Servicing of Purchased Receivables Sample Clauses

Servicing of Purchased Receivables. The Servicer shall within its ordinary course of business service, collect, monitor and administer all relevant Purchased Receivables and perform all related functions thereto in the same manner and with the same care that the Servicer exercises with respect to comparable receivables that it services for itself or others; and
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Servicing of Purchased Receivables. Subject to Buyer’s ownership of the Purchased Receivables, KBC shall have the sole right to service, administer and collect the Purchased Receivables, to assign such right and to delegate such right to others. In consideration of Buyer’s purchase of the Purchased Receivables, Seller agrees to cooperate fully with Buyer and/or KBC to facilitate the full and proper performance of such duties and obligations for the benefit of Buyer, RCA and/or KBC. To the extent that Buyer, individually or through KBC, has granted or grants powers of attorney to RCA or to KBC, Seller hereby grants a corresponding power of attorney on the same terms to RCA or KBC. Seller hereby acknowledges and agrees that Buyer, in all of its capacities, may assign to RCA, which in turn may assign to KBC for the benefit of RCA such powers of attorney and other rights and interests granted by Seller to Buyer pursuant to Section 5.1 hereof, and agrees to cooperate fully with KBC in the exercise of such rights.
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Servicing of Purchased Receivables. (a) The enforcement, servicing, administration and collection of the Purchased Receivables and Related Security shall be conducted by the Servicer, all on the terms set out in (and subject to any rights to terminate the initial Servicer as servicer, any replacement Servicer or any sub-servicer pursuant to) the Servicing Deed. (b) In order to facilitate and/or expedite the servicing, administration and collection of the Purchased Receivables, it may be necessary or otherwise reasonably desirable (in the opinion of the Buyer) for the Buyer and/or any Person designated by the Buyer (including the Administrative Agent, the Security Trustee and the Servicer) to act under a power of attorney from the Seller. Accordingly, the Seller hereby grants to the Buyer and each Person designated from time to time by the Buyer (including the Administrative Agent and the Servicer) a power of attorney, to (i) take any action described in Clauses 4.4(b) and 4.4(c) (Certain actions and rights), and (ii) take any and all steps in its name and on behalf of it as are necessary or reasonably desirable (in the opinion of the Buyer) to collect all amounts due under any and all Purchased Receivables or Related Security, including endorsing the name of the Seller on cheques and other instruments representing Collections and enforcing such Purchased Receivables, Related Security and any related Contracts. Nothing in this Clause 4.1(b) shall subject such attorney to any liability if such attorney elects in its sole discretion not to take any such action or if any action taken by it shall prove to be inadequate or invalid. To further such end and upon execution of this Agreement, the Seller shall on or about the date of this Agreement execute and deliver to the Buyer and the other Persons identified therein a power of attorney in form and substance satisfactory to the Administrative Agent. (c) The Seller hereby agrees, for the benefit of the Buyer and its assigns, that it will cooperate with and assist each Servicer (including any successor Servicer appointed pursuant to the Servicing Deed) in any manner such Servicer reasonably determines will facilitate the performance of its duties under the Servicing Deed (and, in the case of a successor Servicer, its transition). Such cooperation shall include (i) the endorsement of any cheque or other instrument representing Collections or Purchased Receivables or Related Security, (ii) the execution of any power of attorney or other similar instrum...
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Servicing of Purchased Receivables. Subject to Buyer’s ownership of the Purchased Receivables, KBC shall have the sole right to service, administer and collect the Purchased Receivables, to assign such right and to delegate such right to others. In consideration of Buyer’s purchase of the Purchased Receivables, Seller agrees to cooperate fully with Buyer and/or KBC to facilitate the full and proper performance of such duties and obligations for the benefit of Buyer, RCA and/or KBC. To the extent that Buyer, individually or through KBC, has granted or grants powers of attorney to RCA or to KBC, Seller hereby grants a corresponding power of attorney on the same terms to RCA or KBC. Seller hereby acknowledges and agrees that Buyer, in all of its capacities, may assign to RCA, which in turn may assign to KBC for the benefit of RCA such powers of attorney and other rights and interests granted by Seller to Buyer pursuant to Section 5.1 hereof, and agrees to cooperate fully with KBC in the exercise of such rights. Notwithstanding anything herein to the contrary, to the extent that (i) Seller desires to withdraw a contract with an Account Debtor from eligibility under the Receivables purchase program contemplated by this Agreement and (ii) all Collections relating to all Purchased Receivables arising under such contract have been received in full by Buyer, then Buyer, for itself and on behalf of its Affiliates, agrees to take all commercially reasonable efforts to cooperate with Seller to cause such contract and any and all accounts receivable arising thereunder to be reassigned to Seller.
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Servicing of Purchased Receivables. 4.4.1 The Parties agree that the purchase price for the accounts receivable reflects a market rate fee to the Seller for continued servicing of the accounts receivable by Seller or its affiliate. If, at any lime during the term of this Agreement, the Purchaser takes over the xxxxxxx from the Seller, an amount of 5 USO per booked invoice or credit note will be charged to the Seller. 4.4.2 The Parties agree that each Seller may perform the servicing of accounts receivable hereunder through Xxxxxxx Chemical Company or one or more wholly-owned affiliates of Xxxxxxx Chemical Company. 4.4.3 The Parties agree that, bank account(s) used for servicing hereunder may be owned and controlled by Seller or the Seller affiliate primarily handling such servicing, and Seller or the servicer may change such account from time to time with notice to Purchaser. Purchaser shall be entitled to require a deposit account control agreement (DACA) or similar agreement to be executed between the entity owning the servicing account and the Purchaser.
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Servicing of Purchased Receivables 
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Related to Servicing of Purchased Receivables

  • Reassignment of Purchased Receivables Upon deposit in the Collection Account of the Purchase Amount of any Receivable repurchased by Seller under Section 5.1 hereof, Purchaser and the Issuer shall take such steps as may be reasonably requested by Seller in order to assign to Seller all of Purchaser’s and the Issuer’s right, title and interest in and to such Receivable and all security and documents and all Other Conveyed Property conveyed to Purchaser and the Issuer directly relating thereto, without recourse, representation or warranty, except as to the absence of Liens created by or arising as a result of actions of Purchaser or the Issuer. Such assignment shall be a sale and assignment outright, and not for security. If, following the reassignment of a Purchased Receivable, in any enforcement suit or legal proceeding, it is held that Seller may not enforce any such Receivable on the ground that it shall not be a real party in interest or a holder entitled to enforce the Receivable, Purchaser and the Issuer shall, at the expense of Seller, take such steps as Seller deems reasonably necessary to enforce the Receivable, including bringing suit in Purchaser’s or in the Issuer’s name.

  • Servicing of Receivables The Master Servicer shall service the Receivables as required by the terms of this Agreement and in material compliance with its standard and customary procedures for servicing all its other comparable motor vehicle receivables and in compliance with applicable law; and

  • of the Interim Servicing Agreement All individual insurance policies contain a standard mortgagee clause naming the Seller and its successors and assigns as mortgagee, and all premiums thereon have been paid. The Mortgage obligates the Mortgagor thereunder to maintain the hazard insurance policy at the Mortgagor's cost and expense, and on the Mortgagor's failure to do so, authorizes the holder of the Mortgage to obtain and maintain such insurance at such Mortgagor's cost and expense, and to seek reimbursement therefor from the Mortgagor. Where required by state law or regulation, the Mortgagor has been given an opportunity to choose the carrier of the required hazard insurance, provided the policy is not a "master" or "blanket" hazard insurance policy covering a condominium, or any hazard insurance policy covering the common facilities of a planned unit development. The hazard insurance policy is the valid and binding obligation of the insurer, is in full force and effect, and will be in full force and effect and inure to the benefit of the Purchaser upon the consummation of the transactions contemplated by this Agreement. The Seller has not engaged in, and has no knowledge of the Mortgagor's having engaged in, any act or omission which would impair the coverage of any such policy, the benefits of the endorsement provided for herein, or the validity and binding effect of either including, without limitation, no unlawful fee, commission, kickback or other unlawful compensation or value of any kind has been or will be received, retained or realized by any attorney, firm or other person or entity, and no such unlawful items have been received, retained or realized by the Seller;

  • Collection of Receivables Except as otherwise provided in this Security Agreement, such Grantor will collect and enforce, at such Grantor’s sole expense, all amounts due or hereafter due to such Grantor under the Receivables owned by it.

  • Receivables (a) No amount payable to such Grantor under or in connection with any Receivable is evidenced by any Instrument or Chattel Paper which has not been delivered to the Administrative Agent. (b) None of the obligors on any Receivables is a Governmental Authority. (c) The amounts represented by such Grantor to the Lenders from time to time as owing to such Grantor in respect of the Receivables will at such times be accurate.

  • Administration and Servicing of Receivables Prior to the Certificate Trust Termination Date, the Receivables shall be serviced as provided in the Pooling and Servicing Agreement and this Article III shall have no effect. On and after the Certificate Trust Termination Date:

  • Servicing of the Mortgage Loans The Mortgage Loans have been sold by the Seller to the Purchaser on a servicing released basis. Subject to, and upon the terms and conditions of this Agreement and the Interim Servicing Agreement (with respect to each Mortgage Loan, for an interim period, as specified therein), the Seller hereby sells, transfers, assigns, conveys and delivers to the Purchaser the Servicing Rights. The Purchaser shall retain the Interim Servicer as contract servicer of the Mortgage Loans for an interim period pursuant to and in accordance with the terms and conditions contained in the Interim Servicing Agreement (with respect to each Mortgage Loan, for an interim period, as specified therein). The Seller shall cause the Interim Servicer to execute the Interim Servicing Agreement on the initial Closing Date. Pursuant to the Interim Servicing Agreement (with respect to each Mortgage Loan, for an interim period, as specified therein), the Interim Servicer shall begin servicing the Mortgage Loans on behalf of the Purchaser and shall be entitled to a Servicing Fee with respect to such Mortgage Loans until the applicable Transfer Date. The Interim Servicer shall conduct such servicing in accordance with the Interim Servicing Agreement. The Interim Servicer may enter into subservicing agreements with subservicers for the servicing and administration of the Mortgage Loans and for the performance of any and all other activities of the Interim Servicer as provided in the Interim Servicing Agreement. The Purchaser hereby acknowledges that the Seller shall assign its obligation to service the Mortgage Loans for the benefit of the Purchaser to its interim subservicer, which, on the date of this Agreement, is either Option One Mortgage Corporation or Litton Loan Servicing, LP.

  • Servicing of the Mortgage Loan (a) Each Holder acknowledges and agrees that, subject in each case to the specific terms of this Agreement, the Mortgage Loan shall be serviced pursuant to the terms of this Agreement and the applicable Servicing Agreement. (b) Prior to the closing of a Lead Securitization, all servicing and other decisions regarding the Mortgage Loan shall be made: (i) with respect to matters set forth on Exhibit D hereto, by unanimous consent of the Holders and (ii) with respect to all other matters, except as otherwise expressly set forth in this Agreement or in the Servicing Agreement (provided that any conflict between the Servicing Agreement and this Agreement shall be resolved in favor of this Agreement), by the Directing Holder. Each PSA shall contain terms and conditions that are customary for securitization transactions involving assets similar to the Mortgage Loan and that are otherwise (A) required by the Code relating to the tax elections of any Trust Fund, (B) required by law or changes in any law, rule or regulation or (C) requested by the Rating Agencies rating any Securitization. (c) Subject to the terms and conditions of this Agreement, each Holder hereby irrevocably and unconditionally consents, effective upon the Lead Securitization, to the appointment of the Master Servicer and the Trustee under the Servicing Agreement by the Depositor and the appointment of the Special Servicer by the Directing Holder and agrees to reasonably cooperate with the Master Servicer and the Special Servicer with respect to the servicing of the Mortgage Loan in accordance with the Servicing Agreement. Each Holder hereby appoints, effective upon the Lead Securitization, the Master Servicer, the Special Servicer and the Trustee under the Servicing Agreement as such Holder’s attorney-in-fact to sign any documents reasonably required with respect to the administration and servicing of the Mortgage Loan on its behalf under the Servicing Agreement (subject at all times to the rights of the Holders as set forth herein and in such Servicing Agreement). (d) If, at any time the Lead Note is no longer in a Securitization, the Lead Note Holder shall cause the Mortgage Loan to be serviced pursuant to a servicing agreement that is substantially similar to the Servicing Agreement (and, if any Non-Lead Note is in a Securitization, a Rating Agency Confirmation from the Rating Agencies that were engaged by the Depositor to rate such Securitization shall be obtained) and all references herein to the “Servicing Agreement” shall mean such subsequent Servicing Agreement; provided, however, that until a replacement Servicing Agreement has been entered into (and such Rating Agency Confirmation has been obtained), the Lead Note Holder shall cause the Mortgage Loan to be serviced pursuant to the provisions of the Servicing Agreement that was previously in effect for the Lead Note, as if such Servicing Agreement was still in full force and effect with respect to the Mortgage Loan; provided, further, however, that until a replacement Servicing Agreement is in place, the actual servicing of the Mortgage Loan may be performed by any Qualified Servicer appointed by the Lead Note Holder and does not have to be performed by the service providers set forth under the Servicing Agreement that was previously in effect.

  • No Delinquent Receivables As of the Cutoff Date, no payment due under any Receivable was more than 30 days past due.

  • Servicing of Mortgage Loans From and after the Effective Date, the Servicer does hereby agree to service the Mortgage Loans, but subject to the terms of this Agreement. The rights of the Owner to receive payments with respect to the Mortgage Loans shall be as set forth in this Agreement.

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