Common use of Remedies for Breach of Representations and Warranties of the Servicer Clause in Contracts

Remedies for Breach of Representations and Warranties of the Servicer. (a) It is understood and agreed that the representations and warranties set forth in Section 6.01 shall survive the engagement of the Servicer to perform the servicing responsibilities as of the related Closing Date or Servicing Transfer Date, as applicable, hereunder and the delivery of the Servicing Files to the Servicer and shall inure to the benefit of the Seller, Master Servicer, the NIMS Insurer, the Depositor and the Trustee. Upon discovery by either the Servicer, the Master Servicer, the Seller, the Depositor, the NIMS Insurer or the Trustee of a breach of any of the foregoing representations and warranties which materially and adversely affects the ability of the Servicer to perform its duties and obligations under this Agreement or otherwise materially and adversely affects the value of the Mortgage Loans, the Mortgaged Property or the priority of the security interest on such Mortgaged Property or the interests of the Master Servicer, the NIMS Insurer or the Trustee, the party discovering such breach shall give prompt written notice to the other.

Remedies for Breach of Representations and Warranties of the Servicer. (a) It is understood and agreed that the representations and warranties set forth in Section 6.01 shall survive the engagement of the Servicer to perform the servicing responsibilities as of the related Closing Date or the related Servicing Transfer Date, as applicable, Date hereunder and the delivery of the Servicing Files to the Servicer and shall inure to the benefit of the Seller, Master Servicer, the NIMS Insurer, the Depositor and the Trustee. Upon discovery by either the Servicer, the Master Servicer, the Seller, the Depositor, the NIMS Insurer or the Trustee of a breach of any of the foregoing representations and warranties which materially and adversely affects the ability of the Servicer to perform its duties and obligations under this Agreement or otherwise materially and adversely affects the value of the Mortgage Loans, the Mortgaged Property or the priority of the security interest on such Mortgaged Property or the interests of the Master Servicer, the NIMS Insurer or the Trustee, the party discovering such breach shall give prompt written notice to the other.