Servicer May Own Certificates Sample Clauses
The "Servicer May Own Certificates" clause permits the servicer of a financial trust or securitization to hold or acquire ownership interests in the certificates issued by the trust. In practice, this means the entity responsible for managing the underlying assets, such as mortgages or loans, can also be an investor in the securities backed by those assets. This clause clarifies that there is no prohibition or conflict of interest solely due to the servicer's dual role. Its core function is to ensure transparency and avoid disputes regarding the servicer's eligibility to own certificates, thereby facilitating smoother operation and investment in the trust.
Servicer May Own Certificates. Servicer, and any Affiliate of 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 Servicer or an Affiliate thereof, except as otherwise provided in the definition of "Holder", "Class A Holder" and "Class B Holder" in Section 1.1. Certificates so owned by or pledged to 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, except as otherwise provided in the definitions of "Class A Holder" and "Class B Holder".
Servicer May Own Certificates. The Servicer in its individual or any other capacity may become the owner or pledgee of Certificates with the same rights as it would have if it were not the Servicer.
Servicer May Own Certificates. The Servicer, and any Affiliate of the 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 Servicer or an Affiliate thereof, except as otherwise provided in the definition of "Certificateholder," "Class A Certificateholder" and "Class B Certificateholder" in Section 1.1. Certificates so owned by or pledged to the 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.
Servicer May Own Certificates. The Servicer and any Affiliate of the Servicer may become the owner of Certificates but shall not participate in decisions made or instructions given to the Trustee by the Certificateholders as a group. The Servicer, if it is not TMM, may otherwise deal with the Sellers with the same rights as it would have if it were not the Servicer.
Servicer May Own Certificates. Each of the Servicer and any Affiliate of the 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 Servicer or an Affiliate thereof except as otherwise specifically provided herein. Certificates so owned by or pledged to the 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, however, that any Certificates owned by the 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 Servicer shall notify the Owner Trustee promptly after it or any of its Affiliates becomes the owner or pledgee of a Certificate.
Servicer May Own Certificates. The Servicer and any agent of the Servicer in its individual or any other capacity may become the owner or pledgee of Certificates with the same rights it would have if it were not the Servicer or such agent; provided, however that if the Servicer is ▇▇▇▇▇ Fargo Bank, National Association, then the Servicer may not purchase any Certificate for a price greater than such Certificates' fair market value. Any such interest of the Servicer or such agent in the Certificates shall not be taken into account when evaluating whether actions of the Servicer are consistent with its obligations in accordance with the Servicing Standard regardless of whether such actions may have the effect of benefiting the Class or Classes of Certificates owned by the Servicer.
Servicer May Own Certificates. Each of the Servicer and any affiliate of the 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 Servicer or an affiliate thereof except as otherwise specifically provided herein. Certificates so owned by or pledged to the 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, however, that any Certificates owned by the Servicer or any affiliate thereof, during the time such Certificates are owned by any of them, shall be without voting rights for any purpose set forth in this Agreement. The 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. The Trustee shall at no time have any responsibility or liability for or with respect to the legality, validity and enforceability of any Mortgage or any Mortgage Loan, the perfection and priority of any mortgage (except as to those files examined pursuant to Section 2.5(b)) or the maintenance of any such perfection and priority (except as to those Mortgage Loans as to which Assignments of Mortgage have been filed pursuant to Section 2.5) or for or with respect to the sufficiency of the Trust or its ability to generate the payments to be distributed to Certificateholders under this Agreement, including: the existence and enforceability of any hazard insurance thereon (other than if the Trustee shall assume the duties of the Servicer pursuant to Section 12.2 and thereupon only for the acts or omissions of the successor Servicer); the validity of the assignment of any Mortgage Loan to the Trustee or of any intervening assignment; the completeness of any Mortgage Loan; the performance or enforcement of any Mortgage Loan (other than if the Trustee shall assume the duties of the Servicer pursuant to Section 12.2 and thereupon only for the acts or omissions of the Trustee as successor Servicer); the compliance by the Depositor or the Servicer with any warranty or representation made under this Agreement or in any related document or the accuracy of any such warranty or representation; any investment or monies by or at the direction of the Servicer or any loss resulting, except that the Trustee shall remain responsible for any Trust property that it may hold in its individual capac...
Servicer May Own Certificates. The Servicer, and any ----------------------------- Affiliate of the Servicer, may, in its individual or any other capacity, become the owner or pledgee of Securities with the same rights as it would have if it were not the Servicer or an Affiliate thereof, except as otherwise provided in the definition of "Securityholder," "Noteholder" and "Certificateholder" in Section 1.1. Securities so owned by or pledged to the 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 Securities.
Servicer May Own Certificates. The Servicer and any Person controlling, controlled by or under common control with the 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 Servicer or such an affiliate thereof, except as otherwise provided in the definition of the term "Certificateholder" specified in Section 1.01. Certificates so owned by or pledged to the Servicer or such controlling or commonly controlled Person shall have an equal and proportionate benefit under the provisions of this Agreement, without preference, priority or distinction as among all of the Certificates, except as otherwise provided in the definition of the term "Certificateholder" specified in Section 1.01.