Master Servicer and Servicers to Service Mortgage Loans. For and on behalf of the Certificateholders, as independent contractors of the Trustee, the Master Servicer and each Servicer, severally and not jointly, shall service and administer the Mortgage Loans in accordance with the terms of this Agreement and with Accepted Servicing Practices. The obligations of each of Fairbanks and WMMSC hereunder to service and administer the Mortgage Loans shall be limited to the Fairbanks Serviced Mortgage Loans and the WMMSC Serviced Mortgage Loans, respectively; and with respect to the duties and obligations of each Servicer, references herein to related “Mortgage Loans” shall be limited to the Fairbanks Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties) in the case of Fairbanks and the WMMSC Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties), in the case of WMMSC; and in no event shall any Servicer have any responsibility or liability with respect to any of the other Mortgage Loans. The obligations of the Master Servicer to master service and administer the Mortgage Loans shall be limited to the Master Serviced Mortgage Loans, the Fairbanks Serviced Mortgage Loans and the Special Serviced Mortgage Loans. Notwithstanding anything to the contrary contained in this Agreement, the Master Servicer shall have no obligations to master service or administer the WMMSC Serviced Mortgage Loans. In connection with such servicing and administration, the Master Servicer and each Servicer shall have full power and authority, acting alone and/or through Subservicers as provided in Section 3.02 hereof, to do or cause to be done any and all things that it may deem necessary or desirable in connection with such servicing and administration, including but not limited to, the power and authority, subject to the terms hereof (i) to execute and deliver, on behalf of the Certificateholders and the Trustee, customary consents or waivers and other instruments and documents, (ii) to consent to transfers of any Mortgaged Property and assumptions of the Mortgage Notes and related Mortgages (but only in the manner provided in this Agreement), (iii) to collect any Insurance Proceeds and other Liquidation Proceeds, and (iv) to effectuate foreclosure or other conversion of the ownership of the Mortgaged Property securing any Mortgage Loan; provided that neither the Master Servicer nor a Servicer shall take any action that is inconsistent with or prejudices the interests of the Trust Fund or the Certificateholders in any Mortgage Loan or the rights and interests of the Depositor, the Trustee, the Trust Administrator or the Certificateholders under this Agreement. The Master Servicer and each Servicer shall represent and protect the interests of the Trust Fund in the same manner as it protects its own interests in mortgage loans in its own portfolio in any claim, proceeding or litigation regarding a Mortgage Loan, and shall not make or permit any modification, waiver or amendment of any Mortgage Loan which would cause any REMIC created hereunder to fail to qualify as a REMIC or result in the imposition of any tax under Section 860F(a) or Section 860G(d) of the Code. Without limiting the generality of the foregoing, the Master Servicer and each Servicer, in its own name or in the name of the Depositor and the Trustee, is hereby authorized and empowered by the Depositor, the Trustee and the Trust Administrator, when the Master Servicer or such Servicer believes it appropriate in its reasonable judgment, to execute and deliver, on behalf of the Trustee, the Trust Administrator, the Depositor, the Certificateholders or any of them, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge and all other comparable instruments, with respect to the Mortgage Loans, and with respect to the Mortgaged Properties held for the benefit of the Certificateholders. The Master Servicer and each Servicer shall prepare and deliver to the Depositor and/or the Trustee and/or the Trust Administrator such documents requiring execution and delivery by either or both of them as are necessary or appropriate to enable the Master Servicer or such Servicer to service and administer the Mortgage Loans to the extent that the Master Servicer or such Servicer is not permitted to execute and deliver such documents pursuant to the preceding sentence. Upon receipt of such documents, the Depositor and/or the Trustee or the Trust Administrator shall execute such documents and deliver them to the Master Servicer or such Servicer. In accordance with the standards of the preceding paragraph and unless determined in good faith to be a Nonrecoverable Advance, the Master Servicer and each Servicer shall advance or cause to be advanced funds as necessary for the purpose of effecting the payment of taxes and assessments on the Mortgaged Properties, which advances constitute Servicing Advances and shall be reimbursable in the first instance from related collections from the Mortgagors pursuant to Section 3.06, and further as provided in Section 3.08. In no event will any Servicer be required to make any Servicing Advance which would constitute a Nonrecoverable Advance. The costs incurred by the Master Servicer or a Servicer, if any, in effecting the timely payments of taxes and assessments on the Mortgaged Properties and related insurance premiums shall not, for the purpose of calculating monthly distributions to the Certificateholders, be added to the Stated Principal Balances of the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit. The Master Servicer and each Servicer hereby acknowledges that, to the extent the Master Servicer or such Servicer has previously serviced some or all of the Mortgage Loans pursuant to another servicing agreement, the provisions contained in this Agreement shall supersede the provisions contained in such other servicing agreement from and after the Closing Date. Notwithstanding anything to the contrary in this Agreement, with respect to any action which according to the terms of this Agreement is to be performed by the Master Servicer and the applicable Servicer, (i) if such action relates to a Master Serviced Mortgage Loan, only the Master Servicer shall have an obligation to perform such action, (ii) if such action relates to a WMMSC Serviced Mortgage Loan, only WMMSC shall have an obligation to perform such action and (iii) if such action relates to a Mortgage Loan which is neither a Master Serviced Mortgage Loan nor a WMMSC Serviced Mortgage Loan, the related Servicer shall have an obligation to perform such action, and the Master Servicer shall also have an obligation to perform such action, but only if the related Servicer fails to do so. Notwithstanding anything in this Agreement to the contrary, the purchase of any WMMSC Serviced Mortgage Loan by any Person shall be subject to the rights of WMMSC to continue servicing such WMMSC Serviced Mortgage Loan for the same Servicing Fee substantially in accordance with the terms of this Agreement. With respect to each Mortgage Loan (other than with respect to the WMMSC Serviced Mortgage Loans), the Master Servicer and the related Servicer, other than WMMSC, will fully furnish, in accordance with the Fair Credit Reporting Act and its implementing regulations, accurate and complete information (e.g., favorable and unfavorable) on its borrower credit files to Equifax, Experian and Trans Union Credit Information Company, on a monthly basis. With respect to each WMMSC Serviced Mortgage Loan, WMMSC will furnish information regarding its borrower credit files to credit reporting agencies in compliance with the provisions of the Fair Credit Reporting Act and its implementing regulations applicable to WMMSC.

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (CSFB Mortgage Backed Pass Through Certs Ser 2003-Ar9), Pooling and Servicing Agreement (CSFB Mort Sec Corp Mort Backed Pass THR Certs Ser 2003 Ar5), Pooling and Servicing Agreement (CSFB Mort Sec Corp Mort Backed Pass THR Certs Ser 2003 Ar5)

Master Servicer and Servicers to Service Mortgage Loans. For and on behalf of the Certificateholders, as independent contractors of the Trustee, the Master Servicer and each Servicer, severally and not jointly, shall service and administer the Mortgage Loans in accordance with the terms of this Agreement and with Accepted Servicing Practices. The obligations of each of ~~Fairbanks~~ GreenPoint, Olympus and WMMSC hereunder to service and administer the Mortgage Loans shall be limited to the ~~Fairbanks~~ GreenPoint Serviced Mortgage Loans, the Olympus Serviced Mortgage Loans and the WMMSC Serviced Mortgage Loans, respectively; and with respect to the duties and obligations of each Servicer, references herein to related “"Mortgage Loans” " shall be limited to the ~~Fairbanks~~ GreenPoint Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties), in the case of GreenPoint, the Olympus Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties) in the case of ~~Fairbanks~~ Olympus, and the WMMSC Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties), ) in the case of WMMSC; and in no event shall any Servicer have any responsibility or liability with respect to any of the other Mortgage Loans. The obligations of the Master Servicer to master service and administer the Mortgage Loans shall be limited to the Master Serviced Mortgage Loans, the Fairbanks Serviced Mortgage Loans and the Special Serviced Mortgage Loans. Notwithstanding anything to the contrary contained in this Agreement, the Master Servicer shall have no obligations to master service or administer the WMMSC Serviced Mortgage Loans. In connection with such servicing and administration, the Master Servicer and each Servicer shall have full power and authority, acting alone and/or through Subservicers as provided in Section 3.02 hereof, to do or cause to be done any and all things that it may deem necessary or desirable in connection with such servicing and administration, including but not limited to, the power and authority, subject to the terms hereof (i) to execute and deliver, on behalf of the Certificateholders and the Trustee, customary consents or waivers and other instruments and documents, (ii) to consent to transfers of any Mortgaged Property and assumptions of the Mortgage Notes and related Mortgages (but only in the manner provided in this Agreement), (iii) to collect any Insurance Proceeds and other Liquidation Proceeds, and (iv) to effectuate foreclosure or other conversion of the ownership of the Mortgaged Property securing any Mortgage Loan; provided that neither the Master Servicer nor a Servicer shall take any action that is inconsistent with or prejudices the interests of the Trust Fund or the Certificateholders in any Mortgage Loan or the rights and interests of the Depositor, the Trustee, the Trust Administrator or the Certificateholders under this Agreement. The Master Servicer and each Servicer shall represent and protect the interests of the Trust Fund in the same manner as it protects its own interests in mortgage loans in its own portfolio in any claim, proceeding or litigation regarding a Mortgage Loan, and shall not make or permit any modification, waiver or amendment of any Mortgage Loan which would cause any REMIC created hereunder to fail to qualify as a REMIC or result in the imposition of any tax under Section 860F(a) or Section 860G(d) of the Code. Without limiting the generality of the foregoing, the Master Servicer and each Servicer, in its own name or in the name of the Depositor and the Trustee, is hereby authorized and empowered by the Depositor, the Trustee and the Trust Administrator, when the Master Servicer or such Servicer believes it appropriate in its reasonable judgment, to execute and deliver, on behalf of the Trustee, the Trust Administrator, the Depositor, the Certificateholders or any of them, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge and all other comparable instruments, with respect to the Mortgage Loans, and with respect to the Mortgaged Properties held for the benefit of the Certificateholders. The Master Servicer and each Servicer shall prepare and deliver to the Depositor and/or the Trustee and/or the Trust Administrator such documents requiring execution and delivery by either or both of them as are necessary or appropriate to enable the Master Servicer or such Servicer to service and administer the Mortgage Loans to the extent that the Master Servicer or such Servicer is not permitted to execute and deliver such documents pursuant to the preceding sentence. Upon receipt of such documents, the Depositor and/or the Trustee or the Trust Administrator shall execute such documents and deliver them to the Master Servicer or such Servicer. In accordance with the standards of the preceding paragraph and unless determined in good faith to be a Nonrecoverable Advance, the Master Servicer and each Servicer shall advance or cause to be advanced funds as necessary for the purpose of effecting the payment of taxes and assessments on the Mortgaged Properties, which advances constitute Servicing Advances and shall be reimbursable in the first instance from related collections from the Mortgagors pursuant to Section 3.06, and further as provided in Section 3.08. ~~In no event will any Servicer be required to make any Servicing Advance which would constitute a Nonrecoverable Advance.~~ The costs incurred by the Master Servicer or a Servicer, if any, in effecting the timely payments of taxes and assessments on the Mortgaged Properties and related insurance premiums shall not, for the purpose of calculating monthly distributions to the Certificateholders, be added to the Stated Principal Balances of the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit. The Master Servicer and each Servicer hereby acknowledges that, to the extent the Master Servicer or such Servicer has previously serviced some or all of the Mortgage Loans pursuant to another servicing agreement, the provisions contained in this Agreement shall supersede the provisions contained in such other servicing agreement from and after the Closing Date. Notwithstanding anything to the contrary in this Agreement, with respect to any action which according to the terms of this Agreement is to be performed by the Master Servicer and the applicable Servicer, (i) if such action relates to a Master Serviced Mortgage Loan, only the Master Servicer shall have an obligation to perform such action, (ii) if such action relates to a WMMSC Serviced Mortgage Loan, only WMMSC shall have an obligation to perform such action and (iii) if such action relates to a Mortgage Loan which is neither a Master Serviced Mortgage Loan nor a WMMSC Serviced Mortgage Loan, the related Servicer shall have an obligation to perform such action, and the Master Servicer shall also have an obligation to perform such action, but only if the related Servicer fails to do so. Notwithstanding anything in this Agreement to the contrary, the purchase of any WMMSC Serviced Mortgage Loan by any Person shall be subject to the rights of WMMSC to continue servicing such WMMSC Serviced Mortgage Loan for the same Servicing Fee substantially in accordance with the terms of this Agreement. With respect to each Mortgage Loan (other than with respect to the WMMSC Serviced Mortgage Loans), the Master Servicer and the related Servicer, other than WMMSC, will fully furnish, in accordance with the Fair Credit Reporting Act and its implementing regulations, accurate and complete information (e.g., favorable and unfavorable) on its borrower credit files to Equifax, Experian and Trans Union Credit Information Company, on a monthly basis. With respect to each WMMSC Serviced Mortgage Loan, WMMSC will furnish information regarding its borrower credit files to credit reporting agencies in compliance with the provisions of the Fair Credit Reporting Act and its implementing regulations applicable to WMMSC.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp), Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp)

Master Servicer and Servicers to Service Mortgage Loans. For and on behalf of the Certificateholders, as independent contractors of the Trustee, the Master Servicer and each Servicer, severally and not jointly, shall service and administer the Mortgage Loans in accordance with the terms of this Agreement and with Accepted Servicing Practices. The obligations of each of Fairbanks and WMMSC hereunder to service and administer the Mortgage Loans shall be limited to the Fairbanks Serviced Mortgage Loans and ~~the~~ WMMSC Serviced Mortgage Loans, respectively; and with respect to the duties and obligations of each Servicer, references herein to related “Mortgage Loans” shall be limited to the Fairbanks Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties) in the case of ~~Fairbanks~~ Fairbanks, and the WMMSC Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties), ) in the case of WMMSC; and in no event shall any Servicer have any responsibility or liability with respect to any of the other Mortgage Loans. The obligations of the Master Servicer to master service and administer the Mortgage Loans shall be limited to the Master Serviced Mortgage ~~Loans, the Fairbanks Serviced Mortgage~~ Loans and the ~~Special~~ Fairbanks Serviced Mortgage Loans. Notwithstanding anything to the contrary contained in this Agreement, the Master Servicer shall have no obligations to master service or administer the WMMSC Serviced Mortgage Loans. In connection with such servicing and administration, the Master Servicer and each Servicer shall have full power and authority, acting alone and/or through Subservicers as provided in Section 3.02 hereof, to do or cause to be done any and all things that it may deem necessary or desirable in connection with such servicing and administration, including but not limited to, the power and authority, subject to the terms hereof (i) to execute and deliver, on behalf of the Certificateholders and the Trustee, customary consents or waivers and other instruments and documents, (ii) to consent to transfers of any Mortgaged Property and assumptions of the Mortgage Notes and related Mortgages (but only in the manner provided in this Agreement), (iii) to collect any Insurance Proceeds and other Liquidation Proceeds, and (iv) to effectuate foreclosure or other conversion of the ownership of the Mortgaged Property securing any Mortgage Loan; provided that neither the Master Servicer nor a Servicer shall take any action that is inconsistent with or prejudices the interests of the Trust Fund or the Certificateholders in any Mortgage Loan or the rights and interests of the Depositor, the Trustee, the Trust Administrator or the Certificateholders under this Agreement. The Master Servicer and each Servicer shall represent and protect the interests of the Trust Fund in the same manner as it protects its own interests in mortgage loans in its own portfolio in any claim, proceeding or litigation regarding a Mortgage Loan, and shall not make or permit any modification, waiver or amendment of any Mortgage Loan which would cause any REMIC created hereunder to fail to qualify as a REMIC or result in the imposition of any tax under Section 860F(a) or Section 860G(d) of the Code. Without limiting the generality of the foregoing, the Master Servicer and each Servicer, in its own name or in the name of the Depositor and the Trustee, is hereby authorized and empowered by the Depositor, the Trustee and the Trust Administrator, when the Master Servicer or such Servicer believes it appropriate in its reasonable judgment, to execute and deliver, on behalf of the Trustee, the Trust Administrator, the Depositor, the Certificateholders or any of them, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge and all other comparable instruments, with respect to the Mortgage Loans, and with respect to the Mortgaged Properties held for the benefit of the Certificateholders. The Master Servicer and each Servicer shall prepare and deliver to the Depositor and/or the Trustee and/or the Trust Administrator such documents requiring execution and delivery by either or both of them as are necessary or appropriate to enable the Master Servicer or such Servicer to service and administer the Mortgage Loans to the extent that the Master Servicer or such Servicer is not permitted to execute and deliver such documents pursuant to the preceding sentence. Upon receipt of such documents, the Depositor and/or the Trustee or the Trust Administrator shall execute such documents and deliver them to the Master Servicer or such Servicer. In accordance with the standards of the preceding paragraph and unless determined in good faith to be a Nonrecoverable Advance, the Master Servicer and each Servicer shall advance or cause to be advanced funds as necessary for the purpose of effecting the payment of taxes and assessments on the Mortgaged Properties, which advances constitute Servicing Advances and shall be reimbursable in the first instance from related collections from the Mortgagors pursuant to Section 3.06, and further as provided in Section 3.08. ~~In no event will any Servicer be required to make any Servicing Advance which would constitute a Nonrecoverable Advance.~~ The costs incurred by the Master Servicer or a Servicer, if any, in effecting the timely payments of taxes and assessments on the Mortgaged Properties and related insurance premiums shall not, for the purpose of calculating monthly distributions to the Certificateholders, be added to the Stated Principal Balances of the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit. The Master Servicer and each Servicer hereby acknowledges that, to the extent the Master Servicer or such Servicer has previously serviced some or all of the Mortgage Loans pursuant to another servicing agreement, the provisions contained in this Agreement shall supersede the provisions contained in such other servicing agreement from and after the Closing Date. Notwithstanding anything to the contrary in this Agreement, with respect to any action which according to the terms of this Agreement is to be performed by the Master Servicer and the applicable Servicer, (i) if such action relates to a Master Serviced Mortgage Loan, only the Master Servicer shall have an obligation to perform such action, (ii) if such action relates to a WMMSC Serviced Mortgage Loan, only WMMSC shall have an obligation to perform such action and (iii) if such action relates to a Mortgage Loan which is ~~neither~~ not a Master Serviced Mortgage Loan ~~nor~~ or a WMMSC Serviced Mortgage Loan, the related Servicer shall have an obligation to perform such action, and the Master Servicer shall also have an obligation to perform such action, but only if the ~~related~~ Servicer fails to do so. Notwithstanding anything in this Agreement to the contrary, the purchase of any WMMSC Serviced Mortgage Loan by any Person shall be subject to the rights of WMMSC to continue servicing such WMMSC Serviced Mortgage Loan for the same Servicing Fee substantially in accordance with the terms of this Agreement. With respect to each Group I Mortgage ~~Loan~~ Loan, the Master Servicer (other than with respect to ~~the~~ WMMSC Serviced Mortgage Loans~~), the Master Servicer~~ ) and the related Servicer, other than WMMSC, will fully furnish, in accordance with the Fair Credit Reporting Act and its implementing regulations, accurate and complete information (e.g., favorable and unfavorable) on its borrower credit files to Equifax, Experian and Trans Union Credit Information Company, on a monthly basis. With respect to each WMMSC Serviced Mortgage ~~Loan~~Loan in Loan Group I, WMMSC will furnish information regarding its borrower credit files to credit reporting agencies in compliance with the provisions of the Fair Credit Reporting Act and its implementing regulations applicable to WMMSC.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (CSFB Mortgage Backed Pass THR Cert Ser 2002-30), Pooling and Servicing Agreement (CSFB Mortgage Backed Pass Through Certs Series 2002-29)

Master Servicer and Servicers to Service Mortgage Loans. For and on behalf of the Certificateholders, as independent contractors of the Trustee, (i) the Master Servicer and each Servicer, severally and not jointly, shall service and administer the Non-Designated Mortgage Loans in accordance with the terms of this Agreement and with Accepted Servicing ~~Practices~~Practices and (ii) the Master Servicer shall, in accordance with the Section 3.03 of this Agreement, master service and administer the Designated Mortgage Loans by overseeing and enforcing the servicing of the Designated Mortgage Loans by the related Designated Servicers according to the terms of the related Designated Servicing Agreements. The obligations of each of Bank of America, Fairbanks and WMMSC hereunder to service and administer the Mortgage Loans shall be limited to the Bank of America Serviced Mortgage Loans, Fairbanks Serviced Mortgage Loans and ~~the~~ WMMSC Serviced Mortgage Loans, respectively; and with respect to the duties and obligations of each Servicer, references herein to related “Mortgage Loans” shall be limited to the Bank of America Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties) in the case of Bank of America, the Fairbanks Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties) in the case of ~~Fairbanks~~ Fairbanks, and the WMMSC Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties), ) in the case of WMMSC; and in no event shall any Servicer have any responsibility or liability with respect to any of the other Mortgage Loans. The obligations of the Master Servicer to master service and administer the Mortgage Loans shall be limited to the Master Serviced Mortgage Loans, the ~~Fairbanks~~ Bank of America Serviced Mortgage Loans and the ~~Special~~ Fairbanks Serviced Mortgage Loans. Notwithstanding anything to the contrary contained in this Agreement, the Master Servicer shall have no obligations to master service or administer the WMMSC Serviced Mortgage Loans. In connection with such servicing and ~~administration~~administration of the Non-Designated Mortgage Loans, the Master Servicer and each Servicer shall have full power and authority, acting alone and/or through Subservicers as provided in Section 3.02 hereof, to do or cause to be done any and all things that it may deem necessary or desirable in connection with such servicing and administration, including but not limited to, the power and authority, subject to the terms hereof (i) to execute and deliver, on behalf of the Certificateholders and the Trustee, customary consents or waivers and other instruments and documents, (ii) to consent to transfers of any Mortgaged Property and assumptions of the Mortgage Notes and related Mortgages (but only in the manner provided in this Agreement), (iii) to collect any Insurance Proceeds and other Liquidation Proceeds, and (iv) to effectuate foreclosure or other conversion of the ownership of the Mortgaged Property securing any Mortgage Loan; provided that neither the Master Servicer nor a Servicer shall take any action that is inconsistent with or prejudices the interests of the Trust Fund or the Certificateholders in any Mortgage Loan or the rights and interests of the Depositor, the Trustee, the Trust Administrator or the Certificateholders under this Agreement. The Master Servicer and each Servicer shall represent and protect the interests of the Trust Fund in the same manner as it protects its own interests in mortgage loans in its own portfolio in any claim, proceeding or litigation regarding a Mortgage Loan, and shall not make or permit any modification, waiver or amendment of any Mortgage Loan which would cause any REMIC created hereunder to fail to qualify as a REMIC or result in the imposition of any tax under Section 860F(a) or Section 860G(d) of the Code. Without limiting the generality of the foregoing, the Master Servicer and each Servicer, in its own name or in the name of the Depositor and the Trustee, is hereby authorized and empowered by the Depositor, the Trustee and the Trust Administrator, when the Master Servicer or such Servicer believes it appropriate in its reasonable judgment, to execute and deliver, on behalf of the Trustee, the Trust Administrator, the Depositor, the Certificateholders or any of them, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge and all other comparable instruments, with respect to the Mortgage Loans, and with respect to the Mortgaged Properties held for the benefit of the Certificateholders. The Master Servicer and each Servicer shall prepare and deliver to the Depositor and/or the Trustee and/or the Trust Administrator such documents requiring execution and delivery by either or both of them as are necessary or appropriate to enable the Master Servicer or such Servicer to service and administer the Mortgage Loans to the extent that the Master Servicer or such Servicer is not permitted to execute and deliver such documents pursuant to the preceding sentence. Upon receipt of such documents, the Depositor and/or the Trustee or the Trust Administrator shall execute such documents and deliver them to the Master Servicer or such Servicer. In accordance with the standards of the preceding paragraph and unless determined in good faith to be a Nonrecoverable Advance, the Master Servicer and each Servicer shall advance or cause to be advanced funds as necessary for the purpose of effecting the payment of taxes and assessments on the Mortgaged ~~Properties~~Properties related to Non-Designated Mortgage Loans, which advances constitute Servicing Advances and shall be reimbursable in the first instance from related collections from the Mortgagors pursuant to Section 3.06, and further as provided in Section 3.08. In no event will any Servicer be required to make any Servicing Advance which would constitute a Nonrecoverable Advance. The costs incurred by the Master Servicer or a Servicer, if any, in effecting the timely payments of taxes and assessments on the Mortgaged Properties related to Non-Designated Mortgage Loans and related insurance premiums shall not, for the purpose of calculating monthly distributions to the Certificateholders, be added to the Stated Principal Balances of the related Non-Designated Mortgage Loans, notwithstanding that the terms of such Non-Designated Mortgage Loans so permit. The Master Servicer and each Servicer hereby acknowledges that, to the extent the Master Servicer or such Servicer has previously serviced some or all of the Non-Designated Mortgage Loans pursuant to another servicing agreement, the provisions contained in this Agreement shall supersede the provisions contained in such other servicing agreement from and after the Closing Date. In addition, the Master Servicer hereby acknowledges that, to the extent the Master Servicer or a Designated Servicer has previously serviced some or all of the Designated Mortgage Loans pursuant to another servicing agreement, the provisions contained in the related Designated Servicing Agreement shall supersede the provisions contained in such other servicing agreement from and after the Closing Date. Notwithstanding anything to the contrary in this Agreement, with respect to any action which according to the terms of this Agreement is to be performed by the Master Servicer and the applicable Servicer, (i) if such action relates to a Master Serviced Mortgage Loan, only the Master Servicer shall have an obligation to perform such action, (ii) if such action relates to a WMMSC Serviced Mortgage Loan, only WMMSC shall have an obligation to perform such action and (iii) if such action relates to a Mortgage Loan which is ~~neither~~ not a Master Serviced Mortgage Loan ~~nor~~ or a WMMSC Serviced Mortgage Loan, the related Servicer shall have an obligation to perform such action, and the Master Servicer shall also have an obligation to perform such action, but only if the ~~related~~ Servicer fails to do so. Notwithstanding anything in this Agreement to the contrary, (i) the purchase of any WMMSC Serviced Mortgage Loan by any Person shall be subject to the rights of WMMSC to continue servicing such WMMSC Serviced Mortgage Loan for the same Servicing Fee substantially in accordance with the terms of this Agreement~~. With respect to each~~ , and (ii) the purchase of any Bank of America Serviced Mortgage Loan ~~(other than with respect~~ by any Person shall be subject to the ~~WMMSC~~ rights of Bank of America to continue servicing such Bank of America Serviced Mortgage ~~Loans),~~ Loan for the ~~Master Servicer and the related Servicer, other than WMMSC, will fully furnish,~~ same Servicing Fee substantially in accordance with the Fair Credit Reporting Act and its implementing regulations, accurate and complete information (e.g., favorable and unfavorable) on its borrower credit files to Equifax, Experian and Trans Union Credit Information Company, on a monthly basis. With respect to each WMMSC Serviced Mortgage Loan, WMMSC will furnish information regarding its borrower credit files to credit reporting agencies in compliance with the provisions terms of ~~the Fair Credit Reporting Act and its implementing regulations applicable to WMMSC~~this Agreement.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (CSFB Mortgage Acceptance Corp Mort Back Cert Ser 2003-1), Pooling and Servicing Agreement (CSFB Mortgage Acceptance Corp Mort Back Cert Ser 2003-1)

Master Servicer and Servicers to Service Mortgage Loans. For and on behalf of the Certificateholders, as independent contractors of the Trustee, (i) the Master Servicer and each Servicer, severally and not jointly, shall service and administer the Non-Designated Mortgage Loans in accordance with the terms of this Agreement and with Accepted Servicing ~~Practices~~Practices and (ii) the Master Servicer shall, in accordance with the Section 3.03 of this Agreement, master service and administer the Designated Mortgage Loans by overseeing and enforcing the servicing of the Designated Mortgage Loans by the Designated Servicer according to the terms of the Designated Servicing Agreement. The obligations of each of Washington Mutual, Fairbanks and WMMSC hereunder to service and administer the Mortgage Loans shall be limited to the Washington Mutual Serviced Mortgage Loans, Fairbanks Serviced Mortgage Loans and ~~the~~ WMMSC Serviced Mortgage Loans, respectively; and with respect to the duties and obligations of each Servicer, references herein to related “Mortgage Loans” shall be limited to the Washington Mutual Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties) in the case of Washington Mutual, the Fairbanks Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties) in the case of ~~Fairbanks~~ Fairbanks, and the WMMSC Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties), ) in the case of WMMSC; and in no event shall any Servicer have any responsibility or liability with respect to any of the other Mortgage Loans. The obligations of the Master Servicer to master service and administer the Mortgage Loans shall be limited to the Master Serviced Mortgage Loans, the ~~Fairbanks~~ Washington Mutual Serviced Mortgage Loans and the ~~Special~~ Fairbanks Serviced Mortgage Loans. Notwithstanding anything to the contrary contained in this Agreement, the Master Servicer shall have no obligations to master service or administer the WMMSC Serviced Mortgage Loans. In connection with such servicing and ~~administration~~administration of the Non-Designated Mortgage Loans, the Master Servicer and each Servicer shall have full power and authority, acting alone and/or through Subservicers as provided in Section 3.02 hereof, to do or cause to be done any and all things that it may deem necessary or desirable in connection with such servicing and administration, including but not limited to, the power and authority, subject to the terms hereof (i) to execute and deliver, on behalf of the Certificateholders and the Trustee, customary consents or waivers and other instruments and documents, (ii) to consent to transfers of any Mortgaged Property and assumptions of the Mortgage Notes and related Mortgages (but only in the manner provided in this Agreement), (iii) to collect any Insurance Proceeds and other Liquidation Proceeds, and (iv) to effectuate foreclosure or other conversion of the ownership of the Mortgaged Property securing any Mortgage Loan; provided that neither the Master Servicer nor a Servicer shall take any action that is inconsistent with or prejudices the interests of the Trust Fund or the Certificateholders in any Mortgage Loan or the rights and interests of the Depositor, the Trustee, the Trust Administrator or the Certificateholders under this Agreement. The Master Servicer and each Servicer shall represent and protect the interests of the Trust Fund in the same manner as it protects its own interests in mortgage loans in its own portfolio in any claim, proceeding or litigation regarding a Mortgage Loan, and shall not make or permit any modification, waiver or amendment of any Mortgage Loan which would cause any REMIC created hereunder to fail to qualify as a REMIC or result in the imposition of any tax under Section 860F(a) or Section 860G(d) of the Code. Without limiting the generality of the foregoing, the Master Servicer and each Servicer, in its own name or in the name of the Depositor and the Trustee, is hereby authorized and empowered by the Depositor, the Trustee and the Trust Administrator, when the Master Servicer or such Servicer believes it appropriate in its reasonable judgment, to execute and deliver, on behalf of the Trustee, the Trust Administrator, the Depositor, the Certificateholders or any of them, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge and all other comparable instruments, with respect to the Mortgage Loans, and with respect to the Mortgaged Properties held for the benefit of the Certificateholders. The Master Servicer and each Servicer shall prepare and deliver to the Depositor and/or the Trustee and/or the Trust Administrator such documents requiring execution and delivery by either or both of them as are necessary or appropriate to enable the Master Servicer or such Servicer to service and administer the Mortgage Loans to the extent that the Master Servicer or such Servicer is not permitted to execute and deliver such documents pursuant to the preceding sentence. Upon receipt of such documents, the Depositor and/or the Trustee or the Trust Administrator shall execute such documents and deliver them to the Master Servicer or such Servicer. In accordance with the standards of the preceding paragraph and unless determined in good faith to be a Nonrecoverable Advance, the Master Servicer and each Servicer shall advance or cause to be advanced funds as necessary for the purpose of effecting the payment of taxes and assessments on the Mortgaged ~~Properties~~Properties related to Non-Designated Mortgage Loans, which advances constitute Servicing Advances and shall be reimbursable in the first instance from related collections from the Mortgagors pursuant to Section 3.06, and further as provided in Section 3.08. In no event will any Servicer be required to make any Servicing Advance which would constitute a Nonrecoverable Advance. The costs incurred by the Master Servicer or a Servicer, if any, in effecting the timely payments of taxes and assessments on the Mortgaged Properties related to Non-Designated Mortgage Loans and related insurance premiums shall not, for the purpose of calculating monthly distributions to the Certificateholders, be added to the Stated Principal Balances of the related Non-Designated Mortgage Loans, notwithstanding that the terms of such Non-Designated Mortgage Loans so permit. The Master Servicer and each Servicer hereby acknowledges that, to the extent the Master Servicer or such Servicer has previously serviced some or all of the Non-Designated Mortgage Loans pursuant to another servicing agreement, the provisions contained in this Agreement shall supersede the provisions contained in such other servicing agreement from and after the Closing Date. In addition, the Master Servicer hereby acknowledges that, to the extent the Master Servicer or the Designated Servicer has previously serviced some or all of the Designated Mortgage Loans pursuant to another servicing agreement, the provisions contained in the Designated Servicing Agreement shall supersede the provisions contained in such other servicing agreement from and after the Closing Date. Notwithstanding anything to the contrary in this Agreement, with respect to any action which according to the terms of this Agreement is to be performed by the Master Servicer and the applicable Servicer, (i) if such action relates to a Master Serviced Mortgage Loan, only the Master Servicer shall have an obligation to perform such action, (ii) if such action relates to a WMMSC Serviced Mortgage Loan, only WMMSC shall have an obligation to perform such action and (iii) if such action relates to a Mortgage Loan which is ~~neither~~ not a Master Serviced Mortgage Loan ~~nor~~ or a WMMSC Serviced Mortgage Loan, the related Servicer shall have an obligation to perform such action, and the Master Servicer shall also have an obligation to perform such action, but only if the ~~related~~ Servicer fails to do so. Notwithstanding anything in this Agreement to the contrary, (i) the purchase of any WMMSC Serviced Mortgage Loan by any Person shall be subject to the rights of WMMSC to continue servicing such WMMSC Serviced Mortgage Loan for the same Servicing Fee substantially in accordance with the terms of this Agreement~~. With respect to each~~ , (ii) the purchase of any Washington Mutual Serviced Mortgage Loan ~~(other than with respect~~ by any Person shall be subject to the ~~WMMSC~~ rights of Washington Mutual to continue servicing such Washington Mutual Serviced Mortgage ~~Loans),~~ Loan for the ~~Master Servicer and the related Servicer, other than WMMSC, will fully furnish,~~ same Servicing Fee substantially in accordance with the ~~Fair Credit Reporting Act~~ terms of this Agreement and ~~its implementing regulations, accurate and complete information~~ (~~e.g., favorable and unfavorable~~iii) ~~on its borrower credit files~~ the purchase of any First Nationwide Subserviced Mortgage Loan by any Person shall be subject to ~~Equifax, Experian and Trans Union Credit Information Company, on a monthly basis. With respect~~ the rights of First Nationwide to ~~each WMMSC Serviced~~ continue servicing such First Nationwide Subserviced Mortgage ~~Loan, WMMSC will furnish information regarding its borrower credit files to credit reporting agencies~~ Loan for the same Servicing Fee substantially in ~~compliance~~ accordance with the ~~provisions~~ terms of ~~the Fair Credit Reporting Act and its implementing regulations applicable to WMMSC~~this Agreement.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (CSFB Mortgage Backed Pass Through Certs Series 2003-8)

Master Servicer and Servicers to Service Mortgage Loans. For and on behalf of the Certificateholders, as independent contractors of the Trustee, the Master Servicer and each Servicer, severally and not jointly, shall service and administer the Mortgage Loans in accordance with the terms of this Agreement and with Accepted Servicing Practices. The obligations of each of ~~Fairbanks~~ Bank of America, Olympus and WMMSC hereunder to service and administer the Mortgage Loans shall be limited to the ~~Fairbanks~~ Bank of America Serviced Mortgage Loans, Olympus Serviced Mortgage Loans and ~~the~~ WMMSC Serviced Mortgage Loans, respectively; and with respect to the duties and obligations of each Servicer, references herein to related “Mortgage Loans” shall be limited to the ~~Fairbanks~~ Bank of America Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties) in the case of ~~Fairbanks~~ Bank of America, the Olympus Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties) in the case of Olympus, and the WMMSC Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties), ) in the case of WMMSC; and in no event shall any Servicer have any responsibility or liability with respect to any of the other Mortgage Loans. The obligations of the Master Servicer to master service and administer the Mortgage Loans shall be limited to the Master Serviced Mortgage Loans, the ~~Fairbanks~~ Bank of America Serviced Mortgage Loans and the ~~Special~~ Olympus Serviced Mortgage Loans. Notwithstanding anything to the contrary contained in this Agreement, the Master Servicer shall have no obligations to master service or administer the WMMSC Serviced Mortgage Loans. In connection with such servicing and administration, the Master Servicer and each Servicer shall have full power and authority, acting alone and/or through Subservicers as provided in Section 3.02 hereof, to do or cause to be done any and all things that it may deem necessary or desirable in connection with such servicing and administration, including but not limited to, the power and authority, subject to the terms hereof (i) to execute and deliver, on behalf of the Certificateholders and the Trustee, customary consents or waivers and other instruments and documents, (ii) to consent to transfers of any Mortgaged Property and assumptions of the Mortgage Notes and related Mortgages (but only in the manner provided in this Agreement), (iii) to collect any Insurance Proceeds and other Liquidation Proceeds, and (iv) to effectuate foreclosure or other conversion of the ownership of the Mortgaged Property securing any Mortgage Loan; provided that neither the Master Servicer nor a Servicer shall take any action that is inconsistent with or prejudices the interests of the Trust Fund or the Certificateholders in any Mortgage Loan or the rights and interests of the Depositor, the Trustee, the Trust Administrator or the Certificateholders under this Agreement. The Master Servicer and each Servicer shall represent and protect the interests of the Trust Fund in the same manner as it protects its own interests in mortgage loans in its own portfolio in any claim, proceeding or litigation regarding a Mortgage Loan, and shall not make or permit any modification, waiver or amendment of any Mortgage Loan which would cause any REMIC created hereunder to fail to qualify as a REMIC or result in the imposition of any tax under Section 860F(a) or Section 860G(d) of the Code. Without limiting the generality of the foregoing, the Master Servicer and each Servicer, in its own name or in the name of the Depositor and the Trustee, is hereby authorized and empowered by the Depositor, the Trustee and the Trust Administrator, when the Master Servicer or such Servicer believes it appropriate in its reasonable judgment, to execute and deliver, on behalf of the Trustee, the Trust Administrator, the Depositor, the Certificateholders or any of them, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge and all other comparable instruments, with respect to the Mortgage Loans, and with respect to the Mortgaged Properties held for the benefit of the Certificateholders. The Master Servicer and each Servicer shall prepare and deliver to the Depositor and/or the Trustee and/or the Trust Administrator such documents requiring execution and delivery by either or both of them as are necessary or appropriate to enable the Master Servicer or such Servicer to service and administer the Mortgage Loans to the extent that the Master Servicer or such Servicer is not permitted to execute and deliver such documents pursuant to the preceding sentence. Upon receipt of such documents, the Depositor and/or the Trustee or the Trust Administrator shall execute such documents and deliver them to the Master Servicer or such Servicer. In accordance with the standards of the preceding paragraph and unless determined in good faith to be a Nonrecoverable Advance, the Master Servicer and each Servicer shall advance or cause to be advanced funds as necessary for the purpose of effecting the payment of taxes and assessments on the Mortgaged Properties, which advances constitute Servicing Advances and shall be reimbursable in the first instance from related collections from the Mortgagors pursuant to Section 3.06, and further as provided in Section 3.08. ~~In no event will any Servicer be required to make any Servicing Advance which would constitute a Nonrecoverable Advance.~~ The costs incurred by the Master Servicer or a Servicer, if any, in effecting the timely payments of taxes and assessments on the Mortgaged Properties and related insurance premiums shall not, for the purpose of calculating monthly distributions to the Certificateholders, be added to the Stated Principal Balances of the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit. The Master Servicer and each Servicer hereby acknowledges that, to the extent the Master Servicer or such Servicer has previously serviced some or all of the Mortgage Loans pursuant to another servicing agreement, the provisions contained in this Agreement shall supersede the provisions contained in such other servicing agreement from and after the Closing Date. Notwithstanding anything to the contrary in this Agreement, with respect to any action which according to the terms of fo this Agreement is to be performed by the Master Servicer and the applicable Servicer, (i) if such action relates to a Master Serviced Mortgage Loan, only the Master Servicer shall have an obligation to perform such action, (ii) if such action relates to a WMMSC Serviced Mortgage Loan, only WMMSC shall have an obligation to perform such action and (iii) if such action relates to a Mortgage Loan which is neither a Master Serviced Mortgage Loan nor a WMMSC Serviced Mortgage Loan, the related Servicer shall have an obligation to perform such action, and the Master Servicer shall also have an obligation to perform such action, but only if the ~~related~~ Servicer fails to do so. Notwithstanding anything in this Agreement to the contrary, (i) the purchase of any WMMSC Serviced Mortgage Loan by any Person shall be subject to the rights of WMMSC to continue servicing such WMMSC Serviced Mortgage Loan for the same Servicing Fee substantially in accordance with the terms of this Agreement. , and (ii) the purchase of any Bank of America Serviced Mortgage Loan by any Person shall be subject to the rights of Bank of America to continue servicing such Bank of America Serviced Mortgage Loan for the same Servicing Fee substantially in accordance with the terms of this Agreement.. With respect to each Group I Mortgage ~~Loan~~ Loan, the Master Servicer (other than with respect to ~~the~~ WMMSC Serviced Mortgage Loans~~), the Master Servicer~~ ) and the related Servicer, other than WMMSC, will fully furnish, in accordance with the Fair Credit Reporting Act and its implementing regulations, accurate and complete information (e.g., favorable and unfavorable) on its borrower credit files to Equifax, Experian and Trans Union Credit Information Company~~, on a monthly basis~~. With respect to each WMMSC Serviced Mortgage ~~Loan~~Loan in Loan Group I, WMMSC will furnish information regarding its borrower credit files to credit reporting agencies in compliance with the provisions of the Fair Credit Reporting Act and its implementing regulations applicable to WMMSC.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp)

Master Servicer and Servicers to Service Mortgage Loans. For and on behalf of the Certificateholders, as independent contractors of the Trustee, the Master Servicer and each Servicer, severally and not jointly, shall service and administer the Mortgage Loans in accordance with the terms of this Agreement and with Accepted Servicing Practices. The obligations of each of Fairbanks and WMMSC hereunder to service and administer the Mortgage Loans shall be limited to the Fairbanks Serviced Mortgage Loans and ~~the~~ WMMSC Serviced Mortgage Loans, respectively; and with respect to the duties and obligations of each Servicer, references herein to related “Mortgage Loans” shall be limited to the Fairbanks Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties) in the case of ~~Fairbanks~~ Fairbanks, and the WMMSC Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties), in the case of WMMSC; and in no event shall any Servicer have any responsibility or liability with respect to any of the other Mortgage Loans. The obligations of the Master Servicer to master service and administer the Mortgage Loans shall be limited to the Master Serviced Mortgage Loans, the Fairbanks Serviced Mortgage Loans and the Special Serviced Mortgage Loans. Notwithstanding anything to the contrary contained in this Agreement, the Master Servicer shall have no obligations to master service or administer the WMMSC Serviced Mortgage Loans. In connection with such servicing and administration, the Master Servicer and each Servicer shall have full power and authority, acting alone and/or through Subservicers as provided in Section 3.02 hereof, to do or cause to be done any and all things that it may deem necessary or desirable in connection with such servicing and administration, including but not limited to, the power and authority, subject to the terms hereof (i) to execute and deliver, on behalf of the Certificateholders and the Trustee, customary consents or waivers and other instruments and documents, (ii) to consent to transfers of any Mortgaged Property and assumptions of the Mortgage Notes and related Mortgages (but only in the manner provided in this Agreement), (iii) to collect any Insurance Proceeds and other Liquidation Proceeds, and (iv) to effectuate foreclosure or other conversion of the ownership of the Mortgaged Property securing any Mortgage Loan; provided that neither the Master Servicer nor a Servicer shall take any action that is inconsistent with or prejudices the interests of the Trust Fund or the Certificateholders in any Mortgage Loan or the rights and interests of the Depositor, the Trustee, the Trust Administrator or the Certificateholders under this Agreement. The Master Servicer and each Servicer shall represent and protect the interests of the Trust Fund in the same manner as it protects its own interests in mortgage loans in its own portfolio in any claim, proceeding or litigation regarding a Mortgage Loan, and shall not make or permit any modification, waiver or amendment of any Mortgage Loan which would cause any REMIC created hereunder to fail to qualify as a REMIC or result in the imposition of any tax under Section 860F(a) or Section 860G(d) of the Code. Without limiting the generality of the foregoing, the Master Servicer and each Servicer, in its own name or in the name of the Depositor and the Trustee, is hereby authorized and empowered by the Depositor, the Trustee and the Trust Administrator, when the Master Servicer or such Servicer believes it appropriate in its reasonable judgment, to execute and deliver, on behalf of the Trustee, the Trust Administrator, the Depositor, the Certificateholders or any of them, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge and all other comparable instruments, with respect to the Mortgage Loans, and with respect to the Mortgaged Properties held for the benefit of the Certificateholders. The Master Servicer and each Servicer shall prepare and deliver to the Depositor and/or the Trustee and/or the Trust Administrator such documents requiring execution and delivery by either or both of them as are necessary or appropriate to enable the Master Servicer or such Servicer to service and administer the Mortgage Loans to the extent that the Master Servicer or such Servicer is not permitted to execute and deliver such documents pursuant to the preceding sentence. Upon receipt of such documents, the Depositor and/or the Trustee or the Trust Administrator shall execute such documents and deliver them to the Master Servicer or such Servicer. In accordance with the standards of the preceding paragraph and unless determined in good faith to be a Nonrecoverable Advance, the Master Servicer and each Servicer shall advance or cause to be advanced funds as necessary for the purpose of effecting the payment of taxes and assessments on the Mortgaged Properties, which advances constitute Servicing Advances and shall be reimbursable in the first instance from related collections from the Mortgagors pursuant to Section 3.06, and further as provided in Section 3.08. ~~In no event will any Servicer be required to make any Servicing Advance which would constitute a Nonrecoverable Advance.~~ The costs incurred by the Master Servicer or a Servicer, if any, in effecting the timely payments of taxes and assessments on the Mortgaged Properties and related insurance premiums shall not, for the purpose of calculating monthly distributions to the Certificateholders, be added to the Stated Principal Balances of the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit. The Master Servicer and each Servicer hereby acknowledges that, to the extent the Master Servicer or such Servicer has previously serviced some or all of the Mortgage Loans pursuant to another servicing agreement, the provisions contained in this Agreement shall supersede the provisions contained in such other servicing agreement from and after the Closing Date. Notwithstanding anything to the contrary in this Agreement, with respect to any action which according to the terms of this Agreement is to be performed by the Master Servicer and the applicable Servicer, (i) if such action relates to a Master Serviced Mortgage Loan, only the Master Servicer shall have an obligation to perform such action, (ii) if such action relates to a WMMSC Serviced Mortgage Loan, only WMMSC shall have an obligation to perform such action and (iii) if such action relates to a Mortgage Loan which is neither a Master Serviced Mortgage Loan nor a WMMSC Serviced Mortgage Loan, the related Servicer shall have an obligation to perform such action, and the Master Servicer shall also have an obligation to perform such action, but only if the related Servicer fails to do so. Notwithstanding anything in this Agreement to the contrary, the purchase of any WMMSC Serviced Mortgage Loan by any Person shall be subject to the rights of WMMSC to continue servicing such WMMSC Serviced Mortgage Loan for the same Servicing Fee substantially in accordance with the terms of this Agreement. With respect to each Mortgage Loan (other than with respect to the WMMSC Serviced Mortgage Loans), the Master Servicer and the related Servicer, other than WMMSC, will fully furnish, in accordance with the Fair Credit Reporting Act and its implementing regulations, accurate and complete information (e.g., favorable and unfavorable) on its borrower credit files to Equifax, Experian and Trans Union Credit Information Company, on a monthly basis. With respect to each WMMSC Serviced Mortgage Loan, WMMSC will furnish information regarding its borrower credit files to credit reporting agencies in compliance with the provisions of the Fair Credit Reporting Act and its implementing regulations applicable to WMMSC.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (CSFB Mortgage Backed Pass THR Certs Series 2002-Ar28)

Master Servicer and Servicers to Service Mortgage Loans. For and on behalf of the Certificateholders, as independent contractors of the Trustee, the Master Servicer and each Servicer, severally and not jointly, shall service and administer the Mortgage Loans in accordance with the terms of this Agreement and with Accepted Servicing Practices. The obligations of each of ~~Fairbanks~~ GreenPoint and ~~WMMSC~~ Olympus hereunder to service and administer the Mortgage Loans shall be limited to the ~~Fairbanks~~ GreenPoint Serviced ~~Mortgage~~ Loans and the ~~WMMSC~~ Olympus Serviced ~~Mortgage~~ Loans, respectively; and with respect to the duties and obligations of each Servicer, references herein to related “"Mortgage Loans” " shall be limited to the ~~Fairbanks~~ GreenPoint Serviced ~~Mortgage Loans (and the related proceeds thereof and related REO Properties) in the case of Fairbanks and the WMMSC Serviced Mortgage~~ Loans (and the related proceeds thereof and related REO Properties), in the case of ~~WMMSC~~GreenPoint, and the Olympus Serviced Loans in the case of Olympus; and in no event shall any Servicer have any responsibility or liability with respect to any of the other Mortgage Loans. The obligations of the Master Servicer to master service and administer the Mortgage Loans shall be limited to the Master Serviced Mortgage Loans, the Fairbanks Serviced Mortgage Loans and the Special Serviced Mortgage Loans. Notwithstanding anything to the contrary contained in this Agreement, the Master Servicer shall have no obligations to master service or administer the WMMSC Serviced Mortgage Loans. In connection with such servicing and administration, the Master Servicer and each Servicer shall have full power and authority, acting alone and/or through Subservicers as provided in Section 3.02 hereof, to do or cause to be done any and all things that it may deem necessary or desirable in connection with such servicing and administration, including but not limited to, the power and authority, subject to the terms hereof (i) to execute and deliver, on behalf of the Certificateholders and the Trustee, customary consents or waivers and other instruments and documents, (ii) to consent to transfers of any Mortgaged Property and assumptions of the Mortgage Notes and related Mortgages (but only in the manner provided in this Agreement), (iii) to collect any Insurance Proceeds and other Liquidation Proceeds, and (iv) to effectuate foreclosure or other conversion of the ownership of the Mortgaged Property securing any Mortgage Loan; provided that neither the Master Servicer nor a Servicer shall take any action that is inconsistent with or prejudices the interests of the Trust Fund or the Certificateholders in any Mortgage Loan or the rights and interests of the Depositor, the Trustee, the Trust Administrator or the Certificateholders under this Agreement. The Master Servicer and each Servicer shall represent and protect the interests of the Trust Fund in the same manner as it protects its own interests in mortgage loans in its own portfolio in any claim, proceeding or litigation regarding a Mortgage Loan, and shall not make or permit any modification, waiver or amendment of any Mortgage Loan which would cause any REMIC created hereunder to fail to qualify as a REMIC or result in the imposition of any tax under Section 860F(a) or Section 860G(d) of the Code. Without limiting the generality of the foregoing, the Master Servicer and each Servicer, in its own name or in the name of the Depositor and the Trustee, is hereby authorized and empowered by the Depositor, the Trustee and the Trust Administrator, when the Master Servicer or such Servicer believes it appropriate in its reasonable judgment, to execute and deliver, on behalf of the Trustee, the Trust Administrator, the Depositor, the Certificateholders or any of them, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge and all other comparable instruments, with respect to the Mortgage Loans, and with respect to the Mortgaged Properties held for the benefit of the Certificateholders. The Master Servicer and each Servicer shall prepare and deliver to the Depositor and/or the Trustee and/or the Trust Administrator such documents requiring execution and delivery by either or both of them as are necessary or appropriate to enable the Master Servicer or such Servicer to service and administer the Mortgage Loans to the extent that the Master Servicer or such Servicer is not permitted to execute and deliver such documents pursuant to the preceding sentence. Upon receipt of such documents, the Depositor and/or the Trustee or the Trust Administrator shall execute such documents and deliver them to the Master Servicer or such Servicer. In accordance with the standards of the preceding paragraph and unless determined in good faith to be a Nonrecoverable Advance, the Master Servicer and each Servicer shall advance or cause to be advanced funds as necessary for the purpose of effecting the payment of taxes and assessments on the Mortgaged Properties, which advances constitute Servicing Advances and shall be reimbursable in the first instance from related collections from the Mortgagors pursuant to Section 3.06, and further as provided in Section 3.08. ~~In no event will any Servicer be required to make any Servicing Advance which would constitute a Nonrecoverable Advance.~~ The costs incurred by the Master Servicer or a Servicer, if any, in effecting the timely payments of taxes and assessments on the Mortgaged Properties and related insurance premiums shall not, for the purpose of calculating monthly distributions to the Certificateholders, be added to the Stated Principal Balances of the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit. The Master Servicer and each Servicer hereby acknowledges that, to the extent the Master Servicer or such Servicer has previously serviced some or all of the Mortgage Loans pursuant to another servicing agreement, the provisions contained in this Agreement shall supersede the provisions contained in such other servicing agreement from and after the Closing Date. Notwithstanding anything to the contrary in this Agreement, with respect to any action which according to the terms of this Agreement is to be performed by the Master Servicer and the applicable Servicer, (i) if such action relates to a Master Serviced Mortgage Loan, only the Master Servicer shall have an obligation to perform such action, (ii) if such action relates to a WMMSC Serviced Mortgage Loan, only WMMSC shall have an obligation to perform such action and (iii) if such action relates to a Mortgage Loan which is neither a Master Serviced Mortgage Loan nor a WMMSC Serviced Mortgage Loan, the related Servicer shall have an obligation to perform such action, and the Master Servicer shall also have an obligation to perform such action, but only if the related Servicer fails to do so. Notwithstanding anything in this Agreement to the contrary, the purchase of any WMMSC Serviced Mortgage Loan by any Person shall be subject to the rights of WMMSC to continue servicing such WMMSC Serviced Mortgage Loan for the same Servicing Fee substantially in accordance with the terms of this Agreement. With respect to each Mortgage Loan (other than with respect to the WMMSC Serviced Mortgage Loans), the Master Servicer and the related Servicer, other than WMMSC, will fully furnish, in accordance with the Fair Credit Reporting Act and its implementing regulations, accurate and complete information (e.g., favorable and unfavorable) on its borrower credit files to Equifax, Experian and Trans Union Credit Information Company, on a monthly basis. With respect to each WMMSC Serviced Mortgage Loan, WMMSC will furnish information regarding its borrower credit files to credit reporting agencies in compliance with the provisions of the Fair Credit Reporting Act and its implementing regulations applicable to WMMSC.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (CSFB Mortgage Backed Pass Through Cert Series 2002-Ar8)

Master Servicer and Servicers to Service Mortgage Loans. For and on behalf of the Certificateholders, as independent contractors of the Trustee, the Master Servicer and each Servicer, severally and not jointly, shall service and administer the Mortgage Loans in accordance with the terms of this Agreement and with Accepted Servicing Practices. The obligations of each of ~~Fairbanks~~ Ocwen, Olympus and WMMSC hereunder to service and administer the Mortgage Loans shall be limited to the ~~Fairbanks~~ Ocwen Serviced Mortgage Loans, Olympus Serviced Mortgage Loans and ~~the~~ WMMSC Serviced Mortgage Loans, respectively; and with respect to the duties and obligations of each Servicer, references herein to related “Mortgage Loans” shall be limited to the ~~Fairbanks~~ Ocwen Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties), in the case of Ocwen, the Olympus Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties) in the case of ~~Fairbanks~~ Olympus, and the WMMSC Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties), in the case of WMMSC; and in no event shall any Servicer have any responsibility or liability with respect to any of the other Mortgage Loans. The obligations of the Master Servicer to master service and administer the Mortgage Loans shall be limited to the Master Serviced Mortgage Loans, the ~~Fairbanks~~ Ocwen Serviced Mortgage Loans, the Olympus Serviced Mortgage Loans and the Special Serviced Mortgage Loans. Notwithstanding anything to the contrary contained in this Agreement, the Master Servicer shall have no obligations to master service or administer the WMMSC Serviced Mortgage Loans. In connection with such servicing and administration, the Master Servicer and each Servicer shall have full power and authority, acting alone and/or through Subservicers as provided in Section 3.02 hereof, to do or cause to be done any and all things that it may deem necessary or desirable in connection with such servicing and administration, including but not limited to, the power and authority, subject to the terms hereof (i) to execute and deliver, on behalf of the Certificateholders and the Trustee, customary consents or waivers and other instruments and documents, (ii) to consent to transfers of any Mortgaged Property and assumptions of the Mortgage Notes and related Mortgages (but only in the manner provided in this Agreement), (iii) to collect any Insurance Proceeds and other Liquidation Proceeds, and (iv) to effectuate foreclosure or other conversion of the ownership of the Mortgaged Property securing any Mortgage Loan; provided that neither the Master Servicer nor a Servicer shall take any action that is inconsistent with or prejudices the interests of the Trust Fund or the Certificateholders in any Mortgage Loan or the rights and interests of the Depositor, the Trustee, the Trust Administrator or the Certificateholders under this Agreement. The Master Servicer and each Servicer shall represent and protect the interests of the Trust Fund in the same manner as it protects its own interests in mortgage loans in its own portfolio in any claim, proceeding or litigation regarding a Mortgage Loan, and shall not make or permit any modification, waiver or amendment of any Mortgage Loan which would cause any REMIC created hereunder to fail to qualify as a REMIC or result in the imposition of any tax under Section 860F(a) or Section 860G(d) of the Code. Without limiting the generality of the foregoing, the Master Servicer and each Servicer, in its own name or in the name of the Depositor and the Trustee, is hereby authorized and empowered by the Depositor, the Trustee and the Trust Administrator, when the Master Servicer or such Servicer believes it appropriate in its reasonable judgment, to execute and deliver, on behalf of the Trustee, the Trust Administrator, the Depositor, the Certificateholders or any of them, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge and all other comparable instruments, with respect to the Mortgage Loans, and with respect to the Mortgaged Properties held for the benefit of the Certificateholders. The Master Servicer and each Servicer shall prepare and deliver to the Depositor and/or the Trustee and/or the Trust Administrator such documents requiring execution and delivery by either or both of them as are necessary or appropriate to enable the Master Servicer or such Servicer to service and administer the Mortgage Loans to the extent that the Master Servicer or such Servicer is not permitted to execute and deliver such documents pursuant to the preceding sentence. Upon receipt of such documents, the Depositor and/or the Trustee or the Trust Administrator shall execute such documents and deliver them to the Master Servicer or such Servicer. In accordance with the standards of the preceding paragraph and unless determined in good faith to be a Nonrecoverable Advance, the Master Servicer and each Servicer shall advance or cause to be advanced funds as necessary for the purpose of effecting the payment of taxes and assessments on the Mortgaged Properties, which advances constitute Servicing Advances and shall be reimbursable in the first instance from related collections from the Mortgagors pursuant to Section 3.06, and further as provided in Section 3.08. ~~In no event will any Servicer be required to make any Servicing Advance which would constitute a Nonrecoverable Advance.~~ The costs incurred by the Master Servicer or a Servicer, if any, in effecting the timely payments of taxes and assessments on the Mortgaged Properties and related insurance premiums shall not, for the purpose of calculating monthly distributions to the Certificateholders, be added to the Stated Principal Balances of the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit. The Master Servicer and each Servicer hereby acknowledges that, to the extent the Master Servicer or such Servicer has previously serviced some or all of the Mortgage Loans pursuant to another servicing agreement, the provisions contained in this Agreement shall supersede the provisions contained in such other servicing agreement from and after the Closing Date. Notwithstanding anything to the contrary in this Agreement, with respect to any action which according to the terms of this Agreement is to be performed by the Master Servicer and the applicable Servicer, (i) if such action relates to a Master Serviced Mortgage Loan, only the Master Servicer shall have an obligation to perform such action, (ii) if such action relates to a WMMSC Serviced Mortgage Loan, only WMMSC shall have an obligation to perform such action and (iii) if such action relates to a Mortgage Loan which is neither a Master Serviced Mortgage Loan nor a WMMSC Serviced Mortgage Loan, the related Servicer shall have an obligation to perform such action, and the Master Servicer shall also have an obligation to perform such action, but only if the related Servicer fails to do so. Notwithstanding anything in this Agreement to the contrary, the purchase of any WMMSC Serviced Mortgage Loan by any Person shall be subject to the rights of WMMSC to continue servicing such WMMSC Serviced Mortgage Loan for the same Servicing Fee substantially in accordance with the terms of this Agreement. With respect to each Mortgage Loan (other than with respect to the WMMSC Serviced Mortgage Loans), the Master Servicer and the related Servicer, other than WMMSC, will fully furnish, in accordance with the Fair Credit Reporting Act and its implementing regulations, accurate and complete information (e.g., favorable and unfavorable) on its borrower credit files to Equifax, Experian and Trans Union Credit Information Company, on a monthly basis. With respect to each WMMSC Serviced Mortgage Loan, WMMSC will furnish information regarding its borrower credit files to credit reporting agencies in compliance with the provisions of the Fair Credit Reporting Act and its implementing regulations applicable to WMMSC.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp)

Master Servicer and Servicers to Service Mortgage Loans. For and on behalf of the Certificateholders, as independent contractors of the Trustee, the Master Servicer and each Servicer, severally and not jointly, shall service and administer the Mortgage Loans in accordance with the terms of this Agreement and with Accepted Servicing Practices. The obligations of each of WMBFA, Fairbanks and WMMSC hereunder to service and administer the Mortgage Loans shall be limited to the WMBFA Serviced Mortgage Loans, Fairbanks Serviced Mortgage Loans and ~~the~~ WMMSC Serviced Mortgage Loans, respectively; and with respect to the duties and obligations of each Servicer, references herein to related “Mortgage Loans” shall be limited to the WMBFA Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties) in the case of WMBFA, the Fairbanks Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties) in the case of ~~Fairbanks~~ Fairbanks, and the WMMSC Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties), ) in the case of WMMSC; and in no event shall any Servicer have any responsibility or liability with respect to any of the other Mortgage Loans. The obligations of the Master Servicer to master service and administer the Mortgage Loans shall be limited to the Master Serviced Mortgage Loans, the ~~Fairbanks~~ WMBFA Serviced Mortgage Loans and the ~~Special~~ Fairbanks Serviced Mortgage Loans. Notwithstanding anything to the contrary contained in this Agreement, the Master Servicer shall have no obligations to master service or administer the WMMSC Serviced Mortgage Loans. In connection with such servicing and ~~administration~~administration of the Mortgage Loans, the Master Servicer and each Servicer shall have full power and authority, acting alone and/or through Subservicers as provided in Section 3.02 hereof, to do or cause to be done any and all things that it may deem necessary or desirable in connection with such servicing and administration, including but not limited to, the power and authority, subject to the terms hereof (i) to execute and deliver, on behalf of the Certificateholders and the Trustee, customary consents or waivers and other instruments and documents, (ii) to consent to transfers of any Mortgaged Property and assumptions of the Mortgage Notes and related Mortgages (but only in the manner provided in this Agreement), (iii) to collect any Insurance Proceeds and other Liquidation Proceeds, and (iv) to effectuate foreclosure or other conversion of the ownership of the Mortgaged Property securing any Mortgage Loan; provided that neither the Master Servicer nor a Servicer shall take any action that is inconsistent with or prejudices the interests of the Trust Fund or the Certificateholders in any Mortgage Loan or the rights and interests of the Depositor, the Trustee, the Trust Administrator or the Certificateholders under this Agreement. The Master Servicer and each Servicer shall represent and protect the interests of the Trust Fund in the same manner as it protects its own interests in mortgage loans in its own portfolio in any claim, proceeding or litigation regarding a Mortgage Loan, and shall not make or permit any modification, waiver or amendment of any Mortgage Loan which would cause any REMIC created hereunder to fail to qualify as a REMIC or result in the imposition of any tax under Section 860F(a) or Section 860G(d) of the Code. Without limiting the generality of the foregoing, the Master Servicer and each Servicer, in its own name or in the name of the Depositor and the Trustee, is hereby authorized and empowered by the Depositor, the Trustee and the Trust Administrator, when the Master Servicer or such Servicer believes it appropriate in its reasonable judgment, to execute and deliver, on behalf of the Trustee, the Trust Administrator, the Depositor, the Certificateholders or any of them, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge and all other comparable instruments, with respect to the Mortgage Loans, and with respect to the Mortgaged Properties held for the benefit of the Certificateholders. The Master Servicer and each Servicer shall prepare and deliver to the Depositor and/or the Trustee and/or the Trust Administrator such documents requiring execution and delivery by either or both of them as are necessary or appropriate to enable the Master Servicer or such Servicer to service and administer the Mortgage Loans to the extent that the Master Servicer or such Servicer is not permitted to execute and deliver such documents pursuant to the preceding sentence. Upon receipt of such documents, the Depositor and/or the Trustee or the Trust Administrator shall execute such documents and deliver them to the Master Servicer or such Servicer. In accordance with the standards of the preceding paragraph and unless determined in good faith to be a Nonrecoverable Advance, the Master Servicer and each Servicer shall advance or cause to be advanced funds as necessary for the purpose of effecting the payment of taxes and assessments on the Mortgaged ~~Properties~~Properties related to the Mortgage Loans, which advances constitute Servicing Advances and shall be reimbursable in the first instance from related collections from the Mortgagors pursuant to Section 3.06, and further as provided in Section 3.08. In no event will any Servicer be required to make any Servicing Advance which would constitute a Nonrecoverable Advance. The costs incurred by the Master Servicer or a Servicer, if any, in effecting the timely payments of taxes and assessments on the Mortgaged Properties related to the Mortgage Loans and related insurance premiums shall not, for the purpose of calculating monthly distributions to the Certificateholders, be added to the Stated Principal Balances of the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit. The Master Servicer and each Servicer hereby acknowledges that, to the extent the Master Servicer or such Servicer has previously serviced some or all of the Mortgage Loans pursuant to another servicing agreement, the provisions contained in this Agreement shall supersede the provisions contained in such other servicing agreement from and after the Closing Date. Notwithstanding anything to the contrary in this Agreement, with respect to any action which according to the terms of this Agreement is to be performed by the Master Servicer and the applicable Servicer, (i) if such action relates to a Master Serviced Mortgage Loan, only the Master Servicer shall have an obligation to perform such action, (ii) if such action relates to a WMMSC Serviced Mortgage Loan, only WMMSC shall have an obligation to perform such action and (iii) if such action relates to a Mortgage Loan which is ~~neither~~ not a Master Serviced Mortgage Loan ~~nor~~ or a WMMSC Serviced Mortgage Loan, the related Servicer shall have an obligation to perform such action, and the Master Servicer shall also have an obligation to perform such action, but only if the ~~related~~ Servicer fails to do so. Notwithstanding anything in this Agreement to the contrary, (i) the purchase of any WMMSC Serviced Mortgage Loan by any Person shall be subject to the rights of WMMSC to continue servicing such WMMSC Serviced Mortgage Loan for the same Servicing Fee substantially in accordance with the terms of this Agreement~~. With respect to each~~ , (ii) the purchase of any WMBFA Serviced Mortgage Loan ~~(other than with respect~~ by any Person shall be subject to the ~~WMMSC~~ rights of WMBFA to continue servicing such WMBFA Serviced Mortgage ~~Loans),~~ Loan for the ~~Master Servicer and the related Servicer, other than WMMSC, will fully furnish,~~ same Servicing Fee substantially in accordance with the ~~Fair Credit Reporting Act~~ terms of this Agreement and ~~its implementing regulations, accurate and complete information~~ (~~e.g., favorable and unfavorable~~iii) ~~on its borrower credit files~~ the purchase of any First Nationwide Subserviced Mortgage Loan by any Person shall be subject to ~~Equifax, Experian and Trans Union Credit Information Company, on a monthly basis. With respect~~ the rights of First Nationwide to ~~each WMMSC Serviced~~ continue servicing such First Nationwide Subserviced Mortgage ~~Loan, WMMSC will furnish information regarding its borrower credit files to credit reporting agencies~~ Loan for the same Servicing Fee substantially in ~~compliance~~ accordance with the ~~provisions~~ terms of ~~the Fair Credit Reporting Act and its implementing regulations applicable to WMMSC~~this Agreement.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (CSFB Mortgage-Backed Pass-Through Cert Series 2003-10)

Master Servicer and Servicers to Service Mortgage Loans. For and on behalf of the Certificateholders, as independent contractors of the Trustee, (i) the Master Servicer and each Servicer, severally and not jointly, shall service and administer the Non-Designated Mortgage Loans in accordance with the terms of this Agreement and with Accepted Servicing ~~Practices~~Practices and (ii) the Master Servicer shall service and administer each Designated Mortgage Loan according to the terms of the Designated Servicing Agreement (except as otherwise provided in this Agreement). The obligations of each of ~~Fairbanks~~ Fairbanks, WMMSC and ~~WMMSC~~ Cendant hereunder to service and administer the Mortgage Loans shall be limited to the Fairbanks Serviced Mortgage Loans, the WMMSC Serviced Mortgage Loans and the ~~WMMSC~~ Cendant Serviced Mortgage Loans, respectively; and with respect to the duties and obligations of each Servicer, references herein to related “Mortgage Loans” shall be limited to the Fairbanks Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties) in the case of ~~Fairbanks and~~ Fairbanks, the WMMSC Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties), in the case of ~~WMMSC~~WMMSC and the Cendant Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties), in the case of Cendant; and in no event shall any Servicer have any responsibility or liability with respect to any of the other Mortgage Loans. The obligations of the Master Servicer to master service and administer the Mortgage Loans shall be limited to the Master Serviced Mortgage Loans, the Fairbanks Serviced Mortgage Loans, the Special Serviced Mortgage Loans and the ~~Special~~ Cendant Serviced Mortgage Loans. Notwithstanding anything to the contrary contained in this Agreement, the Master Servicer shall have no obligations to master service or administer the WMMSC Serviced Mortgage Loans. In connection with such servicing and ~~administration~~administration of the Non-Designated Mortgage Loans, the Master Servicer and each Servicer shall have full power and authority, acting alone and/or through Subservicers as provided in Section 3.02 hereof, to do or cause to be done any and all things that it may deem necessary or desirable in connection with such servicing and administration, including but not limited to, the power and authority, subject to the terms hereof (i) to execute and deliver, on behalf of the Certificateholders and the Trustee, customary consents or waivers and other instruments and documents, (ii) to consent to transfers of any Mortgaged Property and assumptions of the Mortgage Notes and related Mortgages (but only in the manner provided in this Agreement), (iii) to collect any Insurance Proceeds and other Liquidation Proceeds, and (iv) to effectuate foreclosure or other conversion of the ownership of the Mortgaged Property securing any Mortgage Loan; provided that neither the Master Servicer nor a Servicer shall take any action that is inconsistent with or prejudices the interests of the Trust Fund or the Certificateholders in any Mortgage Loan or the rights and interests of the Depositor, the Trustee, the Trust Administrator or the Certificateholders under this Agreement. The Master Servicer and each Servicer shall represent and protect the interests of the Trust Fund in the same manner as it protects its own interests in mortgage loans in its own portfolio in any claim, proceeding or litigation regarding a Non-Designated Mortgage Loan, and shall not make or permit any modification, waiver or amendment of any Non-Designated Mortgage Loan ~~which~~ that would cause any REMIC created hereunder to fail to qualify as a REMIC or result in the imposition of any tax under Section 860F(a) or Section 860G(d) of the Code. Without limiting the generality of the foregoing, the Master Servicer and each Servicer, in its own name or in the name of the Depositor and the Trustee, is hereby authorized and empowered by the Depositor, the Trustee and the Trust Administrator, when the Master Servicer or such Servicer believes it appropriate in its reasonable judgment, to execute and deliver, on behalf of the Trustee, the Trust Administrator, the Depositor, the Certificateholders or any of them, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge and all other comparable instruments, with respect to the Mortgage Loans, and with respect to the Mortgaged Properties held for the benefit of the Certificateholders. The Master Servicer and each Servicer shall prepare and deliver to the Depositor and/or the Trustee and/or the Trust Administrator such documents requiring execution and delivery by either or both of them as are necessary or appropriate to enable the Master Servicer or such Servicer to service and administer the Mortgage Loans to the extent that the Master Servicer or such Servicer is not permitted to execute and deliver such documents pursuant to the preceding sentence. Upon receipt of such documents, the Depositor and/or the Trustee or the Trust Administrator shall execute such documents and deliver them to the Master Servicer or such Servicer. Notwithstanding any other provision of this Agreement or the Additional Collateral Servicing Agreement to the contrary, except as provided below, neither Cendant nor the Master Servicer shall have any duty or obligation to service and administer the Additional Collateral and neither Cendant nor the Master Servicer shall be deemed to be the Additional Collateral Servicer, (i) unless and until MLCC’s obligations to administer the Additional Collateral under the Additional Collateral Servicing Agreement have been terminated with respect to the Additional Collateral Mortgage Loans, in which case, Cendant shall be bound to service and administer the Additional Collateral and the Limited Purpose Surety Bond in accordance with the provisions of this Agreement and the related Additional Collateral Agreements from the date of such termination and (ii) unless and until Cendant’s obligations to administer the Additional Collateral have been terminated under the Additional Collateral Servicing Agreement and upon instruction by the Trust Administrator to service and administer the Additional Collateral, in which case, the Master Servicer or its designee shall be bound to service and administer the Additional Collateral and the Limited Purpose Surety Bond in accordance with the provisions of this Agreement and the related Additional Collateral Agreements from the date of such instruction. The Trust Administrator, as assignee of the Additional Collateral Servicing Agreement, shall enforce the obligations of the Additional Collateral Servicer to service and administer the Additional Collateral as provided in the Additional Collateral Servicing Agreement, and shall take appropriate action thereunder if the Additional Collateral Servicer fails to substantially comply with its obligations to administer the Additional Collateral. If either the Trust Administrator or the Trustee receives an indemnification payment from an Additional Collateral Servicer under Section 4 of the Additional Collateral Servicing Agreement that is attributable to losses resulting from such Servicer’s failure to administer the Additional Collateral in accordance with the terms of the Additional Collateral Servicing Agreement in connection with Additional Collateral Mortgage Loans, such amounts shall be remitted to the Master Servicer. The Master Servicer shall deposit such amount in the Collection Account. In accordance with the standards of the ~~preceding~~ first paragraph of this Section 3.01 and unless determined in good faith to be a Nonrecoverable Advance, the Master Servicer and each Servicer shall advance or cause to be advanced funds as necessary for the purpose of effecting the payment of taxes and assessments on the Mortgaged ~~Properties~~Properties related to the Non-Designated Mortgage Loans, which advances constitute Servicing Advances and shall be reimbursable in the first instance from related collections from the Mortgagors pursuant to Section 3.06, and further as provided in Section 3.08. In no event will any Servicer be required to make any Servicing Advance which would constitute a Nonrecoverable Advance. The costs incurred by the Master Servicer or a Servicer, if any, in effecting the timely payments of taxes and assessments on the Mortgaged Properties related to the Mortgage Loans and related insurance premiums shall not, for the purpose of calculating monthly distributions to the Certificateholders, be added to the Stated Principal Balances of the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit. The Master Servicer and each Servicer hereby acknowledges that, to the extent the Master Servicer or such Servicer has previously serviced some or all of the Non-Designated Mortgage Loans pursuant to another servicing agreement, the provisions contained in this Agreement shall supersede the provisions contained in such other servicing agreement from and after the Closing Date. In addition, the Master Servicer hereby acknowledges that, to the extent the Master Servicer or the Designated Servicer has previously serviced some or all of the Designated Mortgage Loans pursuant to another servicing agreement, the provisions contained in the Designated Servicing Agreement shall supersede the provisions contained in such other servicing agreement from and after the Closing Date. Notwithstanding anything to the contrary in this Agreement, with respect to any action which according to the terms of this Agreement is to be performed by the Master Servicer and the applicable Servicer, (i) if such action relates to a Master Serviced Mortgage Loan, only the Master Servicer shall have an obligation to perform such action, (ii) if such action relates to a WMMSC Serviced Mortgage Loan, only WMMSC shall have an obligation to perform such action and (iii) if such action relates to a Mortgage Loan which is neither a Master Serviced Mortgage Loan nor a WMMSC Serviced Mortgage Loan, the related Servicer shall have an obligation to perform such action, and the Master Servicer shall also have an obligation to perform such action, but only if the related Servicer fails to do so. Notwithstanding anything in this Agreement to the contrary, the purchase of any WMMSC Serviced Mortgage Loan by any Person shall be subject to the rights of WMMSC to continue servicing such WMMSC Serviced Mortgage Loan for the same Servicing Fee substantially in accordance with the terms of this Agreement. With respect to each Non-Designated Mortgage Loan (other than with respect to the WMMSC Serviced Mortgage Loans), the Master Servicer and the related Servicer, other than WMMSC, will fully furnish, in accordance with the Fair Credit Reporting Act and its implementing regulations, accurate and complete information (e.g., favorable and unfavorable) on its borrower credit files to Equifax, Experian and Trans Union Credit Information Company, on a monthly basis. With respect to each WMMSC Serviced Mortgage Loan, WMMSC will furnish information regarding its borrower credit files to credit reporting agencies in compliance with the provisions of the Fair Credit Reporting Act and its implementing regulations applicable to WMMSC. With respect to each Designated Mortgage Loan, the Designated Servicer will accurately and fully report its borrower credit files to Equifax, Experian and Trans Union Credit Information Company in a timely manner.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (CSFB Mortgage Backed Pass Through Certs Ser 2003-Ar12)

Master Servicer and Servicers to Service Mortgage Loans. For and on behalf of the Certificateholders, as independent contractors of the Trustee, the Master Servicer and each Servicer, severally and not jointly, shall service and administer the Mortgage Loans in accordance with the terms of this Agreement and with Accepted Servicing Practices. The obligations of each of Bank of America, Fairbanks and WMMSC hereunder to service and administer the Mortgage Loans shall be limited to the Bank of America Serviced Mortgage Loans, Fairbanks Serviced Mortgage Loans and ~~the~~ WMMSC Serviced Mortgage Loans, respectively; and with respect to the duties and obligations of each Servicer, references herein to related “Mortgage Loans” shall be limited to the Bank of America Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties), in the case of Bank of America, the Fairbanks Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties) in the case of ~~Fairbanks~~ Fairbanks, and the WMMSC Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties), in the case of WMMSC; and in no event shall any Servicer have any responsibility or liability with respect to any of the other Mortgage Loans. The obligations of the Master Servicer to master service and administer the Mortgage Loans shall be limited to the Master Serviced Mortgage Loans, the Bank of America Serviced Mortgage Loans, the Fairbanks Serviced Mortgage Loans and the Special Serviced Mortgage Loans. Notwithstanding anything to the contrary contained in this Agreement, the Master Servicer shall have no obligations to master service or administer the WMMSC Serviced Mortgage Loans. In connection with such servicing and administration, the Master Servicer and each Servicer shall have full power and authority, acting alone and/or through Subservicers as provided in Section 3.02 hereof, to do or cause to be done any and all things that it may deem necessary or desirable in connection with such servicing and administration, including but not limited to, the power and authority, subject to the terms hereof (i) to execute and deliver, on behalf of the Certificateholders and the Trustee, customary consents or waivers and other instruments and documents, (ii) to consent to transfers of any Mortgaged Property and assumptions of the Mortgage Notes and related Mortgages (but only in the manner provided in this Agreement), (iii) to collect any Insurance Proceeds and other Liquidation Proceeds, and (iv) to effectuate foreclosure or other conversion of the ownership of the Mortgaged Property securing any Mortgage Loan; provided that neither the Master Servicer nor a Servicer shall take any action that is inconsistent with or prejudices the interests of the Trust Fund or the Certificateholders in any Mortgage Loan or the rights and interests of the Depositor, the Trustee, the Trust Administrator or the Certificateholders under this Agreement. The Master Servicer and each Servicer shall represent and protect the interests of the Trust Fund in the same manner as it protects its own interests in mortgage loans in its own portfolio in any claim, proceeding or litigation regarding a Mortgage Loan, and shall not make or permit any modification, waiver or amendment of any Mortgage Loan which would cause any REMIC created hereunder to fail to qualify as a REMIC or result in the imposition of any tax under Section 860F(a) or Section 860G(d) of the Code. Without limiting the generality of the foregoing, the Master Servicer and each Servicer, in its own name or in the name of the Depositor and the Trustee, is hereby authorized and empowered by the Depositor, the Trustee and the Trust Administrator, when the Master Servicer or such Servicer believes it appropriate in its reasonable judgment, to execute and deliver, on behalf of the Trustee, the Trust Administrator, the Depositor, the Certificateholders or any of them, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge and all other comparable instruments, with respect to the Mortgage Loans, and with respect to the Mortgaged Properties held for the benefit of the Certificateholders. The Master Servicer and each Servicer shall prepare and deliver to the Depositor and/or the Trustee and/or the Trust Administrator such documents requiring execution and delivery by either or both of them as are necessary or appropriate to enable the Master Servicer or such Servicer to service and administer the Mortgage Loans to the extent that the Master Servicer or such Servicer is not permitted to execute and deliver such documents pursuant to the preceding sentence. Upon receipt of such documents, the Depositor and/or the Trustee or the Trust Administrator shall execute such documents and deliver them to the Master Servicer or such Servicer. In accordance with the standards of the preceding paragraph and unless determined in good faith to be a Nonrecoverable Advance, the Master Servicer and each Servicer shall advance or cause to be advanced funds as necessary for the purpose of effecting the payment of taxes and assessments on the Mortgaged Properties, which advances constitute Servicing Advances and shall be reimbursable in the first instance from related collections from the Mortgagors pursuant to Section 3.06, and further as provided in Section 3.08. ~~In no event will any Servicer be required to make any Servicing Advance which would constitute a Nonrecoverable Advance.~~ The costs incurred by the Master Servicer or a Servicer, if any, in effecting the timely payments of taxes and assessments on the Mortgaged Properties and related insurance premiums shall not, for the purpose of calculating monthly distributions to the Certificateholders, be added to the Stated Principal Balances of the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit. The Master Servicer and each Servicer hereby acknowledges that, to the extent the Master Servicer or such Servicer has previously serviced some or all of the Mortgage Loans pursuant to another servicing agreement, the provisions contained in this Agreement shall supersede the provisions contained in such other servicing agreement from and after the Closing Date. Notwithstanding anything to the contrary in this Agreement, with respect to any action which according to the terms of this Agreement is to be performed by the Master Servicer and the applicable Servicer, (i) if such action relates to a Master Serviced Mortgage Loan, only the Master Servicer shall have an obligation to perform such action, (ii) if such action relates to a WMMSC Serviced Mortgage Loan, only WMMSC shall have an obligation to perform such action and (iii) if such action relates to a Mortgage Loan which is neither a Master Serviced Mortgage Loan nor a WMMSC Serviced Mortgage Loan, the related Servicer shall have an obligation to perform such action, and the Master Servicer shall also have an obligation to perform such action, but only if the related Servicer fails to do so. Notwithstanding anything in this Agreement to the contrary, (i) the purchase of any WMMSC Serviced Mortgage Loan by any Person shall be subject to the rights of WMMSC to continue servicing such WMMSC Serviced Mortgage Loan for the same Servicing Fee substantially in accordance with the terms of this Agreement and (ii) the purchase of any Bank of America Serviced Mortgage Loan by any Person shall be subject to the rights of Bank of America to continue servicing such Bank of America Serviced Mortgage Loan for the same Servicing Fee substantially in accordance with the terms of this Agreement. .. With respect to each Mortgage Loan (other than with respect to the WMMSC Serviced Mortgage Loans), the Master Servicer and the related Servicer, other than WMMSC, will fully furnish, in accordance with the Fair Credit Reporting Act and its implementing regulations, accurate and complete information (e.g., favorable and unfavorable) on its borrower credit files to Equifax, Experian and Trans Union Credit Information Company, on a monthly basis. With respect to each WMMSC Serviced Mortgage Loan, WMMSC will furnish information regarding its borrower credit files to credit reporting agencies in compliance with the provisions of the Fair Credit Reporting Act and its implementing regulations applicable to WMMSC.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (CSFB Mortgage Backed Pass Through Certs Series 2002 Ar27)

Master Servicer and Servicers to Service Mortgage Loans. For and on behalf of the Certificateholders, as independent contractors of the Trustee, the Master Servicer and each Servicer, severally and not jointly, shall service and administer the Mortgage Loans in accordance with the terms of this Agreement and with Accepted Servicing Practices. The obligations of each of ~~Fairbanks~~ GreenPoint, Olympus and WMMSC hereunder to service and administer the Mortgage Loans shall be limited to the ~~Fairbanks~~ GreenPoint Serviced Mortgage Loans, the Olympus Serviced Mortgage Loans and the WMMSC Serviced Mortgage Loans, respectively; and with respect to the duties and obligations of each Servicer, references herein to related “"Mortgage Loans” " shall be limited to the ~~Fairbanks~~ GreenPoint Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties), in the case of GreenPoint, the Olympus Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties) in the case of ~~Fairbanks~~ Olympus, and the WMMSC Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties), ) in the case of WMMSC; and in no event shall any Servicer have any responsibility or liability with respect to any of the other Mortgage Loans. The obligations of the Master Servicer to master service and administer the Mortgage Loans shall be limited to the Master Serviced Mortgage Loans, the ~~Fairbanks~~ GreenPoint Serviced Mortgage Loans and the ~~Special~~ Olympus Serviced Mortgage Loans. Notwithstanding anything to the contrary contained in this Agreement, the Master Servicer shall have no obligations to master service or administer the WMMSC Serviced Mortgage Loans. In connection with such servicing and administration, the Master Servicer and each Servicer shall have full power and authority, acting alone and/or through Subservicers as provided in Section 3.02 hereof, to do or cause to be done any and all things that it may deem necessary or desirable in connection with such servicing and administration, including but not limited to, the power and authority, subject to the terms hereof (i) to execute and deliver, on behalf of the Certificateholders and the Trustee, customary consents or waivers and other instruments and documents, (ii) to consent to transfers of any Mortgaged Property and assumptions of the Mortgage Notes and related Mortgages (but only in the manner provided in this Agreement), (iii) to collect any Insurance Proceeds and other Liquidation Proceeds, and (iv) to effectuate foreclosure or other conversion of the ownership of the Mortgaged Property securing any Mortgage Loan; provided that neither the Master Servicer nor a Servicer shall take any action that is inconsistent with or prejudices the interests of the Trust Fund or the Certificateholders in any Mortgage Loan or the rights and interests of the Depositor, the Trustee, the Trust Administrator or the Certificateholders under this Agreement. The Master Servicer and each Servicer shall represent and protect the interests of the Trust Fund in the same manner as it protects its own interests in mortgage loans in its own portfolio in any claim, proceeding or litigation regarding a Mortgage Loan, and shall not make or permit any modification, waiver or amendment of any Mortgage Loan which would cause any REMIC created hereunder to fail to qualify as a REMIC or result in the imposition of any tax under Section 860F(a) or Section 860G(d) of the Code. Without limiting the generality of the foregoing, the Master Servicer and each Servicer, in its own name or in the name of the Depositor and the Trustee, is hereby authorized and empowered by the Depositor, the Trustee and the Trust Administrator, when the Master Servicer or such Servicer believes it appropriate in its reasonable judgment, to execute and deliver, on behalf of the Trustee, the Trust Administrator, the Depositor, the Certificateholders or any of them, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge and all other comparable instruments, with respect to the Mortgage Loans, and with respect to the Mortgaged Properties held for the benefit of the Certificateholders. The Master Servicer and each Servicer shall prepare and deliver to the Depositor and/or the Trustee and/or the Trust Administrator such documents requiring execution and delivery by either or both of them as are necessary or appropriate to enable the Master Servicer or such Servicer to service and administer the Mortgage Loans to the extent that the Master Servicer or such Servicer is not permitted to execute and deliver such documents pursuant to the preceding sentence. Upon receipt of such documents, the Depositor and/or the Trustee or the Trust Administrator shall execute such documents and deliver them to the Master Servicer or such Servicer. In accordance with the standards of the preceding paragraph and unless determined in good faith to be a Nonrecoverable Advance, the Master Servicer and each Servicer shall advance or cause to be advanced funds as necessary for the purpose of effecting the payment of taxes and assessments on the Mortgaged Properties, which advances constitute Servicing Advances and shall be reimbursable in the first instance from related collections from the Mortgagors pursuant to Section 3.06, and further as provided in Section 3.08. ~~In no event will any Servicer be required to make any Servicing Advance which would constitute a Nonrecoverable Advance.~~ The costs incurred by the Master Servicer or a Servicer, if any, in effecting the timely payments of taxes and assessments on the Mortgaged Properties and related insurance premiums shall not, for the purpose of calculating monthly distributions to the Certificateholders, be added to the Stated Principal Balances of the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit. The Master Servicer and each Servicer hereby acknowledges that, to the extent the Master Servicer or such Servicer has previously serviced some or all of the Mortgage Loans pursuant to another servicing agreement, the provisions contained in this Agreement shall supersede the provisions contained in such other servicing agreement from and after the Closing Date. Notwithstanding anything to the contrary in this Agreement, with respect to any action which according to the terms of this Agreement is to be performed by the Master Servicer and the applicable Servicer, (i) if such action relates to a Master Serviced Mortgage Loan, only the Master Servicer shall have an obligation to perform such action, (ii) if such action relates to a WMMSC Serviced Mortgage Loan, only WMMSC shall have an obligation to perform such action and (iii) if such action relates to a Mortgage Loan which is neither a Master Serviced Mortgage Loan nor a WMMSC Serviced Mortgage Loan, the related Servicer shall have an obligation to perform such action, and the Master Servicer shall also have an obligation to perform such action, but only if the related Servicer fails to do so. Notwithstanding anything in this Agreement to the contrary, the purchase of any WMMSC Serviced Mortgage Loan by any Person shall be subject to the rights of WMMSC to continue servicing such WMMSC Serviced Mortgage Loan for the same Servicing Fee substantially in accordance with the terms of this Agreement. With respect to each Mortgage ~~Loan~~ Loan, the Master Servicer (other than with respect to ~~the~~ WMMSC Serviced Mortgage Loans~~), the Master Servicer~~ ) and the related ~~Servicer, other than WMMSC,~~ Servicer will fully furnish, in accordance with the Fair Credit Reporting Act and its implementing regulations, accurate and complete information (e.g., favorable and unfavorable) on its borrower credit files to Equifax, Experian and Trans Union Credit Information ~~Company~~Company (three of the credit repositories), on a monthly basis. With respect to each WMMSC Serviced Mortgage Loan, WMMSC will furnish information regarding its borrower credit files to credit reporting agencies in compliance with the provisions of the Fair Credit Reporting Act and its implementing regulations applicable to WMMSC.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp)

Master Servicer and Servicers to Service Mortgage Loans. For and on behalf of the Certificateholders, as independent contractors of the Trustee, the Master Servicer and each Servicer, severally and not jointly, shall service and administer the Mortgage Loans in accordance with the terms of this Agreement and with Accepted Servicing Practices. The obligations of each of ~~Fairbanks~~ Fairbanks, WMMSC, Bank of America and ~~WMMSC~~ Cendant hereunder to service and administer the Mortgage Loans shall be limited to the Fairbanks Serviced Mortgage Loans, the WMMSC Serviced Mortgage Loans, the Bank of America Serviced Mortgage Loans and the ~~WMMSC~~ Cendant Serviced Mortgage Loans, respectively; and with respect to the duties and obligations of each Servicer, references herein to related “Mortgage Loans” shall be limited to the Fairbanks Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties) in the case of ~~Fairbanks and~~ Fairbanks, the WMMSC Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties), in the case of WMMSC, the Bank of America Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties), in the case of Bank of America and the Cendant Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties), in the case of Cendant; and in no event shall any Servicer have any responsibility or liability with respect to any of the other Mortgage Loans. The obligations of the Master Servicer to master service and administer the Mortgage Loans shall be limited to the Master Serviced Mortgage Loans, the Fairbanks Serviced Mortgage Loans, the Special Serviced Mortgage Loans, the Bank of America Serviced Mortgage Loans and the ~~Special~~ Cendant Serviced Mortgage Loans. Notwithstanding anything to the contrary contained in this Agreement, the Master Servicer shall have no obligations to master service or administer the WMMSC Serviced Mortgage Loans. In connection with such servicing and administration, the Master Servicer and each Servicer shall have full power and authority, acting alone and/or through Subservicers as provided in Section 3.02 hereof, to do or cause to be done any and all things that it may deem necessary or desirable in connection with such servicing and administration, including but not limited to, the power and authority, subject to the terms hereof (i) to execute and deliver, on behalf of the Certificateholders and the Trustee, customary consents or waivers and other instruments and documents, (ii) to consent to transfers of any Mortgaged Property and assumptions of the Mortgage Notes and related Mortgages (but only in the manner provided in this Agreement), (iii) to collect any Insurance Proceeds and other Liquidation Proceeds, and (iv) to effectuate foreclosure or other conversion of the ownership of the Mortgaged Property securing any Mortgage Loan; provided that neither the Master Servicer nor a Servicer shall take any action that is inconsistent with or prejudices the interests of the Trust Fund or the Certificateholders in any Mortgage Loan or the rights and interests of the Depositor, the Trustee, the Trust Administrator or the Certificateholders under this Agreement. The Master Servicer and each Servicer shall represent and protect the interests of the Trust Fund in the same manner as it protects its own interests in mortgage loans in its own portfolio in any claim, proceeding or litigation regarding a Mortgage Loan, and shall not make or permit any modification, waiver or amendment of any Mortgage Loan which would cause any REMIC created hereunder to fail to qualify as a REMIC or result in the imposition of any tax under Section 860F(a) or Section 860G(d) of the Code. Without limiting the generality of the foregoing, the Master Servicer and each Servicer, in its own name or in the name of the Depositor and the Trustee, is hereby authorized and empowered by the Depositor, the Trustee and the Trust Administrator, when the Master Servicer or such Servicer believes it appropriate in its reasonable judgment, to execute and deliver, on behalf of the Trustee, the Trust Administrator, the Depositor, the Certificateholders or any of them, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge and all other comparable instruments, with respect to the Mortgage Loans, and with respect to the Mortgaged Properties held for the benefit of the Certificateholders. The Master Servicer and each Servicer shall prepare and deliver to the Depositor and/or the Trustee and/or the Trust Administrator such documents requiring execution and delivery by either or both of them as are necessary or appropriate to enable the Master Servicer or such Servicer to service and administer the Mortgage Loans to the extent that the Master Servicer or such Servicer is not permitted to execute and deliver such documents pursuant to the preceding sentence. Upon receipt of such documents, the Depositor and/or the Trustee or the Trust Administrator shall execute such documents and deliver them to the Master Servicer or such Servicer. Notwithstanding any other provision of this Agreement or the Additional Collateral Servicing Agreement to the contrary, except as provided below, neither Cendant nor the Master Servicer shall have any duty or obligation to service and administer the Additional Collateral and neither Cendant nor the Master Servicer shall be deemed to be the Additional Collateral Servicer, (i) unless and until MLCC’s obligations to administer the Additional Collateral under the Additional Collateral Servicing Agreement have been terminated with respect to the Additional Collateral Mortgage Loans, in which case, Cendant shall be bound to service and administer the Additional Collateral and the Limited Purpose Surety Bond in accordance with the provisions of this Agreement and the related Additional Collateral Agreements from the date of such termination and (ii) unless and until Cendant’s obligations to administer the Additional Collateral have been terminated under the Additional Collateral Servicing Agreement and upon instruction by the Trust Administrator to service and administer the Additional Collateral, in which case, the Master Servicer or its designee shall be bound to service and administer the Additional Collateral and the Limited Purpose Surety Bond in accordance with the provisions of this Agreement and the related Additional Collateral Agreements from the date of such instruction. The Trust Administrator, as assignee of the Additional Collateral Servicing Agreement, shall enforce the obligations of the Additional Collateral Servicer to service and administer the Additional Collateral as provided in the Additional Collateral Servicing Agreement, and shall take appropriate action thereunder if the Additional Collateral Servicer fails to substantially comply with its obligations to administer the Additional Collateral. If either the Trust Administrator or the Trustee receives an indemnification payment from an Additional Collateral Servicer under Section 4 of the Additional Collateral Servicing Agreement that is attributable to losses resulting from such Servicer’s failure to administer the Additional Collateral in accordance with the terms of the Additional Collateral Servicing Agreement in connection with Additional Collateral Mortgage Loans, such amounts shall be remitted to the Master Servicer. The Master Servicer shall deposit such amount in the Collection Account. In accordance with the standards of the preceding paragraph and unless determined in good faith to be a Nonrecoverable Advance, the Master Servicer and each Servicer shall advance or cause to be advanced funds as necessary for the purpose of effecting the payment of taxes and assessments on the Mortgaged Properties, which advances constitute Servicing Advances and shall be reimbursable in the first instance from related collections from the Mortgagors pursuant to Section 3.06, and further as provided in Section 3.08. In no event will any Servicer be required to make any Servicing Advance which would constitute a Nonrecoverable ~~Advance~~advance. The costs incurred by the Master Servicer or a Servicer, if any, in effecting the timely payments of taxes and assessments on the Mortgaged Properties and related insurance premiums shall not, for the purpose of calculating monthly distributions to the Certificateholders, be added to the Stated Principal Balances of the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit. The Master Servicer and each Servicer hereby acknowledges that, to the extent the Master Servicer or such Servicer has previously serviced some or all of the Mortgage Loans pursuant to another servicing agreement, the provisions contained in this Agreement shall supersede the provisions contained in such other servicing agreement from and after the Closing Date. Notwithstanding anything to the contrary in this Agreement, with respect to any action which according to the terms of this Agreement is to be performed by the Master Servicer and the applicable Servicer, (i) if such action relates to a Master Serviced Mortgage Loan, only the Master Servicer shall have an obligation to perform such action, (ii) if such action relates to a WMMSC Serviced Mortgage Loan, only WMMSC shall have an obligation to perform such action and (iii) if such action relates to a Mortgage Loan which is neither a Master Serviced Mortgage Loan nor a WMMSC Serviced Mortgage Loan, the related Servicer shall have an obligation to perform such action, and the Master Servicer shall also have an obligation to perform such action, but only if the related Servicer fails to do so. Notwithstanding anything in this Agreement to the contrary, (i) the purchase of any WMMSC Serviced Mortgage Loan by any Person shall be subject to the rights of WMMSC to continue servicing such WMMSC Serviced Mortgage Loan for the same Servicing Fee substantially in accordance with the terms of this Agreement and (ii) the purchase of any Bank of America Serviced Mortgage Loan by any Person shall be subject to the rights of Bank of America to continue servicing such Bank of America Serviced Mortgage Loan for the same Servicing Fee substantially in accordance with the terms of this Agreement. With respect to each Mortgage Loan (other than with respect to the WMMSC Serviced Mortgage Loans), the Master Servicer and the related Servicer, other than WMMSC, will fully furnish, in accordance with the Fair Credit Reporting Act and its implementing regulations, accurate and complete information (e.g., favorable and unfavorable) on its borrower credit files to Equifax, Experian and Trans Union Credit Information Company, on a monthly basis. With respect to each WMMSC Serviced Mortgage Loan, WMMSC will furnish information regarding its borrower credit files to credit reporting agencies in compliance with the provisions of the Fair Credit Reporting Act and its implementing regulations applicable to WMMSC.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (CSFB Mortgage-Backed Pass-Through Certificates Ser 2002-Ar31)

Master Servicer and Servicers to Service Mortgage Loans. For and on behalf of the Certificateholders, as independent contractors of the Trustee, (i) the Master Servicer and each Servicer, severally and not jointly, shall service and administer the Non-Designated Mortgage Loans in accordance with the terms of this Agreement and with Accepted Servicing ~~Practices~~Practices and (ii) the Master Servicer shall service and administer each Designated Mortgage Loan according to the terms of the related Designated Servicing Agreement (except as otherwise provided in this Agreement). The obligations of each of Fairbanks and WMMSC hereunder to service and administer the Mortgage Loans shall be limited to the Fairbanks Serviced Mortgage Loans and the WMMSC Serviced Mortgage Loans, respectively; and with respect to the duties and obligations of each Servicer, references herein to related “Mortgage Loans” shall be limited to the Fairbanks Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties) in the case of Fairbanks and the WMMSC Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties), in the case of WMMSC; and in no event shall any Servicer have any responsibility or liability with respect to any of the other Mortgage Loans. The obligations of the Master Servicer to master service and administer the Mortgage Loans shall be limited to the Master Serviced Mortgage Loans, the Fairbanks Serviced Mortgage Loans and the Special Serviced Mortgage Loans. Notwithstanding anything to the contrary contained in this Agreement, the Master Servicer shall have no obligations to master service or administer the WMMSC Serviced Mortgage Loans. In connection with such servicing and ~~administration~~administration of the Non-Designated Mortgage Loans, the Master Servicer and each Servicer shall have full power and authority, acting alone and/or through Subservicers as provided in Section 3.02 hereof, to do or cause to be done any and all things that it may deem necessary or desirable in connection with such servicing and administration, including but not limited to, the power and authority, subject to the terms hereof (i) to execute and deliver, on behalf of the Certificateholders and the Trustee, customary consents or waivers and other instruments and documents, (ii) to consent to transfers of any Mortgaged Property and assumptions of the Mortgage Notes and related Mortgages (but only in the manner provided in this Agreement), (iii) to collect any Insurance Proceeds and other Liquidation Proceeds, and (iv) to effectuate foreclosure or other conversion of the ownership of the Mortgaged Property securing any Mortgage Loan; provided that neither the Master Servicer nor a Servicer shall take any action that is inconsistent with or prejudices the interests of the Trust Fund or the Certificateholders in any Mortgage Loan or the rights and interests of the Depositor, the Trustee, the Trust Administrator or the Certificateholders under this Agreement. The Master Servicer and each Servicer shall represent and protect the interests of the Trust Fund in the same manner as it protects its own interests in mortgage loans in its own portfolio in any claim, proceeding or litigation regarding a Non-Designated Mortgage Loan, and shall not make or permit any modification, waiver or amendment of any Non-Designated Mortgage Loan which would cause any REMIC created hereunder to fail to qualify as a REMIC or result in the imposition of any tax under Section 860F(a) or Section 860G(d) of the Code. In addition, the Master Servicer shall not consent to any modification, waiver or amendment of any GMAC (August 1999) Mortgage Loan, GMAC (November 1999) Mortgage Loan or GMAC (December 2002) Mortgage Loan which would cause any REMIC created hereunder to fail to qualify as a REMIC or result in the imposition of any tax under Section 860F(a) or Section 860G(d) of the Code. Without limiting the generality of the foregoing, the Master Servicer and each Servicer, in its own name or in the name of the Depositor and the Trustee, is hereby authorized and empowered by the Depositor, the Trustee and the Trust Administrator, when the Master Servicer or such Servicer believes it appropriate in its reasonable judgment, to execute and deliver, on behalf of the Trustee, the Trust Administrator, the Depositor, the Certificateholders or any of them, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge and all other comparable instruments, with respect to the Non-Designated Mortgage Loans, and with respect to the Mortgaged Properties held for the benefit of the Certificateholders. The Master Servicer and each Servicer shall prepare and deliver to the Depositor and/or the Trustee and/or the Trust Administrator such documents requiring execution and delivery by either or both of them as are necessary or appropriate to enable the Master Servicer or such Servicer to service and administer the Non-Designated Mortgage Loans to the extent that the Master Servicer or such Servicer is not permitted to execute and deliver such documents pursuant to the preceding sentence. Upon receipt of such documents, the Depositor and/or the Trustee or the Trust Administrator shall execute such documents and deliver them to the Master Servicer or such Servicer. In accordance with the standards of the preceding paragraph and unless determined in good faith to be a Nonrecoverable Advance, the Master Servicer and each Servicer shall advance or cause to be advanced funds as necessary for the purpose of effecting the payment of taxes and assessments on the Mortgaged ~~Properties~~Properties related to the Non-Designated Mortgage Loans, which advances constitute Servicing Advances and shall be reimbursable in the first instance from related collections from the Mortgagors pursuant to Section 3.06, and further as provided in Section 3.08. ~~In no event will any Servicer be required to make any Servicing Advance which would constitute a Nonrecoverable Advance.~~ The costs incurred by the Master Servicer or a Servicer, if any, in effecting the timely payments of taxes and assessments on the Mortgaged Properties related to Non-Designated Mortgage Loans and related insurance premiums shall not, for the purpose of calculating monthly distributions to the Certificateholders, be added to the Stated Principal Balances of the related Non-Designated Mortgage Loans, notwithstanding that the terms of such Non-Designated Mortgage Loans so permit. The Master Servicer and each Servicer hereby acknowledges that, to the extent the Master Servicer or such Servicer has previously serviced some or all of the Non-Designated Mortgage Loans pursuant to another servicing agreement, the provisions contained in this Agreement shall supersede the provisions contained in such other servicing agreement from and after the Closing Date. In addition, the Master Servicer hereby acknowledges that, to the extent the Master Servicer or such Designated Servicer has previously serviced some or all of the Designated Mortgage Loans pursuant to another servicing agreement, the provisions contained in the related Designated Servicing Agreement shall supersede the provisions contained in such other servicing agreement from and after the Closing Date. Notwithstanding anything to the contrary in this Agreement, with respect to any action which according to the terms of this Agreement is to be performed by the Master Servicer and the applicable Servicer, (i) if such action relates to a Master Serviced Mortgage Loan, only the Master Servicer shall have an obligation to perform such action, (ii) if such action relates to a WMMSC Serviced Mortgage Loan, only WMMSC shall have an obligation to perform such action and (iii) if such action relates to a Mortgage Loan which is neither a Master Serviced Mortgage Loan nor a WMMSC Serviced Mortgage Loan, the related Servicer shall have an obligation to perform such action, and the Master Servicer shall also have an obligation to perform such action, but only if the related Servicer fails to do so. Notwithstanding anything in this Agreement to the contrary, the purchase of any WMMSC Serviced Mortgage Loan by any Person shall be subject to the rights of WMMSC to continue servicing such WMMSC Serviced Mortgage Loan for the same Servicing Fee substantially in accordance with the terms of this Agreement. With respect to each Non-Designated Mortgage Loan (other than with respect to the WMMSC Serviced Mortgage Loans), the Master Servicer and the related Servicer, other than WMMSC, will fully furnish, in accordance with the Fair Credit Reporting Act and its implementing regulations, accurate and complete information (e.g., favorable and unfavorable) on its borrower credit files to Equifax, Experian and Trans Union Credit Information Company, on a monthly basis. With respect to each WMMSC Serviced Mortgage Loan, WMMSC will furnish information regarding its borrower credit files to credit reporting agencies in compliance with the provisions of the Fair Credit Reporting Act and its implementing regulations applicable to WMMSC.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (CSFB Mortgage Backed Pass THR Certs Series 2002-Ar33)

Master Servicer and Servicers to Service Mortgage Loans. For and on behalf of the Certificateholders, as independent contractors of the Trustee, the Master Servicer and each Servicer, severally and not jointly, shall service and administer the Mortgage Loans in accordance with the terms of this Agreement and with Accepted Servicing Practices. The obligations of each of ~~Fairbanks~~ Fairbanks, WMMSC and ~~WMMSC~~ Cendant hereunder to service and administer the Mortgage Loans shall be limited to the Fairbanks Serviced Mortgage Loans, the WMMSC Serviced Mortgage Loans and the ~~WMMSC~~ Cendant Serviced Mortgage Loans, respectively; and with respect to the duties and obligations of each Servicer, references herein to related “Mortgage Loans” shall be limited to the Fairbanks Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties) in the case of ~~Fairbanks and~~ Fairbanks, the WMMSC Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties), in the case of ~~WMMSC~~WMMSC and the Cendant Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties), in the case of Cendant; and in no event shall any Servicer have any responsibility or liability with respect to any of the other Mortgage Loans. The obligations of the Master Servicer to master service and administer the Mortgage Loans shall be limited to the Master Serviced Mortgage Loans, the Fairbanks Serviced Mortgage Loans, the Special Serviced Mortgage Loans and the ~~Special~~ Cendant Serviced Mortgage Loans. Notwithstanding anything to the contrary contained in this Agreement, the Master Servicer shall have no obligations to master service or administer the WMMSC Serviced Mortgage Loans. In connection with such servicing and administration, the Master Servicer and each Servicer shall have full power and authority, acting alone and/or through Subservicers as provided in Section 3.02 hereof, to do or cause to be done any and all things that it may deem necessary or desirable in connection with such servicing and administration, including but not limited to, the power and authority, subject to the terms hereof (i) to execute and deliver, on behalf of the Certificateholders and the Trustee, customary consents or waivers and other instruments and documents, (ii) to consent to transfers of any Mortgaged Property and assumptions of the Mortgage Notes and related Mortgages (but only in the manner provided in this Agreement), (iii) to collect any Insurance Proceeds and other Liquidation Proceeds, and (iv) to effectuate foreclosure or other conversion of the ownership of the Mortgaged Property securing any Mortgage Loan; provided that neither the Master Servicer nor a Servicer shall take any action that is inconsistent with or prejudices the interests of the Trust Fund or the Certificateholders in any Mortgage Loan or the rights and interests of the Depositor, the Trustee, the Trust Administrator or the Certificateholders under this Agreement. The Master Servicer and each Servicer shall represent and protect the interests of the Trust Fund in the same manner as it protects its own interests in mortgage loans in its own portfolio in any claim, proceeding or litigation regarding a Mortgage Loan, and shall not make or permit any modification, waiver or amendment of any Mortgage Loan which would cause any REMIC created hereunder to fail to qualify as a REMIC or result in the imposition of any tax under Section 860F(a) or Section 860G(d) of the Code. Without limiting the generality of the foregoing, the Master Servicer and each Servicer, in its own name or in the name of the Depositor and the Trustee, is hereby authorized and empowered by the Depositor, the Trustee and the Trust Administrator, when the Master Servicer or such Servicer believes it appropriate in its reasonable judgment, to execute and deliver, on behalf of the Trustee, the Trust Administrator, the Depositor, the Certificateholders or any of them, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge and all other comparable instruments, with respect to the Mortgage Loans, and with respect to the Mortgaged Properties held for the benefit of the Certificateholders. The Master Servicer and each Servicer shall prepare and deliver to the Depositor and/or the Trustee and/or the Trust Administrator such documents requiring execution and delivery by either or both of them as are necessary or appropriate to enable the Master Servicer or such Servicer to service and administer the Mortgage Loans to the extent that the Master Servicer or such Servicer is not permitted to execute and deliver such documents pursuant to the preceding sentence. Upon receipt of such documents, the Depositor and/or the Trustee or the Trust Administrator shall execute such documents and deliver them to the Master Servicer or such Servicer. Notwithstanding any other provision of this Agreement or the Additional Collateral Servicing Agreement to the contrary, except as provided below, neither Cendant nor the Master Servicer shall have any duty or obligation to service and administer the Additional Collateral and neither Cendant nor the Master Servicer shall be deemed to be the Additional Collateral Servicer, (i) unless and until MLCC’s obligations to administer the Additional Collateral under the Additional Collateral Servicing Agreement have been terminated with respect to the Additional Collateral Mortgage Loans, in which case, Cendant shall be bound to service and administer the Additional Collateral and the Limited Purpose Surety Bond in accordance with the provisions of this Agreement and the related Additional Collateral Agreements from the date of such termination and (ii) unless and until Cendant’s obligations to administer the Additional Collateral have been terminated under the Additional Collateral Servicing Agreement and upon instruction by the Trust Administrator to service and administer the Additional Collateral, in which case, the Master Servicer or its designee shall be bound to service and administer the Additional Collateral and the Limited Purpose Surety Bond in accordance with the provisions of this Agreement and the related Additional Collateral Agreements from the date of such instruction. The Trust Administrator, as assignee of the Additional Collateral Servicing Agreement, shall enforce the obligations of the Additional Collateral Servicer to service and administer the Additional Collateral as provided in the Additional Collateral Servicing Agreement, and shall take appropriate action thereunder if the Additional Collateral Servicer fails to substantially comply with its obligations to administer the Additional Collateral. If either the Trust Administrator or the Trustee receives an indemnification payment from an Additional Collateral Servicer under Section 4 of the Additional Collateral Servicing Agreement that is attributable to losses resulting from such Servicer’s failure to administer the Additional Collateral in accordance with the terms of the Additional Collateral Servicing Agreement in connection with Additional Collateral Mortgage Loans, such amounts shall be remitted to the Master Servicer. The Master Servicer shall deposit such amount in the Collection Account. In accordance with the standards of the preceding paragraph and unless determined in good faith to be a Nonrecoverable Advance, the Master Servicer and each Servicer shall advance or cause to be advanced funds as necessary for the purpose of effecting the payment of taxes and assessments on the Mortgaged Properties, which advances constitute Servicing Advances and shall be reimbursable in the first instance from related collections from the Mortgagors pursuant to Section 3.06, and further as provided in Section 3.08. In no event will any Servicer be required to make any Servicing Advance which would constitute a Nonrecoverable Advance. The costs incurred by the Master Servicer or a Servicer, if any, in effecting the timely payments of taxes and assessments on the Mortgaged Properties and related insurance premiums shall not, for the purpose of calculating monthly distributions to the Certificateholders, be added to the Stated Principal Balances of the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit. The Master Servicer and each Servicer hereby acknowledges that, to the extent the Master Servicer or such Servicer has previously serviced some or all of the Mortgage Loans pursuant to another servicing agreement, the provisions contained in this Agreement shall supersede the provisions contained in such other servicing agreement from and after the Closing Date. Notwithstanding anything to the contrary in this Agreement, with respect to any action which according to the terms of this Agreement is to be performed by the Master Servicer and the applicable Servicer, (i) if such action relates to a Master Serviced Mortgage Loan, only the Master Servicer shall have an obligation to perform such action, (ii) if such action relates to a WMMSC Serviced Mortgage Loan, only WMMSC shall have an obligation to perform such action and (iii) if such action relates to a Mortgage Loan which is neither a Master Serviced Mortgage Loan nor a WMMSC Serviced Mortgage Loan, the related Servicer shall have an obligation to perform such action, and the Master Servicer shall also have an obligation to perform such action, but only if the related Servicer fails to do so. Notwithstanding anything in this Agreement to the contrary, the purchase of any WMMSC Serviced Mortgage Loan by any Person shall be subject to the rights of WMMSC to continue servicing such WMMSC Serviced Mortgage Loan for the same Servicing Fee substantially in accordance with the terms of this Agreement. With respect to each Mortgage Loan (other than with respect to the WMMSC Serviced Mortgage Loans), the Master Servicer and the related Servicer, other than WMMSC, will fully furnish, in accordance with the Fair Credit Reporting Act and its implementing regulations, accurate and complete information (e.g., favorable and unfavorable) on its borrower credit files to Equifax, Experian and Trans Union Credit Information Company, on a monthly basis. With respect to each WMMSC Serviced Mortgage Loan, WMMSC will furnish information regarding its borrower credit files to credit reporting agencies in compliance with the provisions of the Fair Credit Reporting Act and its implementing regulations applicable to WMMSC.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (CSFB Mortgage Back Pass THR Cer Ser 2003-Ar2)

Master Servicer and Servicers to Service Mortgage Loans. For and on behalf of the Certificateholders, as independent contractors of the ~~Trustee~~Trust, the Master Servicer and each Servicer, severally and not jointly, shall service and administer the Mortgage Loans in accordance with the terms of this Agreement and with Accepted Servicing Practices. The obligations of each of ~~Fairbanks~~ Fairbanks, GreenPoint and WMMSC hereunder to service and administer the Mortgage Loans shall be limited to the Fairbanks Serviced Mortgage Loans, GreenPoint Serviced Mortgage Loans and ~~the~~ WMMSC Serviced Mortgage Loans, respectively; and with respect to the duties and obligations of each Servicer, references herein to related “Mortgage Loans” shall be limited to the Fairbanks Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties) in the case of ~~Fairbanks~~ Fairbanks, GreenPoint Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties) in the case of GreenPoint and the WMMSC Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties), in the case of WMMSC; and in no event shall any Servicer have any responsibility or liability with respect to any of the other Mortgage Loans. The obligations of the Master Servicer to master service and administer the Mortgage Loans shall be limited to the Master Serviced Mortgage Loans, the GreenPoint Serviced Mortgage Loans, the Fairbanks Serviced Mortgage Loans and the Special Serviced Mortgage Loans. Notwithstanding anything to the contrary contained in this Agreement, the Master Servicer shall have no obligations to master service or administer the WMMSC Serviced Mortgage Loans. In connection with such servicing and ~~administration~~administration of the Mortgage Loans, the Master Servicer and each Servicer shall have full power and authority, acting alone and/or through Subservicers as provided in Section 3.02 hereof, to do or cause to be done any and all things that it may deem necessary or desirable in connection with such servicing and administration, including but not limited to, the power and authority, subject to the terms hereof (i) to execute and deliver, on behalf of the Certificateholders and the ~~Trustee~~Trust, customary consents or waivers and other instruments and documents, (ii) to consent to transfers of any Mortgaged Property and assumptions of the Mortgage Notes and related Mortgages (but only in the manner provided in this Agreement), (iii) to collect any Insurance Proceeds and other Liquidation Proceeds, and (iv) to effectuate foreclosure or other conversion of the ownership of the Mortgaged Property securing any Mortgage Loan; provided that neither the Master Servicer nor a Servicer shall take any action that is inconsistent with or prejudices the interests of the Trust Fund or the Certificateholders in any Mortgage Loan or the rights and interests of the Depositor, the Trustee, the Trust Administrator or the Certificateholders under this Agreement. The Master Servicer and each Servicer shall represent and protect the interests of the Trust Fund in the same manner as it protects its own interests in mortgage loans in its own portfolio in any claim, proceeding or litigation regarding a Mortgage Loan, and shall not make or permit any modification, waiver or amendment of any Mortgage Loan ~~which~~ that would cause any REMIC created hereunder to fail to qualify as a REMIC or result in the imposition of any tax under Section 860F(a) or Section 860G(d) of the Code. Without limiting the generality of the foregoing, the Master Servicer and each Servicer, in its own name or in the name of the Depositor and the ~~Trustee~~Trust, is hereby authorized and empowered by the Depositor, the ~~Trustee~~ Trust and the Trust Administrator, when the Master Servicer or such Servicer believes it appropriate in its reasonable judgment, to execute and deliver, on behalf of the Trust, the Trustee, the Trust Administrator, the Depositor, the Certificateholders or any of them, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge and all other comparable instruments, with respect to the Mortgage Loans, and with respect to the Mortgaged Properties held for the benefit of the Certificateholders. The Master Servicer and each Servicer shall prepare and deliver to the Depositor and/or the Trustee and/or the Trust Administrator such documents requiring execution and delivery by either or both of them as are necessary or appropriate to enable the Master Servicer or such Servicer to service and administer the Mortgage Loans to the extent that the Master Servicer or such Servicer is not permitted to execute and deliver such documents pursuant to the preceding sentence. Upon receipt of such documents, the Depositor and/or the Trustee or the Trust Administrator shall execute such documents and deliver them to the Master Servicer or such Servicer. In accordance with the standards of the ~~preceding~~ first paragraph of this Section 3.01 and unless determined in good faith to be a Nonrecoverable Advance, the Master Servicer and each Servicer shall advance or cause to be advanced funds as necessary for the purpose of effecting the payment of taxes and assessments on the Mortgaged ~~Properties~~Properties related to the Mortgage Loans, which advances constitute Servicing Advances and shall be reimbursable in the first instance from related collections from the Mortgagors pursuant to Section 3.06, and further as provided in Section 3.08. In no event will any Servicer be required to make any Servicing Advance which would constitute a Nonrecoverable Advance. The costs incurred by the Master Servicer or a Servicer, if any, in effecting the timely payments of taxes and assessments on the Mortgaged Properties related to the Mortgage Loans and related insurance premiums shall not, for the purpose of calculating monthly distributions to the Certificateholders, be added to the Stated Principal Balances of the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit. The Master Servicer and each Servicer hereby acknowledges that, to the extent the Master Servicer or such Servicer has previously serviced some or all of the Mortgage Loans pursuant to another servicing agreement, the provisions contained in this Agreement shall supersede the provisions contained in such other servicing agreement from and after the Closing Date. Notwithstanding anything to the contrary in this Agreement, with respect to any action which according to the terms of this Agreement is to be performed by the Master Servicer and the applicable Servicer, (i) if such action relates to a Master Serviced Mortgage Loan, only the Master Servicer shall have an obligation to perform such action, (ii) if such action relates to a WMMSC Serviced Mortgage Loan, only WMMSC shall have an obligation to perform such ~~action~~ action, and (iii) if such action relates to a Mortgage Loan which is neither a Master Serviced Mortgage Loan nor a WMMSC Serviced Mortgage Loan, the related Servicer shall have an obligation to perform such action, and the Master Servicer shall also have an obligation to perform such action, but only if the related Servicer fails to do so. Notwithstanding anything in this Agreement to the contrary, (i) the purchase of any WMMSC Serviced Mortgage Loan by any Person shall be subject to the rights of WMMSC to continue servicing such WMMSC Serviced Mortgage Loan for the same Servicing Fee substantially in accordance with the terms of this ~~Agreement~~Agreement and (ii) the purchase of any GreenPoint Serviced Mortgage Loan by any Person shall be subject to the rights of GreenPoin to continue servicing such GreenPoint Serviced Mortgage Loan for the same servicing fee substantially in accordance with the terms of this Agreement and. With respect to each Mortgage Loan (other than with respect to the WMMSC Serviced Mortgage Loans), the Master Servicer and the related Servicer, other than WMMSC, will fully furnish, in accordance with the Fair Credit Reporting Act and its implementing regulations, accurate and complete information (e.g., favorable and unfavorable) on its borrower credit files to Equifax, Experian and Trans Union Credit Information Company, on a monthly basis. With respect to each WMMSC Serviced Mortgage Loan, WMMSC will furnish information regarding its borrower credit files to credit reporting agencies in compliance with the provisions of the Fair Credit Reporting Act and its implementing regulations applicable to WMMSC.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (CSFB Mortgage-Backed Pass-Through Cert Series 2003-Ar28)

Master Servicer and Servicers to Service Mortgage Loans. For and on behalf of the Certificateholders, as independent contractors of the Trustee, (i) the Master Servicer and each Servicer, severally and not jointly, shall service and administer the Non Designated Mortgage Loans in accordance with the terms of this Agreement and with Accepted Servicing ~~Practices~~Practices and (ii) the Master Servicer shall service and administer each Designated Mortgage Loan according to the terms of the related Designated Servicing Agreement (except as otherwise provided in this Agreement). The obligations of each of ~~Fairbanks~~ Fairbanks, WMMSC and ~~WMMSC~~ Fifth Third hereunder to service and administer the Mortgage Loans shall be limited to the Fairbanks Serviced Mortgage Loans, the WMMSC Serviced Mortgage Loans and the ~~WMMSC~~ Fifth Third Serviced Mortgage Loans, respectively; and with respect to the duties and obligations of each Servicer, references herein to related “Mortgage Loans” shall be limited to the Fairbanks Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties) in the case of ~~Fairbanks and~~ Fairbanks, the WMMSC Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties), in the case of ~~WMMSC~~WMMSC and the Fifth Third Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties), in the case of Fifth Third; and in no event shall any Servicer have any responsibility or liability with respect to any of the other Mortgage Loans. The obligations of the Master Servicer to master service and administer the Mortgage Loans shall be limited to the Master Serviced Mortgage Loans, the Fairbanks Serviced Mortgage Loans, the Special Serviced Mortgage Loans and the ~~Special~~ Fifth Third Serviced Mortgage Loans. Notwithstanding anything to the contrary contained in this Agreement, the Master Servicer shall have no obligations to master service or administer the WMMSC Serviced Mortgage Loans. In connection with such servicing and ~~administration~~administration of the Non Designated Mortgage Loans, the Master Servicer and each Servicer shall have full power and authority, acting alone and/or through Subservicers as provided in Section 3.02 hereof, to do or cause to be done any and all things that it may deem necessary or desirable in connection with such servicing and administration, including but not limited to, the power and authority, subject to the terms hereof (i) to execute and deliver, on behalf of the Certificateholders and the Trustee, customary consents or waivers and other instruments and documents, (ii) to consent to transfers of any Mortgaged Property and assumptions of the Mortgage Notes and related Mortgages (but only in the manner provided in this Agreement), (iii) to collect any Insurance Proceeds and other Liquidation Proceeds, and (iv) to effectuate foreclosure or other conversion of the ownership of the Mortgaged Property securing any Mortgage Loan; provided that neither the Master Servicer nor a Servicer shall take any action that is inconsistent with or prejudices the interests of the Trust Fund or the Certificateholders in any Mortgage Loan or the rights and interests of the Depositor, the Trustee, the Trust Administrator or the Certificateholders under this Agreement. The Master Servicer and each Servicer shall represent and protect the interests of the Trust Fund in the same manner as it protects its own interests in mortgage loans in its own portfolio in any claim, proceeding or litigation regarding a Non Designated Mortgage Loan, and shall not make or permit any modification, waiver or amendment of any Non Designated Mortgage Loan ~~which~~ that would cause any REMIC created hereunder to fail to qualify as a REMIC or result in the imposition of any tax under Section 860F(a) or Section 860G(d) of the Code. Without limiting the generality of the foregoing, the Master Servicer and each Servicer, in its own name or in the name of the Depositor and the Trustee, is hereby authorized and empowered by the Depositor, the Trustee and the Trust Administrator, when the Master Servicer or such Servicer believes it appropriate in its reasonable judgment, to execute and deliver, on behalf of the Trustee, the Trust Administrator, the Depositor, the Certificateholders or any of them, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge and all other comparable instruments, with respect to the Mortgage Loans, and with respect to the Mortgaged Properties held for the benefit of the Certificateholders. The Master Servicer and each Servicer shall prepare and deliver to the Depositor and/or the Trustee and/or the Trust Administrator such documents requiring execution and delivery by either or both of them as are necessary or appropriate to enable the Master Servicer or such Servicer to service and administer the Mortgage Loans to the extent that the Master Servicer or such Servicer is not permitted to execute and deliver such documents pursuant to the preceding sentence. Upon receipt of such documents, the Depositor and/or the Trustee or the Trust Administrator shall execute such documents and deliver them to the Master Servicer or such Servicer. In accordance with the standards of the ~~preceding~~ first paragraph of this Section 3.01 and unless determined in good faith to be a Nonrecoverable Advance, the Master Servicer and each Servicer shall advance or cause to be advanced funds as necessary for the purpose of effecting the payment of taxes and assessments on the Mortgaged ~~Properties~~Properties related to the Non Designated Mortgage Loans, which advances constitute Servicing Advances and shall be reimbursable in the first instance from related collections from the Mortgagors pursuant to Section 3.06, and further as provided in Section 3.08. In no event will any Servicer be required to make any Servicing Advance which would constitute a Nonrecoverable Advance. The costs incurred by the Master Servicer or a Servicer, if any, in effecting the timely payments of taxes and assessments on the Mortgaged Properties related to the Mortgage Loans and related insurance premiums shall not, for the purpose of calculating monthly distributions to the Certificateholders, be added to the Stated Principal Balances of the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit. The Master Servicer and each Servicer hereby acknowledges that, to the extent the Master Servicer or such Servicer has previously serviced some or all of the Non Designated Mortgage Loans pursuant to another servicing agreement, the provisions contained in this Agreement shall supersede the provisions contained in such other servicing agreement from and after the Closing Date. In addition, the Master Servicer hereby acknowledges that, to the extent the Master Servicer or the related Designated Servicer has previously serviced some or all of the related Designated Mortgage Loans pursuant to another servicing agreement, the provisions contained in the related Designated Servicing Agreement shall supersede the provisions contained in such other servicing agreement from and after the Closing Date. Notwithstanding anything to the contrary in this Agreement, with respect to any action which according to the terms of this Agreement is to be performed by the Master Servicer and the applicable Servicer, (i) if such action relates to a Master Serviced Mortgage Loan, only the Master Servicer shall have an obligation to perform such action, (ii) if such action relates to a WMMSC Serviced Mortgage Loan, only WMMSC shall have an obligation to perform such action and (iii) if such action relates to a Mortgage Loan which is neither a Master Serviced Mortgage Loan nor a WMMSC Serviced Mortgage Loan, the related Servicer shall have an obligation to perform such action, and the Master Servicer shall also have an obligation to perform such action, but only if the related Servicer fails to do so. Notwithstanding anything in this Agreement to the contrary, (i) the purchase of any WMMSC Serviced Mortgage Loan by any Person shall be subject to the rights of WMMSC to continue servicing such WMMSC Serviced Mortgage Loan for the same Servicing Fee substantially in accordance with the terms of this Agreement and (ii) the purchase of any Fifth Third Serviced Mortgage Loan by any Person shall be subject to the rights of Fifth Third to continue servicing such Fifth Third Serviced Mortgage Loan for the same Servicing Fee substantially in accordance with the terms of this Agreement. With respect to each Non Designated Mortgage Loan (other than with respect to the WMMSC Serviced Mortgage Loans), the Master Servicer and the related Servicer, other than WMMSC, will fully furnish, in accordance with the Fair Credit Reporting Act and its implementing regulations, accurate and complete information (e.g., favorable and unfavorable) on its borrower credit files to Equifax, Experian and Trans Union Credit Information Company, on a monthly basis. With respect to each WMMSC Serviced Mortgage Loan, WMMSC will furnish information regarding its borrower credit files to credit reporting agencies in compliance with the provisions of the Fair Credit Reporting Act and its implementing regulations applicable to WMMSC.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (CSFB Sec Corp CSFB Mort Backed Pass THR Certs Ser 2003 Ar18)

Master Servicer and Servicers to Service Mortgage Loans. For and on behalf of the Certificateholders, as independent contractors of the ~~Trustee,~~ Trust (i) the Master Servicer and each Servicer, severally and not jointly, shall service and administer the Non-Designated Mortgage Loans in accordance with the terms of this Agreement and with Accepted Servicing ~~Practices~~Practices and (ii) the Master Servicer shall service and administer each Designated Mortgage Loan according to the terms of the related Designated Servicing Agreement (except as otherwise provided in this Agreement). The obligations of each of Fairbanks and WMMSC hereunder to service and administer the Mortgage Loans shall be limited to the Fairbanks Serviced Mortgage Loans and ~~the~~ WMMSC Serviced Mortgage Loans, respectively; and with respect to the duties and obligations of each Servicer, references herein to related “Mortgage Loans” shall be limited to the Fairbanks Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties) in the case of Fairbanks and the WMMSC Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties), in the case of WMMSC; and in no event shall any Servicer have any responsibility or liability with respect to any of the other Mortgage Loans. The obligations of the Master Servicer to master service and administer the Mortgage Loans shall be limited to the Master Serviced Mortgage Loans, the Fairbanks Serviced Mortgage Loans and the Special Serviced Mortgage Loans. Notwithstanding anything to the contrary contained in this Agreement, the Master Servicer shall have no obligations to master service or administer the WMMSC Serviced Mortgage Loans. In connection with such servicing and ~~administration~~administration of the Non-Designated Mortgage Loans, the Master Servicer and each Servicer shall have full power and authority, acting alone and/or through Subservicers as provided in Section 3.02 hereof, to do or cause to be done any and all things that it may deem necessary or desirable in connection with such servicing and administration, including but not limited to, the power and authority, subject to the terms hereof (i) to execute and deliver, on behalf of the Certificateholders and the ~~Trustee~~Trust, customary consents or waivers and other instruments and documents, (ii) to consent to transfers of any Mortgaged Property and assumptions of the Mortgage Notes and related Mortgages (but only in the manner provided in this Agreement), (iii) to collect any Insurance Proceeds and other Liquidation Proceeds, and (iv) to effectuate foreclosure or other conversion of the ownership of the Mortgaged Property securing any Mortgage Loan; provided that neither the Master Servicer nor a Servicer shall take any action that is inconsistent with or prejudices the interests of the Trust Fund or the Certificateholders in any Mortgage Loan or the rights and interests of the Depositor, the Trustee, the Trust Administrator or the Certificateholders under this Agreement. The Master Servicer and each Servicer shall represent and protect the interests of the Trust Fund in the same manner as it protects its own interests in mortgage loans in its own portfolio in any claim, proceeding or litigation regarding a Non-Designated Mortgage Loan, and shall not make or permit any modification, waiver or amendment of any Non-Designated Mortgage Loan ~~which~~ that would cause any REMIC created hereunder to fail to qualify as a REMIC or result in the imposition of any tax under Section 860F(a) or Section 860G(d) of the Code. Without limiting the generality of the foregoing, the Master Servicer and each Servicer, in its own name or in the name of the Depositor and the ~~Trustee~~Trust, is hereby authorized and empowered by the Depositor, the ~~Trustee~~ Trust and the Trust Administrator, when the Master Servicer or such Servicer believes it appropriate in its reasonable judgment, to execute and deliver, on behalf of the Trust, the Trustee, the Trust Administrator, the Depositor, the Certificateholders or any of them, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge and all other comparable instruments, with respect to the Mortgage Loans, and with respect to the Mortgaged Properties held for the benefit of the Certificateholders. The Master Servicer and each Servicer shall prepare and deliver to the Depositor and/or the Trustee and/or the Trust Administrator such documents requiring execution and delivery by either or both of them as are necessary or appropriate to enable the Master Servicer or such Servicer to service and administer the Mortgage Loans to the extent that the Master Servicer or such Servicer is not permitted to execute and deliver such documents pursuant to the preceding sentence. Upon receipt of such documents, the Depositor and/or the Trustee or the Trust Administrator shall execute such documents and deliver them to the Master Servicer or such Servicer. In accordance with the standards of the ~~preceding~~ first paragraph of this Section 3.01 and unless determined in good faith to be a Nonrecoverable Advance, the Master Servicer and each Servicer shall advance or cause to be advanced funds as necessary for the purpose of effecting the payment of taxes and assessments on the Mortgaged ~~Properties~~Properties related to the Non-Designated Mortgage Loans, which advances constitute Servicing Advances and shall be reimbursable in the first instance from related collections from the Mortgagors pursuant to Section 3.06, and further as provided in Section 3.08. In no event will any Servicer be required to make any Servicing Advance which would constitute a Nonrecoverable Advance. The costs incurred by the Master Servicer or a Servicer, if any, in effecting the timely payments of taxes and assessments on the Mortgaged Properties related to the Mortgage Loans and related insurance premiums shall not, for the purpose of calculating monthly distributions to the Certificateholders, be added to the Stated Principal Balances of the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit. The Master Servicer and each Servicer hereby acknowledges that, to the extent the Master Servicer or such Servicer has previously serviced some or all of the Non- Designated Mortgage Loans pursuant to another servicing agreement, the provisions contained in this Agreement shall supersede the provisions contained in such other servicing agreement from and after the Closing Date. In addition, the Master Servicer hereby acknowledges that, to the extent the Master Servicer or the related Designated Servicer has previously serviced some or all of the related Designated Mortgage Loans pursuant to another servicing agreement, the provisions contained in the related Designated Servicing Agreement shall supersede the provisions contained in such other servicing agreement from and after the Closing Date. Notwithstanding anything to the contrary in this Agreement, with respect to any action which according to the terms of this Agreement is to be performed by the Master Servicer and the applicable Servicer, (i) if such action relates to a Master Serviced Mortgage Loan, only the Master Servicer shall have an obligation to perform such action, (ii) if such action relates to a WMMSC Serviced Mortgage Loan, only WMMSC shall have an obligation to perform such ~~action~~ action, and (iii) if such action relates to a Mortgage Loan which is neither a Master Serviced Mortgage Loan nor a WMMSC Serviced Mortgage Loan, the related Servicer shall have an obligation to perform such action, and the Master Servicer shall also have an obligation to perform such action, but only if the related Servicer fails to do so. Notwithstanding anything in this Agreement to the contrary, (i) the purchase of any WMMSC Serviced Mortgage Loan by any Person shall be subject to the rights of WMMSC to continue servicing such WMMSC Serviced Mortgage Loan for the same Servicing Fee substantially in accordance with the terms of this Agreement, (ii) the purchase of any ABN Subserviced Mortgage Loan by any Person shall be subject to the rights of ABN to continue servicing such ABN Subserviced Mortgage Loan for the same servicing fee substantially in accordance with the terms of this Agreement and, and (iii) the purchase of any National City Subserviced Mortgage Loan by any Person shall be subject to the rights of National City to continue servicing such National City Subserviced Mortgage Loan for the same servicing fee substantially in accordance with the terms of this Agreement. With respect to each Non-Designated Mortgage Loan (other than with respect to the WMMSC Serviced Mortgage Loans), the Master Servicer and the related Servicer, other than WMMSC, will fully furnish, in accordance with the Fair Credit Reporting Act and its implementing regulations, accurate and complete information (e.g., favorable and unfavorable) on its borrower credit files to Equifax, Experian and Trans Union Credit Information Company, on a monthly basis. With respect to each WMMSC Serviced Mortgage Loan, WMMSC will furnish information regarding its borrower credit files to credit reporting agencies in compliance with the provisions of the Fair Credit Reporting Act and its implementing regulations applicable to WMMSC.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (CSFB Mortgage Backed Pass THR Certs Ser 2003-Ar26)

Master Servicer and Servicers to Service Mortgage Loans. For and on behalf of the Certificateholders, as independent contractors of the Trustee, the Master Servicer and each Servicer, severally and not jointly, shall service and administer the Mortgage Loans in accordance with the terms of this Agreement and with Accepted Servicing Practices. The obligations of each of ~~Fairbanks~~ GreenPoint, Olympus and WMMSC hereunder to service and administer the Mortgage Loans shall be limited to the ~~Fairbanks~~ GreenPoint Serviced Mortgage Loans, the Olympus Serviced Mortgage Loans and the WMMSC Serviced Mortgage Loans, respectively; and with respect to the duties and obligations of each Servicer, references herein to related “"Mortgage Loans” " shall be limited to the ~~Fairbanks~~ GreenPoint Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties), in the case of GreenPoint, the Olympus Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties) in the case of ~~Fairbanks~~ Olympus, and the WMMSC Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties), ) in the case of WMMSC; and in no event shall any Servicer have any responsibility or liability with respect to any of the other Mortgage Loans. The obligations of the Master Servicer to master service and administer the Mortgage Loans shall be limited to the Master Serviced Mortgage Loans, the ~~Fairbanks~~ GreenPoint Serviced Mortgage Loans and the ~~Special~~ Olympus Serviced Mortgage Loans. Notwithstanding anything to the contrary contained in this Agreement, the Master Servicer shall have no obligations to master service or administer the WMMSC Serviced Mortgage Loans. In connection with such servicing and administration, the Master Servicer and each Servicer shall have full power and authority, acting alone and/or through Subservicers as provided in Section 3.02 hereof, to do or cause to be done any and all things that it may deem necessary or desirable in connection with such servicing and administration, including but not limited to, the power and authority, subject to the terms hereof (i) to execute and deliver, on behalf of the Certificateholders and the Trustee, customary consents or waivers and other instruments and documents, (ii) to consent to transfers of any Mortgaged Property and assumptions of the Mortgage Notes and related Mortgages (but only in the manner provided in this Agreement), (iii) to collect any Insurance Proceeds and other Liquidation Proceeds, and (iv) to effectuate foreclosure or other conversion of the ownership of the Mortgaged Property securing any Mortgage Loan; provided that neither the Master Servicer nor a Servicer shall take any action that is inconsistent with or prejudices the interests of the Trust Fund or the Certificateholders in any Mortgage Loan or the rights and interests of the Depositor, the Trustee, the Trust Administrator or the Certificateholders under this Agreement. The Master Servicer and each Servicer shall represent and protect the interests of the Trust Fund in the same manner as it protects its own interests in mortgage loans in its own portfolio in any claim, proceeding or litigation regarding a Mortgage Loan, and shall not make or permit any modification, waiver or amendment of any Mortgage Loan which would cause any REMIC created hereunder to fail to qualify as a REMIC or result in the imposition of any tax under Section 860F(a) or Section 860G(d) of the Code. Without limiting the generality of the foregoing, the Master Servicer and each Servicer, in its own name or in the name of the Depositor and the Trustee, is hereby authorized and empowered by the Depositor, the Trustee and the Trust Administrator, when the Master Servicer or such Servicer believes it appropriate in its reasonable judgment, to execute and deliver, on behalf of the Trustee, the Trust Administrator, the Depositor, the Certificateholders or any of them, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge and all other comparable instruments, with respect to the Mortgage Loans, and with respect to the Mortgaged Properties held for the benefit of the Certificateholders. The Master Servicer and each Servicer shall prepare and deliver to the Depositor and/or the Trustee and/or the Trust Administrator such documents requiring execution and delivery by either or both of them as are necessary or appropriate to enable the Master Servicer or such Servicer to service and administer the Mortgage Loans to the extent that the Master Servicer or such Servicer is not permitted to execute and deliver such documents pursuant to the preceding sentence. Upon receipt of such documents, the Depositor and/or the Trustee or the Trust Administrator shall execute such documents and deliver them to the Master Servicer or such Servicer. In accordance with the standards of the preceding paragraph and unless determined in good faith to be a Nonrecoverable Advance, the Master Servicer and each Servicer shall advance or cause to be advanced funds as necessary for the purpose of effecting the payment of taxes and assessments on the Mortgaged Properties, which advances constitute Servicing Advances and shall be reimbursable in the first instance from related collections from the Mortgagors pursuant to Section 3.06, and further as provided in Section 3.08. ~~In no event will any Servicer be required to make any Servicing Advance which would constitute a Nonrecoverable Advance.~~ The costs incurred by the Master Servicer or a Servicer, if any, in effecting the timely payments of taxes and assessments on the Mortgaged Properties and related insurance premiums shall not, for the purpose of calculating monthly distributions to the Certificateholders, be added to the Stated Principal Balances of the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit. The Master Servicer and each Servicer hereby acknowledges that, to the extent the Master Servicer or such Servicer has previously serviced some or all of the Mortgage Loans pursuant to another servicing agreement, the provisions contained in this Agreement shall supersede the provisions contained in such other servicing agreement from and after the Closing Date. Notwithstanding anything to the contrary in this Agreement, with respect to any action which according to the terms of this Agreement is to be performed by the Master Servicer and the applicable Servicer, (i) if such action relates to a Master Serviced Mortgage Loan, only the Master Servicer shall have an obligation to perform such action, (ii) if such action relates to a WMMSC Serviced Mortgage Loan, only WMMSC shall have an obligation to perform such action and (iii) if such action relates to a Mortgage Loan which is neither a Master Serviced Mortgage Loan nor a WMMSC Serviced Mortgage Loan, the related Servicer shall have an obligation to perform such action, and the Master Servicer shall also have an obligation to perform such action, but only if the related Servicer fails to do so. Notwithstanding anything in this Agreement to the contrary, the purchase of any WMMSC Serviced Mortgage Loan by any Person shall be subject to the rights of WMMSC to continue servicing such WMMSC Serviced Mortgage Loan for the same Servicing Fee substantially in accordance with the terms of this Agreement. With respect to each Mortgage Loan (other than with respect to the WMMSC Serviced Mortgage Loans), the Master Servicer and the related Servicer, other than WMMSC, will fully furnish, in accordance with the Fair Credit Reporting Act and its implementing regulations, accurate and complete information (e.g., favorable and unfavorable) on its borrower credit files to Equifax, Experian and Trans Union Credit Information Company, on a monthly basis. With respect to each WMMSC Serviced Mortgage Loan, WMMSC will furnish information regarding its borrower credit files to credit reporting agencies in compliance with the provisions of the Fair Credit Reporting Act and its implementing regulations applicable to WMMSC.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp)

Master Servicer and Servicers to Service Mortgage Loans. For and on behalf of the Certificateholders, as independent contractors of the Trustee, the Master Servicer and each Servicer, severally and not jointly, shall service and administer the Mortgage Loans in accordance with the terms of this Agreement and with Accepted Servicing Practices. The obligations of each of ~~Fairbanks~~ GreenPoint, First Nationwide, Olympus and WMMSC hereunder to service and administer the Mortgage Loans shall be limited to the ~~Fairbanks~~ GreenPoint Serviced Mortgage Loans, First Nationwide Serviced Mortgage Loans, Olympus Serviced Mortgage Loans and ~~the~~ WMMSC Serviced Mortgage Loans, respectively; and with respect to the duties and obligations of each Servicer, references herein to related “Mortgage Loans” shall be limited to the ~~Fairbanks~~ GreenPoint Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties), in the case of GreenPoint, the First Nationwide Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties) in the case of ~~Fairbanks~~ First Nationwide, the Olympus Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties) in the case of Olympus, and the WMMSC Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties), ) in the case of WMMSC; and in no event shall any Servicer have any responsibility or liability with respect to any of the other Mortgage Loans. The obligations of the Master Servicer to master service and administer the Mortgage Loans shall be limited to the Master Serviced Mortgage Loans, the ~~Fairbanks~~ First Nationwide Serviced Mortgage Loans, the GreenPoint Serviced Mortgage Loans and the ~~Special~~ Olympus Serviced Mortgage Loans. Notwithstanding anything to the contrary contained in this Agreement, the Master Servicer shall have no obligations to master service or administer the WMMSC Serviced Mortgage Loans. In connection with such servicing and administration, the Master Servicer and each Servicer shall have full power and authority, acting alone and/or through Subservicers as provided in Section 3.02 hereof, to do or cause to be done any and all things that it may deem necessary or desirable in connection with such servicing and administration, including but not limited to, the power and authority, subject to the terms hereof (i) to execute and deliver, on behalf of the Certificateholders and the Trustee, customary consents or waivers and other instruments and documents, (ii) to consent to transfers of any Mortgaged Property and assumptions of the Mortgage Notes and related Mortgages (but only in the manner provided in this Agreement), (iii) to collect any Insurance Proceeds and other Liquidation Proceeds, and (iv) to effectuate foreclosure or other conversion of the ownership of the Mortgaged Property securing any Mortgage Loan; provided that neither the Master Servicer nor a Servicer shall take any action that is inconsistent with or prejudices the interests of the Trust Fund or the Certificateholders in any Mortgage Loan or the rights and interests of the Depositor, the Trustee, the Trust Administrator or the Certificateholders under this Agreement. The Master Servicer and each Servicer shall represent and protect the interests of the Trust Fund in the same manner as it protects its own interests in mortgage loans in its own portfolio in any claim, proceeding or litigation regarding a Mortgage Loan, and shall not make or permit any modification, waiver or amendment of any Mortgage Loan which would cause any REMIC created hereunder to fail to qualify as a REMIC or result in the imposition of any tax under Section 860F(a) or Section 860G(d) of the Code. Without limiting the generality of the foregoing, the Master Servicer and each Servicer, in its own name or in the name of the Depositor and the Trustee, is hereby authorized and empowered by the Depositor, the Trustee and the Trust Administrator, when the Master Servicer or such Servicer believes it appropriate in its reasonable judgment, to execute and deliver, on behalf of the Trustee, the Trust Administrator, the Depositor, the Certificateholders or any of them, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge and all other comparable instruments, with respect to the Mortgage Loans, and with respect to the Mortgaged Properties held for the benefit of the Certificateholders. The Master Servicer and each Servicer shall prepare and deliver to the Depositor and/or the Trustee and/or the Trust Administrator such documents requiring execution and delivery by either or both of them as are necessary or appropriate to enable the Master Servicer or such Servicer to service and administer the Mortgage Loans to the extent that the Master Servicer or such Servicer is not permitted to execute and deliver such documents pursuant to the preceding sentence. Upon receipt of such documents, the Depositor and/or the Trustee or the Trust Administrator shall execute such documents and deliver them to the Master Servicer or such Servicer. In accordance with the standards of the preceding paragraph and unless determined in good faith to be a Nonrecoverable Advance, the Master Servicer and each Servicer shall advance or cause to be advanced funds as necessary for the purpose of effecting the payment of taxes and assessments on the Mortgaged Properties, which advances constitute Servicing Advances and shall be reimbursable in the first instance from related collections from the Mortgagors pursuant to Section 3.06, and further as provided in Section 3.08. ~~In no event will any Servicer be required to make any Servicing Advance which would constitute a Nonrecoverable Advance.~~ The costs incurred by the Master Servicer or a Servicer, if any, in effecting the timely payments of taxes and assessments on the Mortgaged Properties and related insurance premiums shall not, for the purpose of calculating monthly distributions to the Certificateholders, be added to the Stated Principal Balances of the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit. The Master Servicer and each Servicer hereby acknowledges that, to the extent the Master Servicer or such Servicer has previously serviced some or all of the Mortgage Loans pursuant to another servicing agreement, the provisions contained in this Agreement shall supersede the provisions contained in such other servicing agreement from and after the Closing Date. Notwithstanding anything to the contrary in this Agreement, with respect to any action which according to the terms of this Agreement is to be performed by the Master Servicer and the applicable Servicer, (i) if such action relates to a Master Serviced Mortgage Loan, only the Master Servicer shall have an obligation to perform such action, (ii) if such action relates to a WMMSC Serviced Mortgage Loan, only WMMSC shall have an obligation to perform such action and (iii) if such action relates to a Mortgage Loan which is neither a Master Serviced Mortgage Loan nor a WMMSC Serviced Mortgage Loan, the related Servicer shall have an obligation to perform such action, and the Master Servicer shall also have an obligation to perform such action, but only if the related Servicer fails to do so. Notwithstanding anything in this Agreement to the contrary, (i) the purchase of any WMMSC Serviced Mortgage Loan by any Person shall be subject to the rights of WMMSC to continue servicing such WMMSC Serviced Mortgage Loan for the same Servicing Fee substantially in accordance with the terms of this Agreement and (ii) the purchase of any First Nationwide Serviced Mortgage Loan by any Person shall be subject to the rights of First Nationwide to continue servicing such First Nationwide Serviced Mortgage Loan for the same Servicing Fee substantially in accordance with the terms of this Agreement. With respect to each Mortgage ~~Loan~~ Loan, the Master Servicer (other than with respect to ~~the~~ WMMSC Serviced Mortgage Loans~~), the Master Servicer~~ ) and the related Servicer, other than WMMSC, will fully furnish, in accordance with the Fair Credit Reporting Act and its implementing regulations, accurate and complete information (e.g., favorable and unfavorable) on its borrower credit files to Equifax, Experian and Trans Union Credit Information ~~Company~~Company (three of the credit repositories), on a monthly basis. With respect to each WMMSC Serviced Mortgage Loan, WMMSC will furnish information regarding its borrower credit files to credit reporting agencies in compliance with the provisions of the Fair Credit Reporting Act and its implementing regulations applicable to WMMSC.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp)

Master Servicer and Servicers to Service Mortgage Loans. For and on behalf of the Certificateholders, as independent contractors of the Trustee, the Master Servicer and each Servicer, severally and not jointly, shall service and administer the Mortgage Loans in accordance with the terms of this Agreement and with Accepted Servicing Practices. The obligations of each of ~~Fairbanks~~ Fairbanks, Washington Mutual and WMMSC hereunder to service and administer the Mortgage Loans shall be limited to the Fairbanks Serviced Mortgage Loans, Washington Mutual Serviced Mortgage Loans and ~~the~~ WMMSC Serviced Mortgage Loans, respectively; and with respect to the duties and obligations of each Servicer, references herein to related “Mortgage Loans” shall be limited to the Fairbanks Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties) in the case of ~~Fairbanks~~ Fairbanks, the Washington Mutual Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties) in the case of Washington Mutual, and the WMMSC Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties), ) in the case of WMMSC; and in no event shall any Servicer have any responsibility or liability with respect to any of the other Mortgage Loans. The obligations of the Master Servicer to master service and administer the Mortgage Loans shall be limited to the Master Serviced Mortgage ~~Loans, the Fairbanks Serviced Mortgage~~ Loans and the ~~Special~~ Fairbanks Serviced Mortgage Loans. Notwithstanding anything to the contrary contained in this Agreement, the Master Servicer shall have no obligations to master service or administer the WMMSC Serviced Mortgage Loans or the Washington Mutual Serviced Mortgage Loans. In connection with such servicing and administration, the Master Servicer and each Servicer shall have full power and authority, acting alone and/or through Subservicers as provided in Section 3.02 hereof, to do or cause to be done any and all things that it may deem necessary or desirable in connection with such servicing and administration, including but not limited to, the power and authority, subject to the terms hereof (i) to execute and deliver, on behalf of the Certificateholders and the Trustee, customary consents or waivers and other instruments and documents, (ii) to consent to transfers of any Mortgaged Property and assumptions of the Mortgage Notes and related Mortgages (but only in the manner provided in this Agreement), (iii) to collect any Insurance Proceeds and other Liquidation Proceeds, and (iv) to effectuate foreclosure or other conversion of the ownership of the Mortgaged Property securing any Mortgage Loan; provided that neither the Master Servicer nor a Servicer shall take any action that is inconsistent with or prejudices the interests of the Trust Fund or the Certificateholders in any Mortgage Loan or the rights and interests of the Depositor, the Trustee, the Trust Administrator or the Certificateholders under this Agreement. The Master Servicer and each Servicer shall represent and protect the interests of the Trust Fund in the same manner as it protects its own interests in mortgage loans in its own portfolio in any claim, proceeding or litigation regarding a Mortgage Loan, and shall not make or permit any modification, waiver or amendment of any Mortgage Loan which would cause any REMIC created hereunder to fail to qualify as a REMIC or result in the imposition of any tax under Section 860F(a) or Section 860G(d) of the Code. Without limiting the generality of the foregoing, the Master Servicer and each Servicer, in its own name or in the name of the Depositor and the Trustee, is hereby authorized and empowered by the Depositor, the Trustee and the Trust Administrator, when the Master Servicer or such Servicer believes it appropriate in its reasonable judgment, to execute and deliver, on behalf of the Trustee, the Trust Administrator, the Depositor, the Certificateholders or any of them, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge and all other comparable instruments, with respect to the Mortgage Loans, and with respect to the Mortgaged Properties held for the benefit of the Certificateholders. The Master Servicer and each Servicer shall prepare and deliver to the Depositor and/or the Trustee and/or the Trust Administrator such documents requiring execution and delivery by either or both of them as are necessary or appropriate to enable the Master Servicer or such Servicer to service and administer the Mortgage Loans to the extent that the Master Servicer or such Servicer is not permitted to execute and deliver such documents pursuant to the preceding sentence. Upon receipt of such documents, the Depositor and/or the Trustee or the Trust Administrator shall execute such documents and deliver them to the Master Servicer or such Servicer. In accordance with the standards of the preceding paragraph and unless determined in good faith to be a Nonrecoverable Advance, the Master Servicer and each Servicer shall advance or cause to be advanced funds as necessary for the purpose of effecting the payment of taxes and assessments on the Mortgaged Properties, which advances constitute Servicing Advances and shall be reimbursable in the first instance from related collections from the Mortgagors pursuant to Section 3.06, and further as provided in Section 3.08. ~~In no event will any Servicer be required to make any Servicing Advance which would constitute a Nonrecoverable Advance.~~ The costs incurred by the Master Servicer or a Servicer, if any, in effecting the timely payments of taxes and assessments on the Mortgaged Properties and related insurance premiums shall not, for the purpose of calculating monthly distributions to the Certificateholders, be added to the Stated Principal Balances of the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit. The Master Servicer and each Servicer hereby acknowledges that, to the extent the Master Servicer or such Servicer has previously serviced some or all of the Mortgage Loans pursuant to another servicing agreement, the provisions contained in this Agreement shall supersede the provisions contained in such other servicing agreement from and after the Closing Date. Notwithstanding anything to the contrary in this Agreement, with respect to any action which according to the terms of this Agreement is to be performed by the Master Servicer and the applicable Servicer, (i) if such action relates to a Master Serviced Mortgage Loan, only the Master Servicer shall have an obligation to perform such action, (ii) if such action relates to a WMMSC Serviced Mortgage Loan or Washington Mutual Serviced Mortgage Loan, only WMMSC or Washington Mutual, respectively, shall have an obligation to perform such action and (iii) if such action relates to a Mortgage Loan which is ~~neither~~ not a Master Serviced Mortgage ~~Loan nor~~ Loan, a WMMSC Serviced Mortgage Loan or a Washington Mutual Serviced Mortgage Loan, the related Servicer shall have an obligation to perform such action, and the Master Servicer shall also have an obligation to perform such action, but only if the ~~related~~ Servicer fails to do so. Notwithstanding anything in this Agreement to the contrary, (i) the purchase of any WMMSC Serviced Mortgage Loan by any Person shall be subject to the rights of WMMSC to continue servicing such WMMSC Serviced Mortgage Loan for the same Servicing Fee substantially in accordance with the terms of this ~~Agreement. With respect to each~~ Agreement and (ii) the purchase of any Washington Mutual Serviced Mortgage Loan ~~(other than with respect~~ by any Person shall be subject to the ~~WMMSC~~ rights of Washington Mutual to continue servicing such Washington Mutual Serviced Mortgage ~~Loans),~~ Loan for the ~~Master Servicer and the related Servicer, other than WMMSC, will fully furnish,~~ same Servicing Fee substantially in accordance with the Fair Credit Reporting Act and its implementing regulations, accurate and complete information (e.g., favorable and unfavorable) on its borrower credit files to Equifax, Experian and Trans Union Credit Information Company, on a monthly basis. With respect to each WMMSC Serviced Mortgage Loan, WMMSC will furnish information regarding its borrower credit files to credit reporting agencies in compliance with the provisions terms of ~~the Fair Credit Reporting Act and its implementing regulations applicable to WMMSC~~this Agreement.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp)

Master Servicer and Servicers to Service Mortgage Loans. For and on behalf of the Certificateholders, as independent contractors of the Trustee, the Master Servicer and each Servicer, severally and not jointly, shall service and administer the Mortgage Loans in accordance with the terms of this Agreement and with Accepted Servicing Practices. The obligations of each of ~~Fairbanks~~ WMMSC, GreenPoint and ~~WMMSC~~ Vesta hereunder to service and administer the Mortgage Loans shall be limited to the ~~Fairbanks~~ WMMSC Serviced Mortgage Loans, the GreenPoint Serviced Mortgage Loans and the ~~WMMSC~~ Vesta Serviced Mortgage Loans, respectively; and with respect to the duties and obligations of each Servicer, references herein to related “"Mortgage Loans” " shall be limited to ~~the Fairbanks Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties) in the case of Fairbanks and~~ the WMMSC Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties), in the case of WMMSC, the GreenPoint Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties), in the case of GreenPoint, and the Vesta Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties) in the case of Vesta; and in no event shall any Servicer have any responsibility or liability with respect to any of the other Mortgage Loans. The obligations of the Master Servicer to master service and administer the Mortgage Loans shall be limited to the Master Serviced Mortgage Loans, the Fairbanks Serviced Mortgage Loans and the Special Serviced Mortgage Loans. Notwithstanding anything to the contrary contained in this Agreement, the Master Servicer shall have no obligations to master service or administer the WMMSC Serviced Mortgage Loans. In connection with such servicing and administration, the Master Servicer and each Servicer shall have full power and authority, acting alone and/or through Subservicers as provided in Section 3.02 hereof, to do or cause to be done any and all things that it may deem necessary or desirable in connection with such servicing and administration, including but not limited to, the power and authority, subject to the terms hereof (i) to execute and deliver, on behalf of the Certificateholders and the Trustee, customary consents or waivers and other instruments and documents, (ii) to consent to transfers of any Mortgaged Property and assumptions of the Mortgage Notes and related Mortgages (but only in the manner provided in this Agreement), (iii) to collect any Insurance Proceeds and other Liquidation Proceeds, and (iv) to effectuate foreclosure or other conversion of the ownership of the Mortgaged Property securing any Mortgage Loan; provided that neither the Master Servicer nor a Servicer shall take any action that is inconsistent with or prejudices the interests of the Trust Fund or the Certificateholders in any Mortgage Loan or the rights and interests of the Depositor, the Trustee, the Trust Administrator or the Certificateholders under this Agreement. The Master Servicer and each Servicer shall represent and protect the interests of the Trust Fund in the same manner as it protects its own interests in mortgage loans in its own portfolio in any claim, proceeding or litigation regarding a Mortgage Loan, and shall not make or permit any modification, waiver or amendment of any Mortgage Loan which would cause any REMIC created hereunder to fail to qualify as a REMIC or result in the imposition of any tax under Section 860F(a) or Section 860G(d) of the Code. Without limiting the generality of the foregoing, the Master Servicer and each Servicer, in its own name or in the name of the Depositor and the Trustee, is hereby authorized and empowered by the ~~Depositor,~~ Depositor and the Trustee and the Trust Administrator, when the Master Servicer or such Servicer believes it appropriate in its reasonable judgment, to execute and deliver, on behalf of the Trustee, the Trust Administrator, the Depositor, the Certificateholders or any of them, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge and all other comparable instruments, with respect to the Mortgage Loans, and with respect to the Mortgaged Properties held for the benefit of the Certificateholders. The Master Servicer and each Servicer shall prepare and deliver to the Depositor and/or the Trustee and/or the Trust Administrator such documents requiring execution and delivery by either or both of them as are necessary or appropriate to enable the Master Servicer or such Servicer to service and administer the Mortgage Loans to the extent that the Master Servicer or such Servicer is not permitted to execute and deliver such documents pursuant to the preceding sentence. Upon receipt of such documents, the Depositor and/or the Trustee or the Trust Administrator shall execute such documents and deliver them to the Master Servicer or such Servicer. In accordance with the standards of the preceding paragraph and unless determined in good faith to be a Nonrecoverable Advance, the Master Servicer and each Servicer shall advance or cause to be advanced funds as necessary for the purpose of effecting the payment of taxes and assessments on the Mortgaged Properties, which advances constitute Servicing Advances and shall be reimbursable in the first instance from related collections from the Mortgagors pursuant to Section 3.06, and further as provided in Section 3.08. In no event will any Servicer be required to make any Servicing Advance which would constitute a Nonrecoverable Advance. The costs incurred by the Master Servicer or a Servicer, if any, in effecting the timely payments of taxes and assessments on the Mortgaged Properties and related insurance premiums shall not, for the purpose of calculating monthly distributions to the Certificateholders, be added to the Stated Principal Balances of the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit. The Master Servicer and each Servicer hereby acknowledges that, to the extent the Master Servicer or such Servicer has previously serviced some or all of the Mortgage Loans pursuant to another servicing agreement, the provisions contained in this Agreement shall supersede the provisions contained in such other servicing agreement from and after the Closing Date. Notwithstanding anything to the contrary in this Agreement, with respect to any action which according to the terms of this Agreement is to be performed by the Master Servicer and the applicable Servicer, (i) if such action relates to a Master Serviced Mortgage Loan, only the Master Servicer shall have an obligation to perform such action, (ii) if such action relates to a WMMSC Serviced Mortgage Loan, only WMMSC shall have an obligation to perform such action and (iii) if such action relates to a Mortgage Loan which is neither a Master Serviced Mortgage Loan nor a WMMSC Serviced Mortgage Loan, the related Servicer shall have an obligation to perform such action, and the Master Servicer shall also have an obligation to perform such action, but only if the related Servicer fails to do so. Notwithstanding anything in this Agreement to the contrary, the purchase of any WMMSC Serviced Mortgage Loan by any Person shall be subject to the rights of WMMSC to continue servicing such WMMSC Serviced Mortgage Loan for the same Servicing Fee substantially in accordance with the terms of this Agreement. With respect to each Mortgage Loan (other than with respect to the WMMSC Serviced Mortgage Loans), the Master Servicer and the related Servicer, other than WMMSC, will fully furnish, in accordance with the Fair Credit Reporting Act and its implementing regulations, accurate and complete information (e.g., favorable and unfavorable) on its borrower credit files to Equifax, Experian and Trans Union Credit Information Company, on a monthly basis. With respect to each WMMSC Serviced Mortgage Loan, WMMSC will furnish information regarding its borrower credit files to credit reporting agencies in compliance with the provisions of the Fair Credit Reporting Act and its implementing regulations applicable to WMMSC.the

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp)

Master Servicer and Servicers to Service Mortgage Loans. For and on behalf of the Certificateholders, as independent contractors of the Trustee, the Master Servicer and each Servicer, severally and not jointly, shall service and administer the Mortgage Loans in accordance with the terms of this Agreement and with Accepted Servicing Practices. The obligations of each of ~~Fairbanks~~ GreenPoint, Olympus and WMMSC hereunder to service and administer the Mortgage Loans shall be limited to the ~~Fairbanks~~ GreenPoint Serviced Mortgage Loans, the Olympus Serviced Mortgage Loans and the WMMSC Serviced Mortgage Loans, respectively; and with respect to the duties and obligations of each Servicer, references herein to related “"Mortgage Loans” " shall be limited to the ~~Fairbanks~~ GreenPoint Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties), in the case of GreenPoint, the Olympus Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties) in the case of ~~Fairbanks~~ Olympus, and the WMMSC Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties), ) in the case of WMMSC; and in no event shall any Servicer have any responsibility or liability with respect to any of the other Mortgage Loans. The obligations of the Master Servicer to master service and administer the Mortgage Loans shall be limited to the Master Serviced Mortgage Loans, the ~~Fairbanks~~ GreenPoint Serviced Mortgage Loans and the ~~Special~~ Olympus Serviced Mortgage Loans. Notwithstanding anything to the contrary contained in this Agreement, the Master Servicer shall have no obligations to master service or administer the WMMSC Serviced Mortgage Loans. In connection with such servicing and administration, the Master Servicer and each Servicer shall have full power and authority, acting alone and/or through Subservicers as provided in Section 3.02 hereof, to do or cause to be done any and all things that it may deem necessary or desirable in connection with such servicing and administration, including but not limited to, the power and authority, subject to the terms hereof (i) to execute and deliver, on behalf of the Certificateholders and the Trustee, customary consents or waivers and other instruments and documents, (ii) to consent to transfers of any Mortgaged Property and assumptions of the Mortgage Notes and related Mortgages (but only in the manner provided in this Agreement), (iii) to collect any Insurance Proceeds and other Liquidation Proceeds, and (iv) to effectuate foreclosure or other conversion of the ownership of the Mortgaged Property securing any Mortgage Loan; provided that neither the Master Servicer nor a Servicer shall take any action that is inconsistent with or prejudices the interests of the Trust Fund or the Certificateholders in any Mortgage Loan or the rights and interests of the Depositor, the Trustee, the Trust Administrator or the Certificateholders under this Agreement. The Master Servicer and each Servicer shall represent and protect the interests of the Trust Fund in the same manner as it protects its own interests in mortgage loans in its own portfolio in any claim, proceeding or litigation regarding a Mortgage Loan, and shall not make or permit any modification, waiver or amendment of any Mortgage Loan which would cause any REMIC created hereunder to fail to qualify as a REMIC or result in the imposition of any tax under Section 860F(a) or Section 860G(d) of the Code. Without limiting the generality of the foregoing, the Master Servicer and each Servicer, in its own name or in the name of the Depositor and the Trustee, is hereby authorized and empowered by the Depositor, the Trustee and the Trust Administrator, when the Master Servicer or such Servicer believes it appropriate in its reasonable judgment, to execute and deliver, on behalf of the Trustee, the Trust Administrator, the Depositor, the Certificateholders or any of them, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge and all other comparable instruments, with respect to the Mortgage Loans, and with respect to the Mortgaged Properties held for the benefit of the Certificateholders. The Master Servicer and each Servicer shall prepare and deliver to the Depositor and/or the Trustee and/or the Trust Administrator such documents requiring execution and delivery by either or both of them as are necessary or appropriate to enable the Master Servicer or such Servicer to service and administer the Mortgage Loans to the extent that the Master Servicer or such Servicer is not permitted to execute and deliver such documents pursuant to the preceding sentence. Upon receipt of such documents, the Depositor and/or the Trustee or the Trust Administrator shall execute such documents and deliver them to the Master Servicer or such Servicer. In accordance with the standards of the preceding paragraph and unless determined in good faith to be a Nonrecoverable Advance, the Master Servicer and each Servicer shall advance or cause to be advanced funds as necessary for the purpose of effecting the payment of taxes and assessments on the Mortgaged Properties, which advances constitute Servicing Advances and shall be reimbursable in the first instance from related collections from the Mortgagors pursuant to Section 3.06, and further as provided in Section 3.08. ~~In no event will any Servicer be required to make any Servicing Advance which would constitute a Nonrecoverable Advance.~~ The costs incurred by the Master Servicer or a Servicer, if any, in effecting the timely payments of taxes and assessments on the Mortgaged Properties and related insurance premiums shall not, for the purpose of calculating monthly distributions to the Certificateholders, be added to the Stated Principal Balances of the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit. The Master Servicer and each Servicer hereby acknowledges that, to the extent the Master Servicer or such Servicer has previously serviced some or all of the Mortgage Loans pursuant to another servicing agreement, the provisions contained in this Agreement shall supersede the provisions contained in such other servicing agreement from and after the Closing Date. Notwithstanding anything to the contrary in this Agreement, with respect to any action which according to the terms of this Agreement is to be performed by the Master Servicer and the applicable Servicer, (i) if such action relates to a Master Serviced Mortgage Loan, only the Master Servicer shall have an obligation to perform such action, (ii) if such action relates to a WMMSC Serviced Mortgage Loan, only WMMSC shall have an obligation to perform such action and (iii) if such action relates to a Mortgage Loan which is neither a Master Serviced Mortgage Loan nor a WMMSC Serviced Mortgage Loan, the related Servicer shall have an obligation to perform such action, and the Master Servicer shall also have an obligation to perform such action, but only if the related Servicer fails to do so. Notwithstanding anything in this Agreement to the contrary, the purchase of any WMMSC Serviced Mortgage Loan by any Person shall be subject to the rights of WMMSC to continue servicing such WMMSC Serviced Mortgage Loan for the same Servicing Fee substantially in accordance with the terms of this Agreement. With respect to ~~each~~ the Mortgage ~~Loan~~ Loans serviced by a Servicer, the related Servicer (other than ~~with~~ WMMSC) or Master Servicer, as applicable, of such Mortgage Loans shall accurately and fully report the related Mortgagor's credit to Equifax, Transunion and Experian in a timely manner. With respect to the WMMSC Serviced Mortgage Loans), the Master Servicer and the related Servicer, other than WMMSC, will fully furnish, in accordance with the Fair Credit Reporting Act and its implementing regulations, accurate and complete information (e.g., favorable and unfavorable) on its borrower credit files WMMSC shall report to Equifax, Transunion and Experian ~~and Trans Union Credit Information Company, on~~ in a ~~monthly basis. With respect to each WMMSC Serviced Mortgage Loan, WMMSC will furnish~~ timely manner that information ~~regarding its borrower credit files to credit reporting agencies in compliance~~ required by the Fannie Mae servicing guide with rxxxxxx xx the ~~provisions of the Fair Credit Reporting Act and its implementing regulations applicable to WMMSC~~related Mortgagor's credit.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (CSFB Mortgage Backed Pass Through Certificates Ser 2002 10)

Master Servicer and Servicers to Service Mortgage Loans. For and on behalf of the Certificateholders, as independent contractors of the Trustee, (i) the Master Servicer and each Servicer, severally and not jointly, shall service and administer the Non Designated Mortgage Loans in accordance with the terms of this Agreement and with Accepted Servicing ~~Practices~~Practices and (ii) the Master Servicer shall service and administer each Designated Mortgage Loan according to the terms of the related Designated Servicing Agreement (except as otherwise provided in this Agreement). The obligations of each of Fairbanks and WMMSC hereunder to service and administer the Mortgage Loans shall be limited to the Fairbanks Serviced Mortgage Loans and the WMMSC Serviced Mortgage Loans, respectively; and with respect to the duties and obligations of each Servicer, references herein to related “Mortgage Loans” shall be limited to the Fairbanks Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties) in the case of Fairbanks and the WMMSC Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties), in the case of WMMSC; and in no event shall any Servicer have any responsibility or liability with respect to any of the other Mortgage Loans. The obligations of the Master Servicer to master service and administer the Mortgage Loans shall be limited to the Master Serviced Mortgage Loans, the Fairbanks Serviced Mortgage Loans and the Special Serviced Mortgage Loans. Notwithstanding anything to the contrary contained in this Agreement, the Master Servicer shall have no obligations to master service or administer the WMMSC Serviced Mortgage Loans. In connection with such servicing and ~~administration~~administration of the Non Designated Mortgage Loans, the Master Servicer and each Servicer shall have full power and authority, acting alone and/or through Subservicers as provided in Section 3.02 hereof, to do or cause to be done any and all things that it may deem necessary or desirable in connection with such servicing and administration, including but not limited to, the power and authority, subject to the terms hereof (i) to execute and deliver, on behalf of the Certificateholders and the Trustee, customary consents or waivers and other instruments and documents, (ii) to consent to transfers of any Mortgaged Property and assumptions of the Mortgage Notes and related Mortgages (but only in the manner provided in this Agreement), (iii) to collect any Insurance Proceeds and other Liquidation Proceeds, and (iv) to effectuate foreclosure or other conversion of the ownership of the Mortgaged Property securing any Mortgage Loan; provided that neither the Master Servicer nor a Servicer shall take any action that is inconsistent with or prejudices the interests of the Trust Fund or the Certificateholders in any Mortgage Loan or the rights and interests of the Depositor, the Trustee, the Trust Administrator or the Certificateholders under this Agreement. The Master Servicer and each Servicer shall represent and protect the interests of the Trust Fund in the same manner as it protects its own interests in mortgage loans in its own portfolio in any claim, proceeding or litigation regarding a Non Designated Mortgage Loan, and shall not make or permit any modification, waiver or amendment of any Non Designated Mortgage Loan ~~which~~ that would cause any REMIC created hereunder to fail to qualify as a REMIC or result in the imposition of any tax under Section 860F(a) or Section 860G(d) of the Code. Without limiting the generality of the foregoing, the Master Servicer and each Servicer, in its own name or in the name of the Depositor and the Trustee, is hereby authorized and empowered by the Depositor, the Trustee and the Trust Administrator, when the Master Servicer or such Servicer believes it appropriate in its reasonable judgment, to execute and deliver, on behalf of the Trustee, the Trust Administrator, the Depositor, the Certificateholders or any of them, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge and all other comparable instruments, with respect to the Mortgage Loans, and with respect to the Mortgaged Properties held for the benefit of the Certificateholders. The Master Servicer and each Servicer shall prepare and deliver to the Depositor and/or the Trustee and/or the Trust Administrator such documents requiring execution and delivery by either or both of them as are necessary or appropriate to enable the Master Servicer or such Servicer to service and administer the Mortgage Loans to the extent that the Master Servicer or such Servicer is not permitted to execute and deliver such documents pursuant to the preceding sentence. Upon receipt of such documents, the Depositor and/or the Trustee or the Trust Administrator shall execute such documents and deliver them to the Master Servicer or such Servicer. In accordance with the standards of the ~~preceding~~ first paragraph of this Section 3.01 and unless determined in good faith to be a Nonrecoverable Advance, the Master Servicer and each Servicer shall advance or cause to be advanced funds as necessary for the purpose of effecting the payment of taxes and assessments on the Mortgaged ~~Properties~~Properties related to the Non Designated Mortgage Loans, which advances constitute Servicing Advances and shall be reimbursable in the first instance from related collections from the Mortgagors pursuant to Section 3.06, and further as provided in Section 3.08. In no event will any Servicer be required to make any Servicing Advance which would constitute a Nonrecoverable Advance. The costs incurred by the Master Servicer or a Servicer, if any, in effecting the timely payments of taxes and assessments on the Mortgaged Properties related to the Mortgage Loans and related insurance premiums shall not, for the purpose of calculating monthly distributions to the Certificateholders, be added to the Stated Principal Balances of the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit. The Master Servicer and each Servicer hereby acknowledges that, to the extent the Master Servicer or such Servicer has previously serviced some or all of the Non Designated Mortgage Loans pursuant to another servicing agreement, the provisions contained in this Agreement shall supersede the provisions contained in such other servicing agreement from and after the Closing Date. In addition, the Master Servicer hereby acknowledges that, to the extent the Master Servicer or the related Designated Servicer has previously serviced some or all of the related Designated Mortgage Loans pursuant to another servicing agreement, the provisions contained in the related Designated Servicing Agreement shall supersede the provisions contained in such other servicing agreement from and after the Closing Date. Notwithstanding anything to the contrary in this Agreement, with respect to any action which according to the terms of this Agreement is to be performed by the Master Servicer and the applicable Servicer, (i) if such action relates to a Master Serviced Mortgage Loan, only the Master Servicer shall have an obligation to perform such action, (ii) if such action relates to a WMMSC Serviced Mortgage Loan, only WMMSC shall have an obligation to perform such action and (iii) if such action relates to a Mortgage Loan which is neither a Master Serviced Mortgage Loan nor a WMMSC Serviced Mortgage Loan, the related Servicer shall have an obligation to perform such action, and the Master Servicer shall also have an obligation to perform such action, but only if the related Servicer fails to do so. Notwithstanding anything in this Agreement to the contrary, (i) the purchase of any WMMSC Serviced Mortgage Loan by any Person shall be subject to the rights of WMMSC to continue servicing such WMMSC Serviced Mortgage Loan for the same Servicing Fee substantially in accordance with the terms of this Agreement, (ii) the purchase of any Washington Mutual Subserviced Mortgage Loan by any Person shall be subject to the rights of Washington Mutual to continue servicing such Washington Mutual Subserviced Mortgage Loan for the same servicing fee substantially in accordance with the terms of this Agreement, and (iii) the purchase of any Xxxxxx Subserviced Mortgage Loan by any Person shall be subject to the rights of Xxxxxx to continue servicing such Xxxxxx Subserviced Mortgage Loan for the same servicing fee substantially in accordance with the terms of this Agreement. With respect to each Non Designated Mortgage Loan (other than with respect to the WMMSC Serviced Mortgage Loans), the Master Servicer and the related Servicer, other than WMMSC, will fully furnish, in accordance with the Fair Credit Reporting Act and its implementing regulations, accurate and complete information (e.g., favorable and unfavorable) on its borrower credit files to Equifax, Experian and Trans Union Credit Information Company, on a monthly basis. With respect to each WMMSC Serviced Mortgage Loan, WMMSC will furnish information regarding its borrower credit files to credit reporting agencies in compliance with the provisions of the Fair Credit Reporting Act and its implementing regulations applicable to WMMSC.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (CSFB Mortgage Backed Pass THR Certs Series 2003 Ar20)

Master Servicer and Servicers to Service Mortgage Loans. For and on behalf of the Certificateholders, as independent contractors of the Trustee, (i) the Master Servicer and each Servicer, severally and not jointly, shall service and administer the Non-Designated Mortgage Loans in accordance with the terms of this Agreement and with Accepted Servicing ~~Practices~~Practices and (ii) the Master Servicer shall service and administer each Designated Mortgage Loan according to the terms of the related Designated Servicing Agreement (except as otherwise provided in this Agreement). The obligations of each of ~~Fairbanks~~ Fairbanks, WMMSC and ~~WMMSC~~ WMBFA hereunder to service and administer the Mortgage Loans shall be limited to the Fairbanks Serviced Mortgage Loans, the WMMSC Serviced Mortgage Loans and the ~~WMMSC~~ WMBFA Serviced Mortgage Loans, respectively; and with respect to the duties and obligations of each Servicer, references herein to related “Mortgage Loans” shall be limited to the Fairbanks Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties) in the case of ~~Fairbanks and~~ Fairbanks, the WMMSC Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties), in the case of ~~WMMSC~~WMMSC and the WMBFA Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties), in the case of WMBFA; and in no event shall any Servicer have any responsibility or liability with respect to any of the other Mortgage Loans. The obligations of the Master Servicer to master service and administer the Mortgage Loans shall be limited to the Master Serviced Mortgage Loans, the Fairbanks Serviced Mortgage Loans, the Special Serviced Mortgage Loans and the ~~Special~~ WMBFA Serviced Mortgage Loans. Notwithstanding anything to the contrary contained in this Agreement, the Master Servicer shall have no obligations to master service or administer the WMMSC Serviced Mortgage Loans. In connection with such servicing and ~~administration~~administration of the Non-Designated Mortgage Loans, the Master Servicer and each Servicer shall have full power and authority, acting alone and/or through Subservicers as provided in Section 3.02 hereof, to do or cause to be done any and all things that it may deem necessary or desirable in connection with such servicing and administration, including but not limited to, the power and authority, subject to the terms hereof (i) to execute and deliver, on behalf of the Certificateholders and the Trustee, customary consents or waivers and other instruments and documents, (ii) to consent to transfers of any Mortgaged Property and assumptions of the Mortgage Notes and related Mortgages (but only in the manner provided in this Agreement), (iii) to collect any Insurance Proceeds and other Liquidation Proceeds, and (iv) to effectuate foreclosure or other conversion of the ownership of the Mortgaged Property securing any Mortgage Loan; provided that neither the Master Servicer nor a Servicer shall take any action that is inconsistent with or prejudices the interests of the Trust Fund or the Certificateholders in any Mortgage Loan or the rights and interests of the Depositor, the Trustee, the Trust Administrator or the Certificateholders under this Agreement. The Master Servicer and each Servicer shall represent and protect the interests of the Trust Fund in the same manner as it protects its own interests in mortgage loans in its own portfolio in any claim, proceeding or litigation regarding a Non-Designated Mortgage Loan, and shall not make or permit any modification, waiver or amendment of any Non-Designated Mortgage Loan ~~which~~ that would cause any REMIC created hereunder to fail to qualify as a REMIC or result in the imposition of any tax under Section 860F(a) or Section 860G(d) of the Code. Without limiting the generality of the foregoing, the Master Servicer and each Servicer, in its own name or in the name of the Depositor and the Trustee, is hereby authorized and empowered by the Depositor, the Trustee and the Trust Administrator, when the Master Servicer or such Servicer believes it appropriate in its reasonable judgment, to execute and deliver, on behalf of the Trustee, the Trust Administrator, the Depositor, the Certificateholders or any of them, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge and all other comparable instruments, with respect to the Mortgage Loans, and with respect to the Mortgaged Properties held for the benefit of the Certificateholders. The Master Servicer and each Servicer shall prepare and deliver to the Depositor and/or the Trustee and/or the Trust Administrator such documents requiring execution and delivery by either or both of them as are necessary or appropriate to enable the Master Servicer or such Servicer to service and administer the Mortgage Loans to the extent that the Master Servicer or such Servicer is not permitted to execute and deliver such documents pursuant to the preceding sentence. Upon receipt of such documents, the Depositor and/or the Trustee or the Trust Administrator shall execute such documents and deliver them to the Master Servicer or such Servicer. In accordance with the standards of the ~~preceding~~ first paragraph of this Section 3.01 and unless determined in good faith to be a Nonrecoverable Advance, the Master Servicer and each Servicer shall advance or cause to be advanced funds as necessary for the purpose of effecting the payment of taxes and assessments on the Mortgaged ~~Properties~~Properties related to the Non-Designated Mortgage Loans, which advances constitute Servicing Advances and shall be reimbursable in the first instance from related collections from the Mortgagors pursuant to Section 3.06, and further as provided in Section 3.08. In no event will any Servicer be required to make any Servicing Advance which would constitute a Nonrecoverable Advance. The costs incurred by the Master Servicer or a Servicer, if any, in effecting the timely payments of taxes and assessments on the Mortgaged Properties related to the Mortgage Loans and related insurance premiums shall not, for the purpose of calculating monthly distributions to the Certificateholders, be added to the Stated Principal Balances of the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit. The Master Servicer and each Servicer hereby acknowledges that, to the extent the Master Servicer or such Servicer has previously serviced some or all of the Non-Designated Mortgage Loans pursuant to another servicing agreement, the provisions contained in this Agreement shall supersede the provisions contained in such other servicing agreement from and after the Closing Date. In addition, the Master Servicer hereby acknowledges that, to the extent the Master Servicer or the related Designated Servicer has previously serviced some or all of the related Designated Mortgage Loans pursuant to another servicing agreement, the provisions contained in the related Designated Servicing Agreement shall supersede the provisions contained in such other servicing agreement from and after the Closing Date. Notwithstanding anything to the contrary in this Agreement, with respect to any action which according to the terms of this Agreement is to be performed by the Master Servicer and the applicable Servicer, (i) if such action relates to a Master Serviced Mortgage Loan, only the Master Servicer shall have an obligation to perform such action, (ii) if such action relates to a WMMSC Serviced Mortgage Loan, only WMMSC shall have an obligation to perform such action and (iii) if such action relates to a Mortgage Loan which is neither a Master Serviced Mortgage Loan nor a WMMSC Serviced Mortgage Loan, the related Servicer shall have an obligation to perform such action, and the Master Servicer shall also have an obligation to perform such action, but only if the related Servicer fails to do so. Notwithstanding anything in this Agreement to the contrary, (i) the purchase of any WMMSC Serviced Mortgage Loan by any Person shall be subject to the rights of WMMSC to continue servicing such WMMSC Serviced Mortgage Loan for the same Servicing Fee substantially in accordance with the terms of this Agreement and (ii) the purchase of any WMBFA Serviced Mortgage Loan by any Person shall be subject to the rights of WMBFA to continue servicing such WMBFA Serviced Mortgage Loan for the same Servicing Fee substantially in accordance with the terms of this Agreement. With respect to each Non-Designated Mortgage Loan (other than with respect to the WMMSC Serviced Mortgage Loans), the Master Servicer and the related Servicer, other than WMMSC, will fully furnish, in accordance with the Fair Credit Reporting Act and its implementing regulations, accurate and complete information (e.g., favorable and unfavorable) on its borrower credit files to Equifax, Experian and Trans Union Credit Information Company, on a monthly basis. With respect to each WMMSC Serviced Mortgage Loan, WMMSC will furnish information regarding its borrower credit files to credit reporting agencies in compliance with the provisions of the Fair Credit Reporting Act and its implementing regulations applicable to WMMSC.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (CSFB Mortgage-Backed Pass-Through Certificates Ser Ar15)

Master Servicer and Servicers to Service Mortgage Loans. For and on behalf of the Certificateholders, as independent contractors of the ~~Trustee,~~ Trustee (i) the Master Servicer and each Servicer, severally and not jointly, shall service and administer the Non-Designated Mortgage Loans in accordance with the terms of this Agreement and with Accepted Servicing ~~Practices~~Practices and (ii) the Master Servicer shall service and administer each Designated Mortgage Loan according to the terms of the related Designated Servicing Agreement (except as otherwise provided in this Agreement). The obligations of each of ~~Fairbanks~~ Fairbanks, Xxxxx Fargo, GreenPoint and WMMSC hereunder to service and administer the Mortgage Loans shall be limited to the Fairbanks Serviced Mortgage Loans, Xxxxx Fargo Serviced Mortgage Loans, GreenPoint Serviced Mortgage Loans and ~~the~~ WMMSC Serviced Mortgage Loans, respectively; and with respect to the duties and obligations of each Servicer, references herein to related “Mortgage Loans” shall be limited to the Fairbanks Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties) in the case of ~~Fairbanks~~ Fairbanks, the Xxxxx Fargo Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties) in the case of Xxxxx Fargo, the GreenPoint Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties) in the case of GreenPoint and the WMMSC Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties), in the case of WMMSC; and in no event shall any Servicer have any responsibility or liability with respect to any of the other Mortgage Loans. The obligations of the Master Servicer to master service and administer the Mortgage Loans shall be limited to the Master Serviced Mortgage Loans, the Xxxxx Fargo Serviced Mortgage Loans, the GreenPoint Serviced Mortgage Loans, the Fairbanks Serviced Mortgage Loans and the Special Serviced Mortgage Loans. Notwithstanding anything to the contrary contained in this Agreement, the Master Servicer shall have no obligations to master service or administer the WMMSC Serviced Mortgage Loans. In connection with such servicing and ~~administration~~administration of the Non-Designated Mortgage Loans, the Master Servicer and each Servicer shall have full power and authority, acting alone and/or through Subservicers as provided in Section 3.02 hereof, to do or cause to be done any and all things that it may deem necessary or desirable in connection with such servicing and administration, including but not limited to, the power and authority, subject to the terms hereof (i) to execute and deliver, on behalf of the Certificateholders and the Trustee, customary consents or waivers and other instruments and documents, (ii) to consent to transfers of any Mortgaged Property and assumptions of the Mortgage Notes and related Mortgages (but only in the manner provided in this Agreement), (iii) to collect any Insurance Proceeds and other Liquidation Proceeds, and (iv) to effectuate foreclosure or other conversion of the ownership of the Mortgaged Property securing any Mortgage Loan; provided that neither the Master Servicer nor a Servicer shall take any action that is inconsistent with or prejudices the interests of the Trust Fund or the Certificateholders in any Mortgage Loan or the rights and interests of the Depositor, the Trustee, the Trust Administrator or the Certificateholders under this Agreement. The Master Servicer and each Servicer shall represent and protect the interests of the Trust Fund in the same manner as it protects its own interests in mortgage loans in its own portfolio in any claim, proceeding or litigation regarding a Non-Designated Mortgage Loan, and shall not make or permit any modification, waiver or amendment of any Non-Designated Mortgage Loan ~~which~~ that would cause any REMIC created hereunder to fail to qualify as a REMIC or result in the imposition of any tax under Section 860F(a) or Section 860G(d) of the Code. Without limiting the generality of the foregoing, the Master Servicer and each Servicer, in its own name or in the name of the Depositor and the Trustee, is hereby authorized and empowered by the Depositor, the Trustee and the Trust Administrator, when the Master Servicer or such Servicer believes it appropriate in its reasonable judgment, to execute and deliver, on behalf of the Trustee, the Trust Administrator, the Depositor, the Certificateholders or any of them, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge and all other comparable instruments, with respect to the Mortgage Loans, and with respect to the Mortgaged Properties held for the benefit of the Certificateholders. The Master Servicer and each Servicer shall prepare and deliver to the Depositor and/or the Trustee and/or the Trust Administrator such documents requiring execution and delivery by either or both of them as are necessary or appropriate to enable the Master Servicer or such Servicer to service and administer the Mortgage Loans to the extent that the Master Servicer or such Servicer is not permitted to execute and deliver such documents pursuant to the preceding sentence. Upon receipt of such documents, the Depositor and/or the Trustee or the Trust Administrator shall execute such documents and deliver them to the Master Servicer or such Servicer. In accordance with the standards of the ~~preceding~~ first paragraph of this Section 3.01 and unless determined in good faith to be a Nonrecoverable Advance, the Master Servicer and each Servicer shall advance or cause to be advanced funds as necessary for the purpose of effecting the payment of taxes and assessments on the Mortgaged ~~Properties~~Properties related to the Non-Designated Mortgage Loans, which advances constitute Servicing Advances and shall be reimbursable in the first instance from related collections from the Mortgagors pursuant to Section 3.06, and further as provided in Section 3.08. In no event will any Servicer be required to make any Servicing Advance which would constitute a Nonrecoverable Advance. The costs incurred by the Master Servicer or a Servicer, if any, in effecting the timely payments of taxes and assessments on the Mortgaged Properties related to the Mortgage Loans and related insurance premiums shall not, for the purpose of calculating monthly distributions to the Certificateholders, be added to the Stated Principal Balances of the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit. The Master Servicer and each Servicer hereby acknowledges that, to the extent the Master Servicer or such Servicer has previously serviced some or all of the Non- Designated Mortgage Loans pursuant to another servicing agreement, the provisions contained in this Agreement shall supersede the provisions contained in such other servicing agreement from and after the Closing Date. In addition, the Master Servicer hereby acknowledges that, to the extent the Master Servicer or the related Designated Servicer has previously serviced some or all of the related Designated Mortgage Loans pursuant to another servicing agreement, the provisions contained in the related Designated Servicing Agreement shall supersede the provisions contained in such other servicing agreement from and after the Closing Date. Notwithstanding anything to the contrary in this Agreement, with respect to any action which according to the terms of this Agreement is to be performed by the Master Servicer and the applicable Servicer, (i) if such action relates to a Master Serviced Mortgage Loan, only the Master Servicer shall have an obligation to perform such action, (ii) if such action relates to a WMMSC Serviced Mortgage Loan, only WMMSC shall have an obligation to perform such action and (iii) if such action relates to a Mortgage Loan which is neither a Master Serviced Mortgage Loan nor a WMMSC Serviced Mortgage Loan, the related Servicer shall have an obligation to perform such action, and the Master Servicer shall also have an obligation to perform such action, but only if the related Servicer fails to do so. Notwithstanding anything in this Agreement to the contrary, (i) the purchase of any WMMSC Serviced Mortgage Loan by any Person shall be subject to the rights of WMMSC to continue servicing such WMMSC Serviced Mortgage Loan for the same Servicing Fee substantially in accordance with the terms of this Agreement, (ii) the purchase of any Xxxxx Fargo Serviced Mortgage Loan by any Person shall be subject to the rights of Xxxxx Fargo to continue servicing such Xxxxx Fargo Serviced Mortgage Loan for the same Servicing Fee substantially in accordance with the terms of this Agreement and, (iii) the purchase of any GreenPoint Serviced Mortgage Loan by any Person shall be subject to the rights of GreenPoint to continue servicing such GreenPoint Serviced Mortgage Loan for the same Servicing Fee substantially in accordance with the terms of this Agreement and (iv) the purchase of any Washington Mutual Subserviced Mortgage Loan by any Person shall be subject to the rights of Washington Mutual to continue servicing such Washington Mutual Subserviced Mortgage Loan for the same servicing fee substantially in accordance with the terms of this Agreement. With respect to each Non-Designated Mortgage Loan (other than with respect to the WMMSC Serviced Mortgage Loans), the Master Servicer and the related Servicer, other than WMMSC, will fully furnish, in accordance with the Fair Credit Reporting Act and its implementing regulations, accurate and complete information (e.g., favorable and unfavorable) on its borrower credit files to Equifax, Experian and Trans Union Credit Information Company, on a monthly basis. With respect to each WMMSC Serviced Mortgage Loan, WMMSC will furnish information regarding its borrower credit files to credit reporting agencies in compliance with the provisions of the Fair Credit Reporting Act and its implementing regulations applicable to WMMSC.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (CSFB Mortgage-Backed Pass-Through Certs Series 2003-Ar24)

Master Servicer and Servicers to Service Mortgage Loans. For and on behalf of the Certificateholders, as independent contractors of the Trustee, the Master Servicer and each Servicer, severally and not jointly, shall service and administer the Mortgage Loans in accordance with the terms of this Agreement and with Accepted Servicing Practices. The obligations of each of ~~Fairbanks~~ U.S. Bank, Olympus and WMMSC hereunder to service and administer the Mortgage Loans shall be limited to the ~~Fairbanks~~ U.S. Bank Serviced Mortgage Loans, Olympus Serviced Mortgage Loans and ~~the~~ WMMSC Serviced Mortgage Loans, respectively; and with respect to the duties and obligations of each Servicer, references herein to related “Mortgage Loans” shall be limited to the ~~Fairbanks~~ U.S. Bank Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties), in the case of U.S. Bank, the Olympus Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties) in the case of ~~Fairbanks~~ Olympus, and the WMMSC Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties), in the case of WMMSC; and in no event shall any Servicer have any responsibility or liability with respect to any of the other Mortgage Loans. The obligations of the Master Servicer to master service and administer the Mortgage Loans shall be limited to the Master Serviced Mortgage Loans, the ~~Fairbanks~~ U.S. Bank Serviced Mortgage Loans, the Olympus Serviced Mortgage Loans and the Special Serviced Mortgage Loans. Notwithstanding anything to the contrary contained in this Agreement, the Master Servicer shall have no obligations to master service or administer the WMMSC Serviced Mortgage Loans. In connection with such servicing and administration, the Master Servicer and each Servicer shall have full power and authority, acting alone and/or through Subservicers as provided in Section 3.02 hereof, to do or cause to be done any and all things that it may deem necessary or desirable in connection with such servicing and administration, including but not limited to, the power and authority, subject to the terms hereof (i) to execute and deliver, on behalf of the Certificateholders and the Trustee, customary consents or waivers and other instruments and documents, (ii) to consent to transfers of any Mortgaged Property and assumptions of the Mortgage Notes and related Mortgages (but only in the manner provided in this Agreement), (iii) to collect any Insurance Proceeds and other Liquidation Proceeds, and (iv) to effectuate foreclosure or other conversion of the ownership of the Mortgaged Property securing any Mortgage Loan; provided that neither the Master Servicer nor a Servicer shall take any action that is inconsistent with or prejudices the interests of the Trust Fund or the Certificateholders in any Mortgage Loan or the rights and interests of the Depositor, the Trustee, the Trust Administrator or the Certificateholders under this Agreement. The Master Servicer and each Servicer shall represent and protect the interests of the Trust Fund in the same manner as it protects its own interests in mortgage loans in its own portfolio in any claim, proceeding or litigation regarding a Mortgage Loan, and shall not make or permit any modification, waiver or amendment of any Mortgage Loan which would cause any REMIC created hereunder to fail to qualify as a REMIC or result in the imposition of any tax under Section 860F(a) or Section 860G(d) of the Code. Without limiting the generality of the foregoing, the Master Servicer and each Servicer, in its own name or in the name of the Depositor and the Trustee, is hereby authorized and empowered by the Depositor, the Trustee and the Trust Administrator, when the Master Servicer or such Servicer believes it appropriate in its reasonable judgment, to execute and deliver, on behalf of the Trustee, the Trust Administrator, the Depositor, the Certificateholders or any of them, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge and all other comparable instruments, with respect to the Mortgage Loans, and with respect to the Mortgaged Properties held for the benefit of the Certificateholders. The Master Servicer and each Servicer shall prepare and deliver to the Depositor and/or the Trustee and/or the Trust Administrator such documents requiring execution and delivery by either or both of them as are necessary or appropriate to enable the Master Servicer or such Servicer to service and administer the Mortgage Loans to the extent that the Master Servicer or such Servicer is not permitted to execute and deliver such documents pursuant to the preceding sentence. Upon receipt of such documents, the Depositor and/or the Trustee or the Trust Administrator shall execute such documents and deliver them to the Master Servicer or such Servicer. In accordance with the standards of the preceding paragraph and unless determined in good faith to be a Nonrecoverable Advance, the Master Servicer and each Servicer shall advance or cause to be advanced funds as necessary for the purpose of effecting the payment of taxes and assessments on the Mortgaged Properties, which advances constitute Servicing Advances and shall be reimbursable in the first instance from related collections from the Mortgagors pursuant to Section 3.06, and further as provided in Section 3.08. ~~In no event will any Servicer be required to make any Servicing Advance which would constitute a Nonrecoverable Advance.~~ The costs incurred by the Master Servicer or a Servicer, if any, in effecting the timely payments of taxes and assessments on the Mortgaged Properties and related insurance premiums shall not, for the purpose of calculating monthly distributions to the Certificateholders, be added to the Stated Principal Balances of the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit. The Master Servicer and each Servicer hereby acknowledges that, to the extent the Master Servicer or such Servicer has previously serviced some or all of the Mortgage Loans pursuant to another servicing agreement, the provisions contained in this Agreement shall supersede the provisions contained in such other servicing agreement from and after the Closing Date. Notwithstanding anything to the contrary in this Agreement, with respect to any action which according to the terms of this Agreement is to be performed by the Master Servicer and the applicable Servicer, (i) if such action relates to a Master Serviced Mortgage Loan, only the Master Servicer shall have an obligation to perform such action, (ii) if such action relates to a WMMSC Serviced Mortgage Loan, only WMMSC shall have an obligation to perform such action and (iii) if such action relates to a Mortgage Loan which is neither a Master Serviced Mortgage Loan nor a WMMSC Serviced Mortgage Loan, the related Servicer shall have an obligation to perform such action, and the Master Servicer shall also have an obligation to perform such action, but only if the related Servicer fails to do so. Notwithstanding anything in this Agreement to the contrary, the purchase of any WMMSC Serviced Mortgage Loan by any Person shall be subject to the rights of WMMSC to continue servicing such WMMSC Serviced Mortgage Loan for the same Servicing Fee substantially in accordance with the terms of this Agreement. With respect to each Mortgage Loan (other than with respect to the WMMSC Serviced Mortgage Loans), the Master Servicer and the related Servicer, other than WMMSC, will fully furnish, in accordance with the Fair Credit Reporting Act and its implementing regulations, accurate and complete information (e.g., favorable and unfavorable) on its borrower credit files to Equifax, Experian and Trans Union Credit Information Company, on a monthly basis. With respect to each WMMSC Serviced Mortgage Loan, WMMSC will furnish information regarding its borrower credit files to credit reporting agencies in compliance with the provisions of the Fair Credit Reporting Act and its implementing regulations applicable to WMMSC.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp)

Master Servicer and Servicers to Service Mortgage Loans. For and on behalf of the Certificateholders, as independent contractors of the Trustee, (i) the Master Servicer and each Servicer, severally and not jointly, shall service and administer the Non-Designated Mortgage Loans in accordance with the terms of this Agreement and with Accepted Servicing ~~Practices~~Practices and (ii) the Master Servicer shall service and administer each Designated Mortgage Loan according to the terms of the related Designated Servicing Agreement (except as otherwise provided in this Agreement). The obligations of each of Fairbanks and WMMSC hereunder to service and administer the Mortgage Loans shall be limited to the Fairbanks Serviced Mortgage Loans and ~~the~~ WMMSC Serviced Mortgage Loans, respectively; and with respect to the duties and obligations of each Servicer, references herein to related “Mortgage Loans” shall be limited to the Fairbanks Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties) in the case of ~~Fairbanks~~ Fairbanks, and the WMMSC Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties), ) in the case of WMMSC; and in no event shall any Servicer have any responsibility or liability with respect to any of the other Mortgage Loans. The obligations of the Master Servicer to master service and administer the Mortgage Loans shall be limited to the Master Serviced Mortgage ~~Loans, the Fairbanks Serviced Mortgage~~ Loans and the ~~Special~~ Fairbanks Serviced Mortgage Loans. Notwithstanding anything to the contrary contained in this Agreement, the Master Servicer shall have no obligations to master service or administer the WMMSC Serviced Mortgage Loans. In connection with such servicing and ~~administration~~administration of the Non-Designated Mortgage Loans, the Master Servicer and each Servicer shall have full power and authority, acting alone and/or through Subservicers as provided in Section 3.02 hereof, to do or cause to be done any and all things that it may deem necessary or desirable in connection with such servicing and administration, including but not limited to, the power and authority, subject to the terms hereof (i) to execute and deliver, on behalf of the Certificateholders and the Trustee, customary consents or waivers and other instruments and documents, (ii) to consent to transfers of any Mortgaged Property and assumptions of the Mortgage Notes and related Mortgages (but only in the manner provided in this Agreement), (iii) to collect any Insurance Proceeds and other Liquidation Proceeds, and (iv) to effectuate foreclosure or other conversion of the ownership of the Mortgaged Property securing any Mortgage Loan; provided that neither the Master Servicer nor a Servicer shall take any action that is inconsistent with or prejudices the interests of the Trust Fund or the Certificateholders in any Mortgage Loan or the rights and interests of the Depositor, the Trustee, the Trust Administrator or the Certificateholders under this Agreement. The Master Servicer and each Servicer shall represent and protect the interests of the Trust Fund in the same manner as it protects its own interests in mortgage loans in its own portfolio in any claim, proceeding or litigation regarding a Mortgage Loan, and shall not make or permit any modification, waiver or amendment of any Mortgage Loan which would cause any REMIC created hereunder to fail to qualify as a REMIC or result in the imposition of any tax under Section 860F(a) or Section 860G(d) of the Code. Without limiting the generality of the foregoing, the Master Servicer and each Servicer, in its own name or in the name of the Depositor and the Trustee, is hereby authorized and empowered by the Depositor, the Trustee and the Trust Administrator, when the Master Servicer or such Servicer believes it appropriate in its reasonable judgment, to execute and deliver, on behalf of the Trustee, the Trust Administrator, the Depositor, the Certificateholders or any of them, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge and all other comparable instruments, with respect to the Mortgage Loans, and with respect to the Mortgaged Properties held for the benefit of the Certificateholders. The Master Servicer and each Servicer shall prepare and deliver to the Depositor and/or the Trustee and/or the Trust Administrator such documents requiring execution and delivery by either or both of them as are necessary or appropriate to enable the Master Servicer or such Servicer to service and administer the Mortgage Loans to the extent that the Master Servicer or such Servicer is not permitted to execute and deliver such documents pursuant to the preceding sentence. Upon receipt of such documents, the Depositor and/or the Trustee or the Trust Administrator shall execute such documents and deliver them to the Master Servicer or such Servicer. In accordance with the standards of the preceding paragraph and unless determined in good faith to be a Nonrecoverable Advance, the Master Servicer and each Servicer shall advance or cause to be advanced funds as necessary for the purpose of effecting the payment of taxes and assessments on the Mortgaged ~~Properties~~Properties related to Non-Designated Mortgage Loans, which advances constitute Servicing Advances and shall be reimbursable in the first instance from related collections from the Mortgagors pursuant to Section 3.06, and further as provided in Section 3.08. ~~In no event will any Servicer be required to make any Servicing Advance which would constitute a Nonrecoverable Advance.~~ The costs incurred by the Master Servicer or a Servicer, if any, in effecting the timely payments of taxes and assessments on the Mortgaged Properties related to Non-Designated Mortgage Loans and related insurance premiums shall not, for the purpose of calculating monthly distributions to the Certificateholders, be added to the Stated Principal Balances of the related Non-Designated Mortgage Loans, notwithstanding that the terms of such Non-Designated Mortgage Loans so permit. The Master Servicer and each Servicer hereby acknowledges that, to the extent the Master Servicer or such Servicer has previously serviced some or all of the Non-Designated Mortgage Loans pursuant to another servicing agreement, the provisions contained in this Agreement shall supersede the provisions contained in such other servicing agreement from and after the Closing Date. In addition, the Master Servicer hereby acknowledges that, to the extent the Master Servicer or a Designated Servicer has previously serviced some or all of the Designated Mortgage Loans pursuant to another servicing agreement, the provisions contained in the related Designated Servicing Agreement shall supersede the provisions contained in such other servicing agreement from and after the Closing Date. Notwithstanding anything to the contrary in this Agreement, with respect to any action which according to the terms of this Agreement is to be performed by the Master Servicer and the applicable Servicer, (i) if such action relates to a Master Serviced Mortgage Loan, only the Master Servicer shall have an obligation to perform such action, (ii) if such action relates to a WMMSC Serviced Mortgage Loan, only WMMSC shall have an obligation to perform such action and (iii) if such action relates to a Mortgage Loan which is ~~neither~~ not a Master Serviced Mortgage Loan ~~nor~~ or a WMMSC Serviced Mortgage Loan, the related Servicer shall have an obligation to perform such action, and the Master Servicer shall also have an obligation to perform such action, but only if the ~~related~~ Servicer fails to do so. Notwithstanding anything in this Agreement to the contrary, the purchase of any WMMSC Serviced Mortgage Loan by any Person shall be subject to the rights of WMMSC to continue servicing such WMMSC Serviced Mortgage Loan for the same Servicing Fee substantially in accordance with the terms of this Agreement. With respect to each Group I Mortgage ~~Loan~~ Loan, the Master Servicer (other than with respect to ~~the~~ WMMSC Serviced Mortgage Loans~~), the Master Servicer~~ ) and the related Servicer, other than WMMSC, will fully furnish, in accordance with the Fair Credit Reporting Act and its implementing regulations, accurate and complete information (e.g., favorable and unfavorable) on its borrower credit files to Equifax, Experian and Trans Union Credit Information Company, on a monthly basis. With respect to each WMMSC Serviced Mortgage ~~Loan~~Loan in Loan Group I, WMMSC will furnish information regarding its borrower credit files to credit reporting agencies in compliance with the provisions of the Fair Credit Reporting Act and its implementing regulations applicable to WMMSC.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Credit Suisse First Boston Mort Back Ps THR Cert Ser 2002-34)

Master Servicer and Servicers to Service Mortgage Loans. For and on behalf of the Certificateholders, as independent contractors of the Trustee, the Master Servicer and each Servicer, severally and not jointly, shall service and administer the Mortgage Loans in accordance with the terms of this Agreement and with Accepted Servicing Practices. The obligations of each of ~~Fairbanks~~ HomeSide and ~~WMMSC~~ Vesta hereunder to service and administer the Mortgage Loans shall be limited to the ~~Fairbanks~~ HomeSide Serviced ~~Mortgage~~ Loans and the ~~WMMSC~~ Vesta Serviced ~~Mortgage~~ Loans, respectively; and with respect to the duties and obligations of each Servicer, references herein to related “"Mortgage Loans” " shall be limited to the ~~Fairbanks~~ HomeSide Serviced ~~Mortgage Loans (and the related proceeds thereof and related REO Properties) in the case of Fairbanks and the WMMSC Serviced Mortgage~~ Loans (and the related proceeds thereof and related REO Properties), in the case of ~~WMMSC~~HomeSide and the Vesta Serviced Loans (and the related proceeds thereof and related REO Properties) in the case of Vesta; and in no event shall any Servicer have any responsibility or liability with respect to any of the other Mortgage Loans. The obligations of the Master Servicer to master service and administer the Mortgage Loans shall be limited to the Master Serviced Mortgage Loans, the Fairbanks Serviced Mortgage Loans and the Special Serviced Mortgage Loans. Notwithstanding anything to the contrary contained in this Agreement, the Master Servicer shall have no obligations to master service or administer the WMMSC Serviced Mortgage Loans. In connection with such servicing and administration, the Master Servicer and each Servicer shall have full power and authority, acting alone and/or through Subservicers as provided in Section 3.02 hereof, to do or cause to be done any and all things that it may deem necessary or desirable in connection with such servicing and administration, including but not limited to, the power and authority, subject to the terms hereof (i) to execute and deliver, on behalf of the Certificateholders and the Trustee, customary consents or waivers and other instruments and documents, (ii) to consent to transfers of any Mortgaged Property and assumptions of the Mortgage Notes and related Mortgages (but only in the manner provided in this Agreement), (iii) to collect any Insurance Proceeds and other Liquidation Proceeds, and (iv) to effectuate foreclosure or other conversion of the ownership of the Mortgaged Property securing any Mortgage Loan; provided that neither the Master Servicer nor a Servicer shall take any action that is inconsistent with or prejudices the interests of the Trust Fund or the Certificateholders in any Mortgage Loan or the rights and interests of the Depositor, the Trustee, the Trust Administrator or the Certificateholders under this Agreement. The Master Servicer and each Servicer shall represent and protect the interests of the Trust Fund in the same manner as it protects its own interests in mortgage loans in its own portfolio in any claim, proceeding or litigation regarding a Mortgage Loan, and shall not make or permit any modification, waiver or amendment of any Mortgage Loan which would cause any REMIC created hereunder to fail to qualify as a REMIC or result in the imposition of any tax under Section 860F(a) or Section 860G(d) of the Code. Without limiting the generality of the foregoing, the Master Servicer and each Servicer, in its own name or in the name of the Depositor and the Trustee, is hereby authorized and empowered by the Depositor, the Trustee and the Trust Administrator, when the Master Servicer or such Servicer believes it appropriate in its reasonable judgment, to execute and deliver, on behalf of the Trustee, the Trust Administrator, the Depositor, the Certificateholders or any of them, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge and all other comparable instruments, with respect to the Mortgage Loans, and with respect to the Mortgaged Properties held for the benefit of the Certificateholders. The Master Servicer and each Servicer shall prepare and deliver to the Depositor and/or the Trustee and/or the Trust Administrator such documents requiring execution and delivery by either or both of them as are necessary or appropriate to enable the Master Servicer or such Servicer to service and administer the Mortgage Loans to the extent that the Master Servicer or such Servicer is not permitted to execute and deliver such documents pursuant to the preceding sentence. Upon receipt of such documents, the Depositor and/or the Trustee or the Trust Administrator shall execute such documents and deliver them to the Master Servicer or such Servicer. In accordance with the standards of the preceding paragraph and unless determined in good faith to be a Nonrecoverable Advance, the Master Servicer and each Servicer shall advance or cause to be advanced funds as necessary for the purpose of effecting the payment of taxes and assessments on the Mortgaged Properties, which advances constitute Servicing Advances and shall be reimbursable in the first instance from related collections from the Mortgagors pursuant to Section 3.06, and further as provided in Section 3.08. ~~In no event will any Servicer be required to make any Servicing Advance which would constitute a Nonrecoverable Advance.~~ The costs incurred by the Master Servicer or a Servicer, if any, in effecting the timely payments of taxes and assessments on the Mortgaged Properties and related insurance premiums shall not, for the purpose of calculating monthly distributions to the Certificateholders, be added to the Stated Principal Balances of the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit. The Master Servicer and each Servicer hereby acknowledges that, to the extent the Master Servicer or such Servicer has previously serviced some or all of the Mortgage Loans pursuant to another servicing agreement, the provisions contained in this Agreement shall supersede the provisions contained in such other servicing agreement from and after the Closing Date. Notwithstanding anything to the contrary in this Agreement, with respect to any action which according to the terms of this Agreement is to be performed by the Master Servicer and the applicable Servicer, (i) if such action relates to a Master Serviced Mortgage Loan, only the Master Servicer shall have an obligation to perform such action, (ii) if such action relates to a WMMSC Serviced Mortgage Loan, only WMMSC shall have an obligation to perform such action and (iii) if such action relates to a Mortgage Loan which is neither a Master Serviced Mortgage Loan nor a WMMSC Serviced Mortgage Loan, the related Servicer shall have an obligation to perform such action, and the Master Servicer shall also have an obligation to perform such action, but only if the related Servicer fails to do so. Notwithstanding anything in this Agreement to the contrary, the purchase of any WMMSC Serviced Mortgage Loan by any Person shall be subject to the rights of WMMSC to continue servicing such WMMSC Serviced Mortgage Loan for the same Servicing Fee substantially in accordance with the terms of this Agreement. With respect to each Mortgage Loan (other than with respect to the WMMSC Serviced Mortgage Loans), the Master Servicer and the related Servicer, other than WMMSC, will fully furnish, in accordance with the Fair Credit Reporting Act and its implementing regulations, accurate and complete information (e.g., favorable and unfavorable) on its borrower credit files to Equifax, Experian and Trans Union Credit Information Company, on a monthly basis. With respect to each WMMSC Serviced Mortgage Loan, WMMSC will furnish information regarding its borrower credit files to credit reporting agencies in compliance with the provisions of the Fair Credit Reporting Act and its implementing regulations applicable to WMMSC.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp)

Master Servicer and Servicers to Service Mortgage Loans. For and on behalf of the Certificateholders, as independent contractors of the Trustee, the Master Servicer and each Servicer, severally and not jointly, shall service and administer the Mortgage Loans in accordance with the terms of this Agreement and with Accepted Servicing Practices. The obligations of each of ~~Fairbanks~~ Cendant, Olympus and WMMSC hereunder to service and administer the Mortgage Loans shall be limited to the ~~Fairbanks~~ Cendant Serviced Mortgage Loans, Olympus Serviced Mortgage Loans and ~~the~~ WMMSC Serviced Mortgage Loans, respectively; and with respect to the duties and obligations of each Servicer, references herein to related “"Mortgage Loans” " shall be limited to the ~~Fairbanks~~ Cendant Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties), in the case of Cendant, the Olympus Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties) in the case of ~~Fairbanks~~ Olympus, and the WMMSC Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties), in the case of WMMSC; and in no event shall any Servicer have any responsibility or liability with respect to any of the other Mortgage Loans. The obligations of the Master Servicer to master service and administer the Mortgage Loans shall be limited to the Master Serviced Mortgage Loans, the ~~Fairbanks~~ Cendant Serviced Mortgage Loans, the Olympus Serviced Mortgage Loans and the Special Serviced Mortgage Loans. Notwithstanding anything to the contrary contained in this Agreement, the Master Servicer shall have no obligations to master service or administer the WMMSC Serviced Mortgage Loans. In connection with such servicing and administration, the Master Servicer and each Servicer shall have full power and authority, acting alone and/or through Subservicers as provided in Section 3.02 hereof, to do or cause to be done any and all things that it may deem necessary or desirable in connection with such servicing and administration, including but not limited to, the power and authority, subject to the terms hereof (i) to execute and deliver, on behalf of the Certificateholders and the Trustee, customary consents or waivers and other instruments and documents, (ii) to consent to transfers of any Mortgaged Property and assumptions of the Mortgage Notes and related Mortgages (but only in the manner provided in this Agreement), (iii) to collect any Insurance Proceeds and other Liquidation Proceeds, and (iv) to effectuate foreclosure or other conversion of the ownership of the Mortgaged Property securing any Mortgage Loan; provided that neither the Master Servicer nor a Servicer shall take any action that is inconsistent with or prejudices the interests of the Trust Fund or the Certificateholders in any Mortgage Loan or the rights and interests of the Depositor, the Trustee, the Trust Administrator or the Certificateholders under this Agreement. The Master Servicer and each Servicer shall represent and protect the interests of the Trust Fund in the same manner as it protects its own interests in mortgage loans in its own portfolio in any claim, proceeding or litigation regarding a Mortgage Loan, and shall not make or permit any modification, waiver or amendment of any Mortgage Loan which would cause any REMIC created hereunder to fail to qualify as a REMIC or result in the imposition of any tax under Section 860F(a) or Section 860G(d) of the Code. Without limiting the generality of the foregoing, the Master Servicer and each Servicer, in its own name or in the name of the Depositor and the Trustee, is hereby authorized and empowered by the Depositor, the Trustee and the Trust Administrator, when the Master Servicer or such Servicer believes it appropriate in its reasonable judgment, to execute and deliver, on behalf of the Trustee, the Trust Administrator, the Depositor, the Certificateholders or any of them, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge and all other comparable instruments, with respect to the Mortgage Loans, and with respect to the Mortgaged Properties held for the benefit of the Certificateholders. The Master Servicer and each Servicer shall prepare and deliver to the Depositor and/or the Trustee and/or the Trust Administrator such documents requiring execution and delivery by either or both of them as are necessary or appropriate to enable the Master Servicer or such Servicer to service and administer the Mortgage Loans to the extent that the Master Servicer or such Servicer is not permitted to execute and deliver such documents pursuant to the preceding sentence. Upon receipt of such documents, the Depositor and/or the Trustee or the Trust Administrator shall execute such documents and deliver them to the Master Servicer or such Servicer. Notwithstanding any other provision of this Agreement or the Additional Collateral Servicing Agreement to the contrary, except as provided below, neither the Master Servicer nor Cendant shall have any duty or obligation to service and administer the Additional Collateral and neither the Master Servicer nor Cendant shall be deemed to be the Additional Collateral Servicer, unless and until MLCC's obligations to administer the Additional Collateral under the Additional Collateral Servicing Agreement have been terminated with respect to the Additional Collateral Mortgage Loans, in which case, Cendant shall be bound to service and administer the Additional Collateral and the Limited Purpose Surety Bond in accordance with the provisions of this Agreement and the related Additional Collateral Agreements from the date of such termination. The Trust Administrator, as assignee of the Additional Collateral Servicing Agreement, shall enforce the obligations of MLCC to service and administer the Additional Collateral as provided in the Additional Collateral Servicing Agreement, and shall take appropriate action thereunder if MLCC fails to substantially comply with its obligations to administer the Additional Collateral. In the event the Trustee receives an indemnification payment from MLCC under Section 3 of the Additional Collateral Servicing Agreement that is attributable to losses resulting from MLCC's failure to administer the Additional Collateral in accordance with the terms of the Additional Collateral Servicing Agreement in connection with Additional Collateral Mortgage Loans, the Trustee shall deposit such amount in the Collection Account. In accordance with the standards of the preceding paragraph and unless determined in good faith to be a Nonrecoverable Advance, the Master Servicer and each Servicer shall advance or cause to be advanced funds as necessary for the purpose of effecting the payment of taxes and assessments on the Mortgaged Properties, which advances constitute Servicing Advances and shall be reimbursable in the first instance from related collections from the Mortgagors pursuant to Section 3.06, and further as provided in Section 3.08~~. In no event will any Servicer be required to make any Servicing Advance which would constitute a Nonrecoverable Advance~~. The costs incurred by the Master Servicer or a Servicer, if any, in effecting the timely payments of taxes and assessments on the Mortgaged Properties and related insurance premiums shall not, for the purpose of calculating monthly distributions to the Certificateholders, be added to the Stated Principal Balances of the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit. The Master Servicer and each Servicer hereby acknowledges that, to the extent the Master Servicer or such Servicer has previously serviced some or all of the Mortgage Loans pursuant to another servicing agreement, the provisions contained in this Agreement shall supersede the provisions contained in such other servicing agreement from and after the Closing Date. Notwithstanding anything to the contrary in this Agreement, with respect to any action which according to the terms of this Agreement is to be performed by the Master Servicer and the applicable Servicer, (i) if such action relates to a Master Serviced Mortgage Loan, only the Master Servicer shall have an obligation to perform such action, (ii) if such action relates to a WMMSC Serviced Mortgage Loan, only WMMSC shall have an obligation to perform such action and (iii) if such action relates to a Mortgage Loan which is neither a Master Serviced Mortgage Loan nor a WMMSC Serviced Mortgage Loan, the related Servicer shall have an obligation to perform such action, and the Master Servicer shall also have an obligation to perform such action, but only if the related Servicer fails to do so. Notwithstanding anything in this Agreement to the contrary, the purchase of any WMMSC Serviced Mortgage Loan by any Person shall be subject to the rights of WMMSC to continue servicing such WMMSC Serviced Mortgage Loan for the same Servicing Fee substantially in accordance with the terms of this Agreement. With respect to each Mortgage Loan (other than with respect to the WMMSC Serviced Mortgage Loans), the Master Servicer and the related Servicer, other than WMMSC, will fully furnish, in accordance with the Fair Credit Reporting Act and its implementing regulations, accurate and complete information (e.g., favorable and unfavorable) on its borrower credit files to Equifax, Experian and Trans Union Credit Information Company, on a monthly basis. With respect to each WMMSC Serviced Mortgage Loan, WMMSC will furnish information regarding its borrower credit files to credit reporting agencies in compliance with the provisions of the Fair Credit Reporting Act and its implementing regulations applicable to WMMSC.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (CSFB Mortgage Backed Pass Through Certificates Ser 2002-Ar13)

Master Servicer and Servicers to Service Mortgage Loans. For and on behalf of the Certificateholders, as independent contractors of the Trustee, the Master Servicer and each Servicer, severally and not jointly, shall service and administer the Mortgage Loans in accordance with the terms of this Agreement and with Accepted Servicing Practices. The obligations of each of ~~Fairbanks~~ Fairbanks, Xxxxx Fargo and WMMSC hereunder to service and administer the Mortgage Loans shall be limited to the Fairbanks Serviced Mortgage Loans, Xxxxx Fargo Serviced Mortgage Loans and the WMMSC Serviced Mortgage Loans, respectively; and with respect to the duties and obligations of each Servicer, references herein to related “Mortgage Loans” shall be limited to the Fairbanks Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties) in the case of ~~Fairbanks~~ Fairbanks, the Xxxxx Fargo Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties) in the case of Xxxxx Fargo and the WMMSC Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties), in the case of WMMSC; and in no event shall any Servicer have any responsibility or liability with respect to any of the other Mortgage Loans. The obligations of the Master Servicer to master service and administer the Mortgage Loans shall be limited to the Master Serviced Mortgage Loans, the Xxxxx Fargo Serviced Mortgage Loans, the Fairbanks Serviced Mortgage Loans and the Special Serviced Mortgage Loans. Notwithstanding anything to the contrary contained in this Agreement, the Master Servicer shall have no obligations to master service or administer the WMMSC Serviced Mortgage Loans. In connection with such servicing and administration, the Master Servicer and each Servicer shall have full power and authority, acting alone and/or through Subservicers as provided in Section 3.02 hereof, to do or cause to be done any and all things that it may deem necessary or desirable in connection with such servicing and administration, including but not limited to, the power and authority, subject to the terms hereof (i) to execute and deliver, on behalf of the Certificateholders and the Trustee, customary consents or waivers and other instruments and documents, (ii) to consent to transfers of any Mortgaged Property and assumptions of the Mortgage Notes and related Mortgages (but only in the manner provided in this Agreement), (iii) to collect any Insurance Proceeds and other Liquidation Proceeds, and (iv) to effectuate foreclosure or other conversion of the ownership of the Mortgaged Property securing any Mortgage Loan; provided that neither the Master Servicer nor a Servicer shall take any action that is inconsistent with or prejudices the interests of the Trust Fund or the Certificateholders in any Mortgage Loan or the rights and interests of the Depositor, the Trustee, the Trust Administrator or the Certificateholders under this Agreement. The Master Servicer and each Servicer shall represent and protect the interests of the Trust Fund in the same manner as it protects its own interests in mortgage loans in its own portfolio in any claim, proceeding or litigation regarding a Mortgage Loan, and shall not make or permit any modification, waiver or amendment of any Mortgage Loan ~~which~~ that would cause any REMIC created hereunder to fail to qualify as a REMIC or result in the imposition of any tax under Section 860F(a) or Section 860G(d) of the Code. Without limiting the generality of the foregoing, the Master Servicer and each Servicer, in its own name or in the name of the Depositor and the Trustee, is hereby authorized and empowered by the Depositor, the Trustee and the Trust Administrator, when the Master Servicer or such Servicer believes it appropriate in its reasonable judgment, to execute and deliver, on behalf of the Trustee, the Trust Administrator, the Depositor, the Certificateholders or any of them, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge and all other comparable instruments, with respect to the Mortgage Loans, and with respect to the Mortgaged Properties held for the benefit of the Certificateholders. The Master Servicer and each Servicer shall prepare and deliver to the Depositor and/or the Trustee and/or the Trust Administrator such documents requiring execution and delivery by either or both of them as are necessary or appropriate to enable the Master Servicer or such Servicer to service and administer the Mortgage Loans to the extent that the Master Servicer or such Servicer is not permitted to execute and deliver such documents pursuant to the preceding sentence. Upon receipt of such documents, the Depositor and/or the Trustee or the Trust Administrator shall execute such documents and deliver them to the Master Servicer or such Servicer. In accordance with the standards of the ~~preceding~~ first paragraph of this Section 3.01 and unless determined in good faith to be a Nonrecoverable Advance, the Master Servicer and each Servicer shall advance or cause to be advanced funds as necessary for the purpose of effecting the payment of taxes and assessments on the Mortgaged Properties, which advances constitute Servicing Advances and shall be reimbursable in the first instance from related collections from the Mortgagors pursuant to Section 3.06, and further as provided in Section 3.08. In no event will any Servicer be required to make any Servicing Advance which would constitute a Nonrecoverable Advance. The costs incurred by the Master Servicer or a Servicer, if any, in effecting the timely payments of taxes and assessments on the Mortgaged Properties related to the Mortgage Loans and related insurance premiums shall not, for the purpose of calculating monthly distributions to the Certificateholders, be added to the Stated Principal Balances of the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit. The Master Servicer and each Servicer hereby acknowledges that, to the extent the Master Servicer or such Servicer has previously serviced some or all of the Mortgage Loans pursuant to another servicing agreement, the provisions contained in this Agreement shall supersede the provisions contained in such other servicing agreement from and after the Closing Date. Notwithstanding anything to the contrary in this Agreement, with respect to any action which according to the terms of this Agreement is to be performed by the Master Servicer and the applicable Servicer, (i) if such action relates to a Master Serviced Mortgage Loan, only the Master Servicer shall have an obligation to perform such action, (ii) if such action relates to a WMMSC Serviced Mortgage Loan, only WMMSC shall have an obligation to perform such action and (iii) if such action relates to a Mortgage Loan which is neither a Master Serviced Mortgage Loan nor a WMMSC Serviced Mortgage Loan, the related Servicer shall have an obligation to perform such action, and the Master Servicer shall also have an obligation to perform such action, but only if the related Servicer fails to do so. Notwithstanding anything in this Agreement to the contrary, (i) the purchase of any WMMSC Serviced Mortgage Loan by any Person shall be subject to the rights of WMMSC to continue servicing such WMMSC Serviced Mortgage Loan for the same Servicing Fee substantially in accordance with the terms of this Agreement, and (ii) the purchase of any Xxxxx Fargo Serviced Mortgage Loan by any Person shall be subject to the rights of Xxxxx Fargo to continue servicing such Xxxxx Fargo Serviced Mortgage Loan for the same Servicing Fee substantially in accordance with the terms of this Agreement. With respect to each Mortgage Loan (other than with respect to the WMMSC Serviced Mortgage Loans), the Master Servicer and the related Servicer, other than WMMSC, will fully furnish, in accordance with the Fair Credit Reporting Act and its implementing regulations, accurate and complete information (e.g., favorable and unfavorable) on its borrower credit files to Equifax, Experian and Trans Union Credit Information Company, on a monthly basis. With respect to each WMMSC Serviced Mortgage Loan, WMMSC will furnish information regarding its borrower credit files to credit reporting agencies in compliance with the provisions of the Fair Credit Reporting Act and its implementing regulations applicable to WMMSC.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (CSFB Mort Backed Pass Through Certs Series 2003 Ar22)

Master Servicer and Servicers to Service Mortgage Loans. For and on behalf of the Certificateholders, as independent contractors of the Trustee, the Master Servicer and each Servicer, severally and not jointly, shall service and administer the Mortgage Loans in accordance with the terms of this Agreement and with Accepted Servicing Practices. The obligations of each of ~~Fairbanks~~ WMMSC, GreenPoint, CMMC and ~~WMMSC~~ Olympus hereunder to service and administer the Mortgage Loans shall be limited to the ~~Fairbanks~~ WMMSC Serviced Mortgage Loans, the GreenPoint Serviced Mortgage Loans, Master Serviced Mortgage Loans and the ~~WMMSC~~ Olympus Serviced Mortgage Loans, respectively; and with respect to the duties and obligations of each Servicer, references herein to related “"Mortgage Loans” " shall be limited to ~~the Fairbanks Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties) in the case of Fairbanks and~~ the WMMSC Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties), in the case of WMMSC, the GreenPoint Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties), in the case of GreenPoint, the Master Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties), in the case of CMMC, and the Olympus Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties) in the case of Olympus; and in no event shall the Master Servicer or any Servicer have any responsibility or liability with respect to any of the other Mortgage Loans. The obligations of the Master Servicer to master service and administer the Mortgage Loans shall be limited to the Master Serviced Mortgage Loans, the Fairbanks Serviced Mortgage Loans and the Special Serviced Mortgage Loans. Notwithstanding anything to the contrary contained in this Agreement, the Master Servicer shall have no obligations to master service or administer the WMMSC Serviced Mortgage Loans. In connection with such servicing and administration, the Master Servicer and each Servicer shall have full power and authority, acting alone and/or through ~~Subservicers~~ Sub-Servicers as provided in Section 3.02 hereof, to do or cause to be done any and all things that it may deem necessary or desirable in connection with such servicing and administration, including but not limited to, the power and authority, subject to the terms hereof (i) to execute and deliver, on behalf of the Certificateholders and the Trustee, customary consents or waivers and other instruments and documents, (ii) to consent to transfers of any Mortgaged Property and assumptions of the Mortgage Notes and related Mortgages (but only in the manner provided in this Agreement), (iii) to collect any Insurance Proceeds and other Liquidation Proceeds, and (iv) to effectuate foreclosure or other conversion of the ownership of the Mortgaged Property securing any Mortgage Loan; provided that neither the Master Servicer nor a Servicer shall take any action that is inconsistent with or prejudices the interests of the Trust Fund or the Certificateholders in any Mortgage Loan or the rights and interests of the Depositor, the Trustee, the Trust Administrator or the Certificateholders under this Agreement. The Master Servicer and each Servicer shall represent and protect the interests of the Trust Fund in the same manner as it protects its own interests in mortgage loans in its own portfolio in any claim, proceeding or litigation regarding a Mortgage Loan, and shall not make or permit any modification, waiver or amendment of any Mortgage Loan which would cause any REMIC created hereunder to fail to qualify as a REMIC or result in the imposition of any tax under Section 860F(a) or Section 860G(d) of the Code. Without limiting the generality of the foregoing, the Master Servicer and each Servicer, in its own name or in the name of the Depositor and the Trustee, is hereby authorized and empowered by the Depositor, the Trustee and the Trust Administrator, when the Master Servicer or such Servicer believes it appropriate in its reasonable judgment, to execute and deliver, on behalf of the Trustee, the Trust Administrator, the Depositor, the Certificateholders or any of them, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge and all other comparable instruments, with respect to the Mortgage Loans, and with respect to the Mortgaged Properties held for the benefit of the Certificateholders. The Master Servicer and each Servicer shall prepare and deliver to the Depositor and/or the Trustee and/or the Trust Administrator such documents requiring execution and delivery by either or both of them as are necessary or appropriate to enable the Master Servicer or such Servicer to service and administer the Mortgage Loans to the extent that the Master Servicer or such Servicer is not permitted to execute and deliver such documents pursuant to the preceding sentence. Upon receipt of such documents, the Depositor and/or the Trustee or the Trust Administrator shall execute such documents and deliver them to the Master Servicer or such Servicer. In accordance with the standards of the preceding paragraph and unless determined in good faith to be a Nonrecoverable Advance, the Master Servicer and each Servicer shall advance or cause to be advanced funds as necessary for the purpose of effecting the payment of taxes and assessments on the Mortgaged Properties, which advances ~~constitute Servicing Advances and~~ shall be reimbursable in the first instance from related collections from the Mortgagors pursuant to Section 3.06, and further as provided in Section 3.08~~. In no event will any Servicer be required to make any Servicing Advance which would constitute a Nonrecoverable Advance~~. The costs incurred by the Master Servicer or a Servicer, if any, in effecting the timely payments of taxes and assessments on the Mortgaged Properties and related insurance premiums shall not, for the purpose of calculating monthly distributions to the Certificateholders, be added to the Stated Principal Balances of the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit. The Master Servicer and each Servicer hereby acknowledges that, to the extent the Master Servicer or such Servicer has previously serviced some or all of the Mortgage Loans pursuant to another servicing agreement, the provisions contained in this Agreement shall supersede the provisions contained in such other servicing agreement from and after the Closing Date. Notwithstanding anything to the contrary in this Agreement, with respect to any action which according to the terms of this Agreement is to be performed by the Master Servicer and the applicable Servicer, (i) if such action relates to a Master Serviced Mortgage Loan, only the Master Servicer shall have an obligation to perform such action, (ii) if such action relates to a WMMSC Serviced Mortgage Loan, only WMMSC shall have an obligation to perform such action and (iii) if such action relates to a Mortgage Loan which is neither a Master Serviced Mortgage Loan nor a WMMSC Serviced Mortgage Loan, the related Servicer shall have an obligation to perform such action, and the Master Servicer shall also have an obligation to perform such action, but only if the related Servicer fails to do so. Notwithstanding anything in this Agreement to the contrary, the purchase of any WMMSC Serviced Mortgage Loan by any Person shall be subject to the rights of WMMSC to continue servicing such WMMSC Serviced Mortgage Loan for the same Servicing Fee substantially in accordance with the terms of this Agreement. With respect to ~~each~~ the Mortgage ~~Loan~~ Loans, the Servicer (other than WMMSC) or Master Servicer, as applicable, of such Mortgage Loans agrees that, with respect to the ~~WMMSC Serviced~~ Mortgagors of such Mortgage Loans), ~~the~~ such Master Servicer or Servicer shall accurately and ~~the related Servicer, other than WMMSC, will~~ fully ~~furnish, in accordance with the Fair Credit Reporting Act and its implementing regulations, accurate and complete information (e.g., favorable and unfavorable) on~~ report its borrower credit ~~files~~ to Equifax, Transunion & Experian ~~and Trans Union Credit Information Company~~in a timely manner. WMMSC agrees that, ~~on a monthly basis. With~~ with respect to ~~each WMMSC Serviced~~ the Mortgagors of such Mortgage ~~Loan~~Loans, WMMSC ~~will furnish~~ shall report to Equifax, Transunion & Experian in a timely manner, that information ~~regarding its borrower credit files to credit reporting agencies in compliance with~~ required by the ~~provisions~~ Fannie Mae servicing guide .As of xxx Xlxxxng Date, none of the ~~Fair Credit Reporting Act and its implementing regulations applicable to~~ Group IV Mortgage Loans are serviced by WMMSC.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Credit Suisse First Boston Mort Accept Corp Series 2002-5)

Master Servicer and Servicers to Service Mortgage Loans. For and on behalf of the Certificateholders, as independent contractors of the Trustee, the Master Servicer and each Servicer, severally and not jointly, shall service and administer the Mortgage Loans in accordance with the terms of this Agreement and with Accepted Servicing Practices. The obligations of each of ~~Fairbanks~~ GreenPoint, Olympus and WMMSC hereunder to service and administer the Mortgage Loans shall be limited to the ~~Fairbanks~~ GreenPoint Serviced Mortgage Loans, the Olympus Serviced Mortgage Loans and the WMMSC Serviced Mortgage Loans, respectively; and with respect to the duties and obligations of each Servicer, references herein to related “"Mortgage Loans” " shall be limited to the ~~Fairbanks~~ GreenPoint Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties), in the case of GreenPoint, the Olympus Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties) in the case of ~~Fairbanks~~ Olympus, and the WMMSC Serviced Mortgage Loans (and the related proceeds thereof and related REO Properties), ) in the case of WMMSC; and in no event shall any Servicer have any responsibility or liability with respect to any of the other Mortgage Loans. The obligations of the Master Servicer to master service and administer the Mortgage Loans shall be limited to the Master Serviced Mortgage Loans, the ~~Fairbanks~~ GreenPoint Serviced Mortgage Loans and the ~~Special~~ Olympus Serviced Mortgage Loans. Notwithstanding anything to the contrary contained in this Agreement, the Master Servicer shall have no obligations to master service or administer the WMMSC Serviced Mortgage Loans. In connection with such servicing and administration, the Master Servicer and each Servicer shall have full power and authority, acting alone and/or through Subservicers as provided in Section 3.02 hereof, to do or cause to be done any and all things that it may deem necessary or desirable in connection with such servicing and administration, including but not limited to, the power and authority, subject to the terms hereof (i) to execute and deliver, on behalf of the Certificateholders and the Trustee, customary consents or waivers and other instruments and documents, (ii) to consent to transfers of any Mortgaged Property and assumptions of the Mortgage Notes and related Mortgages (but only in the manner provided in this Agreement), (iii) to collect any Insurance Proceeds and other Liquidation Proceeds, and (iv) to effectuate foreclosure or other conversion of the ownership of the Mortgaged Property securing any Mortgage Loan; provided that neither the Master Servicer nor a Servicer shall take any action that is inconsistent with or prejudices the interests of the Trust Fund or the Certificateholders in any Mortgage Loan or the rights and interests of the Depositor, the Trustee, the Trust Administrator or the Certificateholders under this Agreement. The Master Servicer and each Servicer shall represent and protect the interests of the Trust Fund in the same manner as it protects its own interests in mortgage loans in its own portfolio in any claim, proceeding or litigation regarding a Mortgage Loan, and shall not make or permit any modification, waiver or amendment of any Mortgage Loan which would cause any REMIC created hereunder to fail to qualify as a REMIC or result in the imposition of any tax under Section 860F(a) or Section 860G(d) of the Code. Without limiting the generality of the foregoing, the Master Servicer and each Servicer, in its own name or in the name of the Depositor and the Trustee, is hereby authorized and empowered by the Depositor, the Trustee and the Trust Administrator, when the Master Servicer or such Servicer believes it appropriate in its reasonable judgment, to execute and deliver, on behalf of the Trustee, the Trust Administrator, the Depositor, the Certificateholders or any of them, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge and all other comparable instruments, with respect to the Mortgage Loans, and with respect to the Mortgaged Properties held for the benefit of the Certificateholders. The Master Servicer and each Servicer shall prepare and deliver to the Depositor and/or the Trustee and/or the Trust Administrator such documents requiring execution and delivery by either or both of them as are necessary or appropriate to enable the Master Servicer or such Servicer to service and administer the Mortgage Loans to the extent that the Master Servicer or such Servicer is not permitted to execute and deliver such documents pursuant to the preceding sentence. Upon receipt of such documents, the Depositor and/or the Trustee or the Trust Administrator shall execute such documents and deliver them to the Master Servicer or such Servicer. In accordance with the standards of the preceding paragraph and unless determined in good faith to be a Nonrecoverable Advance, the Master Servicer and each Servicer shall advance or cause to be advanced funds as necessary for the purpose of effecting the payment of taxes and assessments on the Mortgaged Properties, which advances constitute Servicing Advances and shall be reimbursable in the first instance from related collections from the Mortgagors pursuant to Section 3.06, and further as provided in Section 3.08. ~~In no event will any Servicer be required to make any Servicing Advance which would constitute a Nonrecoverable Advance.~~ The costs incurred by the Master Servicer or a Servicer, if any, in effecting the timely payments of taxes and assessments on the Mortgaged Properties and related insurance premiums shall not, for the purpose of calculating monthly distributions to the Certificateholders, be added to the Stated Principal Balances of the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit. The Master Servicer and each Servicer hereby acknowledges that, to the extent the Master Servicer or such Servicer has previously serviced some or all of the Mortgage Loans pursuant to another servicing agreement, the provisions contained in this Agreement shall supersede the provisions contained in such other servicing agreement from and after the Closing Date. Notwithstanding anything to the contrary in this Agreement, with respect to any action which according to the terms of this Agreement is to be performed by the Master Servicer and the applicable Servicer, (i) if such action relates to a Master Serviced Mortgage Loan, only the Master Servicer shall have an obligation to perform such action, (ii) if such action relates to a WMMSC Serviced Mortgage Loan, only WMMSC shall have an obligation to perform such action and (iii) if such action relates to a Mortgage Loan which is neither a Master Serviced Mortgage Loan nor a WMMSC Serviced Mortgage Loan, the related Servicer shall have an obligation to perform such action, and the Master Servicer shall also have an obligation to perform such action, but only if the related Servicer fails to do so. Notwithstanding anything in this Agreement to the contrary, the purchase of any WMMSC Serviced Mortgage Loan by any Person shall be subject to the rights of WMMSC to continue servicing such WMMSC Serviced Mortgage Loan for the same Servicing Fee substantially in accordance with the terms of this Agreement. With respect to ~~each~~ the Mortgage ~~Loan~~ Loans serviced by a Servicer, the related Servicer (other than ~~with~~ WMMSC) or Master Servicer, as applicable, of such Mortgage Loans shall accurately and fully report the related Mortgagor's credit to Equifax, Transunion and Experian in a timely manner. With respect to the WMMSC Serviced Mortgage Loans), the Master Servicer and the related Servicer, other than WMMSC, will fully furnish, in accordance with the Fair Credit Reporting Act and its implementing regulations, accurate and complete information (e.g., favorable and unfavorable) on its borrower credit files WMMSC shall report to Equifax, Transunion and Experian ~~and Trans Union Credit Information Company, on~~ in a ~~monthly basis. With~~ timely manner that information required by the Fannie Mae servicing guide with respect to ~~each WMMSC Serviced Mortgage Loan, WMMSC will furnish information regarding its borrower credit files to credit reporting agencies in compliance with~~ the ~~provisions of the Fair Credit Reporting Act and its implementing regulations applicable to WMMSC~~related Mxxxxxxox'x credit.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (CSFB Mortgage Backed Pass Through Certs Ser 2002 18)

Common use of Master Servicer and Servicers to Service Mortgage Loans Clause in Contracts