Certification Regarding Servicer Defaults Clause Samples
The Certification Regarding Servicer Defaults clause requires the servicer to formally confirm whether any defaults or breaches of their obligations have occurred. Typically, this involves the servicer providing a written statement or certificate at specified intervals, such as annually or upon request, affirming that they are in compliance with the terms of the servicing agreement or disclosing any known defaults. This clause ensures transparency and accountability, allowing the other parties to monitor the servicer’s performance and address issues promptly if any defaults are identified.
Certification Regarding Servicer Defaults. Concurrently with the delivery of each financial report delivered under (A) or (B) above, a certification by the chief financial officer or chief treasury officer of the Servicer that, to the best of his knowledge, no Servicer Default and no event which, with the giving of notice or the passage of time, would become a Servicer Default has occurred and is continuing or, if any such Servicer Default or other event has occurred and is continuing, the action which the Servicer has taken or proposes to take with respect thereto.