Accepted Servicing Standards definition

Accepted Servicing Standards means the same manner in which the Servicer services and administers similar mortgage loans for its own portfolio, giving due consideration to customary and usual standards of practice of mortgage lenders and loan servicers administering similar mortgage loans but without regard to any relationship that the Servicer or any Affiliate of the Servicer may have with the related Obligor, or the Servicer’s right to receive compensation for its services hereunder.
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Accepted Servicing Standards shall have the meaning assigned thereto in the Custody Agreement.
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Accepted Servicing Standards shall have the meaning specified in Section 12.1.
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Examples of Accepted Servicing Standards in a sentence

  • The program is to ensure that the Mortgage Loans are originated and serviced in accordance with Accepted Servicing Standards and the Underwriting Guidelines; guard against dishonest, fraudulent, or negligent acts; and guard against errors and omissions by officers, employees, or other authorized persons.

  • The program is designed to ensure that the Mortgage Loans are originated and serviced in accordance with Accepted Servicing Standards and the Underwriting Guidelines, with reasonable exceptions based on compensating factors; guard against dishonest, fraudulent, or negligent acts; and guard against errors and omissions by officers, employees, or other authorized persons.

  • Notwithstanding anything in this Article IV to the contrary, with respect to any action to be taken or not taken with respect to the servicing of the Mortgage Loans that requires the consent or approval of the Purchaser, after a Pass-Through Transfer with respect to the related Mortgage Loan, such consent shall be exercised by the Company as servicer of the Mortgage Loans in accordance with Accepted Servicing Standards.

  • Notwithstanding anything in this Article IV to the contrary, with respect to any action to be taken or not taken with respect to the servicing of the Mortgage Loans that requires the consent or approval of the Purchaser, after a Securitization Transaction with respect to the related Mortgage Loan, such consent shall be exercised by the Company as servicer of the Mortgage Loans in accordance with Accepted Servicing Standards.

  • Subject to Section 3.09 hereof, in accordance with Accepted Servicing Standards, the Master Servicer shall advance or cause to be advanced funds as necessary for the purpose of effecting the timely payment of taxes and assessments on the Mortgaged Properties, which advances shall be Servicing Advances reimbursable in the first instance from related collections from the Mortgagors pursuant to Section 3.09, and further as provided in Section 3.11.

  • The minimum coverage under any such bond and insurance policy shall be in an amount which is customary and standard in the industry for servicers that service a similar portfolio of receivables and that are in accordance with the Accepted Servicing Standards.

  • In addition, the Servicer may accept a lower bid if it determines, in accordance with Accepted Servicing Standards, that the prospective buyer making the lower bid is more likely to perform its obligations, or the terms offered by the prospective buyer making the lower bid are more favorable.

  • The Servicer shall make diligent ---------------------- efforts to collect all payments called for under the terms and provisions of the Contracts as and when the same shall become due and payable consistent with the terms of the related Contract, this Agreement and in accordance with Accepted Servicing Standards.

  • In the event of any waiver of the enforcement of, or decision not to enforce, a due-on-sale clause on any Contract, the Servicer shall enter into an assumption and modification agreement with a new Obligor consistent with the Accepted Servicing Standards.

  • The Seller shall cause the Servicer to service, or cause to be serviced, the Purchased Assets, in accordance with Accepted Servicing Standards, pending any transfer of such servicing pursuant to the Custody and Servicing Agreement, employing at least the same procedures and exercising the same care that the Servicer customarily employs in servicing mortgaged properties and mortgage loans for its own account.


More Definitions of Accepted Servicing Standards

Accepted Servicing Standards. As defined in Section 5.1 hereof. ----------------------------
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Related to Accepted Servicing Standards

  • Servicing Standards As defined in Section 3.01(a).

  • Accepted Servicing Practices With respect to any Mortgage Loan, those mortgage servicing practices of prudent mortgage lending institutions which service mortgage loans of the same type as such Mortgage Loan in the jurisdiction where the related Mortgaged Property is located.

  • Accepted Master Servicing Practices With respect to any Mortgage Loan, those mortgage master servicing practices of prudent mortgage master servicing institutions which master service mortgage loans of the same type as such Mortgage Loan in the jurisdiction where the related Mortgaged Property is located.

  • Servicing Standard shall have the meaning assigned to such term or an analogous term in the Lead Securitization Servicing Agreement. The Servicing Standard in the Lead Securitization Servicing Agreement shall require, among other things, that each Servicer, in servicing the Mortgage Loan, must take into account the interests of each Note Holder.

  • Underwriting Standards As to each Mortgage Loan, the Seller's underwriting guidelines in effect as of the date of origination of such Mortgage Loan.

  • Applicable Accounting Standards means Generally Accepted Accounting Principles in the United States, International Financial Reporting Standards or such other accounting principles or standards as may apply to the Company’s financial statements under United States federal securities laws from time to time.

  • Common Reporting Standard (CRS) means the Standard for Automatic Exchange of Financial Account Information (“AEOFAI”) in Tax Matters and was developed in response to the G20 request and approved by the Organisation for Economic Co-operation and Development (OECD) Council on 15 July 2014, calls on jurisdictions to obtain information from their financial institutions and automatically exchange that information with other jurisdictions on an annual basis. It sets out the financial account information to be exchanged, the financial institutions required to report, the different types of accounts and taxpayers covered, as well as common due diligence procedures to be followed by financial institutions.

  • Customary Servicing Practices means the customary servicing practices of the Servicer or any Sub-Servicer with respect to all comparable motor vehicle receivables that the Servicer or such Sub-Servicer, as applicable, services for itself and others, as such customary servicing practices may be changed from time to time, it being understood that the Servicer and the Sub-Servicers may not have the same “Customary Servicing Practices.”

  • Common Reporting Standard means the standard for automatic exchange of financial account information in tax matters (which includes the Commentaries), developed by the OECD, with G20 countries;

  • Prudent Servicing Practices The standard of care set forth in each Servicing Agreement.

  • auditing standards means auditing standards as defined in National Instrument 52-107 Acceptable Accounting Principles and Auditing Standards;

  • Generally accepted auditing standards means Canadian Generally Accepted Auditing Standards as adopted by the Canadian Institute of Chartered Accountants applicable as of the date on which such record is kept or required to be kept in accordance with such standards.

  • International Accounting Standards means the accounting standards approved by the International Accounting Standards Board from time to time.

  • Originating state means a state (and the subdivision thereof, if any) whose determination that certain educational personnel are qualified to be employed for specific duties in schools is acceptable in accordance with the terms of a contract made pursuant to article 3.

  • Accounting Standards means the standards of accounting or any addendum thereto for companies or class of companies referred to in section 133;

  • Substitute Servicing Agreement means a servicing agreement that contains servicing provisions which are the same as or more favorable to the Non-Lead Noteholders, in substance, to those in the Servicing Agreement (including, without limitation, all applicable provisions relating to delivery of information and reports necessary for any Non-Lead Securitization to comply with any applicable reporting requirements under the Securities Exchange Act of 1934, as amended) and all references herein to the “Servicing Agreement” shall mean such subsequent servicing agreement; provided, however, that if a Non-Lead Securitization Note is in a Securitization, then a Rating Agency Confirmation shall have been obtained from each Rating Agency with respect to such subsequent servicing agreement.

  • Portfolio Supervisor means First Trust Advisors L.P. and its successors in interest, or any successor portfolio supervisor appointed as hereinafter provided." Section 1.01 (26) shall be added to read as follows:

  • Sale and Servicing Agreement means the Sale and Servicing Agreement, dated as of the Closing Date, between the Seller, the Issuer, the Servicer and the Indenture Trustee, as the same may be amended, modified or supplemented from time to time.

  • Renewable Portfolio Standard or “RPS” means a state or federal law, rule or regulation that requires a stated amount or minimum proportion or quantity of electricity that is sold or used by specified persons to be generated from Renewable Energy Sources.

  • Accounting Standard means GAAP.

  • Approved Servicer shall have the meaning assigned to such term in the definition of “Qualified Institutional Lender.”

  • Pretreatment standards means all applicable Federal rules and regulations implementing Section 307 of the Act, as well as any nonconflicting State or local standards. In cases of conflicting standards or regulations, the more stringent thereof shall be applied.

  • Sale and Servicing Agreement Collateral shall have the meaning set forth in Section 2.4.

  • International Financial Reporting Standards or “IFRS” means the accounting standards issued or endorsed by the International Accounting Standards Board.

  • Standards means the British or international standards, Authority's internal policies and procedures, Government codes of practice and guidance referred to in Framework Schedule 13 (Standards) together with any other specified policies or procedures identified in Framework Schedule 13 (Standards);

  • Securitization Servicing Agreement means the Lead Securitization Servicing Agreement or any Non-Lead Securitization Servicing Agreement.