LIABILITY OF OMI AND THE SERVICER Sample Clauses

The 'Liability of OMI and the Servicer' clause defines the extent to which OMI and the Servicer are responsible for losses, damages, or claims arising from their actions or omissions under the agreement. Typically, this clause outlines specific circumstances where liability is accepted or excluded, such as cases involving negligence, willful misconduct, or breach of contract, and may set limits on the amount recoverable. Its core practical function is to allocate risk between the parties by clarifying when and how OMI and the Servicer can be held accountable, thereby reducing uncertainty and potential disputes over responsibility.
LIABILITY OF OMI AND THE SERVICER. OMI and the Servicer each shall be liable in accordance with the terms of the Pooling and Servicing Agreement only to the extent of the obligations specifically imposed by the Pooling and Servicing Agreement and undertaken hereunder by OMI or the Servicer, respectively.
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LIABILITY OF OMI AND THE SERVICER. 55 Section 6.02 OMI'S REPRESENTATIONS AND WARRANTIES........................ 55 Section 6.03
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Related to LIABILITY OF OMI AND THE SERVICER

  • Liability of the Seller and the Master Servicer The Seller and the Master Servicer shall each be liable in accordance herewith only to the extent of the obligations specifically imposed by this Agreement and undertaken hereunder by the Seller and the Master Servicer.

  • Liability of the Servicer Notwithstanding any Subservicing Agreement, any of the provisions of this Agreement relating to agreements or arrangements between the Servicer and a Subservicer or reference to actions taken through a Subservicer or otherwise, the Servicer shall remain obligated and primarily liable to the Trustee for the servicing and administering of the Mortgage Loans in accordance with the provisions of Section 3.01 without diminution of such obligation or liability by virtue of such Subservicing Agreements or arrangements or by virtue of indemnification from the Subservicer and to the same extent and under the same terms and conditions as if the Servicer alone were servicing and administering the Mortgage Loans. The Servicer shall be entitled to enter into any agreement with a Subservicer for indemnification of the Servicer by such Subservicer and nothing contained in this Agreement shall be deemed to limit or modify such indemnification.

  • Liability of the Seller The Seller shall be liable in accordance herewith only to the extent of the obligations in this Agreement specifically undertaken by the Seller and with respect to its representations and warranties expressly set forth hereunder.

  • Respective Liabilities of the Depositor and the Servicer The Depositor and the Servicer shall each be liable in accordance herewith only to the extent of the obligations specifically and respectively imposed upon and undertaken by them herein.

  • Liability of the Depositor and the Master Servicer The Depositor and the Master Servicer each shall be liable in accordance herewith only to the extent of the obligations specifically imposed by this Agreement and undertaken hereunder by the Depositor and the Master Servicer herein.