Common use of Responsibilities of the Servicer Clause in Contracts

Responsibilities of the Servicer. (a) The Servicer, for the benefit of the Depositor, the Trustee and the Certificateholders, shall be responsible for, and shall perform, in accordance with the Servicing Guidelines the duties of reporting and collecting on the Loans, in accordance with the standards and procedures set forth in this Agreement and any related provisions of the Trust Agreement and the Loan Acquisition Agreement. The Servicer's responsibilities shall include sending monthly billing and periodic reporting notices to the Obligors, collecting and posting all payments, accounting for collections, furnishing monthly and annual statements to the Special Servicer, the Servicing Advisor, the Trustee, the Rating Agency, the Certificateholders and the Certificateholder Agent with respect to payments and maintaining the perfected security interest of the Trustee in the Trust Estate. The Servicer (at its expense), acting alone, shall have full power and authority, acting at its sole discretion, to do any and all things in connection with such reporting and collection that it may deem necessary or desirable. Without limiting the generality of the foregoing, the Servicer shall, and is hereby authorized and empowered by the Trustee, subject to Section 3.04, to execute and deliver (on behalf of itself, the Certificateholders, the Certificateholder Agent, the Trustee or any of them) any and all instruments necessary to the performance of its obligations with respect to the Loans and any files or documentation pertaining to the Loan Assets (including the Loan Files). Subject to Section 3.04, the Servicer also may, in its sole discretion, waive any late payment charge or penalty, or any other fees that may be payable to it in the ordinary course of servicing any Loan. Notwithstanding the foregoing, the Servicer shall not, except pursuant to a judicial order from a court of competent jurisdiction, or as otherwise expressly provided in this Agreement, release or waive the right to collect the Scheduled Payments or any unpaid balance on any Loan or any prepayment or assumption fees. The Trustee shall, at the expense of the Servicer, furnish the Servicer with any powers of attorney and other documents necessary or appropriate to enable the Servicer to carry out its duties hereunder, and the Trustee shall not be responsible for the Servicer's application thereof. (b) The Servicer shall cooperate with and take directions from the Special Servicer in connection with the Loans, including any Delinquent Loan, Defaulted Loan or Underperforming Loan. (c) The Servicer shall monitor collections of Loan payments made to the Lockbox Account and administer and update collection information, which information shall be made available to the Servicer on a daily basis by electronic transfer. The Servicer shall promptly, but within two (2) Business Days of receipt thereof, remit to the Lockbox Account any Collections remitted to or received by it. (d) In the performance of its duties hereunder, the Servicer shall comply with Section 3.04.