Master Servicer Responsibilities Clause Samples

Master Servicer Responsibilities. The Master Servicer will have the full power and authority on behalf of and for the benefit of, and is responsible to, each Trust, to do the following: (a) enter into Servicing Contracts with Direct Servicers providing for the servicing and administration of the Mortgage Loans in accordance with the related Trust Documents (except that the related Servicing Contract may be more restrictive); (b) supervise and monitor the servicing of the Mortgage Loans by the Direct Servicers; (c) make Servicing Advances if a Direct Servicer does not do so and if the Master Servicer determines to do so pursuant to Subsection 5.2(1); (d) establish procedures for the retention, release and return of Mortgage Documents by the related Custodian, including procedures for the release of Mortgage Documents to the Trustee, or to the Master Servicer or Direct Servicer for servicing purposes, and for the return of those Mortgage Documents to the applicable Custodian when such Person’s need for them has ended, until such time as that Mortgage Loan or the related REO Property is no longer included in the related Trust Fund; (e) maintain records regarding each Trust as provided in Subsection 5.5(3); (f) manage and dispose of REO Property as provided in Subsections 5.11(2) and 5.11(3); and (g) make and authorize withdrawals from the Custodial Account as provided in Sections 6.2 and 6.3. If the Master Servicer is otherwise eligible to do so, it may act as an interim servicer (when replacing a Direct Servicer) or as a Direct Servicer, and in such capacity will be responsible for performing all of the obligations listed under Subsection 5.1(3) and Sections 5.2 through 5.11; provided, however, that if ▇▇▇▇▇▇ ▇▇▇ as Master Servicer so determines to act as an interim servicer or as a Direct Servicer and no Guarantor Event of Default of the type described in clause (a) of Section 12.1 has occurred and is continuing, then ▇▇▇▇▇▇ Mae will be responsible for performing such of the obligations listed under Subsection 5.1(3) and Sections 5.3 through 5.11 as it deems necessary and appropriate in servicing the Mortgage Loans in each Pool for and on behalf of Holders. Any or all of the obligations of the Direct Servicer may be performed by the Master Servicer if the Direct Servicer is not required by the related Servicing Contract or under paragraph (a) of Subsection 5.1(4) to perform them.

Master Servicer Responsibilities. The Master Servicer will have the full power and authority on behalf of and for the benefit of, and is responsible to, each Trust, to do or cause to be done any and all things that it may deem necessary or appropriate in its sole discretion in connection with the servicing of the Mortgage Loans subject only to the standard in Subsection 5.1(1) above. Such responsibilities may include the following: (a) enter into Servicing Contracts with Primary Servicers providing for the servicing and administration of the Mortgage Loans in accordance with the related Trust Documents (except that the related Servicing Contract may be more restrictive); (b) supervise and monitor the servicing of the Mortgage Loans by the Primary Servicers; (c) make Servicing Advances if a Primary Servicer does not do so and if the Master Servicer determines to do so pursuant to Subsection 5.2(1); (d) establish procedures for the retention, release and return of Mortgage Documents by the related Custodian; (e) maintain records regarding each Trust as provided in Subsection 5.4(4); (f) manage and dispose of REO Property as provided in Subsection 5.10; (g) retain possession of Defeasance Securities and Supplemental Collateral (unless otherwise provided in the Servicing Contract); and (h) make and authorize withdrawals from the Custodial Account as provided in Sections 6.2 and 6.