Servicing Contracts.
(a) Each Servicing Contract entered into between the Master Servicer and a Primary Servicer will govern the Primary Servicer’s performance of the servicing duties described in Subsection 5.1(3) to the extent such duties are permitted by the Servicing Contract. Wherever this Trust Agreement states that the Primary Servicer will take an action or carry out a responsibility, it means that if the Servicing Contract requires the Primary Servicer, directly or through a Subservicer, to take that action or carry out that responsibility, then the action will be taken or the responsibility will be carried out by the Primary Servicer, directly or through a Subservicer, and if the Servicing Contract does not so require, then those duties will be performed by the Master Servicer (whether directly or indirectly). Wherever this Trust Agreement states that the Primary Servicer may not take a specified action, that means that the Servicing Contract will prohibit the Primary Servicer, directly or through a Subservicer, from taking that action. Each Servicing Contract will include provisions to the following effect:
(i) any successor to the Master Servicer under this Trust Agreement will automatically succeed to the rights of the Master Servicer under any Servicing Contract, with regard to the related Mortgage Loans;
(ii) the Master Servicer will have the right to terminate any Servicing Contract in accordance with its terms as to any or all of the Mortgage Loans being serviced under that contract;
(iii) the Trustee, on behalf of the related Trust, and the Guarantor are third-party beneficiaries of the related Servicing Contract as to the Mortgage Loans in that Pool, with the rights of enforcement, subject to paragraph (b) of this Subsection 5.1(4):
(iv) the Primary Servicer will comply, directly or through a Subservicer, with all other provisions required in this Article V, and will not take any action that is prohibited by or inconsistent with its Servicing Contract;
(v) if an investment of any funds on deposit in a Custodial Account is made in violation of this Trust Agreement, the Primary Servicer will pay any loss, charge or penalty as provided in Subsection 6.1(4);
(vi) as compensation for its services to each applicable Trust, the Primary Servicer will be entitled to receive the Servicing Fee and such other amounts (which may include any Excess Spread and additional amounts permitted to be retained by the Primary Servicer as described in paragraph (c) of Subsection ...
Servicing Contracts. Fully executed copies of each Servicing Contract certified as true, correct and complete by Seller.
Servicing Contracts. Each Servicing Contract is in full force and effect, and Borrower has not been terminated as the servicer under any Servicing Contract.
Servicing Contracts. All of the Servicing Contracts with respect to such Assets are in full force and effect and have not been modified and Seller as servicer has not been terminated thereunder.
Servicing Contracts. (i) with respect to any Asset, a notice of termination of servicing for cause has been delivered, or a notice of termination of servicing for any other reason has been delivered, which has not been rescinded within five Business Days following delivery of such notice under any Servicing Contract (following the expiration of any applicable grace or cure period in the applicable Servicing Contract) unless all related Purchased Assets are repurchased (A) with respect to a notice of termination of servicing for cause, within five Business Days following delivery of such notice of termination as described herein or (B) with respect to any other notice of termination, on or before the date of such termination of servicing; (ii) any actual termination or resignation of servicing under any Servicing Contract shall have occurred unless all related Purchased Assets are repurchased on or before the date of such termination; or (iii) a material default by Seller has occurred under the Participation Agreement;
Servicing Contracts. Fully executed copies of the Key Servicing Contract Documentation related to each Servicing Contract certified as true, correct and complete by Seller.
Servicing Contracts. Xxxxxx Mae I MBS and Xxxxxx Xxx XX MBS, in either case issued by Lender and guaranteed by Xxxxxx Mae upon Lender’s securitization of a pool of Xxxxxx Xxx eligible mortgage loans insured or guaranteed by the FHA or VA, as applicable. Lender’s issuance of the related MBS and its servicing of the underlying mortgage loans are governed in all respects by Xxxxxx Mae’s 5500.3 REV-1: Mortgage-Backed Securities Guide, as the same may be amended from time to time.
Servicing Contracts. (a) Omit to take any commercially reasonable action required to keep all of Borrowers’ Servicing Contracts relating to Pledged Assets in full force and effect, or (b) permit the transfer, loss, nonrenewal or termination of any Servicing Contracts relating to any Pledged Assets to which any Borrower is a party, or which is held for the benefit of any Borrower, and as to which an Advance is outstanding hereunder.
Servicing Contracts. (i) With respect to any Assets, a notice of termination of servicing for cause has been delivered, or a notice of termination of servicing for any other reason has been delivered, which has not been rescinded within five Business Days following delivery of such notice under any Servicing Contract (following the expiration of any applicable grace or cure period in the applicable Servicing Contract) unless all related Purchased Assets (other than Servicing Rights, which are pledged, and not sold, to Administrative Agent for the benefit of Buyers) are repurchased and the Repurchase Price for the related Transactions is paid in full (A) with respect to a notice of termination of servicing for cause, within five Business Days following delivery of such notice of termination as described herein or (B) with respect to any other notice of termination, on or before the date of such termination of servicing; or (ii) any actual termination of servicing under any Servicing Contract shall have occurred unless all related Purchased Assets (other than Servicing Rights, which are pledged, and not sold, to Administrative Agent for the benefit of Buyers) are repurchased and the Repurchase Price for the related Transactions is paid in full within [***] following such termination.
Servicing Contracts. 14 (b) Assignment..........................................................................14 (c) No Liens............................................................................14 (d) Filings.............................................................................15
