ADMINISTRATION AND SERVICING OF LEASE CONTRACTS Sample Clauses

ADMINISTRATION AND SERVICING OF LEASE CONTRACTS. Section 3.01
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ADMINISTRATION AND SERVICING OF LEASE CONTRACTS. 6 Section 3.01 Responsibilities of Servicer 6 Section 3.02 Servicer Standard of Care 8 Section 3.03 Lockbox Account and Servicer Remittances 9 Section 3.04 Servicer Advances 10 Section 3.05 Financing Statements 10 Section 3.06 Maintenance of Insurance Policy; Insurance Proceeds 10 Section 3.07 Personal Property and Sales Taxes 11 Section 3.08 Servicing Compensation 11 Section 3.09 Substitution or Purchase of Lease Contracts 11 Section 3.10 No Offset 12 Section 3.11 Required Audits 12
ADMINISTRATION AND SERVICING OF LEASE CONTRACTS. 5 Section 3.01. Responsibilities of Servicer .............................. 5 Section 3.02. Servicer Standard of Care ................................. 8 Section 3.03. Servicer Remittances ...................................... 8 Section 3.04. Servicer Advances ......................................... 9 Section 3.05.
ADMINISTRATION AND SERVICING OF LEASE CONTRACTS. 6 Section 3.01 Responsibilities of Servicer 6 Section 3.02 Servicer Standard of Care 8 Section 3.03 Lockbox Account and Servicer Remittances 9 Section 3.04 Servicer Advances 10 Section 3.05 Financing Statements 10 Section 3.06 Maintenance of Insurance Policy; Insurance Proceeds 10 Section 3.07 Personal Property and Sales Taxes 11 Section 3.08 Servicing Compensation 11 Section 3.09 Substitution or Purchase of Lease Contracts 11 Section 3.10 No Offset 12 ARTICLE 4 13 ACCOUNTINGS, STATEMENTS AND REPORTS 13 Section 4.01 Monthly Servicer's Reports 13 Section 4.02 Financial Statements; Certification as to Compliance; Notice of Default 13 Section 4.03 Independent Accountants' Reports; Annual Federal Tax Lien Search 14 Section 4.04 Access to Certain Documentation and Information 15 Section 4.05 Other Necessary Data 16 Section 4.06 Trustee to Cooperate 16 ARTICLE 5 18 THE SERVICER 18 Section 5.01 Servicer Indemnification 18 Section 5.02 Corporate Existence; Reorganizations 18 Section 5.03 Limitation on Liability of the Servicer and Others 19 Section 5.04 The Servicer Not to Resign 19 ARTICLE 6 20
ADMINISTRATION AND SERVICING OF LEASE CONTRACTS 

Related to ADMINISTRATION AND SERVICING OF LEASE CONTRACTS

  • Administration and Servicing of Contracts Section 6.01 [Reserved].

  • ADMINISTRATION AND SERVICING OF THE MORTGAGE LOANS Section 3.01 The Master Servicer to act as Master Servicer.

  • Administration and Servicing of Mortgage Loans 45 Section 3.01. Master Servicer to Act as Servicer...................................45 Section 3.02. Subservicing Agreements Between Master Servicer and Subservicers; Enforcement of Subservicers' and Sellers' Obligations.........46

  • Amendments of Sale and Servicing Agreement and Trust Agreement The Issuer shall not agree to any amendment to Section 9.01 of the Sale and Servicing Agreement or Section 11.01 of the Trust Agreement to eliminate the requirements thereunder that the Indenture Trustee or the Noteholders consent to amendments thereto as provided therein.

  • ADMINISTRATION AND MASTER SERVICING OF MORTGAGE LOANS Section 3.01 Master Servicing of Mortgage Loans.......................... Section 3.02

  • Administration and Servicing of the Trust Fund Section 3.01 Master Servicer to Act as Master Servicer; Special

  • Administration and Servicing OF MORTGAGE LOANS

  • Administration and Servicing of Receivables SECTION 4.1

  • Sub-Servicing Agreements (a) Each of the applicable Master Servicer and the applicable Special Servicer may enter into Sub-Servicing Agreements to provide for the performance by third parties of any or all of its respective obligations hereunder, provided that (A) in each case, the Sub-Servicing Agreement (as it may be amended or modified from time to time): (i) insofar as it affects the Trust, is consistent with this Agreement in all material respects; (ii) expressly or effectively provides that if the applicable Master Servicer or applicable Special Servicer, as the case may be, shall for any reason no longer act in such capacity hereunder (including, without limitation, by reason of a Servicer Termination Event), any successor to the applicable Master Servicer or the applicable Special Servicer, as the case may be, hereunder (including the Trustee if the Trustee has become such successor pursuant to Section 7.02) may thereupon either assume all of the rights and, except to the extent they arose prior to the date of assumption, obligations of the applicable Master Servicer or applicable Special Servicer, as the case may be, under such agreement or, other than in the case of any Designated Sub-Servicing Agreement, terminate such rights and obligations without payment of any fee; (iii) prohibits the Sub-Servicer (other than a Designated Sub-Servicer) from modifying any Mortgage Loan or commencing any foreclosure or similar proceedings with respect to any Mortgaged Property without the consent of the applicable Master Servicer and, further, prohibits the Sub-Servicer from taking any action that the applicable Master Servicer would be prohibited from taking hereunder; (iv) if it is entered into by the applicable Master Servicer, does not purport to delegate or effectively delegate to the related Sub-Servicer any of the rights or obligations of the applicable Special Servicer with respect to any Specially Serviced Mortgage Loan or otherwise; (v) provides that the Trustee, for the benefit of the Certificateholders (and, in the case of a Sub-Servicing Agreement related to a Serviced Loan Combination, also for the benefit of the related Serviced Pari Passu Companion Loan Holder(s)), shall be a third party beneficiary under such agreement, but that (except to the extent the Trustee or its designee assumes the obligations of the applicable Master Servicer or applicable Special Servicer, as the case may be, thereunder as contemplated by the immediately preceding clause (ii)) none of the Trustee, any successor to the applicable Master Servicer or applicable Special Servicer, as the case may be, or any Certificateholder (or, in the case of a Sub-Servicing Agreement related to a Serviced Loan Combination, the related Serviced Pari Passu Companion Loan Holder(s)) shall have any duties under such agreement or any liabilities arising therefrom except as explicitly permitted by subsection (k) of this Section 3.22 or otherwise herein; (vi) permits any purchaser of a Mortgage Loan pursuant to this Agreement to terminate such agreement with respect to such purchased Mortgage Loan without cause and without payment of any termination fee; (vii) does not permit the subject Sub-Servicer any rights of indemnification out of the Trust Fund except through the applicable Master Servicer or applicable Special Servicer, as the case may be, pursuant to Section 6.03; (viii) does not impose any liability or indemnification obligation whatsoever on the Trustee or the Certificateholders with respect to anything contained therein; (ix) provides that, following receipt of the applicable Mortgage Loan Purchase Agreement, the applicable Master Servicer or the applicable Special Servicer, as applicable, shall provide a copy of the applicable Mortgage Loan Purchase Agreement to the related Sub-Servicer, and that such Sub-Servicer shall notify the applicable Master Servicer or the applicable Special Servicer, as applicable, in writing within five (5) Business Days after such Sub-Servicer discovers (without implying that the Sub-Servicer has a duty to make or attempt to make such discovery) a Document Defect or discovers (without implying that the Sub-Servicer has a duty to make or attempt to make such discovery) or receives notice of a Breach or receives a Repurchase Communication of a Repurchase Request, Repurchase Request Withdrawal, Repurchase or Repurchase Request Rejection, in each case with respect to a Mortgage Loan being sub-serviced by such Sub-Servicer; and (x) if the subject Sub-Servicer is a Servicing Function Participant or an Additional Servicer, provides that (y) the failure of such Sub-Servicer to comply with any of the requirements under Article XI of this Agreement applicable to such Sub-Servicer, including the failure to deliver any reports, certificates or disclosure information under the Exchange Act or under the rules and regulations promulgated under the Exchange Act, at the time such report, certification or information is required under Article XI and (z) the failure of such Sub-Servicer (other than with respect to Prudential Asset Resources, Inc. as the Primary Servicer under the Primary Servicing Agreement) to comply with any requirements to deliver any items required by Items 1122 and 1123 of Regulation AB under any other pooling and servicing agreement relating to any other series of certificates for which the Depositor or an Affiliate is the depositor shall constitute an event of default or servicer termination event on the part of such Sub-Servicer upon the occurrence of which the applicable Master Servicer or the applicable Special Servicer, as the case may be, and the Depositor shall be entitled to immediately terminate the related Sub-Servicer, which termination shall be deemed for cause; and (B) at the time the Sub-Servicing Agreement is entered into, the subject Sub-Servicer (other than a Designated Sub-Servicer in connection with a Sub-Servicing Agreement executed as of the Closing Date) is not a Prohibited Party unless (in the case of this clause (B)) the appointment of such Person as a Sub-Servicer has been expressly approved by the Depositor acting in its reasonable discretion.

  • Administration and Servicing of Loans Section 3.1 Servicer to Act as Servicer; Administration of the Loans..............................45 Section 3.2 Collection of Certain Loan Payments; Custodial Account for P&I........................48 Section 3.3 Permitted Withdrawals from the Custodial Account for P&I..............................50 Section 3.4 Taxes, Assessments and Similar Items; Escrow Accounts.................................51 Section 3.5 Maintenance of Insurance..............................................................52

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