Services as Subservicer Sample Clauses
The 'Services as Subservicer' clause defines the responsibilities and authority of a party acting as a subservicer on behalf of a primary servicer in a contractual relationship. This clause typically outlines the scope of services the subservicer is permitted to perform, such as managing accounts, processing payments, or handling customer communications, all under the direction or oversight of the main servicer. By clearly delineating these roles, the clause ensures that both parties understand their obligations and helps prevent disputes over service delivery or accountability.
Services as Subservicer. With respect to each Mortgage Loan, the Subservicer shall, in accordance with Accepted Subservicing Practices and subject to supervision by KRECM as set forth in this Agreement, perform the following servicing activities on behalf of KRECM as primary servicer, as follows:
(a) The Subservicer shall, subject to the limitations and restrictions on its authority otherwise set forth in this Agreement and the PSAs, perform the duties and obligations with respect to the Mortgage Loans that KRECM is required to perform under the PSAs as modified, clarified or more specifically stated as follows: Amended & Restated Master Subservicing Agreement
Services as Subservicer. With respect to each Mortgage Loan, the Subservicer shall, in accordance with Accepted Subservicing Practices and subject to the supervision of the Subservicer by the Master Servicer as set forth in this Agreement, perform the following servicing activities on behalf of the Master Servicer:
Services as Subservicer. 3.1 Subject to the terms and conditions of this Agreement, each Subservicer shall, with respect to the Relevant Loans and their Related Security subject to this Agreement, (i) subject to Section 3.2, perform all of the duties and obligations of the Servicer under the Servicing Agreement, including without limitation Section 5.1 thereof, (ii) perform all of the duties and obligations of the Servicer under the Custodial Agreement, and (iii) perform the following additional activities (all services referred to in clauses (i), (ii) and (iii) above being collectively referred to as the “Services”):
3.1.1 the Subservicer shall promptly advise the Servicer of all material collection and customer service issues and furnish the Servicer with copies of all written communications regarding such issues between the Subservicer and any Borrower or any third party in connection with the Subservicer's obligations;
3.1.2 reasonably cooperate with the Servicer to facilitate the timely performance of their respective servicing responsibilities;
3.1.3 the Subservicer shall provide the Servicer with such reports and other information (in the Subservicer's possession or to the extent readily obtainable and as reasonably requested by the Servicer) with respect to the servicing of the Relevant Loans and their Related Security by the Subservicer hereunder as the Servicer may reasonably require.
3.2 Notwithstanding the provisions of Section 3.1,
3.2.1 the Services shall not include the performance of the Guarantor Shortfall Test or the Post Issuer Event of Default Shortfall Test;
3.2.2 all Collections received by the Subservicer in such capacity hereunder shall forthwith upon receipt be remitted by the Subservicer to the Servicer or the Cash Manager, as required by the Servicer, and in the event the Servicer’s issuer default rating or the ratings of the unsecured, unsubordinated and unguaranteed debt obligations of the Servicer, as applicable, from one or more Rating Agencies fall below the Servicer Deposit Threshold Ratings, the Subservicer shall remit such Collections to the Cash Manager (provided that the then applicable rating of the Cash Manager by a Rating Agency is not below the Cash Management Deposit Ratings) or the Account Bank (or, as applicable, the Standby Account Bank), as applicable, no later than five Montreal Business Days from receipt by the Subservicer (inclusive of any cure period that may otherwise be applicable), who shall then deal with such Collections in ac...
Services as Subservicer. With respect to each Mortgage Loan, the Subservicer shall, in accordance with Accepted Subservicing Practices and subject to the supervision of the Subservicer by the Master Servicer as set forth in this Agreement, perform the following servicing activities on behalf of the Master Servicer:
(a) The Subservicer shall perform the duties and obligations with respect to the Mortgage Loans that the Master Servicer is required to perform under PSA Sections 3.01 (administration of the loans), 3.02 (collection of mortgage loan payments), 3.03 (collection of taxes, assessments and similar items; servicing accounts), 3.04(a) (certificate account), 3.04(f) (serviced whole loan custodial accounts), 3.07 (insurance), 3.08 (enforcement of due on sale and due on encumbrance clauses; assumption agreements), 3.10(a) (release of files), 3.12(a) (inspections), 3.12(b) (financial statements), 3.15 (access to certain information), 3.19(b) (notices to ground lessors); 3.20 (modifications, waivers, amendments, and consents; defeasance), 3.21 (servicing transfers), 3.27 (co-lender agreements), 3.30 (certain matters regarding the serviced companion loans and serviced pari passu loans), 3.33 (matters relating to certain mortgage loans) and 3.34 (the Clarion LaGuardia Airport Hotel controlling holder), and PSA Article XI (Exchange Act reporting and Regulation AB compliance), subject to the following terms and conditions:
(i) the Subservicer will not have any obligation to make Advances, but the Subservicer shall provide the Master Servicer not less than five (5) Business Days' notice before the date on which the Master Servicer is required to make any Servicing Advance with respect to any Mortgage Loan; provided, that only two (2) Business Days' notice will be required with respect to Servicing Advances required to be made on an urgent or emergency basis (the Subservicer to identify in writing with a reasonably detailed explanation any such urgent or emergency basis to the Master Servicer at the time it notifies the Master Servicer of the need to make the Advance);
(ii) with respect to each Mortgage Loan, the Subservicer shall, consistent with Accepted Subservicing Practices, monitor the related Mortgagor's insurance obligations in accordance with PSA Section 3.07(a), and in the event a Mortgagor fails to maintain such insurance, the Subservicer shall promptly (A) notify the Master Servicer in writing of such Mortgagor's failure to maintain such insurance and whether or not such ins...
Services as Subservicer. With respect to each Mortgage Loan, the Subservicer shall, in accordance with Accepted Subservicing Practices and subject to the supervision of the Subservicer by the Master Servicer as set forth in this Agreement, perform the following servicing activities on behalf of the Master Servicer:
(a) The Subservicer shall perform the duties and obligations with respect to the Mortgage Loan and the related Serviced Companion Mortgage Loans that the Master Servicer is required to perform under PSA Sections 1.2 through 1.6 (calculations; interpretation and certain matters with respect to Loan Pairs) and the final sentence of PSA Section 4.6(c) (relating to certain allocations), insofar as such provisions affect the activities of the Subservicer hereunder; PSA Sections 5.1(e), (f) and (g) (investment of certificate accounts; certain matters related to escrows); PSA Section 8.1 (servicing standard; servicing duties); PSA
Services as Subservicer. With respect to each Mortgage Loan, the Subservicer shall, in accordance with Accepted Subservicing Practices and subject to supervision by KRECM as set forth in this Agreement, perform the following servicing activities on behalf of KRECM as primary servicer, as follows:
Services as Subservicer. Section 3.02