Servicing Obligations definition

Servicing Obligations shall have the meaning given in Section 2.4. “Servicing Standard” shall have the meaning given in Section 2.4.

Servicing Obligations shall have the meaning given in Section 12.1. “Servicing Standard” shall have the meaning given in Section 12.1.

Servicing Obligations has the meaning set forth in the LLC Operating Agreement (except as used in the Servicing Agreement, wherein such term is separately defined).

Examples of Servicing Obligations in a sentence

• Any acquisition of Collateral must conform with the terms and conditions of this Agreement (including the Servicing Obligations of the Servicer).

• If any Assets being Serviced pursuant to this Agreement are insured or guaranteed by any Governmental Authority, the Servicer acknowledges and agrees that, if the Manager so directs pursuant to the Servicing Obligations with respect to such Assets, it will take any and all actions as may be necessary to insure that such insurance or guarantees remain in full force and effect.

• Notwithstanding anything to the contrary contained herein, the use of any Subservicer or JDC Contractor will not release the Servicer from any of its Servicing Obligations or other obligations under this Agreement, and the Servicer will remain responsible and liable for all acts and omissions of each Subservicer and JDC Contractor as fully as if such acts and omissions were those of the Servicer.

• The Servicer acknowledges and agrees that, upon assumption of the Servicing Obligations with respect to the Assets pursuant to this Agreement, it agrees to fulfill all of the Company’s obligations under the contracts of insurance or guaranty.

• Except as otherwise directed by the Manager, the Servicer must use (and cause each applicable Subservicer to so use) its reasonable best efforts to recover from Borrowers and Obligors all amounts of Servicing Expenses that are advanced by the Servicer (as permitted or required pursuant to the Servicing Obligations) as Servicer Advances to the extent that the Borrowers and Obligors are responsible for such Servicing Expenses under the Asset Documents.

More Definitions of Servicing Obligations

Servicing Obligations has the meaning given in the LLC Operating “Servicing Standard” has the meaning given in the LLC Operating “Single Purpose Entity” means

Servicing Obligations. As defined in Section 4.01 hereof.

Servicing Obligations means all obligations to be performed by the “Lessor” pursuant to an Approved Lease.

Servicing Obligations has the meaning set forth in Section 5(b) below.

Servicing Obligations means the "Obligations" as such term is defined in the Servicing Credit Agreement.

Servicing Obligations has the meaning given in Section 2.04. “Servicing Standard” has the meaning given in Section 2.04. “Site Assessment” has the meaning given in Section 3.03. “Subservicer” has the meaning given in Section 4.01.

Servicing Obligations means obligations and duties that arise under Volume 2 of the Guide and related provisions of the Purchase Documents, including but not limited to requirements relating to day-to-day loan administration activities, reporting and remitting, and foreclosure and loss mitigation activities. Servicing Obligations as defined herein relate to activities required to be performed in connection with the servicing of the Mortgage after the date of Xxxxxxx Mac's purchase. It is possible for a Servicing Obligation to relate to the same general subject matter as a Released Obligation and Claim, if a failure to comply with a selling obligation occurred on or before the purchase date, followed later by a failure after the purchase date to perform a required Servicing Obligation relating to the same general subject matter. A BofA Seller/Servicer may be deemed to have violated a Servicing Obligation only if the action or lack of action that Xxxxxxx Mac asserts constitutes the violation occurred after the purchase date. Any rescission of a mortgage insurance policy shall be deemed to be an event taking place on the date that the applicable BofA Servicer receives notice of such rescission, and shall not be treated as an absence of mortgage insurance as of the date of Xxxxxxx Mac's purchase of the affected Mortgage. *Material omitted has been filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment* Example One: If a Mortgage failed to satisfy Guide requirements for hazard insurance as of the date of purchase of such Mortgage by Xxxxxxx Mac, the action would be treated as a failure to comply with a selling obligation and the applicable BofA Seller/Servicer would be released under this Agreement from liability for representations and warranties regarding such failure. If, however, such Mortgage was subsequently serviced by a BofA Seller/Servicer, and the BofA Seller/Servicer failed to cause insurance to be obtained in accordance with Guide servicing requirements, the failure of such Mortgage to have hazard insurance in compliance with Guide requirements would be a breach of a Servicing Obligation, from which the BofA Seller/Servicer would not be released under this Agreement.