Direct Servicer definition

Direct Servicer. A Person obligated to service any Mortgage Loan or Pool pursuant to a Servicing Contract, which may include an independent contractor of the Master Servicer or of ▇▇▇▇▇▇ ▇▇▇ (acting individually or in its capacity as Master Servicer).
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Direct Servicer. A Person (who may be an independent contractor of the Master
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Examples of Direct Servicer in a sentence

  • With respect to each Mortgage Loan, unless expressly stated otherwise, references to the “Direct Servicer” will mean the particular Direct Servicer (and any Subservicer engaged by that Direct Servicer) that is then servicing that Mortgage Loan.

  • If the Trustee or the Master Servicer removes funds or investments from a Custodial Account prior to the applicable Servicer Remittance Date, neither the Direct Servicer nor any Subservicer will have any right to interest earnings or other investment earnings on amounts so withdrawn after the withdrawal date.

  • On the Latest Servicer Remittance Date preceding each Distribution Date, the Master Servicer will confirm that, pursuant to Section 6.3, funds have been transferred from any Custodial Account for any Direct Servicer required to remit on or before that date to one or more Certificate Accounts or to a clearing account at an Eligible Depository, such clearing account to exist for the purpose of receiving funds held in trust.

  • Any servicing or administrative practice adopted, implemented, changed or discontinued by the Direct Servicer, Master Servicer, Trustee or Paying Agent in order to accommodate servicing or administrative practices or processes (including systems limitations) will be considered to be consistent with this Trust Agreement and expectations of a reasonable investor in mortgage-backed securities if such practice achieves substantial compliance in all material respects with this Trust Agreement.

  • Wherever this Trust Agreement states that the Direct Servicer may not take a specified action, that means that the Servicing Contract will prohibit the Direct Servicer, directly or through a Subservicer, from taking that action.

  • Only if the related Servicing Contract so permits may the Direct Servicer retain interest earnings or other investment earnings on amounts held in a Custodial Account; if the Servicing Contract does not so permit, the Direct Servicer will have no right to retain such interest earnings or other investment earnings.

  • Further, unless a Guarantor Event of Default has occurred and is continuing, only the Guarantor or the Master Servicer may enforce the Servicing Contract against the related Direct Servicer.

  • The Trustee’s standard of care is as described in Section 10.1. In ascertaining whether a Mortgage Loan is to be purchased from a Pool as described in Section 2.5, none of the Master Servicer, the applicable Direct Servicer, the Guarantor or the Trustee will be liable for taking into consideration the costs of the Master Servicer, the related Direct Servicer, the Trustee or the Guarantor or the Guarantor’s possible exposure under the Guaranty.

  • In its agreement with any replacement Direct Servicer, the Master Servicer may vary the allocation of the Spread for related Mortgage Loans among the Servicing Fee, Excess Spread, LPMI Charges and (but only with the consent of the Guarantor unless a Guarantor Event of Default has occurred and has not been cured) the Guaranty Fee.

  • If the Master Servicer collects a payment from a successor Direct Servicer in connection with the appointment of the successor Direct Servicer, the Master Servicer is entitled to keep the payment.

Related to Direct Servicer

  • Other Servicer The applicable other “master servicer” under an Other Pooling and Servicing Agreement relating to a Serviced Companion Loan.

  • Outside Servicer With respect to an Outside Serviced Mortgage Loan, the master servicer under the applicable Outside Servicing Agreement.

  • Master Servicer means the master servicer appointed as provided in the Lead Securitization Servicing Agreement.

  • Subservicer means any Person that services Receivables on behalf of the Servicer or any Subservicer and is responsible for the performance (whether directly or through Subservicers or Subcontractors) of a substantial portion of the material servicing functions required to be performed by the Servicer under this Agreement that are identified in Item 1122(d) of Regulation AB.

  • Sub-Servicer Any Person with which the Master Servicer has entered into a Sub-Servicing Agreement and which meets the qualifications of a Sub-Servicer pursuant to Section 3.02.