Oversight of Servicing. The Master Servicer shall supervise, monitor and oversee the servicing of the Mortgage Loans by each Servicer and the performance by each Servicer of all services, duties, responsibilities and obligations (including the obligation to maintain an Errors and Omissions Policy and Fidelity Bond) that are to be observed or performed by the Servicer under its respective Servicing Agreement. In performing its obligations hereunder, the Master Servicer shall act in a manner consistent with Accepted Master Servicing Practices and in a manner consistent with the terms and provisions of any insurance policy required to be maintained by the Master Servicer or any Servicer pursuant to this Agreement or any Servicing Agreement. The Master Servicer acknowledges that prior to taking certain actions required to service the Mortgage Loans, each Servicing Agreement provides that the Servicer thereunder must notify, consult with, obtain the consent of, waiver from, or otherwise follow the instructions of the Master Servicer. In the case of any request for waiver from a Servicer, the Master Servicer shall promptly instruct such Servicer or otherwise respond to such Servicer's request. The Master Servicer shall not waive compliance by a Servicer with those provisions of its Servicing Agreement which are required to enable the Depositor and the Master Servicer to satisfy the Trust's ongoing reporting obligations under the Exchange Act. In addition, in no event will the Master Servicer instruct such Servicer to take any action, give any consent to action by such Servicer or waive compliance by such Servicer with any provision of such Servicer's Servicing Agreement if any resulting action or failure to act would be inconsistent with the requirements of the Rating Agencies that rated the Certificates, would be inconsistent with the requirements of Regulation AB or would otherwise have an adverse effect on the Certificateholders. Any such action or failure to act shall be deemed to have an adverse effect on the Certificateholders if such action or failure to act either results in (i) the downgrading of the rating assigned by either Rating Agency to the Certificates, (ii) the loss by the Trust Estate of REMIC status for federal income tax purposes or (iii) the imposition of any Prohibited Transaction Tax or any federal taxes on either the REMIC or the Trust Estate. The Master Servicer shall have full power and authority in its sole discretion to take any action with respect to the Tr...
Oversight of Servicing. Section 3.09 Termination and Substitution of Servicing Agreements.......
Oversight of Servicing. Section 3.09
Oversight of Servicing. Section 3.09. Termination and Substitution of Servicing Agreements ............. Section 3.10. Application of Net Liquidation Proceeds .......................... Section 3.11.
Oversight of Servicing. (a) Prior to each Payment Date, the Trustee shall review the Monthly Servicer's Report related thereto and shall determine the following:
(i) that such Monthly Servicer's Report is complete on its face;
(ii) that the amounts credited to and withdrawn from the Collection Account and the Reserve Account, and to be transferred to and withdrawn from the Distribution Account and the balance of each such account, as set forth in the records of the Trustee, are the same as the amount set forth in the Monthly Servicer's Report;
(iii) that the Servicer has properly calculated the aggregate amounts that are to be distributed pursuant to clauses (i), (ii)(A), (iii), (iv), (v) and (vi) of Section 12.02(d) of the Indenture on such Payment Date; and
(b) In the event of any discrepancy between the information set forth in subparagraph (a) as calculated by the Servicer from that determined or calculated by the Trustee, the Trustee shall promptly notify the Servicer of such discrepancy. If within 30 days of such notice being provided to the Servicer, the Trustee and the Servicer are unable to resolve such discrepancy, the Trustee shall promptly notify the Holders of the Notes of such discrepancy.
(c) Based solely on the information included in the Contract Schedule delivered on the Closing Date and the electronic reports provided on each Payment Date thereafter, the Trustee shall determine that any Substitute Contracts delivered under Section 3.10 satisfy the Substitution Criterion described in clause (i) of the second sentence of Section 3.04(b) of the Sale Agreement and clause (i) of the second sentence of Section 3.04(b) of the Receivables Purchase Agreement.
(d) Other than as specifically set forth elsewhere in this Agreement, the Trustee shall have no obligation to supervise, verify, monitor or administer the performance of the Servicer or the Subservicer and shall have no liability for any action taken or omitted by the Servicer or the Subservicer.
(e) The Trustee shall consult fully with the Servicer and the Subservicer as may be necessary from time to time to perform or carry out the Trustee's obligations hereunder, including the obligation to choose at any time a successor to the duties and obligations of the Servicer as servicer or Subservicer under Section 6.02 hereof.
(f) The Subservicer shall provide the Trustee with a copy of the software that the Subservicer uses to service the Contracts, and the Trustee shall maintain possession of such software in a manner...
Oversight of Servicing. (a) Prior to each Distribution Date, the Back-Up Servicer shall review the reports received from the Servicer pursuant to Sections 5.16 and 6.5 (together, the "Reports") and shall determine the following:
(i) that the Reports are complete in all material respects on their face for the purpose of calculating the amounts and making the comparisons set forth in subsection (b) below; and
(ii) that the amount credited to and withdrawn from each Certificate Account, Reserve Account, Pre-Funding Account, Capitalized Interest Account and Insurance Account, and the balance of each such account, as set forth in the records of the Back-Up Servicer, is the same as the amount set forth in the Reports.
(b) The Servicer shall deliver to the Back-Up Servicer on the fourth day following each Record Date, a computer tape containing the servicing information necessary for the Back-Up Servicer to perform its obligations pursuant to this Article and in the format set forth in Exhibit O hereto. The Back- Up Servicer shall prior to each Distribution Date, load such computer tape and make sure such computer tape is in readable form. Prior to such Distribution Date, the Back-Up Servicer shall, based solely on the information contained in such computer tape:
(i) as to each Mortgage Loan, calculate the amount of principal and interest due on the Due Date preceding such Distribution Date and verify the Principal Balance as of such Due Date, and
(ii) as of such Due Date, calculate the number and aggregate principal balance of Mortgage Loans that are (1) 30 days delinquent, (2) 60 days delinquent, (3) 90 days delinquent or more than 90 days delinquent, (4) under foreclosure proceedings and (5)
Oversight of Servicing. 26 Section 7.05 Back-up Servicer Compensation................................................27 Section 7.06 Duties and Responsibilities..................................................27
Oversight of Servicing. 89 Section 11.4 Back-Up Servicer Compensation..............................91 Section 11.5 Duties and Responsibilities................................91 EXHIBIT A-1 CERTIFICATE INSURANCE POLICY FOR TRUST 1A EXHIBIT A-2 CERTIFICATE INSURANCE POLICY FOR TRUST 1B EXHIBIT B-1 CLASS A-1 CERTIFICATE EXHIBIT B-2 CLASS A-2 CERTIFICATE EXHIBIT B-3 CLASS R CERTIFICATE EXHIBIT C MORTGAGE FILE EXHIBIT D-1 MORTGAGE LOAN SCHEDULE - TRUST 1A EXHIBIT D-2 MORTGAGE LOAN SCHEDULE - TRUST 1B EXHIBIT E TRUSTEE'S ACKNOWLEDGMENT OF RECEIPT OF FILES EXHIBIT F INITIAL CERTIFICATION OF TRUSTEE EXHIBIT G FINAL CERTIFICATION OF TRUSTEE EXHIBIT H REQUEST FOR RELEASE OF DOCUMENTS EXHIBIT I TRANSFER AFFIDAVIT AND AGREEMENT EXHIBIT J TRANSFEROR'S CERTIFICATE EXHIBIT K ERISA CERTIFICATE EXHIBIT L [RESERVED] EXHIBIT M CERTIFICATE RE: PREPAID LOANS EXHIBIT N REPRESENTATION LETTER CONCERNING "DISQUALIFIED ORGANIZATIONS" EXHIBIT O FORMAT FOR TAPE INPUT, SERVICER PERIOD REPORTING POOLING AND SERVICING AGREEMENT, relating to "Life Financial Services Trust 1997-1A" and "Life Financial Services Trust 1997-1B", dated as of February 28, 1997, by and among PRUDENTIAL SECURITIES SECURED FINANCING CORPORATION, a Delaware corporation, in its capacity as Depositor of the Trust (the "Depositor"), LIFE SAVINGS BANK, FEDERAL SAVINGS BANK, in its capacity as seller (the "Seller") and as servicer (the "Servicer"), and NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION, a national banking association, in its capacity as trustee (the "Trustee") and back-up servicer (the "Back-up Servicer").
Oversight of Servicing. 46 Section 3.11. Credit Enhancement........................................................................47
Oversight of Servicing. 55 SECTION 4.21 Duties and Responsibilities; Indemnification............. 56 SECTION 4.22 Back-Up Servicer to Act as Servicer; Appointment of Successor................................................ 56 ARTICLE V
