subject to and in accordance with the other provisions of this Agreement.