The Servicers Clause Samples
The Servicers. (a) The Servicer shall service and administer the Mortgage Loans in the same manner as would prudent institutional mortgage lenders servicing comparable mortgage loans for their own account in the jurisdictions where the related Mortgaged Properties are located and in a manner consistent with the terms of this Servicing Agreement and which shall be normal and usual in its general mortgage servicing activities and shall have full power and authority, acting alone or through a subservicer, to do any and all things in connection with such servicing and administration which it may deem necessary or desirable, it being understood, how ever, that the Servicer shall at all times remain responsible to the Company, the Indenture Trustee, as pledgee of the Mortgage Collateral, and the Securityholders for the performance of its duties and obligations hereunder in accordance with the terms hereof and the servicing standard set forth above. Without limiting the generality of the foregoing, the Servicer shall continue, and is hereby authorized and empowered by the Company and the Indenture Trustee, as pledgee of the Mortgage Collateral, to execute and deliver, on behalf of itself, the Company, the Securityholders and the Indenture Trustee 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. The Company, the Indenture Trustee and the Custodian, as applicable, shall furnish the Servicer with any powers of attorney and other documents necessary or appropriate to enable the Servicer to carry out its servicing and administrative duties hereunder. On the Closing Date, the Company shall deliver to the Servicer a power of attorney substantially in the form of Exhibit B hereto. If the Mortgage relating to a Mortgage Loan did not have a lien senior on the related Mortgaged Property as of the Cut-Off Date, then the Servicer, in such capacity, may not consent to the placing of a lien senior to that of the Mortgage on the related Mortgaged Property. If the Mortgage relating to a Mortgage Loan had a lien senior to the Mortgage Loan on the related Mortgaged Property as of the Cut-Off Date, then the Servicer, in such capacity, may consent to the refinancing of such senior lien; PROVIDED that (i) the resulting Combined Loan-to-Value Ratio of such Mortgage Loan is no higher than the Combined Loan-to-Value Rati...
The Servicers. (a) Each Servicer, severally and not jointly, either itself or through a subservicer, shall service and administer the related Loans in accordance with this Servicing Agreement and Accepted Servicing Practices, and shall have full power and authority, acting alone, to do or cause to be done any and all things in connection with such servicing and administration which the related Servicer may deem necessary or desirable and consistent with the terms of this Servicing Agreement and with Accepted Servicing Practices. The Master Servicer shall, in accordance with Section 3.20 of this Agreement, master service and administer the Loans by overseeing and enforcing the servicing of the Loans by the related Servicer according to the terms of this Agreement. Each Servicer shall service and administer the related Loans through the exercise of the same care that it customarily employs for its own account. The Loans “related” to a Servicer and for which such Servicer will be obligated to service hereunder are those Loans for which the Loan Schedule identifies being serviced by such Servicer. In no event shall any Servicer have any responsibility or liability with respect to any of the Loans serviced by the other Servicers. Notwithstanding anything in this Agreement, any Subservicing Agreement or Credit Risk Management Agreement to the contrary, none of Wilshire, Ocwen, PNC nor SPS shall have any duty or obligation to enforce any Credit Risk Management Agreement to which it is not a party or to supervise, monitor or oversee the activities of the Credit Risk Manager under its Credit Risk Management Agreement (if applicable) with respect to any action taken or not taken by any other Servicer, pursuant to a recommendation of the Credit Risk Manager. Consistent with the terms of this Servicing Agreement and subject to the final sentence of this Section 3.01(a), each Servicer may waive, modify or vary any term of any Loan or consent to the postponement of any such term or in any manner grant indulgence to any Mortgagor if in the related Servicer’s reasonable and prudent determination such waiver, modification, postponement or indulgence is not materially adverse to the Indenture Trustee or the Securityholders. Without limiting the generality of the foregoing, each Servicer shall continue, and is hereby authorized and empowered, to prepare, execute and deliver, all instruments of satisfaction or cancellation, or of partial or full release, discharge and all other comparable i...
The Servicers