Servicing Interests Clause Samples

Servicing Interests. (i) The Sellers own all right, title and interest in and to the Servicing Interests and the sole right to act as Servicer with respect to the related Mortgage Loans pursuant to and subject to the terms and conditions of the Servicing Agreements but free and clear of all Encumbrances, except for Permitted Encumbrances and the rights of subservicers disclosed in Section 3.22(c)(i) of the Disclosure Schedule; (ii) The Sellers are entitled to receive Servicing Fees and Ancillary Income as Servicer under each Servicing Agreement; (iii) Except as set forth in Section 3.22(c)(iii) of the Disclosure Schedule, none of the other parties to any of the Servicing Agreements or certificateholders have since June 30, 2007 provided written notice to any Seller that such party will terminate, modify or amend any of the Servicing Agreements or the applicable Seller’s benefits or the Servicing Interests under any of the Servicing Agreements; (iv) Except as set forth in Section 3.22(c)(iv) of the Disclosure Schedule, the applicable Seller has not engaged any subservicers, subcontractors or other agents to perform any of its duties under any of the Servicing Agreement, other than engagements that are permitted by, and in compliance in all material respects with the requirements of, the applicable Servicing Agreements, and all fees and expenses due and payable to any such subservicer, subcontractor or agent as of the Closing Date in connection therewith have been paid; (v) There are no agreements currently in place with any subservicers, subcontractors or other agents to perform any of Sellers’ duties under the Servicing Agreements that are not set forth in Section 3.12 of the Disclosure Schedule; and (vi) Except as set forth in Section 3.22(c)(vi) of the Disclosure Schedule, the Sellers are in compliance in all material respects with all Servicing Agreements or will have cured any such material non-compliance in all material respects with respect to such Servicing Agreements prior to the Closing Date.