Performance of Servicing. From and after the Closing Date, the Purchaser shall pay, perform and discharge (i) those liabilities and obligations expressly assumed by Purchaser under this Agreement relating to the Servicing Rights and the other Assets acquired hereunder, including those liabilities and obligations under the related Servicing Agreements, Mortgage Loan Documents and Ancillary Documents; and (ii) all rights, obligations and duties expressly assumed by the Purchaser under this Agreement with respect to the related Escrow Payments as required by the Security Parties, the Servicing Agreements and Mortgage Loan Documents, all in accordance with the standard of care set forth in Section 10.03. Notwithstanding anything to the contrary herein, unless prohibited by Law or by contract, in the event a Defect is discovered with respect to any Servicing Right, the Purchaser shall continue to service such Mortgage Loan in accordance with this Section 10.02. The Purchaser agrees that it will service the Mortgage Loans in accordance with the Guidelines, as applicable. The Purchaser shall obtain and maintain all licenses necessary to perform all of its obligations hereunder with respect to the Assets and the Assumed Liabilities and shall comply with all state laws requiring licensing to the extent necessary to permit the servicing of the Mortgage Loans in accordance with the terms of this Agreement and the Servicing Agreements. In addition, the Purchaser shall take any and all actions as may be necessary or appropriate to remain a qualified servicer under each Servicing Agreement.
Appears in 4 contracts
Samples: Servicing Business Asset Purchase Agreement, Servicing Business Asset Purchase Agreement, Servicing Business Asset Purchase Agreement
