Common use of Servicing Standards Clause in Contracts

Servicing Standards. a. The Bridge Bank must service each Serviced Asset in compliance with: i. all law, regulation and guidance applicable to (A) the Serviced Asset, (B) any guaranty of, or related to, the Serviced Asset, and (C) the servicing and performance of the Receiver’s and any servicer’s obligations related to the Serviced Assets; ii. any express direction provided by the Receiver to the Bridge Bank pursuant to a notice; iii. all contractual obligations binding on the Failed Bank related to (A) the Serviced Asset, (B) any guarantee of, or related to, a Serviced Asset, including servicing agreements, loan sale agreements, pooling agreements, federal agency and government sponsored entity guides, guarantees, guidance, and contracts, and (C) the servicing and performance of the Receiver’s obligations related to the Serviced Assets; iv. the policies, procedures, and practices of the Failed Bank with regard to the performance of its obligations related to the Serviced Asset; and v. the commercially reasonable, industry standards for each Serviced Asset. b. The Bridge Bank must comply with the standards set forth in Section 3.a of this Schedule 6.14 in the following order of priority: i, ii, iii, iv, and v. If any of the requirements in Section 3.a.i, iii, iv, or v of this Schedule 6.14 conflict with each other, the Bridge Bank must provide prompt notice to the Receiver. c. The Receiver has the right, in its discretion, to revise the policies, procedures, and practices referenced in Section 3.a.iv of this Schedule 6.14 by providing notice to the Bridge Bank (the “Revised Policies”). Any such Revised Policies will be effective upon the Bridge Bank’s receipt thereof and will replace, to the extent of the revision, the policies, procedures, and practices of the Failed Bank for purposes of Section 3.a.iv of this Schedule 6.14.