Common use of Engagement of Affiliates or Third-Parties Clause in Contracts

Engagement of Affiliates or Third-Parties. The Purchaser shall not hire any Subservicer without the consent of the Master Servicer and the Depositor. The Purchaser shall not hire or otherwise utilize the services of any Subcontractor to fulfill any of the obligations of the Purchaser as servicer under this Agreement unless the Purchaser complies with the provisions of this Section. It shall not be necessary for the Purchaser to seek the consent of the Master Servicer or the Depositor to the utilization of any Subcontractor. The Purchaser shall promptly upon request provide to the Master Servicer (or any designee of Master Servicer) a written description (in form and substance satisfactory to the Master Servicer and the Depositor) of the role and function of each Subcontractor utilized by the Purchaser, specifying (i) the identity of each such Subcontractor, (ii) which (if any) of such Subcontractors are "participating in the servicing function" within the meaning of Item 1122 of Regulation AB, and (iii) which elements of the Servicing Criteria will be addressed in assessments of compliance provided by each Subcontractor identified pursuant to clause (ii) of this paragraph. As a condition to the utilization of any Subcontractor determined to be "participating in the servicing function" within the meaning of Item 1122 of Regulation AB, the Purchaser shall cause any such Subcontractor used by the Purchaser, for the benefit of the Master Servicer and the Depositor to comply with the provisions of Section 4.01 of this Agreement to the same extent as if such Subcontractor were the Purchaser. The Purchaser shall be responsible for obtaining from each Subcontractor and delivering to the Master Servicer any assessment of compliance and attestation required to be delivered by such Subcontractor under Section 4.01, in each case as and when required to be delivered.

Appears in 40 contracts

Samples: Pooling and Servicing Agreement (Wells Fargo Mortgage Backed Securities 2006-Ar5 Trust), Pooling and Servicing Agreement (Wells Fargo Mortgage Backed Securities 2007-6 Trust), Custodial Agreement (Wells Fargo Mortgage Backed Securities 2007-3 Trust)

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Engagement of Affiliates or Third-Parties. The Purchaser shall not hire any Subservicer without the consent of the Master Servicer and the Depositor. The Purchaser Custodian shall not hire or otherwise utilize the services of any Subcontractor to fulfill any of the obligations of the Purchaser Custodian as servicer under this Agreement unless the Purchaser Custodian complies with the provisions of this Section. It shall not be necessary for the Purchaser Custodian to seek the consent of the Master Servicer or the Depositor to the utilization of any Subcontractor. The Purchaser Custodian shall promptly upon request provide to the Master Servicer (or any designee of Master Servicer) a written description (in form and substance satisfactory to the Master Servicer and the Depositor) of the role and function of each Subcontractor utilized by the PurchaserCustodian, specifying (i) the identity of each such Subcontractor, (ii) which (if any) of such Subcontractors are "participating in the servicing function" within the meaning of Item 1122 of Regulation AB, and (iii) which elements of the Servicing Criteria will be addressed in assessments of compliance provided by each Subcontractor identified pursuant to clause (ii) of this paragraph. As a condition to the utilization of any Subcontractor determined to be "participating in the servicing function" within the meaning of Item 1122 of Regulation AB, the Purchaser Custodian shall cause any such Subcontractor used by the PurchaserCustodian, for the benefit of the Master Servicer and the Depositor to comply with the provisions of Section 4.01 4.1 of this Agreement to the same extent as if such Subcontractor were the PurchaserCustodian. The Purchaser Custodian shall be responsible for obtaining from each Subcontractor and delivering to the Master Servicer any assessment of compliance and attestation required to be delivered by such Subcontractor under Section 4.014.1, in each case as and when required to be delivered.

Appears in 39 contracts

Samples: Pooling and Servicing Agreement (Wells Fargo Mortgage Backed Securities 2007-Ar3 Trust), Pooling and Servicing Agreement (Wells Fargo Mortgage Backed Securities 2006-Ar16 Trust), Pooling and Servicing Agreement (Wells Fargo Mortgage Backed Securities 2006-19 Trust)

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