Servicing Rights Sample Clauses
The Servicing Rights clause defines who has the authority and responsibility to manage and administer a loan or financial asset after it has been originated. This includes collecting payments, handling customer inquiries, managing escrow accounts, and pursuing delinquent payments. For example, a lender may sell a mortgage but retain or transfer the servicing rights to another company that specializes in loan administration. The core function of this clause is to clearly allocate the ongoing management duties and associated risks, ensuring all parties understand who is responsible for servicing the asset.
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Servicing Rights. Notwithstanding anything provided herein to the contrary, each of the parties hereto agrees and acknowledges that GCFP is the owner of the Servicing Rights with respect to the Serviced Mortgage Loans; provided that, the Servicer shall have the right to receive the GMACM Subservicing Fee as provided in this Agreement.
Servicing Rights. Except as provided in the Pooling and Servicing Agreement, any permitted subservicing agreements and servicing rights purchase agreements pertaining thereto, no Person has been granted or conveyed the right to service any Mortgage Loan or receive any consideration in connection therewith which will remain in effect after the Closing Date.
Servicing Rights. Buyer is the owner of all Servicing Rights. Without limiting the generality of the foregoing, Buyer shall have the right to hire or otherwise engage any Person (including Buyer) at Seller’s expense to service or sub-service all or part of the Purchased Assets; provided, however, that if Buyer decides that a Person other than Buyer is to act as Servicer, so long as no Default or Event of Default exists, any successor servicer selected by Buyer shall be subject to the consent of Seller (such consent not to be unreasonably withheld, conditioned or delayed), and such Person shall have only such obligations with respect to such Purchased Assets as are designated by Buyer. Notwithstanding the preceding sentence, Buyer agrees with Seller as follows with respect to the servicing of the Purchased Assets:
(a) As of the Closing Date, Buyer will appoint ▇▇▇▇▇ as Servicer in accordance with the terms of the Servicing Agreement and this Article 17. Contemporaneously with the execution of this Agreement, Buyer will enter into, and cause Servicer to enter into, the Servicing Agreement, and Seller will enter into the Servicing Agreement. Servicer shall service the Purchased Assets on behalf of Buyer.
(b) Seller shall cause Servicer to comply with all of Servicer’s obligations under the Servicing Agreement, including, without limitation, its obligations to provide such reports and information with respect to the Purchased Assets as required by the terms of the Servicing Agreement or as otherwise requested by Buyer. Seller may not assign its rights or delegate its duties and obligations under the Servicing Agreement without the prior written consent of Buyer.
(c) Seller shall not, and shall not direct or permit Servicer to, (i) take any Material Action without the prior written consent of Buyer (such consent not to be unreasonably withheld or delayed), (ii) take any action which would result in a violation of the obligations of any Person under the Servicing Agreement, this Agreement or any other Repurchase Document, or which would otherwise be inconsistent with the rights of Buyer under the Repurchase Documents or (iii) take any actions after a Default or Event of Default. Seller shall be permitted to make decisions and direct Servicer with respect to any action with respect to the Purchased Assets other than any Material Action without Buyer’s consent provided that, at the time of such decisions, there is no Default or Event of Default and Seller provides Buyer with docume...
Servicing Rights. Except as otherwise contemplated in this Agreement (or in the Agreement to Appointment of Servicer dated as of the Cut-off Date between the Seller and the Master Servicer), no Person has been granted or conveyed the right to service any Mortgage Loan or receive any consideration in connection therewith.
Servicing Rights. Any and all of the following: (a) any and all rights to service the Mortgage Loans; (b) any payments to or monies received by the Seller for servicing the Mortgage Loans; (c) any late fees, penalties or similar payments with respect to the Mortgage Loans; (d) all agreements or documents creating, defining or evidencing any such servicing rights to the extent they relate to such servicing rights and all rights of the Seller thereunder; (e) Escrow Payments or other similar payments with respect to the Mortgage Loans and any amounts actually collected by the Seller with respect thereto; (f) all accounts and other rights to payment related to any of the property described in this paragraph; and (g) any and all documents, files, records, servicing files, servicing documents, servicing records, data tapes, computer records, or other information pertaining to the Mortgage Loans or pertaining to the past, present or prospective servicing of the Mortgage Loans.
Servicing Rights. Without limiting the generality of the foregoing and in the event that Seller is deemed to retain any residual Servicing Rights, and for the avoidance of doubt, Seller grants, assigns and pledges to Buyer a first priority security interest in the Servicing Rights and proceeds related thereto and all of its contractual rights under the Servicing Agreement in respect of the servicing thereunder and in all instances, whether now owned or hereafter acquired, now existing or hereafter created, including all of Servicing Rights related to the Purchased Mortgage Loans. The foregoing provision is intended to constitute a security agreement or other arrangement or other credit enhancement related to this Agreement and Transactions hereunder as defined under Sections 101(47)(A)(v) and 741(7)(A)(xi) of the Bankruptcy Code.
Servicing Rights. The terms and provisions governing Servicing Rights under Section 17.01 are set forth in the Fee and Pricing Letter, and are hereby incorporated by reference.
Servicing Rights. If a client moves to a jurisdiction in which you do not have the appropriate license or permissions, your servicing rights to that client will cease, along with any ongoing Adviser fees from the product.
Servicing Rights. The Purchase Price of each Loan shall include all Servicing Rights and benefits pertaining to such Loan. Seller shall execute and deliver documentation sufficient to transfer all Servicing Rights from Seller to Arc free and clear of all claims, liens and encumbrances, and to enable Arc, or its designated representative, to service such Loan.
Servicing Rights. Upon the occurrence of an Event of Default Bank will have the ability to take over and control all servicing rights for the Mortgage Paper pledged to Bank.