Accepted Subservicing Practices definition

Accepted Subservicing Practices. As defined in Section 2.01.
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Accepted Subservicing Practices. As defined in Section 2.01(b).
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Accepted Subservicing Practices means to service and administer the Mortgage Loan and the related Serviced Companion Mortgage Loans, to the extent consistent with subsection (a) above: (a) with the same care, skill and diligence as is normal and usual in the Subservicer's general mortgage servicing activities on behalf of third parties or on behalf of the Subservicer, whichever is higher, with respect to mortgage loans that are comparable to those for which it is responsible hereunder; (b) with a view to the timely collection of all Scheduled Payments of principal and interest under the Mortgage Loans and the related Serviced Companion Mortgage Loans; and (c) without regard to: (I) any other relationship that the Subservicer or any Affiliate thereof may have with the related Mortgagor; (II) the ownership of any Certificate or any interest in any Serviced Companion Mortgage Loan or any mezzanine loan related to the Mortgage Loan or any Serviced Companion Mortgage Loan by the Subservicer or any Affiliate thereof; (III) the Subservicer's obligation to make requests for Advances; (IV) the right of the Subservicer (or any Affiliate thereof) to receive reimbursement of costs, or the sufficiency of any compensation payable to it, hereunder or with respect to any particular transaction and (V) any obligation (if any) of the Subservicer (or any Affiliate thereof) to repurchase any Mortgage Loan from the Trust.
Sample 1

Examples of Accepted Subservicing Practices in a sentence

  • The above-described servicing standards are referred to in this Agreement as "Accepted Subservicing Practices".

  • In addition, the Subservicer shall keep in force during the term of this Agreement a policy or policies of insurance covering loss occasioned by the errors and omissions of its officers and employees in connection with its obligations to service the Mortgage Loans hereunder in the form and amount that would be consistent with Accepted Subservicing Practices.

  • The above-described servicing standards are herein referred to as "Accepted Subservicing Practices".

  • The Subservicer to the extent possible, shall use efforts consistent with Accepted Subservicing Practices to pursue any counterclaim, offset, insurance settlement, or other claims that could result in a recovery from a Borrower or other third party or the receipt of insurance proceeds that would reduce any such Losses, including diligently pursuing Borrowers and making prompt and proper application for receipt of insurance proceeds.

  • The Subservicer shall maintain a fidelity bond in the form and amount that would be consistent with Accepted Subservicing Practices.

Related to Accepted Subservicing Practices

  • 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.

  • 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.

  • 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.”

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

  • Servicing Procedures means the servicing procedures of Ford Credit relating to retail installment sale contracts originated or purchased by Ford Credit as the procedures may change.

  • Customary Servicing Procedures means procedures (including collection procedures) that the Assuming Institution (or, to the extent a Third Party Servicer is engaged, the Third Party Servicer) customarily employs and exercises in servicing and administering mortgage loans for its own accounts and the servicing procedures established by FNMA or FHLMC (as in effect from time to time), which are in accordance with accepted mortgage servicing practices of prudent lending institutions.

  • 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.

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

  • Delinquency Collection Policies and Procedures The delinquency collection policies and procedures of the Interim Servicer, a copy of which is attached to the Interim Servicing Agreement as Exhibit 11.

  • Servicer Policies and Practices means, with respect to the Servicer’s duties under Exhibit A to the Servicing Agreement, the policies and practices of the Servicer applicable to such duties that the Servicer follows with respect to comparable assets that it services for itself and, if applicable, others.

  • Subservicer means any Person that services Receivables on behalf of the Servicer or any Subservicer and is responsible for the performance (whether directly or through Subservicers or Subcontractors) of a substantial portion of the material servicing functions required to be performed by the Servicer under this Agreement that are identified in Item 1122(d) of Regulation AB.

  • Servicing In accordance with Regulation AB, the act of servicing, managing or administering the Mortgage Loans or any other assets of the Trust by an entity (other than the Certificate Administrator and the Trustee) that meets the definition of “servicer” set forth in Item 1101 of Regulation AB and is subject to the disclosure requirements set forth in Item 1108 of Regulation AB. For clarification purposes, any uncapitalized occurrence of this term shall have the meaning commonly understood by participants in the commercial mortgage-backed securities market.

  • Servicing Reserve means, the product (expressed as a percentage) of (a) 1.0%, times (b) a fraction, the numerator of which is the highest Days Sales Outstanding for the most recent 12 months and the denominator of which is 360.

  • Servicing Bank means the Agent or the Security Trustee;

  • Servicing Contract means, with respect to any Person, the arrangement, whether or not in writing, under which that Person has the right to service Mortgage Loans.

  • Subservicing Agreements As defined in Section 3.02(a).

  • Servicing Portfolio means, as to any Person, the unpaid principal balance of Mortgage Loans serviced by that Person under Servicing Contracts, minus the principal balance of all Mortgage Loans that are serviced by that Person for others under subservicing arrangements.

  • Servicer means the Master Servicer or the Special Servicer, as the context may require.

  • Countrywide Servicing Agreement Solely with respect to the Countrywide Mortgage Loans, the Mortgage Loan Purchase and Servicing Agreement, dated as of November 1, 2001, between the Transferor, as purchaser, and Countrywide, as seller and as servicer (as successor to Countrywide Home Loans, Inc. by an assignment dated January 1, 2001, as the same may be amended or supplemented), as the same may be amended from time to time, and any assignments and conveyances related to the Countrywide Mortgage Loans.

  • Interim Servicing Agreement The agreement to be entered into by the Purchaser and the Interim Servicer, providing for the Interim Servicer to service the Mortgage Loans as specified by the Interim Servicing Agreement.

  • 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.

  • Countrywide Servicing Countrywide Home Loans Servicing LP, a Texas limited partnership and its successors and assigns.

  • UK generally accepted accounting principles and practices means the principles and practices prevailing from time to time in the United Kingdom which are generally regarded as permissible or legitimate by the accountancy profession irrespective of the degree of use.

  • GreenPoint Servicing Agreement Solely with respect to the GreenPoint Mortgage Loans, the Master Loan Purchase and Servicing Agreement, dated as of March 1, 2003, between the Transferor, as purchaser, and GreenPoint, as seller and as servicer, and as the same may be amended further from time to time, and any assignments and conveyances related to the GreenPoint Mortgage Loans.

  • Interim Servicer The servicer under the Interim Servicing Agreement, or its successor in interest, or any successor to the Interim Servicer under the Interim Servicing Agreement, as therein provided.

  • Special Servicer Servicing Personnel The divisions and individuals of the Special Servicer who are involved in the performance of the duties of the Special Servicer under this Agreement.