Servicing Contracts Sample Clauses
The 'Servicing Contracts' clause defines the responsibilities and obligations of a party (often a servicer) to manage, administer, or perform services related to certain assets or agreements, such as loans or accounts, on behalf of another party. This clause typically outlines the scope of services, performance standards, reporting requirements, and any limitations or restrictions on the servicer’s authority. By clearly delineating these duties, the clause ensures that both parties understand their roles and expectations, thereby reducing the risk of disputes and ensuring the effective management of the serviced assets.
Servicing Contracts. (a) Each Servicing Contract entered into between the Master Servicer and a Direct Servicer will govern the Direct Servicer’s performance of the servicing duties described in Subsection 5.1(3). Wherever this Trust Agreement states that the Direct Servicer will take an action or carry out a responsibility, it means that if the Servicing Contract requires the Direct Servicer, directly or through a Subservicer, to take that action or carry out that responsibility, then the action will be taken or the responsibility will be carried out by the Direct Servicer, directly or through a Subservicer, and if the Servicing Contract does not so require, then those duties will be performed by the Master Servicer (whether directly or indirectly). Wherever this Trust Agreement states that the Direct Servicer may not take a specified action, that means that the Servicing Contract will prohibit the Direct Servicer, directly or through a Subservicer, from taking that action. Each Servicing Contract will include provisions to the following effect:
(i) any successor to the Master Servicer under this Trust Agreement will automatically succeed to the rights of the Master Servicer under any Servicing Contract, with regard to the related Mortgage Loans;
(ii) the Trustee, on behalf of the related Trust, and the Guarantor are third-party beneficiaries of the related Servicing Contract as to the Mortgage Loans in that Pool, with the rights of enforcement, subject to paragraph (c) of this Subsection 5.1(4);
(iii) the Direct Servicer and any Subservicer that it engages will comply with all other provisions required in this Article V, and will not take any action that is prohibited by or inconsistent with its Servicing Contract;
(iv) if an investment of any funds on deposit in a Custodial Account is made in violation of this Trust Agreement, the Direct Servicer will pay any loss, charge or penalty as provided in Subsection 6.1(4); and
(v) as compensation for its services to each applicable Trust, the Direct Servicer will be entitled to receive the Servicing Fee and such other amounts (which may include LPMI Charges, any Excess Spread, and additional amounts permitted to be retained by the Direct Servicer as described in paragraph (c) of Subsection 5.1(6)), or as otherwise agreed by the Master Servicer and the Direct Servicer in the related Servicing Contract.
(b) To the extent permitted by Accepted Servicing Practices, the Direct Servicer may engage in the solicitation of Borrowers for th...
Servicing Contracts. Fully executed copies of each Servicing Contract certified as true, correct and complete by Seller.
Servicing Contracts. Each Servicing Contract is in full force and effect, and Borrower has not been terminated as the servicer under any Servicing Contract.
Servicing Contracts. All of the Servicing Contracts with respect to such Assets are in full force and effect and have not been modified and Seller as servicer has not been terminated thereunder.
Servicing Contracts. (i) with respect to any Asset, a notice of termination of servicing for cause has been delivered, or a notice of termination of servicing for any other reason has been delivered, which has not been rescinded within five Business Days following delivery of such notice under any Servicing Contract (following the expiration of any applicable grace or cure period in the applicable Servicing Contract) unless all Loan Advances secured by such Assets are repaid (A) with respect to a notice of termination of servicing for cause, within five Business Days following delivery of such notice of termination as described herein or (B) with respect to any other notice of termination, on or before the date of such termination of servicing; or (ii) any actual termination or resignation of servicing under any Servicing Contract shall have occurred unless all Loan Advances secured by such Assets are repaid on or before the date of such termination;
Servicing Contracts. ▇▇▇▇▇▇ Mae I MBS and ▇▇▇▇▇▇ ▇▇▇ ▇▇ MBS, in either case issued by Lender and guaranteed by ▇▇▇▇▇▇ Mae upon Lender’s securitization of a pool of ▇▇▇▇▇▇ ▇▇▇ eligible mortgage loans insured or guaranteed by the FHA or VA, as applicable. Lender’s issuance of the related MBS and its servicing of the underlying mortgage loans are governed in all respects by ▇▇▇▇▇▇ Mae’s 5500.3 REV-1: Mortgage-Backed Securities Guide, as the same may be amended from time to time.
Servicing Contracts. Fully executed copies of the Key Servicing Contract Documentation related to each Servicing Contract certified as true, correct and complete by Seller.
Servicing Contracts. 14 (b) Assignment..........................................................................14 (c) No Liens............................................................................14 (d) Filings.............................................................................15
Servicing Contracts. The Borrower has delivered to the Administrative Agent and each Lender true and complete copies of all Servicing Contracts related to the Servicing Rights existing on the Closing Date and all amendments thereto that are material to the valuation of the Eligible Pledged Servicing Receivables or the Advance Reimbursement Amounts , in each case, other than the ▇▇▇▇▇▇ Mae Guide or other information publicly available on or through ▇▇▇▇▇▇ Mae’s website.
Servicing Contracts. Citimae Commercial Seller-