Servicing Duties. WOFC shall provide the following services with respect to the Accounts. a. Upon the receipt of a completed Loan File from the Company, WOFC shall cause to be maintained for each Account automated information including, but not limited to, (i) name and address of the Borrower, (ii) principal balance plus earned interest or the balance of monthly payments due, as well as any other accrued charges of the Account, (iii) the loan number, (iv) a description of the Collateral, (v) the monthly payment, (vi) the residual value of the motor vehicle for Loan Files involving closed end lease agreements, (vii) the current payment status of the Account, (viii) each Account with respect to which WOFC has not received a Certificate of Title for the Collateral Financed thereby in the name of or with a first lien in favor of Company, and (ix) proof of insurance as to Lease Accounts only, and (x) such other information concerning such Accounts as Company may reasonably request and which is available to WOFC at no additional cost or expense. b. After the receipt of the Loan File, WOFC shall mail to each Borrower a monthly billing statement in the forms attached to this Agreement as Exhibit C and Exhibit D for any Account involving the sale or lease of a motor vehicle to the Borrower. c. WOFC shall maintain records for each Account, which records shall include the original principal balance, the amount of each payment applied to the Account, the date of each payment, the interest or lease rate, and the current outstanding principal balance. WOFC's obligation to perform its servicing duties and maintain accurate records hereunder is limited to the accuracy and availability of the information WOFC receives from time to time from the Company. d. WOFC shall provide to the Company on or before the 10th day of each month detailed reports by investor number including, but not limited to, the legal status of each Account, the accounting status of each Account, and the delinquency status of each Account. WOFC shall provide to the Company on or before the 10th day of each month summary level reports of the above information by investor and total Company portfolios. Said reports shall be presumed correct and accurate unless the Company delivers to WOFC by registered or certified mail, written objection thereto specifying the error contained in the reports. In such event, the Company's sole and exclusive remedy and WOFC's only liability shall be to make appropriate adjustments in the report to make it effective as of the date the report is rerun, to the extent possible. For those Accounts which are transferred to WOFC, WOFC shall provide the above reports to Company beginning on the 10th day of the month following the month such Accounts are completely converted and entered into WOFC's computer system. The Company agrees and understands that until the conversion and transfer of all Accounts to WOFC is complete, which conversion period shall not exceed a reasonable number of days mutually agreed to by WOFC and Company, WOFC will make best efforts to provide the above referenced detailed reports. However, WOFC does not guarantee the accuracy of such reports until the conversion of all such Accounts is complete. Company agrees to pay WOFC all costs and expenses, including but not limited to, additional fees for accounting and technical support, incurred by WOFC for the conversion of such Accounts. e. WOFC shall deposit the total of all amounts received in connection with the Accounts into the Company Account within two Business Days of receipt. WOFC shall use reasonable efforts to deposit such amounts within one Business Day. f. WOFC shall report to the appropriate credit bureaus the historical payment and default activity on each Account.
Appears in 1 contract
Servicing Duties. WOFC shall provide the following services with respect to the Accounts.
a. Upon the receipt of a completed Loan File from the Company, WOFC shall cause to be maintained for each Account automated information including, but not limited to, (i) name and address of the Borrower, (ii) principal balance plus earned interest or the balance of monthly payments due, as well as any other accrued charges of the Account, (iii) the loan number, (iv) a description of the Collateral, (v) the monthly payment, (vi) the residual value of the motor vehicle for Loan Files File involving closed closed-end lease agreements, (vii) the current payment status of the Account, (viii) each Account with respect to which WOFC has not received a Certificate of Title for the Collateral Financed thereby in the name of or with a first lien in favor of Company, and (ix) proof of insurance as to Lease Accounts onlyinsurance, and (x) such other information concerning such Accounts as Company may reasonably request and which is available to WOFC at no additional cost or expense.
b. After the receipt of the Loan File, WOFC shall mail to each Borrower a monthly billing statement in the forms attached to this Agreement as Exhibit C and Exhibit D for any Account involving the sale or lease of a motor vehicle to the Borrower.
c. WOFC shall maintain records for each Account, which records shall include the original principal balance, the amount of each payment applied to the Account, the date of each payment, payment the interest or lease rate, and the current outstanding principal balance. WOFC's obligation to perform its servicing duties and maintain accurate records hereunder is limited to the accuracy and availability of the information WOFC receives from time to time from the Company.
d. WOFC shall provide to the Company on or before the 10th day of each month detailed reports by investor number including, but not limited to, the legal status of each Account, the accounting status of each Account, and the delinquency status of each Account. WOFC shall provide to the Company on or before the 10th day of each month summary level reports of the above information by investor and total Company portfolios. Said reports shall be presumed correct and accurate unless the Company delivers to WOFC by registered or certified mail, written objection thereto specifying the error contained in the reports. In such event, the Company's sole and exclusive remedy and WOFC's only liability shall be to make appropriate adjustments in the report to make it effective as of the date the report is rerun, to the extent possible. For those Accounts which are transferred to WOFC, WOFC shall provide the above reports to Company beginning on the 10th day of the month following the month such Accounts are completely converted and entered into WOFC's computer system. The Company agrees agree and understands that until the conversion and transfer of all Accounts to WOFC is complete, which conversion period shall not exceed a reasonable number of days mutually agreed to by WOFC and Company, WOFC will make best efforts to provide the above referenced detailed reports. However, WOFC does not guarantee the accuracy of such reports until the conversion of all such Accounts is complete. Company agrees to pay WOFC all costs and expenses, including but not limited to, additional fees for accounting and technical support, incurred by WOFC for the conversion of such Accounts.
e. WOFC shall deposit the total of all amounts received in connection with the Accounts into the Company Servicing Account within two Business Days of receipt. WOFC shall use reasonable efforts to deposit such amounts within one Business Day. After deducting the monthly Servicing Fee and any other amounts owed by Company to WOFC pursuant to this Agreement from the Servicing Account, WOFC shall deposit any remaining amounts in the Servicing Account to the Company Account no later than the 10th day of each month.
f. WOFC shall report to the appropriate credit bureaus the historical payment and default activity on each Account.
Appears in 1 contract