The Subservicer Sample Clauses
The "Subservicer" clause defines the rights and responsibilities of a party (the subservicer) that is engaged to perform servicing duties on behalf of the primary servicer in a contractual arrangement, often in the context of loan or asset management. This clause typically outlines the scope of the subservicer's authority, the standards they must adhere to, and the circumstances under which they may be appointed or replaced. For example, it may specify that the subservicer must follow the same servicing guidelines as the primary servicer and report regularly to the contracting parties. The core function of this clause is to ensure that servicing obligations can be delegated while maintaining oversight and accountability, thereby facilitating efficient management and continuity of service.
The Subservicer. The parties acknowledge that the Servicer intends to appoint the Subservicer as the Servicer's agent for the purpose of servicing on the Servicer's behalf such of the Mortgage Loans as were originated in the State of New Jersey. The Servicer agrees to cause the Subservicer to service such Mortgage Loans in a manner consistent with the Accepted Servicing Practices set forth in this Agreement, and agrees that receipt by the Subservicer of any and all amounts which by the terms hereof are required to be deposited in the Collection Account shall constitute receipt thereof by the Servicer for all purposes hereof as of the date so received by the Subservicer. Notwithstanding such designation of the Subservicer, the Servicer agrees that it is, and it shall remain, fully obligated under the terms hereof as Servicer with respect to all such Mortgage Loans, and nothing herein shall relieve or release the Servicer from its obligations to the other parties hereto to service such Mortgage Loans in the manner provided in this Agreement.
The Subservicer. 25 Section 7.01.
The Subservicer. The Subservicer makes the following representations and warranties on which the Trust, the Indenture Trustee and the Trust Collateral Agent rely in accepting the Receivables in trust and in connection with the performance by each of the Trust Collateral Agent and the Back-up Servicer of its obligations hereunder and the Note Insurer relies in issuing the Note Policy. The representations and warranties speak as of the execution and delivery of this Agreement, on the Closing Date, and as of each Subsequent Transfer Date, but shall survive each sale of the Receivables to the Trust and the subsequent pledge thereof to the Indenture Trustee pursuant to the Indenture:
The Subservicer. 56 SECTION 5.14 REPORTS TO THE TRUSTEE; COLLECTION ACCOUNT STATEMENTS............................................57 SECTION 5.15 OPTIONAL PURCHASE OF DEFAULTED MORTGAGE LOANS....................................................57 SECTION 5.16 REPORTS TO BE PROVIDED BY THE SERVICER...........................................................58 SECTION 5.17 ADJUSTMENT OF SERVICING COMPENSATION IN RESPECT OF PREPAID MORTGAGE LOANS........................58 SECTION 5.18 PERIODIC ADVANCES; SPECIAL ADVANCE...............................................................58 SECTION 5.19 INDEMNIFICATION; THIRD PARTY CLAIMS..............................................................59 SECTION 5.20 MAINTENANCE OF CORPORATE EXISTENCE AND LICENSES; MERGER OR CONSOLIDATION OF THE SERVICER......
The Subservicer