Common use of Draws in the Event of Servicer Termination Clause in Contracts

Draws in the Event of Servicer Termination. Notwithstanding anything to the contrary in this Agreement (including without limitation the termination or transfer of the servicing rights and/or obligations of the Servicer pursuant to Article 19 hereof), Wells Fargo Bank, as beneficiary under the Non-Assigned Letters of Cxxxxx, shall continue to make draws thereunder in accordance with the provisions thereof. Under this provision, in the event a Pledged Asset Mortgage Loan is ninety days delinquent, the Servicer shall deliver a copy of the related Letter of Credit to Wells Fargo Bank and shall notify both the Master Servicer and Wells Xxxxo Bank that the Pledged Asset Mortgage Loan is ninety days xxxxnquent. Any funds received from draws on the Non-Assigned Letters of Credit after Wells Fargo Bank is no longer the Servicer hereunder shall be remittxx xx Wells Fargo Bank to the Servicer for deposit into the related Custodxxx X&I Account. Under this provision, in the event a Pledged Asset Mortgage Loan is liquidated or paid in full the Master Servicer shall notify Wells Fargo Bank in writing.

Draws in the Event of Servicer Termination. Notwithstanding anything to the contrary in this Agreement (including without limitation the termination or transfer of the servicing rights and/or obligations of the Servicer pursuant to Article 19 hereof), Wells Fargo Bank, as beneficiary under the Non-Assigned Letters of CxxxxxCrxxxx, shall continue to make draws thereunder in accordance with the provisions thereof. Under this provision, in the event a Pledged Asset Mortgage Loan is ninety days delinquent, the Servicer shall deliver a copy of the related Letter of Credit to Wells Fargo Bank and shall notify both the Master Servicer and Wells Xxxxo Xxxxx Bank that the Pledged Asset Mortgage Loan is ninety days xxxxnquentxxxxxquent. Any funds received from draws on the Non-Assigned Letters of Credit after Wells Fargo Bank is no longer the Servicer hereunder shall be remittxx remittex xx Wells Fargo Bank to the Servicer for deposit into the related Custodxxx Custodixx X&I Account. Under this provision, in the event a Pledged Asset Mortgage Loan is liquidated or paid in full the Master Servicer shall notify Wells Fargo Bank in writing.

Draws in the Event of Servicer Termination. Notwithstanding anything to the contrary in this Agreement (including without limitation the termination or transfer of the servicing rights and/or obligations of the Servicer pursuant to Article 19 hereof), Wells Xxxxx Fargo Bank, as beneficiary under the Non-Assigned Letters of CxxxxxCredit, shall continue to make draws thereunder in accordance with the provisions thereof. Under this provision, in the event a Pledged Asset Mortgage Loan is ninety days delinquent, the Servicer shall deliver a copy of the related Letter of Credit to Wells Xxxxx Fargo Bank and shall notify both the Master Servicer and Wells Xxxxo Xxxxx Fargo Bank that the Pledged Asset Mortgage Loan is ninety days xxxxnquentdelinquent. Any funds received from draws on the Non-Assigned Letters of Credit after Wells Xxxxx Fargo Bank is no longer the Servicer hereunder shall be remittxx xx Wells remitted by Xxxxx Fargo Bank to the Servicer for deposit into the related Custodxxx X&I Custodial P&I Account. Under this provision, in the event a Pledged Asset Mortgage Loan is liquidated or paid in full the Master Servicer shall notify Wells Xxxxx Fargo Bank in writing.