Recognition by the Servicer Clause Samples
The 'Recognition by the Servicer' clause establishes the obligation of the servicer to formally acknowledge and accept its role and responsibilities under the agreement. In practice, this means the servicer must confirm its understanding of the terms, duties, and any instructions provided by the parties involved, often through a written acknowledgment or consent. This clause ensures that the servicer is fully aware of its obligations, thereby reducing the risk of misunderstandings or disputes regarding the servicer's role and facilitating smooth administration of the agreement.
Recognition by the Servicer. The Servicer hereby acknowledges and agrees that from and after the applicable Servicing Transfer Date, the Trust shall be considered the "Purchaser" (as such term is defined in the SWSA), which term shall include, with respect to the servicing of the Specified Mortgage Loans, the Master Servicer acting on each Trust's behalf) and further agrees that each Trust shall have all the rights and remedies available to the Purchaser, insofar as they relate to the servicing of the Specified Mortgage Loans in that Trust, under the Wells Servicing Agreement. Neither the Servicer nor the Owner sha▇▇ ▇▇end or agree to amend, modify, waive or otherwise alter any of the terms or provisions of the Wells Servicing Agreement which amendment, modification, waiver or other alteration would in any way affect the Specified Mortgage Loans in any Trust or the Servicer's performance under the Wells Servicing Agreement with respect to the Specified Mortgage ▇▇▇▇▇ in that Trust without the prior written consent of the Master Servicer. The Servicer hereby acknowledges that Wells Fargo Bank, National Association has been appointed as the ▇▇▇▇▇r Servicer of the Mortgage Loans in each Trust pursuant to the related Pooling and Servicing Agreement and, therefore, has the right to enforce all obligations of the Servicer under the Wells Servicing Agreement with respect to the Specified Mortgage ▇▇▇▇▇. Such rights will include, without limitation except that they relate solely to the Specified Mortgage Loans in each Trust, the right to terminate the Servicer under the Wells Servicing Agreement upon the occurrence of an event of defa▇▇▇ ▇hereunder, the right to receive all remittances required to be made by the Servicer under the Wells Servicing Agreement, the right to receive all monthly repor▇▇ ▇▇d other data required to be delivered by the Servicer under the Wells Servicing Agreement, the right to examine the books and rec▇▇▇▇ of the Servicer, indemnification rights, except as otherwise specified herein, and the right to exercise certain rights of consent and approval under the Wells Servicing Agreement. The Servicer shall make all distributi▇▇▇ ▇nder the Wells Servicing Agreement required to be made to each Trust under ▇▇▇▇ Agreement, to the Master Servicer by wire transfer of immediately available funds to: Wells Fargo Bank, National Association ABA Number: 1▇▇-▇▇0-248 Account Name: Corporate Trust Clearing Account number: 3970771416 For further credit to: [See Schedule 1 he▇▇▇▇] The Se...