Servicer Authority Clause Samples
The Servicer Authority clause defines the powers and responsibilities granted to the servicer in a contractual relationship, typically in the context of loan servicing or asset management. This clause outlines the specific actions the servicer is authorized to take on behalf of the lender or investor, such as collecting payments, managing accounts, or initiating enforcement actions in case of default. By clearly delineating the scope of the servicer's authority, the clause ensures operational clarity and helps prevent disputes over the servicer's role and permissible activities.
Servicer Authority. Without limiting the generality of the foregoing, ------------------- the Servicer (1) shall continue, and is hereby authorized and empowered by the Issuer and the Indenture Trustee, to execute and deliver, on behalf of itself, the Issuer, the Noteholders, the Note Insurer and the Indenture Trustee or any of them, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge and all other comparable instruments, with respect to the Home Loans and with respect to the related Mortgaged Properties and (2) subject to Section 2.05, to institute foreclosure proceedings or obtain deeds in lieu of foreclosure so as to convert ownership of Mortgaged Properties into the name of the Indenture Trustee pursuant to Section 2.05 of this Agreement. The Servicer may ▇▇▇ to enforce or collect on any of the Home Loans or any insurance policy covering a Home Loan, in its own name if possible, or on behalf of the Issuer or the Indenture Trustee. If the Servicer commences a legal proceeding to enforce a Home Loan or any such insurance policy, the Issuer and the Indenture Trustee shall thereupon be deemed to have automatically assigned the Home Loan or the rights under such insurance policy to the Servicer for purposes of collection only. If, however, in any suit or legal proceeding for enforcement, it is held that the Servicer may not enforce or collect on a Home Loan or any insurance policy covering a Home Loan on the ground that it is not a real party in interest or a holder entitled to enforce such Home Loan or such insurance policy, as the case may be, then the Issuer and the Indenture Trustee shall, upon the written request of a Servicing Officer, execute and return to the Servicer such powers of attorney and other documents as are necessary or appropriate to enable the Servicer to enforce such Home Loan or insurance policy, as the case may be, and which are prepared by the Servicer and submitted to the Issuer or the Indenture Trustee for execution. The Servicer, on behalf of the Issuer, the Noteholders and the Note Insurer, shall prepare, execute, deliver and take all actions reasonably necessary to protect the Trust Estate pursuant to Section 3.05 of the Indenture and shall, on behalf of the Issuer, execute and deliver and take any additional actions as shall be deemed necessary to effect the administrative obligations of the Issuer under the Indenture.
Servicer Authority. The Servicer shall have full power and authority, acting alone or through any party properly designated by it, to do any and all things in connection with its servicing and administration duties described herein which it may deem necessary or desirable, subject to the limitations set forth in the other provisions of this Article XV. Without limiting the generality of the foregoing, the Servicer or any of its designees is hereby authorized and empowered to subcontract with any other Person with the prior written consent of the Administrative Agent (in any case, at the Servicer’s sole cost and expense), for servicing, administering or collecting, in whole or in part, the Sites and Contracts of the Borrower whereupon such other Person with which the Servicer so subcontracts shall be entitled such rights and powers of the Servicer hereunder as may be delegated to it; provided, however, that the Servicer shall remain fully liable for the performance of the duties and obligations of the Servicer and such subcontracted party, pursuant to the terms hereof. The Lender shall execute any documents furnished by the Servicer which are necessary or appropriate to enable the Servicer to carry out its servicing and administrative duties hereunder and which are acceptable in form and substance to the Lender.
Servicer Authority. The Servicer shall have full power and authority, acting alone or through any party properly designated by it, to do any and all things in connection with its servicing and administration duties described herein which it may deem necessary or desirable, subject to the limitations set forth in the other provisions of this Article