Designated Mortgage Loans Clause Samples
Designated Mortgage Loans. (a) For and on behalf of the Certificateholders, the Master Servicer shall oversee and enforce the obligation of each Designated Servicer to service and administer the related Designated Mortgage Loans in accordance with the terms of the related Designated Servicing Agreement and shall have full power and authority to do any and all things which it may deem necessary or desirable in connection with such master servicing and administration. In performing its obligations hereunder, the Master Servicer shall act in a manner consistent with this Agreement and with customary and usual standards of practice of prudent mortgage loan master servicers. Furthermore, the Master Servicer shall oversee and consult with each Designated Servicer as necessary from time-to-time to carry out the Master Servicer's obligations hereunder, and shall receive, review and evaluate all reports, information and other data provided to the Master Servicer by each Designated Servicer. The Master Servicer shall terminate the rights and obligations of any Designated Servicer under the related Designated Servicing Agreement, upon the failure of such Designated Servicer to perform any of its obligations under such Designated Servicing Agreement, which failure results in an event of default as provided in such Designated Servicing Agreement. In the event a Designated Servicer is terminated pursuant to the preceding sentence, the Master Servicer shall notify the Depositor and the Trust Administrator and shall either (a) select and engage a successor servicer of the related Mortgage Loans or (b) act as successor servicer of the related Mortgage Loans. In either case, the Designated Mortgage Loans related to such Designated Servicing Agreement shall be serviced by the successor to such Designated Servicer pursuant to the servicing provisions of this Agreement, and such Designated Mortgage Loans shall be deemed as "Non-Designated Mortgage Loans" under this Agreement; provided, however, it is understood and acknowledged by the parties hereto that there will be a period of transition (not to exceed 90 days) before the actual servicing functions can be fully transferred to such successor Designated Servicer. Such enforcement, including, without limitation, the legal prosecution of claims, termination of Designated Servicing Agreements and the pursuit of other appropriate remedies, shall be in such form and carried out to such an extent and at such time as the Master Servicer, in its good faith bus...
Designated Mortgage Loans. (a) For and on behalf of the Certificateholders, the Master Servicer shall oversee and enforce the obligation of each Designated Servicer to service and administer (or, with respect to U.S. Central, to cause to be serviced or administered) the related Designated Mortgage Loans in accordance with the terms of the related Designated Servicing Agreement and shall have full power and authority to do any and all things which it may deem necessary or desirable in connection with such master servicing and administration. In performing its obligations hereunder, the Master Servicer shall act in a manner consistent with this Agreement and with customary and usual standards of practice of prudent mortgage loan master servicers. Furthermore, the Master Servicer shall oversee and consult with each Designated Servicer as necessary from time-to-time to carry out the Master Servicer’s obligations hereunder, and shall receive, review and evaluate all reports, information and other data provided to the Master Servicer by each Designated Servicer. The Master Servicer shall terminate the rights and obligations of any Designated Servicer under the related Designated Servicing Agreement, upon the failure of such Designated Servicer to perform any of its obligations under such Designated Servicing Agreement, which failure results in an event of default as provided in Section 9.01 of the JPMorgan Servicing Agreement, with respect to JPMorgan, Section 14.01 of the Countrywide Servicing Agreement, with respect to Countrywide, Section 8.01 of the Fifth Third Servicing Agreement, with respect to Fifth Third, Section 9.01 of the GMACM Servicing Agreement, with respect to GMACM, Section 14.01 of the HSBC Servicing Agreement, with respect to HSBC, Section 9.01 of the U.S. Central Servicing Agreement, with respect to U.S. Central, Section 8.01 of the Wachovia Servicing Agreement, with respect to Wachovia or Section 6.1 of the WMB Servicing Agreement, with respect to WMB. In the event a Designated Servicer is terminated pursuant to the preceding sentence, the Master Servicer shall notify the Depositor and the Trust Administrator and shall either (a) select and engage a successor servicer of the related Mortgage Loans or (b) act as successor servicer of the related Mortgage Loans. With respect to a failure by U.S. Central to perform any of its obligations under the U.S. Central Servicing Agreement, which failure results in an event of default as provided in Section 9.01 of the U.S. Centra...
Designated Mortgage Loans. (a) The Master Servicer shall be deemed to have received any collections, recoveries or payments with respect to the Designated Mortgage Loans that are received by a Designated Servicer under a Designated Servicing Agreement. All such amounts shall be held by the Master Servicer in trust for the Trustee on behalf of the Certificateholders.
(b) If a Designated Servicer is terminated under a Designated Servicing Agreement, the Designated Mortgage Loans related to such Designated Servicing Agreement shall be serviced by the Master Servicer pursuant to the servicing provisions of this Agreement, and such Designated Mortgage Loans shall be deemed as “Non-Designated Mortgage Loans” under this Agreement.
(c) With respect to any Designated Mortgage Loan, the Master Servicer agrees and acknowledges that it is in its best interests as owner under the related Designated Servicing Agreement that such Designated Mortgage Loan be serviced by the related Designated Servicer in conformity with the provisions of Section 3.11(a) and (c) of this Agreement.
Designated Mortgage Loans. (a) For and on behalf of the Certificateholders, the Master Servicer shall oversee and enforce the obligation of the Servicer to service and administer the Mortgage Loans in accordance with the terms of the Servicing Agreement and shall have full power and authority to do any and all things that it may deem necessary or desirable in connection with such master servicing and administration. In performing its obligations hereunder, the Master Servicer shall act in a manner consistent with this Agreement and with customary and usual standards of practice of prudent mortgage loan master servicers. Furthermore, the Master Servicer shall oversee and consult with the Servicer as necessary from time-to-time to carry out the Master Servicer’s obligations hereunder, and shall receive, review and evaluate all reports, information and other data provided to the Master Servicer by the Servicer.
Designated Mortgage Loans. As set forth in Section 3.20 of the Standard Terms.
Designated Mortgage Loans. With respect to each proposed Transaction for which the Purchase Price-Incremental for a Designated Mortgage Loan will be funded, (x) no Disqualification Event shall have occurred and be continuing, and (y) the Purchase Price for such Designated Mortgage Loan shall be increased by an amount at least equal to the Minimum Purchase Price-Incremental but shall not exceed the Maximum Purchase Price-Incremental.
Designated Mortgage Loans. With respect to each proposed Transaction for which the Purchase Price-Incremental 1 or Purchase Price-Incremental 2 for a Designated Mortgage Loan will be funded, (x) no Disqualification Event shall have occurred and be continuing, (y) with respect to any Purchase Price-Incremental 1, the Purchase Price-Base shall be fully drawn and the Purchase Price for such Designated Mortgage Loan shall be increased by an amount equal to the Maximum Purchase Price-Incremental 1 and (z) with respect to any Purchase Price-Incremental 2, the Maximum Purchase Price-Incremental 1 shall be fully drawn and Purchase Price for such Designated Mortgage Loan shall be increased by an amount at least equal to the Minimum Purchase Price-Incremental 2 but shall not exceed the Maximum Purchase Price-Incremental 2.
Designated Mortgage Loans. With respect to each proposed Transaction with respect to a Designated Mortgage Loan, (x) no Disqualification Event shall have occurred and be continuing and (y) the Seller shall sell such Designated Mortgage Loan to Buyers at the full Purchase Price (and not some lesser amount).