Servicing of SBA Lender Loans Sample Clauses

Servicing of SBA Lender Loans. SBA Lender will service the SBA Lender Loans in the Loan Pool. The Servicer will remit funds to which the Guaranteed Holders or SBA is entitled in accordance with the terms of the Participation Agreements, and will remit funds which are required to be remitted to Trustee in accordance with the terms of the Pooling and Servicing Agreement. SBA Lender must proceed with all collection, enforcement of remedies and liquidation actions against SBA Lender Loan Debtors in default in accordance with SBA Rules and Regulations. SBA Lender must perform all servicing activities in accordance with SBA Rules and Regulations, the Participation Agreements and, to the extent there is no conflict, the Pooling and Servicing Agreement. Property acquired through foreclosure or deed in lieu of foreclosure will be titled in the name of Trustee for the benefit of the SBA and the holders of the Certificates, as their interests may appear, subject to the terms of this Agreement. The SBA Lender will continue to administer such property and will be responsible for its disposition in accordance with the terms of the Pooling and Servicing Agreement. The SBA Lender will distribute disposition proceeds to the SBA, as party in interest with respect to the Guaranteed Interest, and to Trustee in respect of the Unguaranteed Interest, pro rata. SBA may, at its option, assume servicing of any SBA Lender Loan in accordance with SBA Rules and Regulations. Prior to an Event of Default, Trustee will not take (i) any action regarding the servicing of any SBA Lender Loan or (ii) any action with respect to any SBA Lender Loan Debtor or any collateral securing any SBA Lender Loan. Any actions required of SBA Lender under the Pooling and Servicing Agreement or this Agreement may be performed by or through a subservicer approved by SBA under an agreement approved by SBA, but any such subservicing arrangement will not limit or reduce SBA Lender's obligations or liabilities as servicer under the Pooling and Servicing Agreement or this Agreement.
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Servicing of SBA Lender Loans. Except as set forth in Section 10 below, SBA Lender will service the SBA Lender Loans. Under no circumstances may Warehouse Lender take any action regarding the servicing or take action against any SBA Lender Loan Debtor or to foreclose on collateral securing any SBA Lender Loan without obtaining SBA's prior written consent.
Sample 1
Servicing of SBA Lender Loans. Except as set forth in Section 11, SBA Lender will continue to hold all Loan Documents, except that (i) FTA will hold the Notes and (ii) Warehouse Lender will hold any original assignment of mortgage, any original assignment of any other collateral securing an SBA Lender Loan and any original assignment of a Uniform Commercial Code financing statement. SBA Lender or Appointed Servicer, as the case may be, will service the SBA Lender Loans, collect amounts owing under the Note or any other Loan Document, enforce remedies and liquidate collateral in accordance with SBA Rules and Regulations, except as approved by SBA. The SBA Lender, Appointed Servicer and any successor Servicer, as the case may be, will be responsible for providing the information on the Guaranty Loan Status and Lender Remittance Form (SBA Form 1502), with respect to each SBA Lender Loan, to the FTA in accordance with SBA Rules and Regulations. After the occurrence of an Event of Default, property acquired through foreclosure or deed‑in‑lieu of foreclosure will be titled in the name of the person or entity SBA directs, for the benefit of SBA and Warehouse Lender, as their interests appear under this Agreement. Appointed Servicer will administer and be responsible for the disposition of all property acquired through foreclosure or deed in lieu of foreclosure in accordance with SBA Rules and Regulations, except as approved by SBA.
Sample 1

Related to Servicing of SBA Lender Loans

  • Servicing of Loans The servicing, administering and collection of the Loans shall be conducted by the Servicer then authorized to act as such under the Sale and Servicing Agreement.

  • Administration and Servicing of Loans Section 3.1 Servicer to Act as Servicer; Administration of the Loans..............................45 Section 3.2 Collection of Certain Loan Payments; Custodial Account for P&I........................48 Section 3.3 Permitted Withdrawals from the Custodial Account for P&I..............................50 Section 3.4 Taxes, Assessments and Similar Items; Escrow Accounts.................................51 Section 3.5 Maintenance of Insurance..............................................................52

  • Advances by Master Servicer If any Servicer fails to remit any Advance required to be made under the applicable Servicing Agreement, the Master Servicer shall itself make, or shall cause the successor Servicer to make, such Advance. If the Master Servicer determines that an Advance is required, it shall on the Business Day preceding the related Distribution Date immediately following such Determination Date remit to the Securities Administrator from its own funds (or funds advanced by the applicable Servicer) for deposit in the Account immediately available funds in an amount equal to such Advance. The Master Servicer and each Servicer shall be entitled to be reimbursed for all Advances made by it. Notwithstanding anything to the contrary herein, in the event the Master Servicer determines in its reasonable judgment that an Advance is non-recoverable, the Master Servicer shall be under no obligation to make such Advance. If the Master Servicer determines that an Advance is non-recoverable, it shall, on or prior to the related Distribution Date, deliver an Officer's Certificate to the Trustee to such effect.

  • Servicing of the Mortgage Loans Section 3.01.

  • Servicer Advances For each Settlement Period, if the Servicer determines that any Scheduled Payment (or portion thereof) that was due and payable pursuant to a Loan included in the Collateral during such Settlement Period was not received prior to the end of such Settlement Period, the Servicer may, but shall not be obligated to, make an advance in an amount up to the amount of such delinquent Scheduled Payment (or portion thereof) to the extent that the Servicer reasonably expects to be reimbursed for such advance; in addition, if on any day there are not sufficient funds on deposit in the Collection Account to pay accrued Interest on any Advance the Settlement Period of which ends on such day, the Servicer may make an advance in the amount necessary to pay such Interest (in either case, any such advance, a “Servicer Advance”). Notwithstanding the preceding sentence, any Successor Servicer will not be obligated to make any Servicer Advances. The Servicer will deposit any Servicer Advances into the Collection Account on or prior to 11:00 a.m. (New York City time) on the related Payment Date, in immediately available funds.

  • ADMINISTRATION AND SERVICING OF THE MORTGAGE LOANS Section 3.01 The Master Servicer to act as Master Servicer.

  • Monthly Advances by Servicer On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, an amount equal to all Monthly Payments (in the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interest) which were due on the Mortgage Loans during the applicable Due Period and which were Delinquent at the close of business on the immediately preceding Determination Date. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances to the Master Servicer required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage Loans. The Servicer’s obligation to make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan unless the Servicer deems such Monthly Advance to be non-recoverable, as evidenced by an Officer’s Certificate of the Servicer delivered to the Master Servicer.

  • Servicing of the Mortgage Loan (a) Each Note Holder acknowledges and agrees that, subject in each case to this Agreement, the Mortgage Loan shall be serviced from and after the Lead Securitization Date by the Master Servicer and the Special Servicer pursuant to the terms of this Agreement and the Lead Securitization Servicing Agreement; provided that the Master Servicer shall not be obligated to advance monthly payments of principal or interest in respect of any Note other than the Lead Securitization Note(s) if such principal or interest is not paid by the Mortgage Loan Borrower but shall be obligated to advance delinquent real estate taxes, insurance premiums and other expenses related to the maintenance of the Mortgaged Property and maintenance and enforcement of the lien of the Mortgage thereon, subject to the terms of the Lead Securitization Servicing Agreement; provided, further, that, when appointed, the Special Servicer has the required Special Servicer Rating from each Rating Agency then rating a Securitization. Each Note Holder acknowledges that any other Note Holder may elect, in its sole discretion, to include its Note in a Securitization and agrees that it will, subject to Section 26, reasonably cooperate with such other Note Holder, at such other Note Holder’s expense, to effect such Securitization. Subject to the terms and conditions of this Agreement, each Note Holder hereby irrevocably and unconditionally consents to the appointment of the Master Servicer and the Trustee under the Lead Securitization Servicing Agreement by the Depositor and the appointment of the Special Servicer by the Controlling Note 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 Lead Securitization Servicing Agreement. Each Note Holder hereby appoints the Master Servicer, the Special Servicer and the Trustee in the Lead Securitization as such Note 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 Lead Securitization Servicing Agreement (subject at all times to the rights of such Note Holder set forth herein and in the Lead Securitization Servicing Agreement). The Lead Securitization Servicing Agreement shall not limit the Servicer in enforcing the rights of one Note Holder against any other Note Holder as may be required in order to service the Mortgage Loan as contemplated by this Agreement and the Lead Securitization Servicing Agreement; provided, that it is also understood and agreed that nothing in this sentence shall be construed to otherwise limit the rights of one Note Holder with respect to any other Note Holder. Each Servicer shall be required pursuant to the Lead Securitization Servicing Agreement (i) to service the Mortgage Loan in accordance with the Servicing Standard, the terms of the Mortgage Loan Documents, the Lead Securitization Servicing Agreement and applicable law, (ii) to provide information to each servicer under each Non-Lead Securitization Servicing Agreement necessary to enable each such servicer to perform its servicing duties under such Non-Lead Securitization Servicing Agreement, and (iii) to not take any action or refrain from taking any action or follow any direction inconsistent with the foregoing.

  • Loans, Advances, Investments, Etc Make or commit or agree to make, or permit any of its Subsidiaries make or commit or agree to make, any Investment in any other Person except for Permitted Investments.

  • LOANS, ADVANCES, INVESTMENTS Make any loans or advances to or investments in any person or entity, except any of the foregoing existing as of, and disclosed to Bank prior to, the date hereof.

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