Common use of Act as Servicer Clause in Contracts

Act as Servicer. (a) Upon receipt of a Notice of Event of Default from Buyer (“Notice of Event of Default”) in which Buyer shall identify the mortgage loans which are then pledged to Buyer under the Repurchase Agreement (the “Mortgage Loans”), the Servicer shall segregate all amounts collected on account of such Mortgage Loans, hold them in trust for the sole and exclusive benefit of Buyer, and remit such collections, net of any servicing fees and advances then due and owing pursuant to the written agreement between Servicer and Seller, in accordance with Buyer’s written instructions. Following such Notice of Event of Default, Servicer shall follow the instructions of Buyer with respect to the Mortgage Loans, including, without limitation, any instructions to transfer servicing, and shall deliver to Buyer any information with respect to the Mortgage Loans reasonably requested by Buyer. (b) Servicer further acknowledges that notwithstanding any prior owner of the Repurchase Assets, or any other agreement between such prior owner and the Servicer, Buyer’s rights are superior to any other claim by any party and Servicer shall follow the directions of Buyer and no other party, including, without limitation, the URC and the Seller. (c) Notwithstanding any contrary information which may be delivered to the Servicer by Seller, the Servicer may conclusively rely on any information or Notice of Event of Default delivered by Buyer, and Seller shall indemnify and hold the Servicer harmless for any and all claims asserted against it for any actions taken in good faith by the Servicer in connection with the delivery of such information or Notice of Event of Default.

Act as Servicer. (a) Upon receipt of a Notice notice of Event of Default from Buyer Purchaser (“Notice of Event of Default”) in which Buyer Purchaser shall identify the mortgage loans Related Mortgage Loans which are then pledged to Buyer Purchaser under the Repurchase Agreement (the “Mortgage Loans”)Purchase and Sale Agreement, the Servicer shall segregate all amounts collected on account of such Related Mortgage Loans, hold them in trust for the sole and exclusive benefit of BuyerPurchaser, and remit such collections, net of any servicing fees and advances then due and owing pursuant to the written agreement between Servicer and Seller, collections in accordance with BuyerPurchaser’s written instructions. Following such Notice of Event of Default, Servicer shall follow the instructions of Buyer Purchaser with respect to the Related Mortgage Loans, including, without limitation, any instructions to transfer servicing, and shall deliver to Buyer Purchaser any information with respect to the Related Mortgage Loans reasonably requested by BuyerPurchaser. (b) Servicer further acknowledges that notwithstanding any prior owner of the Repurchase Assets, or any other agreement between such prior owner and the Servicer, Buyer’s rights are superior to any other claim by any party and Servicer shall follow the directions of Buyer and no other party, including, without limitation, the URC and the Seller. (c) Notwithstanding any contrary information which may be delivered to the Servicer by SellerSeller or a Guarantor, the Servicer may conclusively rely on any information or Notice of Event of Default delivered by BuyerPurchaser, and Seller and Guarantors shall indemnify and hold the Servicer harmless for any and all claims asserted against it for any actions taken in good faith by the Servicer in connection with the delivery of such information or Notice of Event of Default.

Act as Servicer. (a) Upon receipt of a Notice of Event of Default from Buyer Administrative Agent (“Notice of Event of Default”) in which Buyer Administrative Agent shall identify the mortgage loans Purchased Mortgage Loans which are then pledged to Buyer Administrative Agent under the Repurchase Agreement (the “Mortgage Loans”)Agreement, the Servicer shall segregate all amounts collected on account of such Purchased Mortgage Loans, hold them in trust for the sole and exclusive benefit of BuyerAdministrative Agent, and remit such collections, net of any servicing fees and advances then due and owing pursuant to the written agreement between Servicer and Seller, collections in accordance with BuyerAdministrative Agent’s written instructions. Following such Notice of Event of Default, Servicer shall follow the instructions of Buyer Administrative Agent with respect to the Purchased Mortgage Loans, including, without limitation, any instructions to transfer servicing, and shall deliver to Buyer Administrative Agent any information with respect to the Purchased Mortgage Loans reasonably requested by BuyerAdministrative Agent. (b) Servicer further acknowledges that notwithstanding any prior owner of the Repurchase Assets, or any other agreement between such prior owner and the Servicer, BuyerAdministrative Agent’s rights are superior to any other claim by any party and Servicer shall follow the directions of Buyer Administrative Agent and no other party, including, without limitation, the URC and the Seller. (c) Notwithstanding any contrary information which may be delivered to the Servicer by Seller, the Servicer may conclusively rely on any information or Notice of Event of Default delivered by BuyerAdministrative Agent, and Seller shall indemnify and hold the Servicer harmless for any and all claims asserted against it for any actions taken in good faith by the Servicer in connection with the delivery of such information or Notice of Event of Default.

Act as Servicer. (a) Upon receipt of a Notice notice of Event of Default from Buyer (“Notice of Event of Default”) in which Buyer shall identify the mortgage loans Purchased Mortgage Loans which are then pledged to Buyer under the Repurchase Agreement (the “Mortgage Loans”)Agreement, the Servicer shall segregate all amounts collected on account of such Purchased Mortgage Loans, hold them in trust for the sole and exclusive benefit of Buyer, and remit such collections, net of any servicing fees and advances then due and owing pursuant to the written agreement between Servicer and Seller, collections in accordance with Buyer’s written instructions. Following such Notice of Event of Default, Servicer shall follow the instructions of Buyer with respect to the Purchased Mortgage Loans, including, without limitation, any instructions to transfer servicing, and shall deliver to Buyer any information with respect to the Purchased Mortgage Loans reasonably requested by Buyer. (b) Servicer further acknowledges that notwithstanding any prior owner of the Repurchase Assets, or any other agreement between such prior owner and the Servicer, Buyer’s rights are superior to any other claim by any party and Servicer shall follow the directions of Buyer and no other party, including, without limitation, the URC and the Seller. (c) Notwithstanding any contrary information which may be delivered to the Servicer by SellerSeller or Guarantor, the Servicer may conclusively rely on any information or Notice of Event of Default delivered by Buyer, and Seller and Guarantor shall indemnify and hold the Servicer harmless for any and all claims asserted against it for any actions taken in good faith by the Servicer in connection with the delivery of such information or Notice of Event of Default.

Act as Servicer. (a) Upon receipt of a Notice of Event of Default from Buyer (“Notice of Event of Default”) in which Buyer shall identify the mortgage loans Purchased Mortgage Loans which are then pledged to Buyer under the Repurchase Agreement (the “Mortgage Loans”)Agreement, the Servicer shall segregate all amounts collected on account of such Purchased Mortgage Loans, hold them in trust for the sole and exclusive benefit of Buyer, and remit such collections, net of any servicing fees and advances then due and owing pursuant to the written agreement between Servicer and Seller, collections in accordance with Buyer’s written instructions. Following such Notice of Event of Default, Servicer shall follow the instructions of Buyer with respect to the Purchased Mortgage Loans, including, without limitation, any instructions to transfer servicing, and shall deliver to Buyer any information with respect to the Purchased Mortgage Loans reasonably requested by Buyer. (b) Servicer further acknowledges that notwithstanding any prior owner of the Repurchase Assets, or any other agreement between such prior owner and the Servicer, Buyer’s rights are superior to any other claim by any party and Servicer shall follow the directions of Buyer and no other party, including, without limitation, the URC and the Seller. (c) Notwithstanding any contrary information which may be delivered to the Servicer by Seller, the Servicer may conclusively rely on any information or Notice of Event of Default delivered by Buyer, and Seller shall indemnify and hold the Servicer harmless for any and all claims asserted against it for any actions taken in good faith by the Servicer in connection with the delivery of such information or Notice of Event of Default.