Sale and Transfer of Servicing. The Loans shall be sold on a servicing-released basis and any related escrow deposits shall be transferred to Purchaser. All rights, obligations, liabilities and responsibilities with respect to the servicing of the Loans from and after the Effective Time will be assumed by Purchaser. Seller shall be discharged and indemnified by Purchaser from all liability with respect to servicing of the Loans from and after the Effective Time and Purchaser shall not assume and shall be discharged and indemnified by Seller from all liability with respect to servicing of the Loans prior the Effective Time.
Appears in 3 contracts
Samples: Purchase and Assumption Agreement (Summit Financial Group, Inc.), Purchase and Assumption Agreement (MVB Financial Corp), Purchase and Assumption Agreement (Summit Financial Group Inc)
Sale and Transfer of Servicing. The Purchased Loans shall will, as applicable, be sold on a servicing-released basis and any related escrow deposits shall will be transferred to Purchaser. All As of the Effective Time, all rights, obligations, liabilities and responsibilities with respect to the servicing of the Loans from and after the Effective Time will be assumed by Purchaser. Seller shall will be discharged and indemnified by Purchaser from all liability with respect to servicing of the Loans from and after the Effective Time and Purchaser shall will not assume and shall will be discharged and indemnified by Seller from all liability with respect to servicing of the Loans on or prior to the Effective Time.
Appears in 2 contracts
Samples: Purchase and Assumption Agreement (Flagstar Bancorp Inc), Purchase and Assumption Agreement (Flagstar Bancorp Inc)
