Master Servicer to Act; Appointment of Successor. (a) The Master Servicer or the Trustee (as successor master servicer), as applicable, shall be entitled to terminate the rights and obligations of any Servicer under the applicable Servicing Agreement in accordance with the terms and conditions of such Servicing Agreement and without any limitation by virtue of this Agreement. Upon termination of a Servicer under the applicable Servicing Agreement, the Master Servicer or the Trustee (as successor master servicer), as applicable, shall, subject to the rights of the Master Servicer or the Trustee (as successor master servicer), as applicable, to appoint a successor servicer pursuant to this Section 7.01, be the successor to such Servicer in its capacity as servicer under the applicable Servicing Agreement, provided, however, that the Master Servicer or the Trustee (as successor master servicer), as applicable, shall not be (i) liable for losses of the predecessor Servicer with respect to such predecessor’s investment of funds in its Collection Account; (ii) obligated to effectuate repurchases or substitutions of Mortgage Loans hereunder, including but not limited to repurchases or substitutions pursuant to Section 2.03, (iii) responsible for expenses of the predecessor servicer related to any repurchase or substitution of Mortgage Loans hereunder, including but not limited to repurchases or substitutions pursuant to Section 2.03, (iv) deemed to have made any of the representations and warranties of the terminated Servicer under the applicable Servicing Agreement or (v) liable for any obligations of the predecessor Servicer incurred prior to its termination.
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Samples: Pooling and Servicing Agreement (Hsi Asset Securitization Corp), Pooling and Servicing Agreement (Hsi Asset Securitization Corp)
Master Servicer to Act; Appointment of Successor. (a) The Master Servicer or the Trustee (as successor master servicer), as applicable, shall be entitled to terminate the rights and obligations of any Servicer under the applicable Servicing Agreement in accordance with the terms and conditions of such Servicing Agreement and without any limitation by virtue of this Agreement. Upon termination of a Servicer under the applicable Servicing Agreement, the Master Servicer or the Trustee (as successor master servicer), as applicable, shall, subject to the rights of the Master Servicer or the Trustee (as successor master servicer), as applicable, to appoint a successor servicer pursuant to this Section 7.01, be the successor to such Servicer in its capacity as servicer under the applicable Servicing Agreement, provided, however, that the Master Servicer or the Trustee (as successor master servicer), as applicable, shall not be (i) liable for losses of the predecessor Servicer with respect to such predecessor’s 's investment of funds in its Collection Account; (ii) obligated to effectuate repurchases or substitutions of Mortgage Loans hereunder, including but not limited to repurchases or substitutions pursuant to Section 2.03, (iii) responsible for expenses of the predecessor servicer related to any repurchase or substitution of Mortgage Loans hereunder, including but not limited to repurchases or substitutions pursuant to Section 2.03, (iv) deemed to have made any of the representations and warranties of the terminated Servicer under the applicable Servicing Agreement or (v) liable for any obligations of the predecessor Servicer incurred prior to its termination.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (HSI Asset Loan Obligation Trust 2007-Ar1)
Master Servicer to Act; Appointment of Successor. (ax) The Master Servicer or the Trustee (as successor master servicer), as applicable, shall be entitled to terminate the rights and obligations of any Servicer under the applicable Servicing Agreement in accordance with the terms and conditions of such Servicing Agreement and without any limitation by virtue of this Agreement. Upon termination of a Servicer under the applicable Servicing Agreement, the Master Servicer or the Trustee (as successor master servicer), as applicable, shall, subject to the rights of the Master Servicer or the Trustee (as successor master servicer), as applicable, to appoint a successor servicer pursuant to this Section 7.01, be the successor to such Servicer in its capacity as servicer under the applicable Servicing Agreement, provided, however, that the Master Servicer or the Trustee (as successor master servicer), as applicable, shall not be (i) liable for losses of the predecessor Servicer with respect to such predecessor’s investment of funds in its Collection Account; (ii) obligated to effectuate repurchases or substitutions of Mortgage Loans hereunder, including but not limited to repurchases or substitutions pursuant to Section 2.03, (iii) responsible for expenses of the predecessor servicer related to any repurchase or substitution of Mortgage Loans hereunder, including but not limited to repurchases or substitutions pursuant to Section 2.03, (iv) deemed to have made any of the representations and warranties of the terminated Servicer under the applicable Servicing Agreement or (v) liable for any obligations of the predecessor Servicer incurred prior to its termination.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Hsi Asset Securitization Corp)