Duties and Obligations of MLCC Sample Clauses

Duties and Obligations of MLCC. In connection with the Wholesale Lending Program, MLCC shall be responsible for (i) the negotiation, execution and administration of contracts and agreements with the Wholesale Lenders, and (ii) administering and monitoring the relationship with each Wholesale Lender. This responsibility shall include, but not be limited to, approving Persons to become Wholesale Lenders (subject to Cendant’s consent, which consent shall not be unreasonably withheld), entering into agreements in substantially the forms attached hereto as Exhibits B and C with such new Wholesale Lender (provided that Cendant may, from time to time, make reasonable requests of MLCC to change such form of agreements (provided such requests would comply with all Applicable Requirements), and MLCC shall in good faith consider such requests). MLCC shall ensure that each contract or agreement entered into by it with a Wholesale Lender shall contain the right of MLCC to terminate such contract or agreement without cause upon thirty (30) days’ notice (in the case of a Correspondent Lender) or fifteen (15) days’ notice (in the case of a Mortgage Broker). MLCC shall be responsible for providing any and all legal guidance and support in connection with its responsibilities contained in this paragraph, but not otherwise. MLCC shall have no obligation or responsibility to provide any legal support with respect to any particular Loan.
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Duties and Obligations of MLCC. Upon receipt of a notification described in Section 2.01, MLCC shall prepare and have fully executed, prior to closing, a Guaranty and an FA Agreement for the Qualified FA. Upon receipt of the fully executed Guaranty and FA Agreement, MLCC will indicate in the CA$H System that such documents have been executed and will forward copies of the executed documents to Cendant. In addition, MLCC shall prepare the Deed of Trust/Mortgage Rider and provide such document to Cendant for inclusion with the closing documents. In connection with the FA Guarantee Program, MLCC shall be responsible for (i) administering and maintaining the relationship with the Qualified FAs and (ii) ensuring that the FA Guarantee Program Documentation is at all times legally sufficient to create the obligations intended to be created thereby and to bind the parties intended to be bound thereby. MLCC shall be responsible for providing any and all legal guidance and support in connection with its responsibilities contained in this paragraph, but not otherwise. MLCC shall have no obligation or responsibility to provide legal support with respect to any particular Underlying Mortgage. Notwithstanding the foregoing, to the extent that MLCC receives and holds any amounts derived from a Guaranty or an FA Agreement with respect to a Borrower, and Cendant has scheduled a foreclosure sale on the property securing such Borrower’s Mortgage Loan, MLCC shall timely provide bidding instructions to Cendant with respect to such foreclosure sale. MLCC shall be solely responsible for collecting any sums due from MLGI under the Guaranty and MLCC and MLGI shall be solely responsible for collecting any sums due from the Borrower under the FA Agreement. MLCC shall at all times during the term of the Origination Agreement maintain sufficient levels of staffing and resources necessary to comply with this Section 2.03.
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Duties and Obligations of MLCC. Upon receipt of a notification described in Section 2.01, MLCC shall prepare and have fully executed, prior to
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Related to Duties and Obligations of MLCC

  • Duties and Obligations The Administrative Agent shall not have any duties or obligations except those expressly set forth in the Loan Documents. Without limiting the generality of the foregoing, (a) the Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing, (b) the Administrative Agent shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated by the Loan Documents that the Administrative Agent is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 9.02), and, (c) except as expressly set forth in the Loan Documents, the Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to any Loan Party or any Subsidiary that is communicated to or obtained by the bank serving as Administrative Agent or any of its Affiliates in any capacity. The Administrative Agent shall not be liable for any action taken or not taken by it with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 9.02) or in the absence of its own gross negligence or willful misconduct as determined by a final nonappealable judgment of a court of competent jurisdiction. The Administrative Agent shall be deemed not to have knowledge of any Default unless and until written notice thereof is given to the Administrative Agent by the Borrower or a Lender, and the Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with any Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or in connection with any Loan Document, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth in any Loan Document, (iv) the validity, enforceability, effectiveness or genuineness of any Loan Document or any other agreement, instrument or document, (v) the creation, perfection or priority of Liens on the Collateral or the existence of the Collateral, or (vi) the satisfaction of any condition set forth in Article IV or elsewhere in any Loan Document, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent.

  • Duties and Obligations of Employee General Duties

  • Duties and Obligations of Administrative Agent The Administrative Agent shall not have any duties or obligations except those expressly set forth in the Loan Documents. Without limiting the generality of the foregoing, (a) the Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing (the use of the term “agent” herein and in the other Loan Documents with reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable law; rather, such term is used merely as a matter of market custom, and is intended to create or reflect only an administrative relationship between independent contracting parties), (b) the Administrative Agent shall have no duty to take any discretionary action or exercise any discretionary powers, except as provided in Section 11.03, and (c) except as expressly set forth herein, the Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or any of its Subsidiaries that is communicated to or obtained by the bank serving as Administrative Agent or any of its Affiliates in any capacity. The Administrative Agent shall be deemed not to have knowledge of any Default unless and until written notice thereof is given to the Administrative Agent by the Borrower or a Lender, and shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or under any other Loan Document or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or in any other Loan Document, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document, (v) the satisfaction of any condition set forth in Article VI or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent or as to those conditions precedent expressly required to be to the Administrative Agent’s satisfaction, (vi) the existence, value, perfection or priority of any collateral security or the financial or other condition of the Borrower and its Subsidiaries or any other obligor or guarantor, or (vii) any failure by the Borrower or any other Person (other than itself) to perform any of its obligations hereunder or under any other Loan Document or the performance or observance of any covenants, agreements or other terms or conditions set forth herein or therein. For purposes of determining compliance with the conditions specified in Article VI, each Lender shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received written notice from such Lender prior to the proposed closing date specifying its objection thereto.

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  • Rights and Obligations of Party A I. Rights of Party A

  • Rights and Obligations of Members Section 6.1

  • Liabilities and Obligations 33 6.8 Conformity with Law; Litigation.................................33 6.9 No Violations...................................................33 6.10

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