SERVICING PROCEDURES Clause Samples
The SERVICING PROCEDURES clause defines the standards and methods that must be followed when managing or servicing a particular asset, loan, or contract. It typically outlines the required steps, documentation, and timelines for routine servicing activities, such as collecting payments, maintaining records, or handling customer inquiries. By establishing clear procedures, this clause ensures consistency, compliance with regulations, and minimizes the risk of errors or disputes in the servicing process.
SERVICING PROCEDURES. It has complied in all material respects with the Servicing Procedures with respect to the Receivables.
SERVICING PROCEDURES. (a) The Master 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 such servicing and administration that it may deem necessary or desirable, but subject to the terms of this Agreement and the other Transaction Documents. Without limiting the generality of the foregoing and subject to Section 6.01, the Master Servicer or its designee is hereby ------------ authorized and empowered (i) to execute and deliver, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge, and all other comparable instruments, with respect to the Receivables and, after the delinquency of any Receivable and to the extent permitted under and in compliance with the Policies and with applicable Requirements of Law, to commence enforcement proceedings with respect to Receivables and (ii) to make any filings, reports, notices, applications, registrations with, and to seek any consents or authorizations from the Securities and Exchange Commission, any state securities authority and any foreign securities authority on behalf of the Trust as may be necessary or advisable to comply with any Federal, state or foreign securities or reporting requirements or laws.
(b) Without limiting the generality of the foregoing and subject to Section 6.02, the Master Servicer or its designee is hereby ------------ authorized and empowered to give written direction to the Trustee with respect to transfers within and withdrawals from the Company Concentration Accounts and payments to the Company Receipts Accounts (which directions may be in the form of a Daily Report) and as otherwise specified in the Pooling and Servicing Agreements.
(c) The Master Servicer or its designee shall, at its cost and expense and as agent for the Company, collect, and in accordance with the Policies, as and when the same becomes due, the amount owing on each Receivable. The Master Servicer or its designee shall not make any material change in its administrative, servicing and collection systems that deviates from the Policies, except as expressly permitted by the terms of the Pooling and Servicing Agreements and after giving written notice to the Trustee of any such change. In the event of default under any Receivable, the Master Servicer or its designee shall have the power and authority, on behalf of the Company, to take such action in respect of such Receivable as the Master S...
SERVICING PROCEDURES. The following procedures will be used by the Servicer under the Servicing Agreement for calculating the Daily Remittance:
SERVICING PROCEDURES. The Subservicer’s internal written procedures applicable to the servicing and subservicing of mortgage loans similar to the Mortgage Loans, including but not limited to delinquency and loss mitigation efforts (i.e., modification, short sales, deed-in-lieu, cash for keys, etc.), as such procedures may be modified from time to time in accordance with Section 2.3.
SERVICING PROCEDURES. Section 5.01. Transfers of Mortgaged Property. Section 5.02. Satisfaction of Mortgages and Release of Mortgage Files. 33 Section 5.03. Servicing Compensation. 33 Section 5.04. Servicer Compliance Statement.. 34 Section 5.05. Report on Assessment of Compliance and Attestation. 34 Section 5.06. Inspection.
SERVICING PROCEDURES. The Servicer shall not change or amend its customary servicing procedures in any manner that would reasonably be expected to materially and adversely affect the collectibility of the Receivables generally.
SERVICING PROCEDURES. Notwithstanding any other provision of this Agreement, the Parties have agreed for the period commencing May 1, 2006, the servicing procedures described in Exhibit 11.01 shall be implemented.
SERVICING PROCEDURES. 18.1 Any faulty equipment that must be condemned must be removed from site, made safe and disposed of in a manner that cannot cause any injury or death or any harm to the environment. Such removal and disposal shall be clearly documented and recorded. The works to be carried out at the maintenance service visit shall include the following: • Check and reset fire dampers. • Clean filters/replace damaged filters.
SERVICING PROCEDURES. (a) HIG is hereby appointed and authorized to act as agent for the Issuer and the Indenture Trustee and HIG hereby accepts such appointment. HIG agrees that in such capacity it will manage, service, administer and, subject to Section 9.2(c), make collections on the Pledged Contract Receivables prudently and in accordance with customary and usual servicing procedures and applicable law and, to the extent not inconsistent with the foregoing, to exercise that degree of skill and care it uses in servicing assets held for its own account. The Servicer hereby accepts such appointment and authorization and agrees to perform the duties of Servicer with respect to the Pledged Contract Receivables set forth herein. The Servicer's duties shall include posting of all payments, responding to inquiries of Obligors on the Pledged Contract Receivables, investigating and collecting delinquencies, reporting tax information to Obligors, managing the collateral, accounting for collections and furnishing quarterly and annual statements to the Indenture Trustee pursuant to this Indenture, generating federal income tax information and performing the other duties specified herein. Subject to the provisions of Section 9.2(c), the Servicer shall follow its historical policies and procedures and shall have full power and authority, acting alone, to do any and all things, consistent with the terms of the Basic Note Documents, in connection with such managing, servicing, administration and collection that it may deem necessary or desirable. In fulfilling its obligations hereunder, the Servicer shall at any time and from time to time (i) be authorized to review and obtain copies of all information provided to the Indenture Trustee with respect to the Pledged Contract Receivables, (ii) be entitled to receive copies of all statements, notices and reports regarding the Collateral Account, (iii) be entitled to obtain any and all information regarding deposits, withdrawals and transfers to and from the Collateral Account and the current balances therein and (iv) be entitled to obtain such other reasonable information and documentation it deems necessary or desirable to perform the servicing and administrative duties required of it under this Indenture.
(b) On or immediately following the Closing Date, the Servicer shall instruct all Obligors to make payments in respect of the Pledged Contract Receivables to the Collateral Account. If any future collections are received in a Lockbox, they sh...