Responsibility for Contract Administration and Servicing Sample Clauses

Responsibility for Contract Administration and Servicing. GreenPoint hereby agrees to act as Servicer under this Agreement. The Certificateholders by their acceptance of the Certificates consent to GreenPoint acting as Servicer. The Servicer shall service and administer the Contracts and, subject to the terms of this Agreement, shall have full power and authority to do any and all things which it may deem necessary or desirable in connection with such servicing and administration. Subject to Section 4.02, without limiting the generality of the foregoing, the Servicer hereby is authorized and empowered, when the Servicer believes it appropriate in its best judgment, to execute and deliver, on behalf of the Certificateholders and the Trust Fund or any of them, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge and all other comparable instruments, with respect to the Contracts, with respect to the Manufactured Homes and with respect to the Mortgaged Property. The Trustee shall furnish the Servicer with any powers of attorney and other documents necessary or appropriate to enable the Servicer to service and administer the Contracts. The relationship of the Servicer (and of any successor to the Servicer as Servicer under this Agreement) to the Trustee under this Agreement is intended by the parties to be that of an independent contractor and not that of a joint venturer, partner or agent of the Trustee.
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Responsibility for Contract Administration and Servicing. The Servicer shall service and administer the Contracts and, subject to the terms of this Agreement, shall have full power and authority to do any and all things which it may deem necessary or desirable in connection with such servicing and administration. Subject to Section 5.02, without limiting the generality of the foregoing, the Servicer hereby is authorized and empowered when the Servicer believes it appropriate in its best judgment, to execute and deliver, on behalf of the Certificateholders and the Trustee or any of them, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge and all other comparable instruments, with respect to the Contracts and any related Mortgages and with respect to the Manufactured Homes and any related Mortgaged Property. The Trustee shall execute and deliver to the Servicer any powers of attorney and other documents prepared by the Servicer and certified to the Trustee as being necessary or appropriate to enable the Servicer to service and administer the Contracts. Such power of attorney shall be in the form of Exhibit L hereto. The Servicer may perform its servicing and administration functions, as Servicer, pursuant to this Agreement through one or more subservicers. All actions by any subservicer with respect to the servicing and administration of the Contracts shall be treated as though done by the Servicer itself. All documents, instruments or contracts executed by any subservicer on behalf of the Servicer shall be treated by the Trustee as though executed by the Servicer itself. The Servicer shall remain primarily liable for all actions of any subservicer.
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Responsibility for Contract Administration and Servicing. [GreenPoint Entity] hereby agrees to act as Servicer under this Agreement. The Servicer shall service and administer the Contracts in accordance with this Agreement. The Servicer, subject to Section 2.02, shall have full power and authority, acting alone, to do or cause to be done any and all things in connection with such servicing and administration which the Servicer may deem necessary or desirable and consistent with the terms of this Agreement and in the best interests of the Contract Owners. The relationship of the Servicer (and of any successor to the Servicer as servicer under this Agreement) to the Contract Owners (and any of its successors and assignees) under this Agreement is intended by the parties to be that of an independent contractor and not that of a joint venturer, partner or agent of the Contract Owners. Notwithstanding anything to the contrary contained in this Agreement, no provision of this Agreement shall be construed so as to require the Servicer to take any action or fail to take any action in respect of a Contract, which action or failure violates applicable law. Consistent with Section 2.02, unless otherwise instructed by the Contract Owner Representative or unless otherwise required by applicable law, the Servicer may waive, defer payment thereof (provided that no such deferment may be for more than two payments and that there shall be a total of no more than three deferments with respect to any Contract), modify or vary any term of any Contract or consent to the postponement of strict compliance with any such term or in any manner grant indulgence to any Obligor if in the Servicer's reasonable determination (in accordance with the Servicing Standards) such waiver, modification, postponement or indulgence is not materially adverse to the Contract Owners; provided, however, that (unless the Contract is a Defaulted Contract, or the Contract becoming a Defaulted Contract is imminent, in the reasonable judgment of the Servicer, of becoming a Defaulted Contract and the Servicer has the consent of the Contract Owner Representative) the Servicer shall not (i) permit any modification with respect to any Contract that would change the Contract Rate (except as provided below), (ii) defer (except as provided above) or forgive the payment thereof or of any principal or interest payments, (iii) reduce the outstanding principal amount (except for actual payments of principal), (iv) make future advances or (v) permit any Obligor to extend the...
Sample 1
Responsibility for Contract Administration and Servicing. The Servicer shall service and administer the Contracts in accordance with and subject to the terms of this Agreement, shall have full power and authority to do any and all things which it may deem necessary or desirable in connection with such servicing and administration. The relationship of the Servicer (and of any successor Servicer other than the Trustee) to the Trustee under this Agreement is intended by the parties to be that of independent contractor and not that of a joint venturer, partner or agent of the Trustee.
Sample 1
Responsibility for Contract Administration and Servicing. 66 Section 5.02. Standard of Care............................................66 Section 5.03. Records.....................................................66 Section 5.04. Inspection..................................................66 Section 5.05. Establishment of and Deposits in Certificate Accounts.......67 Section 5.06. Payment of Taxes............................................68 Section 5.07. Enforcement.................................................68 Section 5.08. Transfer of Certificate Accounts............................69 Section 5.09. Maintenance of Hazard Insurance Policies....................69 Section 5.10. Fidelity Bond and Errors and Omissions Insurance............70 Section 5.11. Collections under Hazard Insurance Policies; Consent to Transfers of Manufactured Homes; Assumption Agreements......71 Section 5.12. Realization upon Defaulted Contracts........................71 Section 5.13. Costs and Expenses..........................................72 Section 5.14. Trustee to Cooperate........................................72 Section 5.15. Servicing and Other Compensation............................73 Section 5.16. Custody of Contracts........................................73 Section 5.17. REMIC Compliance............................................74 Section 5.18. Establishment of and Deposits in Distribution Accounts......77
Sample 1
Responsibility for Contract Administration and Servicing. BankAmerica Housing Services hereby agrees to act as Servicer under this Agreement. The Certificateholders by their acceptance of the Certificates consent to BankAmerica Housing Services acting as Servicer. The Servicer shall service and administer the Contracts and, subject to the terms of this Agreement, shall have full power and authority to do any and all things which it may deem necessary or desirable in connection with such servicing and administration. Subject to Section 4.02, without limiting the generality of the foregoing, the Servicer hereby is authorized and empowered, when the Servicer believes it appropriate in its best judgment, to execute and deliver, on behalf of the Certificateholders and the Trust Fund or any of them, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge and all other comparable instruments, with respect to the Contracts, with respect to the Manufactured Homes and with respect to the Mortgaged Property. The Trustee shall furnish the Servicer with any powers of attorney and other documents necessary or appropriate to enable the Servicer to service and administer the Contracts. The relationship of the Servicer (and of any successor to the Servicer as Servicer under this Agreement) to the Trustee under this Agreement is intended by the parties to be that of an independent contractor and not that of a joint venturer, partner or agent of the Trustee.
Sample 1
Responsibility for Contract Administration and Servicing. 55 Section 5.02. Standard of Care.............................................55 Section 5.03. Records......................................................55 Section 5.04. Inspection...................................................55 Section 5.05. Establishment of and Deposits in the Certificate Account.....56 Section 5.06.
Sample 1
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Responsibility for Contract Administration and Servicing. The Servicer shall service and administer the Contracts in accordance with and subject to the terms of this Agreement, shall have full power and authority to do any and all things which it may deem necessary or desirable in connection with such servicing and administration; provided that if, as a result of extending of payments (including any increase in the number of payments) in the ordinary course of the Servicer's collection procedures, any Contract will be outstanding on the Final Scheduled Distribution Date, then the Servicer shall repurchase such Receivable pursuant to Section 3.05. The relationship of the Servicer (and of any successor Servicer other than the Trustee) to the Trustee under this Agreement is intended by the parties to be that of independent contractor and not that of a joint venturer, partner or agent of the Trustee.
Sample 1
Responsibility for Contract Administration and Servicing. GreenPoint hereby agrees to act as Servicer under this Agreement. The Certificateholders by their acceptance of the Certificates consent to GreenPoint acting as Servicer. The Servicer shall service and administer the Contracts and, subject to the terms of this Agreement, shall have full power and authority to do any and all things which it may deem necessary or desirable in connection with such servicing and administration. Subject to Section 4.02, without limiting the generality of the foregoing, the Servicer hereby is authorized and empowered, when the Servicer believes it appropriate in its best judgment, to execute and deliver, on behalf of the Certificateholders and the Trust Fund or any of them, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge and all other comparable instruments, with respect to the Contracts, with respect to the Manufactured Homes and with respect to the Mortgaged
Sample 1

Related to Responsibility for Contract Administration and Servicing

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  • ADMINISTRATION AND MASTER SERVICING OF MORTGAGE LOANS Section 3.01 Master Servicing of Mortgage Loans.......................... Section 3.02

  • Administration and Servicing of Mortgage Loans 45 Section 3.01. Master Servicer to Act as Servicer...................................45 Section 3.02. Subservicing Agreements Between Master Servicer and Subservicers; Enforcement of Subservicers' and Sellers' Obligations.........46

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