Trustee to Act as Servicer. In the event that the Servicer shall for any reason no longer be the Servicer hereunder, the Trustee or its successor shall in accordance with Section 7.02 thereupon assume all of the rights and obligations of the Servicer hereunder arising thereafter (except that the Trustee shall not be (i) liable for losses of the Servicer or any acts or omissions of the related predecessor of the Servicer hereunder, (ii) obligated to make P&I Advances or Servicing Advances if it is prohibited from doing so by applicable law, (iii) obligated to effectuate repurchases or substitutions of Mortgage Loans hereunder, (iv) deemed to have made any representations and warranties of the Servicer hereunder or (v) be obligated to perform any obligation of the Servicer under Section 3.20 or Section 3.21 with respect to any period of time during which the Trustee was not acting as the Servicer).
Appears in 9 contracts
Samples: Pooling and Servicing Agreement (Asset Backed Securities CORP Home Equity Loan Trust, Series AMQ 2007-He2), Pooling and Servicing Agreement (Asset Backed Securities CORP Home Equity Loan Trust, Series 2006-He7), Pooling and Servicing Agreement (Asset Backed Securities CORP Home Equity Loan Trust, Series 2006-He7)
