Bank Collection Services definition
Bank Collection Services has the meaning set forth in Section 2.01.
Bank Collection Services means, (i) unless otherwise expressly provided herein, all collection services performed by the Bank with respect to the Serviced Loans in the three months immediately prior to the date of this Agreement and (ii) performing all collection services related to Credit Insurance that Owner has agreed to perform under the Purchaser Credit Insurance Administrative Services Agreement, but in either case shall exclude any and all Interim Services. To the extent consistent with the foregoing direction, each Interim Servicer shall have full power and authority, acting alone, to do or cause to be done any and all things in connection with Interim Services that Interim Servicer may deem necessary or desirable and consistent with the terms of this Agreement, and Bank shall have full power and authority, acting alone, to do or cause to be done any and all things in connection with Bank Collection Services that Bank may deem necessary or desirable and consistent with the terms of this Agreement; provided, that Owner acknowledges and agrees that the orderly closing of the Chesapeake Facility and any changes in the Interim Services and Bank Collection Services resulting from the closing of the Chesapeake Facility are permitted modifications to the Servicing Standards utilized by each Interim Servicer and Bank, respectively, so long as such modifications shall not, in the aggregate, impact in any material respect the services provided hereunder and except as disclosed on Section 7.01 of the Seller Disclosure Schedule; and provided, further, that, with respect to any Serviced Loans that become subject to a Forward Flow Agreement prior to the Servicing Transfer Date, the Interim Servicers or Bank, as applicable, shall provide (A) the services to transfer such Serviced Loans to the purchasers of such Serviced Loans under the Forward Flow Agreements and (B) following such transfer to such purchasers, any ongoing services with respect to such Serviced Loans, in each case that such Interim Servicer or Bank, as applicable, provided to such purchasers immediately prior to the Closing Date pursuant to the applicable Forward Flow Agreement. Each Interim Servicer and Bank may request additional instructions from Owner as to the taking of any collection, remedial or other action as to any related Serviced Loan and may proceed in accordance with any such instructions from Owner without any liability; provided, that each Interim Servicer and/or Bank (x) may refrain from acting until it h...
Examples of Bank Collection Services in a sentence
There are no proceedings pending or, the Knowledge of any Interim Servicers or Bank, threatened that would be reasonably likely to result in a termination, revocation or limitation on any Permits that are material to the Interim Services or Bank Collection Services being performed.