Servicer's Liability. Except in the case of a purchase by the Servicer of a Mortgage Loan from the Trustee thereof due to a breach of a representation or warranty by the Servicer or failure to perform the servicing procedures as set forth in this Agreement, the Servicer is not liable for any Realized Loss on any Mortgage Loan.
Servicer's Liability. The Servicer shall remain liable to the Master Servicer for the performance of the Servicer's duties and obligations under this Agreement, notwithstanding the delegation of any servicing function pursuant to this Section 11.2.
Servicer's Liability. If the Servicer fails to make either a timely or accurate adjustment to the Mortgage Interest Rate or Monthly Payment for an ARM Loan or to notify the Borrower of such adjustments, and subsequently receives a short Monthly Payment, the Servicer must pay from its own funds any shortage until the Servicer has made the necessary corrections in conformance with applicable law so as to secure the correct Monthly Payment from the Borrower. In the event that such error results in the Borrower making a Monthly Payment in excess of the amount which he should have made if such adjustment were properly calculated, then the Servicer shall promptly (a) make the required adjustment to the Borrower's Monthly Payment and Mortgage Interest Rate so that they reflect the amounts as properly calculated as of the related Payment Adjustment Date, (b) refund to the Borrower the amount of any such excess received by the Servicer from the related Payment Adjustment Date and (c) deduct from the respective Custodial P&I Account or the Certificate Account the amount of such refund to reimburse the Servicer for making such refund. Any amounts paid by the Servicer pursuant to this Section shall not be an advance and shall not be reimbursable from the proceeds of any Mortgage Loan.
Servicer's Liability. Due-on-Sale Clause Enforcement.............................. 11.3.1.
Servicer's Liability. 4.4.1. Liability Exposure.......................................... 4.4.2.
Servicer's Liability. The Servicer acknowledges that, paragraph 2 above notwithstanding, the Servicer remains obligated and primarily liable to the Trustee, the Master Servicer and the Certificateholders for the servicing and administration of the Securitized Loans in accordance with Section 7.04 of the Servicing Agreement.
Servicer's Liability. The Servicer shall be liable to the Holder for any claim, loss, cost, damage, liability or expense, including any claim, loss, cost, damage, liability or expense that may be imposed on, incurred by or asserted against the Holder resulting from Servicer’s negligence, willful misfeasance, bad faith, or breach of any obligation, representation, warranty, or covenant under this Servicing Agreement. Other than in the event of the Servicer’s willful misfeasance or bad faith, the Servicer’s liability under this Servicing Agreement shall be limited to the lesser of (a) the total amount of the compensation theretofore paid to the Servicer under Article Eight of this Servicing Agreement or (b) $10 million. In no event shall the Servicer be liable to the Holder for consequential, exemplary or punitive damages. The Servicer shall not be liable to the Holder pursuant to this Section 10.1 or otherwise for any loss or damage incurred by the Holder arising from any incorrect or incomplete information provided by the Holder, or for the failure of the Holder to comply with its obligations. The Servicer may rely in good faith on any information or document of any kind reasonably believed by the Servicer to be properly executed and submitted by an authorized person respecting any matters arising under this Servicing Agreement. In addition, by way of further limitation, where the exercise of discretion by the Servicer in order to carry out its duties is required or permitted hereunder, the Servicer shall not be liable for any error of judgment made in the good faith exercise of such discretion. Except as otherwise provided in this Servicing Agreement, the Servicer shall not be under any obligation to appear in, prosecute or defend any legal action where it is not named as a party; provided, however, that the Servicer may undertake any reasonable action that it may deem necessary or desirable in respect of this Servicing Agreement and the rights and duties of the parties hereunder.
Servicer's Liability. NO LIABILITY
5.1 The Servicer is not liable for any loss suffered by a Secured Creditor or a Unitholder except to the extent that such loss may be caused by:
(a) a breach by the Servicer of its obligations under this agreement or the relevant Supplemental Deed in respect of the Relevant Trust; or
(b) an act or omission by any delegate of the Servicer appointed in connection with clause 2.13 or 2.14 of this agreement.
Servicer's Liability. (a) (LIABILITY): The Servicer shall not be liable for any loss incurred by any Securityholder, any Creditor of the Series Trust or any other person except, subject to clauses 17.3(b), (c), (d) and (e), to the extent that such loss may be caused by a breach by the Servicer of any term of this Deed, any fraud, negligence or wilful default by the Servicer or any breach or default by any person appointed by the Servicer to perform its obligations under this Deed.
(b) (DAMAGES FOR DIRECT LOSS): The Servicer shall not be liable for any damages in respect of any breach by the Servicer of any term of this Deed, any fraud, negligence or wilful default by the Servicer or any breach or default by any person appointed by the Servicer to perform its obligations under this Deed except and to the extent that the Trustee on account of the Securityholders has suffered direct loss as a result of such breach or default. The maximum amount which the Servicer will be liable to pay in respect of such a breach or default is the amount outstanding at the time of payment under the Mortgage Loan in respect of which such default or breach occurred after taking into account any payment received by the Trustee or the Trustee is entitled to receive or claim under the Mortgage Insurance Policy relating to that Mortgage Loan.
