Subservicing of Mortgage Loans Sample Clauses

Subservicing of Mortgage Loans. (a) The Subservicer shall service the Mortgage Loans from and after the Closing Date in accordance with the provisions of the Servicing Agreement, and provide all reports required under the Servicing Agreement, in all cases, in the same manner and subject to the same terms as if the Subservicer were the “Servicer” under the Servicing Agreement. The duties and obligations of the Subservicer shall include all of the duties and obligations to be fulfilled and performed by the Servicer in the ordinary course of servicing the Mortgage Loans and otherwise, such as, by way of illustration and not limitation, collection of payments and other recoveries, maintenance of any and all required insurance and fidelity bonds, payment of taxes and insurance premiums, reporting and remitting, all at the time and in the manner prescribed in the Servicing Agreement; provided, however, that copies of any and all reports, statements and notifications that the Subservicer shall be required to provide or deliver in accordance with the servicing provisions of the Servicing Agreement shall simultaneously be delivered to the Servicer; and provided, further, that copies of confirmations of any and all payments or remittances that the Subservicer shall be required to pay or remit in accordance with the servicing provisions of the Servicing Agreement shall be provided to the Servicer. In addition, copies of any and all reports, statements and notifications regarding compliance with financial covenants under the BSMCC Facility that the Subservicer shall be required to provide or deliver in accordance with the BSMCC Facility shall simultaneously be delivered to the Servicer.
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Subservicing of Mortgage Loans. (a) The Subservicer shall service the Mortgage Loans from and after the Closing Date in accordance with the servicing provisions of Article III of the Transfer and Servicing Agreement and pursuant to the Servicing Standard, and provide the reports required under Sections 4.4 and 4.5 of the Transfer and Servicing Agreement, in all cases, in the same manner and subject to the same terms as if the Subservicer were the “Servicer” under the Transfer and Servicing Agreement. The duties and obligations of the Subservicer shall include all of the duties and obligations to be fulfilled and performed by the Servicer in the ordinary course of servicing the Mortgage Loans, such as, by way of illustration and not limitation, collection of payments and other recoveries, payment of taxes and insurance premiums, reporting and remitting, all at the time and in the manner prescribed in the Transfer and Servicing Agreement; provided, however, that copies of any and all reports, statements and notifications that the Subservicer shall be required to provide or deliver in accordance with the servicing provisions of Article III and Article IV of the Transfer and Servicing Agreement shall simultaneously be delivered to the Servicer; and provided, further, that copies of confirmations of any and all payments or remittances that the Subservicer shall be required to pay or remit in accordance with the servicing provisions of Article III of the Transfer and Servicing Agreement shall be provided to the Servicer. The Subservicer shall simultaneously deliver to LBB copies of any reports that identify the amount of Advances made or the amount of recoveries received with respect to Advances made by LBB.
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Subservicing of Mortgage Loans. The Subservicer hereby --------- ------------------------------ agrees to perform all obligations of the Master Servicer under the Pooling and Servicing Agreement with respect to the servicing of the Mortgage Loans, including, without limitation, making such advances with respect to such Mortgage Loans as are required under the Pooling and Servicing Agreement, and to observe, and perform the duties of the Master Servicer (in its capacity as master servicer) in accordance with, the provisions of the Pooling and Servicing Agreement relating to sub-servicing of the Mortgage Loans, including, without limitation, Section 3.08 of the Pooling and Servicing Agreement. Notwithstanding the foregoing, the Subservicer shall (i) have no responsibility relating to (a) a Master Servicer Event of Default which is not directly caused by a Subservicer Event of Default, (b) the repurchase, or substitution of a Mortgage Loan, (c) the Master Servicer's obligations to pay the Trustee's fees and/or expenses, under Section 8.05 of the Pooling and Servicing Agreement or otherwise, (d) the payment of the Termination Price, (e) any obligations of United PanAm Mortgage Corporation under the Pooling and Servicing Agreement or any other agreement, or (f) any other obligation of the Master Servicer not related to the servicing of the Mortgage Loans or REO Properties, and (ii) not clear and terminate the Collection Account without the prior written consent of the Master Servicer.
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Subservicing of Mortgage Loans. Section 2.01. Subservicer to Subservice Mortgage Loans 15 Section 2.02. Mortgage Loan Documents 18 Section 2.03. Legal Proceedings Involving the Mortgage Loans 18 Section 2.04. Material Changes 18 Section 2.05. Subservicer Not to Resign 19 Section 2.06. Clean-Up Call 20 Section 2.07. Defaulted Mortgage Loans 20 Section 2.08. Title, Management and Disposition of REO Properties 23 Section 2.09. Use of EDP 24 Section 2.10. Payment of Taxes and Insurance 24 Section 2.11. Notice to Mortgagors 24 Section 2.12. Notice to Tax Service Provider 25 Section 2.13. Notice to Insurance Companies and Payment of Insurance Premiums 25 Section 2.14. Tax Contracts 25 Section 2.15. [Reserved.] 26 Section 2.16. [Reserved.] 26 Section 2.17. Mortgage Loan Payment Record 26 Section 2.18. [Reserved.] 26 Section 2.19. Post-Transfer Assumption Processing 26 Section 2.20. Misapplied Payments and NSF 26 Section 2.21. Tax Reporting 26 Section 2.22. [Reserved.] 27 Section 2.23. Flood Insurance Determination Contracts 27 Section 2.24. Limited Powers of Attorney and Limited Authorized Signatories 27 Section 2.25. Updated Exhibits and Schedules 27 Section 2.26. Outsource Vendor Contracts 27 Section 2.27. [Reserved.] 27 Section 2.28. [Reserved.] 27 Section 2.29. [Reserved.] 27 Section 2.30. Servicer to Service Additional Collateral 27 Section 2.31. [Reserved.] 27 Section 2.32. Audit of ARM Loans 27 Page Section 2.33. Transfer of Mortgage Loans 28 Section 2.34. Mortgage Loan Information 30 Section 2.35. [Reserved.] 31 Section 2.36. Subservicer Reports 31 Section 2.37. Work Policy 31 Section 2.38. Use of Hardware and Software 31 Section 2.39. Technical Architecture Standards 32 Section 2.40. Compliance with Policies 32 Section 2.41. Continuation of MLCC Services 32 ARTICLE IIA SERVICER’S AND SUBSERVICER’S OBLIGATIONS WITH RESPECT TO PROCESSING MORTGAGE LOAN ADVANCES Section 2A.1 Check Transactions 32 Section 2A.2 Card Transactions 34 Section 2A.3 Wire Transfers 35 Section 2A.4 Certified or Cashier’s Checks 35 Section 2A.5 Customer Service 36 Section 2A.6 Security Procedures 36 Section 2A.7 Subservicer to Comply with Servicer’s “Affiliate Transactions 23A/23B” Procedures 37 Section 2A.8 Notices and Disclosures 37 Section 2A.9 Monthly Statements 38 Section 2A.10 Credit Balance Checks 38 ARTICLE III SERVICER REPRESENTATIONS AND WARRANTIES Section 3.01. Organization and Good Standing 38 Section 3.02. Authority and Capacity; Ordinary Course 38 Section 3.03. Effective Agreement 38 Section 3.04. No C...
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Subservicing of Mortgage Loans 
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Related to Subservicing of Mortgage Loans

  • Servicing of Mortgage Loans From and after the Effective Date, the Servicer does hereby agree to service the Mortgage Loans, but subject to the terms of this Agreement. The rights of the Owner to receive payments with respect to the Mortgage Loans shall be as set forth in this Agreement.

  • 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

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

  • ADMINISTRATION AND SERVICING OF MORTGAGE LOANS BY THE MASTER SERVICER Section 9.01 Duties of the Master Servicer; Enforcement of Servicer’s and Master Servicer’s Obligations.

  • Servicing of the Mortgage Loans Section 3.01.

  • 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.

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

  • Conveyance of Mortgage Loans; Possession of Servicing Files The Seller, simultaneously with the delivery of the Mortgage Loan Schedule with respect to the related Mortgage Loan Package to be purchased on each Closing Date, shall execute and deliver an Assignment and Conveyance Agreement in the form attached hereto as Exhibit H (the "Assignment and Conveyance Agreement"). The Seller shall cause the Servicing File retained by the Originator pursuant to this Agreement to be appropriately identified in the Seller's computer system and/or books and records, as appropriate, to clearly reflect the sale of the related Mortgage Loan to the Purchaser. The Seller shall cause the Originator to release from its custody the contents of any Servicing File retained by it only in accordance with this Agreement or the Servicing Agreement, except when such release is required in connection with a repurchase of any such Mortgage Loan pursuant to Subsection 9.03.

  • Sale of Mortgage Loans Concurrently with the execution and delivery of this Agreement, the Seller does hereby transfer, assign, set over, deposit with and otherwise convey to the Depositor, without recourse, subject to Sections 1.03 and 1.04, all the right, title and interest of the Seller in and to the Mortgage Loans identified on Schedules A and B hereto, having an approximate aggregate principal balance of $1,037,120,000. Such conveyance includes, without limitation, the right to all distributions of principal and interest received on or with respect to the Mortgage Loans on and after the Cut-off Date, other than payments of principal and interest due on or before such date, and all such payments due after such date but received prior to such date and intended by the related Mortgagors to be applied after such date, all Prepayment Charges received on or with respect to the Mortgage Loans on or after the Cut-off Date, together with all of the Seller’s right, title and interest in and to each related account and all amounts from time to time credited to and the proceeds of such account, any REO Property and the proceeds thereof, the Seller’s rights under any Insurance Policies relating to the Mortgage Loans, the Seller’s security interest in any collateral pledged to secure the Mortgage Loans, including the Mortgaged Properties, and any proceeds of the foregoing. Concurrently with the execution and delivery of this Agreement, the Seller hereby assigns to the Depositor all of its rights and interest under each Transfer Agreement and each Servicing Agreement, other than any servicing rights retained thereunder, and delegates to the Depositor all of its obligations thereunder, to the extent relating to the Mortgage Loans. The Seller and the Depositor further agree that this Agreement incorporates the terms and conditions of any assignment and assumption agreement or other assignment document required to be entered into under any of the Transfer Agreements (any such document an “Assignment Agreement”) and that this Agreement constitutes an Assignment Agreement under such Transfer Agreement, and the Depositor hereby assumes the obligations of the assignee under each such Assignment Agreement. Concurrently with the execution hereof, the Depositor tenders the purchase price set forth in that certain Terms Letter dated as of the date hereof, the form of which is attached as Exhibit B hereto (the “Purchase Price”). The Depositor hereby accepts such assignment and delegation, and shall be entitled to exercise all the rights of the Seller under each Transfer Agreement and each Servicing Agreement, other than any servicing rights thereunder, as if the Depositor had been a party to each such agreement.

  • Master Servicer to Service Mortgage Loans For and on behalf of the Certificateholders, the Master Servicer shall service and administer the Mortgage Loans in accordance with the terms of this Agreement and customary and usual standards of practice of prudent mortgage loan servicers. In connection with such servicing and administration, the Master Servicer shall have full power and authority, acting alone and/or through Subservicers as provided in Section 3.02 hereof, subject to the terms hereof (i) to execute and deliver, on behalf of the Certificateholders and the Trustee, customary consents or waivers and other instruments and documents, (ii) to consent to transfers of any Mortgaged Property and assumptions of the Mortgage Notes and related Mortgages (but only in the manner provided in this Agreement), (iii) to collect any Insurance Proceeds and other Liquidation Proceeds (which, for the purpose of this Section, includes any Subsequent Recoveries), and (iv) to effectuate foreclosure or other conversion of the ownership of the Mortgaged Property securing any Mortgage Loan; provided that the Master Servicer shall not take any action that is inconsistent with or prejudices the interests of the Trust Fund or the Certificateholders in any Mortgage Loan or the rights and interests of the Depositor, the Trustee and the Certificateholders under this Agreement. The Master Servicer shall represent and protect the interests of the Trust Fund in the same manner as it protects its own interests in mortgage loans in its own portfolio in any claim, proceeding or litigation regarding a Mortgage Loan, and shall not make or permit any modification, waiver or amendment of any Mortgage Loan which would cause any REMIC created hereunder to fail to qualify as a REMIC or result in the imposition of any tax under Section 860F(a) or Section 860G(d) of the Code. Without limiting the generality of the foregoing, the Master Servicer, in its own name or in the name of the Depositor and the Trustee, is hereby authorized and empowered by the Depositor and the Trustee, when the Master Servicer believes it appropriate in its reasonable judgment, to execute and deliver, on behalf of the Trustee, the Depositor, the Certificateholders 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 Mortgage Loans, and with respect to the Mortgaged Properties held for the benefit of the Certificateholders. The Master Servicer shall prepare and deliver to the Depositor and/or the Trustee such documents requiring execution and delivery by either or both of them as are necessary or appropriate to enable the Master Servicer to service and administer the Mortgage Loans to the extent that the Master Servicer is not permitted to execute and deliver such documents pursuant to the preceding sentence. Upon receipt of such documents, the Depositor and/or the Trustee shall execute such documents and deliver them to the Master Servicer. The Master Servicer further is authorized and empowered by the Trustee, on behalf of the Certificateholders and the Trustee, in its own name or in the name of the Subservicer, when the Master Servicer or the Subservicer, as the case may be, believes it appropriate in its best judgment to register any Mortgage Loan on the MERS(R) System, or cause the removal from the registration of any Mortgage Loan on the MERS(R) System, to execute and deliver, on behalf of the Trustee and the Certificateholders or any of them, any and all instruments of assignment and other comparable instruments with respect to such assignment or re-recording of a Mortgage in the name of MERS, solely as nominee for the Trustee and its successors and assigns. In accordance with the standards of the preceding paragraph, the Master Servicer shall advance or cause to be advanced funds as necessary for the purpose of effecting the payment of taxes and assessments on the Mortgaged Properties, which advances shall be reimbursable in the first instance from related collections from the Mortgagors pursuant to Section 3.06, and further as provided in Section 3.08. The costs incurred by the Master Servicer, if any, in effecting the timely payments of taxes and assessments on the Mortgaged Properties and related insurance premiums shall not, for the purpose of calculating monthly distributions to the Certificateholders, be added to the Stated Principal Balances of the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit.

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