Servicing of Loans Prior to Closing Sample Clauses

Servicing of Loans Prior to Closing. Until Closing, Seller shall service the Loans in conformity with prudent servicing standards employed by servicers of loans similar to the Loans. Prior to Closing, Seller will not, and will not permit any third party servicer to, without the prior written consent of Purchaser, (i) release any Loan Collateral or any Obligor, (ii) compromise or settle any Claim with respect to any Loan, (iii) initiate, complete or otherwise take any action with respect to a foreclosure of any Loan Collateral, or (iv) sell or encumber, or contract to sell or encumber, or modify any Loan, or any portion thereof or interest therein.
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Servicing of Loans Prior to Closing. Up to and including the related Closing Date, Seller shall have the sole and exclusive right, power, and authority to service such Loan and deal with the Borrower and Guarantor under such Loan in all matters pertaining to such Loan and the Loan Documents applicable thereto; provided, however, Seller shall not amend or otherwise modify any of the Loan Documents for such Loan from and after the date the Parties mutually execute a Loan Purchase Certificate for such Loan without the express written consent of Buyer, which consent shall not be unreasonably withheld. Seller may, but shall have no duty to, take any action to enforce any right or obligation of Borrower, Guarantor, or any other obligor under the Loan Documents for such Loan, and/or to liquidate or pursue any recovery from any security for such Loan; provided, however, notwithstanding anything to the contrary contained herein, from and after the expiration of the Diligence Period for such Loan, Seller shall not take any action to enforce any right or obligation of Borrower, Guarantor, or any other obligor under the Loan Documents for such Loan, and/or liquidate or pursue any recovery from any security for such Loan without the express written consent of Buyer, which consent shall not be unreasonably withheld. Seller shall inform Buyer in writing of any change in the Borrower and/or Guarantor under each Loan identified in the Loan Purchase Certificates and deliver to Buyer copies of all written notices, xxxxxxxx and/or other communications to Borrower and/or Guarantor under such Loans, including without limitation, any notices, xxxxxxxx and/or other communications with respect to (i) Borrower’s and/or Guarantor’s performance (or ability to perform) under the Loan Documents for such Loan, and/or (ii) Borrower’s and/or Guarantor’s management, composition, organization, financial condition and/or any disability of Borrower and/or Guarantor or any of their respective partners or affiliates, including any written enforcement or default notices delivered to Borrower and/or Guarantor from and after the date the Parties mutually execute a Loan Purchase Certificate that includes such Loan.
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Related to Servicing of Loans Prior to Closing

  • Servicing of Loans The servicing, administering and collection of the Loans shall be conducted by the Servicer then authorized to act as such under the Sale and Servicing Agreement.

  • Servicing of the Mortgage Loans Section 3.01.

  • Servicing of Contracts ..54 Section 5.01 Initial Servicer's Appointment and Acceptance; Responsibility for Contract Administration..........................................................................54 Section 5.02

  • Servicing of the Mortgage Loan (a) Each Note Holder acknowledges and agrees that, subject in each case to this Agreement, the Mortgage Loan shall be serviced from and after the Lead Securitization Date by the Master Servicer and the Special Servicer pursuant to the terms of this Agreement and the Lead Securitization Servicing Agreement; provided that the Master Servicer shall not be obligated to advance monthly payments of principal or interest in respect of any Note other than the Lead Securitization Note(s) if such principal or interest is not paid by the Mortgage Loan Borrower but shall be obligated to advance delinquent real estate taxes, insurance premiums and other expenses related to the maintenance of the Mortgaged Property and maintenance and enforcement of the lien of the Mortgage thereon, subject to the terms of the Lead Securitization Servicing Agreement; provided, further, that, when appointed, the Special Servicer has the required Special Servicer Rating from each Rating Agency then rating a Securitization. Each Note Holder acknowledges that any other Note Holder may elect, in its sole discretion, to include its Note in a Securitization and agrees that it will, subject to Section 26, reasonably cooperate with such other Note Holder, at such other Note Holder’s expense, to effect such Securitization. Subject to the terms and conditions of this Agreement, each Note Holder hereby irrevocably and unconditionally consents to the appointment of the Master Servicer and the Trustee under the Lead Securitization Servicing Agreement by the Depositor and the appointment of the Special Servicer by the Controlling Note Holder and agrees to reasonably cooperate with the Master Servicer and the Special Servicer with respect to the servicing of the Mortgage Loan in accordance with the Lead Securitization Servicing Agreement. Each Note Holder hereby appoints the Master Servicer, the Special Servicer and the Trustee in the Lead Securitization as such Note Holder’s attorney-in-fact to sign any documents reasonably required with respect to the administration and servicing of the Mortgage Loan on its behalf under the Lead Securitization Servicing Agreement (subject at all times to the rights of such Note Holder set forth herein and in the Lead Securitization Servicing Agreement). The Lead Securitization Servicing Agreement shall not limit the Servicer in enforcing the rights of one Note Holder against any other Note Holder as may be required in order to service the Mortgage Loan as contemplated by this Agreement and the Lead Securitization Servicing Agreement; provided, that it is also understood and agreed that nothing in this sentence shall be construed to otherwise limit the rights of one Note Holder with respect to any other Note Holder. Each Servicer shall be required pursuant to the Lead Securitization Servicing Agreement (i) to service the Mortgage Loan in accordance with the Servicing Standard, the terms of the Mortgage Loan Documents, the Lead Securitization Servicing Agreement and applicable law, (ii) to provide information to each servicer under each Non-Lead Securitization Servicing Agreement necessary to enable each such servicer to perform its servicing duties under such Non-Lead Securitization Servicing Agreement, and (iii) to not take any action or refrain from taking any action or follow any direction inconsistent with the foregoing.

  • Advance of Funds by the Mortgage Loan Seller Except for loan proceeds advanced at the time of loan origination or other payments contemplated by the Mortgage Loan documents, no advance of funds has been made by the Mortgage Loan Seller to the related Mortgagor, and no funds have been received from any person other than the related Mortgagor or an affiliate, directly, or, to the knowledge of the Mortgage Loan Seller, indirectly for, or on account of, payments due on the Mortgage Loan. Neither the Mortgage Loan Seller nor any affiliate thereof has any obligation to make any capital contribution to any Mortgagor under a Mortgage Loan, other than contributions made on or prior to the date hereof.

  • Administration and Servicing of Loans Section 3.1 Servicer to Act as Servicer; Administration of the Loans..............................45 Section 3.2 Collection of Certain Loan Payments; Custodial Account for P&I........................48 Section 3.3 Permitted Withdrawals from the Custodial Account for P&I..............................50 Section 3.4 Taxes, Assessments and Similar Items; Escrow Accounts.................................51 Section 3.5 Maintenance of Insurance..............................................................52

  • ADMINISTRATION AND SERVICING OF THE MORTGAGE LOANS Section 3.01 The Master Servicer to act as Master Servicer.

  • Sub-Servicing Agreements Between the Master Servicer and Sub-Servicers (a) The Master Servicer may enter into Sub-Servicing Agreements (provided that such agreements would not result in a withdrawal or a downgrading by the Rating Agency of the rating on any Class of Certificates) with Sub-Servicers, for the servicing and administration of the Mortgage Loans. Notwithstanding any other provision of this Agreement, the Master Servicer shall not be precluded from selling all or part of the Servicing Fee relating to any Mortgage Loans to any Sub-Servicer, provided that with respect to any Mortgage Loan as to which the Master Servicer sells all or a part of the related Servicing Fee, the Master Servicer shall retain full responsibility under this Agreement for the servicing activities relating to such Mortgage Loan. Each Sub-Servicer shall be (i) authorized to transact business in the state or states in which the related Mortgaged Properties it is to service are situated, if and to the extent required by applicable law to enable the Sub-Servicer to perform its obligations hereunder and under the Sub-Servicing Agreement, (ii) an institution approved as a mortgage loan originator by the Federal Housing Administration or an institution the deposit accounts of which are insured by the FDIC and (iii) a Fxxxxxx Mac or Fxxxxx Mae approved mortgage servicer. Each Sub-Servicing Agreement must impose on the Sub-Servicer requirements conforming to the provisions set forth in Section 3.08 and provide for servicing of the Mortgage Loans consistent with the terms of this Agreement. The Master Servicer will examine each Sub-Servicing Agreement and will be familiar with the terms thereof. The terms of any Sub-Servicing Agreement will not be inconsistent with any of the provisions of this Agreement. The Master Servicer and the Sub-Servicers may enter into and make amendments to the Sub-Servicing Agreements or enter into different forms of Sub-Servicing Agreements; provided, however, that any such amendments or different forms shall be consistent with and not violate the provisions of this Agreement, and that no such amendment or different form shall be made or entered into which could be reasonably expected to be materially adverse to the interests of the Certificateholders, without the consent of the Holders of Certificates entitled to at least 66% of the Voting Rights. Any variation without the consent of the Holders of Certificates entitled to at least 66% of the Voting Rights from the provisions set forth in Section 3.08 relating to insurance or priority requirements of Sub-Servicing Accounts, or credits and charges to the Sub-Servicing Accounts or the timing and amount of remittances by the Sub-Servicers to the Master Servicer, are conclusively deemed to be inconsistent with this Agreement and therefore prohibited. The Master Servicer shall deliver to the Trustee copies of all Sub-Servicing Agreements, and any amendments or modifications thereof, promptly upon the Master Servicer’s execution and delivery of such instruments.

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