Common use of Servicing of Loans Clause in Contracts

Servicing of Loans. Seller shall cause the Servicers to service, or cause to be serviced, all the Purchased Loans in accordance with Accepted Servicing Practices, employing at least the same procedures and exercising the same care that the Servicers customarily employ in servicing Loans for their own account. Seller shall notify the Servicers of Buyer’s interest hereunder. Prior to any Person other than Servicers becoming a servicer or subservicer of the Purchased Loans, Buyer shall have the right to approve each such servicer or subservicer and the form of all Servicing Agreements or servicing side letter agreements with respect to such servicer or subservicer. Seller shall cause the Servicers to hold or cause to be held all escrow funds, if applicable, collected with respect to such Purchased Loans in trust accounts and shall apply the same for the purposes for which such funds were collected. Upon Buyer’s request, Seller shall provide reasonably promptly to Buyer a letter addressed to and agreed to by each servicer of Purchased Loans, in form and substance reasonably satisfactory to Buyer, advising such servicer of such matters as Buyer may reasonably request. If Seller should discover that, for any reason whatsoever, Seller or any entity responsible to Seller by contract for managing or servicing any such Loan has failed to perform fully Seller’s obligations under the Program Documents or any of the obligations of such entities with respect to the Purchased Loans, Seller shall promptly notify Buyer.

Servicing of Loans. Seller shall cause the Servicers Servicer to service, or cause to be serviced, all the Purchased Loans in accordance with Accepted Servicing Practices, employing at least the same procedures and exercising the same care that the Servicers Servicer customarily employ in servicing Loans for their own account. Seller shall notify the Servicers Servicer of Buyer’s interest hereunder. Prior to any Person other than Servicers Servicer becoming a servicer or subservicer of the Purchased Loans, Buyer shall have the right to approve each such servicer or subservicer and the form of all Servicing Agreements or servicing side letter agreements with respect to such servicer or subservicer. Seller shall cause the Servicers Servicer to hold or cause to be held all escrow funds, if applicable, collected with respect to such Purchased Loans in trust accounts and shall apply the same for the purposes for which such funds were collected. Upon Buyer’s request, Seller shall provide reasonably promptly to Buyer a letter addressed to and agreed to by each servicer of Purchased Loans, in form and substance reasonably satisfactory to Buyer, advising such servicer of such matters as Buyer may reasonably request. If Seller should discover that, for any reason whatsoever, Seller or any entity responsible to Seller by contract for managing or servicing any such Loan has failed to perform fully Seller’s obligations under the Program Documents or any of the obligations of such entities with respect to the Purchased Loans, Seller shall promptly notify Buyer.

Servicing of Loans. Seller shall cause the Servicers to service, or cause to be serviced, all Loans that are part of the Purchased Loans Securities in accordance with Accepted Servicing Practicesthe standard industry practices, employing at least the same procedures and exercising the same care that the Servicers Seller customarily employ employs in servicing Loans for their its own account, and in accordance with all applicable requirements of the relevant Agency or Authorized Purchaser. Seller shall notify the Servicers servicers of Buyer’s 's interest hereunder. Prior to any Person other than Servicers becoming a servicer or subservicer Seller shall notify Buyer of the Purchased Loans, name and address of all servicers. Buyer shall have the right to approve each such servicer or subservicer and the form of all Servicing Agreements or servicing side letter agreements with respect to such servicer or subserviceragreements. Seller shall cause the Servicers to hold or cause to be held all escrow funds, if applicable, funds collected with respect to such Purchased Loans in trust accounts and shall apply the same for the purposes for which such funds were collected. Upon Buyer’s 's request, Seller shall provide reasonably promptly to Buyer a letter addressed to and agreed to by each servicer of Purchased Loans, in form and substance reasonably satisfactory to Buyer, advising such servicer of such matters as Buyer may reasonably request. If Seller should discover that, for any reason whatsoever, Seller or any entity responsible to Seller by contract for managing or servicing any such Loan has failed to perform fully Seller’s 's obligations under the Program Documents or any of the obligations of such entities with respect to the Purchased LoansSecurities, Seller shall promptly notify Buyer.

Servicing of Loans. Seller and Originator shall cause the Servicers Servicer to service, or cause to be serviced, all Loans that are part of the Purchased Loans Assets in accordance with Accepted Servicing PracticesStandards, pending any delivery of such servicing to Buyer pursuant to the Servicing Agreement, employing at least the same procedures and exercising the same care that the Servicers Servicer customarily employ employs in servicing Loans for their its own account. Seller shall notify the Servicers of Buyer’s interest hereunder. Prior to any Person other than Servicers becoming a servicer or subservicer of the Purchased Loans, Buyer shall have the right to approve each such servicer or subservicer and the form of all Servicing Agreements or servicing side letter agreements with respect to such servicer or subservicer. Seller Originator shall cause the Servicers Servicer to hold or cause to be held all escrow funds, if applicable, funds collected with respect to such Purchased Loans in trust accounts and shall apply the same for the purposes for which such funds were collected. Upon Buyer’s request, Seller and Originator shall provide reasonably promptly cause the Borrower under each Note to Buyer a letter addressed remit all payments to the Servicer and agreed to by each servicer of Purchased Loans, in form and substance reasonably satisfactory to Buyer, advising such servicer of such matters as Buyer may reasonably requestnot otherwise. If Seller or Originator should discover that, for any reason whatsoever, Seller or Originator or any entity responsible to Seller by contract for managing or servicing any such Loan has failed to perform fully Seller’s 's or Originator's or Servicer's obligations under the Program Documents with respect to the servicing of the Purchased Assets or any of the obligations of such entities with respect to the Purchased LoansAssets, Seller and Originator shall promptly notify Buyer. Prior to any Person other than Midland Loan Services, Inc. becoming the Servicer or a subservicer of the Purchased Assets, Buyer shall have the right to approve each such Servicer or subservicer and the form of all servicing agreements or servicing side letter agreements with respect thereto.