Servicer Functions Clause Samples
The 'Servicer Functions' clause defines the specific duties and responsibilities assigned to the servicer in a contractual relationship, typically involving the management and administration of financial assets or accounts. This clause outlines tasks such as collecting payments, maintaining records, handling customer inquiries, and ensuring compliance with relevant regulations. By clearly delineating the servicer's obligations, the clause ensures operational clarity and accountability, helping to prevent misunderstandings and disputes regarding the scope of the servicer's role.
Servicer Functions. The Servicer shall service and administer the Vehicles in accordance with the terms of this Agreement and the ZVF Lease or Segregated Series Lease, as applicable, and without limitation of the foregoing, the Servicer shall: (i) cause the Collateral Agent to be shown as the first lienholder on all Certificates of Title for the ZVF Vehicles and the ZVF Segregated Vehicles with respect to a Segregated Collateral Agency Series in accordance with Section 2.5, (ii) designate Vehicles subject to the ZVF Lease as ZVF Vehicles and Vehicles subject to a Segregated Series Lease with respect to a Segregated Collateral Agency Series as ZVF Segregated Vehicles (noting the particular Segregated Series to which they are leased) on its computer system in accordance with Section 2.2, (iii) collect all amounts due and owing to the Grantor in respect of such Vehicles and the other Vehicle Collateral, (iv) to deposit all sale proceeds from sales of ZVF Vehicles and ZVF Segregated Vehicles to third parties and insurance proceeds and warranty payments in respect of such Vehicles received directly by the Servicer into a Collateral Account within two Business Days of receipt by the Servicer in accordance with Section 2.4(b), (vii) furnish the Servicer’s Fleet Report as provided in Section 2.3, (viii) instruct the Collateral Agent in writing to make distributions, withdrawals and payments from the Collateral Accounts in accordance with Section 2.4 and (ix) otherwise administer and service the ZVF Vehicles and ZVF Segregated Vehicles in accordance with the Related Documents. The Servicer shall have full power and authority, acting alone or through any party properly designated by it hereunder to do any and all things in connection with its servicing and administration duties which it may deem necessary or desirable to accomplish such servicing and administration duties and which does not materially adversely affect the interests of any Secured Party unless otherwise prohibited by the Related Documents.
Servicer Functions. (a) With respect to any Lease Vehicle returned by any Lessee pursuant to Sub-Clause 2.4 (Return), the Servicer shall direct such Lessee as to the return location with respect to such Lease Vehicle. The Servicer shall act as the Lessor’s agent in returning or otherwise disposing of each Lease Vehicle on the Vehicle Lease Expiration Date with respect to such Lease Vehicle, in each case in accordance with the Servicing Standard. In the event the Servicer is the Lessee, the Lessee shall act in its own capacity when returning any Program Vehicle to the Manufacturer pursuant to the applicable Manufacturer Program.
(b) Upon the Servicer’s receipt of any Program Vehicle returned by any Lessee pursuant to Sub-Clause 2.4 (Return), the Servicer shall return such Program Vehicle to the nearest related Manufacturer’s designated return facility or official auction or other facility designated by such Manufacturer at the sole expense of the Lessee thereof unless paid or payable by the Manufacturer thereof in accordance with the terms of the related Manufacturer Program.
(c) With respect to any Lease Vehicle that is (i) a Non-Program Vehicle and is returned to or at the direction of the Servicer pursuant to Sub-Clause 2.4 (Return) or (ii) becomes a Rejected Vehicle, the Servicer shall, subject to the direction of the Lessor, use commercially reasonable efforts, at its own expense, to arrange for the sale of each Non-Program Vehicle to a third party and maximise the sale price thereof (having regard to the then current wholesale or, where the context requires, retail market value of such Non-Program Vehicles). In the event that the sale price is proposed to be at a price which is outside of the guidelines agreed with the Lessor, the Servicer shall seek for approval by the Lessor such that the Lessor either confirms that such sale complies with any guidelines agreed between the Lessor and the Servicer in this respect or any individual instructions from the Lessor.
(d) In connection with the disposition of any Lease Vehicle that is a Program Vehicle, the Servicer shall comply with the Servicing Standard in connection with, among other things, the delivery of any documents of transfer signed as necessary, signed condition reports and signed odometer statements to be submitted with such Program Vehicles returned to a Manufacturer pursuant to Sub-Clause 2.4 (Return) and accepted by or on behalf of the Manufacturer at the time of such Program Vehicle’s return.
(e) Upon the occur...
Servicer Functions. (a) With respect to any Lease Vehicle returned by any Lessee pursuant to Sub-Clause 2.4 (Return), the Servicer shall direct such Lessee as to the return location with respect to such A36887653 WEIL:
Servicer Functions. The Company acknowledges and agrees (a) that all servicer functions it performs on behalf of ▇▇▇▇▇▇ Commercial Paper Inc. pursuant to the Funding Agreements and CIBC pursuant to the CIBC Facility Documents, as the case may be, have, or may be, terminated in their entirety by each such entity and (b) to cooperate with each such entity in the transition of such servicer functions to the replacement servicers selected by each such entity. First Union National Bank, N.A. and Bank of America, N.A. agree that, during the Forbearance Period, they will not terminate the servicer functions of the Company under their respective Funding Agreements, provided that the foregoing shall not limit or prohibit either bank from retaining a back-up servicer during the Forbearance Period and providing such back-up servicer with all information (from any source) necessary to be able to promptly service their respective Leases and other Collateral.
Servicer Functions