Servicing, Administration and Collection Duties. Without limiting the generality of Section 3.1, SPV’s servicing, administration and collection duties under this Agreement shall be subject to the duties set forth below.
(a) SPV shall undertake all commercially reasonable efforts to collect or otherwise realize upon the Investment being serviced hereunder. In that connection, SPV shall be solely responsible for the collection and posting of all payments, responding to inquiries of obligors associated with the Investment, investigating delinquencies, sending statements to obligors associated with the Investment, reporting any required tax information to such obligors, reporting any required credit information on obligors to the credit bureaus, accounting for proceeds collected on account of any portion of the Investment, monitoring the status of any guaranties or insurance policies relating to the Investment, commencing and pursuing collection actions, entering into agreements for the settlement, compromise or satisfaction of any claims relating to the Investment with one or more obligors associated therewith and such other practices and procedures as are generally employed in servicing, administering and collecting similar accounts, loan portfolios and other receivables. To the extent that SPV, in the performance of its duties and responsibilities under this Agreement, engages Service Providers, SPV shall also have sole responsibility for compensating, monitoring and managing the activities and actions of such attorneys and ensuring that such activities and actions are in compliance with provisions of this Agreement.
(b) SPV will instruct its Service Providers to submit electronic transfer payments directly to the Trust Account. Service Providers will also be instructed that payments received by mail should be deposited into the Trust Account no later than the first Business Day after such amounts are received.
(c) SPV shall maintain detailed records with respect to each account forming a portion of the Investment, the amount and application of any funds received with respect thereto, or other realization upon such account and documentation of all servicing, administration and collection efforts and activities with respect to such account including (i) all Direct Payments and (ii) any refund payments in connection with Put Back Accounts.
(d) On a monthly basis, SPV shall provide the Company with an electronic file of the collection results for the period then ended for purposes of updating the Investment ...
