Servicing and Collection Practices Clause Samples
The Servicing and Collection Practices clause defines the standards and procedures that must be followed when managing and collecting payments on accounts or loans. It typically outlines the methods by which payments are processed, how delinquencies are handled, and the obligations of the party responsible for servicing. For example, it may require adherence to industry best practices or compliance with applicable laws when contacting borrowers or managing defaults. The core function of this clause is to ensure that servicing and collection activities are conducted fairly, efficiently, and in accordance with legal and contractual requirements, thereby protecting both parties' interests and minimizing disputes.
Servicing and Collection Practices. The servicing and collection practices used by the Depositor and the applicable ▇▇▇▇▇▇ Mortgage Loan Seller or, to the Depositor's knowledge, any other prior holder of the related Mortgage Note with respect to such Mortgage Loan have been in all respects legal and have met customary industry standards.
Servicing and Collection Practices. The servicing and collection practices used by the Seller or, to the Seller's knowledge, any prior holder of the related Mortgage Note with respect to such Mortgage Loan have been in all respects legal and have met customary industry standards.
Servicing and Collection Practices. Prior to the Closing Date, the servicing and collection practices used with respect to such Receivable have been consistent with the Seller's servicing and collection policies and procedures as in effect since the date of the origination of such Receivable.
Servicing and Collection Practices. The servicing and collection practices used by the Seller or, to the Seller's knowledge, any prior holder of the related Mortgage Note with respect to such Mortgage Loan have been in all respects legal and have met customary industry standards. Fee Simple. Unless such Mortgage Loan is covered by the representation and warranty in the immediately following paragraph (xlv), such Mortgage Loan is secured in whole or material part by a fee simple interest.
Servicing and Collection Practices. The servicing and collection practices used by the Seller and each subservicer, and, to the best of the Seller’s knowledge, any prior originator or servicer since origination with respect to each mortgage note and mortgage, have complied with applicable state and federal law, the HUD HECM Guidelines and the documents relating to the Mortgage Loan.
Servicing and Collection Practices. The servicing and collection practices used with respect to such Receivable have been consistent with the Servicer's servicing and collection policies and procedures as in effect since the date of the origination of such Receivable through the date of the Purchase Agreement, and thereafter, the Servicer has serviced the Receivables in accordance with the Servicing Standard (as defined in the Purchase Agreement).
Servicing and Collection Practices. To the Mortgage Loan Seller's knowledge, the servicing and collection practices used by the Mortgage Loan Seller with respect to the Mortgage Loan have been in all respects legal and have met customary industry standards for the servicing of commercial mortgage loans for commercial mortgage loan conduit programs.
Servicing and Collection Practices. Prior to the applicable Transfer Date, the servicing and collection practices used with respect to such Receivable have been consistent with the Seller's servicing and collection policies and procedures as in effect since the date of the origination of such Receivable.
Servicing and Collection Practices. The servicing and collection practices used by the Seller and its affiliates or contractors engaged by it with respect to the Mortgage Loan have been in all respects legal and have met customary standards utilized by prudent commercial or multifamily, as applicable, lenders and servicers.