Servicing Responsibilities. With respect to each PC Pool, the Administrator shall service or supervise servicing of the related Mortgages in a manner consistent with prudent servicing standards and in substantially the same manner as the Administrator services or supervises the servicing of unsold mortgages of the same type in its portfolio. In performing its servicing responsibilities hereunder, the Administrator may engage servicers, subservicers and other independent contractors or agents. The Administrator may discharge its responsibility to supervise servicing of the Mortgages by monitoring servicers’ performance on a reporting and exception basis. Except as provided in Articles V and VI and Sections 7.05 and 7.06 of this Agreement, Xxxxxxx Mac, as Administrator shall not be subject to the control of the Holders in the discharge of its responsibilities pursuant to this Article. Except with regard to its guarantee obligations pursuant to Section 3.09 with respect to a PC Pool, the Administrator shall have no liability to any related Holder for the Administrator’s actions or omissions in discharging its responsibilities under this Article II other than for any direct damage resulting from its failure to exercise that degree of ordinary care it exercises in the conduct and management of its own affairs. In no event shall the Administrator have any liability for consequential damages.
Servicing Responsibilities. Borrower represents that in retaining legal title to each Pledged Mortgage Loan and undertaking responsibility for performance of the services specified in this Agreement, it will, or will cause Xxxxx Fargo Bank, N.A. or another third-party servicer designated by Borrower and reasonably approved by Lender (a “Servicer”) to, exercise at least the degree of care generally exercised by and expected of a prudent servicer, and that in its capacity as trustee for Lender hereunder, it will, or will cause Servicer to, exercise at least that degree of care which is legally required of a trustee. Borrower or Servicer, as applicable, shall be responsible for the execution of all appropriate notices and all other acts necessary to protect title in Lender, Lender’s successors, or Lender’s assignees, as the case may be, as to the ownership of the Pledged Mortgage Loans pledged as Collateral under this Agreement and for preserving all rights in said Pledged Mortgage Loans and administering them in all respects consistent with applicable law and regulations, and for servicing the Pledged Mortgage Loans in a manner consistent with good and prudent mortgage practices. Borrower shall, or shall cause Servicer to, at the request of Lender upon the occurrence and during the continuance of an Event of Default, transfer to Lender or Lender’s designee at any time legal title to and the servicing rights with respect to any Pledged Mortgage Loans subject to the applicable Investor’s right to purchase such Mortgage Loan under the terms of the related Take-Out Commitment and shall furnish Lender or such designee with all documentation, deposits, books and records in Borrower and/or Servicer’s possession in regards to such Mortgage Loans, including, without limitation, the Mortgage Files and the Servicer’s Files. Upon the occurrence and during the continuance of an Event of Default, Borrower hereby authorizes Lender or Lender’s designee to send “good-bye” letters to the applicable Mortgagors on Borrower’s behalf directing future payments in respect of such Pledged Mortgage Loans to Lender or such designee, as applicable. Notwithstanding any such assignment, delegation, or other transfer of any of Borrower’s duties or obligations arising hereunder to a Servicer, Borrower shall remain fully and primarily liable for all of the covenants, conditions, representations and obligations of Borrower under this Agreement.
Servicing Responsibilities. With respect to each Pool, the Administrator shall service or supervise servicing of the related Mortgages in a manner consistent with prudent servicing standards and in substantially the same manner as the Administrator services or supervises the servicing of unsold mortgages of the same type in its portfolio. In performing its servicing responsibilities hereunder, the Administrator may engage servicers, subservicers and other independent contractors or agents. The Administrator may discharge its responsibility to supervise servicing of the Mortgages by monitoring
Servicing Responsibilities. The Administrator will disburse all PACE Charge payments received from the City with respect to each Loan in accordance with the express terms and provisions of the Collection Agreement, the Master Transfer and Remittance Agreement, this Agreement and the Administration Agreement, but will have no obligations with respect to the collection of delinquent payments with respect to any Loan or any other servicing or special servicing duties under this Agreement.
Servicing Responsibilities. (a) The Parties agree to, in good faith, jointly develop and implement joint operating agreements that address the operating policies and procedures applicable to the Program (the "Operating Procedures"), provided, however, that in order to ensure full compliance with Applicable Law, Bank shall have a right of final approval with respect to the Operating Procedures. The Parties shall cooperate to review, update and modify the Operating Procedures on an ongoing basis as appropriate. The Parties agree that they shall continue to use such Operating Procedures in substantially the same form throughout the Term unless changes are otherwise agreed in writing by the Parties or are required by Applicable Law as determined by Bank in its reasonable discretion.
(b) Bank shall be responsible for monitoring and updating the Operating Procedures to comply with changes in Applicable Law that relate to Financial Products covered hereunder.
Servicing Responsibilities. With respect to each Pool, the Administrator shall service or supervise servicing of the related Mortgages in a manner consistent with prudent servicing standards and in substantially the same manner as the Administrator services or supervises the servicing of unsold mortgages of the same type in its portfolio. In performing its servicing responsibilities hereunder, the Administrator may engage servicers, subservicers and other independent contractors or agents. The Administrator may discharge its responsibility to supervise servicing of the Mortgages by monitoring servicers’ performance on a reporting and exception basis. Except as provided in Articles V and VI and Sections 7.05 and 7.06 of this Agreement, Freddie Mac, as Administrator shall not be subject tx xxx xontrol of the Holders in the discharge of its responsibilities pursuant to this Article. Except with regard to its guarantee obligations pursuant to Section 3.09 with respect to a Pool, the Administrator shall have no liability to any related Holder for the Administrator’s actions or omissions in discharging its responsibilities under this Article II other than for any direct damage resulting from its failure to exercise that degree of ordinary care it exercises in the conduct and management of its own affairs. In no event shall the Administrator have any liability for consequential damages. Any servicing or administrative practice adopted, implemented, changed or discontinued by the Administrator, the Trustee, any paying agent or any servicer, subservicer or other independent contractor or agent in order to accommodate servicing or administrative practices or processes (including systems limitations) will be considered to be consistent with this Agreement and expectations of a reasonable investor in mortgage-backed securities if such practice achieves substantial compliance in all material respects with this Agreement.
Servicing Responsibilities. Subject to Accepted Servicing Practices, Servicer shall have full power and authority to do or cause to be done any and all things in connection with such servicing and administration which it may deem necessary or desirable. Subject to Section 2.1 and in accordance with Accepted Servicing Practices, in performing its obligations hereunder, Servicer shall comply with the following with respect to each Loan or REO Property, continuously from the date hereof until the date each Loan or REO Property ceases to be subject to this Agreement:
(a) Servicer shall hold all funds received for Owner hereunder in trust for Owner in a segregated Collection Account in accordance with all applicable regulations and with a financial institution whose accounts are insured by the FDIC to the amount available. To the extent amounts on deposit exceed the FDIC insured limit, then the Servicer either (1) shall deposit such excess amounts in a separate Eligible Account or (2) shall invest such excess amounts in Permitted Investments. The Collection Account shall be maintained with Servicer, or if it is not maintained with Servicer, then it must be an Eligible Account Any amounts held in the Collection Account may be, but are not required to be, invested by Servicer in Permitted Investments. Any income on the Collection Account shall belong to Servicer and may be withdrawn therefrom in accordance with Sections 6.2 and 6.
Servicing Responsibilities. The Seller represents that in undertaking responsibility for performance of the services specified in this Agreement, it will exercise at least the degree of care generally exercised by and expected of a prudent lender, and that in its function of trusteeship it will exercise at least that degree of care which is legally required of a trustee. The Seller shall be responsible for the execution of all appropriate notices and all other acts necessary to protect title in the Buyer, Buyer's successors, or Buyer's assignees, as the case may be, as to the ownership of the participation ownership interests in the Loans sold under this Agreement and: for preserving all rights in said Loans and administering them in all respects consistent with applicable law and regulations, and for servicing the same in a manner consistent with good and prudent mortgage practices.
Servicing Responsibilities. Subject to Accepted Servicing Practices, the Subservicer shall have full power and authority to do or cause to be done any and all things in connection with such servicing and administration which it may deem necessary or desirable. Subject to Section 2.1 and in accordance with Accepted Servicing Practices, in performing its obligations hereunder, the Subservicer shall comply with the following with respect to each Asset, continuously from the date hereof until the date each Asset ceases to be subject to this Agreement. To the extent there is a conflict between the provisions set forth below and the Accepted Servicing Practices, the Accepted Servicing Practices shall control:
(a) The Subservicer shall hold all funds received for the Owners hereunder in trust for such Owners in a segregated Collection Account in accordance with all applicable Requirements. Such funds shall be deposited to the Collection Account within one (1) Business Day of receipt. The Collection Account shall be held at the Subservicer, or if it is not held at the Subservicer, then it must be an Eligible Account. In the event the amount held in the Collection Account maintained at the Subservicer, together with the aggregate of all other amounts held in custodial or other accounts (excluding Escrow Accounts) maintained by the Subservicer on behalf of the Owners, exceeds $5 million, the Subservicer shall promptly deposit any excess amounts to another Collection Account not maintained at the Subservicer. Any amounts held in the Collection Account may be, but are not required to be, invested by the Subservicer in Permitted Investments. Any income on the Collection Account shall belong to the Subservicer and may be withdrawn therefrom in accordance with Sections 6.2 and 6.
Servicing Responsibilities. Subject to Accepted Servicing Practices, Interim Servicer shall have full power and authority to do or cause to be done any and all things in connection with such servicing and administration which it may deem necessary or desirable. Subject to Section 2.1 and in accordance with Accepted Servicing Practices, in performing its obligations hereunder, Interim Servicer shall comply with the following with respect to each Loan or REO Property, continuously from the date hereof until the date each Loan or REO Property ceases to be subject to this Agreement:
(a) Interim Servicer shall hold all funds received for Owner hereunder in trust for Owner in a segregated Collection Account in accordance with all applicable Requirements. The Collection Account shall be held at Interim Servicer, or if it is not held at Interim Servicer, then it must be an Eligible Account. Any amounts held in the Collection Account may be, but are not required to be, invested by Interim Servicer in Permitted Investments. Any income on the Collection Account shall belong to Interim Servicer and may be withdrawn therefrom in accordance with Sections 6.2 and 6.
