Servicing options Clause Samples
The 'Servicing options' clause defines the permissible methods or arrangements for managing and administering a loan or financial asset after it has been originated. It typically outlines whether servicing can be performed by the original lender, transferred to a third-party servicer, or handled through other specified means, and may set requirements for notice or approval in the event of a transfer. This clause ensures clarity and flexibility in how servicing responsibilities are handled, helping to prevent disputes and maintain consistent management of the asset throughout its lifecycle.
Servicing options. In considering servicing options, the prospects for providing a permanent cure without adversely affecting the risks to the Agency and the lender must be the paramount objective. Temporary cura- tive actions (such as payment deferments or collateral subordination) must strengthen the loan and be in the best financial interest of the lender and the Agency. Some of these actions may require concurrence of the holder.
Servicing options. The Lender should make every effort to assist bor- rowers who are cooperative and willing to make a good faith effort to cure the delinquency. The Lender should con- sider the borrower’s financial condition in attempting to work out repayment agreements. The Lender may revise the payment schedule of the loan on a tem- porary basis with the written concur- rence of the borrower. Changes in the loan repayment such as reamortization of the unpaid balance within the re- maining term of the loan may be done with prior written RHS concurrence. Reamortization shall not change the amount of the loan guarantee.
Servicing options. The PFI shall service the Subject Servicing in accordance with this Addendum or shall elect to sell or transfer the Subject Servicing as provided below.
Servicing options. (a) If Your Vehicle has a service book detailing a full service history from new, in line with the manufacturer’s recommendations, then Your Vehicle should continue to be serviced by a VAT-registered garage in accordance with the manufacturer’s recommendations for the specific make, model and age of Your Vehicle. Please ensure that You are fully aware of the manufacturer’s recommended service intervals for Your particular make, model and age of vehicle.
(b) If Your Vehicle does NOT have a service book detailing a full service history from new but a pre-delivery service and PDI were carried out, You can then have Your Vehicle maintained in line with the manufacturer’s recommendations. You may be required to produce evidence of the PDI/service in the event of a claim.
(c) If Your Vehicle does NOT have a service book detailing a full service history from new and a pre-delivery service and PDI has NOT been carried out, You will be required to have Your Vehicle serviced by a VAT-registered garage 6 months or 6000 miles from the date of purchase/mileage at purchase, whichever is sooner. Thereafter, You must have Your Vehicle serviced in line with the manufacturer’s recommendations.