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Loan Servicing Agreement
"I need a Loan Servicing Agreement for our Irish subsidiary to appoint an external servicer to manage our commercial loan portfolio of €50 million, with the agreement to commence on March 1, 2025. The servicer needs full authority to collect payments and manage defaults."
1. Parties: Identifies the loan owner/lender and the loan servicer
2. Background: Sets out the context of the agreement and the intention to appoint a loan servicer
3. Definitions and Interpretation: Defines key terms and establishes interpretation principles
4. Appointment and Term: Formal appointment of servicer and duration of the agreement
5. Scope of Services: Detailed description of core servicing obligations and responsibilities
6. Regulatory Compliance: Obligations regarding compliance with applicable laws and regulations
7. Service Levels: Performance standards and service level requirements
8. Fees and Expenses: Payment terms, fee structure, and reimbursable expenses
9. Data Protection and Confidentiality: Obligations regarding data protection, GDPR compliance, and confidentiality
10. Representations and Warranties: Standard representations and warranties from both parties
11. Record Keeping and Reporting: Requirements for maintaining records and providing reports
12. Audit Rights: Rights of the loan owner to audit the servicer's operations
13. Liability and Indemnification: Allocation of liability and indemnification obligations
14. Force Majeure: Provisions for handling events beyond parties' control
15. Termination: Termination rights and processes
16. Post-Termination: Obligations following termination including transition services
1. Collections and Enforcement: Include when servicer will handle collections and enforcement activities
2. Property Management: Include for secured loans where servicer manages property assets
3. Sub-Contracting: Include if sub-servicers or other third parties may be engaged
4. Consumer Protection: Include specific provisions when servicing consumer loans
5. Insurance: Include detailed insurance requirements if servicer handles insurance matters
6. Security and Business Continuity: Include specific IT security and business continuity requirements if needed
7. Anti-Money Laundering: Include detailed AML procedures if servicer handles customer onboarding or payments
1. Schedule 1 - Services Description: Detailed breakdown of all services to be provided
2. Schedule 2 - Service Levels: Detailed service level agreements and KPIs
3. Schedule 3 - Fees: Detailed fee structure and calculation methodology
4. Schedule 4 - Form of Reports: Templates and requirements for regular reporting
5. Schedule 5 - Loan Portfolio: Details of the loans being serviced
6. Schedule 6 - Systems and Data Requirements: Technical specifications for systems and data handling
7. Schedule 7 - Key Personnel: List of key personnel and their roles
8. Schedule 8 - Business Continuity Plan: Overview of business continuity and disaster recovery procedures
9. Appendix A - Power of Attorney: Form of power of attorney if required for servicing activities
10. Appendix B - Compliance Requirements: Detailed regulatory compliance requirements and procedures
Authors
Affiliate
Agreement
Applicable Laws
Authorized Person
Business Day
Central Bank
Collection Account
Collections
Commencement Date
Confidential Information
Consumer Protection Code
Credit Servicing
Credit Servicing Firm
Data Protection Laws
Default
Effective Date
Enforcement Action
Event of Default
Fees
Force Majeure Event
GDPR
Governing Law
Indemnified Party
Insolvency Event
Interest Period
Key Personnel
Loan
Loan Agreement
Loan Documentation
Loan Owner
Loan Portfolio
Material Adverse Effect
Obligor
Payment Date
Performance Standards
Personal Data
Portfolio Sale
Regulatory Requirements
Related Security
Relevant Authority
Reporting Requirements
Security Interest
Service Levels
Services
Servicer
Servicer Default
Servicing Fee
Sub-Servicer
Term
Termination Date
Termination Event
Transaction Documents
Transfer Date
Term
Services
Regulatory Compliance
Service Levels
Fees and Expenses
Invoicing and Payment
Data Protection
Confidentiality
Intellectual Property
Information Security
Record Keeping
Reporting
Audit Rights
Representations and Warranties
Covenants
Sub-Contracting
Performance Standards
Collections and Enforcement
Account Management
Anti-Money Laundering
Consumer Protection
Business Continuity
Force Majeure
Insurance
Indemnification
Limitation of Liability
Assignment and Transfer
Termination
Post-Termination Obligations
Dispute Resolution
Notices
Governing Law and Jurisdiction
Entire Agreement
Severability
Amendments
Waiver
Third Party Rights
Counterparts
Banking
Financial Services
Credit Services
Asset Management
Real Estate Finance
Mortgage Services
Debt Collection
Investment Management
Alternative Lending
FinTech
Legal
Compliance
Risk Management
Operations
Finance
Treasury
Credit Administration
Collections
Portfolio Management
Data Protection
Commercial
Client Services
Regulatory Affairs
Chief Financial Officer
Head of Loan Operations
Compliance Officer
Legal Counsel
Risk Manager
Portfolio Manager
Operations Director
Credit Manager
Servicing Manager
Collections Manager
Commercial Director
Chief Operating Officer
Data Protection Officer
Regulatory Compliance Manager
Treasury Manager
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