SERVICING PROCEDURES Clause Samples
The SERVICING PROCEDURES clause defines the standards and methods that must be followed when managing or servicing a particular asset, loan, or contract. It typically outlines the required steps, documentation, and timelines for routine servicing activities, such as collecting payments, maintaining records, or handling customer inquiries. By establishing clear procedures, this clause ensures consistency, compliance with regulations, and minimizes the risk of errors or disputes in the servicing process.
SERVICING PROCEDURES. The Servicer agrees to comply with the following servicing procedures:
SERVICING PROCEDURES. It has complied in all material respects with the Servicing Procedures with respect to the Receivables.
SERVICING PROCEDURES. (a) The Master Servicer shall have full power and authority, acting alone or through any party properly designated by it hereunder, to do any and all things in connection with such servicing and administration that it may deem necessary or desirable, but subject to the terms of this Agreement and the other Transaction Documents. Without limiting the generality of the foregoing and subject to Section 6.01, the Master Servicer or its designee is hereby ------------ authorized and empowered (i) to execute and deliver, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge, and all other comparable instruments, with respect to the Receivables and, after the delinquency of any Receivable and to the extent permitted under and in compliance with the Policies and with applicable Requirements of Law, to commence enforcement proceedings with respect to Receivables and (ii) to make any filings, reports, notices, applications, registrations with, and to seek any consents or authorizations from the Securities and Exchange Commission, any state securities authority and any foreign securities authority on behalf of the Trust as may be necessary or advisable to comply with any Federal, state or foreign securities or reporting requirements or laws.
(b) Without limiting the generality of the foregoing and subject to Section 6.02, the Master Servicer or its designee is hereby ------------ authorized and empowered to give written direction to the Trustee with respect to transfers within and withdrawals from the Company Concentration Accounts and payments to the Company Receipts Accounts (which directions may be in the form of a Daily Report) and as otherwise specified in the Pooling and Servicing Agreements.
(c) The Master Servicer or its designee shall, at its cost and expense and as agent for the Company, collect, and in accordance with the Policies, as and when the same becomes due, the amount owing on each Receivable. The Master Servicer or its designee shall not make any material change in its administrative, servicing and collection systems that deviates from the Policies, except as expressly permitted by the terms of the Pooling and Servicing Agreements and after giving written notice to the Trustee of any such change. In the event of default under any Receivable, the Master Servicer or its designee shall have the power and authority, on behalf of the Company, to take such action in respect of such Receivable as the Master S...
SERVICING PROCEDURES. The following procedures will be used by the Servicer under the Servicing Agreement for calculating the Daily Remittance:
SERVICING PROCEDURES. The Subservicer’s internal written procedures applicable to the servicing and subservicing of mortgage loans similar to the Mortgage Loans, including but not limited to delinquency and loss mitigation efforts (i.e., modification, short sales, deed-in-lieu, cash for keys, etc.), as such procedures may be modified from time to time in accordance with Section 2.3.
SERVICING PROCEDURES. Section 5.01. Transfers of Mortgaged Property. Section 5.02. Satisfaction of Mortgages and Release of Mortgage Files. 33 Section 5.03. Servicing Compensation. 33 Section 5.04. Servicer Compliance Statement.. 34 Section 5.05. Report on Assessment of Compliance and Attestation. 34 Section 5.06. Inspection.
SERVICING PROCEDURES. The Servicer shall not change or amend its customary servicing procedures in any manner that would reasonably be expected to materially and adversely affect the collectibility of the Receivables generally.
SERVICING PROCEDURES. Notwithstanding any other provision of this Agreement, the Parties have agreed, for the period commencing May 1, 2006, the servicing procedures described in Exhibit 12.01 shall be implemented.
SERVICING PROCEDURES. ITT shall service and administer the Receivables and shall collect payments due under the Receivables in accordance with its customary and usual servicing procedures for servicing wholesale dealer receivables comparable to the Receivables and shall have full power and authority, acting alone or through any party properly designated by it hereunder, to do any and all things in connection with such servicing and administration which it may deem necessary or desirable. Without limiting the generality of the foregoing, ITT is hereby authorized and empowered to execute and deliver, on behalf of Yamaha, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge, and all other comparable instruments, with respect to the Receivables and, after the delinquency of any Receivable and to the extent permitted under and in compliance with applicable law and regulations, to commence enforcement proceedings with respect to such Receivables. Yamaha shall furnish ITT with any powers of attorney and other documents necessary or appropriate to enable ITT to carry out its servicing and administrative duties hereunder and Yamaha shall not be held responsible for any act or omission by ITT in its use of such powers of attorney.
SERVICING PROCEDURES. A new ARTICLE XII, SERVICING PROCEDURES, shall be added to the Strategic Agreement as follows: