Servicer Eligibility Standards Clause Samples

The Servicer Eligibility Standards clause defines the minimum qualifications and requirements that an entity must meet to act as a servicer under an agreement. Typically, these standards address factors such as financial stability, licensing, experience, and compliance with applicable laws. For example, a servicer may be required to maintain certain insurance coverage or demonstrate a track record of managing similar assets. The core function of this clause is to ensure that only capable and reliable parties are entrusted with servicing responsibilities, thereby protecting the interests of other parties to the agreement and reducing operational risk.
Servicer Eligibility Standards. To service Mortgage Loans under this Agreement the Servicer must satisfy the eligibility standards set forth in this Section 4.1 initially and at all times thereafter.
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Servicer Eligibility Standards. 4.1.1. Regulatory Approvals and Licensing.......................... 4.1.2. Net Worth and Portfolio Requirements........................
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Servicer Eligibility Standards. 25 4.1.1. Regulatory Approvals and Licensing...........................25 4.1.2. Net Worth and Portfolio Requirements.........................25 4.1.3. Auditor's Opinion; Other Annual Reports and Exchange Act Reporting.......................................25 4.1.4. Use of Subservicers and Subcontractors.......................29 4.1.5. Servicing Experience.........................................30 4.1.6. Material Changes.............................................30 Section 4.2 Errors and Omissions Insurance.................................31 4.2.1. E & O Requirement............................................31 4.2.2. E & O Scope..................................................31 4.2.3. E & O Policy Maintenance.....................................31 4.2.4. E & O Deductible.............................................31 4.2.5. E & O Qualifications.........................................31 Section 4.3 Fidelity Bond Coverage.........................................31 4.3.1. Fidelity Bond Requirement....................................31 4.3.2. Fidelity Bond Coverage.......................................31 4.3.3. Fidelity Bond Scope..........................................31 4.3.4. Fidelity Bond Maintenance....................................31 4.3.5. Fidelity Bond Deductible.....................................32 4.3.6. Fidelity Bond Rating Requirement.............................32 Section 4.4 Servicer's Liability...........................................32 4.4.1. Liability Exposure...........................................32 4.4.2. Scope of Liability...........................................32 Section 4.5 Indemnification................................................32 4.5.1. Scope of Indemnity by Servicer...............................32 4.5.2. Survival of Indemnity........................................33
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Servicer Eligibility Standards. 24 4.1.1. Regulatory Approvals and Licensing..........................24 4.1.2. Net Worth and Portfolio Requirements........................24 4.1.3. Auditor's Opinion and Other Annual Reports..................24 4.1.4. Servicing Experience........................................26 4.1.5. Material Changes............................................26 Section 4.2 Errors and Omissions Insurance.................................27 4.2.1. E & O Requirement...........................................27 4.2.2. E & O Scope.................................................27 4.2.3. E & O Policy Maintenance....................................27 4.2.4. E & O Deductible............................................27 4.2.5. E & O Qualifications........................................27 4.2.6. Notice of Claim.............................................28 Section 4.3 Fidelity Bond Coverage.........................................28 4.3.1. Fidelity Bond Requirement...................................28
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Servicer Eligibility Standards. 27 4.1.1 Regulatory Approvals and Licensing . . . . . . . . . . . . 27 4.1.2 Net Worth and Portfolio Requirements . . . . . . . . . . . 27 4.1.3 Auditor's Opinion and Other Annual Reports . . . . . . . . 27 4.1.4 Servicing Experience . . . . . . . . . . . . . . . . . . . 28 4.1.5 Material Changes . . . . . . . . . . . . . . . . . . . . . ▇▇ ▇▇▇▇▇▇▇ 4.2 Errors and Omissions Insurance . . . . . . . . . . . . . . 29 4.2.1 E & O Requirement. . . . . . . . . . . . . . . . . . . . . 29 4.2.2 E & O Scope. . . . . . . . . . . . . . . . . . . . . . . . 30 4.2.3 E & O Policy Maintenance . . . . . . . . . . . . . . . . . 30 4.2.4 E & O Deductible . . . . . . . . . . . . . . . . . . . . . 30 4.2.5 E & O Qualifications . . . . . . . . . . . . . . . . . . . 30 4.2.6 Notice of Claim. . . . . . . . . . . . . . . . . . . . . . 30 Section 4.3 Fidelity Bond Coverage . . . . . . . . . . . . . . . . . . 30 4.3.1 Fidelity Bond Requirement. . . . . . . . . . . . . . . . . 30 4.3.2 Fidelity Bond Coverage . . . . . . . . . . . . . . . . . . 30 4.3.3 Fidelity Bond Scope. . . . . . . . . . . . . . . . . . . . 30 4.3.4 Fidelity Bond Maintenance. . . . . . . . . . . . . . . . . 30 4.3.5 Fidelity Bond Deductible . . . . . . . . . . . . . . . . . 31 4.3.6 Fidelity Bond Rating Requirement . . . . . . . . . . . . . 31 4.3.7 Notice of Event. . . . . . . . . . . . . . . . . . . . . . 31 Section 4.4 Servicer's Liability . . . . . . . . . . . . . . . . . . . 31 4.4.1 Liability Exposure . . . . . . . . . . . . . . . . . . . . 31 4.4.2 Scope of Liability . . . . . . . . . . . . . . . . . . . . 31 Section 4.5 Indemnification. . . . . . . . . . . . . . . . . . . . . . 32 4.5.1 Scope of Indemnity . . . . . . . . . . . . . . . . . . . . 32 4.5.2 Survival of Indemnity. . . . . . . . . . . . . . . . . . . 32 Section 4.6 Servicer's Compensation. . . . . . . . . . . . . . . . . . 32 4.6.1 Servicing Fee Amount . . . . . . . . . . . . . . . . . . . 32 4.6.2 Servicing Fee Source . . . . . . . . . . . . . . . . . . . 33
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Related to Servicer Eligibility Standards

  • Service Eligibility Criteria 5.2.5.1 Southern Telecom must certify for each high-capacity EEL that all of the following service eligibility criteria are met: 5.2.5.1.1 Southern Telecom has received state certification to provide local voice service in the area being served; 5.2.5.2 For each combined circuit, including each DS1 circuit, each DS1 EEL, and each DS1-equivalent circuit on a DS3 EEL: 5.2.5.2.1 1) Each circuit to be provided to each End User will be assigned a local number prior to the provision of service over that circuit; 5.2.5.2.2 2) Each DS1-equivalent circuit on a DS3 EEL must have its own local number assignment so that each DS3 must have at least twenty-eight (28) local voice numbers assigned to it; 5.2.5.2.3 3) Each circuit to be provided to each End User will have 911 or E911 capability prior to provision of service over that circuit; 5.2.5.2.4 4) Each circuit to be provided to each End User will terminate in a collocation arrangement that meets the requirements of 47 CFR 51.318(c); 5.2.5.2.5 5) Each circuit to be provided to each End User will be served by an interconnection trunk over which Southern Telecom will transmit the calling party’s number in connection with calls exchanged over the trunk; 5.2.5.2.6 6) For each twenty-four (24) DS1 EELs or other facilities having equivalent capacity, Southern Telecom will have at least one (1) active DS1 local service interconnection trunk over which Southern Telecom will transmit the calling party’s number in connection with calls exchanged over the trunk; 5.2.5.2.7 7) Each circuit to be provided to each End User will be served by a switch capable of switching local voice traffic.

  • Program Eligibility The COUNTY shall provide eligibility determination for those persons applying for home repair under this Agreement by using the following factors: 1. The applicant is a resident of the CITY; and 2. The total income for all members of the applicant’s household does not exceed 80% of the median income of the Kansas City metropolitan area, as determined by the Secretary of Housing and Urban Development; and 3. The applicant is the homeowner and must have occupied the property as a primary residence for at least six (6) months; 4. The property to be repaired is within the corporate limits of the CITY; and 5. When required, medical need will be substantiated and documented.

  • Eligibility Requirements The Trustee hereunder shall at all times (i) be a corporation or association having its principal office in a state and city acceptable to the Seller, organized and doing business under the laws of such state or the United States of America, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least $50,000,000, or shall be a member of a bank holding system, the aggregate combined capital and surplus of which is at least $50,000,000, provided that its separate capital and surplus shall at all times be at least the amount specified in Section 310(a)(2) of the Trust Indenture Act of 1939, (ii) be subject to supervision or examination by federal or state authority and (iii) have a credit rating or be otherwise acceptable to the Rating Agencies such that neither of the Rating Agencies would reduce their respective then current ratings of the Certificates (or have provided such security from time to time as is sufficient to avoid such reduction) as evidenced in writing by each Rating Agency. If such corporation or association publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section the combined capital and surplus of such corporation or association shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.08.

  • Wire Transfer Eligibility Section 11.24

  • Eligibility Criteria Students seeking college credit through this bilateral articulation agreement must meet the following criteria/requirements: • The student must have completed the secondary Tech Prep competencies (academic and technical) relevant to the Central Ohio Technical College courses, with a grade of A, B, or C. • An application and subsequent matriculation to Information Technology and Digital Media Design Technology Programs at Central Ohio Technical College must occur within 3 years of the high school graduation date. • The student is responsible to inform college admissions personnel of his/her eligibility for articulated college credit and verify that appropriate documentation has been provided to the college by the secondary school. • Secondary instructors are required to have the appropriate teaching credential as defined by the Ohio Department of Education. • For the purpose of compliance with state, program or regional accreditation standards, Central Ohio Technical College reserves the right to review, validate and copy the credentials (e.g., college transcripts and resumes) of the instructors of articulated courses for external auditing purposes. • The secondary instructor(s) will complete an Instructor Recommendation Form for each student upon completion which will be maintained in the student’s secondary permanent file. An Instructor Recommendation Form must be submitted to the Records and Registration Office prior to receiving credit. • The college and secondary school will develop methods of publicizing the agreement to encourage students to take advantage of seamless transitions and advanced placement opportunities. • There will be no charge for college credit awarded through this agreement. • Student eligibility for technical or related credit is primarily determined by high school teachers evaluation based upon predetermined criteria set by the college. In certain cases, record of relevant student external certification, college proficiency testing, review of portfolios, or other forms of assessment may also be required. • Placement in Central Ohio Technical College’s courses is determined by the college’s official placement policy. Credit is available only for the technical courses specified on the attached list of articulated courses. • Articulated courses are recorded on the student’s permanent records after a student enrolls in and completes a non-articulated college credit hour at Central Ohio Technical College. The administrators and faculty of the program at both levels pledge their commitment and support to continuing this relationship and to promoting these articulation opportunities to the students. C-TEC Central Ohio Technical College 5/11/2023 ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇, Ed.D. Superintendent Date 5/10/2023 ▇▇. ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ Provost Date 5/10/2023 ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ Director Date 5/10/2023 ▇▇▇▇▇▇ ▇▇▇▇▇▇, EJD Date ▇▇▇▇ of Technical Studies