Common use of Liability of the Servicer Clause in Contracts

Liability of the Servicer. (a) The Servicer will be liable to the Issuer, the Owner Trustee, the Indenture Trustee, the Noteholders and the Depositor only to the extent of the obligations specifically undertaken by the Servicer under this Agreement. All other liability is expressly waived and released as a condition of, and consideration for, the execution of this Agreement by the Servicer. Notwithstanding the foregoing, this Section 6.2 will not protect the Servicer against any liability that would otherwise be imposed by reason of the Servicer’s willful misconduct, bad faith or negligence in the performance of its duties under this Agreement. (b) The Servicer and any subservicer, and any officer, director, employee or agent of the Servicer or any subservicer, may rely in good faith on the advice of counsel or on any document believed to be genuine and to have been executed by the proper party in respect of any matters arising under this Agreement. (c) The obligations of the Servicer under this Agreement are solely corporate obligations of the Servicer, and no recourse may be taken, directly or indirectly, with respect to the obligations of the Servicer against any owner, beneficiary, agent, officer, director or employee of the Servicer in their individual capacities except for any liability that would otherwise be imposed by reason of such Person’s willful misconduct, bad faith or negligence in the performance of its duties. (d) The Servicer will be under no obligation to appear in, prosecute or defend any legal action that is not incidental to its duties to service the Receivables in accordance with this Agreement and that, in its opinion, may cause it to incur any expense or liability. The Servicer may in its sole discretion (but will not be required to) undertake any legal action that it may deem necessary or desirable to protect the interests of the Noteholders or the Depositor under the Transaction Documents. In such event, the legal expenses, costs and liabilities of such action and any liability resulting from such action will be expenses, costs and liabilities of the Servicer. (e) The Servicer will not be in default under this Agreement if it is unable to perform any of its obligations as a result of an act of God, act of war, terrorism, fires, earthquake or other natural disaster. The Servicer will make commercially reasonable efforts to resume the performance of its obligations under this Agreement as soon as reasonably practicable after any such event.

Appears in 15 contracts

Samples: Sale and Servicing Agreement (Ford Credit Auto Owner Trust 2014-A), Sale and Servicing Agreement (Ford Credit Auto Owner Trust 2014-A), Sale and Servicing Agreement (Ford Credit Auto Owner Trust 2013-D)

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Liability of the Servicer. (a) The Servicer will be liable to the Issuer, the Owner Trustee, the Indenture Trustee, the Noteholders and to the Depositor only to the extent of the obligations specifically undertaken by the Servicer under this Agreement. All other liability is expressly waived and released as a condition of, and consideration for, the execution of this Agreement by the Servicer. Notwithstanding the foregoing, this This Section 6.2 will not protect the Servicer against any liability that would otherwise be imposed by reason of the Servicer’s 's willful misconduct, bad faith or negligence in the performance of its duties under this Agreement. (b) . The Servicer and any subservicer, and any officer, director, employee or agent of the Servicer or any subservicer, subservicer may rely in good faith on the advice of counsel or on any document believed of any kind that appears on its face to be genuine properly executed and submitted by any Person with respect to have been executed by the proper party in respect of any matters arising under this Agreement. (cb) The obligations of the Servicer under this Agreement are solely corporate obligations of the Servicer, and no recourse may be taken, directly or indirectly, with respect to the obligations of the Servicer against any owner, beneficiary, agent, officer, director director, or employee of the Servicer in their individual capacities except for any liability that would otherwise be imposed by reason of such Person’s 's willful misconduct, bad faith or negligence in the performance of its duties. (dc) The Servicer will not be under no any obligation to appear in, prosecute or defend any legal action that is not incidental to its duties to service the Receivables in accordance with this Agreement and that, that in its opinion, opinion may cause involve it to incur in any expense or liability. The Servicer may in its sole discretion (but will not be required to) undertake any legal action that it may deem necessary or desirable to protect the interests of the Noteholders or the Depositor under the Transaction Basic Documents. In such event, the legal expenses, costs and liabilities of such action and any liability resulting from such action will be expenses, costs and liabilities of the Servicer. (ed) The Servicer will not be in default under this Agreement if it is unable to perform any of its obligations as a result of an act of God, act of war, terrorism, fires, earthquake or other natural disaster. The Servicer will make commercially reasonable efforts to resume the performance of its obligations under this Agreement as soon as reasonably practicable after any such event.

Appears in 14 contracts

Samples: Sale and Servicing Agreement (Ford Credit Auto Owner Trust 2007-A), Sale and Servicing Agreement (Ford Credit Auto Owner Trust 2009-A), Sale and Servicing Agreement (Ford Credit Auto Owner Trust 2008-B)

Liability of the Servicer. (a) The Servicer will be liable to the Issuer, the Owner Trustee, the Indenture Trustee, the Noteholders and the Depositor only to the extent of the obligations specifically undertaken by the Servicer under this Agreement. All other liability is expressly waived and released as a condition of, and consideration for, the execution of this Agreement by the Servicer. Notwithstanding the foregoingHowever, this Section 6.2 will not protect the Servicer against any liability that would otherwise be imposed by reason of the Servicer’s willful misconduct, bad faith or negligence in the performance of its duties under this Agreement. (b) The Servicer and any subservicer, and any officer, director, employee or agent of the Servicer or any subservicer, may rely in good faith on the advice of counsel or on any document believed to be genuine and to have been executed by the proper party in respect of for any matters arising under this Agreement. (c) The obligations of the Servicer under this Agreement are solely corporate obligations of the Servicer, and no recourse may be taken, directly or indirectly, with respect to for the obligations of the Servicer against any owner, beneficiary, agent, officer, director or employee of the Servicer in their individual capacities except for any liability that would otherwise be imposed by reason of such the Person’s willful misconduct, bad faith or negligence in the performance of its duties. (d) The Servicer will be under no obligation to appear in, prosecute or defend any legal action that is not incidental to its duties to service the Receivables in accordance with this Agreement and that, in its opinion, may cause it to incur any expense or liability. The Servicer may in its sole discretion (but will not be required to) undertake any legal action that it may deem necessary or desirable to protect the interests of the Noteholders or the Depositor under the Transaction Documents. In such that event, the legal expenses, costs and liabilities of such the action and any liability resulting from such the action will be expenses, costs and liabilities of the Servicer. (e) The Servicer will not be in default under this Agreement if it is unable to perform any of its obligations as a result of an act of God, act of war, terrorism, fires, earthquake or other natural disaster. The Servicer will make commercially reasonable efforts to resume the performance of its obligations under this Agreement as soon as reasonably practicable after any such event.

Appears in 8 contracts

Samples: Sale and Servicing Agreement (Ford Credit Auto Owner Trust 2015-B), Sale and Servicing Agreement (Ford Credit Auto Owner Trust 2015-B), Sale and Servicing Agreement (Ford Credit Auto Owner Trust 2015-A)

Liability of the Servicer. (a) The Servicer will be liable Subject to the Issuerclause (b) below and Section 6.03, the Owner Servicer (except the Trustee if it is required to succeed the Servicer hereunder) indemnifies and holds the Trustee, the Indenture Seller, the Depositor and each Certificateholder harmless against any and all claims, losses, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments, and any other costs, fees and expenses that the Trustee, the Noteholders Depositor and any Certificateholder may sustain in any way related to the failure of the Servicer to perform its duties and service the Mortgage Loans in compliance with the Servicing Standards. The Servicer shall immediately notify the Trustee, the Depositor and each Certificateholder if a claim is made that may result in such claims, losses, penalties, fines, forfeitures, legal fees or related costs, judgments, or any other costs, fees and expenses, and the Depositor only to Servicer shall assume (with the extent consent of the obligations specifically undertaken by Trustee) the Servicer under this Agreement. All other liability is expressly waived defense of any such claim and released as a condition ofpay all expenses in connection therewith, including reasonable counsel fees, and consideration forpromptly pay, discharge and satisfy any judgment or decree which may be entered against the Servicer, the execution Trustee, the Depositor and/or Certificateholder in respect of such claim. The provisions of this Section 3.26 shall survive the termination of this Agreement by and the payment of the outstanding Certificates. (b) None of the Depositor, the Seller, the Servicer. Notwithstanding , or any of the foregoingdirectors, officers, employees or agents of the Depositor, the Seller or the Servicer shall be under any liability to the Trust Fund or the Certificateholders or any other party to this Section 6.2 will Agreement for any action taken, or for refraining from the taking of any action, in good faith pursuant to this Agreement, or for errors in judgment; provided, however, that this provision shall not protect the Depositor, the Seller or the Servicer or any such Person against any breach of warranties or representations made herein, or against any specific liability imposed on the Servicer for a breach of the Servicing Standard, or against any liability that which would otherwise be imposed by reason of the Servicer’s its respective willful misconductmisfeasance, bad faith faith, fraud or negligence in the performance of its duties under this Agreement. (b) or by reasons of negligent disregard of its respective obligations or duties hereunder. The Servicer Depositor, the Servicer, the Seller and any subservicerdirector, and any officer, director, employee or agent of the Servicer Depositor, the Seller or any subservicerthe Servicer, may rely in good faith on the advice of counsel or on any document believed of any kind which, prima facie, is properly executed and submitted by any appropriate Person with respect to be genuine and to have been executed by the proper party in respect of any matters arising under this Agreement. (c) hereunder. The obligations Depositor, the Servicer, the Seller, and any director, officer, employee or agent of the Depositor, the Seller or the Servicer under shall be indemnified and held harmless by the Trust Fund against any loss, liability or expense incurred in connection with any legal action relating to this Agreement are solely corporate obligations or the Certificates, other than any loss, liability or expense incurred in connection with any legal action incurred by reason of its respective misfeasance, bad faith, fraud or negligence, a breach of a representation or warranty hereunder or (in the case of the Servicer, and no recourse may be taken, directly or indirectly, with respect to the obligations ) a breach of the Servicer against any owner, beneficiary, agent, officer, director or employee of the Servicer in their individual capacities except for any liability that would otherwise be imposed by reason of such Person’s willful misconduct, bad faith or negligence Servicing Standard in the performance of its duties. (d) The respective duties or by reason of negligent disregard of its respective obligations or duties hereunder. Neither the Depositor, the Seller nor the Servicer will shall be under no any obligation to appear in, prosecute or defend any legal action that unless such action is not incidental related to its respective duties to service the Receivables in accordance with under this Agreement and that, in its opinion, may cause opinion does not expose it to incur any expense or liability. The ; provided, however, that the Depositor, the Seller or the Servicer may in its sole discretion (but will not be required to) undertake any legal action that related to its obligations hereunder which it may deem necessary or desirable with respect to protect this Agreement and the rights and duties of the parties hereto and the interests of the Noteholders or the Depositor under the Transaction Documents. In such event, the legal expenses, costs and liabilities of such action and any liability resulting from such action will be expenses, costs and liabilities of the ServicerCertificateholders hereunder. (e) The Servicer will not be in default under this Agreement if it is unable to perform any of its obligations as a result of an act of God, act of war, terrorism, fires, earthquake or other natural disaster. The Servicer will make commercially reasonable efforts to resume the performance of its obligations under this Agreement as soon as reasonably practicable after any such event.

Appears in 6 contracts

Samples: Pooling and Servicing Agreement (C-Bass 2007-Cb1 Trust), Pooling and Servicing Agreement (C-Bass 2006-Cb7 Trust), Pooling and Servicing Agreement (C-Bass 2007-Cb1 Trust)

Liability of the Servicer. (a) The Servicer will be liable to the Issuer, the Owner Trustee, the Indenture Trustee, the Noteholders and the Depositor only to the extent of the obligations specifically undertaken by the Servicer under this Agreement. All other such liability is expressly waived and released as a condition of, and consideration for, the execution of this Agreement by the Servicer. Notwithstanding the foregoing, this Section 6.2 will not protect the Servicer against any liability that would otherwise be imposed by reason of the Servicer’s willful misconduct, bad faith or negligence in the performance of its duties under this Agreement. (b) The Servicer and any subservicer, and any officer, director, employee or agent of the Servicer or any subservicer, may rely in good faith on the advice of counsel or on any document believed to be genuine and to have been executed by the proper party in respect of any matters arising under this Agreement. (c) The obligations of the Servicer under this Agreement are solely corporate obligations of the Servicer, and no recourse may be taken, directly or indirectly, with respect to the obligations of the Servicer against any owner, beneficiary, agent, officer, director director, or employee of the Servicer in their individual capacities except for any liability that would otherwise be imposed by reason of such Person’s willful misconduct, bad faith or negligence in the performance of its duties. (d) The Servicer will be under no obligation to appear in, prosecute or defend any legal action that is not incidental to its duties to service the Receivables in accordance with this Agreement and that, in its opinion, may cause it to incur any expense or liability. The Servicer may in its sole discretion (but will not be required to) undertake any legal action that it may deem necessary or desirable to protect the interests of the Noteholders or the Depositor under the Transaction Documents. In such event, the legal expenses, costs and liabilities of such action and any liability resulting from such action will be expenses, costs and liabilities of the Servicer. (e) The Servicer will not be in default under this Agreement if it is unable to perform any of its obligations as a result of an act of God, act of war, terrorism, fires, earthquake or other natural disaster. The Servicer will make commercially reasonable efforts to resume the performance of its obligations under this Agreement as soon as reasonably practicable after any such event.

Appears in 4 contracts

Samples: Sale and Servicing Agreement (Ford Credit Auto Owner Trust 2012-A), Sale and Servicing Agreement (Ford Credit Auto Owner Trust 2012-A), Sale and Servicing Agreement (Ford Credit Auto Owner Trust 2011-B)

Liability of the Servicer. (a) The Servicer will be liable to the Issuer, the Owner Trustee, the Indenture Trustee, the Noteholders and the Depositor only to the extent of the obligations specifically undertaken by the Servicer under this Agreement. All other liability is expressly waived and released as a condition of, and consideration for, the execution of this Agreement by the Servicer. Notwithstanding the foregoing, this Section 6.2 will not protect the Servicer against any liability that would otherwise be imposed by reason of the Servicer’s willful misconduct, bad faith or negligence in the performance of its duties under this Agreement. (b) The Servicer and any subservicer, and any officer, director, employee or agent of the Servicer or any subservicer, may rely in good faith on the advice of counsel or on any document believed to be genuine and to have been executed by the proper party in respect of any matters arising under this Agreement. (c) The obligations of the Servicer under this Agreement are solely corporate obligations of the Servicer, and no recourse may be taken, directly or indirectly, with respect to the obligations of the Servicer against any owner, beneficiary, agent, officer, director director, or employee of the Servicer in their individual capacities except for any liability that would otherwise be imposed by reason of such Person’s willful misconduct, bad faith or negligence in the performance of its duties. (d) The Servicer will be under no obligation to appear in, prosecute or defend any legal action that is not incidental to its duties to service the Receivables in accordance with this Agreement and that, in its opinion, may cause it to incur any expense or liability. The Servicer may in its sole discretion (but will not be required to) undertake any legal action that it may deem necessary or desirable to protect the interests of the Noteholders or the Depositor under the Transaction Documents. In such event, the legal expenses, costs and liabilities of such action and any liability resulting from such action will be expenses, costs and liabilities of the Servicer. (e) The Servicer will not be in default under this Agreement if it is unable to perform any of its obligations as a result of an act of God, act of war, terrorism, fires, earthquake or other natural disaster. The Servicer will make commercially reasonable efforts to resume the performance of its obligations under this Agreement as soon as reasonably practicable after any such event.

Appears in 2 contracts

Samples: Sale and Servicing Agreement (Ford Credit Auto Owner Trust 2012-B), Sale and Servicing Agreement (Ford Credit Auto Owner Trust 2012-B)

Liability of the Servicer. (a) The Servicer will be liable to the Issuer, the Owner Trustee, the Indenture Trustee, the Noteholders and the Depositor only to the extent of the obligations specifically undertaken by the Servicer under this Agreement. All other liability is expressly waived and released as a condition of, and consideration for, the execution of this Agreement by the Servicer. Notwithstanding the foregoing, this This Section 6.2 will not protect the Servicer against any liability that would otherwise be imposed by reason of the Servicer’s 's willful misconduct, bad faith or negligence in the performance of its duties under this Agreement. (b) . The Servicer and any subservicer, and any officer, director, employee or agent of the Servicer or any subservicer, subservicer may rely in good faith on the advice of counsel or on any document believed of any kind that appears on its face to be genuine properly executed and submitted by any Person with respect to have been executed by the proper party in respect of any matters arising under this Agreement. (cb) The obligations of the Servicer under this Agreement are solely corporate obligations of the Servicer, and no recourse may be taken, directly or indirectly, with respect to the obligations of the Servicer against any owner, beneficiary, agent, officer, director director, or employee of the Servicer in their individual capacities except for any liability that would otherwise be imposed by reason of such Person’s 's willful misconduct, bad faith or negligence in the performance of its duties. (dc) The Servicer will not be under no any obligation to appear in, prosecute or defend any legal action that is not incidental to its duties to service the Receivables in accordance with this Agreement and that, that in its opinion, opinion may cause involve it to incur in any expense or liability. The Servicer may in its sole discretion (but will not be required to) undertake any legal action that it may deem necessary or desirable to protect the interests of the Noteholders or the Depositor under the Transaction Basic Documents. In such event, the legal expenses, costs and liabilities of such action and any liability resulting from such action will be expenses, costs and liabilities of the Servicer. (ed) The Servicer will not be in default under this Agreement if it is unable to perform any of its obligations as a result of an act of God, act of war, terrorism, fires, earthquake or other natural disaster. The Servicer will make commercially reasonable efforts to resume the performance of its obligations under this Agreement as soon as reasonably practicable after any such event.

Appears in 2 contracts

Samples: Sale and Servicing Agreement (Ford Credit Auto Owner Trust 2010-B), Sale and Servicing Agreement (Ford Credit Auto Owner Trust 2010-A)

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Liability of the Servicer. (a) The Servicer will shall be liable to the Issuer, the Owner Trustee, the Indenture Trustee, the Noteholders and the Depositor in accordance herewith only to the extent of the obligations specifically undertaken by the Servicer herein. Nothing in this Section 7.01 shall affect the Servicer's obligations under this Agreement. All other Section 9.06(b). (b) Neither the Servicer nor any of its directors, officers, employees or agents shall be under any liability is expressly waived and released as a condition of, and consideration forto the Trustee, the execution of Trust or the Certificateholders for taking any action or for refraining from taking any action pursuant to this Agreement by the Servicer. Notwithstanding the foregoingor for errors in judgment; provided, however, that this Section 6.2 will provision shall not protect the Servicer or any such Person against any liability that which would otherwise be imposed by reason of the Servicer’s willful misconductmisfeasance, bad faith or negligence in the performance of its the Servicer's obligations and duties under this Agreementhereunder or by reason of reckless disregard of the Servicer's obligations and duties hereunder (collectively, "Servicer Breaches"). (bc) The Servicer and any subservicerits directors, and any officerofficers, director, employee employees or agent of the Servicer or any subservicer, agents may rely in good faith on the advice of counsel or on any document believed to be genuine of any kind prima facie properly executed and to have been executed submitted by the proper party in respect of any Person respecting any matters arising under this Agreement. (c) The obligations of the Servicer under this Agreement are solely corporate obligations of the Servicer, and no recourse may be taken, directly or indirectly, with respect to the obligations of the Servicer against any owner, beneficiary, agent, officer, director or employee of the Servicer in their individual capacities except for any liability that would otherwise be imposed by reason of such Person’s willful misconduct, bad faith or negligence in the performance of its duties. (d) The Servicer will be under no obligation to appear in, prosecute or defend any legal action that is not incidental to its duties to service the Receivables in accordance with this Agreement and that, in its opinion, may cause it to incur any expense or liability. The Servicer may in its sole discretion (but will not be required to) undertake any legal action that it may deem necessary or desirable to protect the interests of the Noteholders or the Depositor under the Transaction Documents. In such event, the legal expenses, costs and liabilities of such action and any liability resulting from such action will be expenses, costs and liabilities of the Servicer. (e) The Servicer will not be in default under this Agreement if it is unable to perform any of its obligations as a result of an act of God, act of war, terrorism, fires, earthquake or other natural disasterhereunder. The Servicer will make commercially reasonable efforts defend and indemnify the Trustee and the Certificateholders against any and all costs, expenses, losses, damages, claims and liabilities in respect of (i) any Servicer Breach and (ii) any action or omission with respect to resume its servicing obligations regarding any Contract constituting willful misfeasance, bad faith, negligence or reckless disregard of the performance of its Seller's or Servicer's obligations and duties under this Agreement as soon as reasonably practicable after any such eventContract.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Resource America Inc)

Liability of the Servicer. (a) The Neither the Servicer will nor any of the directors, officers, employees or agents thereof shall be under any liability to the Issuer or any third party for any action taken, or for refraining from the taking of any action, in good faith pursuant to this Agreement, or for errors in business judgment; provided, however, that the Servicer or any such Person shall be liable to the Issuer, the Owner Trustee, the Indenture Trustee, the Noteholders and the Depositor only to the extent for any breach of the obligations specifically undertaken by the Servicer under this Agreement. All other liability is expressly waived and released as a condition ofwarranties or representations made herein, and consideration for, the execution of this Agreement by the Servicer. Notwithstanding the foregoing, this Section 6.2 will not protect the Servicer against for any liability that which would otherwise be imposed by reason of the Servicer’s willful misconduct, bad faith faith, negligence in the handling of funds or negligence gross negligence, in the performance of its duties under this Agreement. (b) or by reason of reckless disregard of obligations or duties hereunder. The Servicer and any subservicerdirector, and any officer, director, employee or agent of the Servicer or any subservicer, may rely in good faith on the advice of counsel or on any document believed to be genuine of any kind which, PRIMA FACIE, is properly executed and to have been executed submitted by the proper party in respect of any appropriate Person respecting any matters arising under this Agreement. (c) hereunder. The obligations Servicer and any director, officer, employee or agent of the Servicer under this Agreement are solely corporate obligations of shall be indemnified and held harmless by the Servicer, and no recourse may be taken, directly or indirectly, with respect to the obligations of the Servicer Trust Estate against any ownerloss, beneficiaryliability or expense (including reasonable attorneys' fees) incurred in connection with any legal action relating to this Agreement, agentother than any loss, officer, director liability or employee of the Servicer in their individual capacities except for any liability that would otherwise be imposed expense: (i) incurred by reason of such Person’s any breach of warranties or representation made herein, willful misconduct, bad faith faith, negligence in the handling of funds or gross negligence in the performance of duties or by reason of reckless disregard of obligation or duties hereunder; or (ii) incurred in connection with any violation by it of any state or federal securities law; or (iii) imposed by any taxing authority if such loss, liability or expense is not specifically reimbursable pursuant to the terms of this Agreement and is not reasonably characterized as a tax on the Assets; or (iv) incurred by reason of its duties. (d) failure to observe the express terms of this Agreement. The Servicer will shall not be under no any obligation to appear in, prosecute or defend any legal action that unless such action is not incidental related to its duties to service the Receivables in accordance with under this Agreement and thatappearing in, in its opinion, may cause prosecuting or defending such action does not expose it to incur any material expense or liability. The ; provided, however, that the Servicer may in its sole discretion (but will not be required to) undertake any legal action related to its obligations hereunder that it may reasonably deem necessary or desirable with respect to protect this Agreement and the rights and duties of the parties hereto and the interests of the Noteholders or the Depositor under the Transaction DocumentsIssuer hereunder. In such event, the legal expenses, expenses and costs and liabilities of such action and any liability resulting from therefrom shall be Property Protection Expenses; provided, however, that no such action will be expenses, costs or liability shall be a Property Protection Expense to the extent the Servicer's own breach of warranties or representations made herein, willful misconduct, bad faith, negligence in the handling of funds or gross negligence contributes to such expenses, costs or liabilities. (b) The Servicer agrees to indemnify the Indenture Trustee from, and liabilities hold it harmless against, any and all losses, liabilities, damages, claims or expenses (including reasonable attorneys' fees) arising in respect of the Servicer's acts or omissions in connection with this Agreement except to the extent the Indenture Trustee's own bad faith, willful misconduct, negligence or gross negligence contributes to the loss, liability, damage, claim or expense. (ec) The Servicer will not be agrees to indemnify the Master Servicer from, and hold it harmless against, any and all losses, liabilities, damages, claims or expenses (including reasonable attorneys' fees) arising in default under respect of the Servicer's acts or omissions in connection with this Agreement if it except to the extent the Master Servicer's own bad faith, willful misconduct, negligence or gross negligence contributes to the loss, liability, damage, claim or expense. (d) The Servicer hereby agrees to indemnify the Issuer and _____ (which is unable acknowledged hereby to perform be an intended third party beneficiary hereof) for any liability imposed upon either of its obligations them as a result of an act of God, act of war, terrorism, fires, earthquake any actual or other natural disaster. The alleged material misstatement or omissions from any written information regarding the Servicer will make commercially reasonable efforts that is provided by the Servicer specifically for use in any offering document for the Notes or for submission to resume the performance of its obligations under this Agreement as soon as reasonably practicable after Rating Agencies or any such eventregulatory agency or body.

Appears in 1 contract

Samples: Servicing Agreement (Imh Assets Corp)

Liability of the Servicer. (a) The Servicer will be liable to the Issuer, the Owner Trustee, the Indenture Trustee, the Noteholders and the Depositor only to the extent of the obligations specifically undertaken by the Servicer under this Agreement. All other liability is expressly waived and released as a condition of, and consideration for, the execution of this Agreement by the Servicer. Notwithstanding the foregoing, this This Section 6.2 will not protect the Servicer against any liability that would otherwise be imposed by reason of the Servicer’s willful misconduct, bad faith or negligence in the performance of its duties under this Agreement. (b) . The Servicer and any subservicer, and any officer, director, employee or agent of the Servicer or any subservicer, subservicer may rely in good faith on the advice of counsel or on any document believed of any kind that appears on its face to be genuine properly executed and submitted by any Person with respect to have been executed by the proper party in respect of any matters arising under this Agreement. (cb) The obligations of the Servicer under this Agreement are solely corporate obligations of the Servicer, and no recourse may be taken, directly or indirectly, with respect to the obligations of the Servicer against any owner, beneficiary, agent, officer, director director, or employee of the Servicer in their individual capacities except for any liability that would otherwise be imposed by reason of such Person’s willful misconduct, bad faith or negligence in the performance of its duties. (dc) The Servicer will not be under no any obligation to appear in, prosecute or defend any legal action that is not incidental to its duties to service the Receivables in accordance with this Agreement and that, that in its opinion, opinion may cause involve it to incur in any expense or liability. The Servicer may in its sole discretion (but will not be required to) undertake any legal action that it may deem necessary or desirable to protect the interests of the Noteholders or the Depositor under the Transaction Documents. In such event, the legal expenses, costs and liabilities of such action and any liability resulting from such action will be expenses, costs and liabilities of the Servicer. (ed) The Servicer will not be in default under this Agreement if it is unable to perform any of its obligations as a result of an act of God, act of war, terrorism, fires, earthquake or other natural disaster. The Servicer will make commercially reasonable efforts to resume the performance of its obligations under this Agreement as soon as reasonably practicable after any such event.

Appears in 1 contract

Samples: Sale and Servicing Agreement (Ford Credit Auto Owner Trust 2011-A)

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