Pooling and Servicing Clause Samples
The Pooling and Servicing clause defines the responsibilities and procedures for managing a pool of financial assets, such as mortgages or loans, and the servicing of those assets over time. It typically outlines how payments collected from borrowers are aggregated (pooled) and then distributed to investors, as well as the duties of the servicer in handling collections, defaults, and reporting. This clause ensures that all parties understand the mechanisms for asset management and payment flows, thereby providing transparency and reducing the risk of disputes regarding asset administration.
Pooling and Servicing. Agreement in Full Force and Effect as Amended. Except as specifically amended hereby, all of the terms and conditions of the Pooling and Servicing Agreement shall remain in full force and effect. All references to the Pooling and Servicing Agreement in any other document or instrument shall be deemed to mean such Pooling and Servicing Agreement as amended by this Amendment. This Amendment shall not constitute a novation of the Pooling and Servicing Agreement, but shall constitute an amendment thereof. The parties hereto agree to be bound by the terms and obligations of the Pooling and Servicing Agreement, as amended by this Amendment, as though the terms and obligations of the Pooling and Servicing Agreement were set forth herein.