Additional Servicing Clause Samples
The "Additional Servicing" clause defines the circumstances under which a party, typically a lender or service provider, may be required or permitted to perform services beyond those originally agreed upon in the contract. This may include tasks such as providing extra administrative support, handling unforeseen events, or managing additional documentation related to the agreement. By specifying the scope and conditions for these extra services, the clause ensures that both parties understand their obligations and helps prevent disputes over responsibilities that arise outside the standard terms.
Additional Servicing. Advance America shall perform all necessary servicing functions with respect to the Loans. Without limiting the foregoing:
(i) Advance America shall use its reasonable best efforts to collect payments on the Loans prior to, at and after maturity thereof. In collecting payments owed under the Notes, Advance America shall comply in all material respects with applicable law, including without limitation the Fair Debt Collection Practices Act (the “FDCPA”) and applicable debt collection regulations and consumer protection laws applicable to Advance America in Pennsylvania and the Best Practices of the Community Financial Services Association of America. Advance America shall not encourage or allow its employees to threaten or imply that failure to honor any payment instrument in connection with any Loan shall subject the Borrower to potential criminal prosecution that Advance America does not reasonably believe will in fact result from such failure. The Bank has established a standard to monitor the effectiveness of the collection efforts of Advance America. The Bank requires that loan losses to the Bank on the Loans shall be **** or less of the amount of the finance charge on the Loans, as the finance charge is disclosed in the federal Truth in Lending box contained in the Notes (the “Loss Rate Standard”). Advance America agrees to meet the Loss Rate Standard in its collections. If Advance America’s collection efforts do not meet this Loss Rate Standard established by the Bank, the Fees (as that term is defined in Section 2(g) below) to be paid Advance America will be reduced by the dollar amount that the loan losses exceed the Loss Rate Standard. The Fees will be adjusted in accordance with this Section on a quarterly basis based on the calendar year to date loss experience.
(ii) On each day Advance America operates its stores for regular business, Advance America shall deposit in a Bank account designated by the Bank (the “Bank Deposit Account”) all cash receipts for that day and all Repayment Checks required to be deposited on that day. Advance America shall reconcile the Bank Deposit Account on a monthly basis.
(iii) Advance America shall maintain and retain all original Applications and copies of all Adverse Action Notices and other documents relating to rejected Applications for the period required by applicable law. Advance America shall maintain originals or copies, as applicable, of all Applications, Notes, Proceeds Checks, Repayment Checks and other...
Additional Servicing. The Principal reserves the right to increase the frequency of cleaning rounds when demand requires it. Additional cleaning services will be paid at the appropriate schedule of rates. The Principal reserves the right to vary the scope of works when offering extensions to the contract. The Principal may make additions or a subtraction to the number of service cleans provided. At other times of the year, the Principal and the Contractor may, by mutual agreement, change the number of checks and service cleans provided. Payments will continue in accordance with the Schedule of Rates. The Principal and the Contractor may, by mutual agreement, change the scope of the works and Schedule of Rates to be carried out with service cleans provided.