Servicing Expenses. For the avoidance of doubt, in consideration of the Servicing Fee payable hereunder, the Servicer shall pay all of the costs and expenses it incurs in connection with the servicing and administration of the Receivable Pool and Related Assets and the performance of its obligations under the Transaction Documents, including, without limitation, all fees payable to account banks with respect to any Collection Account, the Payment Account or related Control Agreements and all costs and expenses of enforcement of the Receivables against the Obligors and all Collection Agent Fees.
Servicing Expenses. Subject to Section 3.3 of the Contribution Agreement (with respect to the Interim Servicing Period), from and after the Closing Date (and, with respect to each Loan, from and after the Servicing Transfer Date with respect thereto), the Manager shall cause the Company to pay, from available Company funds (in the Collection Account, the Working Capital Reserve Account or any other applicable Company account the funds of which may be used for such purpose or otherwise through Excess Working Capital Advances funded by the Manager) all amounts due as Servicing Expenses (or, as applicable, Pre-Approved Charges) in a timely manner, and in each case in accordance to applicable requirements set forth in the Custodial and Paying Agency Agreement (and, as applicable, the Contribution Agreement); provided, however, that anything to the contrary herein or in any Ancillary Document notwithstanding, the Manager shall not have an obligation to fund Excess Working Capital Advances for purposes of the payment by the Company of (i) any Pre-Approved Charges, or (ii) any specific Servicing Expense relating to a Loan to the extent that the Manager has reasonably determined in accordance with the Servicing Standard that such Servicing Expense, if so paid, when combined with all unreimbursed previous Servicing Expenses, Funding Draws and Pre- Approved Charges with respect to such Loan (and any remaining amounts owing to the Initial member with respect to its servicing of such Loans during the Interim Servicing Period pursuant to Sections 2.3, 2.4 and 3.1 of the Contribution Agreement), would not ultimately be recoverable from the Loan Proceeds for such Loan. All Servicing Expenses (and Excess Working Capital Advances for the funding of the same) shall be reimbursed in accordance with the Custodial and Paying Agency Agreement.
Servicing Expenses. Except as otherwise provided in this Closed-End Servicing Agreement or the Servicing Supplements, the Closed-End Servicer will be required to pay all expenses incurred by it in connection with its activities under this Closed-End Servicing Agreement, or any Servicing Supplement, including fees and disbursements of Independent accountants, taxes imposed on the Closed-End Servicer and expenses incurred in connection with distributions and reports. The Closed-End Servicer will be entitled to reimbursement of Liquidation Expenses and expenses recoverable under any Insurance Policy.
Servicing Expenses. Except as otherwise provided in any applicable Servicing Supplement, the Servicer will be required to pay all expenses incurred by it in connection with its activities under this Agreement or any Servicing Supplement and shall not be entitled to reimbursement of any such expenses other than unpaid Disposition Expenses, Insurance Expenses and Liquidation Expenses. The Servicer may advance Insurance Expenses, Disposition Expenses and Liquidation Expenses to the extent required to service the related Collateral Assets. The Servicer shall be entitled to be reimbursed for Insurance Expenses, Disposition Expenses and Liquidation Expenses to which it is entitled by depositing only Net Liquidation Proceeds to the related Collection Account or by appropriately segregating and designating such funds on its records, pending application thereof. The Servicer may charge Lessees of the Vehicles, and be reimbursed, for (i) collection, repossession, transportation and remarketing expenses and (ii) amounts required to be paid by a Lessee that are paid by the Servicer (such as liabilities or other fines).
Servicing Expenses. The Note B Holder shall not be required, in order to effect a cure hereunder, to pay any default interest or late charges under the Loan Documents. So long as a Monetary Default exists for which a cure payment permitted hereunder is made, such Monetary Default shall not be treated as an Event of Default by the Lead Securitization Note Holder (including for purposes of (i) the definition of “Sequential Pay Event,” (ii) accelerating the Mortgage Loan, modifying, amending or waiving any provisions of the Mortgage Loan Documents or commencing proceedings for foreclosure or the taking of title by deed-in-lieu of foreclosure or other similar legal proceedings with respect to the Mortgaged Property; or (iii) treating the Mortgage Loan as a Specially Serviced Mortgage Loan); provided that such limitation shall not prevent the Lead Securitization Note Holder from collecting Default Interest or late charges from the Mortgage Loan Borrower. Any amounts advanced by a Noteholder on behalf of the Mortgage Loan Borrower to effect any cure shall be reimbursable to such Noteholder under Section 3 or Section 4, as applicable.
Servicing Expenses. Notwithstanding any other provision hereof, the Master Servicer or the Special Servicer shall obtain the written approval of the Owner prior to incurring any Servicing Expense that is over $5,000.00 per item, except for any Servicing Expense which is (a) incurred by the Master Servicer or the Special Servicer pursuant to Sections 3.02(b) or 3.05 or (b) made for any purposes other than those described in item (a) above, and is not over $25,000.00 and is made in an emergency situation to preserve and protect the Mortgaged Property or the safety of the public in connection with such Mortgaged Property. The Master Servicer or the Special Servicer shall not advance its own funds for the payment of any Servicing Expenses. The Master Servicer may cause any Servicing Expenses to be paid directly from the related Collection Account. In the event that there are insufficient funds in the related Collection Account to permit the payment of Servicing Expenses, the Owner shall deposit the necessary funds in the related Collection Account or promptly and directly pay for all such Servicing Expenses. If the Master Servicer has provided written notice of such Servicing Expenses to the Owner, and funds are subsequently deposited into the related Collection Account from sources other than the Owner, the Master Servicer may pay such expenses from the related Collection Account, in which event the Master Servicer shall promptly notify the Owner of such payment. If there are insufficient funds on deposit in the related Collection Account and Owner does not deposit the necessary funds into the related Collection Account or promptly and directly pay for such Servicing Expense, Master Servicer shall have no obligation to pay such Servicing Expense.
Servicing Expenses. At the option of Agent, the Loan may be serviced by a servicer (the “Servicer”) selected by Agent and Agent may delegate all or any portion of its responsibilities under this Agreement and the other Loan Documents to the Servicer pursuant to a servicing agreement (the “Servicing Agreement”) between Agent and Servicer. Borrower shall not be responsible for any set-up fees or any other costs relating to or arising under the Servicing Agreement, including the monthly servicing fee due to the Servicer under the Servicing Agreement; provided however, Borrower shall be required to pay any special servicing fees and other fees as more particularly set forth in Section 11.13 hereof incurred as a result of an Event of Default by Borrower or after written notice from Borrower or its Affiliate that an Event of Default is imminently likely to occur.
Servicing Expenses. (a) Notwithstanding any other provision hereof, the Servicer shall obtain the written approval of the Owner prior to incurring any Servicing Expense or Servicing Advance, except for any Servicing Expense or Servicing Advance which (i) is incurred by the Servicer pursuant to Section 3.02(b) or Section 3.05, or (ii) is made for any purposes other than those described in item (i) above and is not in excess of $10,000 per Loan Asset, or (iii) is made in an emergency situation to preserve and protect the Mortgaged Property or the safety of the public in connection with such Mortgaged Property and is either (x) not in excess of $15,000 per Loan Asset or (y) the Servicer has requested the Owner’s consent with respect to such emergency expense and has not received a response within two (2) Business Days of making such request and such emergency expense is not, in any case, in excess of $20,000 per Loan Asset; provided, however, that the Servicer shall in all cases use reasonable efforts to obtain the written approval of the Owner prior to incurring any Servicing Expense described in clause (i), (ii) or (iii).
(b) The Servicer shall have no obligation to advance its own funds for the payment of any Servicing Expenses. The Servicer may, at its option, make advances from its own funds with respect to the payment of Servicing Expenses, in which event the Servicer shall be reimbursed for such advances by the Owner, with interest thereon at the Servicer Advance Rate, within ten (10) Business Days after the Owner’s receipt of an itemized invoice therefor; provided, that prior to making any such advance in excess of $10,000 per Loan Asset, the Servicer shall have obtained the written approval of the Owner for such advance, except, after having used its reasonable efforts to obtain the written approval of the Owner (and such approval not having been denied), for the advance of any Servicing Expense which is (i) incurred by the Servicer pursuant to Section 3.02(b) or Section 3.05 or (ii) made for any purposes other than those described in item (i) above, and is not in excess of $10,000 per Loan Asset, or (iii) is made in an emergency situation to preserve and protect the Mortgaged Property or the safety of the public in connection with such Mortgaged Property and is either (x) not in excess of $15,000 per Loan Asset or (y) the Servicer has requested the Owner’s consent with respect to such emergency expense and has not received a response within two (2) Business Days of mak...
Servicing Expenses. SST shall be reimbursed on a weekly basis for all out-of-pocket expenses including, but not limited to, those associated with Vehicle recovery, Vehicle liquidation, legal proceedings related to replevin actions or Obligor bankruptcies, statement and mailing costs, title processing, bank charges and insurance tracking, if any.
Servicing Expenses. After the Closing Date, the Company shall cause all Servicing Expenses to be funded and paid in accordance with the Loan Documents and the terms of this Agreement, to the extent not paid by the Borrower or any Guarantor. Notwithstanding anything to the contrary contained herein, in no event shall the Company be obligated to advance any amount to pay Servicing Expenses if the Company determines, in its discretion exercised in accordance with the Servicing Standard, that such amount, when combined with all previous Servicing Expenses for such Loan, would not ultimately be recoverable from the Loan Proceeds from such Loan (including from the related Collateral). Subject to the provisions of Section 3.04, all Servicing Expenses shall be funded by (or through or on behalf of) the Company and not by the Participant.
