The Servicer and the Seller Sample Clauses

The Servicer and the Seller. Section 7.01 Liability of the Seller and the Servicer.....................................................85 Section 7.02 Merger or Consolidation of, or Assumption of the Obligations of, the Servicer................85 Section 7.03 Limitation on Liability of the Servicer and Others...........................................85 Section 7.04 Servicer Not to Resign.......................................................................86 Section 7.05 Merger or Consolidation of the Seller........................................................87
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The Servicer and the Seller. (a) The Servicer shall --------------------------- service and administer the Loans in accordance with its customary procedures consistent with general industry practice, taking into account that the Trust is a grantor trust for tax purposes; provided, however, that such procedures shall -------- ------- be the same in all material respects as the procedures followed by the Servicer with respect to Closed-End Home Equity Loans and Home Loans held in its own portfolio. The Servicer shall have full power and authority to do any and all things in connection with such servicing and administration which it may deem necessary or desirable as to maximize the receipt of principal and interest on such Loans and Net Liquidation Proceeds with respect to Liquidated Loans. Without limiting the generality of the foregoing, the Servicer shall continue, and is hereby authorized and empowered by the Trustee, to execute and deliver, on behalf of itself, the Certificateholders, the Certificate Insurer 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 Loans and, with respect to Secured Loans, the related Mortgaged Properties. The Trustee shall furnish the Servicer a power of attorney in the form attached hereto as Exhibit G and other documents necessary --------- or appropriate to enable the Servicer to carry out its servicing and administrative duties hereunder. The relationship of the Servicer (and of any successor to the Servicer as servicer under this Agreement) to the Trustee under this Agreement is intended by the parties to be that of an independent contractor and not that of a joint venturer, partner or agent.
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The Servicer and the Seller. (a) The Servicer shall service and administer the Mortgage Loans in accordance with its customary procedures consistent with general industry practice. The Servicer shall have full power and authority, acting alone or through one or more subservicers, to do any and all things in connection with such servicing and administration which it may deem necessary or desirable. Any amounts received by a subservicer in respect of a Mortgage Loan shall be deemed to have been received by the Servicer whether or not actually received by it. Without limiting the generality of the foregoing, the Servicer shall continue, and is hereby authorized and empowered by the Trustee, to execute and deliver, on behalf of itself, the Certificateholders 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 furnish the Servicer with any powers of attorney and other documents necessary or appropriate to enable the Servicer to carry out its servicing and administrative duties hereunder. The relationship of the Servicer (and of any successor to the Servicer as servicer under this Agreement) to the Trustee and Custodial Agent under this Agreement is intended by the parties to be that of an independent contractor and not that of a joint venturer, partner or agent.
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The Servicer and the Seller 
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Related to The Servicer and the Seller

  • THE SERVICER AND THE DEPOSITOR SECTION 6.01 Liability of the Servicer and the Depositor.

  • THE MASTER SERVICER AND THE DEPOSITOR Section 6.01 Liability of the Master Servicer and the Depositor.

  • Liability of the Servicer and the Depositor The Servicer shall be liable in accordance herewith only to the extent of the obligations specifically imposed upon and undertaken by Servicer herein. The Depositor shall be liable in accordance herewith only to the extent of the obligations specifically imposed upon and undertaken by the Depositor.

  • Representations of the Seller and the Depositor The respective agreements, representations, warranties and other statements by the Seller and the Depositor set forth in or made pursuant to this Agreement shall remain in full force and effect and will survive the closing under Section 2.02 and the transfers and assignments referred to in Section 7.04.

  • Liability of the Seller and the Master Servicer The Seller and the Master Servicer shall each be liable in accordance herewith only to the extent of the obligations specifically imposed by this Agreement and undertaken hereunder by the Seller and the Master Servicer.

  • THE DEPOSITOR AND THE SERVICER Section 7.01 Respective Liabilities of the Depositor and the Servicer...... Section 7.02 Merger or Consolidation of the Depositor or the Servicer...... Section 7.03 Limitation on Liability of the Depositor, the Servicer and Others.................................................. Section 7.04 Depositor and Servicer Not to Resign.........................

  • THE SELLER AND THE MASTER SERVICER Section 6.01 Liability of the Seller and the Master Servicer............... Section 6.02 Merger or Consolidation of the Seller or the Master Servicer.....................................................

  • Liability of the Master Servicer and the Depositor The Depositor and the Master Servicer each shall be liable in accordance herewith only to the extent of the obligations specifically imposed by this Agreement and undertaken hereunder by the Depositor and the Master Servicer herein.

  • Compensation to the Master Servicer and the Servicers As compensation for its activities hereunder, the Master Servicer shall be entitled to receive from the Investment Account or the Certificate Account the amounts provided for by Section 3.05(a)(iii). The Master Servicer shall be required to pay all expenses incurred by it in connection with its activities hereunder and shall not be entitled to reimbursement therefor, except as specifically provided herein. As compensation for its activities under the applicable Selling and Servicing Contract, the applicable Servicer shall be entitled to withhold or withdraw from the related Custodial Account for P&I the amounts provided for in such Selling and Servicing Contract to the extent not inconsistent with this Agreement (including Section 3.05(d)). Each Servicer is required to pay all expenses incurred by it in connection with its servicing activities under its Selling and Servicing Contract (including payment of premiums for Primary Insurance Policies, other than Special Primary Insurance Policies, if required) and shall not be entitled to reimbursement therefor except as specifically provided in such Selling and Servicing Contract and not inconsistent with this Agreement.

  • Liability of the Depositor and the Servicer The Depositor and the Servicer shall each be liable in accordance herewith only to the extent of the obligations specifically imposed by this Agreement and undertaken hereunder by the Depositor and the Servicer herein.

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