Common use of Trustee to Act as Master Servicer Clause in Contracts

Trustee to Act as Master Servicer. In the event that the Master Servicer shall for any reason no longer be the Master Servicer hereunder (including by reason of an Event of Default), the Trustee or its successor shall thereupon assume all of the rights and obligations of the Master Servicer hereunder arising thereafter (except that the Trustee shall not be (i) liable for losses of the Master Servicer pursuant to Section 3.12 hereof or any acts or omissions of the predecessor Master Servicer hereunder), (ii) obligated to make Advances if it is prohibited from doing so by applicable law, (iii) obligated to effectuate repurchases or substitutions of Mortgage Loans hereunder including, but not limited to, repurchases or substitutions of Mortgage Loans pursuant to Section 2.02 or 2.04 hereof, (iv) responsible for expenses of the Master Servicer pursuant to Section 2.04 or (v) deemed to have made any representations and warranties of the Master Servicer hereunder). Any such assumption shall be subject to Section 7.02 hereof. If the Master Servicer shall for any reason no longer be the Master Servicer (including by reason of any Event of Default), the Trustee or its successor shall succeed to any rights and obligations of the Master Servicer under each subservicing agreement. The Master Servicer shall, upon request of the Trustee, but at the expense of the Master Servicer, deliver to the assuming party all documents and records relating to each subservicing

Trustee to Act as Master Servicer. In the event that the Master Servicer shall for any reason no longer be the Master Servicer hereunder (including by reason of an Event of Default), the Trustee or its successor shall thereupon assume all of the rights and obligations of the Master Servicer hereunder arising thereafter (except that the Trustee shall not be (i) liable for losses of the Master Servicer pursuant to Section 3.12 3.09 hereof or any acts or omissions of the predecessor Master Servicer hereunder), (ii) obligated to make Advances if it is prohibited from doing so by applicable law, (iii) obligated to effectuate repurchases or substitutions of Mortgage Loans hereunder including, but not limited to, repurchases or substitutions of Mortgage Loans pursuant to Section 2.02 or 2.04 2.03 hereof, (iv) responsible for expenses of the Master Servicer pursuant to Section 2.04 2.03 or (v) deemed to have made any representations and warranties of the Master Servicer hereunder). Any such assumption shall be subject to Section 7.02 hereof. If Each subservicing agreement shall provide that if the Master Servicer shall for any reason no longer be the Master Servicer (including by reason of any Event of Default), the Trustee or its successor shall may, at its option, succeed to any rights and obligations of the Master Servicer under each subservicing agreement. The Master Servicer shall, upon request of the Trustee, but at the expense of the Master Servicer, deliver to the assuming party all documents and records relating to each subservicing.

Trustee to Act as Master Servicer. In the event that the Master Servicer shall for any reason no longer be the Master Servicer hereunder (including by reason of an Event of a Master Servicing Default), unless a successor Master Servicer acceptable to MBIA has been appointed, the Trustee or its successor shall thereupon assume all of the rights and obligations of the Master Servicer hereunder arising thereafter (thereafter, except that the Trustee shall not be (i) liable for losses of the Master Servicer pursuant to Section 3.12 hereof 3(f)(ix) or any acts or omissions of the predecessor Master Servicer hereunder), (ii) obligated to make Servicing Advances or Master Servicing Advances if it is prohibited from doing so by applicable law, or (iii) obligated to effectuate repurchases or substitutions of Mortgage Loans hereunder including, but not limited to, repurchases or substitutions of Mortgage Loans pursuant to Section 2.02 or 2.04 hereof, (iv) responsible for expenses of the Master Servicer pursuant to Section 2.04 or (v) deemed to have made any representations and warranties of the Master Servicer hereunder). Any such assumption shall be subject to Section 7.02 hereof8(b). If the Master Servicer shall for any reason no longer be the Master Servicer (including by reason of any Event of Master Servicing Default), unless a successor Master Servicer acceptable to MBIA has been appointed, the Trustee or its successor shall succeed to any rights of the Master Servicer under this Agreement and any obligations of the Master Servicer under this Agreement arising thereafter including, with respect to the Servicing Agreements, all rights and obligations of the Master Servicer under each subservicing agreement. The Master Servicer shall, upon request of the Trustee, but at the expense of the Master Servicer, deliver to the assuming party all documents and records relating to each subservicingrelated thereto as contemplated by Section 3(b).

Trustee to Act as Master Servicer. In the event that the Master Servicer shall for any reason no longer be the Master Servicer hereunder (including by reason of an Event of a Master Servicing Default), unless a successor Master Servicer acceptable to the Trustee has been appointed, the Trustee or its successor shall thereupon assume all of the rights and obligations of the Master Servicer hereunder arising thereafter (thereafter, except that the Trustee shall not be (i) liable for losses of the Master Servicer pursuant to Section 3.12 hereof 3(g)(viii) or any acts or omissions of the predecessor Master Servicer hereunder), (ii) obligated to make Servicing Advances or Master Servicing Advances if it is prohibited from doing so by applicable law, or (iii) obligated to effectuate repurchases or substitutions of Mortgage Loans hereunder including, but not limited to, repurchases or substitutions of Mortgage Loans pursuant to Section 2.02 or 2.04 hereof, (iv) responsible for expenses of the Master Servicer pursuant to Section 2.04 or (v) deemed to have made any representations and warranties of the Master Servicer hereunder). Any such assumption shall be subject to Section 7.02 hereof7(b). If the Master Servicer shall for any reason no longer be the Master Servicer (including by reason of any Event of Master Servicing Default), unless a successor Master Servicer acceptable to the Trustee has been appointed, the Trustee or its successor shall succeed to any rights of the Master Servicer under this Agreement and any obligations of the Master Servicer under this Agreement arising thereafter including, with respect to the Servicing Agreements, all rights and obligations of the Master Servicer under each subservicing agreement. The Master Servicer shall, upon request of the Trustee, but at the expense of the Master Servicer, deliver to the assuming party all documents and records relating to each subservicingrelated thereto as contemplated by Section 3(b).

Trustee to Act as Master Servicer. In the event that the Master Servicer shall for any reason no longer be the Master Servicer hereunder (including by reason of an Event of Default), the Trustee or its successor shall thereupon assume all of the rights and obligations of the Master Servicer hereunder arising thereafter (except that the Trustee shall not be (i) liable for losses of the Master Servicer pursuant to Section 3.12 3.09 hereof or any acts or omissions of the predecessor Master Servicer hereunder), (ii) obligated to make Advances if it is prohibited from doing so by applicable law, (iii) obligated to effectuate repurchases or substitutions of Mortgage Loans hereunder including, but not limited to, repurchases or substitutions of Mortgage Loans pursuant to Section 2.02 or 2.04 2.03 hereof, (iv) responsible for expenses of the Master Servicer pursuant to Section 2.04 2.03 or (v) deemed to have made any representations and warranties of the Master Servicer hereunder). Any such assumption shall be subject to Section 7.02 hereof. If Each subservicing agreement shall provide that if the Master Servicer shall for any reason no longer be the Master Servicer (including by reason of any Event of Default), the Trustee or its successor shall succeed to any rights and obligations of the Master Servicer under each subservicing agreement. The Master Servicer shall, upon request of the Trustee, but at the expense of the Master Servicer, deliver to the assuming party all documents and records relating to each subservicingthe