Common use of Subservicing of Mortgage Loans Clause in Contracts

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.

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, 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.