Examples of Servicing Activities in a sentence
Servicer shall ensure that all information provided by or on behalf of Servicer to Third-Party Providers in connection with providing Servicing Activities is accurate and complete.
If a Servicer Replacement Event occurs and the Servicing Agreement and the delegation of the Servicing Activities are terminated, the Servicer will, or will cause a third party to, immediately send a notice of the entrustment (the form of which will be attached to the Servicing Agreement) to all the Obligors existing at that time.
Servicer Replacement EventIf any of the following events (each, a “ Servicer Replacement Event”) occurs, the Trustee of the First Trust may, in accordance with the instruction of the Trustee of the Second Trust, terminate the Servicing Agreement and the delegation of the Servicing Activities to the Servicer under the Servicing Agreement upon prior written notice to the Trustee of the Second Trust and the Rating Agencies.
If the Servicing Agreement and the delegation of the Servicing Activities to the Servicer under the Servicing Agreement is terminated in accordance with the above, the Trustee of the First Trust will perform the Servicing Activities within the scope of its power and authority.
Servicer shall require Third- Party Providers to notify Servicer when they retain vendors (“Fourth-Party Providers”) to conduct Servicing Activities on behalf of Servicer.
In the Servicing Agreement, the Servicer irrevocably appoints the Trustee of the First Trust as its attorney-in-fact to send such notice to the Obligors, if and when the Servicing Agreement and the delegation of the Servicing Activities are terminated.
Servicer shall not enter into a contractual relationship for Servicing Activities with a Third-Party Provider unless it is the result of an arm’s-length transaction among unrelated entities or the associated fees do not exceed the lesser of (a) any fee limitation or allowable amount for the service under applicable state law, or (b) the market rate for the service.
Servicer shall require Third-Party Providers to notify Servicer of any material deficiencies in the Servicing Activities provided by Fourth-Party Providers, of which a Third-Party Provider becomes aware as a result of audits or otherwise.
If the Trustee of the First Trust determines that a Successor Servicer will be appointed for the benefit of the Trustee of the Second Trust, the Trustee of the First Trust may delegate the Servicing Activities to a Successor Servicer in accordance with the terms of the First Trust Agreement.
A review and evaluation of Tier One Third-Party Providers’ policies and procedures regarding the identification and investigation into root causes of any material deficiencies or issues relating to its performance of Servicing Activities, the remediation of any deficiencies or issues, and the disclosure of such information to Servicer.