Common use of Documentation and Recordkeeping Clause in Contracts

Documentation and Recordkeeping. The documents creating the securitization must specify the respec- tive contractual rights and responsibil- ities of all parties and include the re- quirements described in paragraph (b)(3) of this section and use as appro- priate any available standardized docu- mentation for each different asset class. (i) Requirements applicable to all securitizations. The documents shall de- fine the contractual rights and respon- sibilities of the parties, including but not limited to representations and war- ranties and ongoing disclosure require- ments, and any measures to avoid con- flicts of interest; and provide authority for the parties, including but not lim- ited to the originator, sponsor, servicer, and investors, to fulfill their respective duties and exercise their rights under the contracts and clearly distinguish between any multiple roles performed by any party. (ii) Requirements applicable only to securitizations in which the financial as- sets include any residential mortgage loans: (A) Servicing and other agreements must provide servicers with authority, subject to contractual oversight by any master servicer or oversight advisor, if any, to mitigate losses on financial as- sets consistent with maximizing the net present value of the financial asset. Servicers shall have the authority to modify assets to address reasonably foreseeable default, and to take other action to maximize the value and mini- xxxx losses on the securitized financial assets. The documents shall require that the servicers apply industry best practices for asset management and servicing. The documents shall require the servicer to act for the benefit of all investors, and not for the benefit of any particular class of investors, that the servicer must commence action to mitigate losses no later than ninety (90) days after an asset first becomes delinquent unless all delinquencies on such asset have been cured, and that the servicer maintains records of its actions to permit full review by the trustee or other representative of the investors; and (B) The servicing agreement shall not require a primary servicer to advance delinquent payments of principal and interest for more than three payment periods, unless financing or reimburse- ment facilities are available, which may include, but are not limited to, the obligations of the master servicer or issuing entity to fund or reimburse the primary servicer, or alternative re- imbursement facilities. Such ‘‘financ- ing or reimbursement facilities’’ under this paragraph shall not be dependent for repayment on foreclosure proceeds.

Documentation and Recordkeeping. The documents creating the securitization must specify the respec- tive contractual rights and responsibil- ities of all parties and include the re- quirements described in paragraph (b)(3) of this section and use as appro- priate any available standardized docu- mentation for each different asset class. (i) Requirements applicable to all securitizations. The documents shall de- fine the contractual rights and respon- sibilities of the parties, including but not limited to representations and war- ranties and ongoing disclosure require- ments, and any measures to avoid con- flicts of interest; and provide authority for the parties, including but not lim- ited to the originator, sponsor, servicer, and investors, to fulfill their respective duties and exercise their rights under the contracts and clearly distinguish between any multiple roles performed by any party. (ii) Requirements applicable only to securitizations in which hich the financial as- sets include any residential mortgage loans: (A) Servicing and other agreements must provide servicers with authority, subject to contractual oversight by any master servicer or oversight advisor, if any, to mitigate losses on financial as- sets consistent with maximizing the net present value of the financial asset. Servicers shall have the authority to modify assets to address reasonably foreseeable default, and to take other action to maximize the value and mini- xxxx losses on the securitized financial assets. The documents shall require that the servicers apply industry best practices for asset management and servicing. The documents shall require the servicer to act for the benefit of all investors, and not for the benefit of any particular class of investors, that the servicer must commence action to mitigate losses no later than ninety (90) days after an asset first becomes delinquent unless all delinquencies on such asset have been cured, and that the servicer maintains records of its actions to permit full review by the trustee or other representative of the investors; and (B) The servicing agreement shall not require a primary servicer to advance delinquent payments of principal and interest for more than three payment periods, unless financing or reimburse- ment facilities are available, which may include, but are not limited to, the obligations of the master servicer or issuing entity to fund or reimburse the primary servicer, or alternative re- imbursement facilities. Such ‘‘financ- ing or reimbursement facilities’’ under this paragraph shall not be dependent for repayment on foreclosure proceeds.ninety

Documentation and Recordkeeping. The documents creating the securitization must specify the respec- tive contractual rights and responsibil- ities of all parties and include the re- quirements described in paragraph (b)(3) of this section and use as appro- priate any available standardized docu- mentation for each different asset class. (i) Requirements applicable to all securitizations. The documents shall de- fine the contractual rights and respon- sibilities of the parties, including but not limited to representations and war- ranties and ongoing disclosure require- ments, and any measures to avoid con- flicts of interest; and provide authority for the parties, including but not lim- ited to the originator, sponsor, servicer, and investors, to fulfill their respective duties and exercise their rights under the contracts and clearly distinguish between any multiple roles performed by any party. (ii) Requirements applicable only to securitizations in which the financial as- sets include any residential mortgage loans: (A) Servicing and other agreements must provide servicers with authority, subject to contractual oversight by any master servicer or oversight advisor, if any, to mitigate losses on financial as- sets consistent with maximizing the net present value of the financial asset. Servicers shall have the authority to modify assets to address reasonably foreseeable default, and to take other action to maximize the value and mini- xxxx losses on the securitized financial assets. The documents shall require that the servicers apply industry best practices for asset management and servicing. The documents shall require the servicer to act for the benefit of all investors, and not for the benefit of any particular class of investors, that the servicer maintain records of its ac- tions to permit full review by the trustee or other representative of the investors and that the servicer must commence action to mitigate losses no later than ninety (90) days after an asset first becomes delinquent unless all delinquencies on such asset have been cured, and pro- vided that this requirement shall not be deemed to require that the servicer maintains records docu- ments include any provision con- cerning loss mitigation that requires any action that may conflict with the requirements of its actions Regulation X (12 CFR part 1024), as Regulation X may be amended or modified from time to permit full review by the trustee or other representative of the investors; andtime. (B) The servicing agreement shall not require a primary servicer to advance delinquent payments of principal and interest for more than three payment periods, unless financing or reimburse- ment facilities are available, which may include, but are not limited to, the obligations of the master servicer or issuing entity to fund or reimburse the primary servicer, or alternative re- imbursement facilities. Such ‘‘financ- ing or reimbursement facilities’’ under this paragraph shall not be dependent for repayment on foreclosure proceeds.