Contract for Servicing; Possession of Servicing Files Clause Samples

Contract for Servicing; Possession of Servicing Files. The Seller, by execution and delivery of this Agreement, does hereby contract with the Servicer, subject to the terms of this Agreement, for the servicing of the Mortgage Loans. On or before the Closing Date or Servicing Transfer Date, as applicable, the Seller shall cause to be delivered the Servicing Files with respect to the Mortgage Loans listed on the Mortgage Loan Schedule to the Servicer. Each Servicing File delivered to a Servicer shall be held in trust by such Servicer for the benefit of the Trustee; provided, however, that the Servicer shall have no liability for any Servicing Files (or portions thereof) not delivered by the Seller. The Servicer’s possession of any portion of the Mortgage Loan documents shall be at the will of the Trustee for the sole purpose of facilitating servicing of the related Mortgage Loan pursuant to this Agreement, and such retention and possession by the Servicer shall be in a custodial capacity only. The ownership of each Mortgage Note, Mortgage, and the contents of the Servicing File shall be vested in the Trustee and the ownership of all records and documents with respect to the related Mortgage Loan prepared by or which come into the possession of the Servicer shall immediately vest in the Trustee and shall be retained and maintained, in trust, by the Servicer at the will of the Trustee in such custodial capacity only. The portion of each Servicing File retained by the Servicer pursuant to this Agreement shall be segregated from the other books and records of the Servicer and shall be appropriately marked to clearly reflect the ownership of the related Mortgage Loan by the Trustee. The Servicer shall release from its custody the contents of any Servicing File retained by it only in accordance with this Agreement.
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Contract for Servicing; Possession of Servicing Files. The Seller, by execution and delivery of this Agreement, does hereby contract with the Servicer, subject to the terms of this Agreement, for the servicing of the Securitized Loans. On or before each Closing Date, the Seller shall cause to be delivered to the Servicer or to the Sub-Servicer the Servicing Files with respect to the Securitized Loans listed in the schedule attached to the applicable Transfer Notice. Each Servicing File delivered to the Servicer shall be held in trust by the Servicer for the benefit of the Trust; provided, however, that the Servicer shall have no liability for any Servicing Files (or portions thereof) not delivered by the Seller. The Servicer's possession of any portion of the Securitized Loan documents shall be on behalf of the Trust for the sole purpose of facilitating servicing of the related Securitized Loan pursuant to this Agreement, and such retention and possession by the Servicer shall be in a custodial capacity
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Contract for Servicing; Possession of Servicing Files. (a) Owner shall notify Servicer not less than thirty (30) calendar days (or as otherwise mutually agreed upon by Owner and Servicer) prior to any proposed Servicing Commencement Date that it desires to have Servicer service the Mortgage Loans in the related Asset Pool pursuant to the terms of this Agreement and shall forward to Servicer the related Acknowledgement Agreement and a computer readable electronic transmission of the related Asset Servicing Schedule, containing the information specified in Exhibit I to the extent available; provided, however, that such data tapes are not required to be delivered with respect to any Mortgage Loan Servicer is servicing as of the date of such Acknowledgment Agreement. In the event that Servicer elects not to service such mortgage loans pursuant to the terms hereof, Servicer shall advise Owner in writing of such election within two (2) Business Days of receipt of the foregoing notice from Owner. Otherwise, Servicer shall countersign and return the Acknowledgment Agreement to Owner within three (3) calendar days of receipt thereof and each Mortgage Loan in the related Asset Pool shall be subject to this Agreement as of the related Servicing Commencement Date. Within thirty (30) days of each Servicing Commencement Date, Owner shall pay to Servicer, in immediately available funds wired to an account designed by Servicer, the Boarding Fee attributable to each Mortgage Loan transferred to Servicer on such Servicing Commencement Date, unless Servicer was servicing such Mortgage Loan as of the date of the related Acknowledgment Agreement. (b) In accordance with Section 2.01(a), as of each Servicing Commencement Date, Owner shall be deemed to have contracted with and engaged Servicer, and Servicer shall be deemed to have accepted such engagement, to perform the servicing and administration obligations and functions set forth in this Agreement for each Asset which is identified on the related Asset Servicing Schedule. Each Asset Servicing Schedule shall supplement this Agreement and be deemed to be a part hereof and be incorporated herein by reference. As compensation for such engagement, Owner agrees to pay Servicer, and Servicer agrees to accept as payment, the Servicing Fees as set forth in the Fee Letter. Servicer shall commence the servicing of an Asset hereunder on the applicable Servicing Commencement Date with respect to such Asset. (c) With respect to each Mortgage Loan to be serviced hereunder, Owner shall use comm...
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Contract for Servicing; Possession of Servicing Files. The Buyer, by execution and delivery of this Agreement (and delivery by the Seller, for the benefit of the Buyer, of the Critical To Board Package), does hereby contract with the Servicer for the performance of, and subject to the terms of this Agreement, the Servicer agrees to the servicing of the Loans pursuant to this Agreement, such servicing duties to commence on the Transfer Date. The Servicer, by execution and delivery of this Agreement, does hereby contract with the Sub-Servicer on an interim basis for the performance of, and subject to the terms of this Agreement, the Sub-Servicer agrees on an interim basis to the servicing of the Loans pursuant to this Agreement, such sub-set of servicing duties to commence on the Transfer Date. As provided in Section 2.03(a), the Seller, for the benefit of the Buyer, shall transfer, or cause to be transferred, a copy of the Servicing File to the Servicer and the Sub-Servicer, to be held in trust for the Buyer pursuant to this Agreement.
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Contract for Servicing; Possession of Servicing Files. The Issuer, by execution and delivery of this Agreement, does hereby contract with the Servicer, subject to the terms of this Agreement, for the servicing of the Mortgage Loans that are from time to time subject to this Agreement. With respect to each Mortgage Loan listed on the Mortgage Loan Schedule as of the date of this Agreement the Issuer shall cause to be delivered or will use its Best Efforts to cause to be delivered, on or before the Closing Date, the related Servicing File to the Servicer. With respect to each Mortgage Loan that becomes subject to this Agreement at any time after the date hereof, the Issuer shall cause the Mortgage Loan Schedule to be amended to reflect the Mortgage Loans then subject to this Agreement and shall cause to be
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Contract for Servicing; Possession of Servicing Files. The Owner, by execution and delivery of this Agreement (and the related Acknowledgment Agreement), does hereby contract with the Servicer, subject to the terms of this Agreement, for the servicing of the Mortgage Loans. On or before each Closing Date, the Owner shall transfer or cause to be transferred the Servicing Files with respect to the Mortgage Loans listed on the related Mortgage Loan Schedule to the Servicer. On or before each Closing Date, the Owner and Servicer shall execute and deliver an Acknowledgment Agreement, including the related Mortgage Loan Schedule, which Acknowledgment Agreement shall be deemed executed and delivered simultaneously by the Servicer to the Owner. Each Servicing File delivered to the Servicer shall be held by the Servicer to service the Mortgage Loans pursuant to this Agreement and are and shall be held in trust by the Servicer for the benefit of the Owner. In addition, on or prior to the initial Closing Date, and if requested by the Owner, any subsequent Closing Date, the Servicer shall submit to the Owner a fully executed original of an Officer’s Certificate in the form attached as Exhibit B hereto.
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Contract for Servicing; Possession of Servicing Files. From and after the Effective Date and until the earlier of: (i) such date as such Loans become a Liquidated Loan; or (ii) this Agreement is terminated in accordance with Section 7.01, Indenture Trustee appoints and contracts with Servicer as an independent contractor, subject to the terms of this Agreement, for the servicing of such Loan and the related Borrower Payment Dependent Notes. Servicer is the owner of the Servicing Rights relating to each Loan serviced by Servicer hereunder, subject to Indenture Trustee’s rights hereunder with respect to such Servicing Rights in the event of Servicer’s default hereunder.
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Contract for Servicing; Possession of Servicing Files 
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Related to Contract for Servicing; Possession of Servicing Files

  • Conveyance of Mortgage Loans; Possession of Servicing Files The Seller, simultaneously with the delivery of the Mortgage Loan Schedule with respect to the related Mortgage Loan Package to be purchased on each Closing Date, shall execute and deliver an Assignment and Conveyance Agreement in the form attached hereto as Exhibit H (the "Assignment and Conveyance Agreement"). The Seller shall cause the Servicing File retained by the Originator pursuant to this Agreement to be appropriately identified in the Seller's computer system and/or books and records, as appropriate, to clearly reflect the sale of the related Mortgage Loan to the Purchaser. The Seller shall cause the Originator to release from its custody the contents of any Servicing File retained by it only in accordance with this Agreement or the Servicing Agreement, except when such release is required in connection with a repurchase of any such Mortgage Loan pursuant to Subsection 9.03.

  • Possession of Mortgage Files The Seller does hereby sell, transfer, assign, set over and convey to the Purchaser, without recourse but subject to the terms of this Agreement, all of its right, title and interest in, to and under the Mortgage Loans, including the related Prepayment Charges. The contents of each Mortgage File not delivered to the Purchaser or to any assignee, transferee or designee of the Purchaser on or prior to the Closing Date are and shall be held in trust by the Seller for the benefit of the Purchaser or any assignee, transferee or designee of the Purchaser. Upon the sale of the Mortgage Loans, the ownership of each Mortgage Note, the related Mortgage and the other contents of the related Mortgage File is vested in the Purchaser and the ownership of all records and documents with respect to the related Mortgage Loan prepared by or that come into the possession of the Seller on or after the Closing Date shall immediately vest in the Purchaser and shall be delivered immediately to the Purchaser or as otherwise directed by the Purchaser.

  • CONVEYANCE OF MORTGAGE LOANS; POSSESSION OF MORTGAGE FILES The Company, simultaneously with the payment of the Purchase Price and with the execution and delivery to the Initial Owner of an Assignment and Conveyance with respect to the related Mortgage Loan Package does hereby sell, transfer, assign, set over and convey to the Owner, without recourse, but subject to the terms of this Agreement, all the right, title and interest of the Company in and to the Mortgage Loans, including all interest and principal received by the Company on or with respect to the Mortgage Loans after the related Cut-off Date (other than payments of principal and interest due on the Mortgage Loans on or before the related Cut-off Date). Pursuant to Section 2.03 hereof, the Company has delivered a portion of each Mortgage File to the Custodian. The contents of each Mortgage File not delivered to the Custodian are and shall be held in trust by the Company for the benefit of the Owner as the owner thereof and the Company's possession of the portion of each Mortgage File so retained is at the will of the Owner for the sole purpose of servicing the related Mortgage Loan, and such retention and possession by the Company is in a custodial capacity only. On the related Closing Date, the ownership of each Mortgage Note, Mortgage and each related Mortgage File is vested in the Owner and the ownership of all records and documents with respect to each related Mortgage Loan prepared by or which come into the possession of the Company shall immediately vest in the Owner and shall be retained and maintained, in trust, by the Company at the will of the Owner in such custodial capacity only. The Mortgage File may be retained in microfilm, microfiche, optical storage or magnetic media in lieu of hard copy. The Company shall maintain records (i) confirming the sale of the related Mortgage Loan to the Owner and (ii) confirming the Owner's ownership interest in the Mortgage File. The Company shall release from its custody the contents of any Mortgage File only in accordance with written instructions from the Owner, unless such release is required as incidental to the Company's servicing of the Mortgage Loans or is in connection with a repurchase of any Mortgage Loan or the removal of any Mortgage Loan or related REO Property from the terms of this Agreement pursuant to Section 3.03 such written instructions shall not be required.

  • Review of Custodial Files The Custodian agrees, for the benefit of Certificateholders, to review, in accordance with the provisions of Section 2.01 of the Pooling and Servicing Agreement, each Custodial File. If in performing the review required by this Section 2.3 the Custodian finds any document or documents constituting a part of a Custodial File to be missing or defective in any material respect, the Custodian shall promptly so notify the Seller, the Master Servicer and the Trustee.

  • Complete Servicing File All documents comprising the Servicing File will be or have been delivered to the Master Servicer with respect to each Mortgage Loan by the deadlines set forth in the Pooling and Servicing Agreement and/or this Agreement.