Common use of Acceptance of Responsibilities Clause in Contracts

Acceptance of Responsibilities. Concurrently with the Issuer’s setting aside, transferring, assigning, setting over and otherwise conveying Mortgage Loans to the Trustee for a Trust:‌ (a) the Trustee (i) accepts the Mortgage Loans so conveyed, (ii) acknowledges that it holds all of the related Trust Fund in trust for the exclusive benefit of the related Holders, and (iii) agrees to administer the related Trust Fund and the related Certificates in accordance with the terms of the related Trust Documents; (b) the Master Servicer accepts its responsibility to perform the functions of Master Servicer for the related Trust in accordance with the terms of the related Trust Documents; and (c) the Guarantor agrees to make Guaranty payments in accordance with the terms of the related Trust Documents.

Acceptance of Responsibilities. Concurrently with the Issuer’s setting aside, transferring, assigning, setting over and otherwise conveying Mortgage Loans to the Trustee for a Trust:‌Trust: (a) the Trustee (i) accepts the Mortgage Loans so conveyed, (ii) acknowledges that it holds all of the related Trust Fund in trust for the exclusive benefit of the related Holders, and (iii) agrees to administer the related Trust Fund and the related Certificates in accordance with the terms of the related Trust Documents; (b) the Master Servicer accepts its responsibility to perform the functions of Master Servicer for the related Trust in accordance with the terms of the related Trust Documents; and (c) the Guarantor agrees to make Guaranty payments in accordance with the terms of the related Trust Documents.