Common use of Act as Servicer Clause in Contracts

Act as Servicer. (a) Upon receipt of a Notice of Event of Default from Administrative Agent (“Notice of Event of Default”) in which Administrative Agent shall identify the Purchased Mortgage Loans which are then pledged to Administrative Agent under the Repurchase Agreement, the Servicer shall segregate all amounts collected on account of such Purchased Mortgage Loans, hold them in trust for the sole and exclusive benefit of Administrative Agent, and remit such collections in accordance with Administrative Agent’s written instructions. Following such Notice of Event of Default, Servicer shall follow the instructions of Administrative Agent with respect to the Purchased Mortgage Loans, including, without limitation, any instructions to transfer servicing, and shall deliver to Administrative Agent any information with respect to the Purchased Mortgage Loans reasonably requested by Administrative Agent. (b) Servicer further acknowledges that notwithstanding any prior owner of the Repurchase Assets, or any other agreement between such prior owner and the Servicer, Administrative Agent’s rights are superior to any other claim by any party and Servicer shall follow the directions of Administrative Agent and no other party, including, without limitation, the URC and the Seller. (c) Notwithstanding any contrary information which may be delivered to the Servicer by Seller, the Servicer may conclusively rely on any information or Notice of Event of Default delivered by Administrative Agent, and Seller shall indemnify and hold the Servicer harmless for any and all claims asserted against it for any actions taken in good faith by the Servicer in connection with the delivery of such information or Notice of Event of Default.

Act as Servicer. (a) Upon receipt of a Notice of Event of Default from Administrative Agent Buyer (“Notice of Event of Default”) in which Administrative Agent Buyer shall identify the Purchased Mortgage Loans mortgage loans which are then pledged to Administrative Agent Buyer under the Repurchase AgreementAgreement (the “Mortgage Loans”), the Servicer shall segregate all amounts collected on account of such Purchased Mortgage Loans, hold them in trust for the sole and exclusive benefit of Administrative AgentBuyer, and remit such collections collections, net of any servicing fees and advances then due and owing pursuant to the written agreement between Servicer and Seller, in accordance with Administrative AgentBuyer’s written instructions. Following such Notice of Event of Default, Servicer shall follow the instructions of Administrative Agent Buyer with respect to the Purchased Mortgage Loans, including, without limitation, any instructions to transfer servicing, and shall deliver to Administrative Agent Buyer any information with respect to the Purchased Mortgage Loans reasonably requested by Administrative AgentBuyer. (b) Servicer further acknowledges that notwithstanding any prior owner of the Repurchase Assets, or any other agreement between such prior owner and the Servicer, Administrative AgentBuyer’s rights are superior to any other claim by any party and Servicer shall follow the directions of Administrative Agent Buyer and no other party, including, without limitation, the URC and the Seller. (c) Notwithstanding any contrary information which may be delivered to the Servicer by Seller, the Servicer may conclusively rely on any information or Notice of Event of Default delivered by Administrative AgentBuyer, and Seller shall indemnify and hold the Servicer harmless for any and all claims asserted against it for any actions taken in good faith by the Servicer in connection with the delivery of such information or Notice of Event of Default.