Common use of Temporary Service by Trustee Clause in Contracts

Temporary Service by Trustee. If the Trustee cannot appoint a successor Master Servicer prior to the effective time of the resignation or removal of the previous Master Servicer, and until the appointment of a successor Master Servicer, the Trustee will be the successor in all respects to the Master Servicer, as provided in Subsection 11.1(5), subject to all the responsibilities, duties and liabilities placed on the Master Servicer to the extent permitted by applicable law and regulation. If the Trustee is prohibited by applicable law or regulation from obligating itself to make Delinquency Advances or Servicing Advances, then the Trustee will not be obligated to make Delinquency Advances or Servicing Advances, as the case may be. In addition, any failure of the Trustee to perform such duties or responsibilities caused by the predecessor Master Servicer’s failure to provide information required by Article V will not be considered a default by the Trustee as successor to the Master Servicer. As compensation for services rendered by it, effective upon assumption of the Master Servicer’s obligations and for the period of time when it performs those obligations, the Trustee will be entitled to receive a fee on the same basis and in the same manner as if it were a successor Master Servicer as provided in this Trust Agreement. Notwithstanding Subsection 11.2(1) and subject to Subsection 11.2(4), if no Person is appointed who is willing and able to act as Master Servicer and Holders representing 51% of the Voting Rights of the related Trust (determined in accordance with Section 14.1) request in writing that the Trustee do so, the Trustee will petition a court to appoint a successor Master Servicer.

Temporary Service by Trustee. If the Trustee cannot appoint a successor Master Servicer prior to the effective time of the resignation or removal of the previous Master Servicer, and until the appointment of a successor Master Servicer, the Trustee will be the successor in all respects to the Master Servicer, as provided in Subsection 11.1(5), subject to all the responsibilities, duties and liabilities placed on the Master Servicer to the extent permitted by applicable law and regulation. If the Trustee is prohibited by applicable law or regulation from obligating itself to make Delinquency Advances or Servicing Advances, then the Trustee will not be obligated to make Delinquency Advances or Servicing Advances, as the case may be. In addition, any failure of the Trustee to perform such duties or responsibilities caused by the predecessor Master Servicer’s failure to provide information required by Article V will not be considered a default by the Trustee as successor to the Master Servicer. As compensation for services rendered by it, effective upon assumption of the Master Servicer’s obligations and for the period of time when it performs those obligations, the Trustee will be entitled to receive a fee on the same basis and in the same manner as if it were a successor Master Servicer as provided in this Trust Agreement. Notwithstanding Subsection 11.2(1) and subject to Subsection 11.2(4), if no Person is appointed who is willing and able to act as Master Servicer and Holders representing 51% of the Voting Rights of the related Trust (determined in accordance with Section 14.1) request in writing that the Trustee do so, the Trustee will petition a court to appoint a successor Master Servicer.Servicer.‌

Temporary Service by Trustee. If the Trustee cannot appoint a successor Master Servicer prior to the effective time of the resignation or removal of the previous Master Servicer, and until the appointment of a successor Master Servicer, the Trustee will be the successor in all respects to the Master Servicer, as provided in Subsection 11.1(5), subject to all the responsibilities, duties and liabilities placed on the Master Servicer to the extent permitted by applicable law and regulation. If the Trustee is prohibited by applicable law or regulation from obligating itself to make Delinquency Advances or Servicing Advances, then the Trustee will not be obligated to make Delinquency Advances or Servicing Advances, as the case may be. In addition, any failure of the Trustee to perform such duties or responsibilities caused by the predecessor Master Servicer’s failure to provide information required by Article V will not be considered a default by the Trustee as successor to the Master Servicer. As compensation for services rendered by it, effective upon assumption of the Master Servicer’s obligations and for the period of time when it performs those obligations, the Trustee will be entitled to receive a fee on the same basis and in the same manner as if it were a successor Master Servicer as provided in this Trust Agreement. Notwithstanding Subsection 11.2(1) and subject to Subsection 11.2(4), if no Person is appointed who is willing and able to act as Master Servicer and Holders representing 51% of the Voting Rights of the related Trust (determined in accordance with Section 14.1) request in writing that the Trustee do so, the Trustee will petition a court to appoint a successor Master Servicer.Servicer.‌‌