Common use of Certification of Supplemental Servicer Fee and Supplemental Clause in Contracts

Certification of Supplemental Servicer Fee and Supplemental. Delinquency Advance Reimbursement Rights The right to payment of the Supplemental Servicing Fee and the right to reimbursement for Supplemental Delinquency Advances shall be evidenced by a negotiable certificate (a "Supplemental Servicing Certificate") in the form attached hereto as Exhibit III if the owner of the Supplemental Delinquency Advances so requests of the Trustee in writing. Each Supplemental Servicing Certificate shall be executed and authenticated by the manual or facsimile signature of one of the Trustee's Authorized Officers. Upon proper authentication by the Trustee, the Supplemental Servicing Certificates shall bind each Trust and shall evidence each Trust's obligations to pay and reimburse the Supplemental Servicing Fee and the right to reimbursement for Supplemental Delinquency Advances in accordance with this Amendment and the related Pooling Agreement. The holder of any Supplemental Servicing Certificate may transfer, pledge, encumber, hypothecate or assign all or any part of its rights in the Supplemental Servicing Certificate. The Trustee shall cause to be kept a register in which the registration of the Supplemental Servicing Certificates and any transfer of the Supplemental Servicing Certificates shall be recorded if so requested by the transferee or pledgee. If so directed by the Trustee or the Supplemental Servicer, the Servicer will include payment instructions for the registered owner of a Supplemental Servicing Certificate in Disbursement Notices subsequently given. If a Supplemental Servicing Certificate is destroyed, lost of stolen, upon reasonable security and indemnity to hold the Trustee and the applicable Trust harmless, the Trustee shall execute a new Supplemental Servicing Certificate in replacement for the destroyed, lost or stolen Supplemental Servicing Certificate. Simultaneously with the payment in full of any Supplemental Servicing Certificate after the termination of this Amendment, such Certificate shall be surrendered to the Trustee. The Supplemental Servicer shall pay any reasonable and customary fees charged by the Trustee in connection with the issuance of any Supplemental Servicing Certificate or for effecting any transfer thereof. The Supplemental Servicer hereby agrees to indemnify and hold each Trust and the Trustee harmless against any loss, liability, claim, damage or expense incurred in connection with any legal action or proceeding brought by any third party who has acquired an interest in any Supplemental Servicing Certificate.

Appears in 9 contracts

Samples: Pooling and Servicing Agreement (Contisecurities Asset Funding Corp), Pooling and Servicing Agreement (Contisecurities Asset Funding Corp), Pooling and Servicing Agreement (Contisecurities Asset Funding Corp)

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