Servicing of the Loans. Funding Lender Representative may appoint a Loan Servicer (which may be Funding Lender Representative if Funding Lender Representative elects to service the Loans) to service the Loans as provided in Section 3.02 of the Project Loan Agreement.
Servicing of the Loans. Transferor shall service the Loans on behalf of both Transferee and Transferor as follows:
(a) Except as otherwise specifically set forth in this Agreement, Transferor will perform the servicing for the Loans or will cause an affiliate of Transferor to service the Loans in a manner substantially the same as for similar work performed by Transferor on its own behalf. For this purpose, servicing shall include all communications with any of the Borrowers and third parties, making of all advances and issuing of letters of credit provided for under the Loan Documents (subject to receipt from Transferee of its Participation Share of each such advance), receipt of all collections under the Loans and remittance of the same to the party entitled thereto, inspections of the Collateral, and all other acts incidental thereto. Transferor shall use good faith efforts, or shall cause its affiliate to use good faith efforts, to collect all payments due under the Loans as they become due and payable and to enforce all obligations of the Borrowers to the extent necessary to protect the interests of Transferor and Transferee. Transferor shall administer all Loan collections, including any escrows, in accordance with all applicable laws and regulations. Transferee agrees that such funds may be commingled with Transferor’s general funds.
(b) Transferor shall have the right, in the exercise of its reasonable discretion and in accordance with prudent banking practices, to give consents, waivers and modifications of the Loan Documents to the same extent as if the Loans were wholly-owned by Transferor; provided, however, that Transferor shall not grant or agree to any (i) waiver of any payment default, (ii) extension of the maturity, (iii) reduction of the rate or rates of interest with respect to the Loans, (iv) forgiveness or reduction of the principal sum of the Loans, (v) increase in the lending formula or advance rates, and (vi) waiver of any right to elect to foreclose on any Loan in default, and (vii) amendment or modification of the financial covenants contained in the Loan Documents that would make such financial covenants less restrictive with respect to any of the Borrowers without the prior written consent of Transferee, except that Transferor shall be permitted to grant or agree to any of such consents, waivers or modifications pursuant to and in accordance with guidelines and limitations provided by Transferee to Transferor in writing from time to time. Transferor sh...
Servicing of the Loans. The Compliance Monitoring Agent shall provide the services required of the “Issuer Servicer” under the Loan Documents, including, without limitation, monitoring the Development and compliance by the Borrower with the requirements of the Land Use Restriction Agreement, exercising the same degree of care in performing its obligations under this Agreement as is customary in the industry for financial institutions which service real estate loans for their own portfolios and on behalf of others. The Issuer agrees that it will do and perform all things reasonably necessary to assist the Compliance Monitoring Agent in performing its obligations hereunder and under the Loan Documents.
Servicing of the Loans. Except with respect to (i) those matters set forth in the following sentence or (ii) as further described on Schedule 5.8(b) hereto or (iii) pursuant to the Loan Modification Program, Seller shall service and administer the Loans until the Closing Date in conformity with its past practices. Further, except as required by law, the terms of the Loan Documents or pursuant to previously negotiated settlements or similar contracts entered into or pending as of the Closing Date as further described on Schedule 5.8(b) hereto, without Purchaser's consent (which consent shall not be unreasonably withheld or delayed), Seller may not between the date hereof and the Closing Date: (i) release any collateral or any party from any liability on or with respect to any of the Loans, (ii) amend any of the Loan Documents or compromise or settle any claims of any kind or character with respect to any of the Loans, (iii) initiate, complete or otherwise take any action with respect to a foreclosure on any of the Collateral Property or (iv) actively solicit unscheduled repayments of Loans (provided that Purchaser acknowledges that the operation of the Loan Modification Program may induce prepayment of Loans) unless, in its judgment, Seller determines that an action under clauses (i), (ii), or (iii) of this sentence should be taken to enhance or protect the value of a Loan. In the event that Seller determines to take any action pursuant to clause (i), (ii) or (iii) of the foregoing sentence, Seller shall give prior notice thereof to Purchaser. If Seller receives from Purchaser a written objection to the actions proposed to be taken by Seller with respect to such Loan within (10) days after the giving of such notice to Purchaser and Seller determines, in its discretion, not to follow Purchaser's reasonable course of action which is contained in such notice of objection, Purchaser shall be deemed to have objected to Seller's taking such action, and shall have the right to exclude the related Loan from the Assets purchased by it pursuant to this Agreement. If Seller receives no such written objection or instructions from Purchaser within such ten-day period, Purchaser shall have no right to exclude the related Loan from the Assets purchased by it, and shall remain obligated to purchase such Loan pursuant to this Agreement. Promptly upon the receipt of a written request of Purchaser, Seller shall disclose to Purchaser the status of any Loan foreclosure in progress and any actions take...
Servicing of the Loans. For a particular Securitization, the Loans will be serviced by a servicer that is reasonably acceptable to CTS (the "Servicer"), in accordance with the terms and provisions of the servicing agreement referred to in the Purchase Agreement with respect to Loans to be securitized and, upon securitization, the related Agreement. The Servicer shall be entitled to a servicing fee no greater than 0.50% per annum on the unpaid balance of the Loans related to such Securitization or under the Purchase Agreement. Such servicing agreement and the related Agreement, as applicable, will, among other things, (a) require that CMGFC make certain representations and warranties concerning the quality and the underwriting of the Loans, (b) require that the Servicer make certain representations and warranties concerning the servicing of the Loans, and (c) to the extent such representations and warranties are breached with respect to a particular Loan, will require that CMGFC or the Servicer repurchase such Loan, as the case may be. If and when CMGFC is acceptable to the Rating Agencies and the credit enhancers (if any) to act as the Servicer in particular Securitizations, CMGFC may act as the Servicer in such future Securitizations, and possess the rights and perform the obligations of the Servicer hereunder with respect to such future Securitizations.'
Servicing of the Loans. The Loans will be serviced in the ---------------------- manner set forth in the Servicing Agreement. FMAC shall not, without the Participant's prior written consent, agree to the modification or waiver of any of the terms of the Loan Documents, consent to any action or failure to act by the Borrower, or exercise any rights (other than the right to collect payments) which FMAC may have in respect of the Loans or under the Loan Documents, including but not limited to any agreement, consent or exercise of rights which would (i) reduce the principal amount of or rate of interest on the Loans of which any Participant is entitled to receive a Participation Share under this Agreement, (ii) postpone any date fixed for any payment of principal of or interest on the Loans, (iii) release any Loan Collateral or security interest thereon except as otherwise contemplated in the Loan Documents or (iv) release the Borrower, any guarantor, or any other party primarily or secondarily liable under any Loan, or permit an assignment of the obligations of the Borrower.
Servicing of the Loans. Prior to the Closing Date, and from the time of origination of each Loan, the Loans were serviced by the Seller and by no other party.
Servicing of the Loans. The Loans will be serviced in the manner set forth in the Servicing Agreement. Without Purchaser's prior written consent, and subject to the Servicing Agreement, Seller shall not agree to the modification or waiver of any of the terms of the Loan Documents, consent to any action or failure to act by the Borrower, or exercise any rights which Seller may have in respect of the Loans or under the Loan Documents if the agreement, consent or exercise of rights would (i) reduce the principal amount of or rate of interest on the Loans to which Purchaser is entitled under this Agreement, (ii) postpone any date fixed for any payment of principal of or interest on the Loans, (iii) release any Collateral or security interest thereon except as otherwise contemplated in the Loan Documents or (iv) release the Borrower, any guarantor, or any other party primarily or secondarily liable under any Loan, or permit an assignment of the obligations of the Borrower.
Servicing of the Loans. The Buyer and Seller acknowledge and agree that the Buyer has agreed to engage the Seller (or an affiliate thereof) to service the Loans following the Closing Date pursuant to, and in accordance with, the terms of a servicing agreement to be executed as of the Closing Date.
Servicing of the Loans. The Loans are sold on a servicing released basis. Subject to, and upon the terms and conditions of this Agreement, Seller hereby sells, transfers, assigns and delivers to Purchaser the Servicing Rights.
