Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to a Master Servicer Event of Default), the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.07. Upon such assumption, the Trustee, its designee or the successor servicer for the Trustee appointed pursuant to Section 7.02 shall be deemed, subject to Section 6.07, to have assumed all of the Master Servicer's interest therein and to have replaced the Master Servicer as a party to each Sub-Servicing Agreement to the same extent as if each Sub-Servicing Agreement had been assigned to the assuming party, except that (i) the Master Servicer shall not thereby be relieved of any liability or obligations under any Sub-Servicing Agreement and (ii) none of the Trustee, its designee or any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Servicing Agreements to the assuming party.
Appears in 37 contracts
Samples: Pooling and Servicing Agreement (Argent Securities Inc Asst Back Pass THR Certs Ser 2003-W3), Pooling and Servicing Agreement (Argent Securities Inc Asset-Bk Pas Thru Cert Ser 2003-W2), Pooling and Servicing Agreement (Argent Securities Inc Asset Back Pass THR Certs Ser 2004 W3)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to a Master Servicer Event of Default), the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.07. Upon such assumption, the Trustee, its designee or the successor servicer for the Trustee appointed pursuant to Section 7.02 shall be deemed, subject to Section 6.07, to have assumed all of the Master Servicer's interest therein and to have replaced the Master Servicer as a party to each Sub-Servicing Agreement to the same extent as if each Sub-Servicing Agreement had been assigned to the assuming party, except that (i) the Master Servicer shall not thereby be relieved of any liability or obligations under any Sub-Servicing Agreement and (ii) none of the Trustee, its designee or any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Sub-Servicing Agreements to the assuming party.
Appears in 29 contracts
Samples: Pooling and Servicing Agreement (Argent Securities Inc Asst Back Pass THR Certs Ser 20003-W10), Pooling and Servicing Agreement (Asset-Backed Pass-Through Certificates, Series 2004-R5), Pooling and Servicing Agreement (Ameriquest Mortgage Securities Inc. Series 2005-R3)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event that the Master Servicer shall for any reason no longer be the master servicer Servicer (including termination due to by reason of the occurrence of a Master Servicer Event of Default), the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer subject to Section 7.02 under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.073.03. Upon such assumption, the Trustee, its designee or the successor servicer for the Trustee appointed pursuant to Section 7.02 shall be deemed, subject to Section 6.073.03, to have assumed all of the Master Servicer's ’s interest therein and to have replaced the Master Servicer as a party to each Sub-Servicing Agreement to the same extent as if each Sub-Servicing Agreement had been assigned to the assuming party, except that (i) the Master Servicer shall not thereby be relieved of any liability or obligations under any related Sub-Servicing Agreement that arose before it ceased to be the Servicer and (ii) none of the Trustee, its designee or any successor Master Servicer servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- related Sub-Servicing Agreements to the assuming party.
Appears in 25 contracts
Samples: Pooling and Servicing Agreement (Asset Backed Sec Corp Home Equity Ln Tr Ser 2003he4), Pooling and Servicing Agreement (Asset Backed Sec Corp Asset Back Pass-THR Certs Ser 2004-He2), Pooling and Servicing Agreement (Asset Backed Pass-Through Certificates, Series 2004-He10)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to a Master Servicer by reason of an Event of Default), the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee is then permitted and elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.07terms. Upon such assumption, the The Trustee, its designee or the successor servicer for the Trustee appointed pursuant to Section 7.02 shall be deemed, subject to Section 6.07, deemed to have assumed all of the Master Servicer's interest therein and to have replaced the Master Servicer as a party to each Sub-Servicing Agreement to the same extent as if each the Sub-Servicing Agreement Agreements had been assigned to the assuming party, except that (i) the Master Servicer shall not thereby be relieved of any liability or obligations under any the Sub-Servicing Agreement Agreements, and (ii) none of the Trustee, its designee or any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased continue to be the Master Servicerentitled to any rights or benefits which arose prior to its termination as master servicer. The Master Servicer at its expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, it and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Sub-Servicing Agreements to the assuming party.
Appears in 24 contracts
Samples: Pooling and Servicing Agreement (Ab Mortgage Securities Corp), Pooling and Servicing Agreement (MortgageIT Securities Corp.), Pooling and Servicing Agreement (Quick Loan Funding Mortgage Acceptance CORP)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to a Master Servicer Event of Default), a) If the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for servicing obligations of the Master Servicer in accordance with Section 7.02 below, the Trustee, to the extent necessary to permit the Trustee appointed pursuant to carry out the provisions of Section 7.02 with respect to assume) the Mortgage Loans, shall succeed to all of the rights and obligations of the Master Servicer under each of the Sub-Servicing Agreement that the Master Servicer may have entered intoAgreements. In such event, unless the Trustee elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.07. Upon such assumption, the Trustee, or its designee or as the successor master servicer for the Trustee appointed pursuant to Section 7.02 shall be deemed, subject to Section 6.07, deemed to have assumed all of the Master Servicer's interest rights and obligations therein and to have replaced the Master Servicer as a party to each such Sub-Servicing Agreement Agreements to the same extent as if each such Sub-Servicing Agreement Agreements had been assigned to the assuming partyTrustee or its designee as a successor master servicer, except that the Trustee or its designee as a successor master servicer shall not be deemed to have assumed any obligations or liabilities of the Master Servicer arising prior to such assumption (iother than the obligation to make any Advances hereunder) and the Master Servicer shall not thereby be relieved of any liability or obligations under any such Sub-Servicing Agreement and (ii) none of Agreements arising prior to such assumption. Nothing in the Trustee, its designee or any successor Master Servicer foregoing shall be deemed to have assumed entitle the Trustee or its designee as a successor master servicer at any liability time to receive any portion of the servicing compensation provided under Section 3.17 except for such portion as the Master Servicer would be entitled to receive.
(b) In the event that the Trustee or obligation its designee as successor master servicer for the Trustee assumes the servicing obligations of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its expense shallunder Section 7.02, upon the reasonable request of the Trustee, Trustee or such designee as successor master servicer the Master Servicer shall at its own expense deliver to the assuming party Trustee, or at its written request to such designee, photocopies of all documents documents, files and records records, electronic or otherwise, relating to each the Sub-Servicing Agreement Agreements and the related Mortgage Loans or REO Property then being serviced and an accounting of amounts collected and held by or on behalf of it, if any, and will otherwise cooperate and use its best reasonable efforts to effect the orderly and efficient transfer of the Sub- Sub-Servicing Agreements Agreements, or responsibilities hereunder to the assuming partyTrustee, or at its written request to such designee as successor master servicer.
Appears in 22 contracts
Samples: Pooling and Servicing Agreement (Impac Secured Assets Trust 2007-3), Pooling and Servicing Agreement (Impac Secured Assets Trust 2007-3), Pooling and Servicing Agreement (Impac Secured Assets Corp., Mortgage Pass-Through Certificates, Series 2007-1)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to by reason of the occurrence of a Master Servicer Event of Default), the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.073.03. Upon such assumption, the Trustee, its designee or the successor servicer for the Trustee appointed pursuant to Section 7.02 shall be deemed, subject to Section 6.073.03, to have assumed all of the Master Servicer's interest therein and to have replaced the Master Servicer as a party to each Sub-Servicing Agreement to the same extent as if each Sub-Servicing Agreement had been assigned to the assuming party, except that (i) the Master Servicer shall not thereby be relieved of any liability or obligations under any Sub-Servicing Agreement and (ii) none of the Trustee, its designee or any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Servicing Agreements to the assuming party.
Appears in 22 contracts
Samples: Pooling and Servicing Agreement (Floating Rate Mort Pass Through Cert Series 2000-1), Pooling and Servicing Agreement (Salomon Brothers MRT Sec Vii Inc MRT Ps THR Cert 1999-2), Pooling and Servicing Agreement (Salomon Brothers Mort Sec Vii Inc Mort Pas Th Ce Ser 2000-1)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event that the Master Servicer shall for any reason no longer be the master servicer Servicer (including termination due to by reason of the occurrence of a Master Servicer Event of Default), the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer Servicer, subject to Section 7.02 of this Agreement, under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.073.03. Upon such assumption, the Trustee, its designee or the successor servicer for the Trustee appointed pursuant to Section 7.02 shall be deemed, subject to Section 6.073.03, to have assumed all of the Master Servicer's ’s interest therein and to have replaced the Master Servicer as a party to each Sub-Servicing Agreement to the same extent as if each Sub-Servicing Agreement had been assigned to the assuming party, except that (i) the Master Servicer shall not thereby be relieved of any liability or obligations under any related Sub-Servicing Agreement that arose before it ceased to be the Servicer and (ii) none of the Trustee, its designee or any successor Master Servicer servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its expense shall, upon request of the TrusteeSecurities Administrator, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- related Sub-Servicing Agreements to the assuming party.
Appears in 16 contracts
Samples: Pooling and Servicing Agreement (Jpmac 2006-Wmc2), Pooling and Servicing Agreement (Jpmac 2006-Fre1), Pooling and Servicing Agreement (Jpmac 2006-He3)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to a Master Servicer Event of Default), the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.07. Upon such assumption, the Trustee, its designee or the successor servicer for the Trustee appointed pursuant to Section 7.02 shall be deemed, subject to Section 6.07, to have assumed all of the Master Servicer's ’s interest therein and to have replaced the Master Servicer as a party to each Sub-Servicing Agreement to the same extent as if each Sub-Servicing Agreement had been assigned to the assuming party, except that (i) the Master Servicer shall not thereby be relieved of any liability or obligations under any Sub-Servicing Agreement and (ii) none of the Trustee, its designee or any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Sub-Servicing Agreements to the assuming party.
Appears in 15 contracts
Samples: Pooling and Servicing Agreement (Ameriquest Mortgage Securities Inc., Asset-Backed Pass-Through Certificates, Series 2005-R8), Pooling and Servicing Agreement (Ameriquest Mortgage Securities Inc., Asset-Backed Pass-Through Certificates, Series 2005-R5), Pooling and Servicing Agreement (Argent Securities Inc., Asset-Backed Pass-Through Certificates, Series 2005-W2)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to by reason of the occurrence of a Master Servicer Event of DefaultTermination), the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for the Trustee as appointed pursuant to Section 7.02 to assume) herein, shall thereupon assume all of the rights and obligations of the Master Servicer under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.073.03. Upon such assumption, the Trustee, its designee or the successor servicer for the Trustee appointed pursuant to Section 7.02 shall be deemed, subject to Section 6.073.03, to have assumed all of the Master Servicer's ’s interest therein and to have replaced the Master Servicer as a party to each Sub-Servicing Agreement to the same extent as if each Sub-Servicing Agreement had been assigned to the assuming party, except that (i) the Master Servicer shall not thereby be relieved of any liability or obligations under any Sub-Servicing Agreement and (ii) none of the Trustee, its designee or any successor Master Servicer master servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Sub-Servicing Agreements to the assuming party.
Appears in 15 contracts
Samples: Pooling and Servicing Agreement (PHHMC Series 2007-4 Trust), Pooling and Servicing Agreement (PHHMC Series 2007-6 Trust), Pooling and Servicing Agreement (PHHMC Series 2007-5 Trust)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to by reason of the occurrence of a Master Servicer Event of Default), the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.073.03. Upon such assumption, the Trustee, its designee or the successor servicer for the Trustee appointed pursuant to Section 7.02 shall be deemed, subject to Section 6.073.03, to have assumed all of the Master Servicer's interest therein and to have replaced the Master Servicer as a party to each Sub-Servicing Agreement to the same extent as if each Sub-Servicing Agreement had been assigned to the assuming party, except that (i) the Master Servicer shall not thereby be relieved of any liability or obligations under any Sub-Servicing Agreement that arose before it ceased to be the Master Servicer and (ii) none of the Trustee, its designee or any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its own expense and without reimbursement shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Sub-Servicing Agreements to the assuming party.
Appears in 13 contracts
Samples: Pooling and Servicing Agreement (Long Beach Mortgage Loan Trust 2004-3, Asset-Backed Certs., Series 2004-3), Pooling and Servicing Agreement (Long Beach Mortgage Loan Trust 2004-4, Asset-Backed Certs., Series 2004-4), Pooling and Servicing Agreement (Long Beach Securities Corp Certs Series 2003-4)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to by reason of the occurrence of a Master Servicer Event of Default), the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.073.03. Upon such assumption, the Trustee, its designee or the successor servicer for the Trustee appointed pursuant to Section 7.02 shall be deemed, subject to Section 6.073.03, to have assumed all of the Master Servicer's interest therein and to have replaced the Master Servicer as a party to each Sub-Servicing Agreement to the same extent as if each Sub-Servicing Agreement had been assigned to the assuming party, except that (i) the Master Servicer shall not thereby be relieved of any liability or obligations under any Sub-Servicing Agreement that arose before it ceased to be the Master Servicer and (ii) none of the Trustee, its designee or any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Servicing Agreements to the assuming party.
Appears in 13 contracts
Samples: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mort Pas THR Cert Ser 2002-Nc1), Pooling and Servicing Agreement (Asset Backed Floating Rate Certificates Series 1998-Nc2), Pooling and Servicing Agreement (Salomon Bros Mort Sec Vii Inc Ast Bk Fl Rte Cer Se 1998 -Nc4)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to by reason of the occurrence of a Master Servicer Event of DefaultTermination), the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.073.03. Upon such assumption, the Trustee, its designee Trustee (or the successor servicer for the Trustee appointed pursuant to Section 7.02 7.02) shall be deemed, subject to Section 6.073.03, to have assumed all of the departing Master Servicer's interest therein and to have replaced the departing Master Servicer as a party to each Sub-Servicing Agreement to the same extent as if each Sub-Servicing Agreement had been assigned to the assuming party, except that (i) the departing Master Servicer shall not thereby be relieved of any liability or obligations under any Sub-Servicing Agreement that arose before it ceased to be the Master Servicer and (ii) none of neither the Trustee, its designee or Trustee nor any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Servicing Agreements to the assuming party. All Servicing Transfer Costs shall be paid by the predecessor Master Servicer upon presentation of reasonable documentation of such costs, and if such predecessor Master Servicer defaults in its obligation to pay such costs, such costs shall be paid by the successor Master Servicer or the Trustee (in which case the successor Master Servicer or the Trustee, as applicable, shall be entitled to reimbursement therefor from the assets of the Trust).
Appears in 12 contracts
Samples: Pooling and Servicing Agreement (Option One Mortgage Loan Tr Asset Backed Cert Ser 2002-2), Pooling and Servicing Agreement (Option One Mortgage Accept Corp Asset Backed Cer Ser 2002-4), Pooling and Servicing Agreement (Option One Mortgage Loan Trust 2004-1)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to by reason of the occurrence of a Master Servicer Event of DefaultTermination), the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.073.03. Upon such assumption, the Trustee, its designee Trustee (or the successor servicer for the Trustee appointed pursuant to Section 7.02 7.02) shall be deemed, subject to Section 6.073.03, to have assumed all of the Master departing Servicer's interest therein and to have replaced the Master departing Servicer as a party to each Sub-Servicing Agreement to the same extent as if each Sub-Servicing Agreement had been assigned to the assuming party, except that (i) the Master departing Servicer shall not thereby be relieved of any liability or obligations under any Sub-Servicing Agreement that arose before it ceased to be the Servicer and (ii) none of neither the Trustee, its designee or Trustee nor any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Sub-Servicing Agreements to the assuming party.
Appears in 12 contracts
Samples: Pooling and Servicing Agreement (Soundview Home Loan Trust 2004-1), Pooling and Servicing Agreement (Financial Asset Sec Corp Meritage Mortgage Loan Trust 2004 1), Pooling and Servicing Agreement (Finance America Mortgage Loan Trust 2004-2)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to by reason of the occurrence of a Master Servicer Event of Default), the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.073.03. Upon such assumption, the Trustee, its designee or the successor servicer for the Trustee appointed pursuant to Section 7.02 shall be deemed, subject to Section 6.073.03, to have assumed all of the Master Servicer's ’s interest therein and to have replaced the Master Servicer as a party to each Sub-Servicing Agreement to the same extent as if each Sub-Servicing Agreement had been assigned to the assuming party, except that (i) the Master Servicer shall not thereby be relieved of any liability or obligations under any Sub-Servicing Agreement and (ii) none of the Trustee, its designee or any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Servicing Agreements to the assuming party.
Appears in 12 contracts
Samples: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Inc., Series 2005-5), Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Inc., Series 2006-Ar2), Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust, Series 2005-10)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event that the Master Servicer shall for any reason no longer be the master servicer Servicer (including termination due to by reason of the occurrence of a Master Servicer Event of Default), the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer Servicer, subject to Section 7.02 of this Agreement, under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.073.03. Upon such assumption, the Trustee, its designee or the successor servicer for the Trustee appointed pursuant to Section 7.02 shall be deemed, subject to Section 6.073.03, to have assumed all of the Master Servicer's ’s interest therein and to have replaced the Master Servicer as a party to each Sub-Servicing Agreement to the same extent as if each Sub-Servicing Agreement had been assigned to the assuming party, except that (i) the Master Servicer shall not thereby be relieved of any liability or obligations under any related Sub-Servicing Agreement that arose before it ceased to be the Servicer and (ii) none of the Trustee, its designee or any successor Master Servicer servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- related Sub-Servicing Agreements to the assuming party.
Appears in 11 contracts
Samples: Pooling and Servicing Agreement (J.P. Morgan Mortgage Acquisition Trust 2007-He1), Pooling and Servicing Agreement (J.P. Morgan Mortgage Acquisition Trust 2007-Ch4), Pooling and Servicing Agreement (J.P. Morgan Mortgage Acquisition Trust 2007-Ch5)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to a Master Servicer Event of Default), a) If the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for servicing obligations of the Master Servicer in accordance with Section 7.02 below, the Trustee, to the extent necessary to permit the Trustee appointed pursuant to carry out the provisions of Section 7.02 with respect to assume) the Mortgage Loans, shall succeed to all of the rights and obligations of the Master Servicer under each Sub-of the Sub- Servicing Agreement that the Master Servicer may have entered intoAgreements. In such event, unless the Trustee elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.07. Upon such assumption, the Trustee, or its designee or as the successor master servicer for the Trustee appointed pursuant to Section 7.02 shall be deemed, subject to Section 6.07, deemed to have assumed all of the Master Servicer's interest rights and obligations therein and to have replaced the Master Servicer as a party to each such Sub-Servicing Agreement Agreements to the same extent as if each such Sub-Servicing Agreement Agreements had been assigned to the assuming partyTrustee or its designee as a successor master servicer, except that the Trustee or its designee as a successor master servicer shall not be deemed to have assumed any obligations or liabilities of the Master Servicer arising prior to such assumption (iother than the obligation to make any Advances hereunder) and the Master Servicer shall not thereby be relieved of any liability or obligations under any such Sub-Servicing Agreement and (ii) none of Agreements arising prior to such assumption. Nothing in the Trustee, its designee or any successor Master Servicer foregoing shall be deemed to have assumed entitle the Trustee or its designee as a successor master servicer at any liability time to receive any portion of the servicing compensation provided under Section 3.17 except for such portion as the Master Servicer would be entitled to receive.
(b) In the event that the Trustee or obligation its designee as successor master servicer for the Trustee assumes the servicing obligations of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its expense shallunder Section 7.02, upon the reasonable request of the Trustee, Trustee or such designee as successor master servicer the Master Servicer shall at its own expense deliver to the assuming party Trustee, or at its written request to such designee, photocopies of all documents documents, files and records records, electronic or otherwise, relating to each the Sub-Servicing Agreement Agreements and the related Mortgage Loans or REO Property then being serviced and an accounting of amounts collected and held by or on behalf of it, if any, and will otherwise cooperate and use its best reasonable efforts to effect the orderly and efficient transfer of the Sub- Sub-Servicing Agreements Agreements, or responsibilities hereunder to the assuming partyTrustee, or at its written request to such designee as successor master servicer.
Appears in 11 contracts
Samples: Pooling and Servicing Agreement (Impac Secured Assets Corp), Pooling and Servicing Agreement (Impac Secured Assets Corp), Pooling and Servicing Agreement (Impac Secured Assets Corp Mortgage Pass THR Cer Ser 1999-2)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to by reason of the occurrence of a Master Servicer Event of DefaultTermination), the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.073.03. Upon such assumption, the Trustee, its designee Trustee (or the successor servicer for the Trustee appointed pursuant to Section 7.02 7.02) shall be deemed, subject to Section 6.073.03, to have assumed all of the Master departing Servicer's interest therein and to have replaced the Master departing Servicer as a party to each Sub-Servicing Agreement to the same extent as if each Sub-Servicing Agreement had been assigned to the assuming party, except that (i) the Master departing Servicer shall not thereby be relieved of any liability or obligations under any Sub-Servicing Agreement that arose before it ceased to be the Servicer and (ii) none of neither the Trustee, its designee or Trustee nor any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Sub-Servicing Agreements to the assuming party. All Servicing Transfer Costs shall be paid by the predecessor Servicer upon presentation of reasonable documentation of such costs, and if such predecessor Servicer defaults in its obligation to pay such costs, such costs shall be paid by the successor Servicer or the Trustee (in which case the successor Servicer or the Trustee, as applicable, shall be entitled to reimbursement therefor from the assets of the Trust).
Appears in 11 contracts
Samples: Pooling and Servicing Agreement (Fremont Home Loan Trust 2004-2), Pooling and Servicing Agreement (Financial Asset Securities Corp Fremont Loan Tr 2003-1), Pooling and Servicing Agreement (Financial Asset Securities Corp Asset Back Cert Ser 2003-1)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to by reason of the occurrence of a Master Servicer Event of DefaultTermination), the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.073.03. Upon such assumption, the Trustee, its designee Trustee (or the successor servicer for the Trustee appointed pursuant to Section 7.02 7.02) shall be deemed, subject to Section 6.073.03, to have assumed all of the departing Master Servicer's interest therein and to have replaced the departing Master Servicer as a party to each Sub-Servicing Agreement to the same extent as if each Sub-Servicing Agreement had been assigned to the assuming party, except that (i) the departing Master Servicer shall not thereby be relieved of any liability or obligations under any Sub-Servicing Agreement that arose before it ceased to be the Master Servicer and (ii) none of neither the Trustee, its designee or Trustee nor any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Sub-Servicing Agreements to the assuming party. All Servicing Transfer Costs shall be paid by the predecessor Master Servicer upon presentation of reasonable documentation of such costs, and if such predecessor Master Servicer defaults in its obligation to pay such costs, such costs shall be paid by the successor Master Servicer or the Trustee (in which case the successor Master Servicer or the Trustee, as applicable, shall be entitled to reimbursement therefor from the assets of the Trust).
Appears in 10 contracts
Samples: Pooling and Servicing Agreement (Option One Mortgage Loan Trust 2005-2), Pooling and Servicing Agreement (Option One Mortgage Loan Trust Series 2006-2), Pooling and Servicing Agreement (Option One Mortgage Loan Trust 2005-5, Asset-Backed Certificates, Series 2005-5)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to by reason of the occurrence of a Master Servicer Event of Default), the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.073.03. Upon such assumption, the Trustee, its designee or the successor servicer for the Trustee appointed pursuant to Section 7.02 shall be deemed, subject to Section 6.073.03, to have assumed all of the Master Servicer's ’s interest therein and to have replaced the Master Servicer as a party to each Sub-Servicing Agreement to the same extent as if each Sub-Servicing Agreement had been assigned to the assuming party, except that (i) the Master Servicer shall not thereby be relieved of any liability or obligations under any Sub-Servicing Agreement that arose before it ceased to be the Master Servicer and (ii) none of the Trustee, its designee or any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its own expense and without reimbursement shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Sub-Servicing Agreements to the assuming party.
Appears in 9 contracts
Samples: Pooling and Servicing Agreement (Long Beach Mortgage Loan Trust 2006-Wl3), Pooling and Servicing Agreement (Long Beach Mortgage Loan Trust 2006-2), Pooling and Servicing Agreement (Long Beach Mortgage Loan Trust 2006-1)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to by reason of the occurrence of a Master Servicer Event of Default), the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.073.03. Upon such assumption, the Trustee, its designee or the successor servicer for the Trustee appointed pursuant to Section 7.02 shall be deemed, subject to Section 6.073.03, to have assumed all of the Master Servicer's interest therein and to have replaced the Master Servicer as a party to each Sub-Servicing Agreement to the same extent as if each Sub-Servicing SubServicing Agreement had been assigned to the assuming party, except that (i) the Master Servicer shall not thereby be relieved of any liability or obligations under any Sub-Servicing Agreement and (ii) none of the Trustee, its designee or any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Sub-Servicing Agreements to the assuming party.
Appears in 8 contracts
Samples: Pooling and Servicing Agreement (Salomon Bros Mort Sec Vii Inc Asset Bk Fl Rte Ce Se 1996 Lb3), Pooling and Servicing Agreement (Salomon Bro Mort Sec Vii Inc as Bk Fix & Fl Rte Ce Se 1996-8), Pooling and Servicing Agreement (Salomon Bros Mort Sec Vii Inc Ast Bk Fl Rte Cer Se 1996-Lb1a)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to by reason of the occurrence of a Master Servicer Event of DefaultTermination), the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee elects to terminate any Sub-Sub- Servicing Agreement in accordance with its terms as provided in Section 6.073.03. Upon such assumption, the Trustee, its designee Trustee (or the successor servicer for the Trustee appointed pursuant to Section 7.02 7.02) shall be deemed, subject to Section 6.073.03, to have assumed all of the departing Master Servicer's interest therein and to have replaced the departing Master Servicer as a party to each Sub-Servicing Agreement to the same extent as if each Sub-Servicing Agreement had been assigned to the assuming party, except that (i) the departing Master Servicer shall not thereby be relieved of any liability or obligations under any Sub-Servicing Agreement that arose before it ceased to be the Master Servicer and (ii) none of neither the Trustee, its designee or Trustee nor any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Sub-Servicing Agreements to the assuming party. All Servicing Transfer Costs shall be paid by the predecessor Master Servicer upon presentation of reasonable documentation of such costs, and if such predecessor Master Servicer defaults in its obligation to pay such costs, such costs shall be paid by the successor Master Servicer or the Trustee (in which case the successor Master Servicer or the Trustee, as applicable, shall be entitled to reimbursement therefor from the assets of the Trust).
Appears in 8 contracts
Samples: Pooling and Servicing Agreement (Option One Mort Accep Corp Asset Backed Cert Ser 2000-1), Pooling and Servicing Agreement (Option One Mort Accept Corp Asset Backed Cert Series 2000-3), Pooling and Servicing Agreement (Option One Mort Accep Corp Asset Backed Cert Ser 2001-1)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to by reason of the occurrence of a Master Servicer Event of DefaultTermination), the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for the Trustee as appointed pursuant to Section 7.02 to assume) herein, shall thereupon assume all of the rights and obligations of the Master Servicer under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.073.03. Upon such assumption, the Trustee, its designee or the successor servicer for the Trustee appointed pursuant to Section 7.02 shall be deemed, subject to Section 6.073.03, to have assumed all of the Master Servicer's interest therein and to have replaced the Master Servicer as a party to each Sub-Servicing Agreement to the same extent as if each Sub-Servicing Agreement had been assigned to the assuming party, except that (i) the Master Servicer shall not thereby be relieved of any liability or obligations under any Sub-Servicing Agreement and (ii) none of the Trustee, its designee or any successor Master Servicer master servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Sub-Servicing Agreements to the assuming party.
Appears in 8 contracts
Samples: Pooling and Servicing Agreement (Cendant Mortgage Capital LLC CDMC Mort Pas THR Ce Se 04 1), Pooling and Servicing Agreement (Cendant Mortgage Capital LLC), Pooling and Servicing Agreement (PHH Mortgage Capital LLC)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to a Master Servicer by reason of an Event of Default), the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee is then permitted and elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in terms. Subject to Section 6.07. Upon such assumption3.03, the Trustee, its designee or the successor servicer for the Trustee appointed pursuant to Section 7.02 shall be deemed, subject to Section 6.07, deemed to have assumed all of the Master Servicer's interest therein and to have replaced the Master Servicer as a party to each Sub-Servicing Agreement to the same extent as if each the Sub-Servicing Agreement Agreements had been assigned to the assuming party, except that (i) the Master Servicer shall not thereby be relieved of any liability or obligations under any the Sub-Servicing Agreement Agreements, and (ii) none of the Trustee, its designee or any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased continue to be the Master Servicerentitled to any rights or benefits which arose prior to its termination as master servicer. The Master Servicer at its expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, it and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Sub-Servicing Agreements to the assuming party.
Appears in 8 contracts
Samples: Pooling and Servicing Agreement (DLJ Mortgage Acceptance Corp Mort Pass THR Cert Ser 1996-Qe3), Pooling and Servicing Agreement (DLJ Mortgage Acceptance Corp Mort Pass THR Cert Ser 1995 Qe9), Pooling and Servicing Agreement (DLJ Mortgage Acceptance Corp Mort Pass THR Cert Ser 1995 Q8)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to by reason of the occurrence of a Master Servicer Event of DefaultTermination), the Trustee or Trustee, in addition to its designee duties under Section 7.02, shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.073.03. Upon such assumption, the Trustee, its designee Trustee (or the successor servicer for the Trustee appointed pursuant to Section 7.02 7.02) shall be deemed, subject to Section 6.073.03, to have assumed all of the Master departing Servicer's ’s interest therein and to have replaced the Master departing Servicer as a party to each Sub-Servicing Agreement to the same extent as if each Sub-Servicing Agreement had been assigned to the assuming party, except that (i) the Master departing Servicer shall not thereby be relieved of any liability or obligations under any Sub-Servicing Agreement that arose before it ceased to be the Servicer and (ii) none of neither the Trustee, its designee or Trustee nor any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Sub-Servicing Agreements to the assuming party. All Servicing Transfer Costs shall be paid by the predecessor Servicer upon presentation of reasonable documentation of such costs, and if such predecessor Servicer is the Trustee or it defaults in its obligation to pay such costs, such costs shall be paid by the successor Servicer or the Trustee (in which case the successor Servicer or the Trustee, as applicable, shall be entitled to reimbursement therefor from the assets of the Trust).
Appears in 8 contracts
Samples: Pooling and Servicing Agreement (Greenpoint Mortgage Funding Trust 2005-Hy1), Pooling and Servicing Agreement (Soundview Home Loan Trust 2005-Opt2), Pooling and Servicing Agreement (Equifirst Mortgage Loan Trust 2005-1)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to by reason of the occurrence of a Master Servicer Event of Default), the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer under each Sub-Servicing Sub‑Servicing Agreement that the Master Servicer may have entered into, unless the Trustee elects to terminate any Sub-Servicing Sub‑Servicing Agreement in accordance with its terms as provided in Section 6.073.03. Upon such assumption, the Trustee, its designee or the successor servicer for the Trustee appointed pursuant to Section 7.02 shall be deemed, subject to Section 6.073.03, to have assumed all of the Master Servicer's ’s interest therein and to have replaced the Master Servicer as a party to each Sub-Servicing Sub‑Servicing Agreement to the same extent as if each Sub-Servicing Sub‑Servicing Agreement had been assigned to the assuming party, except that (i) the Master Servicer shall not thereby be relieved of any liability or obligations under any Sub-Servicing Sub‑Servicing Agreement that arose before it ceased to be the Master Servicer and (ii) none of the Trustee, its designee or any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its own expense and without reimbursement shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Sub‑Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Servicing Sub‑Servicing Agreements to the assuming party.
Appears in 7 contracts
Samples: Pooling and Servicing Agreement (Long Beach Mortgage Loan Trust 2004-6, Asset-Backed Certs., Series 2004-6), Pooling and Servicing Agreement (Long Beach Sec Corp Asset Backed Certs Ser 2004-1), Pooling and Servicing Agreement (Long Beach Mortgage Loan Trust 2005-Wl1 Asset-Backed Certificates, Series 2005-Wl1)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to by reason of the occurrence of a Master Servicer Event of Default), the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer under each Sub-Servicing Sub‑Servicing Agreement that the Master Servicer may have entered into, unless the Trustee elects to terminate any Sub-Servicing Sub‑Servicing Agreement in accordance with its terms as provided in Section 6.073.03. Upon such assumption, the Trustee, its designee or the successor servicer for the Trustee appointed pursuant to Section 7.02 shall be deemed, subject to Section 6.073.03, to have assumed all of the Master Servicer's ’s interest therein and to have replaced the Master Servicer as a party to each Sub-Servicing Sub‑Servicing Agreement to the same extent as if each Sub-Servicing Sub‑Servicing Agreement had been assigned to the assuming party, except that (i) the Master Servicer shall not thereby be relieved of any liability or obligations under any Sub-Servicing Sub‑Servicing Agreement that arose before it ceased to be the Servicer and (ii) none of the Trustee, its designee or any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its own expense and without reimbursement shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Sub‑Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Servicing Sub‑Servicing Agreements to the assuming party.
Appears in 7 contracts
Samples: Pooling and Servicing Agreement (Long Beach Mortgage Loan Trust 2006-9), Pooling and Servicing Agreement (Long Beach Mortgage Loan Trust 2006-8), Pooling and Servicing Agreement (Long Beach Mortgage Loan Trust 2006-11)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to by reason of the occurrence of a Master Servicer Event of DefaultTermination), the Trustee or Trustee, in addition to its designee duties under Section 7.02, shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.073.03. Upon such assumption, the Trustee, its designee Trustee (or the successor servicer for the Trustee appointed pursuant to Section 7.02 7.02) shall be deemed, subject to Section 6.073.03, to have assumed all of the Master departing Servicer's interest therein and to have replaced the Master departing Servicer as a party to each Sub-Servicing Agreement to the same extent as if each Sub-Servicing Agreement had been assigned to the assuming party, except that (i) the Master departing Servicer shall not thereby be relieved of any liability or obligations under any Sub-Servicing Agreement that arose before it ceased to be the Servicer and (ii) none of neither the Trustee, its designee or Trustee nor any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Sub-Servicing Agreements to the assuming party. All Servicing Transfer Costs shall be paid by the predecessor Servicer upon presentation of reasonable documentation of such costs, and if such predecessor Servicer is the Trustee or it defaults in its obligation to pay such costs, such costs shall be paid by the successor Servicer or the Trustee (in which case the successor Servicer or the Trustee, as applicable, shall be entitled to reimbursement therefor from the assets of the Trust).
Appears in 7 contracts
Samples: Pooling and Servicing Agreement (Equifirst Mortgage Loan Trust 2004-3 Asset-Backed Certificates, Series 2004-3), Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust 2004-Ffh4), Pooling and Servicing Agreement (Soundview Home Loan Trust 2005 DO-1 Asset Backed Certificates,Series)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to by reason of the occurrence of a Master Servicer Event of Default), the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer under each Sub-Servicing Sub‑Servicing Agreement that the Master Servicer may have entered into, unless the Trustee elects to terminate any Sub-Servicing Sub‑Servicing Agreement in accordance with its terms as provided in Section 6.073.03. Upon such assumption, the Trustee, its designee or the successor servicer for the Trustee appointed pursuant to Section 7.02 shall be deemed, subject to Section 6.073.03, to have assumed all of the Master Servicer's ’s interest therein and to have replaced the Master Servicer as a party to each Sub-Servicing Sub‑Servicing Agreement to the same extent as if each Sub-Servicing Sub‑Servicing Agreement had been assigned to the assuming party, except that (i) the Master Servicer shall not thereby be relieved of any liability or obligations under any Sub-Servicing Sub‑Servicing Agreement that arose before it ceased to be the Servicer and (ii) none of the Trustee, its designee or any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its own expense and without reimbursement shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Sub‑Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Servicing Sub‑Servicing Agreements to the assuming party.
Appears in 6 contracts
Samples: Pooling and Servicing Agreement (Washington Mutual Asset-Backed Certificates, WMABS Series 2007-He1), Pooling and Servicing Agreement (Washington Mutual Asset-Backed Certificates, WMABS Series 2006-He5), Pooling and Servicing Agreement (Washington Mutual Asset-Backed Certificates, WMABS Series 2006-He4)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to by reason of the occurrence of a Master Servicer Event of DefaultTermination), the Trustee or Trustee, pursuant to its designee duties under Section 7.02, shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.073.03. Upon such assumption, the Trustee, its designee Trustee (or the successor servicer for the Trustee appointed pursuant to Section 7.02 7.02) shall be deemed, subject to Section 6.073.03, to have assumed all of the Master departing Servicer's interest therein and to have replaced the Master departing Servicer as a party to each Sub-Servicing Agreement to the same extent as if each Sub-Servicing Agreement had been assigned to the assuming party, except that (i) the Master departing Servicer shall not thereby be relieved of any liability or obligations under any Sub-Servicing Agreement that arose before it ceased to be the Servicer and (ii) none of neither the Trustee, its designee or Trustee nor any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Sub-Servicing Agreements to the assuming party. All Servicing Transfer Costs shall be paid by the predecessor Servicer upon presentation of reasonable documentation of such costs, and if such predecessor Servicer defaults in its obligation to pay such costs, such costs shall be paid by the successor Servicer or the Trustee (in which case the successor Servicer or the Trustee, as applicable, shall be entitled to reimbursement therefor from the assets of the Trust).
Appears in 6 contracts
Samples: Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust 2004-Ff5), Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust 2004-Ff11 Asset-Backed Certificates, Series 2004-Ff11), Pooling and Servicing Agreement (Financial Asset Securities Corp First Franklin Mortgage Loan Trust 2004-Ffh3)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to by reason of the occurrence of a Master Servicer Event of Default), the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.073.03. Upon such assumption, the Trustee, its designee or the successor servicer for the Trustee appointed pursuant to Section 7.02 shall be deemed, subject to Section 6.073.03, to have assumed all of the Master Servicer's interest therein and to have replaced the Master Servicer as a party to each Sub-Servicing Agreement to the same extent as if each Sub-Servicing Agreement had been assigned to the assuming party, except that (i) the Master Servicer shall not thereby be relieved of any liability or obligations under any Sub-Servicing Agreement and (ii) none of the Trustee, its designee or any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Sub-Servicing Agreements to the assuming party.
Appears in 5 contracts
Samples: Pooling and Servicing Agreement (Argent Securities Inc), Pooling and Servicing Agreement (Boardwalk Mortgage Securities Inc.), Pooling and Servicing Agreement (Park Place Securities, Inc.)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer Servicer (including termination due to a Master Servicer Event of Default), the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer Servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.07. Upon such assumption, the Trustee, its designee or the successor servicer for the Trustee appointed pursuant to Section 7.02 shall be deemed, subject to Section 6.07, to have assumed all of the Master Servicer's interest therein and to have replaced the Master Servicer as a party to each Sub-Servicing Agreement to the same extent as if each Sub-Servicing Agreement had been assigned to the assuming party, except that (i) the Master Servicer shall not thereby be relieved of any liability or obligations under any Sub-Servicing Agreement and (ii) none of the Trustee, its designee or any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Sub-Servicing Agreements to the assuming party.
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (ABFC 2005-Aq1 Trust), Pooling and Servicing Agreement (GE-WMC Mortgage Securities, L.L.C.), Pooling and Servicing Agreement (Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2005-Wll1)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer Servicer (including termination due to by reason of the occurrence of a Master Servicer Event of DefaultTermination), the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.073.03 hereof. Upon such assumption, the Trustee, its designee Trustee (or the successor servicer for the Trustee Servicer appointed pursuant to Section 7.02 hereof) shall be deemed, subject to Section 6.073.03, to have assumed all of the Master departing Servicer's interest therein and to have replaced the Master departing Servicer as a party to each Sub-Servicing Agreement to the same extent as if each Sub-Servicing Agreement had been assigned to the assuming party, except that (i) the Master departing Servicer shall not thereby be relieved of any liability or obligations under any Sub-Servicing Agreement that arose before it ceased to be the Servicer and (ii) none of neither the Trustee, its designee or Trustee nor any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its expense shall, upon request of the Trustee, shall deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Sub-Servicing Agreements to the assuming party.
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (Greenwich Capital Acceptance Inc MRT Ln Ps Th CRT Sr 01 Frb1), Pooling and Servicing Agreement (Greenwich Capital Acceptance Inc), Pooling and Servicing Agreement (Greenwich Capital Acceptance Inc)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to by reason of the occurrence of a Master Servicer Event of DefaultTermination), the successor Servicer or the Trustee or its designee if it becomes successor Servicer shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.073.03. Upon such assumption, the Trustee, its designee Trustee (or the successor servicer for the Trustee Servicer appointed pursuant to Section 7.02 7.02) shall be deemed, subject to Section 6.073.03, to have assumed all of the Master departing Servicer's ’s interest therein and to have replaced the Master departing Servicer as a party to each Sub-Servicing Agreement to the same extent as if each Sub-Servicing Agreement had been assigned to the assuming party, except that (i) the Master departing Servicer shall not thereby be relieved of any liability or obligations under any Sub-Servicing Agreement that arose before it ceased to be the Servicer and (ii) none of neither the Trustee, its designee or Trustee nor any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Sub-Servicing Agreements to the assuming party. All Servicing Transfer Costs shall be paid by the predecessor Servicer (or, if the predecessor Servicer is the Trustee, the Servicer that immediately preceded the Trustee) upon presentation of reasonable documentation of such costs, and if such predecessor Servicer defaults in its obligation to pay such costs, such costs shall be paid by the successor Servicer or the Trustee (in which case, the successor Servicer or the Trustee, as applicable, shall be entitled to reimbursement therefor from the assets of the Trust Fund).
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (IndyMac Residential Mortgage-Backed Trust, Series 2006-L2), Pooling and Servicing Agreement (IndyMac Residential Mortgage-Backed Trust, Series 2006-L4), Pooling and Servicing Agreement (IndyMac Residential Mortgage-Backed Trust, Series 2006-L3)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to a Master Servicer Event of Default), a) If the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for servicing obligations of the Master Servicer in accordance with Section 8.02, the Trustee, to the extent necessary to permit the Trustee appointed pursuant to carry out the provisions of Section 7.02 8.02 with respect to assume) the Mortgage Loans, shall succeed to all of the rights and obligations of the Master Servicer under each of the Sub-Servicing Agreement that the Master Servicer may have entered intoAgreements. In such event, unless the Trustee elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.07. Upon such assumption, the Trustee, or its designee or as the successor master servicer for the Trustee appointed pursuant to Section 7.02 shall be deemed, subject to Section 6.07, deemed to have assumed all of the Master Servicer's interest rights and obligations therein and to have replaced the Master Servicer as a party to each such Sub-Servicing Agreement Agreements to the same extent as if each such Sub-Servicing Agreement Agreements had been assigned to the assuming partyTrustee or its designee as a successor master servicer, except that (i) the Trustee or its designee as a successor master servicer shall not be deemed to have assumed any obligations or liabilities of the Master Servicer arising prior to such assumption and the Master Servicer shall not thereby be relieved of any liability or obligations under any such Sub-Servicing Agreement and Agreements.
(iib) none of In the Trustee, event that the Trustee or its designee or any as successor Master Servicer shall be deemed to have assumed any liability or obligation master servicer for the Trustee assumes the servicing obligations of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its expense shallunder Section 8.02, upon the reasonable request of the TrusteeTrustee or such designee as successor master servicer, the Master Servicer shall at its own expense deliver to the assuming party Trustee, or at its written request to such designee, photocopies of all documents and records records, electronic or otherwise, relating to each the Sub-Servicing Agreement Agreements and the related Mortgage Loans or REO Property then being serviced and an accounting of amounts collected and held by or on behalf of it, if any, and will otherwise cooperate and use its reasonable best efforts to effect the orderly and efficient transfer of the Sub- Sub-Servicing Agreements Agreements, or responsibilities hereunder to the assuming partyTrustee, or at its written request to such designee as successor master servicer.
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (Gs Mortgage Securities Corp), Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc), Pooling and Servicing Agreement (Gs Mortgage Securities Corp)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to a Master Servicer by reason of an Event of Default), the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee is then permitted and elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.07terms. Upon such assumption, the The Trustee, its designee or the successor servicer for the Trustee appointed pursuant to Section 7.02 shall be deemed, subject to Section 6.07, deemed to have assumed all of the Master Servicer's interest therein and to have replaced the Master Servicer as a party to each Sub-Sub- Servicing Agreement to the same extent as if each the Sub-Servicing Agreement Agreements had been assigned to the assuming party, except that (i) the Master Servicer shall not thereby be relieved of any liability or obligations under any the Sub-Servicing Agreement Agreements, and (ii) none of the Trustee, its designee or any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased continue to be the Master Servicerentitled to any rights or benefits which arose prior to its termination as master servicer. The Master Servicer at its expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, it and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Sub-Servicing Agreements to the assuming party.
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (WMC Secured Assets Corp), Pooling and Servicing Agreement (WMC Secured Assets Corp), Pooling and Servicing Agreement (Namco Securities Corp)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to by reason of the occurrence of a Master Servicer Event of DefaultTermination), the Trustee or Trustee, in addition to its designee duties under Section 7.02, shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.073.03. Upon such assumption, the Trustee, its designee Trustee (or the successor servicer for the Trustee appointed pursuant to Section 7.02 7.02) shall be deemed, subject to Section 6.073.03, to have assumed all of the Master departing Servicer's interest therein and to have replaced the Master departing Servicer as a party to each Sub-Servicing Agreement to the same extent as if each Sub-Servicing Agreement had been assigned to the assuming party, except that (i) the Master departing Servicer shall not thereby be relieved of any liability or obligations under any Sub-Servicing Agreement that arose before it ceased to be the Servicer and (ii) none of neither the Trustee, its designee or Trustee nor any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Sub-Servicing Agreements to the assuming party. All Servicing Transfer Costs shall be paid by the predecessor Servicer upon presentation of reasonable documentation of such costs, and if such predecessor Servicer defaults in its obligation to pay such costs, such costs shall be paid by the successor Servicer or the Trustee (in which case the successor Servicer or the Trustee, as applicable, shall be entitled to reimbursement therefor from the assets of the Trust).
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust 2003-Ff2), Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust 2003-FFC), Pooling and Servicing Agreement (Financial Asset Sec Corp Asset Backed Cert Ser 2003 Ffh1)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to a Master Servicer by reason of an Event of Default), the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee is then permitted and elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.07terms. Upon such assumption, the The Trustee, its designee or the successor servicer for the Trustee appointed pursuant to Section 7.02 shall be deemed, subject to Section 6.07, deemed to have assumed all of the Master Servicer's ’s interest therein and to have replaced the Master Servicer as a party to each Sub-Servicing Agreement to the same extent as if each the Sub-Servicing Agreement Agreements had been assigned to the assuming party, except that (i) the Master Servicer shall not thereby be relieved of any liability or obligations under any the Sub-Servicing Agreement Agreements, and (ii) none of the Trustee, its designee or any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased continue to be the Master Servicerentitled to any rights or benefits which arose prior to its termination as master servicer. The Master Servicer at its expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, it and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Sub-Servicing Agreements to the assuming party.
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (Shellpoint Mortgage Acceptance LLC), Pooling and Servicing Agreement (BNP Paribas Mortgage Securities LLC), Pooling and Servicing Agreement (Ab Mortgage Securities Corp)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to by reason of the occurrence of a Master Servicer Event of DefaultTermination), the Trustee or Trustee, pursuant to its designee duties under Section 7.02, shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.073.03. Upon such assumption, the Trustee, its designee Trustee (or the successor servicer for the Trustee appointed pursuant to Section 7.02 7.02) shall be deemed, subject to Section 6.073.03, to have assumed all of the Master departing Servicer's ’s interest therein and to have replaced the Master departing Servicer as a party to each Sub-Servicing Agreement to the same extent as if each Sub-Servicing Agreement had been assigned to the assuming party, except that (i) the Master departing Servicer shall not thereby be relieved of any liability or obligations under any Sub-Servicing Agreement that arose before it ceased to be the Servicer and (ii) none of neither the Trustee, its designee or Trustee nor any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Sub-Servicing Agreements to the assuming party. All Servicing Transfer Costs shall be paid by the predecessor Servicer upon presentation of reasonable documentation of such costs, and if such predecessor Servicer defaults in its obligation to pay such costs, such costs shall be paid by the successor Servicer or the Trustee (in which case the successor Servicer or the Trustee, as applicable, shall be entitled to reimbursement therefor from the assets of the Trust).
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust 2005-Ffh3), Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust 2005-Ffh3), Pooling and Servicing Agreement (Soundview Home Loan Trust 2005-Ctx1)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to by reason of the occurrence of a Master Servicer Event of DefaultTermination), the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.073.03. Upon such assumption, the Trustee, its designee Trustee (or the successor servicer for the Trustee appointed pursuant to Section 7.02 7.02) shall be deemed, subject to Section 6.073.03, to have assumed all of the Master departing Servicer's ’s interest therein and to have replaced the Master departing Servicer as a party to each Sub-Servicing Agreement to the same extent as if each Sub-Servicing Agreement had been assigned to the assuming party, except that (i) the Master departing Servicer shall not thereby be relieved of any liability or obligations under any Sub-Servicing Agreement that arose before it ceased to be the Servicer and (ii) none of neither the Trustee, its designee or Trustee nor any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Sub-Servicing Agreements to the assuming party. All Servicing Transfer Costs shall be paid by the predecessor Servicer upon presentation of reasonable documentation of such costs, and if such predecessor Servicer defaults in its obligation to pay such costs, such costs shall be paid by the successor Servicer or the Trustee (in which case the successor Servicer or the Trustee, as applicable, shall be entitled to reimbursement therefor from the assets of the Trust).
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (Fremont Home Loan Trust 2005-2), Pooling and Servicing Agreement (Soundview Home Loan Trust 2005-3), Pooling and Servicing Agreement (Soundview Home Loan Trust 2006-1)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to by reason of the occurrence of a Master Servicer Event of DefaultTermination), the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee elects to terminate any Sub-Sub- Servicing Agreement in accordance with its terms as provided in Section 6.073.03. Upon such assumption, the Trustee, its designee Trustee (or the successor servicer for the Trustee appointed pursuant to Section 7.02 7.02) shall be deemed, subject to Section 6.073.03, to have assumed all of the departing Master Servicer's interest therein and to have replaced the departing Master Servicer as a party to each Sub-Servicing Agreement to the same extent as if each Sub-Servicing Agreement had been assigned to the assuming party, except that (i) the departing Master Servicer shall not thereby be relieved of any liability or obligations under any Sub-Servicing Agreement that arose before it ceased to be the Master Servicer and (ii) none of neither the Trustee, its designee or Trustee nor any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Sub-Servicing Agreements to the assuming party. All Servicing Transfer Costs shall be paid by the predecessor Master Servicer upon receipt of documentation of such costs, and if such predecessor Master Servicer defaults in its obligation to pay such costs, such costs shall be paid by the successor Master Servicer or the Trustee (in which case the successor Master Servicer or the Trustee, as applicable, shall be entitled to reimbursement therefor from the assets of the Trust).
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Financial Asset Sec Corp First Franklin Mort Ln Tr 2000 Ff1), Pooling and Servicing Agreement (Financial Asset Sec Corp Asset Backed Certs Series 2001 Ff1), Pooling and Servicing Agreement (Asset Backed Certificates Series 2001-Ff2)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to by reason of the occurrence of a Master Servicer Event of DefaultTermination), the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.073.03. Upon such assumption, the Trustee, its designee Trustee (or the successor servicer for the Trustee appointed pursuant to Section 7.02 7.02) shall be deemed, subject to Section 6.073.03, to have assumed all of the departing Master Servicer's interest therein and to have replaced the departing Master Servicer as a party to each Sub-Servicing Agreement to the same extent as if each Sub-Servicing Agreement had been assigned to the assuming party, except that (i) the departing Master Servicer shall not thereby be relieved of any liability or obligations under any Sub-Servicing Agreement that arose before it ceased to be the Master Servicer and (ii) none of neither the Trustee, its designee or Trustee nor any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Servicing Agreements to the assuming party. All Servicing Transfer Costs shall be paid by the predecessor Master Servicer upon presentation of reasonable documentation of such costs, and if such predecessor Master Servicer defaults in its obligation to pay such costs, such costs shall be paid by the successor Master Servicer or the Trustee (in which case the successor Master Servicer or the Trustee, as applicable, shall be entitled to reimbursement therefor from the assets of the Trust Fund).
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Mastr Pass Thru Ser 2003-Opt2), Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mort Pas THR Cer Ser 2002-Opt1), Pooling and Servicing Agreement (Mortgage Asset Securitization Transactions Inc Ser 2003-Opt1)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master original Servicer shall for any reason no longer be the master servicer (including termination due to by reason of the occurrence of a Master Servicer Event of Default), the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.073.03. Upon such assumption, the Trustee, its designee or the successor servicer for the Trustee appointed pursuant to Section 7.02 shall be deemed, subject to Section 6.073.03, to have assumed all of the Master Servicer's interest therein and to have replaced the Master Servicer as a party to each Sub-Servicing Agreement to the same extent as if each Sub-Servicing Agreement had been assigned to the assuming party, except that (i) the Master Servicer shall not thereby be relieved of any liability or obligations under any Sub-Servicing Agreement and (ii) none of the Trustee, its designee or any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master ServicerAgreement. The Master Servicer at its expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Sub-Servicing Agreements to the assuming party.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Prudential Securities Secured Financing Corp), Pooling and Servicing Agreement (Prudential Securities Secured Financing Corp), Pooling and Servicing Agreement (Prudential Securities Secured Financing Corp)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer Servicer (including termination due to by reason of the occurrence of a Master Servicer Event of Default), the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.073.03. Upon such assumption, the Trustee, its designee or the successor servicer Servicer for the Trustee appointed pursuant to Section 7.02 shall be deemed, subject to Section 6.073.03, to have assumed all of the Master Servicer's ’s interest therein and to have replaced the Master Servicer as a party to each Sub-Servicing Agreement to the same extent as if each Sub-Servicing Agreement had been assigned to the assuming party, except that (i) the Master Servicer shall not thereby be relieved of any liability or obligations under any Sub-Servicing Agreement that arose before it ceased to be the Servicer and (ii) none neither of the TrusteeTrustee nor, its designee or any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Sub-Servicing Agreements to the assuming party.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Mortgage Asset Securitization Transactions Inc), Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust, Series 2005-Ff7), Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust, Series 2005-Ff7)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to by reason of the occurrence of a Master Servicer Event of Default), the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee or the Certificate Insurer elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.073.03. Upon such assumption, the Trustee, its designee or the successor servicer for the Trustee appointed pursuant to Section 7.02 shall be deemed, subject to Section 6.073.03, to have assumed all of the Master Servicer's interest therein and to have replaced the Master Servicer as a party to each Sub-Servicing Agreement to the same extent as if each Sub-Servicing Agreement had been assigned to the assuming party, except that (i) the Master Servicer shall not thereby be relieved of any liability or obligations under any Sub-Servicing Agreement that arose before it ceased to be the Master Servicer and (ii) none of the Trustee, its designee or any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Sub-Servicing Agreements to the assuming party.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Salomon Brothers Mort Sec Vii Inc Asst Back Cert Se 1997-Nc3), Pooling and Servicing Agreement (Salomon Br Mor Sec Vii Inc New Cen Ast BCK Fl Rt Ce 1997 Nc2), Pooling and Servicing Agreement (Salomon Bros Mort Sec Vii Inc Ast Bk Fl Rte Cer Se 1997-Nc1)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to by reason of the occurrence of a Master Servicer Event of Default), the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.073.03. Upon such assumption, the Trustee, its designee or the successor servicer for the Trustee appointed pursuant to Section 7.02 shall be deemed, subject to Section 6.073.03, to have assumed all of the Master Servicer's interest therein and to have replaced the Master Servicer as a party to each Sub-Servicing Agreement to the same extent as if each Sub-Servicing SubServicing Agreement had been assigned to the assuming party, except that (i) the Master Servicer shall not thereby be relieved of any liability or obligations under any Sub-Servicing Agreement and (ii) none of the Trustee, its designee or any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master ServicerAgreement. The Master Servicer at its expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Sub-Servicing Agreements to the assuming party.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Salomon Brothers Mort Sec Vii Inc Fl Rte Cert Se 1996-Lb1), Pooling and Servicing Agreement (Salomon Bros Mort Sec Vii Inc Mor Pa THR Cert Se 1997 Hud-1), Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to a Master Servicer Event of Default), a) If the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for servicing obligations of the Master Servicer in accordance with Section 7.02 below, the Trustee, to the extent necessary to permit the Trustee appointed pursuant to carry out the provisions of Section 7.02 with respect to assume) the Mortgage Loans, shall succeed to all of the rights and obligations of the Master Servicer under each of the Sub-Servicing Agreement that the Master Servicer may have entered intoAgreements. In such event, unless the Trustee elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.07. Upon such assumption, the Trustee, or its designee or as the successor master servicer for the Trustee appointed pursuant to Section 7.02 shall be deemed, subject to Section 6.07, deemed to have assumed all of the Master Servicer's interest ’s rights and obligations therein and to have replaced the Master Servicer as a party to each such Sub-Servicing Agreement Agreements to the same extent as if each such Sub-Servicing Agreement Agreements had been assigned to the assuming partyTrustee or its designee as a successor master servicer, except that the Trustee or its designee as a successor master servicer shall not be deemed to have assumed any obligations or liabilities of the Master Servicer arising prior to such assumption (iother than the obligation to make any Advances hereunder) and the Master Servicer shall not thereby be relieved of any liability or obligations under any such Sub-Servicing Agreement and (ii) none of Agreements arising prior to such assumption. Nothing in the Trustee, its designee or any successor Master Servicer foregoing shall be deemed to have assumed entitle the Trustee or its designee as a successor master servicer at any liability time to receive any portion of the servicing compensation provided under Section 3.17 except for such portion as the Master Servicer would be entitled to receive.
(b) In the event that the Trustee or obligation its designee as successor master servicer for the Trustee assumes the servicing obligations of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its expense shallunder Section 7.02, upon the reasonable request of the Trustee, Trustee or such designee as successor master servicer the Master Servicer shall at its own expense deliver to the assuming party Trustee, or at its written request to such designee, photocopies of all documents documents, files and records records, electronic or otherwise, relating to each the Sub-Servicing Agreement Agreements and the related Mortgage Loans or REO Property then being serviced and an accounting of amounts collected and held by or on behalf of it, if any, and will otherwise cooperate and use its best reasonable efforts to effect the orderly and efficient transfer of the Sub- Sub-Servicing Agreements Agreements, or responsibilities hereunder to the assuming partyTrustee, or at its written request to such designee as successor master servicer.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Impac Secured Assets Corp), Pooling and Servicing Agreement (Impac Secured Assets Corp., Mortgage Pass-Through Certificates, Series 2005-2), Pooling and Servicing Agreement (Impac Secured Assets Corp)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to by reason of the occurrence of a Master Servicer Event of DefaultTermination), the successor Master Servicer or the Trustee or its designee if it becomes successor Master Servicer shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.073.03. Upon such assumption, the Trustee, its designee Trustee (or the successor servicer for the Trustee Master Servicer appointed pursuant to Section 7.02 7.02) shall be deemed, subject to Section 6.073.03, to have assumed all of the departing Master Servicer's ’s interest therein and to have replaced the departing Master Servicer as a party to each Sub-Servicing Agreement to the same extent as if each Sub-Servicing Agreement had been assigned to the assuming party, except that (i) the departing Master Servicer shall not thereby be relieved of any liability or obligations under any Sub-Servicing Agreement that arose before it ceased to be the Master Servicer and (ii) none of neither the Trustee, its designee or Trustee nor any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Sub-Servicing Agreements to the assuming party. All Servicing Transfer Costs shall be paid by the predecessor Master Servicer (or, if the predecessor Master Servicer is the Trustee, the Master Servicer that immediately preceded the Trustee) upon presentation of reasonable documentation of such costs, and if such predecessor Master Servicer defaults in its obligation to pay such costs, such costs shall be paid by the successor Master Servicer or the Trustee (in which case, the successor Master Servicer or the Trustee, as applicable, shall be entitled to reimbursement therefor from the assets of the Trust Fund).
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Indymac Residential Mortgage-Backed Trust, Series 2005-L2), Pooling and Servicing Agreement (Indymac Residential Mortgage-Backed Trust, Series 2005-L3)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to a Master Servicer Event of Default), the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.07. Upon such assumption, the Trustee, its designee or the successor servicer for the Trustee appointed pursuant to Section 7.02 shall be deemed, subject to Section 6.07, to have assumed all of the Master Servicer's interest therein and to have replaced the Master Servicer as a party to each Sub-Servicing Agreement to the same extent as if each Sub-Servicing Agreement had been assigned to the assuming party, except that (i) the Master Servicer shall not thereby be relieved of any liability or obligations under any Sub-Servicing Agreement and (ii) none of the Trustee, its designee or any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master Servicer. 126 The Master Servicer at its expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Servicing Agreements to the assuming party.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Ameriquest Mort Sec Inc Asset BCKD Ps THR Cert Ser 2002-Ar1), Pooling and Servicing Agreement (Ameriquest Mort Sec Inc Asset BCKD Ps THR Cert Ser 2002-Ar1)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to by reason of the occurrence of a Master Servicer Event of DefaultTermination), the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.073.03. Upon such assumption, the Trustee, its designee Trustee (or the successor servicer for the Trustee appointed pursuant to Section 7.02 7.02) shall be deemed, subject to Section 6.073.03, to have assumed all of the Master departing Servicer's ’s interest therein and to have replaced the Master departing Servicer as a party to each Sub-Servicing Agreement to the same extent as if each Sub-Servicing Agreement had been assigned to the assuming party, except that (i) the Master departing Servicer shall not thereby be relieved of any liability or obligations under any Sub-Servicing Agreement that arose before it ceased to be the Servicer and (ii) none of neither the Trustee, its designee or Trustee nor any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Sub-Servicing Agreements to the assuming party.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust, Series 2005-Opt3), Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust, Series 2005-Opt4)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to by reason of the occurrence of a Master Servicer Event of Default), the Trustee or its designee shall thereupon assume (or cause all of the rights and obligations of the Servicer under each Sub‑Servicing Agreement that the Servicer may have entered into, unless the Trustee, its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer under each Sub-Servicing Agreement that the Master Servicer may have entered into7.02, unless the Trustee elects to terminate any Sub-Servicing Sub‑Servicing Agreement in accordance with its terms as provided in Section 6.073.03. Upon such assumption, the Trustee, its designee or the successor servicer for the Trustee appointed pursuant to Section 7.02 shall be deemed, subject to Section 6.073.03, to have assumed all of the Master Servicer's ’s interest therein and to have replaced the Master Servicer as a party to each Sub-Servicing Sub‑Servicing Agreement to the same extent as if each Sub-Servicing Sub‑Servicing Agreement had been assigned to the assuming party, except that (i) the Master Servicer shall not thereby be relieved of any liability or obligations under any Sub-Servicing Sub‑Servicing Agreement that arose before it ceased to be the Servicer and (ii) none of the Trustee, its designee or any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its own expense and without reimbursement shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Sub‑Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Servicing Sub‑Servicing Agreements to the assuming party.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (WaMu Asset-Backed Certificates, WaMu Series 2007-He3), Pooling and Servicing Agreement (WaMu Asset-Backed Certificates, WaMu Series 2007-He4)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to by reason of the occurrence of a Master Servicer Event of DefaultTermination), the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.073.03. Upon such assumption, the Trustee, its designee Trustee (or the successor servicer for the Trustee appointed pursuant to Section 7.02 7.02) shall be deemed, subject to Section 6.073.03, to have assumed all of the Master departing Servicer's interest therein and to have replaced the Master departing Servicer as a party to each Sub-Servicing Agreement to the same extent as if each Sub-Servicing Agreement had been assigned to the assuming party, except that (i) the Master departing Servicer shall not thereby be relieved of any liability or obligations under any Sub-Sub- Servicing Agreement that arose before it ceased to be the Servicer and (ii) none of neither the Trustee, its designee or Trustee nor any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Sub-Servicing Agreements to the assuming party. All Servicing Transfer Costs shall be paid by the predecessor Servicer upon presentation of reasonable documentation of such costs, and if such predecessor Servicer defaults in its obligation to pay such costs, such costs shall be paid by the successor Servicer or the Trustee (in which case the successor Servicer or the Trustee, as applicable, shall be entitled to reimbursement therefor from the assets of the Trust).
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Financial Assets Sec Corp First Franklin Mort Ln Tr 2002 Ffa), Pooling and Servicing Agreement (Financial Asset Sec Corp Asset Backed Certs Series 2002-1)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to a Master Servicer Event of Default), a) If the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for servicing obligations of the Master Servicer in accordance with Section 8.02, the Trustee, to the extent necessary to permit the Trustee appointed pursuant to carry out the provisions of Section 7.02 8.02 with respect to assume) the Mortgage Loans, shall succeed to all of the rights and obligations of the Master Servicer under each of the Sub-Servicing Agreement that the Master Servicer may have entered intoAgreements. In such event, unless the Trustee elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.07. Upon such assumption, the Trustee, or its designee or as the successor master servicer for the Trustee appointed pursuant to Section 7.02 shall be deemed, subject to Section 6.07, deemed to have assumed all of the Master Servicer's interest rights and obligations therein and to have replaced the Master Servicer as a party to each Sub-such Sub- Servicing Agreement Agreements to the same extent as if each such Sub-Servicing Agreement Agreements had been assigned to the assuming partyTrustee or its designee as a successor master servicer, except that (i) the Trustee or its designee as a successor master servicer shall not be deemed to have assumed any obligations or liabilities of the Master Servicer arising prior to such assumption and the Master Servicer shall not thereby be relieved of any liability or obligations under any such Sub-Servicing Agreement and Agreements.
(iib) none of In the Trustee, event that the Trustee or its designee or any as successor Master Servicer shall be deemed to have assumed any liability or obligation master servicer for the Trustee assumes the servicing obligations of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its expense shallunder Section 8.02, upon the reasonable request of the TrusteeTrustee or such designee as successor master servicer, the Master Servicer shall at its own expense deliver to the assuming party Trustee, or at its written request to such designee, photocopies of all documents and records records, electronic or otherwise, relating to each the Sub-Servicing Agreement Agreements and the related Mortgage Loans or REO Property then being serviced and an accounting of amounts collected and held by or on behalf of it, if any, and will otherwise cooperate and use its reasonable best efforts to effect the orderly and efficient transfer of the Sub- Sub-Servicing Agreements Agreements, or responsibilities hereunder to the assuming partyTrustee, or at its written request to such designee as successor master servicer.
Appears in 2 contracts
Samples: Underwriting Agreement (Bear Stearns Mortgage Securities Inc), Terms Agreement (Bear Stearns Mortgage Securities Inc)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to a Master Servicer Event of Default), a) If the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for servicing obligations of either Master Servicer in accordance with Section 8.02, the Trustee, to the extent necessary to permit the Trustee appointed pursuant to carry out the provisions of Section 7.02 8.02 with respect to assume) the Mortgage Loans, shall succeed to all of the rights and obligations of the such Master Servicer under each of the Sub-Servicing Agreement that the Master Servicer may have entered intoAgreements. In such event, unless the Trustee elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.07. Upon such assumption, the Trustee, or its designee or as the successor master servicer for the Trustee appointed pursuant to Section 7.02 shall be deemed, subject to Section 6.07, deemed to have assumed all of the such Master Servicer's interest rights and obligations therein and to have replaced the such Master Servicer as a party to each such Sub-Servicing Agreement Agreements to the same extent as if each such Sub-Servicing Agreement Agreements had been assigned to the assuming partyTrustee or its designee as a successor master servicer, except that (i) the Trustee or its designee as a successor master servicer shall not be deemed to have assumed any obligations or liabilities of such Master Servicer arising prior to such assumption and such Master Servicer shall not thereby be relieved of any liability or obligations under any such Sub-Servicing Agreement and Agreements.
(iib) none In the event that the Trustee or its designee as successor master servicer for the Trustee assumes the servicing obligations of either Master Servicer under Section 8.02, upon the reasonable request of the Trustee or such designee as successor master servicer, such Master Servicer shall at its own expense deliver to the Trustee, its designee or any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its expense shallwritten request to such designee, upon request photocopies of the Trustee, deliver to the assuming party all documents and records records, electronic or otherwise, relating to each the Sub-Servicing Agreement Agreements and the related Mortgage Loans or REO Property then being serviced and an accounting of amounts collected and held by or on behalf of it, if any, and will otherwise cooperate and use its reasonable best efforts to effect the orderly and efficient transfer of the Sub- Sub-Servicing Agreements Agreements, or responsibilities hereunder to the assuming partyTrustee, or at its written request to such designee as successor master servicer.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Mortgage Securities Inc), Pooling and Servicing Agreement (Bear Stearns Mortgage Securities Inc)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to by reason of the occurrence of a Master Servicer Event of DefaultTermination), the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.073.03. Upon such assumption, the Trustee, its designee Trustee (or the successor servicer for the Trustee appointed pursuant to Section 7.02 7.02) shall be deemed, subject to Section 6.073.03, to have assumed all of the departing Master Servicer's interest therein and to have replaced the departing Master Servicer as a party to each Sub-Servicing Agreement to the same extent as if each Sub-Servicing Agreement had been assigned to the assuming party, except that (i) the departing Master Servicer shall not thereby be relieved of any liability or obligations under any Sub-Servicing Agreement that arose before it ceased to be the Master Servicer and (ii) none of neither the Trustee, its designee or Trustee nor any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Servicing Agreements to the assuming party. All Servicing Transfer Costs shall be paid by the predecessor Master Servicer upon presentation of reasonable documentation of such costs, and if such predecessor Master Servicer defaults in its obligation to pay such costs, such costs shall be paid by the successor Master Servicer or the Trustee (in which case the successor Master Servicer or the Trustee, as applicable, shall be entitled to reimbursement therefor from the assets of the Trust Fund).
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Mastr Asset Backed Securities Trust 2004-Opt1), Pooling and Servicing Agreement (Mastr Asset Backed Securities Trust 2004-Opt1)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to a Master Servicer Event of Default), a) If the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for servicing oof the Master Servicer in accordance with Section 7.02 below, the Trustee, to the extent necessary to permit the Trustee appointed pursuant to carry out the provisions of Section 7.02 with respect to assume) the Mortgage Loans, shall succeed to all of the rights and obligations of the Master Servicer under each Sub-of the Sub- Servicing Agreement that the Master Servicer may have entered intoAgreements. In such event, unless the Trustee elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.07. Upon such assumption, the Trustee, or its designee or as the successor master servicer for the Trustee appointed pursuant to Section 7.02 shall be deemed, subject to Section 6.07, deemed to have assumed all of the Master Servicer's interest rights and obligations therein and to have replaced the Master Servicer as a party to each such Sub-Servicing Agreement Agreements to the same extent as if each such Sub-Servicing Agreement Agreements had been assigned to the assuming partyTrustee or its designee as a successor master servicer, except that the Trustee or its designee as a successor master servicer shall not be deemed to have assumed any obligations or liabilities of the Master Servicer arising prior to such assumption (iother than the obligation to make any Advances hereunder) and the Master Servicer shall not thereby be relieved of any liability or obligations under any such Sub-Servicing Agreement and (ii) none of Agreements arising prior to such assumption. Nothing in the Trustee, its designee or any successor Master Servicer foregoing shall be deemed to have assumed entitle the Trustee or its designee as a successor master servicer at any liability time to receive any portion of the servicing compensation provided under Section 3.17 except for such portion as the Master Servicer would be entitled to receive.
(b) In the event that the Trustee or obligation its designee as successor master servicer for the Trustee assumes the servicing obligations of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its expense shallunder Section 7.02, upon the reasonable request of the Trustee, Trustee or such designee as successor master servicer the Master Servicer shall at its own expense deliver to the assuming party Trustee, or at its written request to such designee, photocopies of all documents documents, files and records records, electronic or otherwise, relating to each the Sub-Servicing Agreement Agreements and the related Mortgage Loans or REO Property then being serviced and an accounting of amounts collected and held by or on behalf of it, if any, and will otherwise cooperate and use its best reasonable efforts to effect the orderly and efficient transfer of the Sub- Sub-Servicing Agreements Agreements, or responsibilities hereunder to the assuming partyTrustee, or at its written request to such designee as successor master servicer.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Impac Secured Assets Corp), Pooling and Servicing Agreement (Impac Secured Assets Corp)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to by reason of the occurrence of a Master Servicer Event of DefaultTermination), the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee or the Certificate Insurer elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.073.03. Upon such assumption, the Trustee, its designee Trustee (or the successor servicer for the Trustee appointed pursuant to Section 7.02 7.02) shall be deemed, subject to Section 6.073.03, to have assumed all of the departing Master Servicer's interest therein and to have replaced the departing Master Servicer as a party to each Sub-Servicing Agreement to the same extent as if each Sub-Servicing Agreement had been assigned to the assuming party, except that (i) the departing Master Servicer shall not thereby be relieved of any liability or obligations under any Sub-Servicing Agreement that arose before it ceased to be the Master Servicer and (ii) none of neither the Trustee, its designee or Trustee nor any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Sub-Servicing Agreements to the assuming party. All Servicing Transfer Costs shall be paid by the predecessor Master Servicer upon presentation of reasonable documentation of such costs, and if such predecessor Master Servicer defaults in its obligation to pay such costs, such costs shall be paid by the successor Master Servicer or the Trustee (in which case the successor Master Servicer or the Trustee, as applicable, shall be entitled to reimbursement therefor from the assets of the Trust).
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Option One Mort Ln Tr 1999-3 Asset Backed Cert Ser 1999-3), Pooling and Servicing Agreement (Opt One Mort Accept Corp Loan Tr Asset Bk Cert Ser 1999-2)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to by reason of the occurrence of a Master Servicer Event of Default), the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer under each Sub-Servicing Sub‑Servicing Agreement that the Master Servicer may have entered into, unless the Trustee elects to terminate any Sub-Servicing Sub‑Servicing Agreement in accordance with its terms as provided in Section 6.073.03. Upon such assumption, the Trustee, its designee or the successor servicer for the Trustee appointed pursuant to Section 7.02 shall be deemed, subject to Section 6.073.03, to have assumed all of the Master Servicer's interest therein and to have replaced the Master Servicer as a party to each Sub-Servicing Sub‑Servicing Agreement to the same extent as if each Sub-Servicing Sub‑Servicing Agreement had been assigned to the assuming party, except that (i) the Master Servicer shall not thereby be relieved of any liability or obligations under any Sub-Servicing Sub‑Servicing Agreement that arose before it ceased to be the Master Servicer and (ii) none of the Trustee, its designee or any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its own expense and without reimbursement shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Sub‑Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Servicing Sub‑Servicing Agreements to the assuming party.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Long Beach Mortgage Loan Trust 2005-2 Asset-Backed Certificates, Series 2005-2), Pooling and Servicing Agreement (Long Beach Mortgage Loan Trust 2006-3)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to by reason of the occurrence of a Master Servicer Event of DefaultTermination), the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for the Trustee as appointed pursuant to Section 7.02 to assume) herein, shall thereupon assume all of the rights and obligations of the Master Servicer under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.073.03. Upon such assumption, the Trustee, its designee or the successor servicer for the Trustee appointed pursuant to Section 7.02 shall be deemed, subject to Section 6.073.03, to have assumed all of the Master Servicer's interest therein and to have replaced the Master Servicer as a party to each Sub-Servicing Agreement to the same extent as if each Sub-Servicing Agreement had been assigned to the assuming party, except that (i) the Master Servicer shall not thereby be relieved of any liability or obligations under any Sub-Servicing Agreement and (ii) none of the Trustee, its designee or any successor Master Servicer master servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Servicing Agreements to the assuming party.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc), Pooling and Servicing Agreement (Cendant Mortgage Capital LLC)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer Servicer (including termination due to by reason of the occurrence of a Master Servicer Event of Default), the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer subject to Section 7.02 under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.073.03. Upon such assumption, the Trustee, its designee or the successor servicer for the Trustee appointed pursuant to Section 7.02 shall be deemed, subject to Section 6.073.03, to have assumed all of the Master Servicer's interest therein and to have replaced the Master Servicer as a party to each Sub-Servicing Agreement to the same extent as if each Sub-Servicing Agreement had been assigned to the assuming party, except that (i) the Master Servicer shall not thereby be relieved of any liability or obligations under any Sub-Servicing Agreement that arose before it ceased to be the Servicer and (ii) none of the Trustee, its designee or any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Sub-Servicing Agreements to the assuming party.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Asset Backed Sec Corp Home Equity Loan Trust Series 2001 He3), Pooling and Servicing Agreement (Asset Backed Securities Corp)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to by reason of the occurrence of a Master Servicer Event of DefaultTermination), the Trustee or its designee other successor Servicer shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee elects to terminate any Sub-Sub- Servicing Agreement in accordance with its terms as provided in Section 6.073.03. Upon such assumption, the Trustee, its designee Trustee (or the successor servicer for the Trustee appointed pursuant to Section 7.02 7.02) shall be deemed, subject to Section 6.073.03, to have assumed all of the Master departing Servicer's interest therein and to have replaced the Master departing Servicer as a party to each Sub-Servicing Agreement to the same extent as if each Sub-Servicing Agreement had been assigned to the assuming party, except that (i) the Master departing Servicer shall not thereby be relieved of any liability or obligations under any Sub-Sub- Servicing Agreement that arose before it ceased to be the Servicer and (ii) none of neither the Trustee, its designee or Trustee nor any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Sub-Servicing Agreements to the assuming party.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Financial Asset Securities Corp Finance Amer Mo Ln Tr 2003-1), Pooling and Servicing Agreement (Financial Asset Sec Corp Ast Back Certs Ser 2003-1)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to a Master Servicer by reason of an Event of Default), the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee is then permitted and elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.07terms. Upon such assumption, the The Trustee, its designee or the successor servicer for the Trustee appointed pursuant to Section 7.02 shall be deemed, subject to Section 6.07, deemed to have assumed all of the Master Servicer's interest therein and to have replaced the Master Servicer as a party to each Sub-Servicing Agreement to the same extent as if each Sub-the Sub- Servicing Agreement Agreements had been assigned to the assuming party, except that (i) the Master Servicer shall not thereby be relieved of any liability or obligations under any the Sub-Servicing Agreement Agreements, and (ii) none of the Trustee, its designee or any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased continue to be the Master Servicerentitled to any rights or benefits which arose prior to its termination as master servicer. The Master Servicer at its expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Sub- Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, it and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Sub-Servicing Agreements to the assuming party.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Impac Secured Assets Corp), Pooling and Servicing Agreement (Impac Secured Assets Corp)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to by reason of the occurrence of a Master Servicer Event of Default), the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee, its designee or the successor servicer for the Trustee appointed pursuant to Section 7.02, elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.073.03. Upon such assumption, the Trustee, its designee or the successor servicer for the Trustee appointed pursuant to Section 7.02 shall be deemed, subject to Section 6.073.03, to have assumed all of the Master Servicer's ’s interest therein and to have replaced the Master Servicer as a party to each Sub-Servicing Agreement to the same extent as if each Sub-Servicing Agreement had been assigned to the assuming party, except that (i) the Master Servicer shall not thereby be relieved of any liability or obligations under any Sub-Servicing Agreement that arose before it ceased to be the Servicer and (ii) none of the Trustee, its designee or any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its own expense and without reimbursement shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Sub-Servicing Agreements to the assuming party.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (WaMu Asset-Backed Certificates, WaMu Series 2007-He2), Pooling and Servicing Agreement (WaMu Asset-Backed Certificates, WaMu Series 2007-He2)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to a Master Servicer by reason of an Event of Default), the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee is then permitted and elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in terms. Subject to Section 6.07. Upon such assumption3.03, the Trustee, its designee or the successor servicer for the Trustee appointed pursuant to Section 7.02 shall be deemed, subject to Section 6.07, deemed to have assumed all of the Master Servicer's interest therein and to have replaced the Master Servicer as a party to each Sub-Servicing Agreement to the same extent as if each the Sub-Servicing Agreement Agreements had been assigned to the assuming party, except that (i) the Master Servicer shall not thereby be relieved of any liability or obligations under any the Sub-Servicing Agreement Agreements, and (ii) none of the Trustee, its designee or any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased continue to be the Master Servicerentitled to any rights or benefits which arose prior to its termination as master servicer. The Master Servicer at its expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Sub- Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, it and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Sub-Servicing Agreements to the assuming party.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (DLJ Mortgage Acceptance Corp Mort Pass THR Cert Ser 1995 Q7), Pooling and Servicing Agreement (DLJ Mortgage Acceptance Corp Mort Pass THR Cert Ser 1995 Q6)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to by reason of the occurrence of a Master Servicer Event of DefaultTermination), the Trustee or Trustee, pursuant to its designee duties under Section 7.02, shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee elects to terminate any Sub-Sub- Servicing Agreement in accordance with its terms as provided in Section 6.073.03. Upon such assumption, the Trustee, its designee Trustee (or the successor servicer for the Trustee appointed pursuant to Section 7.02 7.02) shall be deemed, subject to Section 6.073.03, to have assumed all of the Master departing Servicer's interest therein and to have replaced the Master departing Servicer as a party to each Sub-Servicing Agreement to the same extent as if each Sub-Servicing Agreement had been assigned to the assuming party, except that (i) the Master departing Servicer shall not thereby be relieved of any liability or obligations under any Sub-Servicing Agreement that arose before it ceased to be the Servicer and (ii) none of neither the Trustee, its designee or Trustee nor any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Sub-Servicing Agreements to the assuming party. All Servicing Transfer Costs shall be paid by the predecessor Servicer upon presentation of reasonable documentation of such costs, and if such predecessor Servicer defaults in its obligation to pay such costs, such costs shall be paid by the successor Servicer or the Trustee (in which case the successor Servicer or the Trustee, as applicable, shall be entitled to reimbursement therefor from the assets of the Trust).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Chec Loan Trust 2004-1)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to a Master Servicer by reason of an Event of Default)) hereunder, the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer under each Sub-Servicing SubServicing Agreement that the Master Servicer may have entered into, unless the Trustee is then permitted and elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in terms. Subject to Section 6.07. Upon such assumption3.03, the Trustee, its designee or the successor servicer for the Trustee appointed pursuant to Section 7.02 shall be deemed, subject to Section 6.07, deemed to have assumed all of the Master Servicer's interest therein and to have replaced the Master Servicer as a party to each Sub-Servicing Agreement to the same extent as if each Sub-Servicing Agreement the SubServicing Agreements had been assigned to the assuming party, except that (i) the Master Servicer shall not thereby be relieved of any liability or obligations under any the Sub-Servicing Agreement Agreements, and (ii) none of the Trustee, its designee or any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased continue to be the Master Servicerentitled to any rights or benefits which arose prior to its termination as master servicer. The Master Servicer at its expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, it and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Sub-Servicing Agreements to the assuming party.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Financial Asset Securitization Inc)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to a Master Servicer Event of Default), a) If the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for servicing obligations of the Master Servicer in accordance with Section 7.02 below, the Trustee, to the extent necessary to permit the Trustee appointed pursuant to carry out the provisions of Section 7.02 with respect to assume) the Mortgage Loans, shall succeed to all of the rights and obligations of the Master Servicer under each of the Sub-Servicing Agreement that the Master Servicer may have entered intoservicing Agreements. In such event, unless the Trustee elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.07. Upon such assumption, the Trustee, or its designee or as the successor master servicer for the Trustee appointed pursuant to Section 7.02 shall be deemed, subject to Section 6.07, deemed to have assumed all of the Master Servicer's interest rights and obligations therein and to have replaced the Master Servicer as a party to each such Sub-Servicing Agreement servicing Agreements to the same extent as if each such Sub-Servicing Agreement servicing Agreements had been assigned to the assuming partyTrustee or its designee as a successor master servicer, except that the Trustee or its designee as a successor master servicer shall not be deemed to have assumed any obligations or liabilities of the Master Servicer arising prior to such assumption (iother than the obligation to make any Advances) and the Master Servicer shall not thereby be relieved of any liability or obligations under any Sub-Servicing Agreement and (ii) none of such Sub- servicing Agreements arising prior to such assumption. Nothing in the Trustee, its designee or any successor Master Servicer foregoing shall be deemed to have assumed entitle the Trustee or its designee as a successor master servicer at any liability time to receive any portion of the servicing compensation provided under Section 3.17 except for such portion as the Master Servicer would be entitled to receive.
(b) In the event that the Trustee or obligation its designee as successor master servicer for the Trustee assumes the servicing obligations of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its expense shallunder Section 7.02, upon the reasonable request of the Trustee, Trustee or such designee as successor master servicer the Master Servicer shall at its own expense deliver to the assuming party Trustee, or at its written request to such designee, photocopies of all documents documents, files and records records, electronic or otherwise, relating to each Sub-Servicing Agreement the Sub- servicing Agreements and the related Mortgage Loans or REO Property then being serviced and an accounting of amounts collected and held by or on behalf of it, if any, and will otherwise cooperate and use its best reasonable efforts to effect the orderly and efficient transfer of the Sub- Servicing Agreements Sub-servicing Agreements, or responsibilities hereunder to the assuming partyTrustee, or at its written request to such designee as successor master servicer.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Impac Secured Assets Corp)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to by reason of the occurrence of a Master Servicer Event of DefaultTermination), the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.073.03. Upon such assumption, the Trustee, its designee Trustee (or the successor servicer for the Trustee appointed pursuant to Section 7.02 7.02) shall be deemed, subject to Section 6.073.03, to have assumed all of the Master departing Servicer's ’s interest therein and to have replaced the Master departing Servicer as a party to each Sub-Servicing Agreement to the same extent as if each Sub-Servicing Agreement had been assigned to the assuming party, except that (i) the Master departing Servicer shall not thereby be relieved of any liability or obligations under any Sub-Servicing Agreement that arose before it ceased to be the Servicer and (ii) none of neither the Trustee, its designee or Trustee nor any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Sub-Servicing Agreements to the assuming party. All Servicing Transfer Costs shall be paid by the predecessor Servicer upon presentation of reasonable documentation of such costs, and if such predecessor Servicer defaults in its obligation to pay such costs, such costs shall be paid by the successor Servicer or the Trustee (in which case the successor Servicer or the Trustee, as applicable, shall be entitled to reimbursement therefor from the assets of the Trust).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Option One Mortgage Loan Trust 2007-Fxd2)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to a Master Servicer Event of Default), a) If the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for servicing obligations of the Master Servicer in accordance with Section 7.02 below, the Trustee, to the extent necessary to permit the Trustee appointed pursuant to carry out the provisions of Section 7.02 with respect to assume) the Mortgage Loans, shall succeed to all of the rights and obligations of the Master Servicer under each Sub-Servicing Agreement that of the Master Servicer may have entered intoSubservicing Agreements. In such event, unless the Trustee elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.07. Upon such assumption, the Trustee, or its designee or as the successor master servicer for the Trustee appointed pursuant to Section 7.02 shall be deemed, subject to Section 6.07, deemed to have assumed all of the Master Servicer's interest rights and obligations therein and to have replaced the Master Servicer as a party to each Sub-Servicing Agreement such Subservicing Agreements to the same extent as if each Sub-Servicing Agreement such Subservicing Agreements had been assigned to the assuming partyTrustee or its designee as a successor master servicer, except that the Trustee or its designee as a successor master servicer shall not be deemed to have assumed any obligations or liabilities of the Master Servicer arising prior to such assumption (iother than the obligation to make any Advances) and the Master Servicer shall not thereby be relieved of any liability or obligations under any Sub-Servicing Agreement and (ii) none of such Subservicing Agreements arising prior to such assumption. Nothing in the Trustee, its designee or any successor Master Servicer foregoing shall be deemed to have assumed entitle the Trustee or its designee as a successor master servicer at any liability time to receive any portion of the servicing compensation provided under Section 3.17 except for such portion as the Master Servicer would be entitled to receive.
(b) In the event that the Trustee or obligation its designee as successor master servicer for the Trustee assumes the servicing obligations of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its expense shallunder Section 7.02, upon the reasonable request of the Trustee, Trustee or such designee as successor master servicer the Master Servicer shall at its own expense deliver to the assuming party Trustee, or at its written request to such designee, photocopies of all documents documents, files and records records, electronic or otherwise, relating to each Sub-Servicing Agreement the Subservicing Agreements and the related Mortgage Loans or REO Property then being serviced and an accounting of amounts collected and held by or on behalf of it, if any, and will otherwise cooperate and use its best reasonable efforts to effect the orderly and efficient transfer of the Sub- Servicing Agreements Subservicing Agreements, or responsibilities hereunder to the assuming partyTrustee, or at its written request to such designee as successor master servicer.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Icifc Secured Assets Corp)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to a Master Servicer Event of Default), a) If the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for servicing obligations of the Master Servicer in accordance with Section 7.02 below, the Trustee, to the extent necessary to permit the Trustee appointed pursuant to carry out the provisions of Section 7.02 with respect to assume) the Mortgage Loans, shall succeed to all of the rights and obligations of the Master Servicer under each Sub-Servicing Agreement that of the Master Servicer may have entered intoSub- servicing Agreements. In such event, unless the Trustee elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.07. Upon such assumption, the Trustee, or its designee or as the successor master servicer for the Trustee appointed pursuant to Section 7.02 shall be deemed, subject to Section 6.07, deemed to have assumed all of the Master Servicer's interest rights and obligations therein and to have replaced the Master Servicer as a party to each such Sub-Servicing Agreement servicing Agreements to the same extent as if each such Sub-Servicing Agreement servicing Agreements had been assigned to the assuming partyTrustee or its designee as a successor master servicer, except that the Trustee or its designee as a successor master servicer shall not be deemed to have assumed any obligations or liabilities of the Master Servicer arising prior to such assumption (iother than the obligation to make any Advances) and the Master Servicer shall not thereby be relieved of any liability or obligations under any such Sub-Servicing Agreement and (ii) none of servicing Agreements arising prior to such assumption. Nothing in the Trustee, its designee or any successor Master Servicer foregoing shall be deemed to have assumed entitle the Trustee or its designee as a successor master servicer at any liability time to receive any portion of the servicing compensation provided under Section 3.17 except for such portion as the Master Servicer would be entitled to receive.
(b) In the event that the Trustee or obligation its designee as successor master servicer for the Trustee assumes the servicing obligations of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its expense shallunder Section 7.02, upon the reasonable request of the Trustee, Trustee or such designee as successor master servicer the Master Servicer shall at its own expense deliver to the assuming party Trustee, or at its written request to such designee, photocopies of all documents documents, files and records records, electronic or otherwise, relating to each the Sub-Servicing Agreement servicing Agreements and the related Mortgage Loans or REO Property then being serviced and an accounting of amounts collected and held by or on behalf of it, if any, and will otherwise cooperate and use its best reasonable efforts to effect the orderly and efficient transfer of the Sub- Servicing Agreements Sub-servicing Agreements, or responsibilities hereunder to the assuming partyTrustee, or at its written request to such designee as successor master servicer.
(c) Unless an Insurer Default exists, the Master Servicer will, if it is authorized to do so under the relevant Subservicing Agreement, upon request of the Insurer at a time when the Insurer may remove the Master Servicer under the terms hereof, terminate any Sub-servicing Agreement.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Impac Secured Assets Corp)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to by reason of the occurrence of a Master Servicer Event of Default), the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.073.03. Upon such assumption, the Trustee, its designee or the successor servicer for the Trustee appointed pursuant to Section 7.02 shall be deemed, subject to Section 6.073.03, to have assumed all of the Master Servicer's interest therein and to have replaced the Master Servicer as a party to each Sub-Servicing Agreement to the same extent as if each Sub-Servicing Agreement had been assigned to the assuming party, except that (i) the Master Servicer shall not thereby be relieved of any liability or obligations under any Sub-Servicing Agreement that arose before it ceased to be the Master Servicer and (ii) none of the Trustee, its designee or any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Servicing SubServicing Agreements to the assuming party.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (New Century Asset Backed Float Rate Cert Series 1997-Nc4)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to by reason of the occurrence of a Master Servicer Event of DefaultTermination), the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.073.03. Upon such assumption, the Trustee, its designee Trustee (or the successor servicer for the Trustee appointed pursuant to Section 7.02 7.02) shall be deemed, subject to Section 6.073.03, to have assumed all of the departing Master Servicer's ’s interest therein and to have replaced the departing Master Servicer as a party to each Sub-Servicing Agreement to the same extent as if each Sub-Servicing Agreement had been assigned to the assuming party, except that (i) the departing Master Servicer shall not thereby be relieved of any liability or obligations under any Sub-Servicing Agreement that arose before it ceased to be the Master Servicer and (ii) none of neither the Trustee, its designee or Trustee nor any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Sub-Servicing Agreements to the assuming party. All Servicing Transfer Costs shall be paid by the predecessor Master Servicer upon presentation of reasonable documentation of such costs, and if such predecessor Master Servicer defaults in its obligation to pay such costs, such costs shall be paid by the successor Master Servicer or the Trustee (in which case the successor Master Servicer or the Trustee, as applicable, shall be entitled to reimbursement therefor from the assets of the Trust Fund).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (MASTR Asset Backed Securities Trust 2005-Opt1)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to by reason of the occurrence of a Master Servicer Event of Default)Termination) and if the Trustee has been appointed as the successor Master Servicer, the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.073.03. Upon such assumption, the Trustee, its designee Trustee (or the successor servicer for the Trustee appointed pursuant to Section 7.02 7.02) shall be deemed, subject to Section 6.073.03, to have assumed all of the departing Master Servicer's interest therein and to have replaced the departing Master Servicer as a party to each Sub-Servicing Agreement to the same extent as if each Sub-Servicing Agreement had been assigned to the assuming party, except that (i) the departing Master Servicer shall not thereby be relieved of any liability or obligations under any Sub-Servicing Agreement that arose before it ceased to be the Master Servicer and (ii) none of neither the Trustee, its designee or Trustee nor any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Servicing Agreements to the assuming party. All Servicing Transfer Costs shall be paid by the predecessor Master Servicer upon presentation of reasonable documentation of such costs, and if such predecessor Master Servicer defaults in its obligation to pay such costs, such costs shall be paid by the successor Master Servicer or the Trustee (in which case the successor Master Servicer or the Trustee, as applicable, shall be entitled to reimbursement therefor from the assets of the Trust).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Option One Mortgage Loan Tr Asset Backed Cert Ser 2002-5)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to a Master Servicer Event of Default), a) If the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for servicing obligations of the Master Servicer in accordance with Section 7.02 below, the Trustee, to the extent necessary to permit the Trustee appointed pursuant to carry out the provisions of Section 7.02 with respect to assume) the Mortgage Loans, shall succeed to all of the rights and obligations of the Master Servicer under each Sub-of the Sub- Servicing Agreement that the Master Servicer may have entered intoAgreements. In such event, unless the Trustee elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.07. Upon such assumption, the Trustee, or its designee or as the successor master servicer for the Trustee appointed pursuant to Section 7.02 shall be deemed, subject to Section 6.07, deemed to have assumed all of the Master Servicer's interest rights and obligations therein and to have replaced the Master Servicer as a party to each such Sub-Servicing Agreement Agreements to the same extent as if each such Sub-Servicing Agreement Agreements had been assigned to the assuming partyTrustee or its designee as a successor master servicer, except that the Trustee or its designee as a successor master servicer shall not be deemed to have assumed any obligations or liabilities of the Master Servicer arising prior to such assumption (iother than the obligation to make any Advances hereunder pursuant to Section 7.01(b)) and the Master Servicer shall not thereby be relieved of any liability or obligations under any Sub-such Sub- Servicing Agreement and (ii) none of Agreements arising prior to such assumption. Nothing in the Trustee, its designee or any successor Master Servicer foregoing shall be deemed to have assumed entitle the Trustee or its designee as a successor master servicer at any liability time to receive any portion of the servicing compensation provided under Section 3.17 except for such portion as the Master Servicer would be entitled to receive.
(b) In the event that the Trustee or obligation its designee as successor master servicer for the Trustee assumes the servicing obligations of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its expense shallunder Section 7.02, upon the reasonable request of the Trustee, Trustee or such designee as successor master servicer the Master Servicer shall at its own expense deliver to the assuming party Trustee, or at its written request to such designee, photocopies of all documents documents, files and records records, electronic or otherwise, relating to each the Sub-Servicing Agreement Agreements and the related Mortgage Loans or REO Property then being serviced and an accounting of amounts collected and held by or on behalf of it, if any, and will otherwise cooperate and use its best reasonable efforts to effect the orderly and efficient transfer of the Sub- Sub-Servicing Agreements Agreements, or responsibilities hereunder to the assuming partyTrustee, or at its written request to such designee as successor master servicer.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Financial Asset Sec Corp Asset Back Certs Ser 2003-2)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to a Master Servicer by reason of an Event of Default)) hereunder, the Trustee or its designee shall thereupon assume (or cause Trustee, its designee or the successor master servicer Master Servicer for the Trustee appointed pursuant to Section 7.02 to assume) shall thereupon assume all of the rights and obligations of the Master Servicer under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee is then permitted and elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in terms. Subject to Section 6.07. Upon such assumption3.03, the Trustee, its designee or the successor servicer Master Servicer for the Trustee appointed pursuant to Section 7.02 shall be deemed, subject to Section 6.07, deemed to have assumed all of the Master Servicer's interest therein and to have replaced the Master Servicer as a party to each Sub-Servicing Agreement to the same extent as if each the Sub-Servicing Agreement Agreements had been assigned to the assuming party, except that (i) the Master Servicer shall not thereby be relieved of any liability or obligations under any the Sub-Servicing Agreement Agreements, and (ii) none of the Trustee, its designee or any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased continue to be the Master Servicerentitled to any rights or benefits which arose prior to its termination as master servicer. The Master Servicer at its expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, it and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Sub-Servicing Agreements to the assuming party.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CMC Securities Corp Iv)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to by reason of the occurrence of a Master Servicer Event of DefaultTermination), the successor Master Servicer or the Trustee or its designee if it becomes successor Master Servicer shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.073.03. Upon such assumption, the Trustee, its designee Trustee (or the successor servicer for the Trustee Master Servicer appointed pursuant to Section 7.02 7.02) shall be deemed, subject to Section 6.073.03, to have assumed all of the departing Master Servicer's ’s interest therein and to have replaced the departing Master Servicer as a party to each Sub-Servicing Agreement to the same extent as if each Sub-Servicing Agreement had been assigned to the assuming party, except that (i) the departing Master Servicer shall not thereby be relieved of any liability or obligations under any Sub-Servicing Agreement that arose before it ceased to be the Master Servicer and (ii) none of neither the Trustee, its designee or Trustee nor any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Sub-Servicing Agreements to the assuming party. All Servicing Transfer Costs shall be paid by the predecessor Master Servicer (or, if the predecessor Master Servicer is the Trustee, the Master Servicer that immediately preceded the Trustee) upon presentation of reasonable documentation of such costs, and if such predecessor Master Servicer defaults in its obligation to pay such costs, such costs shall be paid by the successor Master Servicer or the Trustee (in which case the successor Master Servicer or the Trustee, as applicable, shall be entitled to reimbursement therefor from the assets of the Trust Fund).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Indymac Residential Mortgage-Backed Trust, Series 2005-L1)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to by reason of the occurrence of a Master Servicer Event of DefaultTermination), the Trustee or Trustee, pursuant to its designee duties under Section 7.02, shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.073.03. Upon such assumption, the Trustee, its designee Trustee (or the successor servicer for the Trustee appointed pursuant to Section 7.02 7.02) shall be deemed, subject to Section 6.073.03, to have assumed all of the Master departing Servicer's interest therein and to have replaced the Master departing Servicer as a party to each Sub-Servicing Agreement to the same extent as if each Sub-Servicing Agreement had been assigned to the assuming party, except that (i) the Master departing Servicer shall not thereby be relieved of any liability or obligations under any Sub-Servicing Agreement that arose before it ceased to be the Servicer and (ii) none of neither the Trustee, its designee or Trustee nor any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Sub-Servicing Agreements to the assuming party. All Servicing Transfer Costs shall be paid by the predecessor Servicer upon presentation of reasonable documentation of such costs, and if such predecessor Servicer is the Trustee or it defaults in its obligation to pay such costs, such costs shall be paid by the successor Servicer or the Trustee (in which case the successor Servicer or the Trustee, as applicable, shall be entitled to reimbursement therefor from the assets of the Trust).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Soundview Home Loan Trust 2004-Wmc1)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to a Master Servicer Event of Default), the Trustee or its designee shall 136 thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.07. Upon such assumption, the Trustee, its designee or the successor servicer for the Trustee appointed pursuant to Section 7.02 shall be deemed, subject to Section 6.07, to have assumed all of the Master Servicer's interest therein and to have replaced the Master Servicer as a party to each Sub-Servicing Agreement to the same extent as if each Sub-Servicing Agreement had been assigned to the assuming party, except that (i) the Master Servicer shall not thereby be relieved of any liability or obligations under any Sub-Servicing Agreement and (ii) none of the Trustee, its designee or any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Sub-Servicing Agreements to the assuming party.
Appears in 1 contract
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to a Master Servicer by reason of an Event of Default), the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided and in accordance with Section 6.073.02(a). Upon Subject to Section 3.03, in the event of such an assumption, the Trustee, its designee or the successor servicer for the Trustee appointed pursuant to Section 7.02 shall be deemed, subject to Section 6.07, deemed to have assumed all of the Master Servicer's interest therein and to have replaced the Master Servicer as a party to each Sub-Servicing SubServicing Agreement to the same extent as if each the Sub-Servicing Agreement Agreements had been assigned to the assuming party, except that (i) the Master Servicer shall not thereby be relieved of any liability or obligations under any the Sub-Servicing Agreement Agreements, and (ii) none of the Trustee, its designee or any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased continue to be the Master Servicerentitled to any rights or benefits which arose prior to its termination as master servicer. The Master Servicer at its expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, it and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Sub-Servicing Agreements to the assuming party.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (DLJ Mortgage Acceptance Corp Mort Pass THR Cert Ser 1995 5)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer a Servicer (including termination due to by reason of the occurrence of a Master Servicer Event of DefaultTermination), the Trustee or Trustee, in addition to its designee duties under Section 7.02, shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.073.03. Upon such assumption, the Trustee, its designee Trustee (or the successor servicer for the Trustee appointed pursuant to Section 7.02 7.02) shall be deemed, subject to Section 6.073.03, to have assumed all of the Master departing Servicer's ’s interest therein and to have replaced the Master departing Servicer as a party to each Sub-Servicing Agreement to the same extent as if each Sub-Servicing Agreement had been assigned to the assuming party, except that (i) the Master departing Servicer shall not thereby be relieved of any liability or obligations under any Sub-Servicing Agreement that arose before it ceased to be a Servicer and (ii) none of neither the Trustee, its designee or Trustee nor any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master a Servicer. The Master Servicer at its expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Sub-Servicing Agreements to the assuming party. All Servicing Transfer Costs shall be paid by the predecessor Servicer upon presentation of reasonable documentation of such costs, and if such predecessor Servicer is the Trustee or it defaults in its obligation to pay such costs, such costs shall be paid by the successor Servicer or the Trustee (in which case the successor Servicer or the Trustee, as applicable, shall be entitled to reimbursement therefor from the assets of the Trust).
Appears in 1 contract
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event that the Master Servicer shall for any reason no longer be the master servicer Servicer (including termination due to by reason of the occurrence of a Master Servicer Event of DefaultTermination), the Trustee or Trustee, in its designee capacity as successor Servicer, shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer under each Sub-Servicing Agreement that into which the Master Servicer may have entered intoentered, unless the Trustee Trustee, in its capacity as successor Servicer, elects to terminate any such Sub-Servicing Agreement in accordance with its terms as provided in Section 6.073.03 hereof. Upon such assumption, the Trustee, its designee or the successor servicer for the Trustee appointed pursuant to Section 7.02 Servicer shall be deemed, subject to Section 6.073.03, to have assumed all of the Master departing Servicer's interest therein and to have replaced the Master departing Servicer as a party to each related Sub-Servicing Agreement to the same extent as if each such Sub-Servicing Agreement had been assigned to the assuming party, except that (i) the Master departing Servicer shall not thereby be relieved of any liability or obligations under any related Sub-Servicing Agreement that arose before it ceased to be the Servicer and (ii) none of the Trustee, its designee or any no successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master departing Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its expense shall, upon request of the Trustee, shall deliver to the assuming party all documents and records relating to each of its Sub-Servicing Agreement Agreements and the related Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- such Sub-Servicing Agreements to the assuming party.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Greenwich Capital Acceptance Inc)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event that the Master Servicer shall for any reason no longer be the master servicer Servicer (including termination due to by reason of the occurrence of a Master Servicer Event of Default), the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer subject to Section 7.02 under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.073.03. Upon such assumption, the Trustee, its designee or the successor servicer for the Trustee Servicer appointed pursuant to Section 7.02 shall be deemed, subject to Section 6.073.03, to have assumed all of the Master Servicer's ’s interest therein and to have replaced the Master Servicer as a party to each Sub-Servicing Agreement to the same extent as if each Sub-Servicing Agreement had been assigned to the assuming party, except that (i) the Master Servicer shall not thereby be relieved of any liability or obligations under any related Sub-Servicing Agreement that arose before it ceased to be the Servicer and (ii) none of the Trustee, its designee or any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- related Sub-Servicing Agreements to the assuming party.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (J.P. Morgan Mortgage Acquisition Corp. 2005-WMC-1)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to by reason of the occurrence of a Master Servicer Event of DefaultTermination), the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee elects to terminate any Sub-Sub- Servicing Agreement in accordance with its terms as provided in Section 6.073.03. Upon such assumption, the Trustee, its designee Trustee (or the successor servicer for the Trustee appointed pursuant to Section 7.02 7.02) shall be deemed, subject to Section 6.073.03, to have assumed all of the departing Master Servicer's interest therein and to have replaced the departing Master Servicer as a party to each Sub-Servicing Agreement to the same extent as if each Sub-Servicing Agreement had been assigned to the assuming party, except that (i) the departing Master Servicer shall not thereby be relieved of any liability or obligations under any Sub-Servicing Agreement that arose before it ceased to be the Master Servicer and (ii) none of neither the Trustee, its designee or Trustee nor any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Servicing Agreements to the assuming party. All Servicing Transfer Costs shall be paid by the predecessor Master Servicer upon presentation of reasonable documentation of such costs, and if such predecessor Master Servicer defaults in its obligation to pay such costs, such costs shall be paid by the successor Master Servicer or the Trustee (in which case the successor Master Servicer or the Trustee, as applicable, shall be entitled to reimbursement therefor from the assets of the Trust).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Financial Assets Sec Corp First Frank Mort Ln Tr 2002-Ff1)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer Servicer (including termination due to by reason of the occurrence of a Master Servicer Event of Default), the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.073.03. Upon such assumption, the Trustee, its designee or the successor servicer for the Trustee appointed pursuant to Section 7.02 shall be deemed, subject to Section 6.073.03, to have assumed all of the Master Servicer's interest therein and to have replaced the Master Servicer as a party to each Sub-Servicing Agreement to the same extent as if each Sub-Servicing Agreement had been assigned to the assuming party, except that (i) the Master Servicer shall not thereby be relieved of any liability or obligations under any Sub-Servicing Agreement that arose before it ceased to be the Servicer and (ii) none neither of the TrusteeTrustee nor, its designee or any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Sub-Servicing Agreements to the assuming party.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mastr Alternative Loan Trust 2005-Nc1)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to by reason of the occurrence of a Master Servicer Event of DefaultTermination), the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.073.03. Upon such assumption, the Trustee, its designee Trustee (or the successor servicer for the Trustee appointed pursuant to Section 7.02 7.02) shall be deemed, subject to Section 6.073.03, to have assumed all of the Master departing Servicer's interest therein and to have replaced the Master departing Servicer as a party to each Sub-Servicing Agreement to the same extent as if each Sub-Servicing Agreement had been assigned to the assuming party, except that (i) the Master departing Servicer shall not thereby be relieved of any liability or obligations under any Sub-Servicing Agreement that arose before it ceased to be the Servicer and (ii) none of neither the Trustee, its designee or Trustee nor any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer Servicer, at its expense expense, shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Servicing Agreements to the assuming party.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Financial Asset Sec Corp First Frank Mort Loan Tr 2004-Ffh1)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer Servicer (including termination due to by reason of the occurrence of a Master Servicer Event of Default), the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.073.03. Upon such assumption, the Trustee, its designee or the successor servicer for the Trustee appointed pursuant to Section 7.02 shall be deemed, subject to Section 6.073.03, to have assumed all of the Master Servicer's interest therein and to have replaced the Master Servicer as a party to each Sub-Servicing Agreement to the same extent as if each Sub-Servicing Agreement had been assigned to the assuming party, except that (i) the Master Servicer shall not thereby be relieved of any liability or obligations under any Sub-Servicing Agreement that arose before it ceased to be the Servicer and (ii) none of the Trustee, its designee or any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Sub-Servicing Agreements to the assuming party.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Asset Backed Securities Corp Home Equity Ln Tr Ser 2001-He2)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to a Master Servicer Event of Default), the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.073.03. Upon such assumption, the Trustee, its designee or the successor servicer for the Trustee appointed pursuant to Section 7.02 shall be deemed, subject to Section 6.073.03, to have assumed all of the Master Servicer's interest therein and to have replaced the Master Servicer as a party to each Sub-Servicing Agreement to the same extent as if each Sub-Servicing Agreement had been assigned to the assuming party, except that (i) the Master Servicer shall not thereby be relieved of any liability or obligations under any Sub-Servicing Agreement and (ii) none of the Trustee, its designee or any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Servicing Agreements to the assuming party.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Ameriquest Mort Sec Inc Flo Rate Mort Pas THR Cert Ser 01 3)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer Servicer (including termination due to a Master Servicer by reason of the occurrence of an Event of Default), the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.073.03 hereof. Upon such assumption, the Trustee, its designee Trustee (or the successor servicer for the Trustee Servicer appointed pursuant to Section 7.02 hereof) shall be deemed, subject to Section 6.073.03, to have assumed all of the Master departing Servicer's ’s interest therein and to have replaced the Master departing Servicer as a party to each Sub-Servicing Agreement to the same extent as if each Sub-Servicing Agreement had been assigned to the assuming party, except that (i) the Master departing Servicer shall not thereby be relieved of any liability or obligations under any Sub-Servicing Agreement that arose before it ceased to be the Servicer and (ii) none of neither the Trustee, its designee or Trustee nor any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its expense shall, upon request of the Trustee, shall deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Sub-Servicing Agreements to the assuming party.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Provident Funding Mortgage Pass-Through Cert Series 2003-1)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer Master Servicer (including termination due to by reason of the occurrence of a Master Servicer Event of DefaultTermination), the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.073.03. Upon such assumption, the Trustee, its designee Trustee (or the successor master servicer for the Trustee appointed pursuant to Section 7.02 7.02) shall be deemed, subject to Section 6.073.03, to have assumed all of the Master departing Servicer's interest therein and to have replaced the departing Master Servicer as a party to each Sub-Servicing Agreement to the same extent as if each Sub-Servicing Agreement had been assigned to the assuming party, except that (i) the departing Master Servicer shall not thereby be relieved of any liability or obligations under any Sub-Servicing Agreement that arose before it ceased to be the Master Servicer and (ii) none of neither the Trustee, its designee or Trustee nor any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Sub-Servicing Agreements to the assuming party.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Greenwich Capital Acceptance Inc)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event that the Master Servicer shall for any reason no longer be the master servicer Servicer (including termination due to by reason of the occurrence of a Master Servicer Event of Default), the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer subject to Section 7.02 under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.073.03. Upon such assumption, the Trustee, its designee or the successor servicer for the Trustee appointed pursuant to Section 7.02 shall be deemed, subject to Section 6.073.03, to have assumed all of the Master Servicer's interest therein and to have replaced the Master Servicer as a party to each Sub-Servicing Agreement to the same extent as if each Sub-Servicing Agreement had been assigned to the assuming party, except that (i) the Master Servicer shall not thereby be relieved of any liability or obligations under any related Sub-Servicing Agreement that arose before it ceased to be the Servicer and (ii) none of the Trustee, its designee or any successor Master Servicer servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- related Sub-Servicing Agreements to the assuming party.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Asset Backed Pass Through Certificates Series 2002 He2)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master that a Servicer shall for any reason no longer be the master servicer a Servicer (including termination due to by reason of the occurrence of a Master Servicer Event of Default), the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master such Servicer subject to Section 7.02 under each related Sub-Servicing Agreement that the Master such Servicer may have entered into, unless the Trustee elects to terminate any related Sub-Servicing Agreement in accordance with its terms as provided in Section 6.073.03. Upon such assumption, the Trustee, its designee or the successor servicer for the Trustee appointed pursuant to Section 7.02 shall be deemed, subject to Section 6.073.03, to have assumed all of the Master related Servicer's interest therein and to have replaced the Master such Servicer as a party to each Sub-Servicing Agreement to the same extent as if each Sub-Servicing Agreement had been assigned to the assuming party, except that (i) the Master related Servicer shall not thereby be relieved of any liability or obligations under any related Sub-Servicing Agreement that arose before it ceased to be a Servicer and (ii) none of the Trustee, its designee or any successor Master Servicer servicer shall be deemed to have assumed any liability or obligation of the Master such Servicer that arose before it ceased to be the Master a Servicer. The Master Each Servicer at its expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each related Sub-Servicing Agreement and 66 the related Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- related Sub-Servicing Agreements to the assuming party.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Asset Backed Securities Corp)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer GMACM shall for any reason no longer be the master servicer a Servicer (including termination due to by reason of the occurrence of a Master Servicer Event of DefaultTermination), the Trustee or Trustee, in addition to its designee duties under Section 7.02, shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer GMACM under each Sub-Servicing Agreement that the Master Servicer GMACM may have entered into, unless the Trustee elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.073.03. Upon such assumption, the Trustee, its designee Trustee (or the successor servicer for the Trustee appointed pursuant to Section 7.02 7.02) shall be deemed, subject to Section 6.073.03, to have assumed all of the Master Servicer's GMACM’s interest therein and to have replaced the Master Servicer GMACM as a party to each Sub-Servicing Agreement to the same extent as if each Sub-Servicing Agreement had been assigned to the assuming party, except that (i) the Master Servicer GMACM shall not thereby be relieved of any liability or obligations under any Sub-Servicing Agreement that arose before it ceased to be a Servicer and (ii) none of neither the Trustee, its designee or Trustee nor any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer GMACM that arose before it ceased to be the Master a Servicer. The Master Servicer GMACM at its expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Sub-Servicing Agreements to the assuming party. All Servicing Transfer Costs shall be paid by the predecessor Servicer upon presentation of reasonable documentation of such costs, and if such predecessor Servicer is the Trustee or it defaults in its obligation to pay such costs, such costs shall be paid by the successor Servicer or the Trustee (in which case the successor Servicer or the Trustee, as applicable, shall be entitled to reimbursement therefor from the assets of the Trust).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Soundview Home Loan Trust 2005-B)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer Servicer (including termination due to by reason of the occurrence of a Master Servicer Event of Default), the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume7.02) shall thereupon assume all of the rights and obligations of the Master Servicer under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.073.03. Upon such assumption, the Trustee, its designee Trustee (or the successor servicer for the Trustee appointed pursuant to Section 7.02 7.02) shall be deemed, subject to Section 6.073.03, to have assumed all of the Master departing Servicer's ’s interest therein and to have replaced the Master departing Servicer as a party to each Sub-Servicing Agreement to the same extent as if each Sub-Servicing Agreement had been assigned to the assuming party, except that (i) the Master departing Servicer shall not thereby be relieved of any liability or obligations under any Sub-Servicing Agreement that arose before it ceased to be the Servicer and (ii) none of neither the Trustee, its designee or Trustee nor any successor Master Servicer servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Sub-Servicing Agreements to the assuming party.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (MASTR Asset Backed Securities Trust 2005-Nc2)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to a Master Servicer by reason of an Event of Default)) hereunder, the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee is then permitted and elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in terms. Subject to Section 6.07. Upon such assumption3.03, the Trustee, its designee or the successor servicer for the Trustee appointed pursuant to Section 7.02 shall be deemed, subject to Section 6.07, deemed to have assumed all of the Master Servicer's interest therein and to have replaced the Master Servicer as a party to each Sub-Servicing Agreement to the same extent as if each the Sub-Servicing Agreement Agreements had been assigned to the assuming party, except that (i) the Master Servicer shall not thereby be relieved of any liability or obligations under any the Sub-Servicing Agreement Agreements, and (ii) none of the Trustee, its designee or any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased continue to be the Master Servicerentitled to any rights or benefits which arose prior to its termination as master servicer. The Master Servicer at its expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, it and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Sub-Servicing Agreements to the assuming party.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Financial Asset Securitization Inc)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to by reason of the occurrence of a Master Servicer Event of Default), the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.073.03. Upon such assumption, the Trustee, its designee or the successor servicer for the Trustee appointed pursuant to Section 7.02 shall be deemed, subject to Section 6.073.03, to have assumed all of the Master Servicer's interest therein and to have replaced the Master Servicer as a party to each Sub-Servicing Agreement to the same extent as if each Sub-Servicing Agreement had been assigned to the assuming party, except that (i) the Master Servicer shall not thereby be relieved of any liability or obligations under any Sub-Servicing Agreement and (ii) none of the Trustee, its designee or any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master ServicerAgreement. The Master Servicer at its expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Servicing Agreements to the assuming party.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Salomon Bros Mort Sec Vii Inc Mort Pa THR Cert Ser 1998-Wfc1)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer Servicer (including termination due to by reason of a Master Servicer Event of Default), the Trustee or its any designee consented to by the Majority Certificateholders shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer under each Sub-Sub- Servicing Agreement that the Master Servicer may have entered into, unless the Trustee elects to terminate any subservicing agreement and provided that the Trustee shall not be required to assume any obligation to pay compensation to any Sub-Servicing Agreement Servicer in accordance with its terms as provided in Section 6.07order to terminate any such Sub-Servicer. Upon such assumptionTo the extent any subservicing agreement is not so terminated, the Trustee, its designee or the successor servicer for the Trustee appointed pursuant to Section 7.02 shall be deemed, subject to Section 6.07, deemed to have assumed all of the Master Servicer's interest therein and to have replaced the Master Servicer as a party to each Sub-Servicing Agreement to the same extent as if each Sub-Servicing Agreement had been assigned to the assuming party, except that (i) the Master Servicer shall not thereby be relieved of any liability or obligations under any Sub-Servicing Agreement and (ii) none of with regard to events occurring prior to the Trustee, its designee or any successor Master date the Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master Servicerservicer hereunder. The Master Servicer at its expense shall, upon request of the Trustee, promptly deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, it and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Sub-Servicing Agreements to the assuming party.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Financial Asset Securities Corp)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to a Master Servicer Event of Default), the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.07. Upon such assumption, the Trustee, its designee or the successor servicer for the Trustee appointed pursuant to Section 7.02 shall be deemed, subject to Section 6.07, to have assumed all of the Master Servicer's interest therein and to have replaced the Master Servicer as a party to each Sub-Servicing Agreement to the same extent as if each Sub-Servicing Agreement had been assigned to the assuming party, except that (i) the Master Servicer shall not thereby be relieved of any liability or obligations under any Sub-Servicing Agreement and (ii) none of the Trustee, its designee or any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its expense shall, upon request of the TrusteeTrustee or the Trust Administrator, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Sub-Servicing Agreements to the assuming party.
Appears in 1 contract
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to a Master Servicer Event of Default), the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer under each Sub-Servicing Agreement that the Master Servicer may have entered 157 into, unless the Trustee elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.07. Upon such assumption, the Trustee, its designee or the successor servicer for the Trustee appointed pursuant to Section 7.02 shall be deemed, subject to Section 6.07, to have assumed all of the Master Servicer's interest therein and to have replaced the Master Servicer as a party to each Sub-Servicing Agreement to the same extent as if each Sub-Servicing Agreement had been assigned to the assuming party, except that (i) the Master Servicer shall not thereby be relieved of any liability or obligations under any Sub-Servicing Agreement and (ii) none of the Trustee, its designee or any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Sub-Servicing Agreements to the assuming party.
Appears in 1 contract
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer (including termination due to a Master Servicer Event of Default), a) If the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for servicing obligations of the Master Servicer in accordance with Section 7.02 below, the Trustee, to the extent necessary to permit the Trustee appointed pursuant to carry out the provisions of Section 7.02 with respect to assume) the Mortgage Loans, shall succeed to all of the rights and obligations of the Master Servicer under each of the Sub-Servicing Agreement that the Master Servicer may have entered intoservicing Agreements. In such event, unless the Trustee elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.07. Upon such assumption, the Trustee, or its designee or as the successor master servicer for the Trustee appointed pursuant to Section 7.02 shall be deemed, subject to Section 6.07, deemed to have assumed all of the Master Servicer's interest rights and obligations therein and to have replaced the Master Servicer as a party to each such Sub-Servicing Agreement servicing Agreements to the same extent as if each such Sub-Servicing Agreement servicing Agreements had been assigned to the assuming partyTrustee or its designee as a successor master servicer, except that the Trustee or its designee as a successor master servicer shall not be deemed to have assumed any obligations or liabilities of the Master Servicer arising prior to such assumption (iother than the obligation to make any Advances) and the Master Servicer shall not thereby be relieved of any liability or obligations under any such Sub-Servicing Agreement and (ii) none of servicing Agreements arising prior to such assumption. Nothing in the Trustee, its designee or any successor Master Servicer foregoing shall be deemed to have assumed entitle the Trustee or its designee as a successor master servicer at any liability time to receive any portion of the servicing compensation provided under Section 3.17 except for such portion as the Master Servicer would be entitled to receive.
(b) In the event that the Trustee or obligation its designee as successor master servicer for the Trustee assumes the servicing obligations of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its expense shallunder Section 7.02, upon the reasonable request of the Trustee, Trustee or such designee as successor master servicer the Master Servicer shall at its own expense deliver to the assuming party Trustee, or at its written request to such designee, photocopies of all documents documents, files and records records, electronic or otherwise, relating to each the Sub-Servicing Agreement servicing Agreements and the related Mortgage Loans or REO Property then being serviced and an accounting of amounts collected and held by or on behalf of it, if any, and will otherwise cooperate and use its best reasonable efforts to effect the orderly and efficient transfer of the Sub- Servicing Agreements Sub-servicing Agreements, or responsibilities hereunder to the assuming partyTrustee, or at its written request to such designee as successor master servicer.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Impac Secured Assets Corp)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer Master Servicer (including termination due to by reason of the occurrence of a Master Servicer Event of DefaultTermination), the Trustee or its designee shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee (with the consent of the Certificate Insurer) or the Certificate Insurer elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.073.03. Upon such assumption, the Trustee, its designee Trustee (or the successor servicer for the Trustee appointed pursuant to Section 7.02 7.02) shall be deemed, subject to Section 6.073.03, to have assumed all of the departing Master Servicer's interest therein and to have replaced the departing Master Servicer as a party to each Sub-Servicing Agreement to the same extent as if each Sub-Servicing Agreement had been assigned to the assuming party, except that (i) the departing Master Servicer shall not thereby be relieved of any liability or obligations under any Sub-Servicing Agreement that arose before it ceased to be the Master Servicer and (ii) none of neither the Trustee, its designee or Trustee nor any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Sub-Servicing Agreements to the assuming party.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Asset Backed Funding Corp)
Assumption or Termination of Sub-Servicing Agreements by Trustee. In the event the Master Servicer shall for any reason no longer be the master servicer Master Servicer (including termination due to by reason of the occurrence of a Master Servicer Event of Default), the Trustee Back-Up Servicer, or its designee the Trust Administrator if there is no Back-Up Servicer, shall thereupon assume (or cause its designee or the successor master servicer for the Trustee appointed pursuant to Section 7.02 to assume) all of the rights and obligations of the Master Servicer under each Sub-Servicing Agreement that the Master Servicer may have entered into, unless the Trustee Back-Up Servicer or Trust Administrator, as applicable elects to terminate any Sub-Servicing Agreement in accordance with its terms as provided in Section 6.073.03 or unless the Back-Up Servicer or Trust Administrator, as applicable. Upon such assumption, the Trustee, its designee or the successor servicer for the Trustee appointed pursuant to Section 7.02 shall be deemed, subject to Section 6.073.03, to have assumed all of the Master Servicer's interest therein and to have replaced the Master Servicer as a party to each Sub-Servicing Agreement to the same extent as if each Sub-Servicing Agreement had been assigned to the assuming party, except that (i) the Master Servicer shall not thereby be relieved of any liability or obligations under any Sub-Servicing Agreement that arose before it ceased to be the Master Servicer and (ii) none of the Trustee, its designee or any successor Master Servicer shall be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master Servicer. The Master Servicer at its expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the Mortgage Home Equity Loans then being serviced and an accounting of amounts collected and held by or on behalf of it, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub- Sub-Servicing Agreements to the assuming party.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Asset Backed Sec Corp Home Equity Loan Series 2000 Lb1)
