Common use of SERVICER'S COVENANTS Clause in Contracts

SERVICER'S COVENANTS. The Servicer covenants and agrees that: (a) The Servicer will (or will cause its subservicer or Subcontractor to) furnish specific Loan information to the Bank on request, will retain the Loan documents and all computer and manual records, receipts, tapes and other papers delivered to, acquired by or generated by the Servicer with respect to the Loans, and will not destroy or dispose of them, or use the information contained therein or disclose the contents thereof to others except as required or permitted under this Servicing Agreement or as required by law. All such documents, records, receipts, tapes and papers must be retained by the Servicer until the end of any period required by law, including the Act, the Regulations, the US Patriot Act and the Internal Revenue Code and any regulations issued thereunder. The Loan documents, records, receipts, tapes and papers must be kept in a manner to enable delivery to the Bank upon request on a timely basis; however, unless Loan documents, records, receipts, tapes and papers relating to the Loans are required to be maintained in paper form pursuant to the Act, Regulations, or the applicable Program Rules (as applicable), or other applicable state or federal law, the Servicer is authorized to destroy and dispose of any of them, provided that the Servicer has retained them in retrievable imaged form or has recorded their contents electronically and integrated such contents into the Servicer’s data base pertaining to the Loans such that they are easily retrievable. In the event that the Bank requests that the Servicer retain the aforementioned Loan documents, records, receipts, tapes and papers for a period longer than is set forth above, the Servicer shall do so at the Bank’s expense, billed as a special service in accordance with Attachment 1. (b) The Servicer will (or will cause its subservicer or Subcontractor to) furnish call recordings with respect to the Loans to the Bank on request, will retain the call recordings with respect to the Loans in accordance with the Servicer’s call retention policy (which as of the Effective Date is for a period of thirty (30) days) or as otherwise required by law or as otherwise required by regulators (provided, however, that if the longer period is due to a regulatory requirement placed on the Bank and not the Servicer, then the Servicer shall do so at the Bank’s expense, billed as a special service in accordance with Attachment 1), and will not use the information contained therein or disclose the contents thereof to others except as required or permitted under this Servicing Agreement or as required by law.

SERVICER'S COVENANTS. The Servicer covenants and agrees that: (a) The Servicer will (or will cause its subservicer or Subcontractor subcontractor to) furnish specific Loan information to the Bank Holder on request, will retain the Loan documents and all computer and manual records, receipts, tapes and other papers delivered to, acquired by or generated by the Servicer with respect to the Loans, and will not destroy or dispose of them, or use the information contained therein or disclose the contents thereof to others except as required or permitted under this Servicing Agreement or as required by law. All such documents, records, receipts, tapes and papers must be retained by the Servicer until the end of any period required by applicable law, including the Act, the Regulations, the US Patriot Act and the Internal Revenue Code and any regulations issued thereunder. The Loan documents, records, receipts, tapes and papers must be kept in a manner to enable delivery to the Bank Holder upon request on a timely basis; however, unless Loan documents, records, receipts, tapes and papers relating to the Loans are required to be maintained in paper form pursuant to the Act, Regulations, Regulations or the applicable Program Rules (as applicable)Rules, or other applicable state or federal law, the Servicer is authorized to destroy and dispose of any of them, provided that the Servicer has retained them in retrievable imaged form or has recorded their contents electronically and integrated such contents into the Servicer’s data base pertaining to the Loans such that they are easily retrievable. In the event that the Bank requests that the Servicer retain the aforementioned Loan documents, records, receipts, tapes and papers for a period longer than is set forth above, the Servicer shall do so at the Bank’s expense, billed as a special service in accordance with Attachment 1Loans. (b) The Servicer will (or will cause its subservicer or Subcontractor to) furnish call recordings with respect permit the Holder during normal business hours to gain real-time access to electronic information and data relating to the Loans to the Bank on requestLoans, will retain the call recordings with respect to the Loans in accordance with the Servicer’s call retention policy (which as applicable provisions of the Effective Date is for a period of thirty (30) days) or as otherwise required by law or as otherwise required by regulators (provided, however, that if the longer period is due to a regulatory requirement placed on the Bank and not the Servicer, then the Servicer shall do so at the Bank’s expense, billed as a special service in accordance with Attachment 1), and will not use the information contained therein or disclose the contents thereof to others except as required or permitted under this Servicing Agreement or as required by law4.

SERVICER'S COVENANTS. The Servicer covenants and agrees to the Corporation that: (a) The Servicer will (or will cause its subservicer or Subcontractor to) furnish specific Loan information to the Bank on request, will retain the Loan documents and all computer and manual records, receipts, tapes and other papers delivered to, acquired by or generated Unless prohibited by the Servicer GSE or any other applicable law, with respect to any MBS Certificates issued under the Loans, and will not destroy or dispose of them, or use the information contained therein or disclose the contents thereof to others except as required or permitted under this Servicing Agreement or as required by law. All such documents, records, receipts, tapes and papers must be retained by the Servicer until the end of any period required by law, including the Act, the Regulations, the US Patriot Act and the Internal Revenue Code and any regulations issued thereunder. The Loan documents, records, receipts, tapes and papers must be kept in a manner to enable delivery to the Bank upon request on a timely basis; however, unless Loan documents, records, receipts, tapes and papers relating to the Loans are required to be maintained in paper form pursuant to the Act, Regulations, or the applicable Program Rules (as applicable), or other applicable state or federal law, the Servicer is authorized to destroy and dispose of any of them, provided that the Servicer has retained them in retrievable imaged form or has recorded their contents electronically and integrated such contents into the Servicer’s data base pertaining to the Loans such that they are easily retrievable. In the event that the Bank requests that the Servicer retain the aforementioned Loan documents, records, receipts, tapes and papers for a period longer than is set forth abovePrograms, the Servicer shall do so at provide to the Bank’s expenseCorporation, billed as a special service in accordance conjunction with Attachment 1each payment, the reports required by the GSE with respect to Mortgage Loans underlying the MBS Certificates. (b) The Servicer agrees that so long as it shall continue to serve in the capacity contemplated under the terms of this Agreement, it will (or will cause its subservicer or Subcontractor to) furnish call recordings with respect remain in good standing and qualified to do business under the Loans to the Bank on request, will retain the call recordings with respect to the Loans in accordance with the Servicer’s call retention policy (which as laws of the Effective Date is for a period State. The Servicer will not dissolve or otherwise dispose of thirty (30) days) all or as otherwise required by law substantially all of its assets and will not voluntarily consolidate with or as otherwise required by regulators (merge into any other entity or permit one or more other entities to consolidate with or merge into it; provided, however, that the Servicer may, without violating the covenant contained in this subsection consolidate with or merge into another entity, or permit one or more entities to consolidate with or merge into it, or sell or otherwise transfer to another such entity all or substantially all of its assets as an entirety and thereafter dissolve, if the longer period surviving, resulting or transferee entity, as the case may be, shall have a net worth equal to or greater than the net worth required by the GSE and be qualified as a GSE servicer. (c) The Servicer is due familiar with all GSE rules and regulations applicable to a regulatory requirement placed the Programs existing on the Bank date hereof and shall use diligent, reasonable efforts to become and to remain familiar with all GSE rules and regulations applicable to the Programs, including, but not limited to, any changes or proposed changes in the GSE servicing rates, size of GSE Pools or other features affecting the purchase of Mortgage Loans under the Mortgage Origination Agreement and the Loan Correspondent Purchase and Sale Agreement for the Programs, and shall use commercially reasonable efforts to attempt to promptly notify all Lenders of such changes or proposed changes applicable to such Lenders of which the Servicer becomes aware. (d) During the term of this Agreement, the Servicer will not participate in any program with any other state or local governmental agency, housing finance corporation, or related or similar entity, including nonprofit entities, for the purchase and/or servicing of mortgage loans on residences in the State without first obtaining the approval of the Corporation. (e) No information, statement or report of the Servicer furnished in writing and expressly required in this Agreement to be delivered to the Lender or the Corporation will, to the knowledge of the Servicer, then contain any untrue statement of a material fact or omit a material fact necessary to make the information, statements or report not misleading. (f) With respect to any MBS Certificate financed with the proceeds of Tax-Exempt Bonds, neither the Servicer nor any “related person”, as defined in Section 144(a)(3) of the Code, shall do so at acquire, pursuant to an arrangement, formal or informal, such Tax-Exempt Bonds in an amount related to the Bank’s expenseamount of MBS Certificates to be acquired by the Corporation or the Trustee with respect to such Tax-Exempt Bonds. (g) With respect to any Programs that are financed with the proceeds of Tax-Exempt Bonds, billed as a special service in accordance with Attachment 1), and the Servicer will not use knowingly take any action or fail to take any action or permit any action within its control to be taken which would impair the information contained therein or disclose exclusion from gross income for federal income tax purposes of interest on the contents thereof to others except as required or permitted under this Servicing Agreement or as required by lawrelated Tax-Exempt Bonds.