Interim Subservicer definition
Examples of Interim Subservicer in a sentence
Notwithstanding any inconsistent or contrary provision of this Agreement, neither any Interim Subservicer nor any Interim Servicing Agreement shall be subject to the foregoing provisions during the Interim Servicing Period for any related Mortgage Loan.
Except as otherwise provided in the Assignment Agreements with respect to the Servicer’s and each Interim Subservicer’s servicing compensation for the month in which servicing is transferred from such Interim Subservicer to the Servicer, as compensation for its activities hereunder, the Servicer shall be entitled to the Servicing Fee with respect to each Mortgage Loan serviced by it payable solely from payments of interest in respect of such Mortgage Loan, subject to Section 3.22.
Notwithstanding anything to the contrary herein, the Master Servicer shall have no obligation to supervise, monitor or oversee the performance of any Interim Subservicer.
In addition, for so long as the Interim Subservicer is subservicing any Mortgage Loans, it shall provide no later than the Business Day prior to the Business Day on which the Servicer is required to deliver the Remittance Report, a report in form and substance to be agreed upon by the Interim Subservicer and the Servicer regarding such Mortgage Loans, to be utilized by the Servicer in preparing the Remittance Report.
The Depositor, the Interim Subservicer, the Master Servicer and the Servicer acknowledge that the Depositor’s right, title and interest in and to the servicing rights with respect to the Mortgage Loans are being transferred as of the Closing Date to the Servicer, subject to the Servicer’s obligations herein.
For the avoidance of doubt, at all times prior to Interim Subservicer’s receipt of a Notice of Event of Default, Interim Subservicer shall segregate all amounts collected on account of the Collateral, hold them in trust for the sole and exclusive benefit of Borrower and shall remit collections to, provide information to, and take direction solely from Borrower (and not Bank or Seller).
The Interim Subservicer shall also, with the Servicer, review and, if necessary, revise the Delegated Authority Guidelines on a periodic basis (no less than quarterly) following the Closing Date to optimize the servicing guidelines prescribed therein.
To the extent the Interim Subservicer does not exercise this option on any applicable Distribution Date, the Servicer may exercise such option.
In addition, as necessary for the Interim Subservicer’s accounting and reporting requirements, the Servicer shall (i) provide the Interim Subservicer with access to the Servicer’s servicing systems and servicing data and (ii) cooperate with the Interim Subservicer should the Interim Subservicer need to validate such data.
Prior to the final Servicing Transfer Date, the Depositor shall use reasonable efforts to cause the Interim Subservicer to comply with each of the servicing transfer requirements set forth in the Servicing Transfer Procedures set forth on Exhibit N hereto or otherwise as agreed to by the Interim Subservicer and the Servicer and in accordance with Customary Servicing Procedures.