Servicing Arrangements Sample Clauses

Servicing Arrangements. AmeriCredit, as Servicer (the “Servicer”), AFS SenSub Corp., as Seller (“Seller”), AmeriCredit Automobile Receivables Trust 2011-3 (the “Trust”) and the Trustee entered into a Sale and Servicing Agreement dated as of June 2, 2011 (as amended, supplemented and otherwise modified from time to time, the “Sale and Servicing Agreement”), relating to the Receivables (as such term is defined in the Sale and Servicing Agreement), pursuant to which the Receivables were sold, transferred, assigned, or otherwise conveyed to the Trust. The Sale and Servicing Agreement contemplates the engagement of a processor and includes terms for the opening of the Lockbox Account (as defined herein), and the Indenture contemplates that the Lockbox Account will be assigned and pledged to the Trust Collateral Agent. The Sale and Servicing Agreement does not include specific terms for the provision of data processing services and deposit of remittance items. Such terms are set forth in this Lockbox Account Agreement (the “Agreement”). All capitalized terms used herein and not otherwise defined herein shall have the meanings specified in the Sale and Servicing Agreement.
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Servicing Arrangements. (a) On or prior to the date hereof, the Master Servicer has entered into a Servicing Agreement with respect to all of the Home Loans, in substantially the form of the Form of the Servicing Agreement attached hereto as Exhibit E with Mego, as Servicer. Upon the termination of the Servicing Agreement, the Master Servicer may only appoint or consent to the appointment or succession of a successor Servicer under the Servicing Agreement and may only enter into a substitute servicing agreement which is in form and substance as the Servicing Agreement attached hereto as Exhibit E and with a Person acceptable to the Indenture Trustee. The Master Servicer shall not consent to any material amendment, modification or waiver of the provisions of a Servicing Agreement without the consent of the Indenture Trustee. (b) No provision of this Agreement or the Servicing Agreement shall be deemed to relieve the Master Servicer of any of its duties and obligations to the Indenture Trustee on behalf of Securityholders with respect to the servicing and administration of the Home Loans as provided hereunder; it being understood that the Master Servicer shall be obligated with respect thereto to the same extent and under the same terms and conditions as if it alone were performing all duties and obligations set forth in this Agreement in connection with the collection, servicing and administration of such Home Loans. (c) Without limitation of the provisions of Section 4.02(b), the Master Servicer shall (i) review the servicing reports prepared by the Servicer in order to ensure the accuracy thereof, (ii) otherwise monitor the performance by the Servicer under the Servicing Agreement and notify the Indenture Trustee of any Servicer Termination Event, and (iii) be obligated to ensure that the Servicer deposits Payments into the Collection Account. In the event the Servicer fails to make such deposit, the Master Servicer will deposit such amounts as set forth in Section 5.01(a)(1). (d) The Master Servicer agrees that it shall at all times be prepared to perform the obligations of the Servicer if the Servicer fails to perform its duties and obligations under the Servicing Agreement. (e) The Servicing Agreement may provide that the Servicer may retain, as additional compensation, prepayment penalties, assumption and processing fees paid by any Obligor and all similar fees customarily associated with the servicing of the Home Loans, including, but not limited to late charges, paid by an...
Servicing Arrangements. Concurrently with its entering into this Agreement, Purchaser has entered into the Servicing Agreement under which LendingClub will act as the initial Servicer of the Purchased Loans for Purchaser. Any purchaser, assignee or transferee of a Purchased Loan, whether from Purchaser or any other party shall be bound by such Servicing Agreement as if an original party thereto unless and until such time as such purchaser, assignee or transferee enters into a new or replacement servicing agreement with Servicer or another licensed servicer for the Purchased Loans in accordance with the terms of the Servicing Agreement.
Servicing Arrangements. (a) The parties hereto agree and acknowledge that, notwithstanding the purchase and sale of the Eligible Assets contemplated hereby, Seller shall cause the Eligible Assets to continue to be serviced for the benefit of Buyer and, if Buyer shall exercise its right to sell the Eligible Assets pursuant to this Agreement prior to the related Repurchase Date, Buyer's assigns; PROVIDED, HOWEVER, that, so long as an Event of Default shall not have occurred and be continuing, Seller shall be entitle to receive the Servicing Fee relating to the Eligible Assets serviced by it until such time as Buyer elects to terminate Seller as servicer of the Eligible Assets as contemplated by subparagraph (d) below: PROVIDED, FURTHER, HOWEVER, that if an Event of Default shall have occurred and be continuing, Seller shall not be entitled to receive the Servicing Fee during the occurrence of such Event of Default and after the expiration of such thirty (30) day period shall be entitled to receive the Servicing Fee until servicing is terminated as herein provided; and PROVIDED, FURTHER, HOWEVER, that the obligation of Seller to cause Eligible Assets to be serviced for the benefit of Buyer as aforesaid shall cease upon the payment to Buyer of the Repurchase Price therefor. (b) Seller shall cause the Eligible Assets to be serviced in accordance with the servicing standards for similar assets generally employed by prudent servicers in the Mortgage Loan, Jumbo Mortgage Loan, Home Equity Loan and manufactured housing industry. (c) Seller shall cause the servicer to enforce the rights of the owner of the Eligible Assets in accordance with the standards of a prudent lender in the manufactured housing, Mortgage Loan, Jumbo Mortgage Loan and Home Equity Loan industry. (d) Buyer may, in its sole discretion is any Event of Default shall have occurred and be continuing, without payment of any termination fee, Servicing Fee (except as otherwise provided in subparagraph (a) above) or any other amount to Seller or any servicer, (i) sell its right to the Eligible Assets on a servicing released basis or (ii) terminate the servicer of the Eligible Assets with or without cause. (e) Each servicer of Eligible Assets must be approved by Buyer.
Servicing Arrangements. AutoBond will take any necessary action to evidence that the Specified Auto Loans are to be serviced and administered by the Servicer and AutoBond, as Collection Agent under the Servicing Agreement. AutoBond will act as Collection Agent under the Servicing Agreement and will perform its duties as Collection Agent thereunder in accordance with the provisions of the Servicing Agreement, the AutoBond Program Manual and this Agreement. So long as any Advances are outstanding, upon the occurrence of an Event of Termination under the Servicing Agreement, AutoBond agrees to provide prompt notice to the Lender of such Event of Termination and to thereafter act in accordance with the instructions of the Lender, including the appointment of a new Servicer and/or Collection Agent. Any optional termination of the Servicer by AutoBond under the Servicing Agreement shall require the prior written consent of Fitch and the Initial Lender.
Servicing Arrangements. AutoBond will take any necessary action to evidence that the Specified Auto Loans are to be serviced and administered by the Servicer under the Servicing Agreement. AutoBond will act as Servicer under the Servicing Agreement and will perform its duties as Servicer thereunder in accordance with the provisions of the Servicing Agreement, the AutoBond Program Manual and this Agreement. So long as any Advances are outstanding, upon the occurrence of an Event of Termination under the Servicing Agreement, AutoBond agrees to provide prompt notice to the Lender of such Event of Termination and to thereafter act in accordance with the instructions of the Lender, including the appointment of a new Servicer.
Servicing Arrangements. On the Closing Date, AFC and Buyer shall enter into a servicing agreement in substantially the form included as Exhibit A hereto (the "Servicing Agreement"), which shall provide for the continued provision by Buyer after the Closing Date to AFC and its affiliates of fiduciary services similar in type and quality to the fiduciary services currently being provided by GMB to AFC and its affiliates.
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Servicing Arrangements. Concurrently with its entering into this Agreement, Purchaser has entered into the Servicing Agreement with Seller under which Seller will act as the Servicer of the Purchased Loans for Purchaser. Any transferee of a Purchased Loan by Purchaser or any subsequent party will be bound by the Servicing Agreement as if an original party thereto. Seller shall act as the Servicer of the Purchased Loans until such time as Purchaser terminates Seller as Servicer and appoints a successor Servicer of the Purchased Loans, which termination and subsequent appointment of a successor Servicer can only occur upon specific events set forth in the Servicing Agreement.
Servicing Arrangements. (a) The parties hereto agree and acknowledge that, notwithstanding the purchase and sale of the Mortgage Loans contemplated hereby, Seller shall continue to service, or cause the Servicer to service, the Mortgage Loans for the benefit of Buyer and, if Buyer shall exercise its rights to sell the Mortgage Loans pursuant to the Agreement, Buyer's assigns; provided, however, that the obligation to service Mortgage Loans for the benefit of Buyer as aforesaid shall cease upon the receipt by Buyer of the related Repurchase Price and all other amounts due to Buyer hereunder with respect thereto. (b) Seller shall service and administer, or cause the Servicer to service and administer, the Mortgage Loans in accordance with prudent mortgage loan servicing standards and procedures generally accepted in the mortgage banking industry. Seller shall at all times maintain, or cause the Servicer to maintain, accurate and complete records of its servicing of the Mortgage Loans. (c) Seller shall cause the Servicer to provide directly to Buyer and its permitted assigns with monthly reports concerning the Mortgage Loans with such frequency and containing such information as is set forth in Exhibit E hereto. In addition, Seller shall deliver to Buyer on each business day a schedule of Mortgage Loans reflecting current balances and such other information as Buyer may reasonably request. (d) Buyer shall, in connection with the exercise of its rights to sell the Mortgage Loans pursuant to Paragraph 11(d) of the Master Repurchase Agreement, have the option to sell the Mortgage Loans on a servicing released basis without the payment of any termination fee to Seller or any Servicer.
Servicing Arrangements. AmeriCredit, as Servicer (the “Servicer”), AFS SenSub Corp., as Seller (“Seller”), the Trust and the Trustee entered into a Sale and Servicing Agreement dated as of August 3, 2016 (as amended, supplemented and otherwise modified from time to time, the “Sale and Servicing Agreement”), relating to the Receivables (as such term is defined in the Sale and Servicing Agreement), pursuant to which the Receivables were sold, transferred, assigned, or otherwise conveyed to the Trust. The Sale and Servicing Agreement contemplates the engagement of a processor and includes terms for the opening of the Lockbox Account (as defined herein), and the Indenture contemplates that the Lockbox Account will be assigned and pledged to the Trust Collateral Agent. The Sale and Servicing Agreement does not include specific terms for the provision of data processing services and deposit of remittance items. Such terms are set forth in this Lockbox Account Agreement (the “Agreement”). All capitalized terms used herein and not otherwise defined herein shall have the meanings specified in the Sale and Servicing Agreement.
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