Servicing of Contracts. Section 5.01 Initial Servicer's Appointment and Acceptance; Responsibility for Contract Administration..........................................................................54 Section 5.02
Servicing of Contracts. At no expense to Agent or any Lender, each Borrower shall diligently and faithfully perform the following services relating to the Contracts and the other Collateral:
(a) Borrowers shall collect all payments and other proceeds of the Contracts and other Collateral and, while any portion of the Obligations is unpaid, Borrowers shall, after the establishment of those certain collection accounts (each a “Collection Account”; and collectively, the “Collection Accounts”) pursuant to the Collection Account Agreements, within three (3) Business Days after receipt thereof in an account that is not a Collection Account, deposit all cash proceeds of the Collateral received in collection accounts (including, for example, all regular monthly payments received in connection with the Contracts) into the Collection Accounts (in each case, net of the amount of any holdback, dispute, other reserve required by the applicable deposit account bank to remain in any such collection account, and any other amount that because of any order or legal process or as a result of a bankruptcy or other insolvency proceeding or otherwise excuses the depository bank from performance (or permits a delay or suspension in performance)); provided that no Borrower shall be in violation of this Section 5.2(a) to the extent it is unable to so deposit such proceeds due to the occurrence of any events or circumstances that are not wholly within its control. Upon the occurrence and during the continuance of an Event of Default under this Agreement or the occurrence and during the continuance of a Dominion Period as defined in the Intercreditor Agreement), then upon written notice from Agent to the Borrowers, and at all times thereafter, any Borrower’s right to withdraw any funds from the Collection Accounts shall immediately terminate and only Agent shall thereafter have a right to withdraw any funds from the Collection Accounts. Agent agrees to reinstate such Bxxxxxxx’s right to withdraw funds from the Collection Accounts when no Event of Default, Dominion Period is in effect for a period of 60 consecutive days, to the extent not inconsistent with the Intercreditor Agreement. Borrowers shall provide Agent monthly or more frequently as requested by Agent with written notification of any Contract under which any scheduled payment thereunder is 30 days or more past due. Notwithstanding anything herein or in any other Loan Document to the contrary, it is acknowledged and agreed that Borrowers are not r...
Servicing of Contracts. 35 Section 5.01. Responsibility for Contract Administration...................................................35 Section 5.02. Standard of Care.............................................................................35 Section 5.03. Records......................................................................................35 Section 5.04. Inspection...................................................................................35 Section 5.05. Trust Accounts...............................................................................36 Section 5.06. Enforcement..................................................................................38 Section 5.07. Trustee to Cooperate.........................................................................39 Section 5.08. Costs and Expenses...........................................................................40 Section 5.09. Maintenance of Security Interests in Motorcycles.............................................40 ARTICLE VI.......................................................................................................
Servicing of Contracts. The Servicer shall perform such actions with respect to the Contracts as are required by or provided for in the Servicing Agreement. The Servicer will provide the Insurer with written notice of any change or amendment to any Transaction Document as currently in effect.
Servicing of Contracts. 50 Section 5.01. Appointment and Acceptance; Responsibility for Contract Administration................50 Section 5.02. General Duties........................................................................50 Section 5.03. Consent to Assignment or Replacement..................................................51
Servicing of Contracts. Collect all payments and other proceeds of the Contracts and other Collateral and deposit the proceeds into a Dominion Account and perform customary insurance follow-up with respect to each policy of insurance covering the Property which is the subject of the Contracts.
Servicing of Contracts. 19 6.20. Prohibitions Regarding Subordinated Note............................20 6.21. Lock-Box Banks......................................................20 6.22. Contract Files.....................................................20 SECTION 7. WIND-DOWN EVENTS; REMEDIES.............................................20
Servicing of Contracts. (a) As part of the consideration for MFS entering into this Agreement and agreeing to purchase Contracts from SELLER, SELLER agrees that during the Term hereof, MFS shall have the option but not the obligation, in MFS's sole discretion, to service, as SELLER's exclusive collection agent, all Servicing Contracts entered into by SELLER and shall be entitled to retain the Servicing Fee for its performance of such services. If MFS elects to administer and service any Servicing Contracts, MFS shall perform the following duties with respect to such Servicing Contracts to the best of its skill and ability: (i) inform each Customer of the billing arrangements, send a welcome letter and a monthly billing statement or coupon book to each Customer of a Servicing Contract, proceed to collect all payments due thereunder by posting and depositing all payments or like monies received on the Servicing Contracts within forty-eight (48) hours of receipt; (ii) promptly return incomplete checks, drafts or other items of payment received with respect to the Servicing Contract to SELLER or as otherwise directed by SELLER; (iii) re-deposit checks, drafts and other items of payment returned to MFS for reasons of "Return to Maker" or "Non-sufficient funds" or words of similar effect according to MFS's standard collection procedures; (iv) notify SELLER of any items of payment received bearing a notation "payment in full," "interest only" or words to that effect and follow SELLER's instructions with respect to such items; (v) hold all post-dated checks, drafts or other items of payment and deposit them on the date appearing on the check, draft or other item of payment; (vi) use its own funds, tools, supplies and equipment in the performance of its services hereunder, (vii) maintain books and records of all Servicing Contracts in accordance with generally accepted accounting principles including, without limitation records concerning principal, interest, late charges, and pre-payments received through pre-authorized debits, checks, drafts or other items of payment and, upon SELLER's written request, give access thereto to SELLER; (viii) provide SELLER monthly with a full and complete accounting in respect of each and every Servicing Contract, and weekly e-mail Aged Balance Reports from Finance and Loan Servicing; (ix) in the event a Customer becomes delinquent over fifteen (15) days, mail written delinquent notice letters to such Customer; (x) service such delinquent Servicing Contra...
Servicing of Contracts. The Borrower shall collect all payments and other proceeds of the Contracts and other Collateral and deposit the proceeds into the Collection Account and perform customary insurance follow-up with respect to each policy of insurance covering the Property which is the subject of the Contracts.
Servicing of Contracts. (a) Permit any change in the method by which Collections are made, unless instructed to in writing by the Controlling Party, in which case Recco shall cause the Servicer to implement any and all such changes as soon as practicable.
(b) Permit the Servicer to amend, modify or otherwise change or agree to any amendment, modification or other change in the Credit and Collection Policy.
