Servicing Duties. The Backup Servicer shall take all actions it deems necessary to commence servicing within sixty (60) days (or such earlier number of days as may be agreed to by the Backup Servicer) of receipt of written notice from the Trust Collateral Agent (acting at the written direction of the Majority Noteholders), including hiring and training new personnel and purchasing any necessary equipment.
Servicing Duties. Servicer shall provide and perform the Services in full compliance with: the terms of this Agreement and the Servicing Guidelines. The Lender Participant shall be responsible for the legal compliance of the content of the Program Guidelines, Credit Agreements, privacy policies and disclosures and notices required by state law.
Servicing Duties. (a) On or before the Closing Date, the Backup Servicer and the Trustee will enter into the Aegis Finance Servicing Agreement with Aegis Finance pursuant to which Aegis Finance shall act as Servicer with respect to the Receivables. Any Servicer shall be, and shall remain, for so long as it is acting as Servicer, an Eligible Servicer. The Backup Servicer shall review each Monthly Servicing Certificate required to be provided by the Servicer pursuant to paragraph III.B.6 of the Servicing Agreement and shall notify the Trustee and each Certificateholder of any discrepancy in such Monthly Servicing Certificate which cannot be corrected in accordance with paragraph III.B.6 of the Servicing Agreement.
(b) In the event of termination of the rights and obligations of the Servicer under the Servicing Agreement, the Backup Servicer shall, in accordance with paragraph VI of the Servicing Agreement, act as Servicer of the Receivables by assuming such rights and obligations under the Servicing Agreement unless a successor Servicer, other than the Backup Servicer, is appointed by the Trustee under the Servicing Agreement; provided, however, that the Backup Servicer shall not be liable for any acts, omissions or obligations of the Servicer prior to such succession or for any breach by the Servicer of any of its representations and warranties contained in the Servicing Agreement or in any related document or agreement.
(c) Any Servicing Agreement that may be entered into and any other transactions or servicing arrangements relating to the Receivables and the other Trust Property involving a Servicer in its capacity as such shall be deemed to be for the benefit of the Trust, the Trustee and the Certificateholders.
(d) Other than the duties specifically set forth in this Agreement and the Servicing Agreement, the Backup Servicer shall have no obligation hereunder, including, without limitation, to supervise, verify, monitor or administer the performance of the Servicer. The Backup Servicer shall have no liability for any actions taken or omitted by the Servicer. The duties and obligations of the Backup Servicer shall be determined solely by the express provisions of this Agreement and the Servicing Agreement and no implied covenants or obligations shall be read into this Agreement against the Backup Servicer.
Servicing Duties. WOFC shall provide the following services with respect to the Accounts.
a. Upon the receipt of a completed Loan File from the Company, WOFC shall cause to be maintained for each Account automated information including, but not limited to, (i) name and address of the Borrower, (ii) principal balance plus earned interest or the balance of monthly payments due, as well as any other accrued charges of the Account, (iii) the loan number, (iv) a description of the Collateral, (v) the monthly payment, (vi) the residual value of the motor vehicle for Loan Files involving closed end lease agreements, (vii) the current payment status of the Account, (viii) each Account with respect to which WOFC has not received a Certificate of Title for the Collateral Financed thereby in the name of or with a first lien in favor of Company, and (ix) proof of insurance as to Lease Accounts only, and (x) such other information concerning such Accounts as Company may reasonably request and which is available to WOFC at no additional cost or expense.
b. After the receipt of the Loan File, WOFC shall mail to each Borrower a monthly billing statement in the forms attached to this Agreement as Exhibit C and Exhibit D for any Account involving the sale or lease of a motor vehicle to the Borrower.
c. WOFC shall maintain records for each Account, which records shall include the original principal balance, the amount of each payment applied to the Account, the date of each payment, the interest or lease rate, and the current outstanding principal balance. WOFC's obligation to perform its servicing duties and maintain accurate records hereunder is limited to the accuracy and availability of the information WOFC receives from time to time from the Company.
d. WOFC shall provide to the Company on or before the 10th day of each month detailed reports by investor number including, but not limited to, the legal status of each Account, the accounting status of each Account, and the delinquency status of each Account. WOFC shall provide to the Company on or before the 10th day of each month summary level reports of the above information by investor and total Company portfolios. Said reports shall be presumed correct and accurate unless the Company delivers to WOFC by registered or certified mail, written objection thereto specifying the error contained in the reports. In such event, the Company's sole and exclusive remedy and WOFC's only liability shall be to make appropriate adjustments in the repo...
Servicing Duties. 2.1 Until the termination of the Servicer pursuant to Section 11.1, the Loans included in the Portfolio shall be administered, serviced and collected by the Seller, as Servicer. The Seller hereby agrees to perform the duties and obligations of the Servicer pursuant to the terms hereof at no additional cost to the Guarantor, in consideration of the consideration paid for the Loans and the Related Security pursuant to the Mortgage Sale Agreement. Subject to the provisions hereof, the Servicer shall administer, service and collect the Loans and their Related Security as agent for the Guarantor until the date of termination of this Agreement in accordance with the provisions of this Agreement. The Bond Trustee consents to the appointment of the Servicer on the terms and subject to the conditions of this Agreement.
2.2 The Servicer, as agent for the Guarantor (to the extent provided herein), shall perform its duties hereunder with reasonable care and diligence, using that degree of skill and attention that the Servicer exercises in managing, servicing, administering, collecting on and performing similar functions relating to comparable loans that it services for itself or other Persons and in accordance with the Credit and Collection Policy.
Servicing Duties. Income derived from the Servicing Rights following the Sale Date shall be paid to Purchaser after the Sale Date. Seller shall be entitled to the benefits and obligations of all Escrow Funds and principal and interest custodial funds during the Subservicing Period. From and after the date hereof, Seller shall not take any action that is inconsistent with the sale of the Servicing accomplished hereby. During the Subservicing Period, Seller shall maintain its servicing capacity and:
(a) Subservice the Mortgage Loans pursuant to the terms of the Mortgage Loan Subservicing Agreement; and
(b) Not assign or attempt to assign the responsibilities for servicing the Mortgage Loans, except as set forth herein and except with respect to an Affiliate.
Servicing Duties. 36 3.02 Eight Hour Shift . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37 3.03 Twelve Hour Shift Vessels . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37
Servicing Duties. Of The Lender This section contains the basic rules governing the servicing of mortgages that we purchase, or in which we purchase a participation interest. The servicing duties of the Lender are:
Servicing Duties. Borrower agrees to provide servicing and management of the Portfolio at all times on and after the Effective Date and continuing through the Servicing Termination Date, in all cases subject to the terms of this Agreement. Such services include, without limitation, (i) possessing, keeping and maintaining Books, (ii) receiving, processing, accounting for and delivering all Collections to the Collection Account until the Servicing Termination Date, (iii) monitoring and pursuing payments under the Premium Finance Documents, (iv) monitoring and managing all Premium Finance Collateral, (v) subject to Section 7, non-judicial and judicial enforcement, liquidation and collection of the Premium Finance Documents, including engagement of attorneys or other professionals for such purpose, and (vi) taking all lawful actions and procedures as reasonably required to comply with Borrower’s obligations under the Premium Finance Documents, maximize the value of the Portfolio and collect the Premium Finance Documents and Premium Finance Collateral included therein.
Servicing Duties. Without limiting the generality of the authority granted by the appointment of the Servicer, and subject to the other provisions hereof, the Servicer is hereby authorised and empowered by the Guarantor to take any and all reasonable steps in its name and on its behalf that are necessary or desirable and not inconsistent with the sale, transfer and assignment of the Loans and the Related Security to the Guarantor, except that the Servicer may not notify any Person of the Guarantor’s interest therein until the Seller is required to do so in accordance with Section 3.5(1) of the Mortgage Sale Agreement or until the occurrence of a Registered Title Event or pursuant to Section 3.1(c) to collect all amounts due under any and all Loans, including executing and delivering, on behalf of the Guarantor and any subsequent assignees, any and all instruments of satisfaction or cancellation, or partial or full release or discharge, and all other comparable instruments, with respect to the Loans and their Related Security and, after delinquency of any such Loans and to the extent permitted under and in compliance with applicable Law, to commence proceedings with respect to enforcing payment of such Loans and their Related Security, and adjusting, settling or compromising the account or payment thereof, in accordance with the Servicing Standard. The Guarantor will furnish the Servicer with any powers of attorney and other documents that are within the ability of the Guarantor to furnish and which are reasonably necessary or appropriate to enable it to carry out its servicing and administrative duties hereunder as agent of the Guarantor.
