Master Servicer May Own Certificates. Each of the Master Servicer and any affiliate of the Master Servicer may in its individual or any other capacity become the owner or pledgee of Certificates with the same rights as it would have if it were not the Master Servicer or an affiliate thereof except as otherwise specifically provided herein. Certificates so owned by or pledged to the Master Servicer or such affiliate shall have an equal and proportionate benefit under the provisions of this Agreement, without preference, priority, or distinction as among all of the Certificates, provided that any Certificates owned by the Master Servicer or any Affiliate thereof, during the time such Certificates are owned by them, shall be without voting rights for any purpose set forth in this Agreement. The Master Servicer shall notify the Trustee and the Certificate Insurer promptly after it or any of its affiliates becomes the owner or pledgee of a Certificate.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Mego Mortgage Corp), Pooling and Servicing Agreement (Mego Financial Corp)