Common use of Act as Servicer Clause in Contracts

Act as Servicer. (a) Upon receipt of a notice of Event of Default from Purchaser (“Notice of Event of Default”) in which Purchaser shall identify the Related Mortgage Loans which are then pledged to Purchaser under the Purchase and Sale Agreement, the Servicer shall segregate all amounts collected on account of such Related Mortgage Loans, hold them in trust for the sole and exclusive benefit of Purchaser, and remit such collections in accordance with Purchaser’s written instructions. Following such Notice of Event of Default, Servicer shall follow the instructions of Purchaser with respect to the Related Mortgage Loans, and shall deliver to Purchaser any information with respect to the Related Mortgage Loans reasonably requested by Purchaser. (b) Notwithstanding any contrary information which may be delivered to the Servicer by Seller or a Guarantor, the Servicer may conclusively rely on any information or Notice of Event of Default delivered by Purchaser, and Seller and Guarantors shall indemnify and hold the Servicer harmless for any and all claims asserted against it for any actions taken in good faith by the Servicer in connection with the delivery of such information or Notice of Event of Default.

Act as Servicer. (a) Upon receipt of a notice Notice of Event of Default from Purchaser Buyer (“Notice of Event of Default”) in which Purchaser Buyer shall identify the Related Purchased Mortgage Loans which are then pledged to Purchaser Buyer under the Purchase and Sale Repurchase Agreement, the Servicer shall segregate all amounts collected on account of such Related Purchased Mortgage Loans, hold them in trust for the sole and exclusive benefit of PurchaserBuyer, and remit such collections in accordance with PurchaserBuyer’s written instructions. Following such Notice of Event of Default, Servicer shall follow the instructions of Purchaser Buyer with respect to the Related Purchased Mortgage Loans, including, without limitation, any instructions to transfer servicing, and shall deliver to Purchaser Buyer any information with respect to the Related Purchased Mortgage Loans reasonably requested by PurchaserBuyer. (b) Servicer further acknowledges that notwithstanding any prior owner of the Repurchase Assets, or any other agreement between such prior owner and the Servicer, Buyer’s rights are superior to any other claim by any party and Servicer shall follow the directions of Buyer and no other party, including, without limitation, the URC and the Seller. (c) Notwithstanding any contrary information which may be delivered to the Servicer by Seller or a GuarantorSeller, the Servicer may conclusively rely on any information or Notice of Event of Default delivered by PurchaserBuyer, and Seller and Guarantors shall indemnify and hold the Servicer harmless for any and all claims asserted against it for any actions taken in good faith by the Servicer in connection with the delivery of such information or Notice of Event of Default.

Act as Servicer. (a) Upon receipt of a notice Notice of Event of Default from Purchaser Administrative Agent (“Notice of Event of Default”) in which Purchaser Administrative Agent shall identify the Related Purchased Mortgage Loans which are then pledged to Purchaser Administrative Agent under the Purchase and Sale Repurchase Agreement, the Servicer shall segregate all amounts collected on account of such Related Purchased Mortgage Loans, hold them in trust for the sole and exclusive benefit of PurchaserAdministrative Agent, and remit such collections in accordance with PurchaserAdministrative Agent’s written instructions. Following such Notice of Event of Default, Servicer shall follow the instructions of Purchaser Administrative Agent with respect to the Related Purchased Mortgage Loans, including, without limitation, any instructions to transfer servicing, and shall deliver to Purchaser Administrative Agent any information with respect to the Related Purchased Mortgage Loans reasonably requested by PurchaserAdministrative Agent. (b) Servicer further acknowledges that notwithstanding any prior owner of the Repurchase Assets, or any other agreement between such prior owner and the Servicer, Administrative Agent’s rights are superior to any other claim by any party and Servicer shall follow the directions of Administrative Agent and no other party, including, without limitation, the URC and the Seller. (c) Notwithstanding any contrary information which may be delivered to the Servicer by Seller or a GuarantorSeller, the Servicer may conclusively rely on any information or Notice of Event of Default delivered by PurchaserAdministrative Agent, and Seller and Guarantors shall indemnify and hold the Servicer harmless for any and all claims asserted against it for any actions taken in good faith by the Servicer in connection with the delivery of such information or Notice of Event of Default.

Act as Servicer. (a) Upon receipt of a notice Notice of Event of Default from Purchaser Buyer (“Notice of Event of Default”) in which Purchaser Buyer shall identify the Related Mortgage Loans mortgage loans which are then pledged to Purchaser Buyer under the Purchase and Sale AgreementRepurchase Agreement (the “Mortgage Loans”), the Servicer shall segregate all amounts collected on account of such Related Mortgage Loans, hold them in trust for the sole and exclusive benefit of PurchaserBuyer, and remit such collections collections, net of any servicing fees and advances then due and owing pursuant to the written agreement between Servicer and Seller, in accordance with PurchaserBuyer’s written instructions. Following such Notice of Event of Default, Servicer shall follow the instructions of Purchaser Buyer with respect to the Related Mortgage Loans, including, without limitation, any instructions to transfer servicing, and shall deliver to Purchaser Buyer any information with respect to the Related Mortgage Loans reasonably requested by PurchaserBuyer. (b) Servicer further acknowledges that notwithstanding any prior owner of the Repurchase Assets, or any other agreement between such prior owner and the Servicer, Buyer’s rights are superior to any other claim by any party and Servicer shall follow the directions of Buyer and no other party, including, without limitation, the URC and the Seller. (c) Notwithstanding any contrary information which may be delivered to the Servicer by Seller or a GuarantorSeller, the Servicer may conclusively rely on any information or Notice of Event of Default delivered by PurchaserBuyer, and Seller and Guarantors shall indemnify and hold the Servicer harmless for any and all claims asserted against it for any actions taken in good faith by the Servicer in connection with the delivery of such information or Notice of Event of Default.

Act as Servicer. (a) Upon receipt of a notice of Event of Default from Purchaser Buyer (“Notice of Event of Default”) in which Purchaser Buyer shall identify the Related Purchased Mortgage Loans which are then pledged to Purchaser Buyer under the Purchase and Sale Repurchase Agreement, the Servicer shall segregate all amounts collected on account of such Related Purchased Mortgage Loans, hold them in trust for the sole and exclusive benefit of PurchaserBuyer, and remit such collections in accordance with PurchaserBuyer’s written instructions. Following such Notice of Event of Default, Servicer shall follow the instructions of Purchaser Buyer with respect to the Related Purchased Mortgage Loans, and shall deliver to Purchaser Buyer any information with respect to the Related Purchased Mortgage Loans reasonably requested by PurchaserBuyer. (b) Notwithstanding any contrary information which may be delivered to the Servicer by Seller or a Guarantor, the Servicer may conclusively rely on any information or Notice of Event of Default delivered by PurchaserBuyer, and Seller and Guarantors Guarantor shall indemnify and hold the Servicer harmless for any and all claims asserted against it for any actions taken in good faith by the Servicer in connection with the delivery of such information or Notice of Event of Default.