Monitoring of Servicer Sample Clauses
The 'Monitoring of Servicer' clause establishes the right and procedures for overseeing the activities and performance of the party responsible for servicing assets or obligations under an agreement. Typically, this clause allows the other party or a designated agent to review records, request reports, or conduct audits to ensure the servicer is fulfilling its duties in accordance with the contract. By implementing such oversight, the clause helps maintain transparency, ensures compliance with agreed standards, and mitigates the risk of mismanagement or negligence by the servicer.
Monitoring of Servicer. The Master Servicer shall be responsible for reporting to the Trustee, the Trust Administrator and the Depositor the non-compliance by the Servicer with its duties under this Agreement. In the review of the Servicer’s activities, the Master Servicer may rely upon an Officers’ Certificate of the Servicer (or similar document signed by a Servicing Officer of the Servicer) with regard to the Servicer’s compliance with the terms of this Agreement. In the event that the Master Servicer, in its good faith judgment, determines that the Servicer should be terminated in accordance with the terms hereof, or that a notice should be sent pursuant to the terms hereof with respect to the occurrence of an event that, unless cured, would constitute grounds for such termination, the Master Servicer shall notify the Depositor, the Trust Administrator and the Trustee thereof and the Master Servicer shall issue such notice or take such other action as it deems appropriate. The Master Servicer (or if the Master Servicer is the Servicer, the Trustee), for the benefit of the Certificateholders, shall enforce the obligations of the Servicer under this Agreement, and shall, in the event that it receives notice and confirms that the Servicer has failed to perform its obligations in accordance with this Agreement, subject to the preceding paragraph, terminate the rights and obligations of the Servicer hereunder and in accordance with the provisions of Article VII of this Agreement and act as Servicer of the Mortgage Loans or appoint a successor servicer; provided, however, it is understood and acknowledged by the parties hereto that there will be a period of transition (not to exceed 90 days) before the actual servicing functions can be fully transferred to such successor servicer. Such enforcement, including, without limitation, the legal prosecution of claims and the pursuit of other appropriate remedies, shall be in such form and carried out to such an extent and at such time as the Master Servicer or Trustee, as applicable, in its good faith business judgment, would require were it the owner of the Mortgage Loans. The Master Servicer or the Trustee, as applicable, shall pay the costs of such enforcement at its own expense, provided that the Master Servicer or the Trustee, as applicable, shall not be required to prosecute or defend any legal action except to the extent that the Master Servicer or the Trustee, as applicable, shall have received reasonable indemnity for its costs a...
Monitoring of Servicer. 94- SECTION 4.04. Fidelity Bond................................................................................-95- SECTION 4.05. Power to Act; Procedures.....................................................................-95- SECTION 4.06. Due-on-Sale Clauses; Assumption Agreements...................................................-96- SECTION 4.07. Reserved.....................................................................................-96-
Monitoring of Servicer. Fidelity Bond.
Monitoring of Servicer. Section 3.03. Fidelity Bond
Monitoring of Servicer. 43 Section 3.04 Fidelity Bond...............................................................................44 Section 3.05 Power to Act; Procedures....................................................................44 Section 3.06 Due-on-Sale Clauses; Assumption Agreements..................................................45 Section 3.07 Release of Mortgage Files...................................................................45
Monitoring of Servicer. 143 Section 11.03. Fidelity Bond.......................................................... 143 Section 11.04. Power to Act; Procedures............................................... 144 Section 11.05. Documents, Records and Funds in Possession of Master Servicer to Be Held for Trustee.................................................... 144 Section 11.06. Trustee to Retain Possession of Certain Insurance Policies and Documents.............................................................. 145 Section 11.07. Compensation for the Master Servicer and the Securities Administrator.......................................................... 145 Section 11.08. Annual Statement as to Compliance...................................... 145 Section 11.09. Periodic Filings....................................................... 146 Section 11.10. Obligation of the Master Servicer in Respect of Prepayment Interest Shortfalls.................................................... 146 EXHIBIT A FORMS OF CERTIFICATES EXHIBIT B-1 MORTGAGE LOAN SCHEDULE - MORTGAGE POOL EXHIBIT B-2 MORTGAGE LOAN SCHEDULE - GROUP ONE MORTGAGE LOANS EXHIBIT B-3 MORTGAGE LOAN SCHEDULE - GROUP TWO MORTGAGE LOANS EXHIBIT C [RESERVED] EXHIBIT D FORM OF TRUSTEE CERTIFICATION EXHIBIT E-1 FORM OF CLASS R TRANSFEREE'S LETTER AND AFFIDAVIT EXHIBIT E-2 FORM OF CLASS R TRANSFEROR'S AFFIDAVIT EXHIBIT F FORM OF TRANSFEROR CERTIFICATE EXHIBIT G FORM OF INVESTMENT LETTER (ACCREDITED INVESTOR) EXHIBIT H FORM OF RULE 144A LETTER (QUALIFIED INSTITUTIONAL BUYER) EXHIBIT I FORM OF REQUEST FOR RELEASE EXHIBIT J [RESERVED] EXHIBIT K FORM OF OFFICER'S CERTIFICATE OF TRUSTEE EXHIBIT L FORM OF OFFICER'S CERTIFICATE OF SERVICER EXHIBIT M-1 FORM OF DELINQUENCY REPORT EXHIBIT M-2 FORM OF MONTHLY REMITTANCE ADVICE EXHIBIT M-3 FORM OF REALIZED LOSS REPORT EXHIBIT N-1 CLASS A-1 CAP CONTRACT EXHIBIT N-2 CLASS A-2 CAP CONTRACT EXHIBIT N-3 CLASS A-3/CLASS M CAP CONTRACT EXHIBIT N-4 CLASS B CAP CONTRACT EXHIBIT O-1 ONE-MONTH LIBOR CAP TABLE - CLASS A-1 CAP CONTRACT EXHIBIT O-2 ONE MONTH LIBOR CAP TABLE - CLASS A-2 CAP CONTRACT EXHIBIT O-3 ONE MONTH LIBOR CAP TABLE - CLASS A-3/CLASS M CAP CONTRACT EXHIBIT O-4 ONE MONTH LIBOR CAP TABLE - CLASS B CAP CONTRACT EXHIBIT P FORM OF POWER OF ATTORNEY EXHIBIT Q FORM OF TRANSFEROR REPRESENTATION LETTER FOR TRANSFER TO REGULATION S BOOK-ENTRY CERTIFICATE FROM A HOLDER OF A RULE 144A BOOK-ENTRY CERTIFICATE OR DEFINITIVE CERTIFICATE EXHIBIT R FORM OF TRANSFEROR REPRESENTATION LETTER FOR TRANSFER PURSU...
Monitoring of Servicer. Section 4.04. Fidelity Bond............................................................................ Section 4.05.
Monitoring of Servicer. 59 Section 3.04 Fidelity Bond ........................................................................................ 60 Section 3.05 Power to Act; Procedures ............................................................................. 60 Section 3.06 Due-on-Sale Clauses; Assumption Agreements ........................................................... 61 Section 3.07 Release of Mortgage Files ............................................................................ 61 Section 3.08 Documents, Records and Funds in Possession of Master Servicer To Be Held for Trustee ................. 62 Section 3.09 Standard Hazard Insurance and Flood Insurance Policies ............................................... 63 Section 3.10 Presentment of Claims and Collection of Proceeds ..................................................... 64 Section 3.11 Maintenance of the Primary Mortgage Insurance Policies ............................................... 64 Section 3.12 Trustee to Retain Possession of Certain Insurance Policies and Documents ............................. 65 Section 3.13 Realization Upon Defaulted Mortgage Loans ............................................................ 65 Section 3.14 Compensation for the Master Servicer ................................................................. 65 Section 3.15
Monitoring of Servicer. 104 SECTION 4.04. Fidelity Bond........................................................................105 SECTION 4.05. Power to Act; Procedures.............................................................105 SECTION 4.06. Due-on-Sale Clauses; Assumption Agreements...........................................106 SECTION 4.07. Documents, Records and Funds in Possession of Master Servicer To Be Held for Trustee..........................................................................107 SECTION 4.08. Standard Hazard Insurance and Flood Insurance Policies...............................107 SECTION 4.09. Presentment of Claims and Collection of Proceeds.....................................107 SECTION 4.10. Maintenance of Primary Mortgage Insurance Policies...................................108 SECTION 4.11. Trustee to Retain Possession of Certain Insurance Policies and Documents.............108 SECTION 4.12. Realization Upon Defaulted Mortgage Loans............................................109 SECTION 4.13. Compensation for the Master Servicer.................................................109 SECTION 4.14. REO Property.........................................................................109 SECTION 4.15. Annual Officer's Certificate as to Compliance........................................110 SECTION 4.16. Annual Independent Accountant's Servicing Report.....................................110 SECTION 4.17. UCC..................................................................................111 SECTION 4.18. Obligation of the Master Servicer in Respect of Prepayment Interest Shortfalls.......111 SECTION 4.19. Prepayment Penalty Verification......................................................111 ARTICLE V PAYMENTS TO CERTIFICATEHOLDERS...........................................................113 SECTION 5.01. Distributions........................................................................113 SECTION 5.02. Statements to Certificateholders.....................................................128 SECTION 5.03. Servicer Reports; P&I Advances.......................................................131 SECTION 5.04. Allocation of Realized Losses........................................................133
Monitoring of Servicer. 13 Section 3.04 FIDELITY BOND.........................................................................14 Section 3.05