Operation of Indemnities Clause Samples

Operation of Indemnities. If any Person has made any indemnity payments to any other Person pursuant to this Article VIII and such other Person thereafter collects any of such amounts from others, such other Person will repay such amounts collected, together with any interest collected thereon. The provisions of this Article VIII shall survive any termination of this Agreement, the liquidation of any Mortgage Loan, or the transfer or assignment by the Owner to another Person of any Mortgage Loan or REO Property or any interest in any Mortgage Loan or REO Property.

Operation of Indemnities. Indemnification under this Article shall include, without limitation, reasonable fees and expenses of counsel and expenses of litigation. If the Company or the Servicer has made any indemnity payments to the Trustee pursuant to this Article and the Trustee thereafter collects any of such amounts from others, the Trust will repay such amounts collected to the Company or the Servicer, as the case may be, without interest.

Operation of Indemnities. Indemnification under this Article VI shall include, without limitation, reasonable fees and expenses of counsel and expenses of litigation. If Seller has made any indemnity payments to Trust Depositor or the Trustees pursuant to this Article VI and Trust Depositor or the Trustees thereafter collects any of such amounts from others, Trust Depositor or the Trustees will repay such amounts collected to Seller, except that any payments received by Trust Depositor or the Trustees from an insurance provider as a result of the events under which the Seller’s indemnity payments arose shall be repaid prior to any repayment of the Seller’s indemnity payment.

Operation of Indemnities. 10-2 Section 10.06. REMIC Tax Matters......................................... 10-2 ARTICLE XI The Trustee -----------

Operation of Indemnities. If the Seller has made any indemnity payments to an Indemnified Party pursuant to this Article VII and such Indemnified Party thereafter collects any such amounts from others, such Indemnified Party will repay such amounts collected to the Seller.

Operation of Indemnities. Unless this Agreement expressly provides otherwise: (a) each indemnity in this Agreement survives the expiry or termination of this Agreement; and (b) a party may recover a payment under an indemnity in this Agreement before it makes the payment in respect of which the indemnity is given.

Operation of Indemnities. 10-2 SECTION 10.06. REMIC Tax Matters................................... 10-2 ARTICLE XI - THE TRUSTEE................................................... 11-1 SECTION 11.01. Duties of Trustee................................... 11-1 SECTION 11.02. Certain Matters Affecting the Trustee............... 11-2 SECTION 11.03. Trustee Not Liable for Certificates or Contracts........................................... 11-3 SECTION 11.04. Rights of Certificateholders to Direct Trustee and to Waive Event of Termination......................................... 11-3 SECTION 11.05. The Servicer to Pay Trustee's Fees and Expenses............................................ 11-4 SECTION 11.06. Eligibility Requirements for Trustee................ 11-5 SECTION 11.07. Resignation or Removal of Trustee................... 11-5 SECTION 11.08. Successor Trustee................................... 11-6 SECTION 11.09. Merger or Consolidation of Trustee.................. 11-6 SECTION 11.10. Tax Returns......................................... 11-7 SECTION 11.11. Obligor Claims...................................... 11-7 SECTION 11.12. Appointment of Co-Trustee or Separate Trustee....... 11-8 SECTION 11.13. Agents of Trustee................................... 11-9 ARTICLE XII - MISCELLANEOUS................................................ 12-1 SECTION 12.01. Servicer Not to Assign Duties or Resign; Delegation of Servicing Duties...................... 12-1 SECTION 12.02. Maintenance of Office or Agency..................... 12-1 SECTION 12.03. Termination......................................... 12-2 SECTION 12.04. Acts of Certificateholders and Class C Certificateholders.................................. 12-4 SECTION 12.05. Calculations........................................ 12-5 SECTION 12.06. Assignment or Delegation by Company................. 12-5 SECTION 12.07. Amendment........................................... 12-5 SECTION 12.08. Notices............................................. 12-7 SECTION 12.09. Merger and Integration.............................. 12-8 SECTION 12.10. Headings............................................ 12-8 SECTION 12.11. Governing Law....................................... 12-8 EXHIBIT A - FORM OF CLASS A CERTIFICATE EXHIBIT B - FORM OF CLASS M-1 CERTIFICATE EXHIBIT C - FORM OF CLASS B CERTIFICATE EXHIBIT D - FORM OF ASSIGNMENT EXHIBIT E - FORM OF CERTIFICATE OF OFFICER 4 EXHIBIT F - FORM OF OPINION OF COUNSEL FOR THE COMPANY EXHIBIT G - FORM OF TRUSTEE'...

Operation of Indemnities. Indemnification under this Article VI shall include, without limitation, reasonable fees and expenses of counsel and expenses of litigation, including in connection with the enforcement of such indemnities. If the Seller has made any indemnity payments to the Trust Depositor or either Trustee pursuant to this Article VI and the Trust Depositor or such Trustee thereafter collects any of such amounts from others, the Trust Depositor or the applicable Trustee shall repay such amounts collected to the Seller, except that any payments received by the Trust Depositor or such Trustee from an insurance provider as a result of the events under which the Seller’s indemnity payments arose shall be repaid prior to any repayment of the Seller’s indemnity payment.

Operation of Indemnities. Indemnification under this Article VII shall include, without limitation, reasonable fees and expenses of counsel and expenses of litigation. If the Originator has made any indemnity payments to the Trust Depositor or the Trustees pursuant to this Article VII and the Trust Depositor or the Trustees thereafter collects any of such amounts from others, the Trust Depositor or the Trustees will repay such amounts collected to the Originator, except that any payments received by the Trust Depositor or the Trustees from an insurance provider as a result of the events under which the Originator’s indemnity payments arose shall be repaid prior to any repayment of the Originator’s indemnity payment.