Trustee to Act as Master Servicer or Servicer. In the event that (A) the Master Servicer shall for any reason no longer be Master Servicer hereunder or (B) the Servicer shall for any reason no longer be the Servicer hereunder and the Master Servicer shall for any reason no longer be Master Servicer hereunder (including, in each case, by reason of an Event of Default), the Trustee or its successor shall thereupon assume all of the rights and obligations of the Master Servicer or the Servicer hereunder arising thereafter (except that the Trustee shall not be (i) liable for losses of the Master Servicer or the Servicer or any acts or omissions of the related predecessor of the Master Servicer or the Servicer hereunder, (ii) obligated to make P&I Advances or Servicing Advances if it is prohibited from doing so by applicable law, (iii) obligated to effectuate repurchases or substitutions of Mortgage Loans hereunder including, but not limited to, repurchases or substitutions of Mortgage Loans pursuant to Section 2.05 hereof or (iv) deemed to have made any representations and warranties of the Master Servicer or the Servicer hereunder).
Appears in 6 contracts
Samples: Pooling and Servicing Agreement (Asset Backed Securities Corp), Pooling and Servicing Agreement (Asset Backed Pass-Through Certificates, Series 2004-He6), Pooling and Servicing Agreement (Asset Backed Pass-Through Certificates, Series 2004-He8)
