Servicing and Subservicing. The Seller hereby agrees, for the benefit of the Buyers, to service or contract with Subservicers to service the Purchased Loans in accordance with this Agreement and Accepted Servicing Practices. The Seller’s fees for its duties as Servicer, until terminated under Section 19.7, shall be twenty-five (25) basis points per annum on the unpaid principal balance of each Purchased Loan, payable from Income in accordance with the provisions of Section 8.2. The Servicer shall, and shall cause each Subservicer to, (a) comply with all applicable Federal, State and local laws and regulations in all material respects, (b) maintain all state and federal licenses necessary for it to perform its servicing responsibilities hereunder and (c) not impair the rights of the Buyers in any Purchased Loans or any payment thereunder. The Agent may terminate the servicing of any Purchased Loan with the then existing Servicer in accordance with Section 19.7. The Seller shall not be entitled to any servicing fee or other compensation in connection with its performance of the servicing responsibilities with respect to the Purchased Loans except to the extent that the Seller is Servicer. Nothing in this Section 19.2 shall be deemed to impair the rights of any Subservicer to fees and other compensation to which it is entitled under the applicable Servicing Agreement.
Servicing and Subservicing. Seller hereby agrees, for the benefit of the Buyers, to service or contract with Servicer and Subservicers to service the Purchased Loans in accordance with Accepted Servicing Practices. Seller’s fees for its duties as Servicer, until terminated under Section 19.7, shall be 25 basis points per annum on the unpaid principal balance of each Purchased Loan, payable from Income in accordance with the provisions of Section 8.2. Servicer shall (i) comply with all applicable federal, state and local laws and regulations in all material respects, (ii) maintain all state and federal licenses necessary for it to perform its servicing responsibilities hereunder and (iii) not impair the rights of Buyers in any Purchased Loans or any payment thereunder. Administrative Agent may terminate the servicing of any Purchased Loan with the then existing Servicer in accordance with Section 19.7. Seller shall not be entitled to any servicing fee or other compensation in connection with its performance of the servicing responsibilities with respect to the Purchased Loans except to the extent that Seller is Servicer; provided that nothing in this Section 19.2 shall be deemed to impair the rights of any Subservicer to fees and other compensation to which it is entitled under the applicable Servicing Agreement.
Servicing and Subservicing. The Seller hereby agrees, for the benefit of the Buyers, to service or contract with Subservicers to service the Purchased Loans in accordance
Servicing and Subservicing. Subject to limitations contained herein to the contrary, and provided no Event of Default has occurred and is continuing, Borrower or its designee shall service and administer the Eligible Notes and the Note Mortgages in its own name (or in name of a subservicer designee). Such administration shall include, without limitation, corresponding and negotiating with the makers and/or guarantors of the Eligible Notes, collection or other proceedings under and pursuant to the Eligible Notes and related documents, entering into agreements with the makers and/or guarantors of the Eligible Notes, and taking such action as Borrower deems necessary and/or appropriate to collect upon the Eligible Notes. Borrower shall provide to Lender true and correct copies of any existing servicing or subservicing agreements that relate to the Eligible Notes, and if requested by Lender, Borrower will cause any servicer or subservicer of the Eligible Notes to enter into an acknowledgment agreement or another agreement with Lender in form and substance reasonably satisfactory to Lender pursuant to which such servicer or subservicer acknowledges Lender's interest in the servicing rights. Without the prior written consent of Lender, Borrower shall not enter any amendment of any existing servicing or subservicing agreement that relates to the Eligible Notes, which would reasonably be expected to have an adverse effect on any of the rights of Lender under the Loan Documents, provided that the foregoing shall not prohibit Borrower from waiving any non-material default by a servicer under a servicing agreement. Further, Borrower shall not enter into any new servicing or subservicing agreement that relates to the Eligible Notes unless and until (i) Lender has reviewed and approved such agreement in writing (such approval not to be unreasonably conditioned, delayed or withheld) and (ii) the new servicer or subservicer has entered into an acknowledgment agreement or another agreement with Lender in form and substance reasonably satisfactory to Lender pursuant to which such servicer or subservicer acknowledges Lender's interest in the servicing rights.
