Master Servicer to Service Mortgage Loans. For and on behalf of the Certificateholders, the Master Servicer shall service and administer the Mortgage Loans in accordance with the terms of this Agreement and customary and usual standards of practice of prudent mortgage loan servicers. In connection with such servicing and administration, the Master Servicer shall have full power and authority, acting alone and/or through Subservicers as provided in Section 3.02 hereof, subject to the terms hereof (i) to execute and deliver, on behalf of the Certificateholders and the Trustee, customary consents or waivers and other instruments and documents, (ii) to consent to transfers of any Mortgaged Property and assumptions of the Mortgage Notes and related Mortgages (but only in the manner provided in this Agreement), (iii) to collect any Insurance Proceeds and other Liquidation Proceeds (which, for the purpose of this Section, includes any Subsequent Recoveries), and (iv) to effectuate foreclosure or other conversion of the ownership of the Mortgaged Property securing any Mortgage Loan; provided that the Master Servicer shall not take any action that is inconsistent with or prejudices the interests of the Trust Fund or the Certificateholders in any Mortgage Loan or the rights and interests of the Depositor, the Trustee and the Certificateholders under this Agreement. The Master Servicer shall represent and protect the interests of the Trust Fund in the same manner as it protects its own interests in mortgage loans in its own portfolio in any claim, proceeding or litigation regarding a Mortgage Loan, and shall not make or permit any modification, waiver or amendment of any Mortgage Loan which would cause any REMIC created hereunder to fail to qualify as a REMIC or result in the imposition of any tax under Section 860F(a) or Section 860G(d) of the Code. Without limiting the generality of the foregoing, the Master Servicer, in its own name or in the name of the Depositor and the Trustee, is hereby authorized and empowered by the Depositor and the Trustee, when the Master Servicer believes it appropriate in its reasonable judgment, to execute and deliver, on behalf of the Trustee, the Depositor, the Certificateholders or any of them, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge and all other comparable instruments, with respect to the Mortgage Loans, and with respect to the Mortgaged Properties held for the benefit of the Certificateholders. The Master Service...
Master Servicer to Service Mortgage Loans. For and on behalf of the Certificateholders, the Master Servicer shall service and administer the Mortgage Loans in accordance with customary and usual standards of practice of prudent mortgage loan lenders in the respective states in which the Mortgaged Properties are located. In connection with such servicing and administration, the Master Servicer shall have full power and authority, acting alone and/or through subservicers as provided in Section 3.02 hereof, to do or cause to be done any and all things that it may deem necessary or desirable in connection with such servicing and administration, including but not limited to, the power and authority, subject to the terms hereof (i) to execute and deliver, on behalf of the Certificateholders and the Trustee, customary consents or waivers and other instruments and documents, (ii) to consent to transfers of any Mortgaged Property and assumptions of the Mortgage Notes and related Mortgages (but only in the manner provided in this Agreement), (iii) to collect any Insurance Proceeds and other Liquidation Proceeds, and (iv) subject to Section 3.12(a), to effectuate foreclosure or other conversion of the ownership of the Mortgaged Property securing any Mortgage Loan; provided that the Master Servicer shall take no action that is inconsistent with or prejudices the interests of the Trust Fund or the Certificateholders in any Mortgage Loan or the rights and interests of the Depositor and the Trustee under this Agreement. The Master Servicer shall represent and protect the interest of the Trust Fund in the same manner as it currently protects its own interest in mortgage loans in its own portfolio in any claim, proceeding or litigation regarding a Mortgage Loan and shall not make or permit any modification, waiver or amendment of any term of any Mortgage Loan which would cause the Trust Fund to fail to qualify as a REMIC or result in the imposition of any tax under Section 860(a) or 860(d) of the Code, but in any case not in any manner that is a lesser standard than that provided in the first sentence of this Section 3.01. Without limiting the generality of the foregoing, the Master Servicer, in its own name or in the name of the Depositor and the Trustee, is hereby authorized and empowered by the Depositor and the Trustee, when the Master Servicer believes it appropriate in its reasonable judgment, to execute and deliver, on behalf of the Trustee, the Depositor, the Certificateholders or any of them, any and all i...
Master Servicer to Service Mortgage Loans. For and on behalf of the Certificateholders, the Master Servicer shall service and administer the Mortgage Loans in accordance with customary and usual standards of practice of prudent mortgage loan lenders in the respective states in which the Mortgaged Properties are located, including taking all required and appropriate actions under each Required Insurance Policy. In connection with such servicing and administration, the Master Servicer shall have full power and authority, acting alone and/or through subservicers as provided in Section 3.02 hereof, subject to the terms hereof (i) to execute and deliver, on behalf of the Certificateholders and the Trustee, customary consents or waivers and other instruments and documents, (ii) to consent to transfers of any Mortgaged Property and assumptions of the Mortgage Notes and related Mortgages (but only in the manner provided in this Agreement), (iii) to collect any Insurance Proceeds and other Liquidation Proceeds, and (iv) subject to Section 3.12(b), to effectuate foreclosure or other conversion of the ownership of the Mortgaged Property securing any Mortgage Loan; provided that the Master Servicer shall take no action that is inconsistent with or prejudices the interests of the Trustee or the Certificateholders in any Mortgage Loan or the rights and interests of the Depositor and the Trustee under this Agreement. The Master Servicer shall represent and protect the interest of the Trustee in the same manner as it currently protects its own interest in mortgage loans in its own portfolio in any claim, proceeding or litigation regarding a Mortgage Loan and shall not make or permit any modification, waiver or amendment of any term of any Mortgage Loan which would (i) cause any REMIC formed hereunder to fail to qualify as a REMIC or (ii) result in the imposition of any tax under section 860(a) or 860(d) of the Code, but in any case the Master Servicer shall not act in any manner that is a lesser standard than that provided in the first sentence of this Section 3.01. Without limiting the generality of the foregoing, the Master Servicer, in its own name or in the name of the Depositor and the Trustee, is hereby authorized and empowered by the Depositor and the Trustee, when the Master Servicer believes it appropriate in its reasonable judgment, to execute and deliver, on behalf of the Trustee, the Depositor, the Certificateholders or any of them, any and all instruments of satisfaction or cancellation, or of partial...
Master Servicer to Service Mortgage Loans. (i) The Master Servicer shall service and administer the Mortgage Loans in a manner consistent with the terms of this Agreement and with general industry practice and shall have full power and authority, acting alone or through a subservicer, to do any and all things in connection with such servicing and administration which it may deem necessary or desirable, it being understood, however, that the Master Servicer shall at all times remain responsible to the Trustees, the Securityholders and the Credit Enhancer for the performance of its duties and obligations hereunder in accordance with the terms hereof. Any amounts received by any subservicer in respect of a Mortgage Loan shall be deemed to have been received by the Master Servicer whether or not actually received by it. Without limiting the generality of the foregoing, the Master Servicer shall continue, and is hereby authorized and empowered by the Trustee, to execute and deliver, on behalf of itself, the Securityholders and the Trustee, or any of them, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge and all other comparable instruments, with respect to the Mortgage Loans and with respect to the Mortgaged Properties. The Trustee shall, upon the written request of a Servicing Officer, furnish the Master Servicer with any powers of attorney and other documents necessary or appropriate to enable the Master Servicer to carry out its servicing and administrative duties hereunder. The Master Servicer in such capacity may also consent to the placing of a lien senior to that of any Mortgage on the related Mortgaged Property, provided that
Master Servicer to Service Mortgage Loans. 43 Section 3.02 Subservicing; Enforcement of the Obligations of Subservicers..........................43
Master Servicer to Service Mortgage Loans. III-1 SECTION 3.02. Subservicing; Enforcement of the Obligations of Servicers.....................III-2 SECTION 3.03. Rights of the Depositor and the Trustee in Respect of the Master Servicer...............III-2 SECTION 3.04. Trustee to Act as Master Servicer............III-2 SECTION 3.05. Collection of Mortgage Loan Payments; Certificate Account; Distribution Account; Class A-9 Reserve Fund.......................III-3 SECTION 3.06. Collection of Taxes, Assessments and Similar Items; Escrow Accounts...............III-5 SECTION 3.07. Access to Certain Documentation and Information Regarding the Mortgage Loans.....III-6 SECTION 3.08. Permitted Withdrawals from the Certificate Account, the Class A-9 Reserve Fund and Distribution Account.........................III-6 SECTION 3.09. Maintenance of Hazard Insurance; Maintenance of Primary Insurance Policies....III-8 SECTION 3.10. Enforcement of Due-on-Sale Clauses; Assumption Agreements........................III-9 SECTION 3.11. Realization Upon Defaulted Mortgage Loans; Repurchase of Certain Mortgage Loans........III-10 SECTION 3.12. Trustee to Cooperate; Release of Mortgage Files.......................................III-12 SECTION 3.13. Documents Records and Funds in Possession of Master Servicer to be Held for the Trustee.....................................III-13 SECTION 3.14. Servicing Compensation......................III-13 SECTION 3.15. Access to Certain Documentation.............III-14 SECTION 3.16. Annual Statement as to Compliance...........III-14 SECTION 3.17. Annual Independent Public Accountants' Servicing Statement; Financial Statements...III-14 SECTION 3.18. Errors and Omissions Insurance; Fidelity Bonds.......................................III-15 ARTICLE IV DISTRIBUTIONS AND ADVANCES BY THE MASTER SERVICER..............IV-1 SECTION 4.01. Advances......................................IV-1 SECTION 4.02. Priorities of Distribution....................IV-1 SECTION 4.03. Distributions in Reduction of the Class A-9 Certificates..............................IV-6 SECTION 4.04. Policy Matters................................IV-9 SECTION 4.05. Allocation of Realized Losses................IV-12 SECTION 4.06. Monthly Statements to Certificateholders.....IV-13 SECTION 4.07. Determination of Pass-Through Rates for COFI Certificates............................IV-15 SECTION 4.08. Determination of Pass-Through Rates for LIBOR Certificates...........................IV-16 ARTICLE V THE CERTIFICATES....................
Master Servicer to Service Mortgage Loans. Subservicing; Enforcement of the Obligations of Master Servicer.
Master Servicer to Service Mortgage Loans. III-1 SECTION 3.02. Subservicing; Enforcement of the Obligations of Subservicers......................................... III-2 SECTION 3.03. Rights of the Depositor and the Trustee in Respect of the Master Servicer.................................. III-2 SECTION 3.04. Trustee to Act as Master Servicer.................... III-2 SECTION 3.05.
Master Servicer to Service Mortgage Loans. Section 3.02. Subservicing; Enforcement of the Obligations of Subservicers................................1 Section 3.03. [Reserved]..................................................................................2 Section 3.04. No Contractual Relationship Between Subservicers and the Trustee............................2 Section 3.05. Trustee to Act as Master Servicer...........................................................2 Section 3.06. Collection of Mortgage Loan Payments; Servicing Accounts; Collection Account; Certificate Account; Distribution Account...................................................3 Section 3.07. Collection of Taxes, Assessments, and Similar Items; Escrow Accounts.......................10 Section 3.08. Access to Certain Documentation and Information Regarding the Mortgage Loans.............
Master Servicer to Service Mortgage Loans. 57 SECTION 3.02. SUBSERVICING; ENFORCEMENT OF THE OBLIGATIONS OF SUBSERVICERS.............................58
