Liability with Respect to Certain Taxes and Loss of REMIC Status. If any REMIC Pool fails to qualify as a REMIC, loses its status as a REMIC, or incurs state or local taxes, or tax as a result of a prohibited transaction or prohibited contribution subject to taxation under the REMIC Provisions due to the negligent performance by either the Trustee or the Certificate Administrator of its respective duties and obligations set forth herein, the Trustee or the Certificate Administrator, as the case may be, shall be liable to the REMIC Pools and the Holders of the Class R Certificates for any and all losses, claims, damages, liabilities or expenses (“Losses”) resulting from such negligence and relating to the Class R Certificates; provided that the Trustee or the Certificate Administrator, as applicable, shall not be liable for any such Losses attributable to the action or inaction of the Master Servicer, the Special Servicer, the Trustee (with respect to the Certificate Administrator), the Certificate Administrator (with respect to the Trustee), the Depositor or the Holders of the Class R Certificates nor for any such Losses resulting from any actions or failure to act based upon reliance on an Opinion of Counsel or from misinformation provided by the Master Servicer, the Special Servicer, the Trustee (with respect to the Certificate Administrator), the Certificate Administrator (with respect to the Trustee), the Depositor or the Holders of the Class R Certificates on which the Trustee or the Certificate Administrator, as the case may be, has relied. The foregoing shall not be deemed to limit or restrict the rights and remedies of the Holders of the Class R Certificates now or hereafter existing at law or in equity. The Trustee or the Certificate Administrator shall be entitled to intervene in any litigation in connection with the foregoing and to maintain control over its defense.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C10), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C12), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C11)
Liability with Respect to Certain Taxes and Loss of REMIC Status. If In the event that any REMIC Pool fails to qualify as a REMIC, loses its status as a REMIC, or incurs state or local taxes, or tax as a result of a prohibited transaction or prohibited contribution subject to taxation under the REMIC Provisions due to the negligent performance by either the Trustee or the Certificate Administrator of its respective duties and obligations set forth herein, the Trustee or the Certificate Administrator, as the case may be, shall be liable to the REMIC Pools and the Holders of the Class R Residual Certificates for any and all losses, claims, damages, liabilities or expenses (“"Losses”") resulting from such negligence and relating to the Class R Residual Certificates; provided provided, however, that the Trustee or the Certificate Administrator, as applicable, shall not be liable for any such Losses attributable to the action or inaction of the Master ServicerServicers, the Special Servicer, the Trustee (with respect to the Certificate Administrator), the Certificate Administrator (with respect to the Trustee)Servicers, the Depositor or the Holders of the Class R such Residual Certificates nor for any such Losses resulting from any actions or failure to act based upon reliance on an Opinion of Counsel or from misinformation provided by the Master ServicerServicers, the Special Servicer, the Trustee (with respect to the Certificate Administrator), the Certificate Administrator (with respect to the Trustee)Servicers, the Depositor or the such Holders of the Class R Residual Certificates on which the Trustee or the Certificate Administrator, as the case may be, has relied. The foregoing shall not be deemed to limit or restrict the rights and remedies of the Holders of the Class R Residual Certificates now or hereafter existing at law or in equity. The Trustee or the Certificate Administrator shall be entitled to intervene in any litigation in connection with the foregoing and to maintain control over its defense.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2007-Iq13), Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2007-Iq13), Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2007-Iq13)
Liability with Respect to Certain Taxes and Loss of REMIC Status. If In the event that any REMIC Pool fails to qualify as a REMIC, loses its status as a REMIC, or incurs state or local taxes, or tax as a result of a prohibited transaction or prohibited contribution subject to taxation under the REMIC Provisions due to the negligent performance by either the Trustee or the Certificate Administrator of its respective duties and obligations set forth herein, the Trustee or the Certificate Administrator, as the case may be, shall be liable to the REMIC Pools and the Holders of the Class R Residual Certificates for any and all losses, claims, damages, liabilities or expenses (“"Losses”") resulting from such negligence and relating to the Class R Residual Certificates; provided provided, however, that the Trustee or the Certificate Administrator, as applicableTrustee, shall not be liable for any such Losses attributable to the action or inaction of the Master Servicer, Servicer or the Special Servicer, the Trustee (with respect to the Certificate Administrator), the Certificate Administrator (with respect to the Trustee), the Depositor or the Holders of the Class R such Residual Certificates nor for any such Losses resulting from any actions or failure to act based upon reliance on an Opinion of Counsel or from misinformation provided by the Master Servicer, the Special Servicer, the Trustee (with respect to the Certificate Administrator), the Certificate Administrator (with respect to the Trustee), the Depositor or the such Holders of the Class R Residual Certificates on which the Trustee or the Certificate Administrator, as the case may be, has relied. The foregoing shall not be deemed to limit or restrict the rights and remedies of the Holders of the Class R Residual Certificates now or hereafter existing at law or in equity. The Trustee or the Certificate Administrator shall be entitled to intervene in any litigation in connection with the foregoing and to maintain control over its defense.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2005 HQ5), Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2005 HQ5), Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2005 HQ5)
Liability with Respect to Certain Taxes and Loss of REMIC Status. If any In the event that either REMIC Pool fails to qualify as a REMIC, loses its status as a REMIC, or incurs state or local taxes, or tax as a result of a prohibited transaction or prohibited contribution subject to taxation under the REMIC Provisions due to the negligent performance by either the Trustee or the Certificate Administrator of its respective duties and obligations set forth herein, the Trustee or the Certificate Administrator, as the case may be, shall be liable to the REMIC Pools and the Holders of the Class R Certificates for any and all losses, claims, damages, liabilities or expenses (“"Losses”") resulting from such negligence and relating to the Class R Certificates; provided provided, however, that the Trustee or the Certificate Administrator, as applicable, shall not be liable for any such Losses attributable to the action or inaction of the Master Servicer, the Special Servicer, the Trustee (with respect to the Certificate Administrator), the Certificate Administrator (with respect to the Trustee), the Depositor or the Holders of the Class R such Certificates nor for any such Losses resulting from any actions or failure to act based upon reliance on an Opinion of Counsel or from misinformation provided by the Master Servicer, the Special Servicer, the Trustee (with respect to the Certificate Administrator), the Certificate Administrator (with respect to the Trustee), the Depositor or the such Holders of the Class R Certificates on which the Trustee or the Certificate Administrator, as the case may be, has relied. The foregoing shall not be deemed to limit or restrict the rights and remedies of the Holders of the Class R Certificates now or hereafter existing at law or in equity. The Trustee or the Certificate Administrator shall be entitled to intervene in any litigation in connection with the foregoing and to maintain control over its defense.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Capital I Trust 2001-PPM), Pooling and Servicing Agreement (Morgan Stanley Dean Witter Capital 1 Inc Series 2000-Prin)
Liability with Respect to Certain Taxes and Loss of REMIC Status. If In the event that any REMIC Pool fails to qualify as a REMIC, loses its status as a REMIC, or incurs state or local taxes, or tax as a result of a prohibited transaction or prohibited contribution subject to taxation under the REMIC Provisions due to the negligent performance by either the Trustee or the Certificate Administrator of its respective duties and obligations set forth herein, the Trustee or the Certificate Administrator, as the case may be, shall be liable to the REMIC Pools and the Holders of the Class R Residual Certificates for any and all losses, claims, damages, liabilities or expenses (“Losses”"LOSSES") resulting from such negligence and relating to the Class R Residual Certificates; provided provided, however, that the Trustee or the Certificate Administrator, as applicable, shall not be liable for pursuant to this Section 12.3 to the extent that any such Losses are attributable to the action or inaction of the Master Servicer, the Special Servicer, the Trustee (with respect to the Certificate Administrator), the Certificate Administrator (with respect to the Trustee), the Depositor or the Holders of such Residual Certificates or to the Class R Certificates nor for extent that any such Losses resulting result from any actions or failure failures to act based upon taken in reliance on an Opinion of Counsel or from misinformation provided by the Master Servicer, the Special Servicer, the Trustee (with respect to the Certificate Administrator), the Certificate Administrator (with respect to the Trustee), the Depositor or the such Holders of the Class R Certificates on which the Trustee or the Certificate Administrator, as the case may be, has reliedResidual Certificates. The foregoing shall not be deemed to limit or restrict the rights and remedies of the Holders Trust or the Certificateholders under any other provision of the Class R Certificates this Agreement or now or hereafter otherwise existing at law or in equity. The Trustee or the Certificate Administrator shall be entitled to intervene in any litigation in connection with the foregoing and to maintain control over its defense.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Heller Financial Commercial Mort Asset Corp Series 1999 Ph 2), Pooling and Servicing Agreement (Morgan Stanley Capital I Inc Depositor for Series 1999-Fnv1)
Liability with Respect to Certain Taxes and Loss of REMIC Status. If In the event that any REMIC Pool fails to qualify as a REMIC, loses its status as a REMIC, or incurs state or local taxes, or tax as a result of a prohibited transaction or prohibited contribution subject to taxation under the REMIC Provisions due to the negligent performance by either the Trustee or the Certificate Administrator of its respective duties and obligations set forth herein, the Trustee or the Certificate Administrator, as the case may be, shall be liable to the REMIC Pools and the Holders of the Class R Residual Certificates for any and all losses, claims, damages, liabilities or expenses (“Losses”"LOSSES") resulting from such negligence and relating to the Class R Residual Certificates; provided provided, however, that the Trustee or the Certificate Administrator, as applicable, shall not be liable for pursuant to this Section 12.3 to the extent that any such Losses are attributable to the action or inaction of the Master Servicer, the Special Servicer, the Trustee (with respect to the Certificate Administrator), the Certificate Administrator (with respect to the Trustee), the Depositor or the Holders of such Residual Certificates or to the Class R Certificates nor for extent that any such Losses resulting result from any actions or failure failures to act based upon taken in reliance on an Opinion of Counsel or from misinformation provided by the Master Servicer, the Special Servicer, the Trustee (with respect to the Certificate Administrator), the Certificate Administrator (with respect to the Trustee), the Depositor or the such Holders of the Class R Certificates on which the Trustee or the Certificate Administrator, as the case may be, has reliedResidual Certificates. The foregoing 152 shall not be deemed to limit or restrict the rights and remedies of the Holders Trust or the Certificateholders under any other provision of the Class R Certificates this Agreement or now or hereafter otherwise existing at law or in equity. The Trustee or the Certificate Administrator shall be entitled to intervene in any litigation in connection with the foregoing and to maintain control over its defense.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Inc Com Mort Ps THR Cer Se 1998-Cf1)
Liability with Respect to Certain Taxes and Loss of REMIC Status. If In the event that any REMIC Pool fails to qualify as a REMIC, loses its status as a REMIC, or incurs state or local taxes, or tax as a result of a prohibited transaction or prohibited contribution subject to taxation under the REMIC Provisions due to the negligent performance by either the Trustee or the Certificate Administrator of its respective duties and obligations set forth herein, the Trustee or the Certificate Administrator, as the case may be, shall be liable to the REMIC Pools and the Holders of the Class R Residual Certificates for any and all losses, claims, damages, liabilities or expenses (“"Losses”") resulting from such negligence and relating to the Class R Residual Certificates; provided provided, however, that the Trustee or the Certificate Administrator, as applicable, shall not be liable for any such Losses attributable to the action or inaction of the Master Servicer, the Special Servicer, the Trustee (with respect to the Certificate Administrator), the Certificate Administrator (with respect to the Trustee), the Depositor or the Holders of the Class R such Residual Certificates nor for any such Losses resulting from any actions or failure to act based upon reliance on an Opinion of Counsel or from misinformation provided by the Master Servicer, the Special Servicer, the Trustee (with respect to the Certificate Administrator), the Certificate Administrator (with respect to the Trustee), the Depositor or the such Holders of the Class R Residual Certificates on which the Trustee or the Certificate Administrator, as the case may beTrustee, has relied. The foregoing shall not be deemed to limit or restrict the rights and remedies of the Holders of the Class R Residual Certificates now or hereafter existing at law or in equity. The Trustee or the Certificate Administrator shall be entitled to intervene in any litigation in connection with the foregoing and to maintain control over its defense.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Capital I Inc)
Liability with Respect to Certain Taxes and Loss of REMIC Status. If In the event that any REMIC Pool fails to qualify as a REMIC, loses its status as a REMIC, or incurs state or local taxes, or tax as a result of a prohibited transaction or prohibited contribution subject to taxation under the REMIC Provisions due to the negligent performance by either the Trustee or the Certificate Administrator of its respective duties and obligations set forth herein, the Trustee or the Certificate Administrator, as the case may be, shall be liable to the REMIC Pools and the Holders of the Class R Residual Certificates for any and all losses, claims, damages, liabilities or expenses (“"Losses”") resulting from such negligence and relating to the Class R Residual Certificates; provided provided, however, that the Trustee or the Certificate Administrator, as applicable, shall not be liable for pursuant to this Section 12.3 to the extent that any such Losses are attributable to the action or inaction of the Master Servicer, the Special Servicer, the Trustee (with respect to the Certificate Administrator), the Certificate Administrator (with respect to the Trustee), the Depositor or the Holders of such Residual Certificates or to the Class R Certificates nor for extent that any such Losses resulting result from any actions or failure failures to act based upon taken in reliance on an Opinion of Counsel or from misinformation provided by the Master Servicer, the Special Servicer, the Trustee (with respect to the Certificate Administrator), the Certificate Administrator (with respect to the Trustee), the Depositor or the such Holders of the Class R Certificates on which the Trustee or the Certificate Administrator, as the case may be, has reliedResidual Certificates. The foregoing shall not be deemed to limit or restrict the rights and remedies of the Holders Trust or the Certificateholders under any other provision of the Class R Certificates this Agreement or now or hereafter otherwise existing at law or in equity. The Trustee or the Certificate Administrator shall be entitled to intervene in any litigation in connection with the foregoing and to maintain control over its defense.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Inc)
Liability with Respect to Certain Taxes and Loss of REMIC Status. If In the event that any REMIC Pool fails to qualify as a REMIC, loses its status as a REMIC, or incurs state or local taxes, or tax as a result of a prohibited transaction or prohibited contribution subject to taxation under the REMIC Provisions due to the negligent performance by either the Trustee or the Certificate Administrator of its respective duties and obligations set forth herein, the Trustee or the Certificate Administrator, as the case may be, shall be liable to the REMIC Pools and the Holders of the Class R Residual Certificates for any and all losses, claims, damages, liabilities or expenses (“"Losses”") resulting from such negligence and relating to the Class R Residual Certificates; provided provided, however, that the Trustee or the Certificate Administrator, as applicable, shall not be liable for pursuant to this Section 12.3 to the extent that any such Losses are attributable to the action or inaction of the Master Servicer, the Special Servicer, the Trustee (with respect to the Certificate Administrator), the Certificate Administrator (with respect to the Trustee), the Depositor or the Holders of the Class R Residual Certificates nor for or to the extent that any such Losses resulting result from any actions or failure to act based upon reliance on an Opinion of Counsel or from misinformation provided by the Master Servicer, the Special Servicer, the Trustee (with respect to the Certificate Administrator), the Certificate Administrator (with respect to the Trustee), the Depositor or the Holders of the Class R Residual Certificates on which the Trustee or the Certificate Administrator, as the case may be, has relied. The foregoing shall not be deemed to limit or restrict the rights and remedies of the Holders Trust or the Certificateholders under any other provision of the Class R Certificates this Agreement or now or hereafter otherwise existing at law or in equity. The Trustee or the Certificate Administrator shall be entitled to intervene in any litigation in connection with the foregoing and to maintain control over its defense.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Inc)
Liability with Respect to Certain Taxes and Loss of REMIC Status. If In the event that any REMIC Pool fails to qualify as a REMIC, loses its status as a REMIC, or incurs state or local taxes, or tax as a result of a prohibited transaction or prohibited contribution subject to taxation under the REMIC Provisions due to the negligent performance by either the Trustee or the Certificate Administrator of its respective duties and obligations set forth herein, the Trustee or the Certificate Administrator, as the case may be, shall be liable to the REMIC Pools and the Holders of the Class R Residual Certificates for any and all losses, claims, damages, liabilities or expenses (“"Losses”") resulting from such negligence and relating to the Class R Residual Certificates; provided provided, however, that the Trustee or the Certificate Administrator, as applicable, shall not be liable for any such Losses attributable to the action or inaction of the Master Servicer, the Special Servicer, the Trustee (with respect to the Certificate Administrator), the Certificate Administrator (with respect to the Trustee), the Depositor or the Holders of the Class R such Residual Certificates nor for any such Losses resulting from any actions or failure to act based upon reliance on an Opinion of Counsel or from misinformation provided by the Master Servicer, the Special Servicer, the Trustee (with respect to the Certificate Administrator), the Certificate Administrator (with respect to the Trustee), the Depositor or the such Holders of the Class R Residual Certificates on which the Trustee or the Certificate Administrator, as the case may be, has relied. The foregoing shall not be deemed to limit or restrict the rights and remedies of the Holders of the Class R Residual Certificates now or hereafter existing at law or in equity. The Trustee or the Certificate Administrator shall be entitled to intervene in any litigation in connection with the foregoing and to maintain control over its defense.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Inc Depositor for Ser 1999-Life1)
Liability with Respect to Certain Taxes and Loss of REMIC Status. If In the event that any REMIC Pool fails to qualify as a REMIC, loses its status as a REMIC, or incurs state or local taxes, or tax as a result of a prohibited transaction or prohibited contribution subject to taxation under the REMIC Provisions due to the negligent performance by either the Trustee or the Certificate Administrator of its respective duties and obligations set forth herein, the Trustee or the Certificate Administrator, as the case may be, shall be liable to the REMIC Pools and the Holders of the Class R Residual Certificates for any and all losses, claims, damages, liabilities or expenses (“"Losses”") resulting from such negligence and relating to the Class R Residual Certificates; provided provided, however, that the Trustee or the Certificate Administrator, as applicable, shall not be liable for any such Losses attributable to the action or inaction of the Master Servicer, the Special Servicer, the Trustee (with respect to the Certificate Administrator), the Certificate Administrator (with respect to the Trustee)Fiscal Agent, the Depositor or the Holders of the Class R such Residual Certificates nor for any such Losses resulting from any actions or failure to act based upon reliance on an Opinion of Counsel or from misinformation provided by the Master Servicer, the Special Servicer, the Trustee (with respect to the Certificate Administrator), the Certificate Administrator (with respect to the Trustee)Fiscal Agent, the Depositor or the such Holders of the Class R Residual Certificates on which the Trustee or the Certificate Administrator, as the case may be, has relied. The foregoing shall not be deemed to limit or restrict the rights and remedies of the Holders of the Class R Residual Certificates now or hereafter existing at law or in equity. The Trustee or the Certificate Administrator shall be entitled to intervene in any litigation in connection with the foregoing and to maintain control over its defense.. 181 189 ARTICLE XIII
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Inc)
Liability with Respect to Certain Taxes and Loss of REMIC Status. If In the event that any REMIC Pool fails to qualify as a REMIC, loses its status as a REMIC, or incurs state or local taxes, or tax as a result of a prohibited transaction or prohibited contribution subject to taxation under the REMIC Provisions due to the negligent performance by either the Trustee or the Certificate Administrator of its respective duties and obligations set forth herein, the Trustee or the Certificate Administrator, as the case may be, shall be liable to the REMIC Pools and the Holders of the Class R Residual Certificates for any and all losses, claims, damages, liabilities or expenses (“Losses”"LOSSES") resulting from such negligence and relating to the Class R Residual Certificates; provided provided, however, that the Trustee or the Certificate Administrator, as applicable, shall not be liable for pursuant to this Section 12.3 to the extent that any such Losses are attributable to the action or inaction of the Master Servicer, the Special Servicer, the Trustee (with respect to the Certificate Administrator), the Certificate Administrator (with respect to the Trustee), the Depositor or the Holders of such Residual Certificates or to the Class R Certificates nor for extent that any such Losses resulting result from any actions or failure failures to act based upon taken in reliance on an Opinion of Counsel or from misinformation provided by the Master Servicer, the Special Servicer, the Trustee (with respect to the Certificate Administrator), the Certificate Administrator (with respect to the Trustee), the Depositor or the such Holders of the Class R Certificates on which the Trustee or the Certificate Administrator, as the case may be, has reliedResidual Certificates. The foregoing shall not be deemed to limit or restrict the rights and remedies of the Holders Trust or the Certificateholders under any other provision of the Class R Certificates this Agreement or now or hereafter otherwise existing at law or in equity. The Trustee or the Certificate Administrator shall be entitled to intervene in any litigation in connection with the foregoing and to maintain control over its defense.. 152
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Inc)
Liability with Respect to Certain Taxes and Loss of REMIC Status. If In the event that any REMIC Pool fails to qualify as a REMIC, loses its status as a REMIC, or incurs state or local taxes, or tax as a result of a prohibited transaction or prohibited contribution subject to taxation under the REMIC Provisions due to the negligent performance by either the Trustee or the Certificate Administrator of its respective duties and obligations set forth herein, the Trustee or the Certificate Administrator, as the case may be, shall be liable to the REMIC Pools and the Holders of the Class R Residual Certificates for any and all losses, claims, damages, liabilities or expenses (“Losses”"LOSSES") resulting from such negligence and relating to the Class R Residual Certificates; provided provided, however, that the Trustee or the Certificate Administrator, as applicable, shall not be liable for pursuant to this Section 12.3 to the extent that any such Losses are attributable to the action or inaction of the Master Servicer, the Special Servicer, the Trustee (with respect to the Certificate Administrator), the Certificate Administrator (with respect to the Trustee), the Depositor or the Holders of such Residual Certificates or to the Class R Certificates nor for extent that any such Losses resulting result from any actions or failure failures to act based upon taken in reliance on an Opinion of Counsel or from misinformation provided by the Master 163 Servicer, the Special Servicer, the Trustee (with respect to the Certificate Administrator), the Certificate Administrator (with respect to the Trustee), the Depositor or the such Holders of the Class R Certificates on which the Trustee or the Certificate Administrator, as the case may be, has reliedResidual Certificates. The foregoing shall not be deemed to limit or restrict the rights and remedies of the Holders Trust or the Certificateholders under any other provision of the Class R Certificates this Agreement or now or hereafter otherwise existing at law or in equity. The Trustee or the Certificate Administrator shall be entitled to intervene in any litigation in connection with the foregoing and to maintain control over its defense.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Inc)
Liability with Respect to Certain Taxes and Loss of REMIC Status. If In the event that any REMIC Pool fails to qualify as a REMIC, loses its status as a REMIC, or incurs state or local taxes, or tax as a result of a prohibited transaction or prohibited contribution subject to taxation under the REMIC Provisions due to the negligent performance by either the Trustee or the Certificate Administrator of its respective duties and obligations set forth herein, the Trustee or the Certificate Administrator, as the case may be, shall be liable to the REMIC Pools and the Holders of the Class R Residual Certificates for any and all losses, claims, damages, liabilities or expenses (“"Losses”") resulting from such negligence and relating to the Class R Residual Certificates; provided provided, however, that the Trustee or the Certificate Administrator, as applicable, shall not be liable for any such Losses attributable to the action or inaction of the Master Servicer, the Special Servicer, the Trustee (with respect to the Certificate Administrator), the Certificate Administrator (with respect to the Trustee), the Depositor or the Holders of the Class R such Residual Certificates nor for any such Losses resulting from any actions or failure to act based upon reliance on an Opinion of Counsel or from misinformation provided by the Master Servicer, the Special Servicer, the Trustee (with respect to the Certificate Administrator), the Certificate Administrator (with respect to the Trustee), the Depositor or the such Holders of the Class R Residual Certificates on which the Trustee or the Certificate Administrator, as the case may be, has relied. The foregoing shall not be deemed to limit or restrict the rights and remedies of the Holders of the Class R Residual Certificates now or hereafter existing at law or in equity. The Trustee or the Certificate Administrator shall be entitled to intervene in any litigation in connection with the foregoing and to maintain control over its defense.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Cap I Inc Capital I Tr 2004-Hq3)
Liability with Respect to Certain Taxes and Loss of REMIC Status. If In the event that any REMIC Pool fails to qualify as a REMIC, loses its status as a REMIC, or incurs state or local taxes, or tax as a result of a prohibited transaction or prohibited contribution subject to taxation under the REMIC Provisions due to the negligent performance by either the Trustee or the Certificate Administrator of its respective duties and obligations set forth herein, the Trustee or the Certificate Administrator, as the case may be, shall be liable to the REMIC Pools and the Holders of the Class R Residual Certificates for any and all losses, claims, damages, liabilities or expenses (“"Losses”") resulting from such negligence and relating to the Class R Residual Certificates; provided provided, however, that the Trustee or the Certificate Administrator, as applicable, shall not be liable for pursuant to this Section 12.3 to the extent that any such Losses are attributable to the action or inaction of the Master Servicer, the Special Servicer, the Trustee (with respect to the Certificate Administrator), the Certificate Administrator (with respect to the Trustee), the Depositor or the Holders of such Residual Certificates or to the Class R Certificates nor for extent that any such Losses resulting result from any actions or failure to act based upon reliance on an Opinion of Counsel or from misinformation provided by the Master Servicer, the Special Servicer, the Trustee (with respect to the Certificate Administrator), the Certificate Administrator (with respect to the Trustee), the Depositor or the such Holders of the Class R Residual Certificates on which the Trustee or the Certificate Administrator, as the case may be, has relied. The foregoing shall not be deemed to limit or restrict the rights and remedies of the Holders Trust or the Certificateholders under any other provision of the Class R Certificates this Agreement or now or hereafter otherwise existing at law or in equity. The Trustee or the Certificate Administrator shall be entitled to intervene in any litigation in connection with the foregoing and to maintain control over its defense.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Inc)