Customary Servicing Procedures Clause Samples
The "Customary Servicing Procedures" clause defines the standard practices and protocols that a party, typically a servicer or manager, must follow when managing assets or obligations under an agreement. In practice, this means the party is required to act in accordance with industry norms, established guidelines, and prudent business judgment, such as collecting payments, maintaining records, or handling defaults in a manner consistent with how similar assets are managed. The core function of this clause is to ensure that servicing is performed reliably and consistently, reducing ambiguity and aligning expectations between parties regarding the level of care and diligence to be exercised.
Customary Servicing Procedures. Procedures (including collection procedures) that the Servicer customarily employs and exercises in servicing and administering mortgage loans for its own account and arranging for the sale and Securitization of mortgage loans and which are in accordance with accepted mortgage servicing practices of prudent lending institutions in the jurisdiction in which the Mortgaged Property is situated for properties of a similar type.
Customary Servicing Procedures. Procedures (including collection procedures) that Servicer customarily employs and exercises in servicing and administering mortgage loans for its own account and which are in accordance with accepted mortgage servicing practices of prudent lending institutions for comparable mortgage loans and with the ▇▇▇▇▇▇ Mae Guides.
Customary Servicing Procedures. With respect to any Mortgage Loan, those mortgage servicing practices (including collection procedures) of prudent mortgage banking institutions which service mortgage loans of the same type as such Mortgage Loan in the jurisdiction where the related Mortgaged Property is located which are in accordance with accepted mortgage servicing practices of prudent lending institutions and the ▇▇▇▇▇▇ Mae Guides as amended from time to time.
Customary Servicing Procedures. Whenever the phrase "customary ------------------------------ procedures or practices of the Servicer" is used, that phrase shall include only those procedures and practices which are commercially reasonable, bearing in mind industry standards. APA-16 APPENDIX B Notice Addresses and Procedures All requests, demands, directions, consents, waivers, notices, authorizations and communications provided or permitted under any Basic Document to be made upon, given or furnished to or filed with Grantor, Trustees or the Initial Beneficiary shall be in writing, personally delivered, sent by facsimile with a copy to follow via first class mail or mailed by certified mail-return receipt requested, and shall be deemed to have been duly given upon receipt:
(a) in the case of Grantor, at the following address: Harco Leasing Company, Inc. ▇▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ Attention: Treasurer with a copy to: Navistar Financial Corporation ▇▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ Attention: General Counsel