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Common use of Subservicing Agreements between the Servicer and Subservicers Clause in Contracts

Subservicing Agreements between the Servicer and Subservicers. (a) Subject to Section 13.06, the Servicer may enter into Subservicing Agreements with Subservicers for the servicing and administration of the Mortgage Loans. The terms of any Subservicing Agreement shall not be inconsistent with any of the provisions of this Agreement. Each Subservicer shall be (i) authorized to transact business in the state or states in which the Mortgaged Properties related to the Mortgage Loans such Subservicer is to service are situated, if and to the extent required by applicable law to enable the Subservicer to perform its obligations hereunder and under the Subservicing Agreement, and (ii) a Fxxxxxx Mac- or Fxxxxx Mxx-approved mortgage servicer. Each Subservicing Agreement must impose on the Subservicer requirements conforming to the provisions set forth in Section 4.17 and provide for servicing of the Mortgage Loans consistent with the terms of this Agreement. (b) As part of its servicing activities hereunder, the Servicer, for the benefit of Owner, shall enforce the obligations of each Subservicer under the related Subservicing Agreement, including, without limitation, any obligation to make advances in respect of delinquent payments as required by a Subservicing Agreement. Such enforcement, including without limitation, the legal prosecution of claims, termination of Subservicing Agreements, and the pursuit of other appropriate remedies, shall be in such form and carried out to such an extent and at such time as the Servicer, in its good faith business judgment, would require were it the owner of the related Mortgage Loans. The Servicer shall pay the costs of such enforcement, to the extent, if any, that such recovery (i) exceeds all amounts due in respect of the related Mortgage Loans, or (ii) is from a specific recovery of costs, expenses or attorneys’ fees against the party against whom such enforcement is directed.

Appears in 3 contracts

Samples: Master Servicing Agreement (Sequoia Mortgage Trust 2007-2), Master Servicing Agreement (Sequoia Mortgage Trust 2007-1), Master Servicing Agreement (Sequoia Mortgage Trust 2007-3)

Subservicing Agreements between the Servicer and Subservicers. (a) Subject to Section 13.06, the The Servicer may enter into Subservicing Agreements subservicing agreements with Subservicers for the servicing and administration of the Mortgage LoansLoans ("Subservicing Agreements"). The terms Servicer represents and warrants to the other parties hereto that no Subservicing Agreement is in effect as of the Closing Date with respect to any Mortgage Loans required to be serviced by it hereunder. The Servicer shall give notice to the Depositor, the Securities Administrator and the Trustee of any such Subservicer and Subservicing Agreement, which notice shall contain all information (including without limitation a copy of the Subservicing Agreement and any amendments or modifications thereof) reasonably necessary to enable the Securities Administrator, pursuant to Section 8.12(g), to accurately and timely report the event under Item 6.02 of Form 8-K pursuant to the Exchange Act (if such reports under the Exchange Act are required to be filed under the Exchange Act). No Subservicing Agreement shall be effective until 30 days after such written notice is received by the Depositor, the Securities Administrator and the Trustee. The Trustee shall not be inconsistent required to review or consent to such Subservicing Agreements and shall have no liability in connection therewith. (b) The Servicer shall cause any Subservicer engaged by the Servicer (or by any Subservicer) for the benefit of the Depositor, the Securities Administrator and the Trustee to comply with any of the provisions of this Section 3.02 and with Sections 3.22, 3.23, 6.02 and 6.05 of this Agreement to the same extent as if such Subservicer were the Servicer, and to provide the information required with respect to such Subservicer under Section 8.12 of this Agreement. Each Subservicer The Servicer shall be responsible for obtaining from each such Subservicer and delivering to applicable Persons any servicer compliance statement required to be delivered by such Subservicer under Section 3.22 and any assessment of compliance report and related accountant's attestation required to be delivered by such Subservicer under Section 3.23, in each case as and when required to be delivered. (c) Subject to the conditions set forth in this Section 3.02(e), the Servicer and any Subservicer engaged by the Servicer is permitted to utilize one or more Subcontractors to perform certain of its obligations hereunder. The Servicer shall promptly upon request provide to the Depositor a written description (in form and substance satisfactory to the Depositor) of the role and function of each Subcontractor utilized by the Servicer or any such Subservicer, specifying, not later than the date specified for delivery of the annual report on assessment of compliance set forth in Section 3.23(b) (i) authorized to transact business the identity of each such Subcontractor, if any, that is "participating in the state or states in which servicing function" within the Mortgaged Properties related to the Mortgage Loans such Subservicer is to service are situated, if and to the extent required by applicable law to enable the Subservicer to perform its obligations hereunder and under the Subservicing Agreementmeaning of Item 1122 of Regulation AB, and (ii) which elements of the Servicing Criteria will be addressed in assessments of compliance provided by each Subcontractor identified pursuant to clause (i) of this paragraph. As a Fxxxxxx Mac- or Fxxxxx Mxx-approved mortgage servicer. Each Subservicing Agreement must impose on the Subservicer requirements conforming condition to the provisions set forth utilization by the Servicer or any such Subservicer of any Subcontractor determined to be "participating in Section 4.17 and provide for the servicing function" within the meaning of the Mortgage Loans consistent with the terms Item 1122 of this Agreement. (b) As part of its servicing activities hereunderRegulation AB, the Servicer, Servicer shall cause any such Subcontractor used by the Servicer (or by any such Subservicer) for the benefit of Owner, shall enforce the obligations of each Subservicer under the related Subservicing Agreement, including, without limitation, any obligation to make advances in respect of delinquent payments as required by a Subservicing Agreement. Such enforcement, including without limitation, the legal prosecution of claims, termination of Subservicing Agreements, Depositor and the pursuit Securities Administrator to comply with the provisions of other appropriate remedies, shall be in Section 3.23 of this Agreement to the same extent as if such form and carried out to such an extent and at such time as Subcontractor were the Servicer, in its good faith business judgment, would require were it the owner of the related Mortgage Loans. The Servicer shall pay the costs of be responsible for obtaining from each such enforcement, Subcontractor and delivering to the extentapplicable Persons any assessment of compliance report and related accountant's attestation required to be delivered by such Subcontractor under Section 3.23, in each case as and when required to be delivered. Notwithstanding the foregoing, if anythe Servicer engages a Subcontractor in connection with the performance of any of its duties under this Agreement, the Servicer shall be responsible for determining whether such Subcontractor is a "servicer" within the meaning of Item 1101 of Regulation AB and whether any such affiliate or third-party vendor meets the criteria in Item 1108(a)(2)(i) through (iii) of Regulation AB. If the Servicer determines, pursuant to the preceding sentence, that such recovery Subcontractor is a "servicer" within the meaning of Item 1101 of Regulation AB and meets the criteria in Item 1108(a)(2)(i) through (iiii) exceeds all amounts due in respect of Regulation AB, then such Subcontractor shall be deemed to be a Subservicer for purposes of this Agreement, the related Mortgage Loans, or (ii) engagement of such Subservicer shall not be effective unless and until notice is from a specific recovery of costs, expenses or attorneys’ fees against the party against whom such enforcement is directedgiven pursuant to Section 3.02(a).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Securitized Asset Backed Receivables LLC Trust 2006-Wm1)

Subservicing Agreements between the Servicer and Subservicers. (a) Subject to Section 13.06, the The Servicer may enter into Subservicing Agreements with Subservicers for the servicing and administration of the Mortgage Loans. The terms of any Subservicing Agreement shall not be inconsistent with any of the provisions of this Agreement. Each Subservicer shall be (i) authorized to transact business in the state or states in which the Mortgaged Properties related to the Mortgage Loans such Subservicer is to service are situated, if and to the extent required by applicable law Applicable Law to enable the Subservicer to perform its obligations hereunder and under the Subservicing Agreement, and (ii) a Fxxxxxx Xxxxxxx Mac- or Fxxxxx MxxXxxxxx Xxx-approved mortgage servicer, and further provided that (x) such Subservicer's servicing standards are, at a minimum, as stringent as the standards of Servicer, and (y) the use of the Subservicer shall not materially alter or delay the provision of information to the Owner. Each Subservicing Agreement must impose on the Subservicer requirements conforming to the provisions set forth in Section 4.17 4.20 and provide for servicing of the Mortgage Loans consistent with the terms of this Agreement. (b) As part of its servicing activities hereunder, the Servicer, for the benefit of Owner, shall enforce the obligations of each Subservicer under the related Subservicing Agreement, including, without limitation, any obligation to make advances in respect of delinquent payments as required by a Subservicing Agreement. Such enforcement, including without limitation, the legal prosecution of claims, termination of Subservicing Agreements, and the pursuit of other appropriate remedies, shall be in such form and carried out to such an extent and at such time as the Servicer, in its good faith business judgment, would require were it the owner of the related Mortgage Loans. The Servicer shall pay the costs of such enforcement, to the extent, if any, that such recovery (i) exceeds all amounts due in respect of the related Mortgage Loans, or (ii) is from a specific recovery of costs, expenses or attorneys' fees against the party against whom such enforcement is directed.

Appears in 1 contract

Samples: Servicing Agreement (Structured Asset Mortgage Investments Inc)

Subservicing Agreements between the Servicer and Subservicers. (a) Subject to Section 13.06, the The Servicer may enter into Subservicing Agreements subservicing agreements with Subservicers for the servicing and administration of the Mortgage LoansLoans ("Subservicing Agreements"). The terms Servicer represents and warrants to the other parties hereto that no Subservicing Agreement is in effect as of the Closing Date with respect to any Mortgage Loans required to be serviced by it hereunder. The Servicer shall give notice to the Depositor, the Securities Administrator and the Trustee of any such Subservicer and Subservicing Agreement, which notice shall contain all information (including without limitation a copy of the Subservicing Agreement and any amendments or modifications thereof) reasonably necessary to enable the Securities Administrator, pursuant to Section 8.12(g), to accurately and timely report the event under Item 6.02 of Form 8-K pursuant to the Exchange Act (if such reports under the Exchange Act are required to be filed under the Exchange Act). No Subservicing Agreement shall be effective until 30 days after such written notice is received by the Depositor, the Securities Administrator and the Trustee. The Trustee shall not be inconsistent required to review or consent to such Subservicing Agreements and shall have no liability in connection therewith. (b) The Servicer shall cause any Subservicer engaged by the Servicer (or by any Subservicer) for the benefit of the Depositor, the Securities Administrator and the Trustee to comply with any of the provisions of this Section 3.02 and with Sections 3.22, 3.23, 6.02 and 6.05 of this Agreement to the same extent as if such Subservicer were the Servicer, and to provide the information required with respect to such Subservicer under Section 8.12 of this Agreement. Each Subservicer The Servicer shall be responsible for obtaining from each such Subservicer and delivering to applicable Persons any servicer compliance statement required to be delivered by such Subservicer under Section 3.22 and any assessment of compliance report and related accountant's attestation required to be delivered by such Subservicer under Section 3.23, in each case as and when required to be delivered. (c) Subject to the conditions set forth in this Section 3.02(c), the Servicer and any Subservicer engaged by the Servicer is permitted to utilize one or more Subcontractors to perform certain of its obligations hereunder. The Servicer shall promptly upon request provide to the Depositor a written description (in form and substance satisfactory to the Depositor) of the role and function of each Subcontractor utilized by the Servicer or any such Subservicer, specifying, not later than the date specified for delivery of the annual report on assessment of compliance set forth in Section 3.23(b) (i) authorized to transact business the identity of each such Subcontractor, if any, that is "participating in the state or states in which servicing function" within the Mortgaged Properties related to the Mortgage Loans such Subservicer is to service are situated, if and to the extent required by applicable law to enable the Subservicer to perform its obligations hereunder and under the Subservicing Agreementmeaning of Item 1122 of Regulation AB, and (ii) which elements of the Servicing Criteria will be addressed in assessments of compliance provided by each Subcontractor identified pursuant to clause (i) of this paragraph. As a Fxxxxxx Mac- or Fxxxxx Mxx-approved mortgage servicer. Each Subservicing Agreement must impose on the Subservicer requirements conforming condition to the provisions set forth utilization by the Servicer or any such Subservicer of any Subcontractor determined to be "participating in Section 4.17 and provide for the servicing function" within the meaning of the Mortgage Loans consistent with the terms Item 1122 of this Agreement. (b) As part of its servicing activities hereunderRegulation AB, the Servicer, Servicer shall cause any such Subcontractor used by the Servicer (or by any such Subservicer) for the benefit of Owner, shall enforce the obligations of each Subservicer under the related Subservicing Agreement, including, without limitation, any obligation to make advances in respect of delinquent payments as required by a Subservicing Agreement. Such enforcement, including without limitation, the legal prosecution of claims, termination of Subservicing Agreements, Depositor and the pursuit Securities Administrator to comply with the provisions of other appropriate remedies, shall be in Section 3.23 of this Agreement to the same extent as if such form and carried out to such an extent and at such time as Subcontractor were the Servicer, in its good faith business judgment, would require were it the owner of the related Mortgage Loans. The Servicer shall pay the costs of be responsible for obtaining from each such enforcement, Subcontractor and delivering to the extentapplicable Persons any assessment of compliance report and related accountant's attestation required to be delivered by such Subcontractor under Section 3.23, in each case as and when required to be delivered. Notwithstanding the foregoing, if anythe Servicer engages a Subcontractor in connection with the performance of any of its duties under this Agreement, the Servicer shall be responsible for determining whether such Subcontractor is a "servicer" within the meaning of Item 1101 of Regulation AB and whether any such affiliate or third-party vendor meets the criteria in Item 1108(a)(2)(i) through (iii) of Regulation AB. If the Servicer determines, pursuant to the preceding sentence, that such recovery Subcontractor is a "servicer" within the meaning of Item 1101 of Regulation AB and meets the criteria in Item 1108(a)(2)(i) through (iiii) exceeds all amounts due in respect of Regulation AB, then such Subcontractor shall be deemed to be a Subservicer for purposes of this Agreement, the related Mortgage Loans, or (ii) engagement of such Subservicer shall not be effective unless and until notice is from a specific recovery of costs, expenses or attorneys’ fees against the party against whom such enforcement is directedgiven pursuant to Section 3.02(a).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Bcap LLC)

Subservicing Agreements between the Servicer and Subservicers. (a) Subject to Section 13.06the consent of the Class A Certificate Insurer (so long as no Class A Certificate Insurer Default has occurred and is continuing), which consent shall not be unreasonably withheld, the Servicer may enter into Subservicing Agreements with Subservicers Subservicers, for the servicing and administration of the Mortgage Loans. The terms of any Subservicing Agreement shall not be inconsistent with any of the provisions of this Agreement. Each Subservicer shall be (i) authorized to transact business in the state or states in which the related Mortgaged Properties related to the Mortgage Loans such Subservicer it is to service are situated, if and to the extent required by applicable law to enable the Subservicer to perform its obligations hereunder and under the Subservicing Agreement, and (ii) an institution approved as a Fxxxxxx Mac- mortgage loan originator by the Federal Housing Administration or Fxxxxx Mxx-approved mortgage servicer. Each Subservicing Agreement must impose on the Subservicer requirements conforming to the provisions set forth in Section 4.17 and provide for servicing of the Mortgage Loans consistent with the terms of this Agreement.an institution that has deposit accounts insured by the (b) As part of its servicing activities hereunder, the ServicerServicer (except as otherwise provided in the last sentence of this paragraph), for the benefit of Ownerthe Trustee, shall enforce the obligations of each Subservicer under the related Subservicing Agreement, including, without limitation, any obligation to make advances in respect of delinquent payments as required by a Subservicing Agreement. Such enforcement, including including, without limitation, the legal prosecution of claims, termination of Subservicing Agreements, and the pursuit of other appropriate remedies, shall be in such form and carried out to such an extent and at such time as the Servicer, in its good faith business judgment, would require were it the owner of the related Mortgage Loans. The Servicer shall pay the costs of such enforcement at its own expense, and shall be reimbursed therefor only (i) from a general recovery resulting from such enforcement, to the extent, if any, that such recovery (i) exceeds all amounts due in respect of the related Mortgage Loans, Loans or (ii) is from a specific recovery of costs, expenses or attorneys' fees against the party against whom such enforcement is directed.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Morgan Stanley Abs Capital I Inc)

Subservicing Agreements between the Servicer and Subservicers. (a) Subject to Section 13.06, the The Servicer may enter into Subservicing Agreements with Subservicers for the servicing and administration of the Mortgage Loans. The terms of any Subservicing Agreement shall not be inconsistent with any of the provisions of this Agreement. Each Subservicer shall be (i) authorized to transact business in the state or states in which the Mortgaged Properties related to the Mortgage Loans such Subservicer is to service are situated, if and to the extent required by applicable law Applicable Law to enable the Subservicer to perform its obligations hereunder and under the Subservicing Agreement, and (ii) a Fxxxxxx Xxxxxxx Mac- or Fxxxxx MxxXxxxxx Xxx-approved mortgage servicer, and further provided that (x) such Subservicer’s servicing standards are, at a minimum, as stringent as the standards of Servicer, and (y) the use of the Subservicer shall not materially alter or delay the provision of information to the Owner. Each Subservicing Agreement must impose on the Subservicer requirements conforming to the provisions set forth in Section 4.17 4.20 and provide for servicing of the Mortgage Loans consistent with the terms of this Agreement. (b) As part of its servicing activities hereunder, the Servicer, for the benefit of Owner, shall enforce the obligations of each Subservicer under the related Subservicing Agreement, including, without limitation, any obligation to make advances in respect of delinquent payments as required by a Subservicing Agreement. Such enforcement, including without limitation, the legal prosecution of claims, termination of Subservicing Agreements, and the pursuit of other appropriate remedies, shall be in such form and carried out to such an extent and at such time as the Servicer, in its good faith business judgment, would require were it the owner of the related Mortgage Loans. The Servicer shall pay the costs of such enforcement, to the extent, if any, that such recovery (i) exceeds all amounts due in respect of the related Mortgage Loans, or (ii) is from a specific recovery of costs, expenses or attorneys’ fees against the party against whom such enforcement is directed.

Appears in 1 contract

Samples: Servicing Agreement (Thornburg Mortgage Sec Tr 2002-1 MRT Ln Ps THR CRT Sr 2002-1)

Subservicing Agreements between the Servicer and Subservicers. (a) Subject to Section 13.06, the Servicer may enter into Subservicing Agreements with Subservicers for the servicing and administration of the Mortgage Loans. The terms of any Subservicing Agreement shall not be inconsistent with any of the provisions of this Agreement. Each Subservicer shall be (i) authorized to transact business in the state or states in which the Mortgaged Properties related to the Mortgage Loans such Subservicer is to service are situated, if and to the extent required by applicable law to enable the Subservicer to perform its obligations hereunder and under the Subservicing Agreement, and (ii) a Fxxxxxx Xxxxxxx Mac- or Fxxxxx MxxXxxxxx Xxx-approved mortgage servicer. Each Subservicing Agreement must impose on the Subservicer requirements conforming to the provisions set forth in Section 4.17 and provide for servicing of the Mortgage Loans consistent with the terms of this Agreement. (b) As part of its servicing activities hereunder, the Servicer, for the benefit of Owner, shall enforce the obligations of each Subservicer under the related Subservicing Agreement, including, without limitation, any obligation to make advances in respect of delinquent payments as required by a Subservicing Agreement. Such enforcement, including without limitation, the legal prosecution of claims, termination of Subservicing Agreements, and the pursuit of other appropriate remedies, shall be in such form and carried out to such an extent and at such time as the Servicer, in its good faith business judgment, would require were it the owner of the related Mortgage Loans. The Servicer shall pay the costs of such enforcement, to the extent, if any, that such recovery (i) exceeds all amounts due in respect of the related Mortgage Loans, or (ii) is from a specific recovery of costs, expenses or attorneys’ fees against the party against whom such enforcement is directed.

Appears in 1 contract

Samples: Master Servicing Agreement (Sequoia Mortgage Trust 2007-4)