Respective Liabilities of the Depositor and the Master Servicer Clause Samples
This clause defines the separate responsibilities and legal liabilities of the Depositor and the Master Servicer under the agreement. It clarifies which party is accountable for specific obligations, such as the handling of funds, reporting, or compliance with applicable laws, and may outline the consequences if either party fails to perform its duties. By delineating these roles, the clause helps prevent disputes and ensures that each party understands its own risks and obligations, thereby promoting smooth administration of the agreement.
Respective Liabilities of the Depositor and the Master Servicer. The Depositor and the Master 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.
Respective Liabilities of the Depositor and the Master Servicer. The Depositor and the Master Servicer shall each be liable in accordance herewith only to the extent of the obligations specifically and respectively imposed upon and undertaken by the Depositor and the Master Servicer herein. By way of illustration and not limitation, the Depositor is not liable for the servicing and administration of the Mortgage Loans, nor is it obligated by Section 7.01 or 10.01 to assume any obligations of the Master Servicer or to appoint a designee to assume such obligations, nor is it liable for any other obligation hereunder that it may, but is not obligated to, assume unless it elects to assume such obligation in accordance herewith.
Respective Liabilities of the Depositor and the Master Servicer. The Master Servicer shall be liable in accordance herewith only to the extent of the obligations specifically imposed upon and undertaken by it herein.