Common use of Servicing of Mortgage Loans Clause in Contracts

Servicing of Mortgage Loans. Subject to Section 6.2 above, Seller shall subservice all Purchased Mortgage Loans at Seller’s expense and without charge of any kind to Buyer. Seller may delegate its obligations hereunder to subservice the Purchased Mortgage Loans (subject to Section 6.2) to an independent servicer provided that such independent subservicer and the related Servicing Agreement has been approved by Buyer and such independent subservicer has executed a Servicing Agreement with Buyer. The failure of Seller to obtain the prior approval of Buyer regarding the delegation of its subservicing obligations to an independent subservicer and/or the failure of the independent subservicer to execute and return to Buyer a Servicing Agreement shall be considered an Event of Default hereunder. In any event, Seller or its delegate shall subservice such Purchased Mortgage Loans with the degree of care and in accordance with the subservicing standards generally prevailing in the industry, including those required by Xxxxxx Xxx, Xxxxxxx Mac and Xxxxxx Mae.

Servicing of Mortgage Loans. Subject to Section 6.2 above, Seller shall subservice service all Purchased Mortgage Loans at Seller’s expense expense, but in consideration of the Servicing Fee, and without charge of any kind to Buyer. Seller may delegate its obligations hereunder to subservice service the Purchased Mortgage Loans (subject to Section 6.2) to an independent servicer provided that such independent subservicer servicer and the related Servicing Agreement has been approved by Buyer and such independent subservicer servicer has executed a Servicing Agreement with Buyer. The failure of Seller to obtain the prior approval of Buyer regarding the delegation of its subservicing servicing obligations to an independent subservicer servicer and/or the failure of the independent subservicer servicer to execute and return to Buyer a Servicing Agreement shall be considered an Event of Default hereunder. In any event, Seller or its delegate shall subservice service such Purchased Mortgage Loans with the degree of care and in accordance with the subservicing servicing standards generally prevailing in the industry, including those required by Xxxxxx Xxx, Xxxxxxx Mac and Xxxxxx Mae.

Servicing of Mortgage Loans. Subject to Section 6.2 above, Seller Guild Servicer shall subservice all Purchased Mortgage Loans Underlying Assets at SellerGuild Servicer’s expense and without charge of any kind to Buyer. Seller Guild Servicer may delegate its obligations hereunder to subservice the Purchased Mortgage Loans Underlying Assets (subject to Section 6.2) to an independent servicer subservicer; provided that such independent subservicer and the related Servicing Agreement Servicer Notice has been approved by Buyer and such independent subservicer has executed a Servicing Agreement Servicer Notice with Buyer. The failure of Seller Guild Servicer to obtain the prior approval of Buyer regarding the delegation of its subservicing obligations to an independent subservicer and/or the failure of the independent subservicer to execute and return to Buyer a Servicing Agreement Servicer Notice shall be considered an Event of Default hereunder. In any event, Seller Guild Servicer or its delegate shall subservice such Purchased Mortgage Loans Underlying Assets with the degree of care and in accordance with the subservicing standards generally prevailing in the industry, including those required by Xxxxxx Xxx, Xxxxxxx Mac and Xxxxxx Mae.

Servicing of Mortgage Loans. Subject to Section 6.2 above, Seller shall subservice all Purchased Mortgage Loans at Seller’s expense and without charge of any kind to Buyer. Seller may delegate its obligations hereunder to subservice the Purchased Mortgage Loans (subject to Section 6.2) to an independent servicer provided that such independent subservicer and the related Servicing Agreement has been approved by Buyer and such independent subservicer has executed a Servicing Agreement with Buyer. The failure of Seller to obtain the prior approval of Buyer regarding the delegation of its subservicing obligations to an independent subservicer and/or the failure of the independent subservicer to execute and return to Buyer a Servicing Agreement shall be considered an Event of Default hereunder. In any event, Seller or its delegate shall subservice such Purchased Mortgage Loans with the degree of care and in accordance with the subservicing standards generally prevailing in the industry, including those required by Xxxxxx Xxx, Xxxxxxx Mac and Xxxxxx MaeMae to the extent Seller has previously received the applicable Approval.

Servicing of Mortgage Loans. Subject to Section 6.2 above, Seller shall subservice all Purchased Mortgage Loans at Seller’s expense and without charge of any kind to Buyer. Seller may delegate its obligations hereunder to subservice the Purchased Mortgage Loans (subject to Section 6.2) to an independent servicer provided that such independent subservicer and the related Servicing Agreement has been approved by Buyer and such independent subservicer has executed a Servicing Agreement with Buyer. The failure of Seller to obtain the prior approval of Buyer regarding the delegation of its subservicing obligations to an independent subservicer and/or the failure of the independent subservicer to execute and return to Buyer a Servicing Agreement shall be considered an Event of Default hereunder. In any event, Seller or its delegate shall subservice such Purchased Mortgage Loans with the degree of care and in accordance with the subservicing standards generally prevailing in the industry, including those required by Xxxxxx XxxFxxxxx Mxx, Xxxxxxx Fxxxxxx Mac and Xxxxxx Gxxxxx Mae.

Servicing of Mortgage Loans. Subject to Section 6.2 above, Seller shall subservice all Purchased Mortgage Loans at Seller’s expense and without charge of any kind to Buyer. Seller may delegate its obligations hereunder to subservice the Purchased Mortgage Loans (subject to Section 6.2) to an independent servicer subservicer provided that such independent subservicer and the related Servicing Agreement has been approved by Buyer and such independent subservicer has executed a Servicing Agreement Servicer Notice with Buyer. The failure of Seller to obtain the prior approval of Buyer regarding the delegation of its subservicing obligations to an independent subservicer and/or the failure of the independent subservicer to execute and return to Buyer a Servicing Agreement Servicer Notice shall be considered an Event of Default hereunder. In any event, Seller or its delegate shall subservice such Purchased Mortgage Loans with the degree of care and in accordance with the subservicing standards generally prevailing in the industry, including those required by Xxxxxx XxxFxxxxx Mxx, Xxxxxxx Fxxxxxx Mac and Xxxxxx Gxxxxx Mae.