Servicing Contracts. (a) Each Servicing Contract entered into between the Master Servicer and a Direct Servicer will govern the Direct Servicer’s performance of the servicing duties described in Subsection 5.1(3). Wherever this Trust Agreement states that the Direct Servicer will take an action or carry out a responsibility, it means that if the Servicing Contract requires the Direct 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 Direct 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 Direct Servicer may not take a specified action, that means that the Servicing Contract will prohibit the Direct Servicer, directly or through a Subservicer, from taking that action. Each Servicing Contract will include provisions to the following effect:
Appears in 7 contracts
Samples: Master Trust Agreement, Federal National Mortgage Association, Federal National Mortgage Association
