Servicing System Adaptation Sample Clauses

Servicing System Adaptation. Servicer shall promptly review education loan product terms and pricing matrices proposed by Lender Participant (or Program Administrator on behalf of Lender Participant) for the launch of new products and shall establish appropriate Servicing matrices and programs to support such product terms and pricing as of a mutually agreed product launch date. The parties shall publish a mutually agreeable program launch date for each program. For new loan programs, where changes do not require system changes other than table set-up, Servicer shall make every effort to meet live program dates requested by FMC, which date shall be no less than thirty (30) days, but not more than sixty (60) days from the date Servicer accepts (such acceptance not to be unreasonably withheld) the product and pricing matrix (or similar document containing the same information) for such program; provided, however, that the Servicer agrees to use commercially reasonable efforts to complete the set-up process in a shorter time frame on a case-by-case basis in order to accommodate the business needs of Lender Participant. For existing loan programs, where changes do not require system changes other than table set-up, Servicer shall make every effort to meet live program dates requested by FMC, which date shall be no less than fourteen (14) days, but not more than thirty (30) days from the date Servicer accepts (such acceptance not to be unreasonably withheld) the product and pricing matrix (or similar document containing the same information) for modifications to such program. Lender Participant (and Program Administrator on its behalf) shall have the right to audit Servicer’s Servicing matrices and program setup as set forth in Section 4.02(d) below.
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Servicing System Adaptation. Servicer shall promptly review education loan product terms and pricing matrices proposed by FMC and/or Program Lender and shall establish appropriate Servicing matrices and programs to support such product terms and pricing as of a mutually agreed product launch date. The parties shall publish a mutually agreeable program launch date for each program within each Program Year. Servicer shall make every effort to meet live program dates requested by FMC, which date shall be no less than thirty (30) days from the date Servicer accepts the product and pricing matrix (or similar document containing the same information) for such program; provided, however, that the Servicer agrees to use commercially reasonable efforts to complete the set-up process in a shorter time frame on a case-by-case basis in order to accommodate the business needs of FMC (or its clients). FMC shall have the right to audit Servicer’s Servicing matrices and program setup as set forth in Section 4.03(d) below.
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Servicing System Adaptation. Servicer shall promptly review the Program product terms and pricing matrices proposed by Program Administrator for the Program launch and shall establish appropriate Servicing matrices and programs to support such product terms and pricing as of a mutually agreed Program launch date. The Parties shall publish a mutually agreeable launch date for the Program. Where changes do not require system changes other than table set-up, Servicer shall use commercially reasonable efforts to meet live Program dates requested by FMC, which date shall be no less than thirty (30) days, but not more than sixty (60) days from the date Servicer accepts (such acceptance not to be unreasonably withheld) the product and pricing matrix (or similar document containing the same information) for the Program; provided, however, that the Servicer agrees to use commercially reasonable efforts to complete the set-up process in a shorter time frame on a case-by-case basis in order to accommodate the business needs of Lender. All changes or modifications must be provided to Servicer in writing, and formal amendments or addenda shall be signed prior to implementation. It is understood and agreed by the Parties that Program Loans have both a fixed rate and variable rate option. The fixed rate for each Borrower who chooses the fixed rate option shall be provided by FMER to the Servicer in the servicer disbursement file at the Loan level. Program Administrator shall provide Servicer with updated pricing matrices (or similar document containing the same information) reflecting (i) changes to variable rate tiers, and, notwithstanding the time frames set forth in the previous paragraph, such changes shall be effective in the PHEAA System no less than fourteen (14) days, but not more than thirty (30) days from the date Servicer receives the updated pricing matrix (or similar document containing the same information), and (ii) changes to fixed rate tiers, and, notwithstanding the time frames set forth in the previous paragraph, such changes shall be effective in the PHEAA System not more than fourteen (14) days from the date Servicer receives the updated pricing matrix (or similar document containing the same information).
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Related to Servicing System Adaptation

  • Special Servicing Procedures In addition to the duties applicable to the Special Servicer under the Servicing Agreement, the following procedures shall be applicable and followed by the Special Servicer and the Sponsor prior to the Special Servicing Crossover Date:

  • GENERAL SERVICING PROCEDURES Section 5.01

  • Servicing The servicing and collection practices used by the Mortgage Loan Seller with respect to the Mortgage Loan have been, in all respects legal and have met with customary industry standards for servicing of commercial loans for conduit loan programs.

  • GENERAL SERVICING PROCEDURE Section 7.01

  • Servicing Programs No license or approval is required for the Administrative Agent’s use of any software or other computer program used by the Servicer, any Originator or any Sub-Servicer in the servicing of the Pool Receivables, other than those which have been obtained and are in full force and effect.

  • Servicing and Maintenance Standards The Servicer shall, on behalf of the Issuer:

  • Servicing Practices The Servicer agrees to service Mortgage Loans in accordance with the requirements of this Agreement. In general, where not otherwise expressly required by the provisions of this Agreement, the Servicer shall service the Mortgage Loans in accordance with Prudent Servicing Practices and generally in accordance with FNMA guidelines. As to each Mortgage Loan, the Servicer shall take all such actions as may be necessary to preserve the lien of the related Security Instrument upon the related Mortgaged Property.

  • Servicing Standard The Servicer has complied in all material respects with the Servicing Standard with regard to the servicing of the Loan Assets.

  • Subservicing (a) The Master Servicer may arrange for the subservicing of any Mortgage Loan by a subservicer (each, a "Subservicer") pursuant to a subservicing agreement (each, a "Subservicing Agreement"); provided that such subservicing arrangement and the terms of the related Subservicing Agreement must provide for the servicing of such Mortgage Loans in a manner consistent with the servicing arrangements contemplated hereunder. Notwithstanding the provisions of any Subservicing Agreement, any of the provisions herein relating to agreements or arrangements between the Master Servicer or a Subservicer or reference to actions taken through the Master Servicer or otherwise, the Master Servicer shall remain obligated and liable to the Depositor, the Trust, the Trustee and the Certificateholders for the servicing and administration of the Mortgage Loans in accordance with the provisions of this Agreement without diminution of such obligation or liability by virtue of such Subservicing Agreements or arrangements or by virtue of indemnification from the Subservicer and to the same extent and under the same terms and conditions as if the Master Servicer alone were servicing and administering the Mortgage Loans, and neither the Trustee nor any other party shall have any obligations, duties or liabilities with respect to such Subservicer, including any obligation, duty or liability of the Trustee or any other party to pay such Subservicer's fees and expenses. For purposes of remittance to the Trustee pursuant to this Agreement, the Master Servicer shall be deemed to have received a payment on a Mortgage Loan when a Subservicer has received such payment. The Master Servicer shall be entitled to enter into an agreement with a Subservicer to provide for the delivery of reports and for indemnification of the Master Servicer by such Subservicer, and nothing contained in this Agreement shall be deemed to limit or modify such indemnification. Every subservicing agreement entered into by the Master Servicer shall contain a provision giving the Master Servicer the option to terminate such agreement and at the Master Servicer's option, service the related Mortgage Loans itself pursuant to this Agreement or arrange for any servicing responsibilities to be performed pursuant to the applicable Subservicing Agreement by a successor Subservicer. Any costs and expenses relating to such termination and transfer of servicing shall be the sole expense of the Master Servicer, without any right to reimbursement from the Master Servicer Collection Account or the Distribution Account. In the event that the Trustee as successor master servicer terminates a Subservicing Agreement, the Trustee is entitled to be reimbursed for any costs and expenses it may incur relating to such termination and transfer of servicing in accordance with Section 9.05 hereof. All actions of each Subservicer performed pursuant to the related Subservicing Agreement shall be performed as an agent of the Master Servicer with the same force and effect as if performed directly by the Master Servicer.

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