Common use of Servicing Standard; Servicing Duties Clause in Contracts

Servicing Standard; Servicing Duties. (a) Subject to the express provisions of this Agreement, for and on behalf of the Trust and for the benefit of the Certificateholders as a whole and, solely as it relates to the Serviced Loan Group, for the benefit of the holder of the Serviced Companion Loan, the Master Servicer shall service and administer the Mortgage Loans and the Serviced Companion Loan, in accordance with the Servicing Standard and the terms of this Agreement (subject to the servicing of any Non-Trust-Serviced Pari Passu Loan by the applicable Other Master Servicer and the applicable Other Special Servicer in accordance with the related Other Pooling and Servicing Agreement) and the related Intercreditor Agreement, if any. The Master Servicer shall be the Master Servicer with respect to all the Mortgage Loans (other than the Non-Trust-Serviced Pari Passu Loans), the Serviced Companion Loan and other assets in the Trust and, as such, shall service and administer such assets as shall be required of the Master Servicer hereunder with respect to such of the Trust assets. In addition, with respect to each Non-Trust-Serviced Pari Passu Loan, the Master Servicer shall use reasonable efforts as provided in Section 8.3(k) to enforce the rights of the Trustee, as holder of such Pari Passu Loan, under the related Intercreditor Agreement and related Other Pooling and Servicing Agreement; provided, however, that any expenses incurred by the Master Servicer in connection with such enforcement shall be a Servicing Advance. Certain of the provisions of this Article VIII make explicit reference to their applicability to Mortgage Loans and the Serviced Companion Loan; notwithstanding such explicit references, references to "

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2004 IQ8), Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2004 IQ8), Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2004 IQ8)

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Servicing Standard; Servicing Duties. (a) Subject to the express provisions of this Agreement, for and on behalf of the Trust and for the benefit of the Certificateholders as a whole and, solely as it relates to the Serviced Loan Group, for the benefit of the holder of the Serviced Companion Loanwhole, the Master Servicer shall service and administer the Mortgage Loans and the Serviced Companion Loan, Loans in accordance with the Servicing Standard and the terms of this Agreement (subject to the servicing of any Non-Trust-Serviced Pari Passu Loan by the applicable Other Master Servicer and the applicable Other Special Servicer in accordance with the related Other Pooling and Servicing Agreement) and the related Intercreditor Agreement, if any. The Master Servicer shall be the Master Servicer with respect to all the Mortgage Loans (other than the Non-Trust-Serviced Pari Passu Loans), the Serviced Companion Loan and other assets in the Trust and, as such, shall service and administer such assets as shall be required of the Master Servicer hereunder with respect to such of the Trust assets. In addition, with respect to each Non-Trust-Serviced Pari Passu Loan, the Master Servicer shall use reasonable efforts as provided in Section 8.3(k) to enforce the rights of the Trustee, as holder of such Pari Passu Loan, under the related Intercreditor Agreement and related Other Pooling and Servicing Agreement; provided, however, that any expenses incurred by the Master Servicer in connection with such enforcement shall be a Servicing Advance. Certain of the provisions of this Article VIII make explicit reference to their applicability to Mortgage Loans and the Serviced Companion LoanLoans; notwithstanding such explicit references, references to "Mortgage Loans" contained in this Article VIII, unless otherwise specified, shall be construed to refer also to the Companion Loans (but any other terms that are defined in Article I and used in this Article VIII shall be construed according to such definitions without regard to this sentence). In connection with such servicing and administration, the Master Servicer shall seek to maximize the timely recovery of principal and interest on the Mortgage Notes in the best economic interests of the Certificateholders as a whole (or, in the case of a Loan Pair, the Certificateholders and the holder of the related Companion Loan, all taken as a collective whole); provided, however, that nothing herein contained shall be construed as an express or implied guarantee by the Master Servicer of the collectability of payments on the Mortgage Loans or shall be construed as impairing or adversely affecting any rights or benefits specifically provided by this Agreement to the Master Servicer, including with respect to Master Servicing Fees or the right to be reimbursed for Advances.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Capital I Inc), Pooling and Servicing Agreement (Morgan Stanley Dean Witter Capital I Inc)

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Servicing Standard; Servicing Duties. (a) Subject to the express provisions of this Agreement, for and on behalf of the Trust and for the benefit of the Certificateholders as a whole and, solely as it relates to the Serviced Loan Group, for the benefit of the holder of the Serviced Companion Loanwhole, the Master Servicer shall service and administer the Mortgage Loans and the Serviced Companion Loan, B Notes in accordance with the Servicing Standard and the terms of this Agreement (subject Agreement. References to "Mortgage Loans" contained in this Article VIII, unless otherwise specified, shall be construed to refer also to the servicing of B Notes (but any Non-Trust-Serviced Pari Passu Loan by the applicable Other Master Servicer other terms that are defined in Article I and the applicable Other Special Servicer used in accordance with the related Other Pooling and Servicing Agreement) and the related Intercreditor Agreement, if any. The Master Servicer this Article VIII shall be the Master Servicer with respect to all the Mortgage Loans (other than the Non-Trust-Serviced Pari Passu Loans), the Serviced Companion Loan and other assets in the Trust and, as such, shall service and administer such assets as shall be required of the Master Servicer hereunder with respect construed according to such of the Trust assetsdefinitions without regard to this sentence). In addition, connection with respect to each Non-Trust-Serviced Pari Passu Loansuch servicing and administration, the Master Servicer shall use reasonable efforts as provided seek to maximize the timely recovery of principal and interest on the Mortgage Notes in Section 8.3(k) to enforce the rights best economic interests of the TrusteeCertificateholders as a whole (or, as in the case of an A/B Mortgage Loan, the Certificateholders and the holder of such Pari Passu Loan, under the related Intercreditor Agreement and related Other Pooling and Servicing AgreementB Note, all taken as a collective whole); provided, however, that any expenses incurred nothing herein contained shall be construed as an express or implied guarantee by the Master Servicer in connection with such enforcement of the collectibility of payments on the Mortgage Loans or shall be a construed as impairing or adversely affecting any rights or benefits specifically provided by this Agreement to the Master Servicer, including with respect to Master Servicing Advance. Certain of Fees or the provisions of this Article VIII make explicit reference right to their applicability to Mortgage Loans and the Serviced Companion Loan; notwithstanding such explicit references, references to "be reimbursed for Advances.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Inc)

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