Common use of Sale and Transfer of Servicing and Escrows Clause in Contracts

Sale and Transfer of Servicing and Escrows. (a) The Designated Loans shall be sold on a servicing released basis. As of the Closing Date, all rights, obligations, liabilities and responsibilities with respect to the servicing of the Designated Loans on and after the Closing Date will be assumed by Purchaser. Seller shall be discharged and indemnified by Purchaser from all liability with respect to servicing of the Designated Loans on and after the Closing Date, and Purchaser shall be indemnified by Seller from all liability with respect to servicing the Designated Loans prior to the Closing Date. (b) As of the Closing Date, Purchaser will assume, and agrees to undertake and discharge, any and all obligations of the holder and servicer of any Designated Loans that are mortgage Designated Loans, if any, as such obligations may relate to the escrow, maintenance of escrow and payments from escrow of moneys paid by or on account of the applicable mortgagor. On or before the fifth (5th) Business Day after the Closing Date, Seller shall remit by wire transfer of immediately available funds to Purchaser any and all funds held in escrow that were collected and received pursuant to a mortgage Designated Loan for the payment of Taxes, assessments, hazard insurance premiums, primary mortgage insurance policy premiums, if applicable, or comparable items prior to the Closing Date plus any Accrued Interest. Seller makes no warranties or representations of any kind or nature as to the sufficiency of such sum to discharge any obligations with respect to mortgage Designated Loans.

Sale and Transfer of Servicing and Escrows. (a) The Designated Loans shall be sold on a servicing servicing-released basis. As of the Closing Date, all rights, obligations, liabilities and responsibilities with respect to the servicing of the Designated Loans on and after the Closing Date will be assumed by Purchaser. Seller shall be discharged and indemnified by Purchaser from all liability with respect to servicing of the Designated Loans on and after the Closing Date, Date and Purchaser shall be discharged and indemnified by Seller from all liability with respect to servicing of the Designated Loans on or prior to the Closing Date. To the extent permitted under the applicable documents, Seller shall assign to Purchaser Seller's rights under any participation or servicing agreement relating to the Loans. (b) As of the Closing Date, Purchaser will assume, and agrees to undertake and discharge, any and all obligations of the holder and servicer of any Designated Mortgage Loans that are mortgage Designated Loans, if any, as such obligations may relate to the escrow, maintenance of escrow and payments from escrow of moneys paid by or on account of the applicable mortgagorMortgagor. On or before the fifth (5th) Business Day after the Closing Date, Seller shall remit by wire transfer of immediately available funds to Purchaser any and all funds held in escrow that were collected and received pursuant to a mortgage Designated Mortgage Loan for the payment of Taxestaxes, assessments, hazard insurance premiums, primary mortgage insurance policy premiums, if applicable, or comparable items prior to the Closing Date plus any Accrued Interest. Seller makes no warranties or representations of any kind or nature as to the sufficiency of such sum to discharge any obligations with respect to mortgage Designated Mortgage Loans, or as to the accuracy of such sum.

Sale and Transfer of Servicing and Escrows. (a) The Designated Loans shall be sold on a servicing released basis. As of the Closing Date, all rights, obligations, liabilities and responsibilities with respect to the servicing of the Designated Purchased Loans on and after the Closing Date will be assumed by Purchaser. Seller shall be discharged and indemnified by Purchaser from all liability with respect to servicing of the Designated Purchased Loans on and after the Closing Date, and Purchaser shall be indemnified by Seller from all liability with respect to servicing the Designated Purchased Loans prior to the Closing Date; provided, however, for a reasonable period of time after the Closing Date, the parties shall cooperate fully with each other in connection with any acts or actions required to be taken by either party with respect to such Purchased Loans and work together to ensure compliance by both parties with all applicable requirements of each party with respect to such Purchased Loans. (b) As of the Closing Date, Purchaser will assume, and agrees to undertake and discharge, any and all obligations of the holder and servicer of any Designated Purchased Loans that are mortgage Designated Loansloans, if any, as such obligations may relate to the escrow, maintenance of escrow and payments from escrow of moneys paid by or on account of the applicable mortgagor. On or before the fifth (5th) Business Day after the Closing Date, Seller shall remit by wire transfer of immediately available funds to Purchaser any and all funds held in escrow that were collected and received pursuant to a mortgage Designated Purchased Loan for the payment of Taxestaxes, assessments, hazard insurance premiums, primary mortgage insurance policy premiums, if applicable, or comparable items prior to the Closing Date plus any Accrued Interest. Seller makes no warranties or representations of any kind or nature as to the sufficiency of such sum to discharge any obligations with respect to mortgage Designated Loans.

Sale and Transfer of Servicing and Escrows. (a) The Designated Loans shall be sold on a servicing servicing-released basis. As of the Closing Date, all rights, obligations, liabilities and responsibilities with respect to the servicing of the Designated Loans on and after the Closing Date will shall be assumed by Purchaser. Seller and its Affiliates shall be discharged and indemnified by Purchaser from all liability with respect to servicing of the Designated Loans on and after the Closing Date, Date and Purchaser shall not assume and shall be discharged and indemnified by Seller and its Affiliates from all liability with respect to servicing of the Designated Loans on or prior to the Closing Date. (b) As of the Closing Date, Purchaser will shall assume, and agrees to undertake and discharge, any and all obligations of the holder and servicer of any Designated Mortgage Loans that are mortgage Designated Loans, if any, as such obligations relate to periods after the Closing Date and as they may relate to the escrow, maintenance of escrow and payments from escrow of moneys paid by or on account of the applicable mortgagorMortgagor. On or before the fifth (5th) Business Day after the Closing Date, Seller shall remit by wire transfer of immediately available funds to Purchaser any and all funds held in escrow that were collected and received pursuant to a mortgage Designated Mortgage Loan for the payment of Taxestaxes, assessments, hazard insurance premiums, primary mortgage insurance policy premiums, if applicable, or comparable items prior to the Closing Date Date, plus any Accrued Interest. Seller makes no warranties or representations of any kind or nature as to the sufficiency of such sum to discharge any obligations with respect to mortgage Designated Mortgage Loans, or as to the accuracy of such sum.