Servicing Standards. CMS will complete its assigned tasks on the product implementation timeline by the specified dates.
Servicing Standards. The Servicer will administer and service Mortgage Loans, and arrange for the sale of Mortgage Loans, pursuant to the terms of this Purchase Agreement, the Mortgage Notes, applicable law and its Customary Servicing Procedures.
Servicing Standards. At all times, the Seller, as Servicer shall, unless otherwise consented to by the Agent:
(i) continue to make Delinquency Advances and Servicing Advances and seek reimbursement, including reimbursement of Delinquency Advances and Servicing Advances deemed Nonrecoverable Advances by the Servicer, in accordance with the related Servicing Contract;
(ii) apply the Advance Reimbursement Amount on a First In First Out (“FIFO”) basis;
(iii) identify on its systems the Issuer as the owner of each Delinquency Advance and Servicing Advance and that such Delinquency Advance or Servicing Advance has been pledged to the Indenture Trustee;
(iv) maintain systems and operating procedures necessary to comply with all the terms of the Transaction Documents, including but not limited to maintaining records and systems necessary to indicate cumulative recoveries on each category of Delinquency Advance and Servicing Advance;
(v) cooperate with the Verification Agent in its duties set forth in the Transaction Documents;
(vi) cooperate with the Calculation Agent and the Indenture Trustee in their respective duties set forth in the Transaction Documents;
(vii) make all Delinquency Advances within the period required under the related Servicing Contract, unless the same is the result of inadvertence and is corrected on or prior to the related Distribution Date for the applicable Securitization Trust;
(viii) with respect to all Delinquency Advances, agree to deposit the Advance Reimbursement Amount from the Collection Account of the related Securitization Trust directly to the Reimbursement Account on a daily basis not later than the second Business Day following receipts thereof and not deposit any Advance Reimbursement Amount at any time in the Servicer’s own accounts;
(ix) with respect to all Servicing Advances, agree to deposit the Advance Reimbursement Amount from the Payment Clearing Account directly to the Reimbursement Account on a daily basis not later than the second Business Day following receipt thereof and not deposit any Advance Reimbursement Amount at any time in the Servicer’s own accounts;
(x) as it relates to Delinquency Advances on Mortgage Loans with Forbearance Agreements, continue the practice of reimbursing the oldest Delinquency Advance with any current payment received;
(xi) maintain, or cause to be maintained, accurate records with respect to the Mortgage Loans in each Securitization Trust reflecting the status of all Pool-Level Delinquency Advances, Loan ...
Servicing Standards. Each Loan Party covenants and agrees that it will allocate Receivables across collection channels in a manner materially consistent with the Collection and Underwriting Policy and the Receivables Management Association International Certification program, and otherwise in good faith and in a manner that is reasonable, prudent, and, in the aggregate, in or not opposed to the best interests of the Loan Parties, taken as a whole. Notwithstanding the foregoing, (i) a Loan Party may, in its reasonable discretion, hold, settle, close, return, or mark out of inventory any Receivable, or release, vacate, or satisfy any judgment, when reasonably necessary given such Receivable’s collectability, applicable facts or law, opposing claims or counterclaims, or demands from Receivable issuers or other upstream sellers and (ii) this Section 5.15 shall not limit or prohibit any transfer or sale of Receivables that is otherwise permitted by this Agreement.
Servicing Standards a. The Bridge Bank must service each Serviced Asset in compliance with:
i. all law, regulation and guidance applicable to (A) the Serviced Asset, (B) any guaranty of, or related to, the Serviced Asset, and (C) the servicing and performance of the Receiver’s and any servicer’s obligations related to the Serviced Assets;
ii. any express direction provided by the Receiver to the Bridge Bank pursuant to a notice;
iii. all contractual obligations binding on the Failed Bank related to (A) the Serviced Asset, (B) any guarantee of, or related to, a Serviced Asset, including servicing agreements, loan sale agreements, pooling agreements, federal agency and government sponsored entity guides, guarantees, guidance, and contracts, and (C) the servicing and performance of the Receiver’s obligations related to the Serviced Assets;
iv. the policies, procedures, and practices of the Failed Bank with regard to the performance of its obligations related to the Serviced Asset; and
v. the commercially reasonable, industry standards for each Serviced Asset.
b. The Bridge Bank must comply with the standards set forth in Section 3.a of this Schedule 6.14 in the following order of priority: i, ii, iii, iv, and v. If any of the requirements in Section 3.a.i, iii, iv, or v of this Schedule 6.14 conflict with each other, the Bridge Bank must provide prompt notice to the Receiver.
c. The Receiver has the right, in its discretion, to revise the policies, procedures, and practices referenced in Section 3.a.iv of this Schedule 6.14 by providing notice to the Bridge Bank (the “Revised Policies”). Any such Revised Policies will be effective upon the Bridge Bank’s receipt thereof and will replace, to the extent of the revision, the policies, procedures, and practices of the Failed Bank for purposes of Section 3.a.iv of this Schedule 6.14.
Servicing Standards. Each of the Contracts is being serviced in conformance with the Servicing Agreement.
Servicing Standards. Servicer agrees to perform the Services in accordance with the Service Standards set forth in Appendix B, or any other service standards as specifically directed by Bank and agreed to by Servicer for individual client(s). To the extent that any level of service required by Bank is not enumerated in Appendix B, Servicer agrees to provide at least the same level of service to Bank that Servicer provides to other clients.
Servicing Standards. Seller shall take all actions necessary to service the Mortgage Loans in accordance with customary mortgage banking practices of prudent lending institutions and such actions as a reasonably prudent lender would take in regard to loans held for its own account, all subject to and in accordance with the provisions of this Agreement. Sub-servicing of a Mortgage Loan by a third party shall not occur without Participant’s written consent. Seller may, with prior written approval of Participant, service the Mortgage Loan through a subservicer or retain an independent contractor to perform certain servicing functions; provided, however, in the event any servicing is performed by such subservicer or any functions performed by such independent contractor, Seller shall remain liable for its servicing duties and obligations under this Agreement and for the manner in which they are exercised by such subservicer or independent contractor.
Servicing Standards. MHDC shall service the Mortgage Loan in accordance with customary loan servicing practices of prudent lenders, and shall perform all duties and acts which a reasonably prudent owner of the Mortgage Loan would perform with respect to its own mortgage loans, all subject to and in accordance with the provisions of this Agreement.
Servicing Standards. The Servicer will comply in all material respects with the Servicing Standards in regard to each Collateral Debt Obligation.
