Common use of Trustee to Act; Appointment of Successor Clause in Contracts

Trustee to Act; Appointment of Successor. (a) On and after the time the Servicer receives a notice of termination pursuant to Section 8.01, the Trustee shall be the successor in all respects to the Servicer in its capacity as servicer under this Agreement and the transactions set forth or provided for herein and shall be subject to all the responsibilities, duties and liabilities relating thereto placed on the Servicer by the terms and provisions hereof or shall appoint a successor pursuant to Section 3.07. Notwithstanding anything provided herein to the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity as successor to the Servicer in its obligation to make Advances, to advance, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject to Section 8.05(b), as compensation therefor, the Trustee shall be entitled to such compensation as the terminated Servicer would have been entitled to hereunder if no such notice of termination had been given. Notwithstanding the above, the Trustee may, if it shall be unwilling so to act, or shall, if it is legally unable so to act, appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance institution having a net worth of not less than $10,000,000 as the successor to the terminated Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Servicer hereunder; provided, however, that (i) any such institution appointed as successor Servicer shall not, as evidenced in writing by each Rating Agency, adversely affect the then current rating of any Class of Certificates immediately prior to the termination of the terminated Servicer. The appointment of a successor Servicer shall not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreement. Pending appointment of a successor to the terminated Servicer hereunder, unless the Trustee is prohibited by law from so acting, the Trustee shall act in such capacity as provided above. The Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection with the appointment of a successor Servicer or the assumption of the duties of the Servicer, as specified in Section 8.05(a), the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor shall agree; provided, however, that any Person assuming the duties of the Servicer shall pay to such predecessor an amount equal to the market value of the portion of the Servicing Fee that will accrue in the future due to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" of such portion of the Servicing Fee shall be determined by Bank of America, N.A., on the basis of at least two quotations from third parties actively engaged in the servicing of single-family mortgage loans. If the successor Servicer does not agree that such market value is a fair price, such successor shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b). (c) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the Servicer is so required pursuant to Section 3.03.

Appears in 16 contracts

Sources: Pooling and Servicing Agreement (Bank of America Mortgage Sec Inc Mor Ps THR Cer Ser 2001-A), Pooling and Servicing Agreement (Bank of America Mortgage Securities Inc M Pa Th Ce Se 2002-H), Pooling and Servicing Agreement (Bank of America Mortgage Sec Inc Mor Pa Th Cert Ser 2002-F)

Trustee to Act; Appointment of Successor. (a) On and after the time the Servicer receives a notice of termination pursuant to Section 8.01, the Trustee shall be the successor in all respects to the Servicer in its capacity as servicer under this Agreement and the transactions set forth or provided for herein and shall be subject to all the responsibilities, duties and liabilities relating thereto placed on the Servicer by the terms and provisions hereof or shall appoint a successor pursuant to Section 3.07. Notwithstanding anything provided herein to the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity as successor to the Servicer in its obligation to make Advances, to advance, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject to Section 8.05(b), as compensation therefor, the Trustee shall be entitled to such compensation as the terminated Servicer would have been entitled to hereunder if no such notice of termination had been given. Notwithstanding the above, the Trustee may, if it shall be unwilling so to act, or shall, if it is legally unable so to act, appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance institution having a net worth of not less than $10,000,000 as the successor to the terminated Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Servicer hereunder; provided, however, that (i) any such institution appointed as successor Servicer shall not, as evidenced in writing by each Rating Agency, adversely affect the then current rating of any Class of Certificates immediately prior to the termination of the terminated Servicer. The appointment of a successor Servicer shall not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreement. Pending appointment of a successor to the terminated Servicer hereunder, unless the Trustee is prohibited by law from so acting, the Trustee shall act in such capacity as provided above. The Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection with the appointment of a successor Servicer or the assumption of the duties of the Servicer, as specified in Section 8.05(a), the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor shall agree; provided, however, that any Person assuming the duties of the Servicer shall pay to such predecessor an amount equal to the market value of the portion of the Servicing Fee that will accrue in the future due to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" of such portion of the Servicing Fee shall be determined by Bank of America, N.A., on the basis of at least two quotations from third parties actively engaged in the servicing of single-family mortgage loans. If the successor Servicer does not agree that such market value is a fair price, such successor shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b). (c) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the Servicer is so required pursuant to Section 3.03.

Appears in 14 contracts

Sources: Pooling and Servicing Agreement (Mortgage Pass Through Certificates Series 2002-5), Pooling and Servicing Agreement (Bank of America Mort Sec Inc Mort Pass THR Cert Ser 2000-3), Pooling and Servicing Agreement (Bank of America Mort Sec Inc Mort Pass THR Cert Ser 2001-1)

Trustee to Act; Appointment of Successor. (a) On and after the time the Master Servicer or the Special Servicer receives a notice of termination pursuant to Section 8.017.01, the Trustee shall shall, subject to the following provisions of this Section 7.02, be the its successor in all respects to the Servicer in its capacity as servicer Master Servicer or Special Servicer under this Agreement and the transactions set forth or provided for herein and and, except as provided herein, shall be subject to all the responsibilities, duties duties, limitations on liability and liabilities relating thereto and arising thereafter placed on the Master Servicer or Special Servicer by the terms and provisions hereof hereof; provided, however, that (i) the Trustee shall have no responsibilities, duties, liabilities or obligations with respect to any act or omission of the Master Servicer or Special Servicer and (ii) any failure to perform, or delay in performing, such duties or responsibilities caused by the Terminated Party’s failure to provide, or delay in providing, records, tapes, disks, information or moneys shall appoint not be considered a default by such successor hereunder. The Trustee, as successor Master Servicer or successor Special Servicer, shall be indemnified to the full extent provided the Master Servicer or Special Servicer, as applicable, under this Agreement prior to the Master Servicer’s or the Special Servicer’s termination. The appointment of a successor Master Servicer or successor Special Servicer shall not affect any liability of the predecessor Master Servicer or Special Servicer which may have arisen prior to its termination as Master Servicer or Special Servicer. The Trustee shall not be liable for any of the representations, liabilities or warranties of the Master Servicer or Special Servicer herein or in any related document or agreement, for any acts or omissions of the predecessor Master Servicer or predecessor Special Servicer or for any losses incurred in respect of any Permitted Investment by the Master Servicer pursuant to Section 3.07. Notwithstanding anything provided herein to the contrary, under no circumstances shall any provision 3.07 of this Agreement nor shall the Trustee be construed required to require the Trustee, acting in its capacity as successor to the Servicer in its obligation to make Advances, to advance, expend purchase any Mortgage Loan or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverableServiced Loan Combination hereunder. Subject to Section 8.05(b), as As compensation therefor, the Trustee as successor Master Servicer or successor Special Servicer shall be entitled to such compensation the Servicing Fee or Special Servicing Compensation, as applicable, and all funds relating to the terminated Mortgage Loans and Serviced Companion Loans that accrue after the date of the Trustee’s succession to which the Master Servicer or Special Servicer would have been entitled if the Master Servicer or Special Servicer, as applicable, had continued to act hereunder. In the event any Advances made by the Master Servicer and the Trustee shall at any time be outstanding, or any amounts of interest thereon shall be accrued and unpaid, all amounts available to repay Advances and interest hereunder if no shall be applied entirely to the Advances made by the Trustee (and the accrued and unpaid interest thereon), until such notice of termination had Advances and interest shall have been givenrepaid in full. Notwithstanding the aboveabove and subject to Section 6.08, the Trustee may, if it shall be unwilling to so to act, or shall, if it is legally unable to so to act, or if the Holders of Certificates entitled to at least 25% of the Voting Rights so request in writing to the Trustee, or if the Rating Agencies do not provide Rating Agency Confirmations with respect to the Trustee so acting, promptly appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance mortgage loan servicing institution having for which a net worth Rating Agency Confirmation from each Rating Agency has been obtained (at the expense of the terminated Master Servicer or Special Servicer, as applicable, or, if the expense is not less than $10,000,000 so recovered, at the expense of the Trust Fund), as the successor to the terminated Master Servicer or the Special Servicer, as applicable, hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Master Servicer or Special Servicer hereunder; providedprovided that, however, that (i) the applicable Directing Holder shall have the right to approve any such institution appointed as successor Special Servicer shall not, as evidenced in writing by each Rating Agency, adversely affect the then current rating of with respect to any Class of Certificates immediately prior to the termination of the terminated ServicerServiced Loan or Serviced Loan Combination. The No appointment of a successor to the Master Servicer or Special Servicer hereunder shall not affect any liability be effective until (i) the assumption by such successor of all the Master Servicer’s or Special Servicer’s responsibilities, duties and liabilities hereunder and (ii) in the case of the predecessor Servicer which may have arisen under this Agreement prior to its termination as appointment of a successor Special Servicer, nor the Depositor and, if applicable, each related Other Depositor shall any have received the written notice and information with respect to such successor Special Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or as set forth in any related document or agreementSection 10.02(a). Pending appointment of a successor to the terminated Master Servicer (or the Special Servicer if the Special Servicer is also the Master Servicer) hereunder, unless the Trustee is shall be prohibited by law from so acting, the Trustee shall act in such capacity as provided aboveherein above provided. Pending the appointment of a successor to the Special Servicer, unless the Master Servicer is also the Special Servicer, the Master Servicer shall act in such capacity. In connection with such appointment and assumption described herein, the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans and Serviced Companion Loans as it and such successor shall agree; provided, however, that no such compensation shall be in excess of that permitted the Terminated Party hereunder; provided, further, that if no successor to the Terminated Party can be obtained to perform the obligations of such Terminated Party hereunder, additional amounts shall be paid to such successor and such amounts in excess of that permitted the Terminated Party shall be treated as Realized Losses; and provided, further that, the Trustee shall consult with any applicable Directing Holder and Consulting Party prior to the appointment of a successor to the Terminated Party at a servicing compensation in excess of that permitted the Terminated Party. The Trustee Depositor, the Trustee, the Master Servicer or Special Servicer and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection with . If the appointment of a Trustee or an Affiliate acts pursuant to this Section 7.02 as successor Servicer or to the assumption of the duties of the terminated Master Servicer, as specified in Section 8.05(a), it may reduce the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor shall agree; provided, however, that any Person assuming the duties of the Servicer shall pay to such predecessor an amount equal to the market value of the portion of the Servicing Fee that will accrue in the future due to the Excess Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "the extent that the Trustee’s or such Affiliate’s compensation as successor Master Servicer would otherwise be below the market value" of such portion of the Servicing Fee shall be determined by Bank of America, N.A., on the basis of at least two quotations from third parties actively engaged in the rate servicing of single-family mortgage loanscompensation. If the Trustee elects to appoint a successor to the terminated Master Servicer does not agree that such market value is a fair priceother than itself or an Affiliate pursuant to this Section 7.02, such successor shall obtain two quotations of market value from third parties actively engaged it may reduce the Excess Servicing Fee Rate to the extent reasonably necessary (in the servicing of single-family mortgage loans. The market value sole discretion of the excess portion Trustee) for the Trustee to appoint a qualified successor Master Servicer that meets the requirements of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b)7.02. (c) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the Servicer is so required pursuant to Section 3.03.

Appears in 14 contracts

Sources: Pooling and Servicing Agreement (Benchmark 2019-B14 Mortgage Trust), Pooling and Servicing Agreement (Citigroup Commercial Mortgage Trust 2019-C7), Pooling and Servicing Agreement (Benchmark 2019-B15 Mortgage Trust)

Trustee to Act; Appointment of Successor. (a) On and after After the time the Servicer receives a notice of termination pursuant to Section 8.01, the Trustee shall be the successor in all respects to the Servicer in its capacity as servicer under this Agreement and the transactions set forth or provided for herein and shall be subject to all the responsibilities, duties and liabilities relating thereto placed on the Servicer by the terms and provisions hereof or shall appoint a successor pursuant to Section 3.07. Notwithstanding anything provided herein to the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity as successor to the Servicer in its obligation to make Advances, to advance, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject to Section 8.05(b), as compensation therefor, the Trustee shall be entitled to such compensation as the terminated Servicer would have been entitled to hereunder if no such notice of termination had been given. Notwithstanding the above, the Trustee may, if it shall be unwilling so to act, or shall, if it is legally unable so to act, appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance institution having a net worth of not less than $10,000,000 as the successor to the terminated Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Servicer hereunder; provided, however, that (i) any such institution appointed as successor Servicer shall not, as evidenced in writing by each Rating Agency, adversely affect the then current rating of any Class of Certificates immediately prior to the termination of the terminated Servicer. The appointment of a successor Servicer shall not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreement. Pending appointment of a successor to the terminated Servicer hereunder, unless the Trustee is prohibited by law from so acting, the Trustee shall act in such capacity as provided above. The Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection with the appointment of a successor Servicer or the assumption of the duties of the Servicer, as specified in Section 8.05(a), the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor shall agree; provided, however, that any Person assuming the duties of the Servicer shall pay to such predecessor an amount equal to the market value of the portion of the Servicing Fee that will accrue in the future due to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" of such portion of the Servicing Fee shall be determined by Bank of America, N.A., on the basis of at least two quotations from third parties actively engaged in the servicing of single-family mortgage loans. If the successor Servicer does not agree that such market value is a fair price, such successor shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b). (c) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the Servicer is so required pursuant to Section 3.03.

Appears in 14 contracts

Sources: Pooling and Servicing Agreement (Bank of America Mort Sec Inc Mort Pass THR Cert Ser 2002-7), Pooling and Servicing Agreement (Bank of America Mort Sec Inc Mort Pass THR Cert Ser 2002-1), Pooling and Servicing Agreement (Bank of America Mortgage Sec Inc Mort Ps THR Cert Ser 2002-3)

Trustee to Act; Appointment of Successor. (a) On and after Upon the time receipt by the Master Servicer receives of a notice of termination pursuant to Section 8.018.01 or an Opinion of Independent Counsel pursuant to Section 7.05 to the effect that the Master Servicer is legally unable to act or to delegate its duties to a Person which is legally able to act, the Trustee shall be automatically become the successor in all respects to the Master Servicer in its capacity as servicer under this Agreement and the transactions set forth or provided for herein and shall thereafter be subject to all the responsibilities, duties duties, liabilities and limitations on liabilities relating thereto placed on the Master Servicer by the terms and provisions hereof hereof; provided, however, that EMC shall have the right to either (a) immediately assume the duties of the Master Servicer or shall appoint (b) select a successor pursuant Master Servicer; provided further, however, that the Trustee shall have no obligation whatsoever with respect to any liability (other than advances deemed recoverable and not previously made) incurred by the Master Servicer at or prior to the time of termination. As compensation therefor, but subject to Section 3.07. Notwithstanding anything provided herein to the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity as successor to the Servicer in its obligation to make Advances, to advance, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject to Section 8.05(b), as compensation therefor7.06, the Trustee shall be entitled to such compensation as all funds relating to the terminated Mortgage Loans which the Master Servicer would have been entitled to hereunder retain if no such notice of termination the Master Servicer had been givencontinued to act hereunder, except for those amounts due the Master Servicer as reimbursement permitted under this Agreement for advances previously made or expenses previously incurred. Notwithstanding the above, the Trustee may, if it shall be unwilling so to act, or shall, if it is legally unable so to act, appoint, appoint or petition a court of competent jurisdiction to appoint, any established housing and home finance institution which is a Fannie Mae- or Fred▇▇▇ ▇▇c-approve▇ ▇▇▇▇▇cer, and with respect to a successor to the Master Servicer only, having a net worth of not less than $10,000,000 10,000,000, as the successor to the terminated Master Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Master Servicer hereunder; provided, however, that (i) any such institution appointed as successor Servicer the Trustee shall not, as evidenced in writing by obtain a letter from each Rating AgencyAgency that the ratings, adversely affect if any, on each of the then current rating Certificates will not be lowered as a result of any Class the selection of Certificates immediately prior the successor to the termination of the terminated Master Servicer. The appointment of a successor Servicer shall not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreement. Pending appointment of a successor to the terminated Master Servicer hereunder, unless the Trustee is prohibited by law from so acting, the Trustee shall act in such capacity as provided abovehereinabove provided. In connection with such appointment and assumption, the Trustee may make such arrangements for the compensation of such successor out of payments on the Mortgage Loans as it and such successor shall agree; provided, however, that the provisions of Section 7.06 shall apply, no such compensation shall be in excess of that permitted the Trustee under this Subsection 8.02(a), and that such successor shall undertake and assume the obligations of the Trustee to pay compensation to any third Person acting as an agent or independent contractor in the performance of master servicing responsibilities hereunder. The Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection with If the appointment of a successor Servicer or the assumption of the Trustee shall succeed to any duties of the ServicerMaster Servicer respecting the Mortgage Loans as provided herein, it shall do so in a separate capacity and not in its capacity as specified in Section 8.05(a)Trustee and, accordingly, the Trustee may make such arrangements for the compensation provisions of such successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor Article IX shall agree; provided, however, that any Person assuming the duties of the Servicer shall pay to such predecessor an amount equal be inapplicable to the market value of Trustee in its duties as the portion of the Servicing Fee that will accrue in the future due successor to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" of such portion of the Servicing Fee shall be determined by Bank of America, N.A., on the basis of at least two quotations from third parties actively engaged Master Servicer in the servicing of single-family mortgage loans. If the successor Servicer does not agree that Mortgage Loans (although such market value is a fair price, such successor provisions shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal continue to apply to the average Trustee in its capacity as Trustee); the provisions of (i) the lowest figure obtained by Bank of AmericaArticle VII, N.A.however, and (ii) the highest figure obtained by the shall apply to it in its capacity as successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b)master servicer. (c) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the Servicer is so required pursuant to Section 3.03.

Appears in 11 contracts

Sources: Pooling and Servicing Agreement (Structured Asset Mort Inv Inc Bear Stearns Arm Trust 2002-12), Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc), Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc)

Trustee to Act; Appointment of Successor. (a) On and after Upon the time receipt by the Master Servicer receives of a notice of termination pursuant to Section 8.018.01 or an Opinion of Independent Counsel pursuant to Section 7.05 to the effect that the Master Servicer is legally unable to act or to delegate its duties to a Person which is legally able to act, the Trustee shall be automatically become the successor in all respects to the Master Servicer in its capacity as servicer under this Agreement and the transactions set forth or provided for herein and shall thereafter be subject to all the responsibilities, duties duties, liabilities and limitations on liabilities relating thereto placed on the Master Servicer by the terms and provisions hereof hereof; provided, however, that the Company shall have the right to either (a) immediately assume the duties of the Master Servicer or shall appoint (b) select a successor pursuant Master Servicer; provided further, however, that the Trustee shall have no obligation whatsoever with respect to any liability (other than advances deemed recoverable and not previously made) incurred by the Master Servicer at or prior to the time of termination. As compensation therefor, but subject to Section 3.07. Notwithstanding anything provided herein to the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity as successor to the Servicer in its obligation to make Advances, to advance, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject to Section 8.05(b), as compensation therefor7.06, the Trustee shall be entitled to such compensation as which the terminated Master Servicer would have been entitled to hereunder retain if no such notice of termination the Master Servicer had been givencontinued to act hereunder, except for those amounts due the Master Servicer as reimbursement permitted under this Agreement for advances previously made or expenses previously incurred. Notwithstanding the above, the Trustee may, if it shall be unwilling so to act, or shall, if it is legally unable so to act, appoint, appoint or petition a court of competent jurisdiction to appoint, any established housing and home finance institution which is a ▇▇▇▇▇▇ Mae- or ▇▇▇▇▇▇▇ Mac-approved servicer, and with respect to a successor to the Master Servicer only, having a net worth of not less than $10,000,000 10,000,000, as the successor to the terminated Master Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Master Servicer hereunder; provided, however, that (i) any such institution appointed as successor Servicer the Trustee shall not, as evidenced in writing by obtain a letter from each Rating AgencyAgency that the ratings, adversely affect if any, on each of the then current rating Certificates will not be lowered as a result of any Class the selection of Certificates immediately prior the successor to the termination of the terminated Master Servicer. The appointment of a successor Servicer shall not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreement. Pending appointment of a successor to the terminated Master Servicer hereunder, unless the Trustee is prohibited by law from so acting, the Trustee shall act in such capacity as provided abovehereinabove provided. In connection with such appointment and assumption, the Trustee may make such arrangements for the compensation of such successor out of payments on the Mortgage Loans as it and such successor shall agree; provided, however, that the provisions of Section 7.06 shall apply, the compensation shall not be in excess of that which the Master Servicer would have been entitled to if the Master Servicer had continued to act hereunder, and that such successor shall undertake and assume the obligations of the Trustee to pay compensation to any third Person acting as an agent or independent contractor in the performance of master servicing responsibilities hereunder. The Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection with If the appointment of a successor Servicer or the assumption of the Trustee shall succeed to any duties of the ServicerMaster Servicer respecting the Mortgage Loans as provided herein, it shall do so in a separate capacity and not in its capacity as specified in Section 8.05(a)Trustee and, accordingly, the Trustee may make such arrangements for the compensation provisions of such successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor Article IX shall agree; provided, however, that any Person assuming the duties of the Servicer shall pay to such predecessor an amount equal be inapplicable to the market value of Trustee in its duties as the portion of the Servicing Fee that will accrue in the future due successor to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" of such portion of the Servicing Fee shall be determined by Bank of America, N.A., on the basis of at least two quotations from third parties actively engaged Master Servicer in the servicing of single-family mortgage loans. If the successor Servicer does not agree that Mortgage Loans (although such market value is a fair price, such successor provisions shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal continue to apply to the average Trustee in its capacity as Trustee); the provisions of (i) the lowest figure obtained by Bank of AmericaArticle VII, N.A.however, and (ii) the highest figure obtained by the shall apply to it in its capacity as successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b)master servicer. (c) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the Servicer is so required pursuant to Section 3.03.

Appears in 11 contracts

Sources: Pooling and Servicing Agreement (Bear Stearns Arm Trust, Mortgage Pass-Through Certificates, Series 2005-6), Pooling and Servicing Agreement (Structured Asset Mortgage Investments Ii Trust 2005-Ar5), Pooling and Servicing Agreement (Bear Stearns ARM Trust 2005-10)

Trustee to Act; Appointment of Successor. (a) On and after Upon the time termination of the Servicer receives a notice of termination by the Insurer pursuant to Section 8.017.01 or resignation of the Servicer pursuant to Section 6.04, the Insurer shall appoint a successor servicer ("SUCCESSOR SERVICER"). Upon the termination of the Servicer by the Indenture Trustee or the Noteholders pursuant to Section 7.01, or upon the resignation of the Servicer pursuant to Section 6.04 in the event that the Insurer is not entitled to appoint a successor servicer by operation of Section 9.08, (i) if the Notes have not been paid in full, the Indenture Trustee shall be the successor Successor Servicer, and (ii) if the Notes have been paid in all respects to full, the Owner Trustee, acting at the direction of the Holders of Residual Interest Instruments evidencing not less than 51% of the Percentage Interests shall appoint a Successor Servicer. The Successor Servicer in its capacity as servicer under this Agreement and the transactions set forth or provided for herein and shall be subject succeed to all the responsibilities, duties and liabilities relating thereto placed on of the Servicer by the terms and provisions hereof or under this Agreement, except that such Successor Servicer shall appoint a successor not be obligated to purchase Contracts pursuant to Section 3.07. Notwithstanding anything provided herein to If the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity Indenture Trustee acts as successor to the Servicer in its obligation to make Advances, to advance, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject to Section 8.05(b), as compensation thereforSuccessor Servicer, the Indenture Trustee shall be entitled to such compensation (whether payable out of the Collection Account or otherwise) as the terminated Servicer would have been entitled to hereunder under this Agreement if no such notice of termination had shall have been given. Notwithstanding the aboveforegoing, if the Notes have not been paid in full, the Indenture Trustee may, if it shall be unwilling so to act, or shall, if it is shall be legally unable to so to act, appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance institution financial institution, having a net worth of not less than $10,000,000 50,000,000 and whose regular business shall include the servicing of automotive retail installment sales contracts, as the successor to the terminated Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Servicer hereunder; provided, however, that (i) any such institution appointed as successor Servicer shall not, as evidenced in writing by each Rating Agency, adversely affect the then current rating of any Class of Certificates immediately prior to the termination of the terminated Servicer. The appointment of a successor Servicer shall not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreementAgreement. Pending appointment of a successor to the terminated Servicer hereunder, unless the Trustee is prohibited by law from so actingany such Successor Servicer, the Indenture Trustee shall act in such capacity as provided above. In connection with such appointment, the Indenture Trustee or any other Successor Servicer may make such arrangements for the compensation of such successor out of payments on Contracts as it, the Insurer and such successor shall agree; provided, however, (i) that such amount shall equal the product of a fixed percentage rate and the Principal Balance, as of the commencement of each Collection Period, of each Contract and (ii) that no such compensation shall be in excess of that previously permitted the Servicer under this Agreement. The Indenture Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection with the appointment of a successor Servicer or the assumption of the duties of the Servicer, as specified in Section 8.05(a), the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor shall agree; provided, however, that any Person assuming the duties of the Servicer shall pay to such predecessor an amount equal to the market value of the portion of the Servicing Fee that will accrue in the future due to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" of such portion of the Servicing Fee shall be determined by Bank of America, N.A., on the basis of at least two quotations from third parties actively engaged in the servicing of single-family mortgage loans. If the successor Servicer does not agree that such market value is a fair price, such successor shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b). (c) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the Servicer is so required pursuant to Section 3.03.

Appears in 10 contracts

Sources: Sale and Servicing Agreement (Onyx Acceptance Financial Corp), Sale and Servicing Agreement (Onyx Acceptance Financial Corp), Sale and Servicing Agreement (Onyx Acceptance Financial Corp)

Trustee to Act; Appointment of Successor. (a) On and after the time the a Servicer receives a notice of termination pursuant to Section 8.017.01 of this Agreement, the Trustee or a successor servicer appointed pursuant to Section 7.01, subject to and to the extent provided herein, either shall be the successor in all respects to the Servicer a Servicer, but only in its capacity as servicer under this Agreement and not in any other, and the transactions set forth herein or provided for herein shall appoint a successor servicer, and in either event such successor servicer shall be subject to all the responsibilities, duties and liabilities relating thereto placed on the such Servicer by the terms and provisions hereof or shall appoint a successor and applicable law including the obligation to make Advances pursuant to Section 3.074.01. Notwithstanding anything provided herein to the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity as successor to the Servicer in its obligation to make Advances, to advance, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject to Section 8.05(b), as As compensation therefor, the Trustee successor servicer shall be entitled to such compensation as all funds relating to the related Mortgage Loans that the terminated Servicer would have been entitled to hereunder if no charge to a Collection Account, provided that the terminated Servicer shall nonetheless be entitled to payment or reimbursement as provided in Section 3.09(a) to the extent that such notice payment or reimbursement relates to the period prior to the completion of termination had been giventhe transfer of servicing to a successor servicer. Notwithstanding the aboveforegoing, if the Trustee has become the successor to the terminated Servicer in accordance with Section 7.01, the Trustee may, if it shall be unwilling to so to act, or shall, if it is legally prohibited by applicable law from making Advances pursuant to 4.01 hereof, or if it is otherwise unable to so to act, appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance mortgage loan servicing institution having a net worth the appointment of which does not less than $10,000,000 adversely affect the then current rating of the Certificates by each Rating Agency, as the successor to the terminated Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the such Servicer hereunder; provided, however, that (i) any such institution appointed as . Any successor to a Servicer shall notbe an institution which is a FNMA or FHLMC approved seller/servicer in good standing, which has a net worth of at least $10,000,000, which is willing to service the related Mortgage Loans and which executes and delivers to the Depositor and the Trustee an agreement accepting such delegation and assignment, containing an assumption by such Person of the rights, powers, duties, responsibilities, obligations and liabilities of such Servicer (other than liabilities of that Servicer under Section 6.03 hereof incurred prior to termination of a Servicer under Section 7.01 hereunder), with like effect as evidenced if originally named as a party to this Agreement; provided that each Rating Agency acknowledges that its rating of the Certificates in writing effect immediately prior to such assignment and delegation will not be qualified or reduced as a result of such assignment and delegation. Any successor servicer appointed by DLJMC shall be rated as a servicer of subprime mortgage loans as “average” (or its equivalent) or better by each Rating Agency, adversely affect the then current Agency that maintains a servicer rating of any Class of Certificates immediately prior to the termination of the terminated Servicer. The appointment of a successor Servicer shall not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreementsystem. Pending appointment of a successor to the terminated a Servicer hereunder, unless the Trustee or other successor servicer unless such entity is prohibited by law from so acting, shall, subject to the Trustee shall limitations described herein, act in such capacity as provided abovehereinabove provided. In connection with such appointment and assumption, the Trustee may make such arrangements for the compensation of such successor out of payments on the related Mortgage Loans as it and such successor shall agree; provided, however, that no such compensation shall be in excess of a servicing fee rate of 0.50% per annum. To the extent that the compensation of any successor to WFBNA is calculated using a rate exceeding the then-current rate used to calculate the WFBNA Servicing Fee Rate, each Holder of a Class A-IO-S Certificate hereby agrees to a decrease in the Excess Servicing Fee Rate in an amount equal to such excess. The Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection with . Neither the appointment Trustee nor any other successor servicer shall be deemed to be in default by reason of a successor Servicer any failure to make, or any delay in making, any distribution hereunder or any portion thereof or any failure to perform, or any delay in performing, any duties or responsibilities hereunder, in either case caused by the assumption failure of the duties of terminated Servicer to deliver or provide, or any delay in delivering or providing, any cash, information, documents or records to it. Any successor to a Servicer shall give notice to the Servicer, as specified in Section 8.05(a), the Trustee may make such arrangements for the compensation Mortgagors of such change of servicer. Any successor out of payments on Mortgage Loans serviced by the predecessor to a Servicer as it and such successor shall agree; providedshall, however, that any Person assuming the duties of the Servicer shall pay to such predecessor an amount equal to the market value of the portion of the Servicing Fee that will accrue in the future due to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" of such portion of the Servicing Fee shall be determined by Bank of America, N.A., on the basis of at least two quotations from third parties actively engaged in the servicing of single-family mortgage loans. If the successor Servicer does not agree that such market value is a fair price, such successor shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b). (c) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer a Servicer maintain in force (i) a the policy or policies of insurance covering errors the type that such Servicer is required to maintain pursuant to this Agreement. In connection with the termination or resignation of a Servicer hereunder, either (i) the successor Servicer, including the Trustee if the Trustee is acting as successor Servicer, shall represent and omissions warrant that it is a member of MERS in good standing and shall agree to comply in all material respects with the performance rules and procedures of its obligations as servicer hereunder and MERS in connection with the servicing of the Mortgage Loans that are registered with MERS, or (ii) a fidelity bond the predecessor Servicer, at its sole expense, shall cooperate with the successor Servicer either (x) in respect causing MERS to execute and deliver an Assignment of its officers, employees and agents Mortgage in recordable form to transfer the Mortgage from MERS to the same extent Trustee and to execute and deliver such other notices, documents and other instruments as may be necessary or desirable to effect a transfer of such Mortgage Loan or servicing of such Mortgage Loan on the MERS® System to the successor Servicer or (y) in causing MERS to designate on the MERS® System the successor Servicer as the servicer of such Mortgage Loan (at the cost and expense of the successor Servicer is so required pursuant to Section 3.03the extent such costs relate to the qualification of such successor Servicer as a member of MERS, otherwise at the cost and expense of the predecessor Servicer). The predecessor Servicer shall file or cause to be filed any such assignment in the appropriate recording office. The successor Servicer shall cause such assignment to be delivered to the Trustee promptly upon receipt of the original with evidence of recording thereon or a copy certified by the public recording office in which such assignment was recorded.

Appears in 9 contracts

Sources: Pooling and Servicing Agreement (Home Equity Asset Trust 2007-1), Pooling and Servicing Agreement (Home Equity Asset Trust 2006-5), Pooling and Servicing Agreement (Home Equity Asset Trust 2006-7)

Trustee to Act; Appointment of Successor. (a) On and after the time a Master Servicer or a Special Servicer resigns pursuant to Section 6.04(a) (and a successor Master Servicer or Special Servicer, as applicable, has not been appointed by the resigning Master Servicer or Special Servicer, as applicable, under Section 6.04), or receives a notice of termination pursuant to Section 8.017.01, the Trustee shall be the successor in all respects to that Master Servicer or that Special Servicer, as the Servicer case may be, in its capacity as servicer such under this Agreement and the transactions set forth or provided for herein and shall be subject to all the responsibilities, duties and liabilities relating thereto and arising thereafter placed on such Master Servicer or such Special Servicer, as the Servicer case may be, by the terms and provisions hereof hereof, including, if such Master Servicer is the resigning or shall appoint a successor pursuant to Section 3.07. Notwithstanding anything provided herein to terminated party, the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity as successor to the Servicer in its applicable Master Servicer’s obligation to make Advances; provided that (i) any failure to perform such duties or responsibilities caused by the failure of a Master Servicer or a Special Servicer, as the case may be, to advance, expend cooperate or risk its own funds to provide information or otherwise incur any financial liability monies as required by Section 7.01 shall not be considered a default by the Trustee hereunder and (ii) in the performance case of its duties hereunder a terminated Master Servicer, the Trustee shall cease to act as successor Master Servicer if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject an alternative successor is appointed pursuant to Section 8.05(b7.01(c), as . Neither the Trustee nor any other successor shall be liable for any of the representations and warranties of the resigning or terminated party or for any losses incurred by the resigning or terminated party pursuant to Section 3.06 hereunder nor shall the Trustee or any other successor be required to purchase any Mortgage Loan hereunder. As compensation therefor, the Trustee shall be entitled to such all fees and other compensation as which the resigning or terminated Servicer party would have been entitled to hereunder for future services rendered if no such notice of termination the resigning or terminated party had been givencontinued to act hereunder. Notwithstanding the above, if it is unwilling to so act, the Trustee may, if it shall be unwilling so to act, or shallmay (and, if it is legally unable to so to act, or if the Trustee is not approved as an acceptable master servicer or special servicer, as the case may be, by each Rating Agency, or if the Holders of Certificates entitled to a majority of all the Voting Rights (determined without notionally reducing the Class Principal Balances of the Certificates by any Appraisal Reduction Amounts) (or, alternatively, if a Servicer Termination Event on the part of the applicable Special Servicer has occurred during a Subordinate Control Period, the Subordinate Class Representative) so requests in writing, the Trustee shall), promptly appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance qualified institution having a net worth of not less than $10,000,000 as the successor to the resigning or terminated Master Servicer or Special Servicer, as the case may be, hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of such Master Servicer or such Special Servicer, as the Servicer case may be, hereunder; provided, however, provided that (i) any such institution appointed as successor Servicer shall not, as evidenced in writing by appointment is the subject of a Rating Agency Confirmation from each Rating Agency (and, if applicable pursuant to Section 3.27(k), an analogous rating agency confirmation from each Pari Passu Companion Rating Agency, adversely affect ) and (ii) if such successor (in the then current rating of any Class of Certificates immediately prior to the termination of the terminated Servicer. The appointment case of a successor Servicer to the resigning or terminated Master Servicer) does not have a master servicer rating from Fitch that is “CMS3” or above, such successor is reasonably acceptable to the Subordinate Class Representative and, if such successor has a master servicer rating from Fitch that is “CMS3” or above, the Subordinate Class Representative shall have been consulted with respect to the identity of (although it need not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreementapproved) such successor. Pending No appointment of a successor to a Master Servicer or a Special Servicer hereunder shall be effective until the terminated Servicer assumption by such successor of all its responsibilities, duties and liabilities hereunder, unless the Trustee is prohibited by law from so actingand pending such appointment and assumption, the Trustee shall act in such capacity as provided abovehereinabove provided. The In connection with any such appointment and assumption, the Trustee may make such arrangements for the compensation of such successor out of payments on the Mortgage Loans or otherwise as it and such successor shall agree; provided that no such compensation shall be in excess of that permitted the resigning or terminated party hereunder. The Depositor, the Trustee, such successor and each other party hereto shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection with the appointment of a successor Servicer or the assumption of the duties of the Servicer, as specified in Section 8.05(a), . If the Trustee may make such arrangements for the compensation of such or an Affiliate acts pursuant to this Section 7.02 as successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor shall agree; provided, however, that any Person assuming the duties of the Servicer shall pay to such predecessor an amount equal to the market value of resigning or terminated Master Servicer and if the portion of the Servicing Fee that will accrue in the future due to the Excess Servicing Fee Rate exceeding 0.25% is a rate per annum with respect to any Mortgage Loan. The "market value" of such portion of that is greater than zero (0) basis points, it may reduce the Excess Servicing Fee shall Rate to the extent that the Trustee’s or such Affiliate’s compensation as successor Master Servicer would otherwise be determined by Bank of America, N.A., on below the basis of at least two quotations from third parties actively engaged in the market rate servicing of single-family mortgage loanscompensation. If the Trustee elects to appoint a successor to the resigning or terminated Master Servicer does not agree that such market value is a fair priceother than itself or an Affiliate pursuant to this Section 7.02, such successor shall obtain two quotations of market value from third parties actively engaged it may reduce the Excess Servicing Fee Rate to the extent reasonably necessary (in the servicing of single-family mortgage loans. The market value sole discretion of the excess portion Trustee) for the Trustee to appoint a qualified successor Master Servicer that meets the requirements of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b)7.02. (c) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the Servicer is so required pursuant to Section 3.03.

Appears in 7 contracts

Sources: Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2014-C23), Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2014-C22), Pooling and Servicing Agreement (GS Mortgage Securities Trust 2014-Gc26)

Trustee to Act; Appointment of Successor. (a) On and after the time the a Servicer receives a notice of termination pursuant to Section 8.017.01 of this Agreement, the Trustee shall shall, subject to and to the extent provided herein, be the successor in all respects to the Servicer a Servicer, but only in its capacity as servicer under this Agreement Agreement, and not in any other, and the transactions set forth or provided for herein and shall be subject to all the responsibilities, duties and liabilities relating thereto placed on the a Servicer by the terms and provisions hereof or shall appoint a successor and applicable law including the obligation to make Advances pursuant to Section 3.074.01. Notwithstanding anything provided herein to the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity as successor to the Servicer in its obligation to make Advances, to advance, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject to Section 8.05(b), as As compensation therefor, the Trustee shall be entitled to such compensation as all funds relating to the terminated related Mortgage Loans that the Servicer would have been entitled to hereunder if no charge to a Collection Account, provided that the terminated Servicer shall nonetheless be entitled to payment or reimbursement as provided in Section 3.09(a) to the extent that such notice payment or reimbursement relates to the period prior to termination of termination had been giventhe Servicer. Notwithstanding the aboveforegoing, if the Trustee has become the successor to a Servicer in accordance with Section 7.01, the Trustee may, if it shall be unwilling to so to act, or shall, if it is legally prohibited by applicable law from making Advances pursuant to 4.01 hereof, or if it is otherwise unable to so to act, appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance mortgage loan servicing institution having a net worth the appointment of which does not less than $10,000,000 adversely affect the then current rating of the Certificates by each Rating Agency, as the successor to the terminated such Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Servicer hereunder; provided, however, that (i) any such institution appointed as . Any successor to a Servicer shall notbe an institution which is a FNMA or FHLMC approved seller/servicer in good standing, which has a net worth of at least $10,000,000, which is willing to service the related Mortgage Loans and which executes and delivers to the Depositor and the Trustee an agreement accepting such delegation and assignment, containing an assumption by such Person of the rights, powers, duties, responsibilities, obligations and liabilities of such Servicer (other than liabilities of the Servicer under Section 6.03 hereof incurred prior to termination of the Servicer under Section 7.01 hereunder), with like effect as evidenced in writing by if originally named as a party to this Agreement; provided that each Rating Agency, adversely affect the then current Agency acknowledges that its rating of any Class of the Certificates in effect immediately prior to the termination such assignment and delegation will not be qualified or reduced as a result of the terminated Servicer. The appointment of a successor Servicer shall not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreementsuch assignment and delegation. Pending appointment of a successor to the terminated a Servicer hereunder, the Trustee, unless the Trustee is prohibited by law from so acting, shall, subject to the Trustee shall limitations described herein, act in such capacity as provided abovehereinabove provided. In connection with such appointment and assumption, the Trustee may make such arrangements for the compensation of such successor out of payments on the related Mortgage Loans as it and such successor shall agree; provided, however, that no such compensation shall be in excess of the Servicing Fee. The Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection with the appointment of a successor Servicer or the assumption of the duties of the Servicer, as specified in Section 8.05(a), . Neither the Trustee may make such arrangements for the compensation nor any other successor servicer shall be deemed to be in default by reason of such successor out of payments on Mortgage Loans serviced any failure to make, or any delay in making, any distribution hereunder or any portion thereof or any failure to perform, or any delay in performing, any duties or responsibilities hereunder, in either case caused by the predecessor Servicer as it and such successor shall agree; provided, however, that any Person assuming the duties failure of the Servicer to deliver or provide, or any delay in delivering or providing, any cash, information, documents or records to it. Any successor to a Servicer shall pay to such predecessor an amount equal give notice to the market value of the portion of the Servicing Fee that will accrue in the future due to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" Mortgagors of such portion change of the Servicing Fee shall be determined by Bank of Americaservicer and shall, N.A., on the basis of at least two quotations from third parties actively engaged in the servicing of single-family mortgage loans. If the successor Servicer does not agree that such market value is a fair price, such successor shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b). (c) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer servicer, maintain in force (i) a the policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as that the Servicer is so required to maintain pursuant to Section 3.03this Agreement.

Appears in 6 contracts

Sources: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp), Pooling and Servicing Agreement (Home Equity Asset Trust 2002-2), Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp)

Trustee to Act; Appointment of Successor. (a) On and after the time a Master Servicer or a Special Servicer resigns pursuant to Section 6.04(a) (and a successor Master Servicer or Special Servicer, as applicable, has not been appointed by the resigning Master Servicer or Special Servicer, as applicable, under Section 6.04), or receives a notice of termination pursuant to Section 8.017.01, the Trustee shall be the successor in all respects to that Master Servicer or that Special Servicer, as the Servicer case may be, in its capacity as servicer such under this Agreement and the transactions set forth or provided for herein and shall be subject to all the responsibilities, duties and liabilities relating thereto and arising thereafter placed on such Master Servicer or such Special Servicer, as the Servicer case may be, by the terms and provisions hereof hereof, including, if the Master Servicer is the resigning or shall appoint a successor pursuant to Section 3.07. Notwithstanding anything provided herein to terminated party, the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity as successor to the Servicer in its applicable Master Servicer’s obligation to make Advances; provided, that (i) any failure to perform such duties or responsibilities caused by the failure of a Master Servicer or a Special Servicer, as the case may be, to advance, expend cooperate or risk its own funds to provide information or otherwise incur any financial liability monies as required by Section 7.01 shall not be considered a default by the Trustee hereunder and (ii) in the performance case of its duties hereunder a terminated Master Servicer, the Trustee shall cease to act as successor Master Servicer if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject an alternative successor is appointed pursuant to Section 8.05(b7.01(c), as . Neither the Trustee nor any other successor shall be liable for any of the representations and warranties of the resigning or terminated party or for any losses incurred by the resigning or terminated party pursuant to Section 3.06 hereunder nor shall the Trustee or any other successor be required to purchase any Mortgage Loan hereunder. As compensation therefor, the Trustee shall be entitled to such all fees and other compensation as which the resigning or terminated Servicer party would have been entitled to hereunder for future services rendered if no such notice of termination the resigning or terminated party had been givencontinued to act hereunder. Notwithstanding the above, if it is unwilling to so act, the Trustee may, if it shall be unwilling so to act, or shallmay (and, if it is legally unable to so to act, or if the Trustee is not approved as an acceptable master servicer or special servicer, as the case may be, by each Rating Agency, or if the Holders of Certificates entitled to a majority of all the Voting Rights (determined without notionally reducing the Class Principal Balances of the Certificates by any Appraisal Reduction Amounts) (or, alternatively, if a Servicer Termination Event on the part of the applicable Special Servicer has occurred during a Subordinate Control Period, the Subordinate Class Representative) so requests in writing, the Trustee shall), promptly appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance qualified institution having a net worth of not less than $10,000,000 as the successor to the resigning or terminated Master Servicer or Special Servicer, as the case may be, hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of such Master Servicer or such Special Servicer, as the Servicer case may be, hereunder; provided, however, that (i) any such institution appointed as successor Servicer shall not, as evidenced in writing by appointment is the subject of a Rating Agency Confirmation from each Rating Agency (and, if applicable, each Pari Passu Companion Rating Agency, adversely affect ); and (ii) if such successor (in the then current rating of any Class of Certificates immediately prior to the termination of the terminated Servicer. The appointment case of a successor Servicer to the resigning or terminated Master Servicer) does not have a master servicer rating from Fitch that is “CMS2” or above, such successor is reasonably acceptable to the Subordinate Class Representative and, if such successor has a master servicer rating from Fitch that is “CMS2” or above, the Subordinate Class Representative shall have been consulted with respect to the identity of (although it need not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreementapproved) such successor. Pending No appointment of a successor to a Master Servicer or a Special Servicer hereunder shall be effective until the terminated Servicer assumption by such successor of all its responsibilities, duties and liabilities hereunder, unless the Trustee is prohibited by law from so actingand pending such appointment and assumption, the Trustee shall act in such capacity as provided abovehereinabove provided. The In connection with any such appointment and assumption, the Trustee may make such arrangements for the compensation of such successor out of payments on the Mortgage Loans or otherwise as it and such successor shall agree; provided, that no such compensation shall be in excess of that permitted the resigning or terminated party hereunder. The Depositor, the Trustee, such successor and each other party hereto shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection with the appointment of a successor Servicer or the assumption of the duties of the Servicer, as specified in Section 8.05(a), . If the Trustee may make such arrangements for the compensation of such or an Affiliate acts pursuant to this Section 7.02 as successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor shall agree; provided, however, that any Person assuming the duties of the Servicer shall pay to such predecessor an amount equal to the market value of resigning or terminated Master Servicer and if the portion of the Servicing Fee that will accrue in the future due to the Excess Servicing Fee Rate exceeding 0.25% is a rate per annum with respect to any Mortgage Loan. The "market value" of such portion of that is greater than zero (0) basis points, it may reduce the Excess Servicing Fee shall Rate to the extent that the Trustee’s or such Affiliate’s compensation as successor Master Servicer would otherwise be determined by Bank of America, N.A., on below the basis of at least two quotations from third parties actively engaged in the market rate servicing of single-family mortgage loanscompensation. If the Trustee elects to appoint a successor to the resigning or terminated Master Servicer does not agree that such market value is a fair priceother than itself or an Affiliate pursuant to this Section 7.02, such successor shall obtain two quotations of market value from third parties actively engaged it may reduce the Excess Servicing Fee Rate to the extent reasonably necessary (in the servicing of single-family mortgage loans. The market value sole discretion of the excess portion Trustee) for the Trustee to appoint a qualified successor Master Servicer that meets the requirements of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b)7.02. (c) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the Servicer is so required pursuant to Section 3.03.

Appears in 6 contracts

Sources: Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2014-C14), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2014-C15), Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2014-Lc14)

Trustee to Act; Appointment of Successor. (a) On and after the time the a Servicer receives a notice of termination pursuant to Section 8.01, the Trustee shall be the successor in all respects to the such Servicer in its capacity as servicer under this Agreement and the transactions set forth or provided for herein and shall be subject to all the responsibilities, duties and liabilities relating thereto placed on the such Servicer by the terms and provisions hereof or shall appoint a successor pursuant to Section 3.07. Notwithstanding anything provided herein to the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity as successor to the a Servicer in its obligation to make Advances, to advance, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject to Section 8.05(b), as compensation therefor, the Trustee shall be entitled to such compensation as the terminated Servicer would have been entitled to hereunder if no such notice of termination had been given. Notwithstanding the above, the Trustee may, if it shall be unwilling so to act, or shall, if it is legally unable so to act, appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance institution having a net worth of not less than $10,000,000 as the successor to the terminated Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the such Servicer hereunder; provided, however, that (i) any such institution appointed as successor Servicer shall not, as evidenced in writing by each Rating Agency, adversely affect the then current rating of any Class of Certificates immediately prior to the termination of the terminated Servicer. The appointment of a successor Servicer shall not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the such Servicer of any of its representations or warranties contained herein or in any related document or agreement. Pending appointment of a successor to the terminated Servicer hereunder, unless the Trustee is prohibited by law from so acting, the Trustee shall act in such capacity as provided above. The Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection with the appointment of a successor Servicer or the assumption of the duties of the a Servicer, as specified in Section 8.05(a), the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor shall agree; provided, however, that any Person assuming the duties of the a Servicer as successor to NationsBanc Mortgage Corporation, Bank of America, FSB or Bank of America, N.A. shall pay to such predecessor an amount equal to the market value of the portion of the Servicing Fee that will accrue in the future due to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" of such portion of the Servicing Fee shall be determined by NationsBanc Mortgage Corporation, Bank of America, FSB or Bank of America, N.A., as applicable, on the basis of at least two quotations from third parties actively engaged in the servicing of single-family mortgage loans. If the successor Servicer does not agree that such market value is a fair price, such successor shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by NationsBanc Mortgage Corporation, Bank of America, FSB or Bank of America, N.A., as applicable, and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to NationsBanc Mortgage Corporation, Bank of America, FSB or Bank of America, N.A., as applicable, by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to NationsBanc Mortgage Corporation, Bank of America, N.A. FSB or Bank of America, N.A., as applicable, under this Section 8.05(b). (c) Any successor, including the Trustee, to the a Servicer as servicer shall during the term of its service as servicer maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the each Servicer is so required pursuant to Section 3.03.

Appears in 5 contracts

Sources: Pooling and Servicing Agreement (Bank of America Mort Sec Inc Mort Pas Thru Cert Ser 1999-11), Pooling and Servicing Agreement (Bank of America Mort Secs Inc Mort Pas Thru Cert Ser 1999-8), Pooling and Servicing Agreement (Bank of America Mortgage Securities Inc)

Trustee to Act; Appointment of Successor. (a) On and after Upon the time receipt by the Master Servicer receives of a notice of termination pursuant to Section 8.018.01 or an Opinion of Independent Counsel pursuant to Section 7.05 to the effect that the Master Servicer is legally unable to act or to delegate its duties to a Person which is legally able to act, the Trustee shall be automatically become the successor in all respects to the Master Servicer in its capacity as servicer under this Agreement and the transactions set forth or provided for herein and shall thereafter be subject to all the responsibilities, duties duties, liabilities and limitations on liabilities relating thereto placed on the Master Servicer by the terms and provisions hereof hereof; provided, however, that EMC shall have the right to either (a) immediately assume the duties of the Master Servicer or shall appoint (b) select a successor pursuant Master Servicer; provided further, however, that the Trustee shall have no obligation whatsoever with respect to any liability (other than advances deemed recoverable and not previously made) incurred by the Master Servicer at or prior to the time of termination. As compensation therefor, but subject to Section 3.07. Notwithstanding anything provided herein to the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity as successor to the Servicer in its obligation to make Advances, to advance, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject to Section 8.05(b), as compensation therefor7.06, the Trustee shall be entitled to such compensation as which the terminated Master Servicer would have been entitled to hereunder retain if no such notice of termination the Master Servicer had been givencontinued to act hereunder, except for those amounts due the Master Servicer as reimbursement permitted under this Agreement for advances previously made or expenses previously incurred. Notwithstanding the above, the Trustee may, if it shall be unwilling so to act, or shall, if it is legally unable so to act, appoint, appoint or petition a court of competent jurisdiction to appoint, any established housing and home finance institution which is a ▇▇▇▇▇▇ Mae- or ▇▇▇▇▇▇▇ Mac-approved servicer, and with respect to a successor to the Master Servicer only, having a net worth of not less than $10,000,000 10,000,000, as the successor to the terminated Master Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Master Servicer hereunder; provided, however, that (i) any such institution appointed as successor Servicer the Trustee shall not, as evidenced in writing by obtain a letter from each Rating AgencyAgency that the ratings, adversely affect if any, on each of the then current rating Certificates will not be lowered as a result of any Class the selection of Certificates immediately prior the successor to the termination of the terminated Master Servicer. The appointment of a successor Servicer shall not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreement. Pending appointment of a successor to the terminated Master Servicer hereunder, unless the Trustee is prohibited by law from so acting, the Trustee shall act in such capacity as provided abovehereinabove provided. In connection with such appointment and assumption, the Trustee may make such arrangements for the compensation of such successor out of payments on the Mortgage Loans as it and such successor shall agree; provided, however, that the provisions of Section 7.06 shall apply, the compensation shall not be in excess of that to which the Master Servicer would have been entitled to if the Master Servicer had continued to act hereunder, and that such successor shall undertake and assume the obligations of the Trustee to pay compensation to any third Person acting as an agent or independent contractor in the performance of master servicing responsibilities hereunder. The Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection with If the appointment of a successor Servicer or the assumption of the Trustee shall succeed to any duties of the ServicerMaster Servicer respecting the Mortgage Loans as provided herein, it shall do so in a separate capacity and not in its capacity as specified in Section 8.05(a)Trustee and, accordingly, the Trustee may make such arrangements for the compensation provisions of such successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor Article IX shall agree; provided, however, that any Person assuming the duties of the Servicer shall pay to such predecessor an amount equal be inapplicable to the market value of Trustee in its duties as the portion of the Servicing Fee that will accrue in the future due successor to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" of such portion of the Servicing Fee shall be determined by Bank of America, N.A., on the basis of at least two quotations from third parties actively engaged Master Servicer in the servicing of single-family mortgage loans. If the successor Servicer does not agree that Mortgage Loans (although such market value is a fair price, such successor provisions shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal continue to apply to the average Trustee in its capacity as Trustee); the provisions of (i) the lowest figure obtained by Bank of AmericaArticle VII, N.A.however, and (ii) the highest figure obtained by the shall apply to it in its capacity as successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b)master servicer. (c) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the Servicer is so required pursuant to Section 3.03.

Appears in 5 contracts

Sources: Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc), Pooling and Servicing Agreement (Structured Asset Mort Inv Ii Inc Bear Stearns Alt a Tr 04 6), Pooling and Servicing Agreement (Struct Ass Mort Inv Inc Bs Alta Mort Pas THR Cer Ser 2003 1)

Trustee to Act; Appointment of Successor. (a) On and after the time the Servicer or the Special Servicer receives a notice of termination pursuant to Section 8.017.1, the Trustee shall be the its successor in such capacity in all respects to the Servicer in its capacity as servicer under this Agreement and the transactions set forth or provided for herein and and, except as provided herein, shall be subject to all the responsibilities, duties duties, limitations on liability and liabilities relating thereto and arising thereafter placed on the Servicer or Special Servicer by the terms and provisions hereof hereof; provided, however, that (i) the Trustee shall have no responsibilities, duties, liabilities or obligations with respect to any act or omission of the Servicer or of the Special Servicer and (ii) any failure to perform, or delay in performing, such duties or responsibilities caused by the terminated party's failure to provide, or delay in providing, records, tapes, disks, information or monies shall appoint not be considered a default by any successor hereunder. The appointment of a successor Servicer or Special Servicer shall not affect any liability of the predecessor Servicer or Special Servicer, as applicable, which may have arisen prior to its termination as Servicer or Special Servicer. The Trustee shall not be liable for any of the representations and warranties of the Servicer or of the Special Servicer herein or in any related document or agreement, for any acts or omissions of the predecessor Servicer or Special Servicer, as applicable, or for any losses incurred in respect of any Permitted Investment by the Servicer pursuant to Section 3.073.7 hereunder nor shall the Trustee be required to purchase any Mortgage Loan hereunder. Notwithstanding anything provided herein to the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity as successor to the Servicer in its obligation to make Advances, to advance, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject to Section 8.05(b), as As compensation therefor, the Trustee as successor Servicer or Special Servicer shall be entitled to such compensation as all Servicing Compensation relating to the terminated Mortgage Loans that accrue after the date of the Trustee's succession to which the Servicer or Special Servicer would have been entitled if the Servicer or Special Servicer, as applicable, had continued to act hereunder. In the event any Advances made by the Servicer or the Trustee shall at any time be outstanding, or any amounts of interest thereon shall be accrued and unpaid, all amounts available to repay Advances and interest hereunder if no shall be applied entirely to the Advances made by the Trustee (and the accrued and unpaid interest thereon), until such notice of termination had Advances made by the Trustee (and accrued and unpaid interest thereon) shall have been givenrepaid in full. Notwithstanding the above, the Trustee may, if it shall be unwilling to so to act, or shall, 133 if it is legally unable to so to act, or if the Holders of Certificates entitled to at least __% of the aggregate Voting Rights so request in writing to the Trustee, or if (x) neither the Trustee nor the Fiscal Agent is rated by each Rating Agency in one of its two highest long-term debt rating categories or (y) the Trustee is not listed on S&P's list of approved servicers, promptly appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance institution having a net worth mortgage loan servicing institution, the appointment of which will not less than $10,000,000 result in the downgrading, withdrawal or qualification of the rating or ratings then assigned to any Class of Certificates as evidenced in writing by each Rating Agency, as the successor to the terminated Servicer or Special Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Servicer or Special Servicer hereunder; provided, however, that (i) any such institution appointed as successor Servicer shall not, as evidenced in writing by each Rating Agency, adversely affect the then current rating of any Class of Certificates immediately prior to the termination of the terminated Servicer. The No appointment of a successor Servicer shall not affect any liability of to the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach Special Servicer hereunder shall be effective until the assumption by such successor of all the Servicer of any of its representations Servicer's or warranties contained herein or in any related document or agreementSpecial Servicer's responsibilities, duties and liabilities hereunder. Pending appointment of a successor to the terminated Servicer or Special Servicer hereunder, unless the Trustee is shall be prohibited by law from so acting, the Trustee shall act in such capacity as provided aboveherein above provided. In connection with such appointment and assumption described herein, the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans as it and such successor shall agree; provided, however, that no such compensation shall be in excess of that permitted the terminated party hereunder. The Trustee Depositor, the Trustee, the Servicer or Special Servicer and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection with the appointment of a successor Servicer or the assumption of the duties of the Servicer, as specified in Section 8.05(a), the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor shall agree; provided, however, that any Person assuming the duties of the Servicer shall pay to such predecessor an amount equal to the market value of the portion of the Servicing Fee that will accrue in the future due to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" of such portion of the Servicing Fee shall be determined by Bank of America, N.A., on the basis of at least two quotations from third parties actively engaged in the servicing of single-family mortgage loans. If the successor Servicer does not agree that such market value is a fair price, such successor shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b). (c) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the Servicer is so required pursuant to Section 3.03.

Appears in 4 contracts

Sources: Pooling and Servicing Agreement (Prudential Securities Secured Financing Corp), Pooling and Servicing Agreement (Prudential Securities Secured Financing Corp), Pooling and Servicing Agreement (Prudential Securities Secured Financing Corp)

Trustee to Act; Appointment of Successor. (a) On and after the time a Master Servicer or a Special Servicer resigns pursuant to Section 6.04(a) (and a successor Master Servicer or Special Servicer, as applicable, has not been appointed by the resigning Master Servicer or Special Servicer, as applicable, under Section 6.04), or receives a notice of termination pursuant to Section 8.017.01, the Trustee shall be the successor in all respects to that Master Servicer or that Special Servicer, as the Servicer case may be, in its capacity as servicer such under this Agreement and the transactions set forth or provided for herein and shall be subject to all the responsibilities, duties and liabilities relating thereto and arising thereafter placed on such Master Servicer or such Special Servicer, as the Servicer case may be, by the terms and provisions hereof hereof, including, if such Master Servicer is the resigning or shall appoint a successor pursuant to Section 3.07. Notwithstanding anything provided herein to terminated party, the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity as successor to the Servicer in its applicable Master Servicer’s obligation to make Advances; provided that (i) any failure to perform such duties or responsibilities caused by the failure of a Master Servicer or a Special Servicer, as the case may be, to advance, expend cooperate or risk its own funds to provide information or otherwise incur any financial liability monies as required by Section 7.01 shall not be considered a default by the Trustee hereunder and (ii) in the performance case of its duties hereunder a terminated Master Servicer, the Trustee shall cease to act as successor Master Servicer if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject an alternative successor is appointed pursuant to Section 8.05(b7.01(c), as . Neither the Trustee nor any other successor shall be liable for any of the representations and warranties of the resigning or terminated party or for any losses incurred by the resigning or terminated party pursuant to Section 3.06 hereunder nor shall the Trustee or any other successor be required to purchase any Mortgage Loan hereunder. As compensation therefor, the Trustee shall be entitled to such all fees and other compensation as which the resigning or terminated Servicer party would have been entitled to hereunder for future services rendered if no such notice of termination the resigning or terminated party had been givencontinued to act hereunder. Notwithstanding the above, if it is unwilling to so act, the Trustee may, if it shall be unwilling so to act, or shallmay (and, if it is legally unable to so to act, or if the Trustee is not approved as an acceptable master servicer or special servicer, as the case may be, by each Rating Agency, or if the Holders of Certificates entitled to a majority of all the Voting Rights (determined without notionally reducing the Class Principal Balances of the Certificates by any Appraisal Reduction Amounts) (or, alternatively, if a Servicer Termination Event on the part of the applicable Special Servicer has occurred during a Subordinate Control Period, the Subordinate Class Representative) so requests in writing, the Trustee shall), promptly appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance qualified institution having a net worth of not less than $10,000,000 as the successor to the resigning or terminated Master Servicer or Special Servicer, as the case may be, hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of such Master Servicer or such Special Servicer, as the Servicer case may be, hereunder; provided, however, provided that (i) any such institution appointed as successor Servicer shall not, as evidenced in writing by appointment is the subject of a Rating Agency Confirmation from each Rating Agency (and, if applicable pursuant to Section 3.27(k), an analogous rating agency confirmation from each Pari Passu Companion Loan Rating Agency, adversely affect the then current rating of any Class of Certificates immediately prior to the termination of the terminated Servicer). The appointment of a successor Servicer shall not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreement. Pending No appointment of a successor to a Master Servicer or a Special Servicer hereunder shall be effective until the terminated Servicer assumption by such successor of all its responsibilities, duties and liabilities hereunder, unless the Trustee is prohibited by law from so actingand pending such appointment and assumption, the Trustee shall act in such capacity as provided abovehereinabove provided. The In connection with any such appointment and assumption, the Trustee may make such arrangements for the compensation of such successor out of payments on the Mortgage Loans or otherwise as it and such successor shall agree; provided that no such compensation shall be in excess of that permitted the resigning or terminated party hereunder. The Depositor, the Trustee, such successor and each other party hereto shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection with the appointment of a successor Servicer or the assumption of the duties of the Servicer, as specified in Section 8.05(a), . If the Trustee may make such arrangements for the compensation of such or an Affiliate acts pursuant to this Section 7.02 as successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor shall agree; provided, however, that any Person assuming the duties of the Servicer shall pay to such predecessor an amount equal to the market value of resigning or terminated Master Servicer and if the portion of the Servicing Fee that will accrue in the future due to the Excess Servicing Fee Rate exceeding 0.25% is a rate per annum with respect to any Mortgage Loan. The "market value" of such portion of that is greater than zero (0) basis points, it may reduce the Excess Servicing Fee shall Rate to the extent that the Trustee’s or such Affiliate’s compensation as successor Master Servicer would otherwise be determined by Bank of America, N.A., on below the basis of at least two quotations from third parties actively engaged in the market rate servicing of single-family mortgage loanscompensation. If the Trustee elects to appoint a successor to the resigning or terminated Master Servicer does not agree that such market value is a fair priceother than itself or an Affiliate pursuant to this Section 7.02, such successor shall obtain two quotations of market value from third parties actively engaged it may reduce the Excess Servicing Fee Rate to the extent reasonably necessary (in the servicing of single-family mortgage loans. The market value sole discretion of the excess portion Trustee) for the Trustee to appoint a qualified successor Master Servicer that meets the requirements of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b)7.02. (c) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the Servicer is so required pursuant to Section 3.03.

Appears in 4 contracts

Sources: Pooling and Servicing Agreement (Wells Fargo Commercial Mortgage Trust 2015-C27), Pooling and Servicing Agreement (Wells Fargo Commercial Mortgage Trust 2015-C26), Pooling and Servicing Agreement (Wells Fargo Commercial Mortgage Trust 2014-Lc18)

Trustee to Act; Appointment of Successor. (a) On and after Upon the time receipt by the Master Servicer receives of a notice of termination pursuant to Section 8.018.01 or an Opinion of Independent Counsel pursuant to Section 7.05 to the effect that the Master Servicer is legally unable to act or to delegate its duties to a Person which is legally able to act, the Trustee shall be automatically become the successor in all respects to the Master Servicer in its capacity as servicer under this Agreement and the transactions set forth or provided for herein and shall thereafter be subject to all the responsibilities, duties duties, liabilities and limitations on liabilities relating thereto placed on the Master Servicer by the terms and provisions hereof hereof; provided, however, that the Company shall have the right to either (a) immediately assume the duties of the Master Servicer or shall appoint (b) select a successor pursuant Master Servicer; provided further, however, that the Trustee shall have no obligation whatsoever with respect to any liability (other than advances deemed recoverable and not previously made) incurred by the Master Servicer at or prior to the time of termination. As compensation therefor, but subject to Section 3.07. Notwithstanding anything provided herein to the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity as successor to the Servicer in its obligation to make Advances, to advance, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject to Section 8.05(b), as compensation therefor7.06, the Trustee shall be entitled to such compensation as which the terminated Master Servicer would have been entitled to hereunder retain if no such notice of termination the Master Servicer had been givencontinued to act hereunder, except for those amounts due the Master Servicer as reimbursement permitted under this Agreement for advances previously made or expenses previously incurred. Notwithstanding the above, the Trustee may, if it shall be unwilling so to act, or shall, if it is legally unable so to act, appoint, appoint or petition a court of competent jurisdiction to appoint, any established housing and home finance institution which is a ▇▇▇▇▇▇ ▇▇▇- or ▇▇▇▇▇▇▇ Mac-approved servicer, and with respect to a successor to the Master Servicer only, having a net worth of not less than $10,000,000 10,000,000, as the successor to the terminated Master Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Master Servicer hereunder; provided, however, that (i) any such institution appointed as successor Servicer the Trustee shall not, as evidenced in writing by obtain a letter from each Rating AgencyAgency that the ratings, adversely affect if any, on each of the then current rating Certificates will not be lowered as a result of any Class the selection of Certificates immediately prior the successor to the termination of the terminated Master Servicer. The appointment of a successor Servicer shall not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreement. Pending appointment of a successor to the terminated Master Servicer hereunder, unless the Trustee is prohibited by law from so acting, the Trustee shall act in such capacity as provided abovehereinabove provided. In connection with such appointment and assumption, the Trustee may make such arrangements for the compensation of such successor out of payments on the Mortgage Loans as it and such successor shall agree; provided, however, that the provisions of Section 7.06 shall apply, the compensation shall not be in excess of that which the Master Servicer would have been entitled to if the Master Servicer had continued to act hereunder, and that such successor shall undertake and assume the obligations of the Trustee to pay compensation to any third Person acting as an agent or independent contractor in the performance of master servicing responsibilities hereunder. The Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection with If the appointment of a successor Servicer or the assumption of the Trustee shall succeed to any duties of the ServicerMaster Servicer respecting the Mortgage Loans as provided herein, it shall do so in a separate capacity and not in its capacity as specified in Section 8.05(a)Trustee and, accordingly, the Trustee may make such arrangements for the compensation provisions of such successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor Article IX shall agree; provided, however, that any Person assuming the duties of the Servicer shall pay to such predecessor an amount equal be inapplicable to the market value of Trustee in its duties as the portion of the Servicing Fee that will accrue in the future due successor to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" of such portion of the Servicing Fee shall be determined by Bank of America, N.A., on the basis of at least two quotations from third parties actively engaged Master Servicer in the servicing of single-family mortgage loans. If the successor Servicer does not agree that Mortgage Loans (although such market value is a fair price, such successor provisions shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal continue to apply to the average Trustee in its capacity as Trustee); the provisions of (i) the lowest figure obtained by Bank of AmericaArticle VII, N.A.however, and (ii) the highest figure obtained by the shall apply to it in its capacity as successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b)master servicer. (c) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the Servicer is so required pursuant to Section 3.03.

Appears in 4 contracts

Sources: Pooling and Servicing Agreement (Bear Stearns Arm Trust 2005-12), Pooling and Servicing Agreement (Bear Stearns ALT-A Trust, Series 2005-9), Pooling and Servicing Agreement (Bear Stearns ARM Trust 2004-10)

Trustee to Act; Appointment of Successor. (a) On and after the time the Master Servicer or the Special Servicer resigns pursuant to Section 6.04(a) (and a successor Master Servicer or Special Servicer, as applicable, has not been appointed by the resigning Master Servicer or Special Servicer, as applicable, under Section 6.04), or receives a notice of termination pursuant to Section 8.017.01, the Trustee shall be the successor in all respects to the Master Servicer or the Special Servicer, as the case may be, in its capacity as servicer such under this Agreement and the transactions set forth or provided for herein and shall be subject to all the responsibilities, duties and liabilities relating thereto and arising thereafter placed on the Master Servicer or the Special Servicer, as the case may be, by the terms and provisions hereof hereof, including, if the Master Servicer is the resigning or shall appoint a successor pursuant to Section 3.07. Notwithstanding anything provided herein to terminated party, the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity as successor to the Servicer in its Master Servicer’s obligation to make Advances; provided, however, that (i) any failure to perform such duties or responsibilities caused by the failure of the Master Servicer or the Special Servicer, as the case may be, to advance, expend cooperate or risk its own funds to provide information or otherwise incur any financial liability monies as required by Section 7.01 shall not be considered a default by the Trustee hereunder and (ii) in the performance case of its duties hereunder a terminated Master Servicer, the Trustee shall cease to act as successor Master Servicer if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject an alternative successor is appointed pursuant to Section 8.05(b7.01(c), as . Neither the Trustee nor any other successor shall be liable for any of the representations and warranties of the resigning or terminated party or for any losses incurred by the resigning or terminated party pursuant to Section 3.06 hereunder nor shall the Trustee or any other successor be required to purchase any Mortgage Loan hereunder. As compensation therefor, the Trustee shall be entitled to such all fees and other compensation as which the resigning or terminated Servicer party would have been entitled to hereunder for future services rendered if no such notice of termination the resigning or terminated party had been givencontinued to act hereunder. Notwithstanding the above, if it is unwilling to so act, the Trustee may, if it shall be unwilling so to act, or shallmay (and, if it is legally unable to so to act, or if the Trustee is not approved as an acceptable master servicer or special servicer, as the case may be, by each Rating Agency, or if the Holders of Certificates entitled to a majority of all the Voting Rights (determined without notionally reducing the Class Principal Balances of the Certificates by any Appraisal Reduction Amounts) (or, alternatively, if an Event of Default on the part of the Special Servicer has occurred during a Subordinate Control Period, the Subordinate Class Representative) so requests in writing, the Trustee shall), promptly appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance qualified institution having a net worth of not less than $10,000,000 as the successor to the resigning or terminated Master Servicer or Special Servicer, as the case may be, hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Master Servicer or the Special Servicer, as the case may be, hereunder; provided, however, that (i) any such institution appointed as appointment is the subject of a Rating Agency Confirmation; and (ii) if such successor Servicer shall not, as evidenced (in writing by each Rating Agency, adversely affect the then current rating of any Class of Certificates immediately prior to the termination of the terminated Servicer. The appointment case of a successor to the resigning or terminated Master Servicer) does not have the Master Servicer rating from Fitch that is “CMS2” or above, such successor is reasonably acceptable to the Subordinate Class Representative and, if such successor has a master servicer rating from Fitch that is “CMS2” or above, the Subordinate Class Representative shall have been consulted with respect to the identity of (although it need not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreementapproved) such successor. Pending No appointment of a successor to the terminated Master Servicer or the Special Servicer hereunder shall be effective until the assumption by such successor of all its responsibilities, duties and liabilities hereunder, unless the Trustee is prohibited by law from so actingand pending such appointment and assumption, the Trustee shall act in such capacity as provided abovehereinabove provided. The In connection with any such appointment and assumption, the Trustee may make such arrangements for the compensation of such successor out of payments on the Mortgage Loans or otherwise as it and such successor shall agree; provided, however, that no such compensation shall be in excess of that permitted the resigning or terminated party hereunder. The Depositor, the Trustee, such successor and each other party hereto shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection with . If the appointment of a Trustee or an Affiliate acts pursuant to this Section 7.02 as successor Servicer to the resigning or the assumption of the duties of the terminated Master Servicer, as specified in Section 8.05(a), it may reduce the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor shall agree; provided, however, that any Person assuming the duties of the Servicer shall pay to such predecessor an amount equal to the market value of the portion of the Servicing Fee that will accrue in the future due to the Excess Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "the extent that the Trustee’s or such Affiliate’s compensation as successor Master Servicer would otherwise be below the market value" of such portion of the Servicing Fee shall be determined by Bank of America, N.A., on the basis of at least two quotations from third parties actively engaged in the rate servicing of single-family mortgage loanscompensation. If the Trustee elects to appoint a successor to the resigning or terminated Master Servicer does not agree that such market value is a fair priceother than itself or an Affiliate pursuant to this Section 7.02, such successor shall obtain two quotations of market value from third parties actively engaged it may reduce the Excess Servicing Fee Rate to the extent reasonably necessary (in the servicing of single-family mortgage loans. The market value sole discretion of the excess portion Trustee) for the Trustee to appoint a qualified successor Master Servicer that meets the requirements of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b)7.02. (c) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the Servicer is so required pursuant to Section 3.03.

Appears in 4 contracts

Sources: Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2011-C5), Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2012-C6), Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2012-C6)

Trustee to Act; Appointment of Successor. (a) On and after the time the a Servicer receives a notice of termination pursuant to Section 8.017.01 of this Agreement, the Trustee or, if Ocwen is the terminated Servicer, the Back-Up Servicer, or a successor servicer appointed pursuant to Section 7.01, subject to and to the extent provided herein, either shall be the successor in all respects to the Servicer a Servicer, but only in its capacity as servicer under this Agreement and not in any other, and the transactions set forth herein or provided for herein shall appoint a successor servicer, and in either event such successor servicer shall be subject to all the responsibilities, duties and liabilities relating thereto placed on the such Servicer by the terms and provisions hereof or shall appoint a successor and applicable law including the obligation to make Advances pursuant to Section 3.074.01. Notwithstanding anything provided herein to the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity as successor to the Servicer in its obligation to make Advances, to advance, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject to Section 8.05(b), as As compensation therefor, the Trustee successor servicer shall be entitled to such compensation as all funds relating to the related Mortgage Loans that the terminated Servicer would have been entitled to hereunder if no charge to a Collection Account, provided that the terminated Servicer shall nonetheless be entitled to payment or reimbursement as provided in Section 3.09(a) to the extent that such notice payment or reimbursement relates to the period prior to the completion of termination had been giventhe transfer of servicing to a successor servicer. Notwithstanding the aboveforegoing, if the Trustee or the Back-Up Servicer has become the successor to the terminated Servicer in accordance with Section 7.01, the Trustee or Back-Up Servicer may, if it shall be unwilling to so to act, or shall, if it is legally prohibited by applicable law from making Advances pursuant to 4.01 hereof, or if it is otherwise unable to so to act, appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance mortgage loan servicing institution having a net worth the appointment of which does not less than $10,000,000 adversely affect the then current rating of the Certificates by each Rating Agency, as the successor to the terminated Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the such Servicer hereunder; provided, however, that (i) any such institution appointed as . Any successor to a Servicer shall notbe an institution which is a FNMA or FHLMC approved seller/servicer in good standing, which has a net worth of at least $10,000,000, which is willing to service the related Mortgage Loans and which executes and delivers to the Depositor and the Trustee an agreement accepting such delegation and assignment, containing an assumption by such Person of the rights, powers, duties, responsibilities, obligations and liabilities of such Servicer (other than liabilities of that Servicer under Section 6.03 hereof incurred prior to termination of a Servicer under Section 7.01 hereunder), with like effect as evidenced if originally named as a party to this Agreement; provided that each Rating Agency acknowledges that its rating of the Certificates in writing effect immediately prior to such assignment and delegation will not be qualified or reduced as a result of such assignment and delegation. The Back-Up Servicer (or its affiliate) or any successor servicer appointed by DLJMC shall be rated as a servicer of subprime mortgage loans as “average” (or its equivalent) or better by each Rating Agency, adversely affect the then current Agency that maintains a servicer rating of any Class of Certificates immediately prior to the termination of the terminated Servicer. The appointment of a successor Servicer shall not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreementsystem. Pending appointment of a successor to the terminated a Servicer hereunder, the Trustee, the Back-Up Servicer or other successor servicer, unless the Trustee such entity is prohibited by law from so acting, shall, subject to the Trustee shall limitations described herein, act in such capacity as provided abovehereinabove provided. In connection with such appointment and assumption, the Trustee may make such arrangements for the compensation of such successor out of payments on the related Mortgage Loans as it and such successor shall agree; provided, however, that no such compensation shall be in excess of (x) the Ocwen Servicing Fee (as defined in the Ocwen Side Letter) or the WFHMI Servicing Fee (as defined in the WFHMI Side Letter), as the case may be, if the successor is the Back-Up Servicer or (y) the Servicing Fee, assuming for this purpose that the Servicing Fee Rate is 0.50% per annum, for any other successor. To the extent that the compensation of any successor to a Servicer is calculated using a rate exceeding the then-current rate used to calculate the Ocwen Servicing Fee (as defined in the Ocwen Side Letter) or the WFHMI Servicing Fee (as defined in the WFHMI Side Letter), as the case may be, each Holder of a Class A-IO-S Certificate hereby agrees to a decrease in the Excess Servicing Fee Rate in an amount equal to such excess. The Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection with the appointment of a successor Servicer or the assumption of the duties of the Servicer, as specified in Section 8.05(a), the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor shall agree; provided, however, that any Person assuming the duties of the Servicer shall pay to such predecessor an amount equal to the market value of the portion of the Servicing Fee that will accrue in the future due to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" of such portion of the Servicing Fee shall be determined by Bank of America, N.A., on the basis of at least two quotations from third parties actively engaged in the servicing of single-family mortgage loans. If the successor Servicer does not agree that such market value is a fair price, such successor shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b). (c) Any successor, including Neither the Trustee, the Back-Up Servicer nor any other successor servicer shall be deemed to be in default by reason of any failure to make, or any delay in making, any distribution hereunder or any portion thereof or any failure to perform, or any delay in performing, any duties or responsibilities hereunder, in either case caused by the failure of the terminated Servicer to deliver or provide, or any delay in delivering or providing, any cash, information, documents or records to it. Any successor to a Servicer or shall give notice to the Mortgagors of such change of servicer. Any successor to a Servicer as servicer shall shall, during the term of its service as servicer a Servicer maintain in force (i) a the policy or policies of insurance covering errors the type that such Servicer is required to maintain pursuant to this Agreement. In connection with the termination or resignation of a Servicer hereunder, either (i) the successor Servicer, including the Trustee if the Trustee is acting as successor Servicer, shall represent and omissions warrant that it is a member of MERS in good standing and shall agree to comply in all material respects with the performance rules and procedures of its obligations as servicer hereunder and MERS in connection with the servicing of the Mortgage Loans that are registered with MERS, or (ii) a fidelity bond the predecessor Servicer, at its sole expense, shall cooperate with the successor Servicer either (x) in respect causing MERS to execute and deliver an Assignment of its officers, employees and agents Mortgage in recordable form to transfer the Mortgage from MERS to the same extent Trustee and to execute and deliver such other notices, documents and other instruments as may be necessary or desirable to effect a transfer of such Mortgage Loan or servicing of such Mortgage Loan on the MERS® System to the successor Servicer or (y) in causing MERS to designate on the MERS® System the successor Servicer as the servicer of such Mortgage Loan (at the cost and expense of the successor Servicer is so required pursuant to Section 3.03the extent such costs relate to the qualification of such successor Servicer as a member of MERS, otherwise at the cost and expense of the predecessor Servicer). The predecessor Servicer shall file or cause to be filed any such assignment in the appropriate recording office. The successor Servicer shall cause such assignment to be delivered to the Trustee promptly upon receipt of the original with evidence of recording thereon or a copy certified by the public recording office in which such assignment was recorded.

Appears in 4 contracts

Sources: Pooling and Servicing Agreement, Pooling and Servicing Agreement (Credit Suisse First Boston Mort Sec Home Equity Asset 2004-2), Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2004-3.)

Trustee to Act; Appointment of Successor. (a) On and after Upon the time receipt by the Master Servicer receives of a notice of termination pursuant to Section 8.018.01 or an Opinion of Independent Counsel pursuant to Section 7.05 to the effect that the Master Servicer is legally unable to act or to delegate its duties to a Person which is legally able to act, the Trustee shall be automatically become the successor in all respects to the Master Servicer in its capacity as servicer under this Agreement and the transactions set forth or provided for herein and shall thereafter have all the rights and powers of, and be subject to all the responsibilities, duties duties, liabilities and limitations on liabilities relating thereto placed on the Master Servicer by the terms and provisions hereof or shall appoint a successor (including the requirement to make Monthly Advances pursuant to Section 3.07. Notwithstanding anything provided herein 6.06); provided, however, that the Trustee shall have no obligation whatsoever with respect to any liability (other than advances deemed recoverable and not previously made) incurred by the Master Servicer at or prior to the contrary, under no circumstances shall any provision time of this Agreement be construed to require the Trustee, acting in its capacity as successor to the Servicer in its obligation to make Advances, to advance, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverabletermination. Subject to Section 8.05(b), as As compensation therefor, the Trustee shall be entitled to such compensation as which the terminated Master Servicer would have been entitled to hereunder retain if no such notice of termination the Master Servicer had been givencontinued to act hereunder, except for those amounts due the Master Servicer as reimbursement permitted under this Agreement for advances previously made or expenses previously incurred. Notwithstanding the above, the Trustee may, if it shall be unwilling so to act, or shall, if it is legally unable so to act, appoint, appoint or petition a court of competent jurisdiction to appoint, any established housing and home finance institution which is a F▇▇▇▇▇ M▇▇- or F▇▇▇▇▇▇ Mac-approved servicer, and with respect to a successor to the Master Servicer only, having a net worth of not less than $10,000,000 10,000,000, as the successor to the terminated Master Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Master Servicer hereunder; provided, however, that (i) any such institution appointed as successor Servicer the Trustee shall not, as evidenced in writing by obtain a letter from each Rating AgencyAgency that the ratings, adversely affect if any, on each of the then current rating Certificates will not be lowered as a result of any Class the selection of Certificates immediately prior the successor to the termination of the terminated Master Servicer. The appointment of a successor Servicer shall not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreement. Pending appointment of a successor to the terminated Master Servicer hereunder, unless the Trustee is prohibited by law from so acting, the Trustee shall act in such capacity as provided abovehereinabove provided. In connection with such appointment and assumption, the Trustee may make such arrangements for the compensation of such successor out of payments on the Mortgage Loans as it and such successor shall agree; provided, however, that the provisions of Section 7.06 shall apply, the compensation shall not be in excess of that which the Master Servicer would have been entitled to if the Master Servicer had continued to act hereunder, and that such successor shall undertake and assume the obligations of the Master Servicer to pay compensation to any third Person acting as an agent or independent contractor in the performance of master servicing responsibilities hereunder. The Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection with If the appointment of a successor Servicer or the assumption of the Trustee shall succeed to any duties of the ServicerMaster Servicer respecting the Mortgage Loans as provided herein, it shall do so in a separate capacity and not in its capacity as specified in Section 8.05(a)Trustee and, accordingly, the Trustee may make such arrangements for the compensation provisions of such successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor Article IX shall agree; provided, however, that any Person assuming the duties of the Servicer shall pay to such predecessor an amount equal be inapplicable to the market value of Trustee in its duties as the portion of the Servicing Fee that will accrue in the future due successor to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" of such portion of the Servicing Fee shall be determined by Bank of America, N.A., on the basis of at least two quotations from third parties actively engaged Master Servicer in the servicing of single-family mortgage loans. If the successor Servicer does not agree that Mortgage Loans (although such market value is a fair price, such successor provisions shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal continue to apply to the average Trustee in its capacity as Trustee); the provisions of (i) the lowest figure obtained by Bank of AmericaArticle VII, N.A.however, and (ii) the highest figure obtained by the shall apply to it in its capacity as successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b)master servicer. (c) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the Servicer is so required pursuant to Section 3.03.

Appears in 4 contracts

Sources: Pooling and Servicing Agreement (Prime Mortgage Trust 2006-1), Pooling and Servicing Agreement (Prime Mortgage Trust 2007-2), Pooling and Servicing Agreement (Prime Mortgage Trust 2007-3)

Trustee to Act; Appointment of Successor. (a) On and after the time a Master Servicer or a Special Servicer resigns pursuant to Section 6.04(a) (and a successor Master Servicer or Special Servicer, as applicable, has not been appointed by the resigning Master Servicer or Special Servicer, as applicable, under Section 6.04), or receives a notice of termination pursuant to Section 8.017.01, the Trustee shall be the successor in all respects to that Master Servicer or that Special Servicer, as the Servicer case may be, in its capacity as servicer such under this Agreement and the transactions set forth or provided for herein and shall be subject to all the responsibilities, duties and liabilities relating thereto and arising thereafter placed on such Master Servicer or such Special Servicer, as the Servicer case may be, by the terms and provisions hereof hereof, including, if the Master Servicer is the resigning or shall appoint a successor pursuant to Section 3.07. Notwithstanding anything provided herein to terminated party, the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity as successor to the Servicer in its applicable Master Servicer’s obligation to make Advances; provided, that (i) any failure to perform such duties or responsibilities caused by the failure of a Master Servicer or a Special Servicer, as the case may be, to advance, expend cooperate or risk its own funds to provide information or otherwise incur any financial liability monies as required by Section 7.01 shall not be considered a default by the Trustee hereunder and (ii) in the performance case of its duties hereunder a terminated Master Servicer, the Trustee shall cease to act as successor Master Servicer if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject an alternative successor is appointed pursuant to Section 8.05(b7.01(c), as . Neither the Trustee nor any other successor shall be liable for any of the representations and warranties of the resigning or terminated party or for any losses incurred by the resigning or terminated party pursuant to Section 3.06 hereunder nor shall the Trustee or any other successor be required to purchase any Mortgage Loan hereunder. As compensation therefor, the Trustee shall be entitled to such all fees and other compensation as which the resigning or terminated Servicer party would have been entitled to hereunder for future services rendered if no such notice of termination the resigning or terminated party had been givencontinued to act hereunder. Notwithstanding the above, if it is unwilling to so act, the Trustee may, if it shall be unwilling so to act, or shallmay (and, if it is legally unable to so to act, or if the Trustee is not approved as an acceptable master servicer or special servicer, as the case may be, by each Rating Agency, or if the Holders of Certificates entitled to a majority of all the Voting Rights (determined without notionally reducing the Class Principal Balances of the Certificates by any Appraisal Reduction Amounts) (or, alternatively, if a Servicer Termination Event on the part of the Special Servicer has occurred during a Subordinate Control Period, the Subordinate Class Representative) so requests in writing, the Trustee shall), promptly appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance qualified institution having a net worth of not less than $10,000,000 as the successor to the resigning or terminated Master Servicer or Special Servicer, as the case may be, hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of such Master Servicer or such Special Servicer, as the Servicer case may be, hereunder; provided, however, that (i) any such institution appointed as successor Servicer shall not, as evidenced in writing by appointment is the subject of a Rating Agency Confirmation from each Rating Agency (and, if applicable, each Pari Passu Companion Rating Agency, adversely affect ); and (ii) if such successor (in the then current rating of any Class of Certificates immediately prior to the termination of the terminated Servicer. The appointment case of a successor to the resigning or terminated Master Servicer) does not have the Master Servicer rating from Fitch that is “CMS2” or above, such successor is reasonably acceptable to the Subordinate Class Representative and, if such successor has a master servicer rating from Fitch that is “CMS2” or above, the Subordinate Class Representative shall have been consulted with respect to the identity of (although it need not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreementapproved) such successor. Pending No appointment of a successor to a Master Servicer or a Special Servicer hereunder shall be effective until the terminated Servicer assumption by such successor of all its responsibilities, duties and liabilities hereunder, unless the Trustee is prohibited by law from so actingand pending such appointment and assumption, the Trustee shall act in such capacity as provided abovehereinabove provided. The In connection with any such appointment and assumption, the Trustee may make such arrangements for the compensation of such successor out of payments on the Mortgage Loans or otherwise as it and such successor shall agree; provided, that no such compensation shall be in excess of that permitted the resigning or terminated party hereunder. The Depositor, the Trustee, such successor and each other party hereto shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection with the appointment of a successor Servicer or the assumption of the duties of the Servicer, as specified in Section 8.05(a), . If the Trustee may make such arrangements for the compensation of such or an Affiliate acts pursuant to this Section 7.02 as successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor shall agree; provided, however, that any Person assuming the duties of the Servicer shall pay to such predecessor an amount equal to the market value of resigning or terminated Master Servicer and if the portion of the Servicing Fee that will accrue in the future due to the Excess Servicing Fee Rate exceeding 0.25% is a rate per annum with respect to any Mortgage Loan. The "market value" of such portion of that is greater than zero (0) basis points, it may reduce the Excess Servicing Fee shall Rate to the extent that the Trustee’s or such Affiliate’s compensation as successor Master Servicer would otherwise be determined by Bank of America, N.A., on below the basis of at least two quotations from third parties actively engaged in the market rate servicing of single-family mortgage loanscompensation. If the Trustee elects to appoint a successor to the resigning or terminated Master Servicer does not agree that such market value is a fair priceother than itself or an Affiliate pursuant to this Section 7.02, such successor shall obtain two quotations of market value from third parties actively engaged it may reduce the Excess Servicing Fee Rate to the extent reasonably necessary (in the servicing of single-family mortgage loans. The market value sole discretion of the excess portion Trustee) for the Trustee to appoint a qualified successor Master Servicer that meets the requirements of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b)7.02. (c) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the Servicer is so required pursuant to Section 3.03.

Appears in 4 contracts

Sources: Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2013-C16), Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2013-C16), Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2013-C13)

Trustee to Act; Appointment of Successor. (a) On and after the time the Master Servicer or the Special Servicer resigns pursuant to Section 6.04(a) (and a successor Master Servicer or Special Servicer, as applicable, has not been appointed by the resigning Master Servicer or Special Servicer, as applicable, under Section 6.04), or receives a notice of termination pursuant to Section 8.017.01, the Trustee shall be the successor in all respects to the Master Servicer or the Special Servicer, as the case may be, in its capacity as servicer such under this Agreement and the transactions set forth or provided for herein and shall be subject to all the responsibilities, duties and liabilities relating thereto and arising thereafter placed on the Master Servicer or the Special Servicer, as the case may be, by the terms and provisions hereof hereof, including, if the Master Servicer is the resigning or shall appoint a successor pursuant to Section 3.07. Notwithstanding anything provided herein to terminated party, the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity as successor to the Servicer in its Master Servicer’s obligation to make Advances; provided, however, that (i) any failure to perform such duties or responsibilities caused by the failure of the Master Servicer or the Special Servicer, as the case may be, to advance, expend cooperate or risk its own funds to provide information or otherwise incur any financial liability monies as required by Section 7.01 shall not be considered a default by the Trustee hereunder and (ii) in the performance case of its duties hereunder a terminated Master Servicer, the Trustee shall cease to act as successor Master Servicer if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject an alternative successor is appointed pursuant to Section 8.05(b7.01(c), as . Neither the Trustee nor any other successor shall be liable for any of the representations and warranties of the resigning or terminated party or for any losses incurred by the resigning or terminated party pursuant to Section 3.06 hereunder nor shall the Trustee or any other successor be required to purchase any Mortgage Loan hereunder. As compensation therefor, the Trustee shall be entitled to such all fees and other compensation as which the resigning or terminated Servicer party would have been entitled to hereunder for future services rendered if no such notice of termination the resigning or terminated party had been givencontinued to act hereunder. Notwithstanding the above, if it is unwilling to so act, the Trustee may, if it shall be unwilling so to act, or shallmay (and, if it is legally unable to so to act, or if the Trustee is not approved as an acceptable master servicer or special servicer, as the case may be, by each Rating Agency, or if the Holders of Certificates entitled to a majority of all the Voting Rights (determined without notionally reducing the Class Principal Balances of the Certificates by any Appraisal Reduction Amounts) (or, alternatively, if an Servicer Termination Event on the part of the Special Servicer has occurred during a Subordinate Control Period, the Subordinate Class Representative) so requests in writing, the Trustee shall), promptly appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance qualified institution having a net worth of not less than $10,000,000 as the successor to the resigning or terminated Master Servicer or Special Servicer, as the case may be, hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Master Servicer or the Special Servicer, as the case may be, hereunder; provided, however, that (i) any such institution appointed as successor Servicer shall not, as evidenced in writing by appointment is the subject of a Rating Agency Confirmation from each Rating Agency (and, if applicable, each Companion Rating Agency, adversely affect ); and (ii) if such successor (in the then current rating of any Class of Certificates immediately prior to the termination of the terminated Servicer. The appointment case of a successor to the resigning or terminated Master Servicer) does not have the Master Servicer rating from Fitch that is “CMS2” or above, such successor is reasonably acceptable to the Subordinate Class Representative and, if such successor has a master servicer rating from Fitch that is “CMS2” or above, the Subordinate Class Representative shall have been consulted with respect to the identity of (although it need not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreementapproved) such successor. Pending No appointment of a successor to the terminated Master Servicer or the Special Servicer hereunder shall be effective until the assumption by such successor of all its responsibilities, duties and liabilities hereunder, unless the Trustee is prohibited by law from so actingand pending such appointment and assumption, the Trustee shall act in such capacity as provided abovehereinabove provided. The In connection with any such appointment and assumption, the Trustee may make such arrangements for the compensation of such successor out of payments on the Mortgage Loans or otherwise as it and such successor shall agree; provided, however, that no such compensation shall be in excess of that permitted the resigning or terminated party hereunder. The Depositor, the Trustee, such successor and each other party hereto shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection with . If the appointment of a Trustee or an Affiliate acts pursuant to this Section 7.02 as successor Servicer to the resigning or the assumption of the duties of the terminated Master Servicer, as specified in Section 8.05(a), it may reduce the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor shall agree; provided, however, that any Person assuming the duties of the Servicer shall pay to such predecessor an amount equal to the market value of the portion of the Servicing Fee that will accrue in the future due to the Excess Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "the extent that the Trustee’s or such Affiliate’s compensation as successor Master Servicer would otherwise be below the market value" of such portion of the Servicing Fee shall be determined by Bank of America, N.A., on the basis of at least two quotations from third parties actively engaged in the rate servicing of single-family mortgage loanscompensation. If the Trustee elects to appoint a successor to the resigning or terminated Master Servicer does not agree that such market value is a fair priceother than itself or an Affiliate pursuant to this Section 7.02, such successor shall obtain two quotations of market value from third parties actively engaged it may reduce the Excess Servicing Fee Rate to the extent reasonably necessary (in the servicing of single-family mortgage loans. The market value sole discretion of the excess portion Trustee) for the Trustee to appoint a qualified successor Master Servicer that meets the requirements of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b)7.02. (c) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the Servicer is so required pursuant to Section 3.03.

Appears in 3 contracts

Sources: Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2012-C8), Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2012-C7), Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2012-C7)

Trustee to Act; Appointment of Successor. (a) On and after Upon the time receipt by the Master Servicer receives of a notice of termination pursuant to Section 8.018.01 or an Opinion of Independent Counsel pursuant to Section 7.05 to the effect that the Master Servicer is legally unable to act or to delegate its duties to a Person which is legally able to act, the Trustee shall be automatically become the successor in all respects to the Master Servicer in its capacity as servicer under this Agreement and the transactions set forth or provided for herein and shall thereafter be subject to all the responsibilities, duties duties, liabilities and limitations on liabilities relating thereto placed on the Master Servicer by the terms and provisions hereof hereof; provided, however, that EMC shall have the right to either (a) immediately assume the duties of the Master Servicer or shall appoint (b) select a successor pursuant Master Servicer; provided further, however, that the Trustee shall have no obligation whatsoever with respect to any liability (other than advances deemed recoverable and not previously made) incurred by the Master Servicer at or prior to the time of termination. As compensation therefor, but subject to Section 3.07. Notwithstanding anything provided herein to the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity as successor to the Servicer in its obligation to make Advances, to advance, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject to Section 8.05(b), as compensation therefor7.06, the Trustee shall be entitled to such compensation as all funds relating to the terminated Mortgage Loans which the Master Servicer would have been entitled to hereunder retain if no such notice of termination the Master Servicer had been givencontinued to act hereunder, except for those amounts due the Master Servicer as reimbursement permitted under this Agreement for advances previously made or expenses previously incurred. Notwithstanding the above, the Trustee may, if it shall be unwilling so to act, or shall, if it is legally unable so to act, appoint, appoint or petition a court of competent jurisdiction to appoint, any established housing and home finance institution which is a Fannie Mae- or Fred▇▇▇ ▇▇c-▇▇prove▇ ▇▇▇▇▇cer, and with respect to a successor to the Master Servicer only, having a net worth of not less than $10,000,000 10,000,000, as the successor to the terminated Master Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Master Servicer hereunder; provided, however, that (i) any such institution appointed as successor Servicer the Trustee shall not, as evidenced in writing by obtain a letter from each Rating AgencyAgency that the ratings, adversely affect if any, on each of the then current rating Certificates will not be lowered as a result of any Class the selection of Certificates immediately prior the successor to the termination of the terminated Master Servicer. The appointment of a successor Servicer shall not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreement. Pending appointment of a successor to the terminated Master Servicer hereunder, unless the Trustee is prohibited by law from so acting, the Trustee shall act in such capacity as provided abovehereinabove provided. In connection with such appointment and assumption, the Trustee may make such arrangements for the compensation of such successor out of payments on the Mortgage Loans as it and such successor shall agree; provided, however, that the provisions of Section 7.06 shall apply, no such compensation shall be in excess of that permitted the Trustee under this Subsection 8.02(a), and that such successor shall undertake and assume the obligations of the Trustee to pay compensation to any third Person acting as an agent or independent contractor in the performance of master servicing responsibilities hereunder. The Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection with If the appointment of a successor Servicer or the assumption of the Trustee shall succeed to any duties of the ServicerMaster Servicer respecting the Mortgage Loans as provided herein, it shall do so in a separate capacity and not in its capacity as specified in Section 8.05(a)Trustee and, accordingly, the Trustee may make such arrangements for the compensation provisions of such successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor Article IX shall agree; provided, however, that any Person assuming the duties of the Servicer shall pay to such predecessor an amount equal be inapplicable to the market value of Trustee in its duties as the portion of the Servicing Fee that will accrue in the future due successor to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" of such portion of the Servicing Fee shall be determined by Bank of America, N.A., on the basis of at least two quotations from third parties actively engaged Master Servicer in the servicing of single-family mortgage loans. If the successor Servicer does not agree that Mortgage Loans (although such market value is a fair price, such successor provisions shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal continue to apply to the average Trustee in its capacity as Trustee); the provisions of (i) the lowest figure obtained by Bank of AmericaArticle VII, N.A.however, and (ii) the highest figure obtained by the shall apply to it in its capacity as successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b)master servicer. (c) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the Servicer is so required pursuant to Section 3.03.

Appears in 3 contracts

Sources: Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc), Pooling and Servicing Agreement (Structured Asset Mort Inv Inc Mort Pass THR Cert 2002-Ar3), Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc)

Trustee to Act; Appointment of Successor. (a) On and after the time the Master Servicer, the Special Servicer or the REMIC Administrator resigns pursuant to clause (ii) of the first sentence of Section 6.04 or receives a notice of termination pursuant to Section 8.017.01, the Trustee shall be the successor in all respects to the Master Servicer, the Special Servicer or (unless it has also been acting as such) the REMIC Administrator, as the case may be, in its capacity as servicer such under this Agreement and the transactions set forth or provided for herein and shall be subject to all the responsibilities, duties and liabilities relating thereto and arising thereafter placed on the Master Servicer, the Special Servicer or the REMIC Administrator, as the case may be, by the terms and provisions hereof hereof, including, without limitation, if the Master Servicer is the resigning or terminated party, the Master Servicer's obligation to make P&I Advances; provided that any failure to perform such duties or responsibilities caused by the Master Servicer's, the Special Servicer's or the REMIC Administrator's, as the case may be, failure to cooperate or to provide information or monies required by Section 7.01 shall appoint not be considered a default by the Trustee hereunder. Neither the Trustee nor any other successor shall be liable for any of the representations and warranties of the resigning or terminated party or for any losses incurred by the resigning or terminated party pursuant to Section 3.073.06 hereunder nor shall the Trustee nor any other successor be required to purchase any Mortgage Loan hereunder. Notwithstanding anything provided herein to the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity as successor to the Servicer in its obligation to make Advances, to advance, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject to Section 8.05(b), as As compensation therefor, the Trustee shall be entitled to such compensation as all fees and other compensation, (subject to Section 3.11) which the resigning or terminated Servicer party would have been entitled to hereunder for future services rendered if no such notice of termination the resigning or terminated party had been givencontinued to act hereunder. Notwithstanding the above, the Trustee may, if it shall be unwilling to so to act, or shall, if it is legally unable to so to act, or is not approved by each and every Rating Agency as an acceptable master servicer or special servicer, as the case may be, of commercial mortgage loans, or if the Holders of Certificates entitled to at least 51% of the Voting Rights so request in writing to the Trustee, or if the REMIC Administrator is the resigning or terminated party and the Trustee had been acting in such capacity, promptly appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance qualified institution having a net worth of not less than $10,000,000 as the successor to the terminated Master Servicer, the Special Servicer or the REMIC Administrator, as the case may be, hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Master Servicer, the Special Servicer or the REMIC Administrator, as the case may be, hereunder; providedprovided that such appointment does not result in the downgrading, however, that (i) qualification or withdrawal of any such institution appointed as successor Servicer shall not, as evidenced in writing rating then assigned by each any Rating Agency, adversely affect the then current rating of Agency to any Class of Certificates immediately prior to the termination of the terminated Servicer(as evidenced by written confirmation thereof from each Rating Agency). The No appointment of a successor to the Master Servicer, the Special Servicer or the REMIC Administrator hereunder shall not affect any liability be effective until the assumption of the predecessor Servicer which may have arisen under this Agreement prior successor to such party of all its termination as Servicerresponsibilities, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreementduties and liabilities hereunder. Pending appointment of a successor to the terminated Master Servicer, the Special Servicer or the REMIC Administrator hereunder, unless the Trustee is prohibited by law from so acting, the Trustee shall act in such capacity as provided abovehereinabove provided. The Subject to Section 3.11 and in connection with any such appointment and assumption described herein, the Trustee may make such arrangements for the compensation of such successor out of payments on or in respect of the Mortgage Loans or otherwise as it and such successor shall agree; provided, however, that no such compensation shall be in excess of that permitted the resigning or terminated party hereunder. The Depositor, the Trustee, such successor and each other party hereto shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection . Any costs and expenses associated with the appointment of a successor Servicer or the assumption transfer of the duties foregoing functions under this Agreement (other than the set-up costs of the Servicer, as specified in Section 8.05(a), the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans serviced successor) shall be borne by the predecessor Master Servicer, Special Servicer or REMIC Administrator, as it applicable, and, if not paid by such predecessor Master Servicer, Special Servicer or REMIC Administrator within thirty days of its receipt of an invoice therefor, shall be an expense of the Trust; provided that such predecessor Master Servicer, Special Servicer or REMIC Administrator shall reimburse the Trust for any such expense so incurred by the Trust; and such successor shall agree; provided, howeverfurther, that any Person assuming the duties Trustee shall decide whether and to what extent it is in the best interest of the Servicer shall pay Certificateholders to pursue any remedy against any party obligated to make such predecessor an amount equal to the market value of the portion of the Servicing Fee that will accrue in the future due to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" of such portion of the Servicing Fee shall be determined by Bank of America, N.A., on the basis of at least two quotations from third parties actively engaged in the servicing of single-family mortgage loans. If the successor Servicer does not agree that such market value is a fair price, such successor shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b)reimbursement. (c) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the Servicer is so required pursuant to Section 3.03.

Appears in 3 contracts

Sources: Pooling and Servicing Agreement (Nationslink Funding Corp Comm Mort Pass THR Cert Ser 1998-2), Pooling and Servicing Agreement (Nationslink Funding Corp Comm Mort Pass THR Cert Ser 1998-1), Pooling and Servicing Agreement (Nationslink Funding Corp Comm Mort Pass THR Cert Ser 1998-2)

Trustee to Act; Appointment of Successor. (a) On and after the time the Servicer resigns pursuant to Section 6.04(i) or receives a notice of termination pursuant to Section 8.017.01, the Trustee shall be the successor in all respects to the Servicer in its capacity as servicer under this Agreement and the transactions set forth or provided for herein and shall be subject to all the responsibilities, duties and liabilities relating thereto placed on the Servicer by the terms and provisions hereof or shall appoint a successor hereof; provided, however, that the responsibilities and duties of HSBC Finance as Servicer with respect to the purchase of the Home Equity Loans pursuant to Sections 2.02, 2.04(c) and 3.01 and the indemnification obligation pursuant to Section 3.072.04(d) shall not terminate. Notwithstanding anything provided herein to the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity as successor to the Servicer in its obligation to make Advances, to advance, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject to Section 8.05(b), as As compensation therefor, the Trustee shall be entitled to such compensation as the terminated Servicer would have been entitled to hereunder if no such notice of termination had been given. Notwithstanding the above, (i) if the Trustee may, if it shall be is unwilling so to actact as successor Servicer, or shall, (ii) if it the Trustee is legally unable so to act, the Trustee may (in the situation described in clause (i)) or shall (in the situation described in clause (ii)) appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance institution or other mortgage loan or home equity loan servicer having all licenses and permits required in order to perform its obligations hereunder and a net worth of not less than $10,000,000 50,000,000 as the successor to the terminated Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Servicer hereunder; provided that the appointment of any such successor Servicer will not result in the qualification, reduction or withdrawal of the then-current ratings assigned to any class of the Offered Certificates by the Rating Agencies, as evidenced by a writing to such effect delivered to the Trustee and the Administrator and any successor servicer appointed hereunder shall be reasonably acceptable to the Depositor. Pending appointment of a successor to the Servicer hereunder, unless the Trustee is prohibited by law from so acting, the Trustee shall act in such capacity as hereinabove provided. In connection with such appointment and assumption, howeverthe successor shall be entitled to receive compensation out of payments on Home Equity Loans in an amount equal to the compensation which the Servicer would otherwise have received pursuant to Section 3.09 (or such lesser compensation as the Trustee and such successor shall agree). The Trustee and such successor shall take such action, that consistent with this Agreement, as shall be necessary to effectuate any such succession. All costs incurred in transferring the servicing to a successor servicer shall be paid by the Servicer. (b) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer (i) any such institution appointed continue to service and administer the Home Equity Loans for the benefit of Certificateholders and (ii) maintain in force a policy or policies of insurance covering errors and omissions in the performance of its obligations as successor Servicer shall nothereunder and a fidelity bond in respect of its officers, as evidenced in writing by each Rating Agency, adversely affect the then current rating of any Class of Certificates immediately prior employees and agents to the termination of same extent as the terminated ServicerServicer is so required pursuant to Section 3.12. The appointment of a successor Servicer shall not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as ServicerServicer (including, without limitation, any deductible under an insurance policy pursuant to Section 3.04), nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by such Servicer or the Servicer Depositor of any of its their representations or warranties contained herein or in any related document or agreement. Pending appointment of a successor to the terminated Servicer hereunder, unless the Trustee is prohibited by law from so acting, the Trustee shall act in such capacity as provided above. The Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (bc) In connection with the appointment of a successor Servicer termination or the assumption of the duties of the Servicer, as specified in Section 8.05(a), the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor shall agree; provided, however, that any Person assuming the duties resignation of the Servicer shall pay to such predecessor an amount equal to the market value of the portion of the Servicing Fee that will accrue in the future due to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" of such portion of the Servicing Fee shall be determined by Bank of Americahereunder, N.A., on the basis of at least two quotations from third parties actively engaged in the servicing of single-family mortgage loans. If the successor Servicer does not agree that such market value is a fair price, such successor shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal to the average of either (i) the lowest figure obtained by Bank successor Servicer, including the Trustee if the Trustee is acting as successor Servicer, shall represent and warrant that it is a member of AmericaMERS in good standing and shall agree to comply in all material respects with the rules and procedures of MERS in connection with the servicing of the Home Equity Loans that are registered with MERS, N.A.in which case the predecessor Servicer shall cooperate with the successor Servicer in causing MERS to revise its records to reflect the transfer of servicing to the successor Servicer as necessary under MERS’ rules and regulations, and or (ii) the highest figure obtained by predecessor Servicer shall cooperate with the successor Servicer in causing MERS to execute and deliver an Assignment of Mortgage in recordable form to transfer the Mortgages from MERS to the Trustee, on behalf of the Trust, and to execute and deliver such other notices, documents and other instruments as may be necessary or desirable to effect a transfer of such Home Equity Loan or servicing of such Home Equity Loan on the MERS® System to the successor Servicer. Payment The predecessor Servicer shall file or cause to be filed any such assignment in the appropriate recording office. The predecessor Servicer shall bear any and all fees of MERS, costs of preparing any Assignments of Mortgage, and fees and costs of filing any assignments of Mortgage that may be required under this subsection (c). The successor Servicer shall cause such assignment to be delivered to the Trustee promptly upon receipt of the amount calculated above shall be made to Bank original with evidence of America, N.A., recording thereon or a copy certified by the successor Servicer no later than the last Business Day of the month public recording office in which such Assignment of Mortgage was recorded. (d) In the event that the Servicer is terminated pursuant to Section 7.01 hereof, any successor to the Servicer becomes entitled to receive the Servicing Fee as servicer under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b). (c) Any successor, including the Trustee, shall provide to the Servicer as servicer shall during the term of its service as servicer maintain Depositor, in force (i) a policy or policies of insurance covering errors written form and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents substance reasonably satisfactory to the same extent as Depositor, all information reasonably requested by the Servicer is so required pursuant Depositor in order for the Depositor to Section 3.03comply with its reporting obligation under Item 6.02 of Form 8-K with respect to a successor servicer.

Appears in 3 contracts

Sources: Pooling and Servicing Agreement (HSBC Home Equity Loan Trust (USA) 2007-1), Pooling and Servicing Agreement (HSBC Home Equity Loan Trust (USA) 2007-3), Pooling and Servicing Agreement (HSBC Home Equity Loan Trust (USA) 2007-2)

Trustee to Act; Appointment of Successor. (a) On and after the time the Master Servicer or the Special Servicer resigns pursuant to the first paragraph of Section 5.04 or receives a notice of termination pursuant to Section 8.016.01, the Trustee shall be the successor in all respects to the Master Servicer or the Special Servicer, as the case may be, in its capacity as servicer such under this Agreement and the transactions set forth or provided for herein and shall be subject to all the responsibilities, duties and liabilities relating thereto and arising thereafter placed on the Master Servicer or the Special Servicer, as the case may be, by the terms and provisions hereof hereof, including, without limitation, if the Master Servicer is the resigning or terminated party, the Master Servicer's obligation to make P&I Advances; provided that any failure to perform such duties or responsibilities caused by the Master Servicer's or the Special Servicer's, as the case may be, failure to cooperate or to provide information or monies required by Section 6.01 shall appoint not be considered a default by the Trustee hereunder. Neither the Trustee nor any other successor shall be liable for any of the representations and warranties of the resigning or terminated party or for any losses incurred by the resigning or terminated party pursuant to Section 3.073.06 hereunder nor shall the Trustee nor any other successor be required to purchase any Mortgage Loan hereunder. Notwithstanding anything provided herein to the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity as successor to the Servicer in its obligation to make Advances, to advance, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject to Section 8.05(b), as As compensation therefor, the Trustee shall be entitled to such all fees and other compensation as which the resigning or terminated Servicer party would have been entitled to hereunder for future services rendered if no such notice of termination the resigning or terminated party had been givencontinued to act hereunder. Notwithstanding the above, the Trustee may, if it shall be unwilling to so to act, or shall, if it is legally unable so unable, or is not approved as a successor master servicer or special servicer, as the case may be, by each Rating Agency, or if the Holders of Bonds entitled to actat least 51% of the Voting Rights shall request in writing to the Trustee, promptly appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance qualified institution having a net worth of not less than $10,000,000 as the successor to the terminated Master Servicer or the Special Servicer, as the case may be, hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Master Servicer or the Special Servicer, as the case may be, hereunder; providedprovided that such appointment does not result in the downgrading, however, that withdrawal or qualification of any rating then assigned by either Rating Agency to any Class of Bonds (i) any such institution appointed as successor Servicer shall not, as evidenced in writing by written confirmation to such effect from each Rating Agency, adversely affect the then current rating of any Class of Certificates immediately prior to the termination of the terminated Servicer). The appointment of a successor Servicer shall not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreement. Pending No appointment of a successor to the terminated Master Servicer or the Special Servicer hereunder shall be effective until the assumption of the successor to such party of all its responsibilities, duties and liabilities hereunder, unless the Trustee is prohibited by law from so actingand pending such appointment and assumption, the Trustee shall act in such capacity as provided abovehereinabove provided. The In connection with any such appointment and assumption, the Trustee may make such arrangements for the compensation of such successor out of payments on the Mortgage Loans or otherwise as it and such successor shall agree; provided, however, that no such compensation shall be in excess of that permitted the resigning or terminated party hereunder. The Owner Trustee, the Trustee, such successor and each other party hereto shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection with the appointment of a successor Servicer or the assumption of the duties of the Servicer, as specified in Section 8.05(a), the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor shall agree; provided, however, that any Person assuming the duties of the Servicer shall pay to such predecessor an amount equal to the market value of the portion of the Servicing Fee that will accrue in the future due to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" of such portion of the Servicing Fee shall be determined by Bank of America, N.A., on the basis of at least two quotations from third parties actively engaged in the servicing of single-family mortgage loans. If the successor Servicer does not agree that such market value is a fair price, such successor shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b). (c) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the Servicer is so required pursuant to Section 3.03.

Appears in 3 contracts

Sources: Servicing and Administration Agreement (Structured Asset Securities Corp Series 1997 Ll I), Servicing and Administration Agreement (Criimi Mae CMBS Corp), Servicing and Administration Agreement (Criimi Mae CMBS Corp)

Trustee to Act; Appointment of Successor. (a) On and after the time the a Servicer receives a notice of termination pursuant to Section 8.01, the Trustee shall be the successor in all respects to the such Servicer in its capacity as servicer under this Agreement and the transactions set forth or provided for herein and shall be subject to all the responsibilities, duties and liabilities relating thereto placed on the such Servicer by the terms and provisions hereof or shall appoint a successor pursuant to Section 3.07. Notwithstanding anything provided herein to the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity as successor to the a Servicer in its obligation to make Advances, to advance, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject to Section 8.05(b), as compensation therefor, the Trustee shall be entitled to such compensation as the terminated Servicer would have been entitled to hereunder if no such notice of termination had been given. Notwithstanding the above, the Trustee may, if it shall be unwilling so to act, or shall, if it is legally unable so to act, appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance institution having a net worth of not less than $10,000,000 as the successor to the terminated Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the such Servicer hereunder; provided, however, that (i) any such institution appointed as successor Servicer shall not, as evidenced in writing by each Rating Agency, adversely affect the then current rating of any Class of Certificates immediately prior to the termination of the terminated Servicer. The appointment of a successor Servicer shall not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the such Servicer of any of its representations or warranties contained herein or in any related document or agreement. Pending appointment of a successor to the terminated Servicer hereunder, unless the Trustee is prohibited by law from so acting, the Trustee shall act in such capacity as provided above. The Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection with the appointment of a successor Servicer or the assumption of the duties of the a Servicer, as specified in Section 8.05(a), the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor shall agree; provided, however, that any Person assuming the duties of the a Servicer as successor to NationsBanc Mortgage Corporation or Bank of America, FSB shall pay to such predecessor an amount equal to the market value of the portion of the Servicing Fee that will accrue in the future due to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" of such portion of the Servicing Fee shall be determined by NationsBanc Mortgage Corporation or Bank of America, N.A.FSB, as applicable, on the basis of at least two quotations from third parties actively engaged in the servicing of single-family mortgage loans. If the successor Servicer does not agree that such market value is a fair price, such successor shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by NationsBanc Mortgage Corporation or Bank of America, N.A.FSB, as applicable, and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to NationsBanc Mortgage Corporation or Bank of America, N.A.FSB, as applicable, by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to NationsBanc Mortgage Corporation or Bank of America, N.A. FSB, as applicable, under this Section 8.05(b). (c) Any successor, including the Trustee, to the a Servicer as servicer shall during the term of its service as servicer maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the each Servicer is so required pursuant to Section 3.03.

Appears in 3 contracts

Sources: Pooling and Servicing Agreement (Bank of America Mort Secs Inc Mort Pas Thru Cert Sers 1999-7), Pooling and Servicing Agreement (Bank of America Mortgage Securities Inc), Pooling and Servicing Agreement (Bank of America Mort Sec Inc Mort Pass THR Cert Ser 1999-6)

Trustee to Act; Appointment of Successor. (a) On and after Upon the time receipt by the Master Servicer receives of a notice of termination pursuant to Section 8.018.01 or an Opinion of Independent Counsel pursuant to Section 7.05 to the effect that the Master Servicer is legally unable to act or to delegate its duties to a Person which is legally able to act, the Trustee shall be automatically become the successor in all respects to the Master Servicer in its capacity as servicer under this Agreement and the transactions set forth or provided for herein and shall thereafter be subject to all the responsibilities, duties duties, liabilities and limitations on liabilities relating thereto placed on the Master Servicer by the terms and provisions hereof hereof; provided, however, that the Company shall have the right to either (a) immediately assume the duties of the Master Servicer or shall appoint (b) select a successor pursuant Master Servicer; provided further, however, that the Trustee shall have no obligation whatsoever with respect to any liability (other than advances deemed recoverable and not previously made) incurred by the Master Servicer at or prior to the time of termination. As compensation therefor, but subject to Section 3.07. Notwithstanding anything provided herein to the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity as successor to the Servicer in its obligation to make Advances, to advance, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject to Section 8.05(b), as compensation therefor7.06, the Trustee shall be entitled to such compensation as which the terminated Master Servicer would have been entitled to hereunder retain if no such notice of termination the Master Servicer had been givencontinued to act hereunder, except for those amounts due the Master Servicer as reimbursement permitted under this Agreement for advances previously made or expenses previously incurred. Notwithstanding the above, the Trustee may, if it shall be unwilling so to act, or shall, if it is legally unable so to act, appoint, appoint or petition a court of competent jurisdiction to appoint, any established housing and home finance institution which is a Fannie Mae- or Fr▇▇▇▇▇ M▇▇-appro▇▇▇ ▇▇▇vicer, and with respect to a successor to the Master Servicer only, having a net worth of not less than $10,000,000 10,000,000, as the successor to the terminated Master Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Master Servicer hereunder; provided, however, that (i) any such institution appointed as successor Servicer the Trustee shall not, as evidenced in writing by obtain a letter from each Rating AgencyAgency that the ratings, adversely affect if any, on each of the then current rating Certificates will not be lowered as a result of any Class the selection of Certificates immediately prior the successor to the termination of the terminated Master Servicer. The appointment of a successor Servicer shall not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreement. Pending appointment of a successor to the terminated Master Servicer hereunder, unless the Trustee is prohibited by law from so acting, the Trustee shall act in such capacity as provided abovehereinabove provided. In connection with such appointment and assumption, the Trustee may make such arrangements for the compensation of such successor out of payments on the Mortgage Loans as it and such successor shall agree; provided, however, that the provisions of Section 7.06 shall apply, the compensation shall not be in excess of that which the Master Servicer would have been entitled to if the Master Servicer had continued to act hereunder, and that such successor shall undertake and assume the obligations of the Trustee to pay compensation to any third Person acting as an agent or independent contractor in the performance of master servicing responsibilities hereunder. The Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection with If the appointment of a successor Servicer or the assumption of the Trustee shall succeed to any duties of the ServicerMaster Servicer respecting the Mortgage Loans as provided herein, it shall do so in a separate capacity and not in its capacity as specified in Section 8.05(a)Trustee and, accordingly, the Trustee may make such arrangements for the compensation provisions of such successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor Article IX shall agree; provided, however, that any Person assuming the duties of the Servicer shall pay to such predecessor an amount equal be inapplicable to the market value of Trustee in its duties as the portion of the Servicing Fee that will accrue in the future due successor to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" of such portion of the Servicing Fee shall be determined by Bank of America, N.A., on the basis of at least two quotations from third parties actively engaged Master Servicer in the servicing of single-family mortgage loans. If the successor Servicer does not agree that Mortgage Loans (although such market value is a fair price, such successor provisions shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal continue to apply to the average Trustee in its capacity as Trustee); the provisions of (i) the lowest figure obtained by Bank of AmericaArticle VII, N.A.however, and (ii) the highest figure obtained by the shall apply to it in its capacity as successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b)master servicer. (c) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the Servicer is so required pursuant to Section 3.03.

Appears in 3 contracts

Sources: Pooling and Servicing Agreement (Bear Stearns Arm Trust, Mortgage Pass-Through Certificates, Series 2004-7), Pooling and Servicing Agreement (Bear Stearns Arm Trust, Mortgage Pass-Through Certificates, Series 2004-3), Pooling and Servicing Agreement (Structured Asset Mort Inv Ii Inc Bear Stearns Arm Trust 03-7)

Trustee to Act; Appointment of Successor. (a) On and after the time the Master Servicer or the Special Servicer resigns pursuant to Section 6.04(a) (and a successor Master Servicer or Special Servicer, as applicable, has not been appointed by the resigning Master Servicer or Special Servicer, as applicable, under Section 6.04), or receives a notice of termination pursuant to Section 8.017.01, the Trustee shall be the successor in all respects to that Master Servicer or that Special Servicer, as the Servicer case may be, in its capacity as servicer such under this Agreement and the transactions set forth or provided for herein and shall be subject to all the responsibilities, duties and liabilities relating thereto and arising thereafter placed on such Master Servicer or such Special Servicer, as the Servicer case may be, by the terms and provisions hereof hereof, including, if the Master Servicer is the resigning or shall appoint a successor pursuant to Section 3.07. Notwithstanding anything provided herein to terminated party, the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity as successor to the Servicer in its Master Servicer’s obligation to make Advances; provided, that (i) any failure to perform such duties or responsibilities caused by the failure of the Master Servicer or the Special Servicer, as the case may be, to advance, expend cooperate or risk its own funds to provide information or otherwise incur any financial liability monies as required by Section 7.01 shall not be considered a default by the Trustee hereunder and (ii) in the performance case of its duties hereunder a terminated Master Servicer, the Trustee shall cease to act as successor Master Servicer if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject an alternative successor is appointed pursuant to Section 8.05(b7.01(c), as . Neither the Trustee nor any other successor shall be liable for any of the representations and warranties of the resigning or terminated party or for any losses incurred by the resigning or terminated party pursuant to Section 3.06 hereunder nor shall the Trustee or any other successor be required to purchase any Mortgage Loan hereunder. As compensation therefor, the Trustee shall be entitled to such all fees and other compensation as which the resigning or terminated Servicer party would have been entitled to hereunder for future services rendered if no such notice of termination the resigning or terminated party had been givencontinued to act hereunder. Notwithstanding the above, if it is unwilling to so act, the Trustee may, if it shall be unwilling so to act, or shallmay (and, if it is legally unable to so to act, or if the Trustee is not approved as an acceptable master servicer or special servicer, as the case may be, by each Rating Agency, or if the Holders of Certificates entitled to a majority of all the Voting Rights (determined without notionally reducing the Class Principal Balances of the Certificates by any Appraisal Reduction Amounts) (or, alternatively, if a Servicer Termination Event on the part of the Special Servicer has occurred during a Subordinate Control Period, the Subordinate Class Representative) so requests in writing, the Trustee shall), promptly appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance qualified institution having a net worth of not less than $10,000,000 as the successor to the resigning or terminated Master Servicer or Special Servicer, as the case may be, hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of such Master Servicer or such Special Servicer, as the Servicer case may be, hereunder; provided, however, that (i) any such institution appointed as successor Servicer shall not, as evidenced in writing by appointment is the subject of a Rating Agency Confirmation from each Rating Agency, adversely affect and (ii) if such successor (in the then current rating of any Class of Certificates immediately prior to the termination of the terminated Servicer. The appointment case of a successor Servicer to the resigning or terminated Master Servicer) does not have a master rervicer rating from [__] that is “[__] ” or above, such successor is reasonably acceptable to the Subordinate Class Representative and, if such successor has a master servicer rating from [__] that is “[__]” or above, the Subordinate Class Representative shall have been consulted with respect to the identity of (although it need not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreementapproved) such successor. Pending No appointment of a successor to the terminated Master Servicer or the Special Servicer hereunder shall be effective until the assumption by such successor of all its responsibilities, duties and liabilities hereunder, unless the Trustee is prohibited by law from so actingand pending such appointment and assumption, the Trustee shall act in such capacity as provided abovehereinabove provided. The In connection with any such appointment and assumption, the Trustee may make such arrangements for the compensation of such successor out of payments on the Mortgage Loans or otherwise as it and such successor shall agree; provided, that no such compensation shall be in excess of that permitted the resigning or terminated party hereunder. The Depositor, the Trustee, such successor and each other party hereto shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection with the appointment of a successor Servicer or the assumption of the duties of the Servicer, as specified in Section 8.05(a), . If the Trustee may make such arrangements for the compensation of such or an Affiliate acts pursuant to this Section 7.02 as successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor shall agree; provided, however, that any Person assuming the duties of the Servicer shall pay to such predecessor an amount equal to the market value of resigning or terminated Master Servicer and if the portion of the Servicing Fee that will accrue in the future due to the Excess Servicing Fee Rate exceeding 0.25% is a rate per annum with respect to any Mortgage Loan. The "market value" of such portion of that is greater than zero (0) basis points, it may reduce the Excess Servicing Fee shall Rate to the extent that the Trustee’s or such Affiliate’s compensation as successor Master Servicer would otherwise be determined by Bank of America, N.A., on below the basis of at least two quotations from third parties actively engaged in the market rate servicing of single-family mortgage loanscompensation. If the Trustee elects to appoint a successor to the resigning or terminated Master Servicer does not agree that such market value is a fair priceother than itself or an Affiliate pursuant to this Section 7.02, such successor shall obtain two quotations of market value from third parties actively engaged it may reduce the Excess Servicing Fee Rate to the extent reasonably necessary (in the servicing of single-family mortgage loans. The market value sole discretion of the excess portion Trustee) for the Trustee to appoint a qualified successor Master Servicer that meets the requirements of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b)7.02. (c) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the Servicer is so required pursuant to Section 3.03.

Appears in 3 contracts

Sources: Pooling and Servicing Agreement (SG Commercial Mortgage Securities, LLC), Pooling and Servicing Agreement (SG Commercial Mortgage Securities, LLC), Pooling and Servicing Agreement (RBS Commercial Funding Inc.)

Trustee to Act; Appointment of Successor. (a) On and after the time the Servicer or Special Servicer receives a notice of termination pursuant to Section 8.015.12(d) or Section 7.23 or the Trustee receives the resignation of the Servicer or Special Servicer in accordance with Section 7.21(a) (unless a successor is appointed pursuant to Section 7.21), the Trustee shall be the successor in all respects to the Servicer or Special Servicer, as the case may be, in its capacity as servicer Servicer or Special Servicer, as the case may be, under this Agreement Indenture and the transactions set forth or provided for herein and shall have all the rights and powers and be subject to all the responsibilities, duties and liabilities relating thereto placed on the Servicer or Special Servicer, as the case may be, accruing after such termination; and PROVIDED, that any failure to perform such duties or responsibilities caused by the terms and provisions hereof Servicer's or Special Servicer's, as the case may be, failure to comply with Section 7.21 shall appoint not be considered a successor pursuant to Section 3.07default by the Trustee hereunder. Notwithstanding anything provided herein to the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in In its capacity as successor such successor, the Trustee shall have the same limitation of liability herein granted to the Servicer in its obligation to make Advances, to advance, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject to Section 8.05(b)Special Servicer, as the case may be. As compensation therefor, the Trustee shall be entitled to such compensation as the terminated Servicer or Special Servicer, as the case may be, would have been entitled to hereunder if no such notice of termination or resignation had been givengiven (other than amounts due under this Indenture or the other Security Documents prior to the date of such termination), including, without limitation, the fees payable hereunder. Notwithstanding the aboveanything contained herein, the Trustee may, if it shall be unwilling to so to act, or shall, if it is legally unable to so to act, appoint, or petition a court of competent jurisdiction to appoint, appoint any established housing and home finance financial institution having or mortgage servicing institution which has a net worth of not less than $10,000,000 15,000,000 and if no declaration of acceleration of the Notes has occurred, has been consented to in writing by the Issuer, such consent not to be unreasonably withheld (as such consent right to terminate after the expiration of 30 days after request therefore from the Trustee), as the successor to the terminated Servicer or Special Servicer, as the case may be, hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Servicer or Special Servicer, as the case may be, hereunder; providedPROVIDED, howeverHOWEVER, that (i) any until such institution appointed as successor Servicer shall not, as evidenced in writing by each Rating Agency, adversely affect the then current rating of any Class of Certificates immediately prior to the termination of the terminated Servicer. The appointment of a successor Servicer shall not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreement. Pending appointment of a successor to the terminated Servicer hereunder, unless the Trustee is prohibited by law from so actingand assumption, the Trustee shall act in such capacity as provided will continue to perform the servicing obligations pursuant to this Indenture to the extent set forth above. The Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection with the any such appointment of a successor Servicer or the assumption of the duties of the Servicer, as specified in Section 8.05(a)and assumption, the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor shall agree; providedPROVIDED, howeverHOWEVER, that no such compensation shall be in excess of that permitted the Servicer or Special Servicer, as the case may be, hereunder unless approved by the Issuer and the Majority Holders. In the event that no successor Servicer or Special Servicer has been appointed as provided above, the Trustee shall solicit, by public announcement, bids from commercial finance institutions, banks and mortgage servicing institutions meeting the qualifications set forth above. Within sixty (60) days after any Person assuming such public announcement, the duties Trustee shall negotiate and effect the sale, transfer and assignment of the servicing rights and responsibilities hereunder to the qualified party submitting the highest satisfactory bid. The Trustee shall deduct all costs and expenses of any public announcement and of any sale, transfer and assignment of the servicing rights and responsibilities hereunder from any sum received by the Trustee from the successor to the Servicer or Special Servicer in respect of such sale, transfer and assignment. After such deductions, the remainder of such sum shall be paid by the Trustee to the Servicer or Special Servicer, as the case may be, at the time of such sale, transfer and assignment to the Servicer's or Special Servicer's, as the case may be, successor, net of any amounts due from the Servicer or Special Servicer, as the case may be, hereunder, which shall be deposited in the Payment Account. If no successor servicer or special servicer shall have been so appointed and have accepted appointment within sixty (60) days after the Trustee receives the resignation of the Servicer shall pay to such predecessor an amount equal to or Special Servicer in accordance with Section 7.21, the market value Trustee may petition any court of competent jurisdiction for the portion appointment of a successor servicer or special servicer in accordance with the Servicing Fee that will accrue in the future due to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loanprocedures and terms set forth above. The "market value" of such portion of Trustee, the Servicing Fee shall be determined by Bank of AmericaIssuer, N.A.the Servicer, on the basis of at least two quotations from third parties actively engaged in the servicing of single-family mortgage loans. If the successor Special Servicer does not agree that such market value is a fair price, and such successor shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of Americatake such action, N.A.consistent with this Indenture, and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above as shall be made necessary to Bank of America, N.A., by effectuate any such succession. Neither the Trustee nor any successor Servicer no later than the last Business Day or Special Servicer shall be deemed to be in default of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. its obligations under this Section 8.05(b)if and to the extent that such default arises from failure of the Servicer or Special Servicer to timely provide all applicable books, records and other documents necessary to effectuate the sale, transfer or assignment of servicing rights to the Trustee or a successor Servicer or Special Servicer in accordance with this Section. (cb) Any successor, including the Trustee, to the Servicer as servicer or Special Servicer hereunder shall during the term of its service as servicer maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as mortgage servicer hereunder hereunder, and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as that the Servicer or Special Servicer is so required pursuant to Section 3.037.5(b).

Appears in 3 contracts

Sources: Indenture and Servicing Agreement (Gotham Golf Corp), Indenture and Servicing Agreement (Gotham Golf Corp), Indenture and Servicing Agreement (Gotham Golf Corp)

Trustee to Act; Appointment of Successor. (a) On and after the time the a Servicer receives a notice of termination pursuant to Section 8.017.01 of this Agreement or the resignation of such Servicer pursuant to Section 6.04, the Trustee shall shall, subject to and to the extent provided herein, be the successor in all respects to the Servicer such Servicer, but only in its capacity as servicer under this Agreement Agreement, and not in any other, and the transactions set forth or provided for herein and shall be subject to all the responsibilities, duties and liabilities relating thereto placed on the such Servicer by the terms and provisions hereof or shall appoint a successor and applicable law including the obligation to make Advances pursuant to Section 3.074.01. Notwithstanding anything provided herein to the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity as successor to the Servicer in its obligation to make Advances, to advance, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject to Section 8.05(b), as As compensation therefor, the Trustee shall be entitled to all funds relating to the related Mortgage Loans that such compensation as the terminated Servicer would have been entitled to hereunder if no charge to the Collection Account, provided that the terminated Servicer shall nonetheless be entitled to payment or reimbursement as provided in Section 3.08 to the extent that such notice payment or reimbursement relates to the period prior to termination of termination had been givensuch Servicer. Notwithstanding the aboveforegoing, if the Trustee has become the successor to a Servicer in accordance with Section 7.01, the Trustee may, if it shall be unwilling to so to act, or shall, if it is legally prohibited by applicable law from making Advances pursuant to 4.01 hereof, or if it is otherwise unable to so to act, appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance mortgage loan servicing institution having a net worth the appointment of which does not less than $10,000,000 adversely affect the then current rating of the Certificates by each Rating Agency, as the successor to the terminated such Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the such Servicer hereunder; provided, however, that (i) any such institution appointed as . Any successor to a Servicer shall notbe an institution which is a Fannie Mae or ▇▇▇▇▇▇e Mac ap▇▇▇▇▇▇ seller/servicer for first and second loans in good standing, which has a net worth of at least $10,000,000, which is willing to service the related Mortgage Loans and which executes and delivers to the Depositor and the Trustee an agreement accepting such delegation and assignment, containing an assumption by such Person of the rights, powers, duties, responsibilities, obligations and liabilities of such Servicer (other than liabilities of such Servicer under Section 6.03 hereof incurred prior to termination of such Servicer under Section 7.01 hereunder), with like effect as evidenced in writing by if originally named as a party to this Agreement; provided that each Rating Agency, adversely affect the then current Agency acknowledges that its rating of any Class of the Certificates in effect immediately prior to the termination such assignment and delegation will not be qualified, withdrawn or downgraded as a result of the terminated Servicer. The appointment of a successor Servicer shall not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreementsuch assignment and delegation. Pending appointment of a successor to the terminated such Servicer hereunder, the Trustee, unless the Trustee is prohibited by law from so acting, shall, subject to the Trustee shall limitations described herein, act in such capacity as provided abovehereinabove provided. In connection with such appointment and assumption, the Trustee may make such arrangements for the compensation of such successor out of payments on the related Mortgage Loans as it and such successor shall agree; provided, however, that no such compensation shall be in excess of the Servicing Fee. The Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) . Neither the Trustee nor any other successor servicer shall be deemed to be in default by reason of any failure to make, or any delay in making, any distribution hereunder or any portion thereof or any failure to perform, or any delay in performing, any duties or responsibilities hereunder, in either case caused by the failure of such Servicer to deliver or provide, or any delay in delivering or providing, any cash, information, documents or records to it. In connection with the appointment termination or resignation of a successor any Servicer or the assumption of the duties of the Servicerhereunder, as specified in Section 8.05(a), the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor shall agree; provided, however, that any Person assuming the duties of the Servicer shall pay to such predecessor an amount equal to the market value of the portion of the Servicing Fee that will accrue in the future due to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" of such portion of the Servicing Fee shall be determined by Bank of America, N.A., on the basis of at least two quotations from third parties actively engaged in the servicing of single-family mortgage loans. If the successor Servicer does not agree that such market value is a fair price, such successor shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal to the average of either (i) the lowest figure obtained by Bank successor servicer, including the Trustee if the Trustee is acting as successor Servicer, shall represent and warrant that it is a member of AmericaMERS in good standing and shall agree to comply in all material respects with the rules and procedures of MERS in connection with the servicing of the Mortgage Loans that are registered with MERS, N.A.in which case the predecessor Servicer shall cooperate with the successor Servicer in causing MERS to revise its records to reflect the transfer of servicing to the successor Servicer as necessary under MERS' rules and regulations, and or (ii) the highest figure obtained by predecessor Servicer shall cooperate with the successor Servicer in causing MERS to execute and deliver an assignment of Mortgage in recordable form to transfer the Mortgage from MERS to the Trustee and to execute and deliver such other notices, documents and other instruments as may be necessary or desirable to effect a transfer of such Mortgage Loan or servicing of such Mortgage Loan on the MERS(R) System to the successor Servicer. Payment The predecessor Servicer shall file or cause to be filed any such assignment in the appropriate recording office. The predecessor Servicer shall bear any and all fees of the amount calculated above shall MERS, costs of preparing any assignments of Mortgage, and fees and costs of filing any assignments of Mortgage that may be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee required under this Agreementsubsection. In no event will any portion of the Trust Estate be used Any successor to pay amounts due to Bank of America, N.A. under this Section 8.05(b). (c) Any successor, including the Trustee, a Servicer shall give notice to the Servicer as Mortgagors of such change of servicer shall and shall, during the term of its service as servicer servicer, maintain in force (i) a the policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the that such Servicer is so required to maintain pursuant to Section 3.03this Agreement.

Appears in 3 contracts

Sources: Pooling and Servicing Agreement (CSFB Home Equity Mortgage Pass Through Cert Series 2002-4), Pooling and Servicing Agreement (Credit Suisse First Boston Mort Sec Corp Ho Eq Mo Tr 2002-5), Pooling and Servicing Agreement (Credit Suisse First Boston Mor Sec Corp Series 2002-1)

Trustee to Act; Appointment of Successor. (a) On and after the time a Master Servicer or a Special Servicer resigns pursuant to Section 6.04(a) (and a successor Master Servicer or Special Servicer, as applicable, has not been appointed by the resigning Master Servicer or Special Servicer, as applicable, under Section 6.04), or receives a notice of termination pursuant to Section 8.017.01, the Trustee shall be the successor in all respects to that Master Servicer or that Special Servicer, as the Servicer case may be, in its capacity as servicer such under this Agreement and the transactions set forth or provided for herein and shall be subject to all the responsibilities, duties and liabilities relating thereto and arising thereafter placed on such Master Servicer or such Special Servicer, as the Servicer case may be, by the terms and provisions hereof hereof, including, if such Master Servicer is the resigning or shall appoint a successor pursuant to Section 3.07. Notwithstanding anything provided herein to terminated party, the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity as successor to the Servicer in its applicable Master Servicer’s obligation to make Advances; provided that (i) any failure to perform such duties or responsibilities caused by the failure of a Master Servicer or a Special Servicer, as the case may be, to advance, expend cooperate or risk its own funds to provide information or otherwise incur any financial liability monies as required by Section 7.01 shall not be considered a default by the Trustee hereunder and (ii) in the performance case of its duties hereunder a terminated Master Servicer, the Trustee shall cease to act as successor Master Servicer if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject an alternative successor is appointed pursuant to Section 8.05(b7.01(c), as . Neither the Trustee nor any other successor shall be liable for any of the representations and warranties of the resigning or terminated party or for any losses incurred by the resigning or terminated party pursuant to Section 3.06 hereunder nor shall the Trustee or any other successor be required to purchase any Mortgage Loan hereunder. As compensation therefor, the Trustee shall be entitled to such all fees and other compensation as which the resigning or terminated Servicer party would have been entitled to hereunder for future services rendered if no such notice of termination the resigning or terminated party had been givencontinued to act hereunder. Notwithstanding the above, if it is unwilling to so act, the Trustee may, if it shall be unwilling so to act, or shallmay (and, if it is legally unable to so to act, or if the Trustee is not approved as an acceptable master servicer or special servicer, as the case may be, by each Rating Agency, or if the Holders of Certificates entitled to a majority of all the Voting Rights (determined without notionally reducing the Class Principal Balances of the Certificates by any Appraisal Reduction Amounts) (or, alternatively, if a Servicer Termination Event on the part of the applicable Special Servicer has occurred during a Subordinate Control Period, the Subordinate Class Representative) so requests in writing, the Trustee shall), promptly appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance qualified institution having a net worth of not less than $10,000,000 as the successor to the resigning or terminated Master Servicer or Special Servicer, as the case may be, hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of such Master Servicer or such Special Servicer, as the Servicer case may be, hereunder; provided, however, provided that (i) any such institution appointed as successor Servicer shall not, as evidenced in writing by appointment is the subject of a Rating Agency Confirmation from each Rating Agency (and, if applicable pursuant to Section 3.27(k), an analogous rating agency confirmation from each Pari Passu Companion Rating Agency, adversely affect ); and (ii) if such successor (in the then current rating of any Class of Certificates immediately prior to the termination of the terminated Servicer. The appointment case of a successor to the resigning or terminated Master Servicer) does not have the Master Servicer rating from Fitch that is “CMS3” or above, such successor is reasonably acceptable to the Subordinate Class Representative and, if such successor has a master servicer rating from Fitch that is “CMS3” or above, the Subordinate Class Representative shall have been consulted with respect to the identity of (although it need not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreementapproved) such successor. Pending No appointment of a successor to a Master Servicer or a Special Servicer hereunder shall be effective until the terminated Servicer assumption by such successor of all its responsibilities, duties and liabilities hereunder, unless the Trustee is prohibited by law from so actingand pending such appointment and assumption, the Trustee shall act in such capacity as provided abovehereinabove provided. The In connection with any such appointment and assumption, the Trustee may make such arrangements for the compensation of such successor out of payments on the Mortgage Loans or otherwise as it and such successor shall agree; provided that no such compensation shall be in excess of that permitted the resigning or terminated party hereunder. The Depositor, the Trustee, such successor and each other party hereto shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection with the appointment of a successor Servicer or the assumption of the duties of the Servicer, as specified in Section 8.05(a), . If the Trustee may make such arrangements for the compensation of such or an Affiliate acts pursuant to this Section 7.02 as successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor shall agree; provided, however, that any Person assuming the duties of the Servicer shall pay to such predecessor an amount equal to the market value of resigning or terminated Master Servicer and if the portion of the Servicing Fee that will accrue in the future due to the Excess Servicing Fee Rate exceeding 0.25% is a rate per annum with respect to any Mortgage Loan. The "market value" of such portion of that is greater than zero (0) basis points, it may reduce the Excess Servicing Fee shall Rate to the extent that the Trustee’s or such Affiliate’s compensation as successor Master Servicer would otherwise be determined by Bank of America, N.A., on below the basis of at least two quotations from third parties actively engaged in the market rate servicing of single-family mortgage loanscompensation. If the Trustee elects to appoint a successor to the resigning or terminated Master Servicer does not agree that such market value is a fair priceother than itself or an Affiliate pursuant to this Section 7.02, such successor shall obtain two quotations of market value from third parties actively engaged it may reduce the Excess Servicing Fee Rate to the extent reasonably necessary (in the servicing of single-family mortgage loans. The market value sole discretion of the excess portion Trustee) for the Trustee to appoint a qualified successor Master Servicer that meets the requirements of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b)7.02. (c) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the Servicer is so required pursuant to Section 3.03.

Appears in 3 contracts

Sources: Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2014-C23), Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2014-C24), Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2014-C23)

Trustee to Act; Appointment of Successor. (a) On and after the time the a Servicer receives a notice of termination pursuant to Section 8.017.01 of this Agreement, the Trustee or, if Ocwen is the terminated Servicer, the Back-Up Servicer, or a successor servicer appointed pursuant to Section 7.01, subject to and to the extent provided herein, either shall be the successor in all respects to the Servicer a Servicer, but only in its capacity as servicer under this Agreement Agreement, and not in any other, and the transactions set forth herein or provided for herein shall appoint a successor servicer, and in either event such successor servicer shall be subject to all the responsibilities, duties and liabilities relating thereto placed on the Servicer such Servicer, by the terms and provisions hereof or shall appoint a successor and applicable law including the obligation to make Advances pursuant to Section 3.074.01. Notwithstanding anything provided herein to the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity as successor to the Servicer in its obligation to make Advances, to advance, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject to Section 8.05(b), as As compensation therefor, the Trustee successor servicer shall be entitled to such compensation as all funds relating to the related Mortgage Loans that the terminated Servicer would have been entitled to hereunder if no charge to a Collection Account, provided that the terminated Servicer shall nonetheless be entitled to payment or reimbursement as provided in Section 3.09(a) to the extent that such notice payment or reimbursement relates to the period prior to the completion of termination had been giventhe transfer of servicing to a successor servicer. Notwithstanding the aboveforegoing, if the Trustee or the Back-Up Servicer has become the successor to the terminated Servicer in accordance with Section 7.01, the Trustee or Back-Up Servicer may, if it shall be unwilling to so to act, or shall, if it is legally prohibited by applicable law from making Advances pursuant to 4.01 hereof, or if it is otherwise unable to so to act, appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance mortgage loan servicing institution having a net worth the appointment of which does not less than $10,000,000 adversely affect the then current rating of the Certificates by each Rating Agency, as the successor to the terminated Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the such Servicer hereunder; provided, however, that (i) any such institution appointed as . Any successor to a Servicer shall notbe an institution which is a FNMA or FHLMC approved seller/servicer in good standing, which has a net worth of at least $10,000,000, which is willing to service the related Mortgage Loans and which executes and delivers to the Depositor and the Trustee an agreement accepting such delegation and assignment, containing an assumption by such Person of the rights, powers, duties, responsibilities, obligations and liabilities of such Servicer (other than liabilities of that Servicer under Section 6.03 hereof incurred prior to termination of a Servicer under Section 7.01 hereunder), with like effect as evidenced if originally named as a party to this Agreement; provided that each Rating Agency acknowledges that its rating of the Certificates in writing effect immediately prior to such assignment and delegation will not be qualified or reduced as a result of such assignment and delegation. The Back-Up Servicer (or its affiliate) or any successor servicer appointed by DLJMC shall be rated as a servicer of subprime mortgage loans as “average” (or its equivalent) or better by each Rating Agency, adversely affect the then current Agency that maintains a servicer rating of any Class of Certificates immediately prior to the termination of the terminated Servicer. The appointment of a successor Servicer shall not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreementsystem. Pending appointment of a successor to the terminated a Servicer hereunder, the Trustee, the Back-Up Servicer or other successor servicer unless the Trustee such entity is prohibited by law from so acting, shall, subject to the Trustee shall limitations described herein, act in such capacity as provided abovehereinabove provided. In connection with such appointment and assumption, the Trustee may make such arrangements for the compensation of such successor out of payments on the related Mortgage Loans as it and such successor shall agree; provided, however, that no such compensation shall be in excess of (x) the WFBNA Servicing Fee (as defined in the WFBNA Letter Agreement) or the Ocwen Servicing Fee (as defined in the Ocwen Side Letter), as the case may be, if the successor is the Back-Up Servicer or (y) the Servicing Fee, assuming for this purpose that the Servicing Fee Rate is 0.50% per annum, for any other successor. To the extent that the compensation of any successor to a Servicer is calculated using a rate exceeding the then-current rate used to calculate the WFBNA Servicing Fee (as defined in the WFBNA Letter Agreement) or the Ocwen Servicing Fee (as defined in the Ocwen Side Letter), as the case may be, each Holder of a Class A-IO-S Certificate hereby agrees to a decrease in the Excess Servicing Fee Rate in an amount equal to such excess. The Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection with the appointment of a successor Servicer or the assumption of the duties of the Servicer, as specified in Section 8.05(a), the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor shall agree; provided, however, that any Person assuming the duties of the Servicer shall pay to such predecessor an amount equal to the market value of the portion of the Servicing Fee that will accrue in the future due to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" of such portion of the Servicing Fee shall be determined by Bank of America, N.A., on the basis of at least two quotations from third parties actively engaged in the servicing of single-family mortgage loans. If the successor Servicer does not agree that such market value is a fair price, such successor shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b). (c) Any successor, including Neither the Trustee, the Back-Up Servicer nor any other successor servicer shall be deemed to be in default by reason of any failure to make, or any delay in making, any distribution hereunder or any portion thereof or any failure to perform, or any delay in performing, any duties or responsibilities hereunder, in either case caused by the failure of the terminated Servicer to deliver or provide, or any delay in delivering or providing, any cash, information, documents or records to it. Any successor to a Servicer or shall give notice to the Mortgagors of such change of servicer. Any successor to a Servicer as servicer shall shall, during the term of its service as servicer a Servicer maintain in force (i) a the policy or policies of insurance covering errors the type that such Servicer is required to maintain pursuant to this Agreement. In connection with the termination or resignation of a Servicer hereunder, either (i) the successor Servicer, including the Trustee if the Trustee is acting as successor Servicer, shall represent and omissions warrant that it is a member of MERS in good standing and shall agree to comply in all material respects with the performance rules and procedures of its obligations as servicer hereunder and MERS in connection with the servicing of the Mortgage Loans that are registered with MERS, or (ii) a fidelity bond the predecessor Servicer, at its sole expense, shall cooperate with the successor Servicer either (x) in respect causing MERS to execute and deliver an Assignment of its officers, employees and agents Mortgage in recordable form to transfer the Mortgage from MERS to the same extent Trustee and to execute and deliver such other notices, documents and other instruments as may be necessary or desirable to effect a transfer of such Mortgage Loan or servicing of such Mortgage Loan on the MERS® System to the successor Servicer or (y) in causing MERS to designate on the MERS® System the successor Servicer as the servicer of such Mortgage Loan (at the cost and expense of the successor Servicer is so required pursuant to Section 3.03the extent such costs relate to the qualification of such successor Servicer as a member of MERS, otherwise at the cost and expense of the predecessor Servicer). The predecessor Servicer shall file or cause to be filed any such assignment in the appropriate recording office. The successor Servicer shall cause such assignment to be delivered to the Trustee promptly upon receipt of the original with evidence of recording thereon or a copy certified by the public recording office in which such assignment was recorded.

Appears in 3 contracts

Sources: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2004-5), Pooling and Servicing Agreement (Home Equity Asset Trust 2004-7), Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp)

Trustee to Act; Appointment of Successor. (a) On and after the time the Servicer receives a notice of termination pursuant to Section 8.01, the Trustee shall be automatically become the successor in all respects to the Servicer in its capacity as servicer under this Agreement and with respect to the transactions set forth or provided for herein and after a transition period (not to exceed 90 days), shall be subject to all the responsibilities, duties and liabilities relating thereto placed on the Servicer by the terms and provisions hereof or shall appoint a successor and applicable law including the obligation to make Advances pursuant to Section 3.07. Notwithstanding anything Article VI hereof except as otherwise provided herein to the contraryherein; provided, under no circumstances shall any provision of this Agreement be construed to require however, that the Trustee, acting 's obligation to make Advances in its capacity as successor Successor Servicer shall not be subject to such 90 day transition period and the Trustee in such capacity will make any Advance required to be made by the predecessor Servicer in its obligation on the Distribution Date on which the predecessor Servicer was required to make Advances, to advance, expend or risk its own funds or otherwise incur any financial liability in such Advance. Effective on the performance date of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject to Section 8.05(b)notice of termination, as compensation therefor, the Trustee shall be entitled to such compensation as all fees, costs and expenses relating to the Mortgage Loans that the terminated Servicer would have been entitled to hereunder if no it had continued to act hereunder, provided, however, that the Trustee shall not be (i) liable for any acts or omissions of the terminated Servicer, (ii) obligated to make Advances if it is prohibited from doing so under applicable law or determines that such notice Advance, if made, would constitute a Nonrecoverable Advance, (iii) responsible for expenses of termination had been giventhe terminated Servicer pursuant to Section 2.03 or (iv) obligated to deposit losses on any Permitted Investment directed by the terminated Servicer. Notwithstanding the aboveforegoing, the Trustee may, if it shall be unwilling to so to act, or shall, if it is legally prohibited by applicable law from making Advances pursuant to Article VI or if it is otherwise unable to so to act, appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance mortgage loan servicing institution having a net worth the appointment of which does not less than $10,000,000 adversely affect the then current rating of the Certificates by each Rating Agency as the successor to the terminated Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Servicer hereunder; provided, however, that . Any Successor Servicer shall (i) any such be an institution appointed that is a ▇▇▇▇▇▇ ▇▇▇ and ▇▇▇▇▇▇▇ Mac approved seller/servicer in good standing, that has a net worth of at least $15,000,000 and (ii) be willing to act as successor servicer of any Mortgage Loans under this Agreement and shall have executed and delivered to the Depositor and the Trustee an agreement accepting such delegation and assignment, that contains an assumption by such Person of the rights, powers, duties, responsibilities, obligations and liabilities of the terminated Servicer (other than any liabilities of the terminated Servicer hereof incurred prior to termination of the Servicer under Section 8.01), with like effect as if originally named as a party to this Agreement, provided that each Rating Agency shall not, as evidenced have acknowledged in writing by each Rating Agency, adversely affect the then current that its rating of any Class of the Certificates in effect immediately prior to such assignment and delegation will not be qualified or reduced as a result of such assignment and delegation. If the termination Trustee assumes the duties and responsibilities of the terminated Servicer. The appointment of a successor Servicer in accordance with this Section 8.02, the Trustee shall not affect any liability of the predecessor resign as Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor until a Successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreementhas been appointed and has accepted such appointment. Pending appointment of a successor to the terminated Servicer hereunder, the Trustee, unless the Trustee is prohibited by law from so acting, the Trustee shall shall, subject to Section 4.04 hereof, act in such capacity as provided abovehereinabove provided. The Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection with the such appointment of a successor Servicer or the assumption of the duties of the Servicer, as specified in Section 8.05(a)and assumption, the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans serviced by the predecessor Servicer or otherwise as it and such successor shall agree; providedprovided that no such compensation shall be in excess of that permitted the terminated Servicer hereunder. The Trustee and such successor shall take such action, howeverconsistent with this Agreement as shall be necessary to effectuate any such succession. Neither the Trustee nor any other Successor Servicer shall be deemed to be in default hereunder by reason of any failure to make, that or any Person assuming delay in making, any distribution hereunder or any portion thereof or any failure to perform, or any delay in performing, any duties or responsibilities hereunder, in either case caused by the duties failure of the Servicer shall pay to such predecessor an amount equal deliver or provide, or any delay in delivering or providing, any cash, information, documents or records to the market value of the portion of the Servicing Fee that will accrue in the future due to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" of such portion of the Servicing Fee shall be determined by Bank of America, N.A., on the basis of at least two quotations from third parties actively engaged in the servicing of single-family mortgage loans. If the successor Servicer does not agree that such market value is a fair price, such successor shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b)it. (c) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the Servicer is so required pursuant to Section 3.03.

Appears in 3 contracts

Sources: Pooling and Servicing Agreement (NAAC Alternative Loan Trust, Series 2004-Ar4), Pooling and Servicing Agreement (Nomura Asset Acc Corp ALT LN TR Ser 2004-Ap2), Pooling and Servicing Agreement (NAAC Alternative Loan Trust, Series 2004-Ar3)

Trustee to Act; Appointment of Successor. (a) On and after the time the Servicer or the Special Servicer, as the case may be, either resigns pursuant to the first sentence of Section 6.04 or receives a notice of termination for cause pursuant to Section 8.017.01(a), and provided that no acceptable successor has been appointed, the Trustee shall be the successor to the Servicer or Special Servicer, as the case may be, in all respects to the Servicer in its capacity as servicer Servicer or Special Servicer under this Agreement and the transactions set forth or provided for herein and shall be subject to all the responsibilities, duties duties, liabilities and liabilities limitations on liability relating thereto and that arise thereafter placed on or for the benefit of the Servicer or Special Servicer by the terms and provisions hereof or shall appoint a successor pursuant to Section 3.07. Notwithstanding anything provided herein to the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity as successor to the Servicer in its obligation to make Advances, to advance, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject to Section 8.05(b), as compensation therefor, the Trustee shall be entitled to such compensation as the terminated Servicer would have been entitled to hereunder if no such notice of termination had been given. Notwithstanding the above, the Trustee may, if it shall be unwilling so to act, or shall, if it is legally unable so to act, appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance institution having a net worth of not less than $10,000,000 as the successor to the terminated Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Servicer hereunderhereof; provided, however, that (i) any failure to perform such institution appointed as successor Servicer shall not, as evidenced in writing duties or responsibilities caused by each Rating Agency, adversely affect the then current rating of any Class of Certificates immediately prior to the termination of the terminated Servicerparty's failure under Section 7.01 to provide information or moneys required hereunder shall not be considered a default by such successor hereunder. The appointment of a successor Servicer shall not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor and the appointment of a successor Special Servicer shall not affect any liability of the predecessor Special Servicer which may have arisen prior to its termination as Special Servicer. The Trustee in its capacity as successor to the Servicer or the Special Servicer, as the case may be, shall not be liable for any of the representations and warranties of the Servicer or the Special Servicer, respectively, herein or in any related document or agreement, for any acts or omissions of the predecessor Servicer or Special Servicer or for any breach losses incurred by the Servicer pursuant to Section 3.06 hereunder, nor shall the Trustee be required to purchase any Mortgage Loan hereunder. As compensation therefor, the Trustee as successor Servicer shall be entitled to the Servicing Fees and all fees relating to the Mortgage Loans which the Servicer would have been entitled to if the Servicer had continued to act hereunder, including but not limited to any income or other benefit from any Permitted Investment pursuant to Section 3.06, and as successor to the Special Servicer shall be entitled to the Special Servicing Fees to which the Special Servicer would have been entitled if the Special Servicer had continued to act hereunder. Should the Trustee succeed to the capacity of the Servicer or the Special Servicer, the Trustee shall be afforded the same standard of care and liability as the Servicer or the Special Servicer, as applicable, hereunder notwithstanding anything in Section 8.01 to the contrary, but only with respect to actions taken by it in its role as successor Servicer or successor Special Servicer, as the case may be, and not with respect to its role as Trustee hereunder. Notwithstanding the above, the Trustee may, if it shall be unwilling to act as successor to the Servicer or Special Servicer, or shall, if it is unable to so act, or if the Trustee is not approved as a servicer or special servicer, as applicable, by each Rating Agency or if the Holders of Certificates entitled to at least 51% of the Voting Rights so request in writing to the Trustee, promptly appoint, or petition a court of competent jurisdiction to appoint, any established mortgage loan servicing institution which meets the criteria set forth in Section 6.04 and otherwise herein, as the successor to the Servicer or the Special Servicer, as applicable, hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Servicer or Special Servicer hereunder. No appointment of a successor to the Servicer or the Special Servicer hereunder shall be effective until the assumption in writing by the successor to the Servicer or the Special Servicer of all its representations or warranties contained herein or in any related document or agreementresponsibilities, duties and liabilities hereunder that arise thereafter. Pending appointment of a successor to the terminated Servicer or the Special Servicer hereunder, unless the Trustee is shall be prohibited by law from so acting, the Trustee shall act in such capacity as provided aboveherein above provided. In connection with such appointment and assumption of a successor to the Servicer or Special Servicer as described herein, the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans as it and such successor shall agree; provided, however, that no such compensation with respect to a successor Servicer or successor Special Servicer, as the case may be, shall be in excess of that permitted the terminated Servicer or Special Servicer, as the case may be, hereunder. The Trustee Trustee, the Servicer or the Special Servicer (whichever is not the terminated party) and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection . Any costs and expenses associated with the appointment of a successor Servicer or the assumption transfer of the duties of the Servicer, as specified in Section 8.05(a), the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans serviced servicing function (other than with respect to a termination without cause) under this Agreement shall be borne by the predecessor Servicer as it and such successor shall agree; provided, however, that any Person assuming the duties of the Servicer shall pay to such predecessor an amount equal to the market value of the portion of the Servicing Fee that will accrue in the future due to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" of such portion of the Servicing Fee shall be determined by Bank of America, N.A., on the basis of at least two quotations from third parties actively engaged in the servicing of single-family mortgage loans. If the successor Servicer does not agree that such market value is a fair price, such successor shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b)servicer. (c) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the Servicer is so required pursuant to Section 3.03.

Appears in 3 contracts

Sources: Pooling and Servicing Agreement (Chase Commercial Mortgage Securities Corp), Pooling and Servicing Agreement (Chase Commercial Mortgage Securities Corp), Pooling and Servicing Agreement (Chase Commercial Mortgage Securities Corp)

Trustee to Act; Appointment of Successor. (a) On and after the time the Master Servicer receives a notice of termination pursuant to Section 8.017.01 hereof, the Trustee shall shall, to the extent provided in Section 3.04, be the successor in all respects to the Master Servicer in its capacity as servicer under this Agreement and the transactions set forth or provided for herein and shall be subject to all the responsibilities, duties and liabilities relating thereto placed on the Master Servicer by the terms and provisions hereof or shall appoint a successor and applicable law including the obligation to make advances pursuant to Section 3.074.01. Notwithstanding anything provided herein to the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity as successor to the Servicer in its obligation to make Advances, to advance, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject to Section 8.05(b), as As compensation therefor, the Trustee shall be entitled to such compensation as all fees, costs and expenses relating to the terminated Mortgage Loans that the Master Servicer would have been entitled to hereunder if no such notice of termination the Master Servicer had been givencontinued to act hereunder. Notwithstanding the aboveforegoing, if the Trustee has become the successor to the Master Servicer in accordance with Section 7.01 hereof, the Trustee may, if it shall be unwilling to so to act, or shall, if it is legally prohibited by applicable law from making Advances pursuant to Section 4.01 hereof or if it is otherwise unable to so to act, appoint(i) appoint any established mortgage loan servicing institution reasonably acceptable to the NIM Insurer (as evidenced by the prior written consent of the NIM Insurer), or (ii) petition a court of competent jurisdiction to appoint, appoint any established housing mortgage loan servicing institution, the appointment of which does not adversely affect the then current rating of the Certificates and home finance institution having a net worth of not less than $10,000,000 the NIM Insurer guaranteed notes by each Rating Agency as the successor to the terminated Master Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Master Servicer hereunder; provided, however. Any successor Master Servicer shall be an institution that is a Fannie Mae and Freddie Mac approv▇▇ ▇▇▇l▇▇/servi▇▇▇ ▇▇ good standing, that has a net worth of at least $15,000,000 and that is willing to service the Mortgage Loans and executes and delivers to the Depositor and the Trustee an agreement accepting such delegation and assignment, that contains an assumption by such Person of the rights, powers, duties, responsibilities, obligations and liabilities of the Master Servicer (i) any such institution appointed other than liabilities and indemnities of the Master Servicer under Section 6.03 hereof incurred prior to termination of the Master Servicer under Section 7.01), with like effect as successor Servicer shall not, if originally named as evidenced in writing by a party to this Agreement; and provided further that each Rating Agency, adversely affect the then current Agency acknowledges that its rating of any Class of the Certificates in effect immediately prior to the termination such assignment and delegation will not be qualified or reduced as a result of the terminated Servicersuch assignment and delegation. The No appointment of a successor to the Master Servicer hereunder shall be effective until the Trustee shall have consented thereto, and written notice of such proposed appointment shall have been provided by the Trustee to each Certificateholder. The Trustee shall not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination resign as Servicer, nor shall any servicer until a successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreementservicer has been appointed and has accepted such appointment. Pending appointment of a successor to the terminated Master Servicer hereunder, the Trustee, unless the Trustee is prohibited by law from so acting, the Trustee shall shall, subject to Section 3.04 hereof, act in such capacity as herein above provided. In connection with such appointment and assumption, the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans as it and such successor shall agree; provided abovethat no such compensation shall be in excess of that permitted the Master Servicer hereunder. The Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection with . Neither the appointment Trustee nor any other successor servicer shall be deemed to be in default hereunder by reason of a successor Servicer any failure to make, or any delay in making, any distribution hereunder or any portion thereof or any failure to perform, or any delay in performing, any duties or responsibilities hereunder, in either case caused by the assumption failure of the duties of the ServicerMaster Servicer to deliver or provide, as specified or any delay in Section 8.05(a)delivering or providing, the Trustee may make such arrangements for the compensation of such any cash, information, documents or records to it. Any successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor shall agree; provided, however, that any Person assuming the duties of the Servicer shall pay to such predecessor an amount equal to the market value of the portion of the Servicing Fee that will accrue in the future due to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" of such portion of the Servicing Fee shall be determined by Bank of America, N.A., on the basis of at least two quotations from third parties actively engaged in the servicing of single-family mortgage loans. If the successor Servicer does not agree that such market value is a fair price, such successor shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b). (c) Any successor, including the Trustee, to the Master Servicer as servicer shall give notice to the NIM Insurer and the Mortgagors of such change of servicer and shall, during the term of its service as servicer maintain in force the policy or policies that the Master Servicer is required to maintain pursuant to Section 6.05. In connection with the termination or resignation of the Master Servicer hereunder, either (i) the successor Master Servicer, including the Trustee if the Trustee is acting as successor Master Servicer, shall represent and warrant that it is a policy member of MERS in good standing and shall agree to comply in all material respects with the rules and procedures of MERS in connection with the servicing of the Mortgage Loans that are registered with MERS, or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond the predecessor Master Servicer shall cooperate with the successor Master Servicer in respect causing MERS to execute and deliver an assignment of its officers, employees and agents Mortgage in recordable form to transfer the Mortgage from MERS to the same extent Trustee and to execute and deliver such other notices, documents and other instruments as may be necessary or desirable to effect a transfer of such Mortgage Loan or servicing of such Mortgage Loan on the MERS(R) System to the successor Master Servicer. The predecessor Master Servicer is so required pursuant shall file or cause to Section 3.03be filed any such assignment in the appropriate recording office. The successor Master Servicer shall cause such assignment to be delivered to the Co-Trustee promptly upon receipt of the original with evidence of recording thereon or a copy certified by the public recording office in which such assignment was recorded.

Appears in 3 contracts

Sources: Pooling and Servicing Agreement (Cwabs Inc Asset-Backed Certificates Series 2004-5), Pooling and Servicing Agreement (Cwabs Inc Asset Backed Certificates Series 2004-1), Pooling and Servicing Agreement (Cwabs Inc Asset-Backed Certificates Series 2004-3)

Trustee to Act; Appointment of Successor. (a) On and after the time the Master Servicer receives a notice of termination pursuant to Section 8.018.01 or 7.04, the Trustee shall be the successor in all respects to the Master Servicer in its capacity as servicer under this Agreement and the transactions set forth or provided for herein and shall be subject to all the responsibilities, duties and liabilities relating thereto placed on the Master Servicer by the terms and provisions hereof or shall appoint a successor pursuant to Section 3.07hereof. Notwithstanding anything provided herein to the contraryabove, under no circumstances shall any provision of this Agreement be construed to require if the TrusteeTrustee becomes the Master Servicer hereunder, acting in its capacity as successor to the Servicer in its obligation to make Advances, to advance, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds no responsibility or obligation (i) of repurchase or substitution with respect to any Mortgage Loan, (ii) with respect to any representation or warranty of the Master Servicer, and (iii) for believing that such funds are non-recoverableany act or omission of either a predecessor or successor Master Servicer other than the Trustee. Subject to Section 8.05(b), as As compensation therefor, the Trustee shall be entitled to such compensation as the terminated Master Servicer would have been entitled to hereunder if no such notice of termination had been given. In addition, the Trustee will be entitled to compensation with respect to its expenses in connection with conversion of certain information, documents and record keeping, as provided in Section 7.04(b). Notwithstanding the above, (i) if the Trustee may, if it shall be is unwilling so to actact as successor Master Servicer, or shall, (ii) if it the Trustee is legally unable so to act, appoint, the Trustee may (in the situation described in clause (i)) or shall (in the situation described in clause (ii)) appoint or petition a court of competent jurisdiction to appoint, any established housing and home finance institution institution, bank or other mortgage loan or home equity loan servicer having a net worth of not less than $10,000,000 ______________ as the successor to the terminated Master Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Master Servicer hereunder; provided, however, provided that (i) any such institution appointed as successor Master Servicer shall notbe acceptable to the Credit Enhancer, as evidenced in writing by each Rating Agencythe Credit Enhancer's prior written consent, adversely affect which consent shall not be unreasonably withheld; and provided further that the then current rating appointment of any Class such successor Master Servicer will not result in the qualification, reduction or withdrawal of Certificates immediately prior the ratings assigned to the termination of the terminated Servicer. The appointment of a successor Servicer shall not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach Certificates by the Servicer of any of its representations or warranties contained herein or in any related document or agreementRating Agencies without regard to the Policy. Pending appointment of a successor to the terminated Master Servicer hereunder, unless the Trustee is prohibited by law from so acting, the Trustee shall act in such capacity as provided abovehereinabove provided. In connection with such appointment and assumption, the successor shall be entitled to receive compensation out of payments on Mortgage Loans in an amount equal to the compensation which the Master Servicer would otherwise have received pursuant to Section 3.08 (or such lesser compensation as the Trustee and such successor shall agree). The Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection with the appointment of a successor Servicer or the assumption of the duties of the Servicer, as specified in Section 8.05(a), the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor shall agree; provided, however, that any Person assuming the duties of the Servicer shall pay to such predecessor an amount equal to the market value of the portion of the Servicing Fee that will accrue in the future due to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" of such portion of the Servicing Fee shall be determined by Bank of America, N.A., on the basis of at least two quotations from third parties actively engaged in the servicing of single-family mortgage loans. If the successor Servicer does not agree that such market value is a fair price, such successor shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b). (c) Any successor, including the Trustee, to the Master Servicer as servicer shall during the term of its service as servicer (i) continue to service and administer the Mortgage Loans for the benefit of Certificateholders and the Credit Enhancer and (ii) maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer Master Servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the Master Servicer is so required pursuant to Section 3.033.12. The appointment of a successor Master Servicer shall not affect any liability of the predecessor Master Servicer which may have arisen under this Agreement prior to its termination as Master Servicer (including, without limitation, any deductible under an insurance policy pursuant to Section 3.04), nor shall any successor Master Servicer be liable for any acts or omissions of the predecessor Master Servicer or for any breach by such Master Servicer of any of their representations or warranties contained herein.

Appears in 3 contracts

Sources: Pooling and Servicing Agreement (Cwabs Inc), Pooling and Servicing Agreement (Morgan Stanley Abs Capital I Inc), Pooling and Servicing Agreement (Cwabs Inc)

Trustee to Act; Appointment of Successor. (a) On and after the time the Master Servicer receives a notice of termination pursuant to Section 8.017.01 or sends a notice pursuant to Section 6.04, the Trustee shall be the successor in all respects to the Master Servicer in its capacity as servicer under this Agreement and the transactions set forth or provided for herein and shall be subject to all the responsibilities, duties and liabilities relating thereto placed on the Master Servicer by the terms and provisions hereof or shall appoint a successor pursuant to Section 3.07. Notwithstanding anything provided herein hereof, including but not limited to the contrary, under no circumstances shall any provision provisions of Article III. Nothing in this Agreement shall be construed con strued to permit or require the Trustee to (i) succeed to the responsibilities, duties and liabilities of the Master Servicer in its capacity as the Seller under the Mortgage Loan Purchase Agreement or under this Agreement, (ii) be responsible or accountable for any act or omission of the Master Servicer prior to the issuance of a notice of termination hereunder, (iii) require or obligate the Trustee, acting in its capacity as successor Master Servicer, to purchase, repurchase or substitute any Mortgage Loan, (iv) fund any losses on any Eligible Investment directed by any other Master Servicer, or (v) be responsible for the representations and warranties of the Master Servicer; PROVIDED, HOWEVER, that the Trustee, as successor Master Servicer, shall be required to make any Monthly Advances to the extent that the Master Servicer in its obligation failed to make such Monthly Advances, to advance, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject to Section 8.05(b), as As compensation therefor, the Trustee shall be entitled to such compensation as the terminated Master Servicer would have been entitled to hereunder if no such notice of termination had been givengiven (other than compensation accruing prior to the notice of termination). Notwithstanding the above, (i) if the Trustee may, if it shall be is unwilling so to actact as successor Master Servicer, or shall, (ii) if it the Trustee is legally unable so to act, appoint, the Trustee on behalf of the Certificateholders may (in the situation described in clause (i)) or shall (in the situation described in clause (ii)) appoint or petition a court of competent jurisdiction to appoint, appoint any established housing and home finance institution institution, bank or other mortgage loan servicer having a net worth of not less than $10,000,000 15,000,000 as the successor to the terminated Master Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Master Servicer hereunder; provided, howeverPROVIDED, that (i) each Rating Agency shall have confirmed in writing that the appointment of any such institution appointed as successor Master Servicer shall notwill not result in the qualification, as evidenced in writing by each Rating Agency, adversely affect reduction or withdrawal of the then current rating of any Class of Certificates immediately prior ratings assigned to the termination of the terminated Servicer. The appointment of a successor Servicer shall not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach Certificates by the Servicer of any of its representations or warranties contained herein or in any related document or agreementRating Agencies. Pending appointment of a successor to the terminated Master Servicer hereunder, unless the Trustee is prohibited by law from so acting, the Trustee shall act in such capacity as provided abovehereinabove provided. In connection with such appointment and assumption, the successor shall be entitled to receive compensation in an amount equal to the compensation which the Master Servicer would otherwise have received pur suant to Section 3.15 (or such lesser compensation as the Trustee and such successor shall agree). The appointment of a successor Master Servicer shall not affect any liability of the predecessor Master Servicer which may have arisen under this Agreement prior to its termination as Master Servicer, nor shall any successor Master Servicer be liable for any acts or omissions of the predecessor Master Servicer or for any breach by such Master Servicer of any of its representations or warranties contained herein. The Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection with the appointment of a Any successor Servicer or the assumption of the duties of the Master Servicer, as specified in Section 8.05(a), the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor shall agree; provided, however, that any Person assuming the duties of the Servicer shall pay to such predecessor an amount equal to the market value of the portion of the Servicing Fee that will accrue in the future due to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" of such portion of the Servicing Fee shall be determined by Bank of America, N.A., on the basis of at least two quotations from third parties actively engaged in the servicing of single-family mortgage loans. If the successor Servicer does not agree that such market value is a fair price, such successor shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b). (c) Any successor, including the TrusteeTrustee on behalf of the Certificateholders, shall not be deemed to be in default or to have breached its duties hereunder if the predecessor Master Servicer shall fail to deliver any required deposit to the Servicer as servicer shall during the term of its service as servicer maintain in force (i) a policy Certificate Account or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the Servicer is so otherwise cooperate with any required pursuant to Section 3.03servicing transfer or succession hereunder.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (WMC Secured Assets Corp WMC Mort Pass THR Cert Ser 1999-A), Pooling and Servicing Agreement (WMC Secured Assets Corp WMC Mort Pass THR Cert Ser 2000-A)

Trustee to Act; Appointment of Successor. (a) On and after the time the Servicer or the Special Servicer, as the case may be, either resigns pursuant to the first sentence of Section 6.04 or receives a notice of termination for cause pursuant to Section 8.017.01(a), and provided that no acceptable successor has been appointed, the Trustee shall be the successor to the Servicer or Special Servicer, as the case may be, in all respects to the Servicer in its capacity as servicer Servicer or Special Servicer under this Agreement and the transactions set forth or provided for herein and shall be subject to all the responsibilities, duties duties, liabilities and liabilities limitations on liability relating thereto and that arise thereafter placed on or for the benefit of the Servicer or Special Servicer by the terms and provisions hereof or shall appoint a successor pursuant to Section 3.07. Notwithstanding anything provided herein to the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity as successor to the Servicer in its obligation to make Advances, to advance, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject to Section 8.05(b), as compensation therefor, the Trustee shall be entitled to such compensation as the terminated Servicer would have been entitled to hereunder if no such notice of termination had been given. Notwithstanding the above, the Trustee may, if it shall be unwilling so to act, or shall, if it is legally unable so to act, appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance institution having a net worth of not less than $10,000,000 as the successor to the terminated Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Servicer hereunderhereof; provided, however, that (i) any failure to perform such institution appointed as successor Servicer shall not, as evidenced in writing duties or responsibilities caused by each Rating Agency, adversely affect the then current rating of any Class of Certificates immediately prior to the termination of the terminated Servicerparty's failure under Section 7.01 to provide information or moneys required hereunder shall not be considered a default by such successor hereunder. The appointment of a successor Servicer shall not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor and the appointment of a successor Special Servicer shall not affect any liability of the predecessor Special Servicer which may have arisen prior to its termination as Special Servicer. The Trustee in its capacity as successor to the Servicer or the Special Servicer, as the case may be, shall not be liable for any of the representations and warranties of the Servicer or the Special Servicer, respectively, herein or in any related document or agreement, for any acts or omissions of the predecessor Servicer or Special Servicer or for any breach losses incurred by the Servicer pursuant to Section 3.06 hereunder, nor shall the Trustee be required to purchase any Mortgage Loan hereunder. As compensation therefor, the Trustee as successor Servicer shall be entitled to the Servicing Fees and all fees relating to the Mortgage Loans which the Servicer would have been entitled to if the Servicer had continued to act hereunder, including but not limited to any income or other benefit from any Permitted Investment pursuant to Section 3.06, and as successor to the Special Servicer shall be entitled to the Special Servicing Fees to which the Special Servicer would have been entitled if the Special Servicer had continued to act hereunder. Should the Trustee succeed to the capacity of the Servicer or the Special Servicer, the Trustee shall be afforded the same standard of care and liability as the Servicer or the Special Servicer, as applicable, hereunder notwithstanding anything in Section 8.01 to the contrary, but only with respect to actions taken by it in its role as successor Servicer or successor Special Servicer, as the case may be, and not with respect to its role as Trustee hereunder. Notwithstanding the above, the Trustee may, if it shall be unwilling to act as successor to the Servicer or Special Servicer, or shall, if it is unable to so act, or if the Trustee is not approved as a servicer or special servicer, as applicable, by each Rating Agency or if the Holders of Certificates entitled to at least 51% of the Voting Rights so request in writing to the Trustee, promptly appoint, or petition a court of competent jurisdiction to appoint, any established mortgage loan servicing institution which meets the criteria set forth herein, as the successor to the Servicer or the Special Servicer, as applicable, hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Servicer or Special Servicer hereunder. No appointment of a successor to the Servicer or the Special Servicer hereunder shall be effective until the assumption in writing by the successor to the Servicer or the Special Servicer of all its representations or warranties contained herein or in any related document or agreementresponsibilities, duties and liabilities hereunder that arise thereafter. Pending appointment of a successor to the terminated Servicer or the Special Servicer hereunder, unless the Trustee is shall be prohibited by law from so acting, the Trustee shall act in such capacity as provided aboveherein above provided. In connection with such appointment and assumption of a successor to the Servicer or Special Servicer as described herein, the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans as it and such successor shall agree; provided, however, that no such compensation with respect to a successor Servicer or successor Special Servicer, as the case may be, shall be in excess of that permitted the terminated Servicer or Special Servicer, as the case may be, hereunder. The Trustee Trustee, the Servicer or the Special Servicer (whichever is not the terminated party) and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection . Any costs and expenses associated with the appointment of a successor Servicer or the assumption transfer of the duties of the Servicer, as specified in Section 8.05(a), the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans serviced servicing function (other than with respect to a termination without cause) under this Agreement shall be borne by the predecessor Servicer as it and such successor shall agree; provided, however, that any Person assuming the duties of the Servicer shall pay to such predecessor an amount equal to the market value of the portion of the Servicing Fee that will accrue in the future due to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" of such portion of the Servicing Fee shall be determined by Bank of America, N.A., on the basis of at least two quotations from third parties actively engaged in the servicing of single-family mortgage loans. If the successor Servicer does not agree that such market value is a fair price, such successor shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b). (c) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the Servicer is so required pursuant to Section 3.03.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Inc), Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Inc)

Trustee to Act; Appointment of Successor. (a) On and after the time the Master Servicer, the Special Servicer or the REMIC Administrator resigns pursuant to clause (ii) of the first sentence of Section 6.04 or receives a notice of termination pursuant to Section 8.017.01, the Trustee shall be the successor in all respects to the Master Servicer, the Special Servicer or (unless it has also been acting as such) the REMIC Administrator, as the case may be, in its capacity as servicer such under this Agreement and the transactions set forth or provided for herein and shall be subject to all the responsibilities, duties and liabilities relating thereto and arising thereafter placed on the Master Servicer, the Special Servicer or the REMIC Administrator, as the case may be, by the terms and provisions hereof hereof, including, without limitation, if the Master Servicer is the resigning or terminated party, the Master Servicer's obligation to make P&I Advances; provided that any failure to perform such duties or responsibilities caused by the Master Servicer's, the Special Servicer's or the REMIC Administrator's, as the case may be, failure to cooperate or to provide information or monies required by Section 7.01 shall appoint not be considered a default by the Trustee hereunder. Neither the Trustee nor any other successor shall be liable for any of the representations and warranties of the resigning or terminated party or for any losses incurred by the resigning or terminated party pursuant to Section 3.073.06 hereunder nor shall the Trustee nor any other successor be required to purchase any Mortgage Loan hereunder. Notwithstanding anything provided herein to the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity as successor to the Servicer in its obligation to make Advances, to advance, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject to Section 8.05(b), as As compensation therefor, the Trustee shall be entitled to such all fees and other compensation as (subject to Section 3.11) that the resigning or terminated Servicer party would have been entitled to hereunder for future services rendered if no such notice of termination the resigning or terminated party had been givencontinued to act hereunder. Notwithstanding the above, the Trustee may, if it shall be unwilling to so to act, or shall, if it is legally unable to so to act, or is not approved by each and every Rating Agency as an acceptable master servicer or special servicer, as the case may be, of commercial mortgage loans; or if the Directing Certificateholder or if the Holders of Certificates entitled to at least 51% of the Voting Rights so request in writing to the Trustee; or if the REMIC Administrator is the resigning or terminated party and the Trustee had been acting in such capacity, promptly appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance qualified institution having as the successor to the Master Servicer, the Special Servicer or the REMIC Administrator, as the case may be, hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Master Servicer, the Special Servicer or the REMIC Administrator, as the case may be, hereunder; provided, in the case of a successor Master Servicer, such successor has been approved by the Directing Certificateholder, which consent with respect to the Master Servicer shall not be unreasonably withheld or delayed; provided that such appointment does not result in the downgrading, qualification (if applicable) or withdrawal of any rating then assigned by any Rating Agency to any Class of Certificates (as evidenced by written confirmation thereof from each Rating Agency); provided further that in the case of a resigning or terminated Special Servicer, such appointment shall be subject to the rights of the Majority Certificateholder of the Controlling Class to designate a successor pursuant to Section 3.23. No appointment of a successor to the Master Servicer, the Special Servicer or the REMIC Administrator hereunder shall be effective until the assumption of the successor to such party of all its responsibilities, duties and liabilities hereunder. Pending appointment of a successor to the Master Servicer, the Special Servicer or the REMIC Administrator hereunder, the Trustee shall act in such capacity as hereinabove provided. Notwithstanding the above, the Trustee shall, if the Master Servicer is the resigning or terminated party and the Trustee is prohibited by law or regulation from making P&I Advances, promptly appoint any established mortgage loan servicing institution that has a net worth of not less than $10,000,000 15,000,000 and is otherwise acceptable to each Rating Agency (as evidenced by written confirmation therefrom to the effect that the appointment of such institution would not cause the qualification, downgrading or withdrawal of the then current rating on any Class of Certificates), as the successor to the terminated Master Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Master Servicer hereunderhereunder (including, without limitation, the obligation to make P&I Advances), which appointment will become effective immediately. Subject to Section 3.11 and in connection with any such appointment and assumption described herein, the Trustee may make such arrangements for the compensation of such successor out of payments on or in respect of the Mortgage Loans or otherwise as it and such successor shall agree; provided, however, that (i) any no such institution appointed as successor Servicer compensation shall not, as evidenced be in writing by each Rating Agency, adversely affect excess of that permitted the then current rating of any Class of Certificates immediately prior to the termination of the resigning or terminated Servicerparty hereunder. The appointment of a successor Servicer shall not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreement. Pending appointment of a successor to the terminated Servicer hereunder, unless the Trustee is prohibited by law from so actingDepositor, the Trustee shall act in such capacity as provided above. The Trustee and Trustee, such successor and each other party hereto shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection . Any costs and expenses associated with the appointment transfer of a successor the foregoing functions under this Agreement (other than the set-up costs of the successor) shall be borne by the predecessor Master Servicer, Special Servicer or the assumption REMIC Administrator, as applicable, and, if not paid by such predecessor Master Servicer, Special Servicer or REMIC Administrator within 30 days of its receipt of an invoice therefor, shall be an expense of the duties of the Trust; provided that such predecessor Master Servicer, as specified in Section 8.05(a)Special Servicer or REMIC Administrator shall reimburse the Trust for any such expense so incurred by the Trust; and provided, further, that if the Trustee is directed to do so by the Directing Certificateholder, the Trustee may shall pursue any remedy against any party obligated to make such arrangements for the compensation of such successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor shall agree; provided, however, that any Person assuming the duties of the Servicer shall pay to such predecessor an amount equal to the market value of the portion of the Servicing Fee that will accrue in the future due to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" of such portion of the Servicing Fee shall be determined by Bank of America, N.A., on the basis of at least two quotations from third parties actively engaged in the servicing of single-family mortgage loans. If the successor Servicer does not agree that such market value is a fair price, such successor shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b)reimbursement. (c) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the Servicer is so required pursuant to Section 3.03.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Banc of America Commercial Mortgage Inc., Series 2005-2), Pooling and Servicing Agreement (Banc of America Commercial Mortgage Inc., Series 2005-1)

Trustee to Act; Appointment of Successor. (a) On and after the time the Master Servicer or the Special Servicer resigns pursuant to Section 6.04(a) (and a successor Master Servicer or Special Servicer, as applicable, has not been appointed by the resigning Master Servicer or Special Servicer, as applicable, under Section 6.04), or receives a notice of termination pursuant to Section 8.017.01, the Trustee shall be the successor in all respects to the Master Servicer or the Special Servicer, as the case may be, in its capacity as servicer such under this Agreement and the transactions set forth or provided for herein and shall be subject to all the responsibilities, duties and liabilities relating thereto and arising thereafter placed on the Master Servicer or the Special Servicer, as the case may be, by the terms and provisions hereof hereof, including, if the Master Servicer is the resigning or shall appoint a successor pursuant to Section 3.07. Notwithstanding anything provided herein to terminated party, the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity as successor to the Servicer in its Master Servicer’s obligation to make Advances; provided, however, that (i) any failure to perform such duties or responsibilities caused by the failure of the Master Servicer or the Special Servicer, as the case may be, to advance, expend cooperate or risk its own funds to provide information or otherwise incur any financial liability monies as required by Section 7.01 shall not be considered a default by the Trustee hereunder and (ii) in the performance case of its duties hereunder a terminated Master Servicer, the Trustee shall cease to act as successor Master Servicer if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject an alternative successor is appointed pursuant to Section 8.05(b7.01(c), as . Neither the Trustee nor any other successor shall be liable for any of the representations and warranties of the resigning or terminated party or for any losses incurred by the resigning or terminated party pursuant to Section 3.06 hereunder nor shall the Trustee or any other successor be required to purchase any Mortgage Loan hereunder. As compensation therefor, the Trustee shall be entitled to such all fees and other compensation as which the resigning or terminated Servicer party would have been entitled to hereunder for future services rendered if no such notice of termination the resigning or terminated party had been givencontinued to act hereunder. Notwithstanding the above, if it is unwilling to so act, the Trustee may, if it shall be unwilling so to act, or shallmay (and, if it is legally unable to so to act, or if the Trustee is not approved as an acceptable master servicer or special servicer, as the case may be, by each Rating Agency, or if the Holders of Certificates entitled to a majority of all the Voting Rights (determined without notionally reducing the Class Principal Balances of the Certificates by any Appraisal Reduction Amounts) (or, alternatively, if a Servicer Termination Event on the part of the Special Servicer has occurred during a Subordinate Control Period, the Subordinate Class Representative) so requests in writing, the Trustee shall), promptly appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance qualified institution having a net worth of not less than $10,000,000 as the successor to the resigning or terminated Master Servicer or Special Servicer, as the case may be, hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Master Servicer or the Special Servicer, as the case may be, hereunder; provided, however, that (i) any such institution appointed as successor Servicer shall not, as evidenced in writing by appointment is the subject of a Rating Agency Confirmation from each Rating Agency (and, if applicable, each Pari Passu Companion Rating Agency, adversely affect ); and (ii) if such successor (in the then current rating of any Class of Certificates immediately prior to the termination of the terminated Servicer. The appointment case of a successor to the resigning or terminated Master Servicer) does not have the Master Servicer rating from Fitch that is “CMS2” or above, such successor is reasonably acceptable to the Subordinate Class Representative and, if such successor has a master servicer rating from Fitch that is “CMS2” or above, the Subordinate Class Representative shall have been consulted with respect to the identity of (although it need not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreementapproved) such successor. Pending No appointment of a successor to the terminated Master Servicer or the Special Servicer hereunder shall be effective until the assumption by such successor of all its responsibilities, duties and liabilities hereunder, unless the Trustee is prohibited by law from so actingand pending such appointment and assumption, the Trustee shall act in such capacity as provided abovehereinabove provided. The In connection with any such appointment and assumption, the Trustee may make such arrangements for the compensation of such successor out of payments on the Mortgage Loans or otherwise as it and such successor shall agree; provided, however, that no such compensation shall be in excess of that permitted the resigning or terminated party hereunder. The Depositor, the Trustee, such successor and each other party hereto shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection with the appointment of a successor Servicer or the assumption of the duties of the Servicer, as specified in Section 8.05(a), . If the Trustee may make such arrangements for the compensation of such or an Affiliate acts pursuant to this Section 7.02 as successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor shall agree; provided, however, that any Person assuming the duties of the Servicer shall pay to such predecessor an amount equal to the market value of resigning or terminated Master Servicer and if the portion of the Servicing Fee that will accrue in the future due to the Excess Servicing Fee Rate exceeding 0.25% is a rate per annum with respect to any Mortgage Loan. The "market value" of such portion of that is greater than zero (0) basis points, it may reduce the Excess Servicing Fee shall Rate to the extent that the Trustee’s or such Affiliate’s compensation as successor Master Servicer would otherwise be determined by Bank of America, N.A., on below the basis of at least two quotations from third parties actively engaged in the market rate servicing of single-family mortgage loanscompensation. If the Trustee elects to appoint a successor to the resigning or terminated Master Servicer does not agree that such market value is a fair priceother than itself or an Affiliate pursuant to this Section 7.02, such successor shall obtain two quotations of market value from third parties actively engaged it may reduce the Excess Servicing Fee Rate to the extent reasonably necessary (in the servicing of single-family mortgage loans. The market value sole discretion of the excess portion Trustee) for the Trustee to appoint a qualified successor Master Servicer that meets the requirements of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b)7.02. (c) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the Servicer is so required pursuant to Section 3.03.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Wells Fargo Commercial Mortgage Trust 2012-Lc5), Pooling and Servicing Agreement (Wells Fargo Commercial Mortgage Trust 2012-Lc5)

Trustee to Act; Appointment of Successor. (a) On and after the time the Master Servicer receives a notice of termination pursuant to Section 8.01, 8.01 hereof the Trustee shall be automatically become the successor in all respects to the Master Servicer in its capacity as servicer under this Agreement and with respect to the transactions set forth or provided for herein and after a transition period (not to exceed 90 days), shall be subject to all the responsibilities, duties and liabilities relating thereto placed on the Master Servicer by the terms and provisions hereof or shall appoint a successor hereof; provided, however that, pursuant to Section 3.07. Notwithstanding anything provided herein to Article V hereof, the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting Trustee in its capacity as successor Master Servicer shall be responsible for making any Advances required to be made by the Master Servicer in its obligation immediately upon the termination of the Master Servicer and any such Advance shall be made on the Distribution Date on which such Advance was required to make Advances, to advance, expend or risk its own funds or otherwise incur any financial liability in be made by the performance predecessor Master Servicer. Effective on the date of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject to Section 8.05(b)notice of termination, as compensation therefor, the Trustee shall be entitled to such compensation as all compensation, reimbursement of expenses and indemnification that the terminated Master Servicer would have been entitled to hereunder if no such notice it had continued to act hereunder, provided, however, that the Trustee shall not be (i) liable for any acts or omissions of termination had been giventhe Master Servicer, (ii) obligated to make Advances if it is prohibited from doing so under applicable law, (iii) responsible for expenses of the Master Servicer pursuant to Section 2.03 or (iv) obligated to deposit losses on any Permitted Investment directed by the Master Servicer. Notwithstanding the aboveforegoing, the Trustee may, if it shall be unwilling to so to act, or shall, if it is legally prohibited by applicable law from making Advances pursuant to Article V or if it is otherwise unable to so to act, appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance mortgage loan servicing institution having a net worth the appointment of which does not less than $10,000,000 adversely affect the then current rating of the Certificates by each Rating Agency as the successor to the terminated Master Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Master Servicer hereunder; provided, however, that . Any Successor Master Servicer shall (i) any such be an institution appointed that is a ▇▇▇▇▇▇ Mae and ▇▇▇▇▇▇▇ Mac approved seller/servicer in good standing, that has a net worth of at least $15,000,000, (ii) be acceptable to the Trustee (which consent shall not be unreasonably withheld) and (iii) be willing to act as successor servicer of any Mortgage Loans under this Agreement, and shall have executed and delivered to the Depositor and the Trustee an agreement accepting such delegation and assignment, that contains an assumption by such Person of the rights, powers, duties, responsibilities, obligations and liabilities of the Master Servicer (other than any liabilities of the Master Servicer hereof incurred prior to termination of the Master Servicer under Section 8.01 or as otherwise set forth herein), with like effect as if originally named as a party to this Agreement, provided that each Rating Agency shall not, as evidenced have acknowledged in writing by each Rating Agency, adversely affect the then current that its rating of any Class of the Certificates in effect immediately prior to such assignment and delegation will not be qualified or reduced as a result of such assignment and delegation. If the termination Trustee assumes the duties and responsibilities of the terminated Servicer. The appointment of a successor Master Servicer in accordance with this Section 8.02, the Trustee shall not affect any liability of the predecessor resign as Master Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor until a Successor Master Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreementhas been appointed and has accepted such appointment. Pending appointment of a successor to the terminated Master Servicer hereunder, the Trustee, unless the Trustee is prohibited by law from so acting, the Trustee shall act in such capacity as provided abovehereinabove provided. The Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection with the such appointment of a successor Servicer or the assumption of the duties of the Servicer, as specified in Section 8.05(a)and assumption, the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans serviced by the predecessor Servicer or otherwise as it and such successor shall agree; provided, however, provided that any Person assuming no such compensation unless agreed to by the duties of the Servicer shall pay to such predecessor an amount equal to the market value of the portion of the Servicing Fee that will accrue in the future due to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" of such portion of the Servicing Fee Certificateholders shall be determined by Bank in excess of America, N.A., on that permitted the basis of at least two quotations from third parties actively engaged in the servicing of single-family mortgage loans. If the successor Servicer does not agree that such market value is a fair price, such successor shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b). (c) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the Servicer is so required pursuant to Section 3.03.155

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2005-He3), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2005-He3)

Trustee to Act; Appointment of Successor. (a) On and after the time the Master Servicer, the Special Servicer or the REMIC Administrator resigns pursuant to clause (ii) of the first sentence of Section 6.04 or receives a notice of termination pursuant to Section 8.017.01, the Trustee shall be the successor in all respects to the Master Servicer, the Special Servicer or (unless it has also been acting as such) the REMIC Administrator, as the case may be, in its capacity as servicer such under this Agreement and the transactions set forth or provided for herein and shall be subject to all the responsibilities, duties and liabilities relating thereto and arising thereafter placed on the Master Servicer, the Special Servicer or the REMIC Administrator, as the case may be, by the terms and provisions hereof hereof, including, without limitation, if the Master Servicer is the resigning or terminated party, the Master Servicer's obligation to make P&I Advances; provided that any failure to perform such duties or responsibilities caused by the Master Servicer's, the Special Servicer's or the REMIC Administrator's, as the case may be, failure to cooperate or to provide information or monies required by Section 7.01 shall appoint not be considered a default by the Trustee hereunder. Neither the Trustee nor any other successor shall be liable for any of the representations and warranties of the resigning or terminated party or for any losses incurred by the resigning or terminated party pursuant to Section 3.073.06 hereunder nor shall the Trustee nor any other successor be required to purchase any Mortgage Loan hereunder. Notwithstanding anything provided herein to the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity as successor to the Servicer in its obligation to make Advances, to advance, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject to Section 8.05(b), as As compensation therefor, the Trustee shall be entitled to such compensation as all fees and other compensation, (subject to Section 3.11) which the resigning or terminated Servicer party would have been entitled to hereunder for future services rendered if no such notice of termination the resigning or terminated party had been givencontinued to act hereunder. Notwithstanding the above, the Trustee may, if it shall be unwilling to so to act, or shall, if it is legally unable to so to act, or is not approved by each and every Rating Agency as an acceptable master servicer or special servicer, as the case may be, of commercial mortgage loans; or if the Directing Certificateholder or if the Holders of Certificates entitled to at least 51% of the Voting Rights so request in writing to the Trustee; or if the REMIC Administrator is the resigning or terminated party and the Trustee had been acting in such capacity, promptly appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance qualified institution having as the successor to the Master Servicer, the Special Servicer or the REMIC Administrator, as the case may be, hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Master Servicer, the Special Servicer or the REMIC Administrator, as the case may be, hereunder; provided, in the case of a successor Master Servicer, such successor has been approved by the Directing Certificateholder, which consent with respect to the Master Servicer shall not be unreasonably withheld or delayed; provided that such appointment does not result in the downgrading, qualification (if applicable) or withdrawal of any rating then assigned by any Rating Agency to any Class of Certificates (as evidenced by written confirmation thereof from each Rating Agency); provided further that in the case of a resigning or terminated Special Servicer, such appointment shall be subject to the rights of the Majority Certificateholder of the Controlling Class to designate a successor pursuant to Section 3.23. No appointment of a successor to the Master Servicer, the Special Servicer or the REMIC Administrator hereunder shall be effective until the assumption of the successor to such party of all its responsibilities, duties and liabilities hereunder. Pending appointment of a successor to the Master Servicer, the Special Servicer or the REMIC Administrator hereunder, the Trustee shall act in such capacity as hereinabove provided. Notwithstanding the above, the Trustee shall, if the Master Servicer is the resigning or terminated party and the Trustee is prohibited by law or regulation from making P&I Advances, promptly appoint any established mortgage loan servicing institution that has a net worth of not less than $10,000,000 15,000,000 and is otherwise acceptable to each Rating Agency (as evidenced by written confirmation therefrom to the effect that the appointment of such institution would not cause the qualification, downgrading or withdrawal of the then current rating on any Class of Certificates), as the successor to the terminated Master Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Master Servicer hereunderhereunder (including, without limitation, the obligation to make P&I Advances), which appointment will become effective immediately. Subject to Section 3.11 and in connection with any such appointment and assumption described herein, the Trustee may make such arrangements for the compensation of such successor out of payments on or in respect of the Mortgage Loans or otherwise as it and such successor shall agree; provided, however, that (i) any no such institution appointed as successor Servicer compensation shall not, as evidenced be in writing by each Rating Agency, adversely affect excess of that permitted the then current rating of any Class of Certificates immediately prior to the termination of the resigning or terminated Servicerparty hereunder. The appointment of a successor Servicer shall not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreement. Pending appointment of a successor to the terminated Servicer hereunder, unless the Trustee is prohibited by law from so actingDepositor, the Trustee shall act in such capacity as provided above. The Trustee and Trustee, such successor and each other party hereto shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection . Any costs and expenses associated with the appointment of a successor Servicer or the assumption transfer of the duties foregoing functions under this Agreement (other than the set-up costs of the Servicer, as specified in Section 8.05(a), the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans serviced successor) shall be borne by the predecessor Master Servicer, Special Servicer or REMIC Administrator, as it applicable, and, if not paid by such predecessor Master Servicer, Special Servicer or REMIC Administrator within thirty (30) days of its receipt of an invoice therefor, shall be an expense of the Trust; provided that such predecessor Master Servicer, Special Servicer or REMIC Administrator shall reimburse the Trust for any such expense so incurred by the Trust; and such successor shall agree; provided, howeverfurther, that any Person assuming the duties Trustee shall decide whether and to what extent it is in the best interest of the Servicer shall pay Certificateholders to pursue any remedy against any party obligated to make such predecessor an amount equal to the market value of the portion of the Servicing Fee that will accrue in the future due to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" of such portion of the Servicing Fee shall be determined by Bank of America, N.A., on the basis of at least two quotations from third parties actively engaged in the servicing of single-family mortgage loans. If the successor Servicer does not agree that such market value is a fair price, such successor shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b)reimbursement. (c) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the Servicer is so required pursuant to Section 3.03.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Commercial Mortgage Pass Through Certificates Series 2003-1), Pooling and Servicing Agreement (Banc of America Commercial Mortgage Inc)

Trustee to Act; Appointment of Successor. (a) On and after the time date on which the Servicer receives a notice of termination pursuant to Section 8.017.01 or the Servicer resigns pursuant to Section 6.04, the Trustee shall be the successor in all respects to the Servicer in its capacity as servicer under this Agreement and shall have all the transactions set forth or provided for herein rights and shall powers and be subject to all the responsibilities, duties and liabilities relating thereto (including, without limitation, the Servicer’s responsibilities, duties and liabilities as successor to ▇▇▇▇▇▇▇▇▇▇, if it has been so appointed under Section 7.02(c) or (d)) arising on or after such date of termination or resignation placed on the Servicer by the terms and provisions hereof or and thereof, and shall appoint a successor pursuant to Section 3.07. Notwithstanding anything provided have the same limitations on liability herein granted to the contraryServicer; provided, that the Trustee shall not under no any circumstances shall be responsible for any provision representations and warranties or any repurchase obligation of this Agreement be construed to require the Trustee, acting in its capacity as successor to Company or any liability incurred by the Servicer in its obligation prior to such date of termination or resignation and the Trustee shall not be obligated to make Advances, to advance, expend a WMB Monthly P&I Advance or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder GreenPoint Monthly P&I Advance if it shall have reasonable grounds for believing that such funds are non-recoverableis prohibited by law from so doing. Subject to Section 8.05(b), as As compensation therefor, the Trustee shall be entitled to such all compensation as to which the terminated Servicer would have been entitled if the Servicer had continued to hereunder if no such notice of termination had been givenact hereunder. Notwithstanding the above, the Trustee may, if it shall be unwilling to so to act, or shall, shall if it is legally unable to so to act, appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance institution having a net worth of not less than $10,000,000 as the successor to the terminated Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Servicer hereunder. Pending any such appointment, the Trustee is obligated to act in such capacity. In connection with such appointment and assumption, the Trustee may make such arrangements for the compensation of such successor out of payments on WMB Loans (and on the GreenPoint Loans, if the Servicer was acting as successor to ▇▇▇▇▇▇▇▇▇▇ under Section 7.02(c) or (d)) as it and such successor shall agree; provided, however, that (i) any no such institution appointed as successor Servicer shall notcompensation shall, as evidenced in writing by each Rating Agency, adversely affect together with the then current rating of any Class of Certificates immediately prior compensation to the termination Trustee, be in excess of the terminated Servicer. The appointment of a successor Servicer shall not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by that permitted the Servicer of any of its representations or warranties contained herein or in any related document or agreement. Pending appointment of a successor to the terminated Servicer hereunder, unless the Trustee is prohibited by law from so acting, the Trustee shall act in such capacity as provided above. The Trustee and such successor shall take such actionactions, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection with any termination or resignation of the appointment Servicer or GreenPoint hereunder, in the event that any of the applicable Mortgage Loans are MERS Loans, either (i) the successor servicer (including the Trustee if the Trustee is acting as successor servicer) shall represent and warrant that it is a member of MERS in good standing and shall agree to comply in all material respects with the rules and procedures of MERS in connection with the servicing of the MERS Loans, in which case the predecessor servicer shall cooperate with the successor servicer in registering the transfer of servicing of the MERS Loans to the successor servicer on the MERS® System in accordance with MERS’ rules and procedures, or (ii) if the successor servicer is not a member of MERS, the predecessor servicer shall cooperate with the successor servicer in (A) de-registering the MERS Loans from the MERS® System and (B) causing MERS to execute and deliver an assignment from MERS to the Trust of the Mortgage securing each MERS Loan in recordable form and in the form otherwise provided under clause (X)(iii) of the definition of “Mortgage File” herein and to execute and deliver such other notices, documents and other instruments as may be necessary or desirable to effect such de-registration and assignment. The predecessor servicer shall bear any and all fees of MERS and all fees and costs of preparing and recording any assignments of Mortgages as required under this Section 7.02(b). (c) On and after the date on which ▇▇▇▇▇▇▇▇▇▇ receives a notice of termination pursuant to Section 7.01 or ▇▇▇▇▇▇▇▇▇▇ resigns pursuant to Section 6.04, the Servicer shall be the successor in all respects to GreenPoint under this Agreement and shall have all the rights and powers and be subject to all the responsibilities, duties and liabilities relating thereto arising on or after such date of termination or resignation placed on GreenPoint by the terms and provisions hereof and thereof, and shall have the same limitations on liability herein granted to GreenPoint; provided, that Servicer shall not under any circumstances be responsible for any representations and warranties or any repurchase obligation of GreenPoint or any liability incurred by GreenPoint prior to such date of termination or resignation; provided, further, that if the Trustee is acting as successor Servicer under Section 7.02(a), the Trustee shall not be obligated to make a GreenPoint Monthly P&I Advance if it is prohibited by law from so doing. As compensation therefor, the Servicer shall be entitled to all compensation to which GreenPoint would have been entitled if ▇▇▇▇▇▇▇▇▇▇ had continued to act hereunder. (d) Notwithstanding Section 7.02(c), if the Trustee is acting as successor Servicer under Section 7.02(a), the Trustee may, if it shall be unwilling to act as successor to GreenPoint, or shall if it is unable to so act, appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance institution having a net worth of not less than $10,000,000 as the successor to ▇▇▇▇▇▇▇▇▇▇ hereunder in the assumption of the duties all or any part of the Servicerresponsibilities, duties or liabilities of ▇▇▇▇▇▇▇▇▇▇ hereunder. Pending any such appointment, the Trustee (if acting as specified in successor Servicer under Section 8.05(a7.02(a)) is obligated to act as successor to ▇▇▇▇▇▇▇▇▇▇. In connection with such appointment and assumption, the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage GreenPoint Loans serviced by the predecessor Servicer as it and such successor shall agree; provided, however, that any Person assuming the duties no such compensation shall be in excess of the Servicer shall pay to such predecessor an amount equal to the market value of the portion of the Servicing Fee that will accrue in the future due to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loanpermitted ▇▇▇▇▇▇▇▇▇▇ hereunder. The "market value" of such portion of the Servicing Fee shall be determined by Bank of America, N.A., on the basis of at least two quotations from third parties actively engaged in the servicing of single-family mortgage loans. If the successor Servicer does not agree that such market value is a fair price, Trustee and such successor shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of Americatake such actions, N.A.consistent with this Agreement, and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above as shall be made necessary to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which effectuate any such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b)succession. (c) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the Servicer is so required pursuant to Section 3.03.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Washington Mutual Mortgage Pass-Through Certificates, WMALT Series 2007-3), Pooling and Servicing Agreement (Washington Mutual Mortgage Pass-Through Certificates, WMALT Series 2007-2)

Trustee to Act; Appointment of Successor. (a) On and after the time the Master Servicer receives a notice of termination pursuant to Section 8.01, the Trustee shall be the successor in all respects to the Master Servicer in its capacity as servicer under this Agreement and the transactions set forth or provided for herein and shall be subject to all the responsibilities, duties and liabilities relating thereto placed on the Master Servicer by the terms and provisions hereof or shall appoint a successor pursuant to Section 3.07hereof. Notwithstanding anything provided herein to the contrary, under no circumstances shall any provision of this Agreement Agreement, including but not limited to Section 4.02 herein, be construed to require the Trustee, acting in its capacity as successor to the Master Servicer in its obligation to make Monthly Advances, to advance, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverablenonrecoverable. Subject to Section 8.05(b), as As compensation therefor, the Trustee shall be entitled to such compensation as the terminated Master Servicer would have been entitled to hereunder if no such notice of termination had been given. Notwithstanding the above, the Trustee may, if it shall be unwilling so to act, or shall, if it is legally unable so to act, appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance institution having a net worth of not less than $10,000,000 as the successor to the terminated Master Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Master Servicer hereunder; provided, however, that (i) any such institution appointed as successor Master Servicer shall not, not as evidenced in writing by each the Rating Agency, Agency adversely affect the then current rating of any Class of Certificates immediately prior to the termination of the terminated Master Servicer. The appointment of a successor Servicer shall not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreement. Pending appointment of a successor to the terminated Master Servicer hereunder, unless the Trustee is prohibited by law from so acting, the Trustee shall act in such capacity as provided abovehereinabove provided. In connection with such appointment and assumption, the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans as it and such successor shall agree; provided, however, that no such compensation shall be in excess of that permitted the Master Servicer hereunder. The Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection with the appointment of a successor Servicer or the assumption of the duties of the Servicer, as specified in Section 8.05(a), the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor shall agree; provided, however, that any Person assuming the duties of the Servicer shall pay to such predecessor an amount equal to the market value of the portion of the Servicing Fee that will accrue in the future due to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" of such portion of the Servicing Fee shall be determined by Bank of America, N.A., on the basis of at least two quotations from third parties actively engaged in the servicing of single-family mortgage loans. If the successor Servicer does not agree that such market value is a fair price, such successor shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b). (c) Any successor, including the Trustee, to the Master Servicer as servicer shall during the term of its service as servicer maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the Master Servicer is so required pursuant to Section 3.033.08.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Sequoia Mortgage Funding Corp), Pooling and Servicing Agreement (Headlands Mortgage Securities Inc)

Trustee to Act; Appointment of Successor. (a) On and after the time the Master Servicer, the Special Servicer or the REMIC Administrator resigns pursuant to clause (ii) of the first sentence of Section 6.04 or receives a notice of termination pursuant to Section 8.017.01, the Trustee shall be the successor in all respects to the Master Servicer, the Special Servicer or (unless it has also been acting as such) the REMIC Administrator, as the case may be, in its capacity as servicer such under this Agreement and the transactions set forth or provided for herein and shall be subject to all the responsibilities, duties and liabilities relating thereto and arising thereafter placed on the Master Servicer, the Special Servicer or the REMIC Administrator, as the case may be, by the terms and provisions hereof hereof, including, without limitation, if the Master Servicer is the resigning or terminated party, the Master Servicer's obligation to make P&I Advances; provided that any failure to perform such duties or responsibilities caused by the Master Servicer's, the Special Servicer's or the REMIC Administrator's, as the case may be, failure to cooperate or to provide information or monies required by Section 7.01 shall appoint not be considered a default by the Trustee hereunder. Neither the Trustee nor any other successor shall be liable for any of the representations and warranties of the resigning or terminated party or for any losses incurred by the resigning or terminated party pursuant to Section 3.073.06 hereunder nor shall the Trustee nor any other successor be required to purchase any Mortgage Loan hereunder. Notwithstanding anything provided herein to the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity as successor to the Servicer in its obligation to make Advances, to advance, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject to Section 8.05(b), as As compensation therefor, the Trustee shall be entitled to such all fees and other compensation as (subject to Section 3.11), that the resigning or terminated Servicer party would have been entitled to hereunder for future services rendered if no such notice of termination the resigning or terminated party had been givencontinued to act hereunder. Notwithstanding the above, the Trustee may, if it shall be unwilling to so to act, or shall, if it is legally unable to so to act, or is not approved by each and every Rating Agency as an acceptable master servicer or special servicer, as the case may be, of commercial mortgage loans; or if the Directing Certificateholder or if the Holders of Certificates entitled to at least 51% of the Voting Rights so request in writing to the Trustee; or if the REMIC Administrator is the resigning or terminated party and the Trustee had been acting in such capacity, promptly appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance qualified institution having as the successor to the Master Servicer, the Special Servicer or the REMIC Administrator, as the case may be, hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Master Servicer, the Special Servicer or the REMIC Administrator, as the case may be, hereunder; provided, in the case of a successor Master Servicer, such successor has been approved by the Directing Certificateholder, which consent with respect to the Master Servicer shall not be unreasonably withheld or delayed; provided that such appointment does not result in the downgrading, qualification (if applicable) or withdrawal of any rating then assigned by any Rating Agency to any Class of Certificates (as evidenced by written confirmation thereof from each Rating Agency); provided further that in the case of a resigning or terminated Special Servicer, such appointment shall be subject to the rights of the Majority Certificateholder of the Controlling Class to designate a successor pursuant to Section 3.23. No appointment of a successor to the Master Servicer, the Special Servicer or the REMIC Administrator hereunder shall be effective until the assumption of the successor to such party of all its responsibilities, duties and liabilities hereunder. Pending appointment of a successor to the Master Servicer, the Special Servicer or the REMIC Administrator hereunder, the Trustee shall act in such capacity as hereinabove provided. Notwithstanding the above, the Trustee shall, if the Master Servicer is the resigning or terminated party and the Trustee is prohibited by law or regulation from making P&I Advances, promptly appoint any established mortgage loan servicing institution that has a net worth of not less than $10,000,000 15,000,000 and is otherwise acceptable to each Rating Agency (as evidenced by written confirmation therefrom to the effect that the appointment of such institution would not cause the qualification, downgrading or withdrawal of the then current rating on any Class of Certificates), as the successor to the terminated Master Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Master Servicer hereunderhereunder (including, without limitation, the obligation to make P&I Advances), which appointment will become effective immediately. Subject to Section 3.11 and in connection with any such appointment and assumption described herein, the Trustee may make such arrangements for the compensation of such successor out of payments on or in respect of the Mortgage Loans or otherwise as it and such successor shall agree; provided, however, that (i) any no such institution appointed as successor Servicer compensation shall not, as evidenced be in writing by each Rating Agency, adversely affect excess of that permitted the then current rating of any Class of Certificates immediately prior to the termination of the resigning or terminated Servicerparty hereunder. The appointment of a successor Servicer shall not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreement. Pending appointment of a successor to the terminated Servicer hereunder, unless the Trustee is prohibited by law from so actingDepositor, the Trustee shall act in such capacity as provided above. The Trustee and Trustee, such successor and each other party hereto shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection . Any costs and expenses associated with the appointment transfer of a successor the foregoing functions under this Agreement (other than the set-up costs of the successor) shall be borne by the predecessor Master Servicer, Special Servicer or the assumption REMIC Administrator, as applicable, and, if not paid by such predecessor Master Servicer, Special Servicer or REMIC Administrator within 30 days of its receipt of an invoice therefor, shall be an expense of the duties of the Trust; provided that such predecessor Master Servicer, as specified in Section 8.05(a)Special Servicer or REMIC Administrator shall reimburse the Trust for any such expense so incurred by the Trust; and provided, further, that if the Trustee is directed to do so by the Directing Certificateholder, the Trustee may shall pursue any remedy against any party obligated to make such arrangements for the compensation of such successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor shall agree; provided, however, that any Person assuming the duties of the Servicer shall pay to such predecessor an amount equal to the market value of the portion of the Servicing Fee that will accrue in the future due to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" of such portion of the Servicing Fee shall be determined by Bank of America, N.A., on the basis of at least two quotations from third parties actively engaged in the servicing of single-family mortgage loans. If the successor Servicer does not agree that such market value is a fair price, such successor shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b)reimbursement. (c) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the Servicer is so required pursuant to Section 3.03.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Banc of America Commercial Mortgage Inc), Pooling and Servicing Agreement (Banc of America Commercial Mortgage Inc)

Trustee to Act; Appointment of Successor. (a) On and after the time the Servicer receives a notice of termination pursuant to Section 8.018.01 hereof or resigns pursuant to Section 7.04 hereof, subject to the provisions of Section 3.06 hereof, the Trustee shall be the successor in all respects to the Servicer in its capacity as servicer under this Agreement and with respect to the transactions set forth or provided for herein and shall be subject to all the responsibilities, duties and liabilities relating thereto placed on the Servicer by the terms and provisions hereof or shall appoint a successor pursuant to Section 3.07. Notwithstanding anything hereof, provided herein to that neither the contrary, under no circumstances shall Trustee nor any provision of this Agreement be construed to require the Trustee, acting in its capacity as other successor to the Servicer in its obligation pursuant to make Advancesthis Section 8.02 shall be deemed to have made any representation or warranty made by the Servicer, shall be obligated to advanceeffect any repurchase or substitute of any Mortgage Loan, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds any responsibility for believing that such funds are non-recoverablean act or omission of any predecessor Servicer. Subject to Section 8.05(b), as As compensation therefor, the Trustee shall be entitled to such compensation as all funds relating to the terminated Mortgage Loans that the Servicer would have been entitled to charge to the related Custodial Account if the Servicer had continued to act hereunder (except that the terminated Servicer shall retain the right to be reimbursed for advances (including, without limitation, Monthly Advances) theretofore made by the Servicer with respect to which it would be entitled to be reimbursed if no such notice of termination it had not been givenso terminated as Servicer). Notwithstanding the aboveforegoing, if the Trustee has become the successor to the Servicer in accordance with this Section 8.02, the Trustee may, if it shall be unwilling to so to act, or shall, if it is legally unable to so act (exclusive of the obligations with respect to actMonthly Advances), appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance institution having a net worth mortgage loan servicing institution, the appointment of which does not less than $10,000,000 adversely affect the then current rating of the Certificates, as the successor to the terminated Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Servicer hereunder; provided, however, that (i) any such institution appointed as successor Servicer shall not, as evidenced in writing by each Rating Agency, adversely affect the then current rating of any Class of Certificates immediately prior to the termination of the terminated Servicer. The appointment of a successor Servicer shall not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreement. Pending appointment of a successor to the terminated Servicer hereunder, the Trustee, unless the Trustee is prohibited by law from so acting, the Trustee shall act in such capacity as provided aboveherein. In connection with such appointment and assumption, the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans as it and such successor shall agree; provided, however, that no such compensation shall be in excess of that permitted the Servicer hereunder. The Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. . The Servicer that has been terminated shall, at the request of the Trustee but at the expense of such Servicer, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the related Mortgage Loans and an accounting of amounts collected and held by it and otherwise use its best efforts to effect the orderly and efficient transfer of each Sub-Servicing Agreement to the assuming party. The Servicer shall cooperate with the Trustee and any successor servicer in effecting the termination of the Servicer’s responsibilities and rights hereunder, including without limitation, the transfer to such successor for administration by it of all cash amounts which shall at the time be credited by the Servicer to the Custodial Account or thereafter received with respect to the Mortgage Loans and the Servicer Mortgage Files. Neither the Trustee nor any other successor servicer shall be deemed to be in default hereunder by reason of any failure to make, or any delay in making, any distribution hereunder or any portion thereof caused by (a) the failure of the Servicer to (i) deliver, or any delay in delivering, cash, documents or records to it, (ii) cooperate as required by this Agreement, or (iii) deliver the Servicer Mortgage Files to the Trustee as required by this Agreement, or (b) In connection with the appointment of a successor Servicer or the assumption of the duties of restrictions imposed by any regulatory authority having jurisdiction over the Servicer, as specified in Section 8.05(a), the Trustee may make such arrangements for the compensation of such . Any successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor shall agree; provided, however, that any Person assuming the duties of the Servicer shall pay to such predecessor an amount equal to the market value of the portion of the Servicing Fee that will accrue in the future due to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" of such portion of the Servicing Fee shall be determined by Bank of America, N.A., on the basis of at least two quotations from third parties actively engaged in the servicing of single-family mortgage loans. If the successor Servicer does not agree that such market value is a fair price, such successor shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b). (c) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer maintain in force (i) a the policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as that the Servicer is so required to maintain pursuant to Section 3.037.05 hereof. No termination of the Servicer shall have any affect on the obligations of the Seller hereunder.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Wamu Mortgage Pass Through Certificates Series 2002-S4), Pooling and Servicing Agreement (CSFB Mortgage Backed Pass Through Certs Ser 2002 Ar17)

Trustee to Act; Appointment of Successor. (a) On and after the time the Master Servicer, the Special Servicer or the REMIC Administrator resigns pursuant to clause (ii) of the first sentence of Section 6.04 or receives a notice of termination pursuant to Section 8.017.01, the Trustee shall be the successor in all respects to the Master Servicer, the Special Servicer or (unless it has also been acting as such) the REMIC Administrator, as the case may be, in its capacity as servicer such under this Agreement and the transactions set forth or provided for herein and shall be subject to all the responsibilities, duties and liabilities relating thereto and arising thereafter placed on the Master Servicer, the Special Servicer or the REMIC Administrator, as the case may be, by the terms and provisions hereof hereof, including, without limitation, if the Master Servicer is the resigning or terminated party, the Master Servicer's obligation to make P&I Advances; provided that any failure to perform such duties or responsibilities caused by the Master Servicer's, the Special Servicer's or the REMIC Administrator's, as the case may be, failure to cooperate or to provide information or monies required by Section 7.01 shall appoint not be considered a default by the Trustee hereunder. Neither the Trustee nor any other successor shall be liable for any of the representations and warranties of the resigning or terminated party or for any losses incurred by the resigning or terminated party pursuant to Section 3.073.06 hereunder nor shall the Trustee nor any other successor be required to purchase any Mortgage Loan hereunder. Notwithstanding anything provided herein to the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity as successor to the Servicer in its obligation to make Advances, to advance, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject to Section 8.05(b), as As compensation therefor, the Trustee shall be entitled to such compensation as all fees and other compensation, (subject to Section 3.11) which the resigning or terminated Servicer party would have been entitled to hereunder for future services rendered if no such notice of termination the resigning or terminated party had been givencontinued to act hereunder. Notwithstanding the above, the Trustee may, if it shall be unwilling to so to act, or shall, if it is legally unable to so to act, or is not approved by each and every Rating Agency as an acceptable master servicer or special servicer, as the case may be, of commercial mortgage loans, or if the Holders of Certificates entitled to at least 51% of the Voting Rights so request in writing to the Trustee, or if the REMIC Administrator is the resigning or terminated party and the Trustee had been acting in such capacity, promptly appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance qualified institution having a net worth of not less than $10,000,000 as the successor to the terminated Master Servicer, the Special Servicer or the REMIC Administrator, as the case may be, hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Master Servicer, the Special Servicer or the REMIC Administrator, as the case may be, hereunder; providedprovided that such appointment does not result in the downgrading, however, that qualification (iif applicable) or withdrawal of any such institution appointed as successor Servicer shall not, as evidenced in writing rating then assigned by each any Rating Agency, adversely affect the then current rating of Agency to any Class of Certificates immediately prior to the termination of the terminated Servicer(as evidenced by written confirmation thereof from each Rating Agency). The No appointment of a successor to the Master Servicer, the Special Servicer or the REMIC Administrator hereunder shall not affect any liability be effective until the assumption of the predecessor Servicer which may have arisen under this Agreement prior successor to such party of all its termination as Servicerresponsibilities, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreementduties and liabilities hereunder. Pending appointment of a successor to the terminated Master Servicer, the Special Servicer or the REMIC Administrator hereunder, unless the Trustee is prohibited by law from so acting, the Trustee shall act in such capacity as provided abovehereinabove provided. The Subject to Section 3.11 and in connection with any such appointment and assumption described herein, the Trustee may make such arrangements for the compensation of such successor out of payments on or in respect of the Mortgage Loans or otherwise as it and such successor shall agree; provided, however, that no such compensation shall be in excess of that permitted the resigning or terminated party hereunder. The Depositor, the Trustee, such successor and each other party hereto shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection . Any costs and expenses associated with the appointment of a successor Servicer or the assumption transfer of the duties foregoing functions under this Agreement (other than the set-up costs of the Servicer, as specified in Section 8.05(a), the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans serviced successor) shall be borne by the predecessor Master Servicer, Special Servicer or REMIC Administrator, as it applicable, and, if not paid by such predecessor Master Servicer, Special Servicer or REMIC Administrator within thirty days of its receipt of an invoice therefor, shall be an expense of the Trust; provided that such predecessor Master Servicer, Special Servicer or REMIC Administrator shall reimburse the Trust for any such expense so incurred by the Trust; and such successor shall agree; provided, howeverfurther, that any Person assuming the duties Trustee shall decide whether and to what extent it is in the best interest of the Servicer shall pay Certificateholders to pursue any remedy against any party obligated to make such predecessor an amount equal to the market value of the portion of the Servicing Fee that will accrue in the future due to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" of such portion of the Servicing Fee shall be determined by Bank of America, N.A., on the basis of at least two quotations from third parties actively engaged in the servicing of single-family mortgage loans. If the successor Servicer does not agree that such market value is a fair price, such successor shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b)reimbursement. (c) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the Servicer is so required pursuant to Section 3.03.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Commercial Mortgage Pass-Through Certificate Series 2000-1), Pooling and Servicing Agreement (Banc of Amercia Com Mort Pas Thru Cer Series 2000-2)

Trustee to Act; Appointment of Successor. (a) On and after the time a Master Servicer or a Special Servicer resigns pursuant to Section 6.04(a) (and a successor Master Servicer or Special Servicer, as applicable, has not been appointed by the resigning Master Servicer or Special Servicer, as applicable, under Section 6.04), or receives a notice of termination pursuant to Section 8.017.01, the Trustee shall be the successor in all respects to that Master Servicer or that Special Servicer, as the Servicer case may be, in its capacity as servicer such under this Agreement and the transactions set forth or provided for herein and shall be subject to all the responsibilities, duties and liabilities relating thereto and arising thereafter placed on such Master Servicer or such Special Servicer, as the Servicer case may be, by the terms and provisions hereof hereof, including, if such Master Servicer is the resigning or shall appoint a successor pursuant to Section 3.07. Notwithstanding anything provided herein to terminated party, the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity as successor to the Servicer in its applicable Master Servicer’s obligation to make Advances; provided that (i) any failure to perform such duties or responsibilities caused by the failure of a Master Servicer or a Special Servicer, as the case may be, to advance, expend cooperate or risk its own funds to provide information or otherwise incur any financial liability monies as required by Section 7.01 shall not be considered a default by the Trustee hereunder and (ii) in the performance case of its duties hereunder a terminated Master Servicer, the Trustee shall cease to act as successor Master Servicer if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject an alternative successor is appointed pursuant to Section 8.05(b7.01(c), as . Neither the Trustee nor any other successor shall be liable for any of the representations and warranties of the resigning or terminated party or for any losses incurred by the resigning or terminated party pursuant to Section 3.06 hereunder nor shall the Trustee or any other successor be required to purchase any Mortgage Loan hereunder. As compensation therefor, the Trustee shall be entitled to such all fees and other compensation as which the resigning or terminated Servicer party would have been entitled to hereunder for future services rendered if no such notice of termination the resigning or terminated party had been givencontinued to act hereunder. Notwithstanding the above, if it is unwilling to so act, the Trustee may, if it shall be unwilling so to act, or shallmay (and, if it is legally unable to so to act, or if the Trustee is not approved as an acceptable master servicer or special servicer, as the case may be, by each Rating Agency, or if the Holders of Certificates entitled to a majority of all the Voting Rights (determined without notionally reducing the Class Principal Balances of the Certificates by any Appraisal Reduction Amounts) (or, alternatively, if a Servicer Termination Event on the part of the applicable Special Servicer has occurred during a Subordinate Control Period, the Subordinate Class Representative) so requests in writing, the Trustee shall), promptly appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance qualified institution having a net worth of not less than $10,000,000 as the successor to the resigning or terminated Master Servicer or Special Servicer, as the case may be, hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of such Master Servicer or such Special Servicer, as the Servicer case may be, hereunder; provided, however, provided that (i) any such institution appointed as successor Servicer shall not, as evidenced in writing by appointment is the subject of a Rating Agency Confirmation from each Rating Agency (and, if applicable pursuant to Section 3.27(k), an analogous rating agency confirmation from each Pari Passu Companion Rating Agency, adversely affect the then current rating of any Class of Certificates immediately prior to the termination of the terminated Servicer). The appointment of a successor Servicer shall not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreement. Pending No appointment of a successor to a Master Servicer or a Special Servicer hereunder shall be effective until the terminated Servicer assumption by such successor of all its responsibilities, duties and liabilities hereunder, unless the Trustee is prohibited by law from so actingand pending such appointment and assumption, the Trustee shall act in such capacity as provided abovehereinabove provided. The In connection with any such appointment and assumption, the Trustee may make such arrangements for the compensation of such successor out of payments on the Mortgage Loans or otherwise as it and such successor shall agree; provided that no such compensation shall be in excess of that permitted the resigning or terminated party hereunder. The Depositor, the Trustee, such successor and each other party hereto shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection with the appointment of a successor Servicer or the assumption of the duties of the Servicer, as specified in Section 8.05(a), . If the Trustee may make such arrangements for the compensation of such or an Affiliate acts pursuant to this Section 7.02 as successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor shall agree; provided, however, that any Person assuming the duties of the Servicer shall pay to such predecessor an amount equal to the market value of resigning or terminated Master Servicer and if the portion of the Servicing Fee that will accrue in the future due to the Excess Servicing Fee Rate exceeding 0.25% is a rate per annum with respect to any Mortgage Loan. The "market value" of such portion of that is greater than zero (0) basis points, it may reduce the Excess Servicing Fee shall Rate to the extent that the Trustee’s or such Affiliate’s compensation as successor Master Servicer would otherwise be determined by Bank of America, N.A., on below the basis of at least two quotations from third parties actively engaged in the market rate servicing of single-family mortgage loanscompensation. If the Trustee elects to appoint a successor to the resigning or terminated Master Servicer does not agree that such market value is a fair priceother than itself or an Affiliate pursuant to this Section 7.02, such successor shall obtain two quotations of market value from third parties actively engaged it may reduce the Excess Servicing Fee Rate to the extent reasonably necessary (in the servicing of single-family mortgage loans. The market value sole discretion of the excess portion Trustee) for the Trustee to appoint a qualified successor Master Servicer that meets the requirements of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b)7.02. (c) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the Servicer is so required pursuant to Section 3.03.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Wells Fargo Commercial Mortgage Trust 2014-Lc16), Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2014-C20)

Trustee to Act; Appointment of Successor. (a) On and after the time the Master Servicer or the Special Servicer resigns pursuant to Section 6.04(a) (and a successor Master Servicer or Special Servicer, as applicable, has not been appointed by the resigning Master Servicer or Special Servicer, as applicable, under Section 6.04), or receives a notice of termination pursuant to Section 8.017.01, the Trustee shall be the successor in all respects to the Master Servicer or the Special Servicer, as the case may be, in its capacity as servicer such under this Agreement and the transactions set forth or provided for herein and shall be subject to all the responsibilities, duties and liabilities relating thereto and arising thereafter placed on the Master Servicer or the Special Servicer, as the case may be, by the terms and provisions hereof hereof, including, if the Master Servicer is the resigning or shall appoint a successor pursuant to Section 3.07. Notwithstanding anything provided herein to terminated party, the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity as successor to the Servicer in its Master Servicer’s obligation to make Advances; provided, however, that (i) any failure to perform such duties or responsibilities caused by the failure of the Master Servicer or the Special Servicer, as the case may be, to advance, expend cooperate or risk its own funds to provide information or otherwise incur any financial liability monies as required by Section 7.01 shall not be considered a default by the Trustee hereunder and (ii) in the performance case of its duties hereunder a terminated Master Servicer, the Trustee shall cease to act as successor Master Servicer if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject an alternative successor is appointed pursuant to Section 8.05(b7.01(c), as . Neither the Trustee nor any other successor shall be liable for any of the representations and warranties of the resigning or terminated party or for any losses incurred by the resigning or terminated party pursuant to Section 3.06 hereunder nor shall the Trustee or any other successor be required to purchase any Mortgage Loan hereunder. As compensation therefor, the Trustee shall be entitled to such all fees and other compensation as which the resigning or terminated Servicer party would have been entitled to hereunder for future services rendered if no such notice of termination the resigning or terminated party had been givencontinued to act hereunder. Notwithstanding the above, if it is unwilling to so act, the Trustee may, if it shall be unwilling so to act, or shallmay (and, if it is legally unable to so to act, or if the Trustee is not approved as an acceptable master servicer or special servicer, as the case may be, by each Rating Agency, or if the Holders of Certificates entitled to a majority of all the Voting Rights (determined without notionally reducing the Class Principal Balances of the Certificates by any Appraisal Reduction Amounts) (or, alternatively, if a Servicer Termination Event on the part of the Special Servicer has occurred during a Subordinate Control Period, the Subordinate Class Representative) so requests in writing, the Trustee shall), promptly appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance qualified institution having a net worth of not less than $10,000,000 as the successor to the resigning or terminated Master Servicer or Special Servicer, as the case may be, hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Master Servicer or the Special Servicer, as the case may be, hereunder; provided, however, that (i) any such institution appointed as successor Servicer shall not, as evidenced in writing by appointment is the subject of a Rating Agency Confirmation from each Rating Agency, adversely affect ; and (ii) if such successor (in the then current rating of any Class of Certificates immediately prior to the termination of the terminated Servicer. The appointment case of a successor to the resigning or terminated Master Servicer) does not have the Master Servicer rating from Fitch that is “CMS2” or above, such successor is reasonably acceptable to the Subordinate Class Representative and, if such successor has a master servicer rating from Fitch that is “CMS2” or above, the Subordinate Class Representative shall have been consulted with respect to the identity of (although it need not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreementapproved) such successor. Pending No appointment of a successor to the terminated Master Servicer or the Special Servicer hereunder shall be effective until the assumption by such successor of all its responsibilities, duties and liabilities hereunder, unless the Trustee is prohibited by law from so actingand pending such appointment and assumption, the Trustee shall act in such capacity as provided abovehereinabove provided. The In connection with any such appointment and assumption, the Trustee may make such arrangements for the compensation of such successor out of payments on the Mortgage Loans or otherwise as it and such successor shall agree; provided, however, that no such compensation shall be in excess of that permitted the resigning or terminated party hereunder. The Depositor, the Trustee, such successor and each other party hereto shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection with the appointment of a successor Servicer or the assumption of the duties of the Servicer, as specified in Section 8.05(a), . If the Trustee may make such arrangements for the compensation of such or an Affiliate acts pursuant to this Section 7.02 as successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor shall agree; provided, however, that any Person assuming the duties of the Servicer shall pay to such predecessor an amount equal to the market value of resigning or terminated Master Servicer and if the portion of the Servicing Fee that will accrue in the future due to the Excess Servicing Fee Rate exceeding 0.25% is a rate per annum with respect to any Mortgage Loan. The "market value" of such portion of that is greater than zero (0) basis points, it may reduce the Excess Servicing Fee shall Rate to the extent that the Trustee’s or such Affiliate’s compensation as successor Master Servicer would otherwise be determined by Bank of America, N.A., on below the basis of at least two quotations from third parties actively engaged in the market rate servicing of single-family mortgage loanscompensation. If the Trustee elects to appoint a successor to the resigning or terminated Master Servicer does not agree that such market value is a fair priceother than itself or an Affiliate pursuant to this Section 7.02, such successor shall obtain two quotations of market value from third parties actively engaged it may reduce the Excess Servicing Fee Rate to the extent reasonably necessary (in the servicing of single-family mortgage loans. The market value sole discretion of the excess portion Trustee) for the Trustee to appoint a qualified successor Master Servicer that meets the requirements of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b)7.02. (c) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the Servicer is so required pursuant to Section 3.03.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2012-C9), Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2012-C9)

Trustee to Act; Appointment of Successor. (a) On and after the time the Servicer receives a notice of termination pursuant to Section 8.018.01 or 7.04, the Trustee shall be the successor in all respects to the Servicer in its capacity as servicer under this Agreement and the transactions set forth or provided for herein and shall be subject to all the responsibilities, duties and liabilities relating thereto placed on the Servicer by the terms and provisions hereof or shall appoint a successor pursuant to Section 3.07arising on and after its succession. Notwithstanding anything provided herein to the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity as successor to the Servicer in its obligation to make Advances, to advance, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject to Section 8.05(b), as As compensation therefor, the Trustee shall be entitled to such compensation as the terminated Servicer would have been entitled to hereunder if no such notice of termination had been given. Notwithstanding the above, (i) if the Trustee may, if it shall be is unwilling so to actact as successor Servicer, or shall, (ii) if it the Trustee is legally unable so to act, appoint, the Trustee may (in the situation described in clause (i)) or shall (in the situation described in clause (ii)) appoint or petition a court of competent jurisdiction to appoint, any established housing and home finance institution institution, bank or other mortgage loan or home equity loan servicer having a net worth of not less than $10,000,000 25,000,000 as the successor to the terminated Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Servicer hereunder; provided, however, that (i) any such institution appointed as successor Servicer shall notbe acceptable to the Certificate Insurer, as evidenced in writing by each Rating Agencythe Certificate Insurer’s prior written consent which consent shall not be unreasonably withheld; and provided, adversely affect further, that the then current rating appointment of any Class such successor Servicer will not result in the qualification, reduction or withdrawal of Certificates immediately prior the ratings assigned to the termination Certificates by the Rating Agencies without giving effect to the Certificate Insurance Policy. Pending appointment of a successor to the terminated ServicerServicer hereunder, unless the Trustee is prohibited by law from so acting, the Trustee shall act in such capacity as hereinabove provided. In connection with such appointment and assumption, the successor shall be entitled to receive compensation out of payments on Mortgage Loans in an amount equal to the compensation which the Servicer would otherwise have received pursuant to Section 3.09 (or such lesser compensation as the Trustee and such successor shall agree). The appointment of a successor Servicer shall not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as ServicerServicer to pay any deductible under an insurance policy pursuant to Section 3.05 or to indemnify the Trustee pursuant to Section 7.06), nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the such Servicer of any of its representations or warranties contained herein or in any related document or agreement. Pending appointment of a successor to the terminated Servicer hereunder, unless the Trustee is prohibited by law from so acting, the Trustee shall act in such capacity as provided above. The Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. The Trustee shall pay to the Servicer the amount, if any, paid by a successor servicer for the servicing rights, after payment of the expenses of sale and amounts owed by the terminated Servicer to the Trust. (b) In connection with the appointment of a successor Servicer or the assumption of the duties of the Servicer, as specified in Section 8.05(a), the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor shall agree; provided, however, that any Person assuming the duties of the Servicer shall pay to such predecessor an amount equal to the market value of the portion of the Servicing Fee that will accrue in the future due to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" of such portion of the Servicing Fee shall be determined by Bank of America, N.A., on the basis of at least two quotations from third parties actively engaged in the servicing of single-family mortgage loans. If the successor Servicer does not agree that such market value is a fair price, such successor shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b). (c) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer (i) continue to service and administer the Mortgage Loans for the benefit of Certificateholders and the Certificate Insurer, (ii) maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer Servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the Servicer is so required pursuant to Section 3.033.06. Notwithstanding anything herein to the contrary, in no event shall the Trustee be liable for any Servicing Fee or for any differential in the amount of the Servicing Fee paid hereunder and the amount necessary to induce any successor Servicer to act as successor Servicer under this Agreement and the transactions set forth or provided for herein.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Home Loan Mortgage Loan Trust 2005-1), Pooling and Servicing Agreement (Lehman Home Equity Loan Trust 2004-3)

Trustee to Act; Appointment of Successor. (a) On and after Within 90 days of the time the Master Servicer (and the Trustee, if notice is sent by the Holders) receives a notice of termination pursuant to Section 8.017.01 or 6.04, the Trustee (or such other successor Master Servicer as is approved in accordance with this Agreement) shall be the successor in all respects to the Master Servicer in its capacity as servicer under this Agreement and the 112 transactions set forth or provided for herein and shall be subject to all the responsibilities, duties and liabilities relating thereto placed on the Master Servicer by the terms and provisions hereof or shall appoint a successor pursuant to Section 3.07arising on and after its succession. Notwithstanding anything provided herein to the contraryforegoing, under no circumstances shall any provision of this Agreement be construed to require the parties hereto agree that the Trustee, acting in its capacity as successor Master Servicer, immediately will assume all of the obligations of the Master Servicer to make advances. Notwithstanding the Servicer foregoing, the Trustee, in its obligation to make Advancescapacity as successor Master Servicer, to advance, expend or risk its own funds or otherwise incur any financial liability in shall not be responsible for the performance lack of its duties hereunder if information and/or documents that it shall have cannot obtain through reasonable grounds for believing that such funds are non-recoverableefforts. Subject to Section 8.05(b), as As compensation therefor, the Trustee (or such other successor Master Servicer) shall be entitled to such compensation as the terminated Master Servicer would have been entitled to hereunder if no such notice of termination had been given. Notwithstanding the above, (i) if the Trustee may, is unwilling to act as successor Master Servicer or (ii) if it shall be unwilling so to act, or shall, if it the Trustee is legally unable so to act, appoint, the Trustee shall appoint or petition a court of competent jurisdiction to appoint, any established housing and home finance institution institution, bank or other mortgage loan or home equity loan servicer having a net worth of not less than $10,000,000 50,000,000 as the successor to the terminated Master Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Master Servicer hereunder; provided, howeverPROVIDED, that (i) the appointment of any such institution appointed as successor Master Servicer shall notwill not result in the qualification, reduction or withdrawal of the ratings assigned to the Certificates by the Rating Agencies as evidenced in writing by each a letter to such effect from the Rating Agency, adversely affect the then current rating of any Class of Certificates immediately prior to the termination of the terminated Servicer. The appointment of a successor Servicer shall not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreementAgencies. Pending appointment of a successor to the terminated Master Servicer hereunder, unless the Trustee is prohibited by law from so acting, the Trustee shall act in such capacity as provided abovehereinabove provided. In connection with such appointment and assumption, the successor shall be entitled to receive compensation out of payments on Mortgage Loans in an amount equal to the compensation which the Master Servicer would otherwise have received pursuant to Section 3.18 (or such other compensation as the Trustee and such successor shall agree, not to exceed the Servicing Fee). The appointment of a successor Master Servicer shall not affect any liability of the predecessor Master Servicer which may have arisen under this Agreement prior to its termination as Master Servicer to pay any deductible under an insurance policy pursuant to Section 3.14 or to indemnify the Trustee pursuant to Section 3.06), nor shall any successor Master Servicer be liable for any acts or omissions of the predecessor Master Servicer or for any breach by such Master Servicer of any of its representations or warranties contained herein or in any related document or agreement. The Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. All Servicing Transfer Costs shall be paid by the predecessor Master Servicer upon presentation of reasonable documentation of such costs, and if such predecessor Master Servicer defaults in its obligation to pay such costs, such costs shall be paid by the successor Master Servicer or the Trustee (in which case the successor Master Servicer or the Trustee, as applicable, shall be entitled to reimbursement therefor from the assets of the Trust). (b) In connection with the appointment of a Any successor Servicer or the assumption of the duties of the Servicer, as specified in Section 8.05(a), the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor shall agree; provided, however, that any Person assuming the duties of the Servicer shall pay to such predecessor an amount equal to the market value of the portion of the Servicing Fee that will accrue in the future due to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" of such portion of the Servicing Fee shall be determined by Bank of America, N.A., on the basis of at least two quotations from third parties actively engaged in the servicing of single-family mortgage loans. If the successor Servicer does not agree that such market value is a fair price, such successor shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained by the successor Master Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b). (c) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer continue to service and administer the Mortgage Loans for the benefit of Certificateholders, and maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer Master Servicer hereunder and (ii) a fidelity bond Fidelity Bond in respect of its officers, employees and agents to the same extent as the Master Servicer is so required pursuant to Section 3.03.3.14. 113

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Option One Mort Accept Corp Asset Backed Cert Series 2000-3), Pooling and Servicing Agreement (Option One Mort Accept Corp Asset Backed Cert Series 2000-3)

Trustee to Act; Appointment of Successor. (a) On and after the time the a Servicer receives a notice of termination pursuant to Section 8.017.01 of this Agreement, the Trustee shall shall, subject to and to the extent provided herein, be the successor in all respects to the Servicer such Servicer, but only in its capacity as servicer under this Agreement Agreement, and not in any other, and the transactions set forth or provided for herein and shall be subject to all the responsibilities, duties and liabilities relating thereto placed on the such Servicer by the terms and provisions hereof or shall appoint a successor and applicable law including the obligation to make Advances pursuant to Section 3.074.01. Notwithstanding anything provided herein to the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity as successor to the Servicer in its obligation to make Advances, to advance, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject to Section 8.05(b), as As compensation therefor, the Trustee shall be entitled to all funds relating to the related Mortgage Loans that such compensation as the terminated Servicer would have been entitled to hereunder if no charge to a Collection Account, provided that the terminated Servicer shall nonetheless be entitled to payment or reimbursement as provided in Section 3.08(a) to the extent that such notice payment or reimbursement relates to the period prior to termination of termination had been givensuch Servicer. Notwithstanding the aboveforegoing, if the Trustee has become the successor to a Servicer in accordance with Section 7.01, the Trustee may, if it shall be unwilling to so to act, or shall, if it is legally prohibited by applicable law from making Advances pursuant to 4.01 hereof, or if it is otherwise unable to so to act, appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance mortgage loan servicing institution having a net worth the appointment of which does not less than $10,000,000 adversely affect the then current rating of the Certificates by each Rating Agency, as the successor to the terminated such Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of such Servicer hereunder. Any successor to the Servicer shall be an institution which is a FNMA and FHLMC approved seller/servicer in good standing, which has a net worth of at least $10,000,000, which is willing to service the related Mortgage Loans and which executes and delivers to the Depositor and the Trustee an agreement accepting such delegation and assignment, containing an assumption by such Person of the rights, powers, duties, responsibilities, obligations and liabilities of such Servicer (other than liabilities of the Servicer under Section 6.03 hereof incurred prior to termination of the Servicer under Section 7.01 hereunder), with like effect as if originally named as a party to this Agreement; provided, however, provided that (i) any such institution appointed as successor Servicer shall not, as evidenced in writing by each Rating Agency, adversely affect the then current Agency acknowledges that its rating of any Class of the Certificates in effect immediately prior to the termination such assignment and delegation will not be qualified or reduced as a result of the terminated Servicer. The appointment of a successor Servicer shall not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreementsuch assignment and delegation. Pending appointment of a successor to the terminated such Servicer hereunder, the Trustee, unless the Trustee is prohibited by law from so acting, shall, subject to the Trustee shall limitations described herein, act in such capacity as provided abovehereinabove provided. In connection with such appointment and assumption, the Trustee may make such arrangements for the compensation of such successor out of payments on the related Mortgage Loans as it and such successor shall agree; provided, however, that no such compensation shall be in excess of the applicable Servicing Fee. The Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection with the appointment of a successor Servicer or the assumption of the duties of the Servicer, as specified in Section 8.05(a), . Neither the Trustee may make such arrangements for nor any other successor servicer shall be deemed to be in default by reason of any failure to make, or any delay in making, any distribution hereunder or any portion thereof or any failure to perform, or any delay in performing, any duties or responsibilities hereunder, in either case caused by the compensation failure of such Servicer to deliver or provide, or any delay in delivering or providing, any cash, information, documents or records to it. Any successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor shall agree; provided, however, that any Person assuming the duties of the to a Servicer shall pay to such predecessor an amount equal give notice to the market value of the portion of the Servicing Fee that will accrue in the future due to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" Mortgagors of such portion change of the Servicing Fee shall be determined by Bank of Americaservicer and shall, N.A., on the basis of at least two quotations from third parties actively engaged in the servicing of single-family mortgage loans. If the successor Servicer does not agree that such market value is a fair price, such successor shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b). (c) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer servicer, maintain in force (i) a the policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as that the Servicer is so required to maintain pursuant to Section 3.03this Agreement.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp), Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp)

Trustee to Act; Appointment of Successor. (a) On and after the time the Master Servicer, the Special Servicer or the REMIC Administrator resigns pursuant to the first paragraph of Section 6.04 or receives a notice of termination pursuant to Section 8.017.01, the Trustee shall be the successor in all respects to the Master Servicer, the Special Servicer or (unless it had also been acting as such) the REMIC Administrator, as the case may be, in its capacity as servicer such under this Agreement and the transactions set forth or provided for herein and shall be subject to all the responsibilities, duties and liabilities relating thereto and arising thereafter placed on the Master Servicer, the Special Servicer or the REMIC Administrator, as the case may be, by the terms and provisions hereof hereof, including, without limitation, if the Master Servicer is the resigning or terminated party, the Master Servicer's obligation to make P&I Advances; provided that any failure to perform such duties or responsibilities caused by the Master Servicer's, the Special Servicer's or the REMIC Administrator's, as the case may be, failure to cooperate or to provide information or monies required by Section 7.01 shall appoint not be considered a default by the Trustee hereunder. Neither the Trustee nor any other successor shall be liable for any of the representations and warranties of the resigning or terminated party or for any losses incurred by the resigning or terminated party pursuant to Section 3.073.06 hereunder nor shall the Trustee nor any other successor be required to purchase any Mortgage Loan hereunder. Notwithstanding anything provided herein to the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity as successor to the Servicer in its obligation to make Advances, to advance, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject to Section 8.05(b), as As compensation therefor, the Trustee shall be entitled to such all fees and other compensation as which the resigning or terminated Servicer party would have been entitled to hereunder for future services rendered if no such notice of termination the resigning or terminated party had been givencontinued to act hereunder. Notwithstanding the above, the Trustee may, if it shall be unwilling to so to act, or shall, if it is legally unable unable, or is not approved as a successor Master Servicer or Special Servicer, as the case may be, by each Rating Agency, to so act or if the Holders of Certificates entitled to actat least 51% of the Voting Rights shall request in writing to the Trustee or if the REMIC Administrator is the resigning or terminated party and the Trustee had been acting in such capacity, promptly appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance qualified institution having a net worth of not less than $10,000,000 as the successor to the terminated Master Servicer, the Special Servicer or the REMIC Administrator, as the case may be, hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Master Servicer, the Special Servicer or the REMIC Administrator, as the case may be, hereunder; providedprovided that such appointment does not result in the downgrading, however, that withdrawal or qualification of any rating then assigned by either Rating Agency to any Class of 139 Certificates (i) any such institution appointed as successor Servicer shall not, as evidenced in writing by written confirmation to such effect from each Rating Agency, adversely affect the then current rating of any Class of Certificates immediately prior to the termination of the terminated Servicer). The appointment of a successor Servicer shall not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreement. Pending No appointment of a successor to the terminated Master Servicer, the Special Servicer or the REMIC Administrator hereunder shall be effective until the assumption of the successor to such party of all its responsibilities, duties and liabilities hereunder, unless the Trustee is prohibited by law from so actingand pending such appointment and assumption, the Trustee shall act in such capacity as provided abovehereinabove provided. The In connection with any such appointment and assumption, the Trustee may make such arrangements for the compensation of such successor out of payments on the Mortgage Loans or otherwise as it and such successor shall agree; provided, however, that no such compensation shall be in excess of that permitted the resigning or terminated party hereunder. The Depositor, the Trustee, such successor and each other party hereto shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection with the appointment of a successor Servicer or the assumption of the duties of the Servicer, as specified in Section 8.05(a), the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor shall agree; provided, however, that any Person assuming the duties of the Servicer shall pay to such predecessor an amount equal to the market value of the portion of the Servicing Fee that will accrue in the future due to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" of such portion of the Servicing Fee shall be determined by Bank of America, N.A., on the basis of at least two quotations from third parties actively engaged in the servicing of single-family mortgage loans. If the successor Servicer does not agree that such market value is a fair price, such successor shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b). (c) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the Servicer is so required pursuant to Section 3.03.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Criimi Mae CMBS Corp), Pooling and Servicing Agreement (Criimi Mae CMBS Corp)

Trustee to Act; Appointment of Successor. (a) On and after Upon the time receipt by the Master Servicer receives of a notice of termination pursuant to Section 8.018.01 or an Opinion of Independent Counsel pursuant to Section 7.05 to the effect that the Master Servicer is legally unable to act or to delegate its duties to a Person which is legally able to act, the Trustee shall be automatically become the successor in all respects to the Master Servicer in its capacity as servicer under this Agreement and the transactions set forth or provided for herein and shall thereafter be subject to all the responsibilities, duties duties, liabilities and limitations on liabilities relating thereto placed on the Master Servicer by the terms and provisions hereof hereof; provided, however, that the Company shall have the right to either (a) immediately assume the duties of the Master Servicer or shall appoint (b) select a successor pursuant Master Servicer; provided further, however, that the Trustee shall have no obligation whatsoever with respect to any liability (other than advances deemed recoverable and not previously made) incurred by the Master Servicer at or prior to the time of termination. As compensation therefor, but subject to Section 3.07. Notwithstanding anything provided herein to the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity as successor to the Servicer in its obligation to make Advances, to advance, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject to Section 8.05(b), as compensation therefor7.06, the Trustee shall be entitled to such compensation as which the terminated Master Servicer would have been entitled to hereunder retain if no such notice of termination the Master Servicer had been givencontinued to act hereunder, except for those amounts due the Master Servicer as reimbursement permitted under this Agreement for advances previously made or expenses previously incurred. Notwithstanding the above, the Trustee may, if it shall be unwilling so to act, or shall, if it is legally unable so to act, appoint, appoint or petition a court of competent jurisdiction to appoint, any established housing and home finance institution which is a ▇▇▇▇▇▇ Mae- or ▇▇▇▇▇▇▇ Mac-approved servicer, and with respect to a successor to the Master Servicer only, having a net worth of not less than $10,000,000 10,000,000, as the successor to the terminated Master Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Master Servicer hereunder; provided, however, that (i) any such institution appointed as successor Servicer the Trustee shall not, as evidenced in writing by obtain a letter from each Rating AgencyAgency that the ratings, adversely affect if any, on each of the then current rating Certificates will not be lowered as a result of any Class the selection of Certificates immediately prior the successor to the termination of the terminated Master Servicer. The appointment of a successor Servicer shall not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreement. Pending appointment of a successor to the terminated Master Servicer hereunder, unless the Trustee is prohibited by law from so acting, the Trustee shall act in such capacity as provided abovehereinabove provided. In connection with such appointment and assumption, the Trustee may make such arrangements for the compensation of such successor out of payments on the Mortgage Loans as it and such successor shall agree; provided, however, that the provisions of Section 7.06 shall apply, the compensation shall not be in excess of that which the Master Servicer would have been entitled to if the Master Servicer had continued to act hereunder, and that such successor shall undertake and assume the obligations of the Trustee to pay compensation to any third Person acting as an agent or independent contractor in the performance of master servicing responsibilities hereunder. The Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (ba) In connection with If the appointment of a successor Servicer or the assumption of the Trustee shall succeed to any duties of the ServicerMaster Servicer respecting the Mortgage Loans as provided herein, it shall do so in a separate capacity and not in its capacity as specified in Section 8.05(a)Trustee and, accordingly, the Trustee may make such arrangements for the compensation provisions of such successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor Article IX shall agree; provided, however, that any Person assuming the duties of the Servicer shall pay to such predecessor an amount equal be inapplicable to the market value of Trustee in its duties as the portion of the Servicing Fee that will accrue in the future due successor to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" of such portion of the Servicing Fee shall be determined by Bank of America, N.A., on the basis of at least two quotations from third parties actively engaged Master Servicer in the servicing of single-family mortgage loans. If the successor Servicer does not agree that Mortgage Loans (although such market value is a fair price, such successor provisions shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal continue to apply to the average Trustee in its capacity as Trustee); the provisions of (i) the lowest figure obtained by Bank of AmericaArticle VII, N.A.however, and (ii) the highest figure obtained by the shall apply to it in its capacity as successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b)master servicer. (c) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the Servicer is so required pursuant to Section 3.03.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (GreenPoint MTA Trust, Mortgage Pass-Through Certificates, Series 2005-Ar1), Pooling and Servicing Agreement (Structured Asset Mort Inv Ii Inc Bear Stearns Alt a Tr 05 3)

Trustee to Act; Appointment of Successor. (a) On and after Upon the time receipt by the Master Servicer receives of a notice of termination pursuant to Section 8.018.01 or an Opinion of Independent Counsel pursuant to Section 7.05 to the effect that the Master Servicer is legally unable to act or to delegate its duties to a Person which is legally able to act, the Trustee shall be automatically become the successor in all respects to the Master Servicer in its capacity as servicer under this Agreement and the transactions set forth or provided for herein and shall thereafter be subject to all the responsibilities, duties duties, liabilities and limitations on liabilities relating thereto placed on the Master Servicer by the terms and provisions hereof hereof; provided, however, that MLMLI shall have the right to either (a) immediately assume the duties of the Master Servicer or shall appoint (b) select a successor pursuant Master Servicer; provided further, however, that the Trustee shall have no obligation whatsoever with respect to Section 3.07. Notwithstanding anything provided herein any liability (other than advances deemed recoverable and not previously made) incurred by the Master Servicer at or prior to the contrary, under no circumstances shall any provision time of this Agreement be construed to require the Trustee, acting in its capacity as successor to the Servicer in its obligation to make Advances, to advance, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverabletermination. Subject to Section 8.05(b), as As compensation therefor, the Trustee shall be entitled to such compensation as all funds relating to the terminated Mortgage Loans which the Master Servicer would have been entitled to retain if the Master Servicer had continued to act hereunder, except for those amounts due the Master Servicer as reimbursement permitted under this Agreement for advances previously made or expenses previously incurred. Notwithstanding the above, or anything herein to the contrary, the Trustee, if it becomes Master Servicer, shall have no responsibility or obligation (i) to repurchase or substitute any Mortgage Loan, (ii) for any representation or warranty of the Master Servicer hereunder, and (iii) for any act or omission of either a predecessor or successor Master Servicer other than the Trustee. The Trustee may conduct any activity required of it as Master Servicer hereunder if no such notice through an Affiliate or through an agent. Neither the Trustee nor any other successor Master Servicer shall be deemed to be in default hereunder due to any act or omission of termination had been givena predecessor Master Servicer, including but not limited to failure to timely deliver to the Trustee distribution instructions, any funds required to be deposited to the Trust Fund, or any breach of its duty to cooperate with a transfer of master servicing. Notwithstanding the above, the Trustee may, if it shall be unwilling so to act, or shall, if it is legally unable so to act, appoint, appoint or petition a court of competent jurisdiction to appoint, any established housing and home finance institution which is a ▇▇▇▇▇▇ Mae- or ▇▇▇▇▇▇▇ Mac-approved servicer, and with respect to a successor to the Master Servicer only, having a net worth of not less than $10,000,000 10,000,000, as the successor to the terminated Master Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Master Servicer hereunder; provided, however, that (i) any such institution appointed as successor Servicer the Trustee shall not, as evidenced in writing by obtain a letter from each Rating AgencyAgency that the ratings, adversely affect if any, on each of the then current rating Certificates will not be lowered as a result of any Class the selection of Certificates immediately prior the successor to the termination of the terminated Master Servicer. The appointment of a successor Servicer shall not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreement. Pending appointment of a successor to the terminated Master Servicer hereunder, unless the Trustee is prohibited by law from so acting, the Trustee shall act in such capacity as provided abovehereinabove provided. In connection with such appointment and assumption, the Trustee may make such arrangements for the compensation of such successor out of payments on the Mortgage Loans as it and such successor shall agree; provided, however, that the provisions of Section 7.06 shall apply, no such compensation shall be in excess of that permitted the Trustee under this Subsection 8.02(a), and that such successor shall undertake and assume the obligations of the Trustee to pay compensation to any third Person acting as an agent or independent contractor in the performance of master servicing responsibilities hereunder. The Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection with If the appointment of a successor Servicer or the assumption of the Trustee shall succeed to any duties of the ServicerMaster Servicer respecting the Mortgage Loans as provided herein, it shall do so in a separate capacity and not in its capacity as specified in Section 8.05(a)Trustee and, accordingly, the Trustee may make such arrangements for the compensation provisions of such successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor Article IX shall agree; provided, however, that any Person assuming the duties of the Servicer shall pay to such predecessor an amount equal be inapplicable to the market value of Trustee in its duties as the portion of the Servicing Fee that will accrue in the future due successor to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" of such portion of the Servicing Fee shall be determined by Bank of America, N.A., on the basis of at least two quotations from third parties actively engaged Master Servicer in the servicing of single-family mortgage loans. If the successor Servicer does not agree that Mortgage Loans (although such market value is a fair price, such successor provisions shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal continue to apply to the average Trustee in its capacity as Trustee); the provisions of (i) the lowest figure obtained by Bank of AmericaArticle VII, N.A.however, and (ii) the highest figure obtained by the shall apply to it in its capacity as successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b)master servicer. (c) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the Servicer is so required pursuant to Section 3.03.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (MERRILL LYNCH MORT INV TRUST MLMI Series 2005-A1), Pooling and Servicing Agreement (MERRILL LYNCH MORT INV TRUST MLMI Series 2005-A1)

Trustee to Act; Appointment of Successor. (a) On and after the time the Servicer receives a notice of termination pursuant to Section 8.01, the Trustee shall be the successor in all respects to the Servicer in its capacity as servicer under this Agreement and the transactions set forth or provided for herein and shall be subject to all the responsibilities, duties and liabilities relating thereto placed on the Servicer by the terms and provisions hereof or shall appoint a successor pursuant to Section 3.07. Notwithstanding anything provided herein to the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity as successor to the Servicer in its obligation to make Advances, to advance, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject to Section 8.05(b), as compensation therefor, the Trustee shall be entitled to such compensation as the terminated Servicer would have been entitled to hereunder if no such notice of termination had been given. Notwithstanding the above, the Trustee may, if it shall be unwilling so to act, or shall, if it is legally unable so to act, appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance institution having a net worth of not less than $10,000,000 as the successor to the terminated Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Servicer hereunder; provided, however, that (i) any such institution appointed as successor Servicer shall not, as evidenced in writing by each Rating Agency, adversely affect the then current rating of any Class of Certificates immediately prior to the termination of the terminated Servicer. The appointment of a successor Servicer shall not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreement. Pending appointment of a successor to the terminated Servicer hereunder, unless the Trustee is prohibited by law from so acting, the Trustee shall act in such capacity as provided above. The Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection with the appointment of a successor Servicer or the assumption of the duties of the Servicer, as specified in Section 8.05(a), the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor shall agree; provided, however, that any Person assuming the duties of the Servicer shall pay agree not to such predecessor an amount equal to the market value of the portion of exceed the Servicing Fee that will accrue in the future due to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" of such portion of the Servicing Fee shall be determined by Bank of America, N.A., on the basis of at least two quotations from third parties actively engaged in the servicing of single-family mortgage loans. If the successor Servicer does not agree that such market value is a fair price, such successor shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b)Rate. (c) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the Servicer is so required pursuant to Section 3.03.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Bank of America Mort Sec Inc Mort Pass Thru Cert Ser 2002-E), Pooling and Servicing Agreement (Bank of America Mort Sec Inc Mort Pass Thru Cert Ser 2002-E)

Trustee to Act; Appointment of Successor. (a) On and after the time the Servicer receives a notice of termination pursuant to Section 8.018.01 hereof or resigns pursuant to Section 7.04 hereof, subject to the provisions of Section 3.04 hereof, the Trustee shall be the successor in all respects to the Servicer Servicer, as applicable, in its capacity as servicer under this Agreement and with respect to the transactions set forth or provided for herein and shall be subject to all the responsibilities, duties and liabilities relating thereto placed on the Servicer by the terms and provisions hereof hereof; provided, that the Trustee shall not be deemed to have made any representation or shall appoint a successor pursuant warranty as to Section 3.07. Notwithstanding anything provided herein to the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity as successor to Mortgage Loan made by the Servicer in its obligation to make Advances, to advance, expend and shall not effect any repurchases or risk its own funds or otherwise incur substitutions of any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverableMortgage Loan. Subject to Section 8.05(b), as As compensation therefor, the Trustee shall be entitled to such compensation as all funds relating to the terminated Mortgage Loans that the Servicer (the “Replaced Servicer”) would have been entitled to charge to the Collection Account if the Replaced Servicer had continued to act hereunder (except that the Replaced Servicer shall retain the right to be reimbursed for advances (including, without limitation, Advances and Servicing Advances) theretofore made by the Replaced Servicer with respect to which it would be entitled to be reimbursed as provided in Section 3.08 if no such notice of termination it had not been givenso terminated or resigned). Notwithstanding the aboveforegoing, if the Trustee has become the successor to a Replaced Servicer, in accordance with this Section 8.02, the Trustee may, if it shall be unwilling to so to act, or shall, if it is legally unable to so to act, appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance institution having a net worth mortgage loan servicing institution, the appointment of which does not less than $10,000,000 adversely affect the then current rating of the Certificates, as the successor to the terminated Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Servicer hereunder; providedServicer, however, provided that (i) any such institution appointed as successor Servicer shall not, as evidenced in writing by each Rating Agency, adversely affect the then current rating of any Class of Certificates immediately prior to the termination of the terminated Servicer. The appointment of a successor Servicer shall not affect be deemed to have made any liability of the predecessor Servicer which may have arisen under this Agreement prior representation or warranty as to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach Mortgage Loan made by the Servicer of any of its representations or warranties contained herein or in any related document or agreementServicer. Pending appointment of a successor to the terminated Servicer hereunder, the Trustee, unless the Trustee such party is prohibited by law from so acting, the Trustee shall act in such capacity as provided aboveherein. In connection with such appointment and assumption, the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans as it and such successor shall agree; provided, however, that no such compensation shall be in excess of that permitted the Replaced Servicer, hereunder. The Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection with . Neither of the appointment Trustee nor any other successor servicer shall be deemed to be in default hereunder by reason of any failure to make, or any delay in making, any distribution hereunder or any portion thereof caused by the failure of a successor Replaced Servicer to deliver, or the assumption of the duties of the Servicerany delay in delivering, as specified in Section 8.05(a)cash, the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor shall agree; provided, however, that any Person assuming the duties of the Servicer shall pay documents or records to such predecessor an amount equal to the market value of the portion of the Servicing Fee that will accrue in the future due to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" of such portion of the Servicing Fee shall be determined by Bank of America, N.A., on the basis of at least two quotations from third parties actively engaged in the servicing of single-family mortgage loans. If the successor Servicer does not agree that such market value is a fair price, such successor shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b)it. (c) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the Servicer is so required pursuant to Section 3.03.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (CSMC Asset-Backed Trust 2007-Nc1), Pooling and Servicing Agreement (CSMC Asset-Backed Trust 2007-Nc1)

Trustee to Act; Appointment of Successor. (a) On and after the time the Servicer receives a notice of termination pursuant to Section 8.018.01 hereof or resigns pursuant to Section 7.04 hereof, subject to the provisions of Section 3.06 hereof, the Trustee shall be the successor in all respects to the Servicer in its capacity as servicer under this Agreement and with respect to the transactions set forth or provided for herein and shall be subject to all the responsibilities, duties and liabilities relating thereto placed on the Servicer by the terms and provisions hereof hereof, provided that the Trustee shall not be deemed to have made any representation or shall appoint a successor pursuant warranty as to Section 3.07. Notwithstanding anything provided herein to the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity as successor to Mortgage Loan made by the Servicer in its obligation to make Advances, to advance, expend and shall not effect any repurchases or risk its own funds or otherwise incur substitutions of any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverableMortgage Loan. Subject to Section 8.05(b), as As compensation therefor, the Trustee shall be entitled to such compensation as all funds relating to the terminated Mortgage Loans that the Servicer would have been entitled to charge to the related Custodial Account if the Servicer had continued to act hereunder (except that the terminated Servicer shall retain the right to be reimbursed for advances (including, without limitation, Monthly Advances) theretofore made by the Servicer with respect to which it would be entitled to be reimbursed if no such notice of termination it had not been givenso terminated as Servicer). Notwithstanding the aboveforegoing, if the Trustee has become the successor to the Servicer in accordance with this Section 8.02, the Insurer may, and if the Insurer fails to the Trustee may, if it shall be unwilling to so to act, or shall, if it is legally unable to so act (exclusive of the obligations with respect to actMonthly Advances), appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance mortgage loan servicing institution having a net worth acceptable to the Insurer, the appointment of which does not less than $10,000,000 adversely affect the then current rating of the Certificates, as the successor to the terminated Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Servicer hereunder; providedServicer, however, provided that (i) any such institution appointed as successor Servicer shall not, as evidenced in writing by each Rating Agency, adversely affect the then current rating of any Class of Certificates immediately prior to the termination of the terminated Servicer. The appointment of a successor Servicer shall not affect be deemed to have made any liability of the predecessor Servicer which may have arisen under this Agreement prior representation or warranty as to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach Mortgage Loan made by the Servicer of any of its representations or warranties contained herein or in any related document or agreementServicer. Pending appointment of a successor to the terminated Servicer hereunder, the Trustee, unless the Trustee is prohibited by law from so acting, the Trustee shall act in such capacity as provided aboveherein. In connection with such appointment and assumption, the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans as it and such successor shall agree; provided, however, that no such compensation shall be in excess of that permitted the Servicer hereunder. The Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. . Neither the Trustee nor any other successor servicer shall be deemed to be in default hereunder by reason of any failure to make, or any delay in making, any distribution hereunder or any portion thereof caused by the failure of the Servicer to deliver, or any delay in delivering, cash, documents or records to it. The Servicer that has been terminated shall, at the request of the Trustee but at the expense of such Servicer, deliver to the assuming party all documents and records relating to each Sub-Servicing Agreement and the related Mortgage Loans and an accounting of amounts collected and held by it and otherwise use its best efforts to effect the orderly and efficient transfer of each Sub-Servicing Agreement to the assuming party. The Servicer shall cooperate with the Trustee and any successor servicer in effecting the termination of the Servicer's responsibilities and rights hereunder, including without limitation, the transfer to such successor for administration by it of all cash amounts which shall at the time be credited by the Servicer to the Custodial Account or thereafter received with respect to the Mortgage Loans. Neither the Trustee nor any other successor servicer shall be deemed to be in default hereunder by reason of any failure to make, or any delay in making, any distribution hereunder or any portion thereof caused by (a) the failure of the Servicer to (i) deliver, or any delay in delivering, cash, documents or records to it, (ii) cooperate as required by this Agreement, or (iii) deliver the Mortgage Loan to the Trustee as required by this Agreement, or (b) In connection with the appointment of a successor Servicer or the assumption of the duties of restrictions imposed by any regulatory authority having jurisdiction over the Servicer, as specified in Section 8.05(a), the Trustee may make such arrangements for the compensation of such . Any successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor shall agree; provided, however, that any Person assuming the duties of the Servicer shall pay to such predecessor an amount equal to the market value of the portion of the Servicing Fee that will accrue in the future due to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" of such portion of the Servicing Fee shall be determined by Bank of America, N.A., on the basis of at least two quotations from third parties actively engaged in the servicing of single-family mortgage loans. If the successor Servicer does not agree that such market value is a fair price, such successor shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b). (c) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer maintain in force (i) a the policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as that the Servicer is so required to maintain pursuant to Section 3.037.05 hereof.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Asset Backed Securities Corp), Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp)

Trustee to Act; Appointment of Successor. (a) On and after the time the Servicer receives a notice of termination pursuant to Section 8.01, the Trustee shall be the successor in all respects to the Servicer in its capacity as servicer under this Agreement and the transactions set forth or provided for herein and shall be subject to all the responsibilities, duties and liabilities relating thereto placed on the Servicer by the terms and provisions hereof or shall appoint a successor pursuant to Section 3.07. Notwithstanding anything provided herein to the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity as successor to the Servicer in its obligation to make Advances, to advance, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject to Section 8.05(b), as compensation therefor, the Trustee shall be entitled to such compensation as the terminated Servicer would have been entitled to hereunder if no such notice of termination had been given. Notwithstanding the above, the Trustee may, if it shall be unwilling so to act, or shall, if it is legally unable so to act, appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance institution having a net worth of not less than $10,000,000 as the successor to the terminated Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Servicer hereunder; provided, however, that (i) any such institution appointed as successor Servicer shall not, as evidenced in writing by each Rating Agency, adversely affect the then current rating of any Class of Certificates immediately prior to the termination of the terminated Servicer. The appointment of a successor Servicer shall not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreement. Pending appointment of a successor to the terminated Servicer hereunder, unless the Trustee is prohibited by law from so acting, the Trustee shall act in such capacity as provided above. The Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection with the appointment of a successor Servicer or the assumption of the duties of the Servicer, as specified in Section 8.05(a), the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor shall agree; provided, however, that any Person assuming the duties of the Servicer shall pay to such predecessor an amount equal to the market value of the portion of the Servicing Fee that will accrue in the future due to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" of such portion of the Servicing Fee shall be determined by Bank of America, N.A., on the basis of at least two quotations from third parties actively engaged in the servicing of single-family mortgage loans. If the successor Servicer does not agree that such market value is a fair price, such successor shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b). (c) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the Servicer is so required pursuant to Section 3.03.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Wachovia Mortgage Loan Trust, LLC), Pooling and Servicing Agreement (Wachovia Asset Securitization Inc)

Trustee to Act; Appointment of Successor. (a) On and after the time the Master Servicer or a Special Servicer receives a notice of termination pursuant to Section 8.017.1, the Trustee shall be the its successor in such capacity in all respects to the Servicer in its capacity as servicer under this Agreement and the transactions set forth or provided for herein and and, except as provided herein, shall be subject to all the responsibilities, duties duties, limitations on liability and liabilities relating thereto and arising thereafter placed on the Master Servicer or such Special Servicer by the terms and provisions hereof hereof; provided, however, that (i) the Trustee shall have no responsibilities, duties, liabilities or obligations with respect to any act or omission of the Master Servicer or of such Special Servicer and (ii) any failure to perform, or delay in performing, such duties or responsibilities caused by the terminated party's failure to provide, or delay in providing, records, tapes, disks, information or monies shall appoint not be considered a default by any successor hereunder. The appointment of a successor Master Servicer or Special Servicer shall not affect any liability of the predecessor Master Servicer or Special Servicer, as applicable, which may have arisen prior to its termination as Master Servicer or Special Servicer. The Trustee shall not be liable for any of the representations and warranties of such terminated Master Servicer or Special Servicer herein or in any related document or agreement, for any acts or omissions of the predecessor Master Servicer or Special Servicer, as applicable, or for any losses incurred in respect of any Permitted Investment by the Master Servicer pursuant to Section 3.073.9 hereunder nor shall the Trustee be required to purchase any Mortgage Loan hereunder. Notwithstanding anything provided herein to the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity as successor to the Servicer in its obligation to make Advances, to advance, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject to Section 8.05(b), as As compensation therefortherefore, the Trustee as successor Master Servicer or Special Servicer shall be entitled to such compensation as all Servicing Compensation relating to the terminated Mortgage Loans that accrue after the date of the Trustee's succession to which the predecessor Master Servicer or Special Servicer would have been entitled if the predecessor Master Servicer or Special Servicer, as applicable, had continued to act hereunder. Unless otherwise agreed to in writing by the Master Servicer and the Trustee, in the event any Advances made by the Master Servicer, the Fiscal Agent or the Trustee shall at any time be outstanding, or any amounts of interest thereon shall be accrued and unpaid, all amounts available to repay Advances and interest hereunder if no shall be applied entirely to the Advances made by the Trustee and the Fiscal Agent (and the accrued and unpaid interest thereon), until such notice Advances made by the Trustee and the Fiscal Agent (and accrued and unpaid interest thereon) shall have been repaid in full. In addition to the foregoing, any successor Master Servicer (which, for the purposes of termination had been giventhis sentence, shall not include the Trustee) shall be required to allocate funds available for the payment of unreimbursed Advances (with interest thereon at the Reimbursement Rate) on a first in, first out basis, which results in the payment of unreimbursed Advances (with interest thereon at the Reimbursement Rate) first to the predecessor Master Servicer. Notwithstanding the above, the Trustee may, if it shall be 185 unwilling to so to act, or shall, if it is legally unable to so to act, or if the Holders of Certificates entitled to a majority of the aggregate Voting Rights so request in writing to the Trustee, or if neither the Trustee nor the Fiscal Agent is rated by each Rating Agency in one of its two highest long-term senior unsecured debt rating categories, promptly appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance institution having a net worth mortgage loan servicing institution, the appointment of which will not less than $10,000,000 result in the downgrading, withdrawal or qualification of the rating or ratings then assigned to any Class of Certificates as evidenced in writing by each Rating Agency, as the successor to the terminated Master Servicer or Special Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the terminated Master Servicer or Special Servicer hereunder; provided, however, that (i) any such institution appointed as successor Servicer shall not, as evidenced in writing by each Rating Agency, adversely affect the then current rating of any Class of Certificates immediately prior to the termination of the terminated Servicer. The No appointment of a successor Servicer shall not affect any liability of to the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor terminated Master Servicer or for any breach Special Servicer hereunder shall be effective until the assumption by the Servicer such successor of any of its representations all such terminated Master Servicer's or warranties contained herein or in any related document or agreementSpecial Servicer's responsibilities, duties and liabilities hereunder. Pending appointment of a successor to the terminated Master Servicer or Special Servicer hereunder, unless the Trustee is shall be prohibited by law from so acting, the Trustee shall act in such capacity as provided aboveherein above provided. In connection with such appointment and assumption described herein, the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans as it and such successor shall agree; provided, however, that no such compensation shall be in excess of that permitted the terminated party hereunder. The Trustee Depositor, the Trustee, the Master Servicer, the Special Servicers and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection with the appointment of a successor Servicer or the assumption of the duties of the Servicer, as specified in Section 8.05(a), the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor shall agree; provided, however, that any Person assuming the duties of the Servicer shall pay to such predecessor an amount equal to the market value of the portion of the Servicing Fee that will accrue in the future due to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" of such portion of the Servicing Fee shall be determined by Bank of America, N.A., on the basis of at least two quotations from third parties actively engaged in the servicing of single-family mortgage loans. If the successor Servicer does not agree that such market value is a fair price, such successor shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b). (c) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the Servicer is so required pursuant to Section 3.03.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Commercial Mortgage Acceptance Corp), Pooling and Servicing Agreement (Commercial Mortgage Acceptance Corp)

Trustee to Act; Appointment of Successor. (a) On and after the time the Master Servicer or the Special Servicer resigns pursuant to Section 6.04(a) (and a successor Master Servicer or Special Servicer, as applicable, has not been appointed by the resigning Master Servicer or Special Servicer, as applicable, under Section 6.04), or receives a notice of termination pursuant to Section 8.017.01, the Trustee shall be the successor in all respects to the Master Servicer or the Special Servicer, as the case may be, in its capacity as servicer such under this Agreement and the transactions set forth or provided for herein and shall be subject to all the responsibilities, duties and liabilities relating thereto and arising thereafter placed on the Master Servicer or the Special Servicer, as the case may be, by the terms and provisions hereof hereof, including, if the Master Servicer is the resigning or shall appoint a successor pursuant to Section 3.07. Notwithstanding anything provided herein to terminated party, the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity as successor to the Servicer in its Master Servicer’s obligation to make Advances; provided, however, that (i) any failure to perform such duties or responsibilities caused by the failure of the Master Servicer or the Special Servicer, as the case may be, to advance, expend cooperate or risk its own funds to provide information or otherwise incur any financial liability monies as required by Section 7.01 shall not be considered a default by the Trustee hereunder and (ii) in the performance case of its duties hereunder a terminated Master Servicer, the Trustee shall cease to act as successor Master Servicer if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject an alternative successor is appointed pursuant to Section 8.05(b7.01(c), as . Neither the Trustee nor any other successor shall be liable for any of the representations and warranties of the resigning or terminated party or for any losses incurred by the resigning or terminated party pursuant to Section 3.06 hereunder nor shall the Trustee or any other successor be required to purchase any Mortgage Loan hereunder. As compensation therefor, the Trustee shall be entitled to such all fees and other compensation as which the resigning or terminated Servicer party would have been entitled to hereunder for future services rendered if no such notice of termination the resigning or terminated party had been givencontinued to act hereunder. Notwithstanding the above, if it is unwilling to so act, the Trustee may, if it shall be unwilling so to act, or shallmay (and, if it is legally unable to so to act, or if the Trustee is not approved as an acceptable master servicer or special servicer, as the case may be, by each Rating Agency, or if the Holders of Certificates entitled to a majority of all the Voting Rights (determined without notionally reducing the Class Principal Balances of the Certificates by any Appraisal Reduction Amounts) (or, alternatively, if a Servicer Termination Event on the part of the Special Servicer has occurred during a Subordinate Control Period, the Subordinate Class Representative) so requests in writing, the Trustee shall), promptly appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance qualified institution having a net worth of not less than $10,000,000 as the successor to the resigning or terminated Master Servicer or Special Servicer, as the case may be, hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Master Servicer or the Special Servicer, as the case may be, hereunder; provided, however, that (i) any such institution appointed as successor Servicer shall not, as evidenced in writing by appointment is the subject of a Rating Agency Confirmation from each Rating Agency (and, if applicable, each Pari Passu Companion Rating Agency, adversely affect ); and (ii) if such successor (in the then current rating of any Class of Certificates immediately prior to the termination of the terminated Servicer. The appointment case of a successor to the resigning or terminated Master Servicer) does not have the Master Servicer rating from Fitch that is “CMS2” or above, such successor is reasonably acceptable to the Subordinate Class Representative and, if such successor has a master servicer rating from Fitch that is “CMS2” or above, the Subordinate Class Representative shall have been consulted with respect to the identity of (although it need not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreementapproved) such successor. Pending No appointment of a successor to the terminated Master Servicer or the Special Servicer hereunder shall be effective until the assumption by such successor of all its responsibilities, duties and liabilities hereunder, unless the Trustee is prohibited by law from so actingand pending such appointment and assumption, the Trustee shall act in such capacity as provided abovehereinabove provided. The In connection with any such appointment and assumption, the Trustee may make such arrangements for the compensation of such successor out of payments on the Mortgage Loans or otherwise as it and such successor shall agree; provided, however, that no such compensation shall be in excess of that permitted the resigning or terminated party hereunder. The Depositor, the Trustee, such successor and each other party hereto shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection with . If the appointment of a Trustee or an Affiliate acts pursuant to this Section 7.02 as successor Servicer to the resigning or the assumption of the duties of the terminated Master Servicer, as specified in Section 8.05(a), it may reduce the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor shall agree; provided, however, that any Person assuming the duties of the Servicer shall pay to such predecessor an amount equal to the market value of the portion of the Servicing Fee that will accrue in the future due to the Excess Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "the extent that the Trustee’s or such Affiliate’s compensation as successor Master Servicer would otherwise be below the market value" of such portion of the Servicing Fee shall be determined by Bank of America, N.A., on the basis of at least two quotations from third parties actively engaged in the rate servicing of single-family mortgage loanscompensation. If the Trustee elects to appoint a successor to the resigning or terminated Master Servicer does not agree that such market value is a fair priceother than itself or an Affiliate pursuant to this Section 7.02, such successor shall obtain two quotations of market value from third parties actively engaged it may reduce the Excess Servicing Fee Rate to the extent reasonably necessary (in the servicing of single-family mortgage loans. The market value sole discretion of the excess portion Trustee) for the Trustee to appoint a qualified successor Master Servicer that meets the requirements of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b)7.02. (c) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the Servicer is so required pursuant to Section 3.03.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2012-C8), Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2012-C8)

Trustee to Act; Appointment of Successor. (a) On and after the time the Servicer resigns pursuant to the first paragraph of Section 6.04 or Section 3.23(e) or receives a notice of termination pursuant to Section 8.01, 7.01 the Trustee shall (unless a successor is identified by the Servicer pursuant to Section 6.04), subject to Section 7.01(b), be the successor in all respects to the Servicer in its capacity as servicer such under this Agreement and the transactions set forth or provided for herein and shall be subject to all of the responsibilities, duties and liabilities relating thereto and arising thereafter placed on the Servicer by the terms and provisions hereof hereof, including the Servicer’s obligation to make Debt Service Advances; provided, however, that any failure to perform such duties or responsibilities caused by the Servicer’s failure to cooperate or to provide information or monies as required by Section 7.01 shall appoint not be considered a default by the Trustee hereunder. Neither the Trustee nor any other successor shall be liable for any of the representations and warranties of the resigning or terminated party or for any losses incurred by the resigning or terminated party pursuant to Section 3.073.06 hereunder. Notwithstanding anything provided herein to the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity as successor to the Servicer in its obligation to make Advances, to advance, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject to Section 8.05(b), as As compensation therefor, the Trustee shall be entitled to such all fees and other compensation as which the resigning or terminated Servicer party would have been entitled to hereunder for future services rendered if no such notice of termination the resigning or terminated party had been givencontinued to act hereunder. Notwithstanding the above, if it is unwilling to so act, the Trustee may, if it shall be unwilling so to act, or shallmay (and, if it is legally unable to so to act, or if the Trustee is not approved as an acceptable Servicer by each Rating Agency (or, in the case of S&P, in the case of S&P, is no longer listed on S&P’s Select Servicer List as a U.S. Commercial Mortgage Master Servicer or a U.S. Commercial Mortgage Special Servicer), or if the Holders of Securities entitled to a majority of the Voting Rights so request in writing, the Trustee shall), subject to Sections 6.04 and 7.01(b) (if applicable), promptly appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance qualified institution having with a net worth of not less than at least ten million dollars ($10,000,000 10,000,000) as the successor to the terminated Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Servicer hereunder; provided, however, that (i) any the Trustee has received Rating Agency Confirmation with respect to the proposed successor Servicer. Pending such institution appointed appointment, the Trustee will be obligated to act as successor Servicer shall not, as evidenced in writing by each Rating Agency, adversely affect the then current rating of any Class of Certificates immediately prior to the termination of the terminated Servicer. The appointment of a successor Servicer shall not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreement. Pending No appointment of a successor to the terminated Servicer hereunder shall be effective until the assumption by such successor of all its responsibilities, duties and liabilities hereunder, unless the Trustee is prohibited by law from so actingand pending such appointment and assumption, the Trustee shall act in such capacity as provided abovehereinabove provided. The In connection with any such appointment and assumption, the Trustee may make such arrangements for the compensation of such successor out of payments on the Mortgage Loan or otherwise as it and such successor shall agree; provided, however, that no such compensation shall be in excess of that permitted the resigning or terminated party hereunder. The Depositor, the Trustee, such successor and each other party hereto shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection with the appointment . The costs and expense of a successor Servicer or the assumption of the duties of the Servicer, as specified in Section 8.05(a), the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans serviced transferring servicing shall be paid by the predecessor Servicer as it resigning or terminated party, and such successor shall agree; providedif not so paid, however, that any Person assuming the duties of the Servicer shall pay to such predecessor an amount equal to the market value of the portion of the Servicing Fee that will accrue in the future due to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" of such portion of the Servicing Fee shall be determined by Bank of America, N.A., on the basis of at least two quotations from third parties actively engaged in the servicing of single-family mortgage loanstreated as an Additional Trust Fund Expense. If the successor Servicer does not agree that such market value is a fair priceterminated as described in Sections 7.01 and 7.02, such successor shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee it will then continue to be equal obligated to the average of (i) the lowest figure obtained by Bank of America, N.A., pay and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive all amounts accrued and owing by it or to it under (and at such times as set forth in) this Agreement on or prior to the date of termination (including any earned but unpaid Other Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(bFees). (c) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the Servicer is so required pursuant to Section 3.03.

Appears in 2 contracts

Sources: Trust and Servicing Agreement (American Tower Corp /Ma/), Trust and Servicing Agreement (American Tower Corp /Ma/)

Trustee to Act; Appointment of Successor. (a) On and after the time the Servicer receives a notice of resignation or termination pursuant to Section 7.04 or 8.01, the Trustee shall be the successor in all respects to the Servicer in its capacity as servicer under this Agreement and the transactions set forth or provided for herein and shall be subject to all the responsibilities, duties and liabilities relating thereto placed on the Servicer by the terms and provisions hereof or shall appoint a successor hereof; provided, however, that the responsibilities and duties of HSBC Finance as Servicer with respect to the purchase of the Home Equity Loans pursuant to Section 3.07Sections 2.04(c) and 3.01 shall not terminate. Notwithstanding anything provided herein to the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity as successor to the Servicer in its obligation to make Advances, to advance, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject to Section 8.05(b), as As compensation therefor, the Trustee shall be entitled to such compensation as the terminated Servicer would have been entitled to hereunder if no such notice of termination had been given. Notwithstanding the above, (i) if the Trustee may, if it shall be is unwilling so to actact as successor Servicer, or shall, (ii) if it the Trustee is legally unable so to act, the Trustee may (in the situation described in clause (i)) or shall (in the situation described in clause (ii)) appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance institution or other mortgage loan or home equity loan servicer having all licenses and permits required in order to perform its obligations hereunder and a net worth of not less than $10,000,000 50,000,000 as the successor to the terminated Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Servicer hereunder; provided, however, provided that (i) [any such institution appointed as successor Servicer Subservicer shall notbe acceptable to the Certificate Insurer, as evidenced in writing by each Rating Agency, adversely affect the then current rating Certificate Insurer’s prior written consent which consent shall not be unreasonably withheld; and provided further that] that the appointment of any Class such successor Servicer will not result in the qualification, reduction or withdrawal of Certificates immediately prior the then-current ratings assigned to the termination of the terminated Servicer. The appointment of a successor Servicer shall not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach Class [A] and Class [IO] Certificates by the Servicer of any of its representations or warranties contained herein or in any related document or agreementRating Agencies, as evidenced by a writing to such effect delivered to the Trustee[, the Certificate Insurer] and the Administrator. Pending appointment of a successor to the terminated Servicer hereunder, unless the Trustee is prohibited by law from so acting, the Trustee shall act in such capacity as provided abovehereinabove provided. In connection with such appointment and assumption, the successor shall be entitled to receive compensation out of payments on Home Equity Loans in an amount equal to the compensation which the Servicer would otherwise have received pursuant to Section 3.09 (or such lesser compensation as the Trustee and such successor shall agree). The Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection with addition, no succession (including by the appointment of a successor Trustee) to the Servicer or the assumption of the duties of the Servicer, as specified in Section 8.05(a), servicer under this Agreement shall be effective unless the Trustee may make or such arrangements other successor servicer shall have provided to the Depositor, at least 15 calendar days prior to the effective date of such succession, written notice, in form and substance reasonably satisfactory to the Depositor, containing all information reasonably requested by the Depositor in order for the compensation Depositor to comply with its reporting obligation under Item 6.02 of such successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor shall agree; provided, however, that any Person assuming the duties of the Servicer shall pay to such predecessor an amount equal to the market value of the portion of the Servicing Fee that will accrue in the future due to the Servicing Fee Rate exceeding 0.25% per annum Form 8-K with respect to any Mortgage Loan. The "market value" of such portion of the Servicing Fee shall be determined by Bank of America, N.A., on the basis of at least two quotations from third parties actively engaged in the servicing of single-family mortgage loans. If the successor Servicer does not agree that such market value is a fair price, such successor shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b)replacement servicer. (c) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer (i) continue to service and administer the Home Equity Loans for the benefit of Certificateholders and (ii) maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer Servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the Servicer is so required pursuant to Section 3.033.12. The appointment of a successor Servicer shall not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer (including, without limitation, any deductible under an insurance policy pursuant to Section 3.04), nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by such Servicer or the Depositor of any of their representations or warranties contained herein or in any related document or agreement.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (HSBC Home Equity Loan Corp I), Pooling and Servicing Agreement (HSBC Home Equity Loan Corp I)

Trustee to Act; Appointment of Successor. (a) On and after Upon the time termination of the Servicer receives a notice of termination by the Insurer pursuant to Section 8.017.01 or resignation of the Servicer pursuant to Section 6.04, the Insurer shall appoint a successor servicer ("SUCCESSOR SERVICER"). Upon the termination of the Servicer by the Indenture Trustee, the Noteholders or the Certificateholders pursuant to Section 7.01, or upon the resignation of the Servicer pursuant to Section 6.04 in the event that the Insurer is not entitled to appoint a successor servicer by operation of Section 9.08, (i) if the Notes have not been paid in full, the Indenture Trustee shall be the successor Successor Servicer, and (ii) if the Notes have been paid in all respects to full, the Owner Trustee, acting at the direction of the Holders of Certificates evidencing not less than 51% of the outstanding principal amount of the Certificates, shall appoint a Successor Servicer. The Successor Servicer in its capacity as servicer under this Agreement and the transactions set forth or provided for herein and shall be subject succeed to all the responsibilities, duties and liabilities relating thereto placed on of the Servicer by the terms and provisions hereof or under this Agreement, except that such Successor Servicer shall appoint a successor not be obligated to purchase Contracts pursuant to Section 3.07. Notwithstanding anything provided herein to If the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity Indenture Trustee acts as successor to the Servicer in its obligation to make Advances, to advance, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject to Section 8.05(b), as compensation thereforSuccessor Servicer, the Indenture Trustee shall be entitled to such compensation (whether payable out of the Collection Account or otherwise) as the terminated Servicer would have been entitled to hereunder under this Agreement if no such notice of termination had shall have been given. Notwithstanding the aboveforegoing, if the Notes have not been paid in full, the Indenture Trustee may, if it shall be unwilling so to act, or shall, if it is shall be legally unable to so to act, appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance institution financial institution, having a net worth of not less than $10,000,000 50,000,000 and whose regular business shall include the servicing of automotive retail installment sales contracts, as the successor to the terminated Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Servicer hereunder; provided, however, that (i) any such institution appointed as successor Servicer shall not, as evidenced in writing by each Rating Agency, adversely affect the then current rating of any Class of Certificates immediately prior to the termination of the terminated Servicer. The appointment of a successor Servicer shall not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreementAgreement. Pending appointment of a successor to the terminated Servicer hereunder, unless the Trustee is prohibited by law from so actingany such Successor Servicer, the Indenture Trustee shall act in such capacity as provided above. In connection with such appointment, the Indenture Trustee or any other Successor Servicer may make such arrangements for the compensation of such successor out of payments on Contracts as it, the Insurer and such successor shall agree; provided, however, (i) that such amount shall equal the product of a fixed percentage rate and the Principal Balance, as of the commencement of each Collection Period, of each Contract and (ii) that no such compensation shall be in excess of that previously permitted the Servicer under this Agreement. The Indenture Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection with the appointment of a successor Servicer or the assumption of the duties of the Servicer, as specified in Section 8.05(a), the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor shall agree; provided, however, that any Person assuming the duties of the Servicer shall pay to such predecessor an amount equal to the market value of the portion of the Servicing Fee that will accrue in the future due to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" of such portion of the Servicing Fee shall be determined by Bank of America, N.A., on the basis of at least two quotations from third parties actively engaged in the servicing of single-family mortgage loans. If the successor Servicer does not agree that such market value is a fair price, such successor shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b). (c) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the Servicer is so required pursuant to Section 3.03.

Appears in 2 contracts

Sources: Sale and Servicing Agreement (Onyx Acceptance Financial Corp), Sale and Servicing Agreement (Onyx Acceptance Financial Corp)

Trustee to Act; Appointment of Successor. (a) On and after the time a Servicer or the Master Servicer receives a notice of termination pursuant to Section 8.017.01 of this Agreement, the Trustee shall or, if Ocwen is the terminated Servicer, the Back-Up Servicer, or a successor servicer or successor master servicer appointed pursuant to Section 7.01, shall, subject to and to the extent provided herein, either be the successor in all respects to a Servicer or the Servicer Master Servicer, but only in its capacity as servicer or master servicer under this Agreement Agreement, respectively, and not in any other, and the transactions set forth herein or provided for herein and shall appoint a successor servicer or successor master servicer, in either event such successor servicer or successor master servicer shall be subject to all the responsibilities, duties and liabilities relating thereto placed on such Servicer or the Servicer Master Servicer, respectively, by the terms and provisions hereof or shall appoint a successor and applicable law including the obligation to make Advances pursuant to Section 3.074.01. Notwithstanding anything provided herein to the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity as successor to the Servicer in its obligation to make Advances, to advance, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject to Section 8.05(b), as As compensation therefor, the Trustee successor servicer shall be entitled to such compensation as all funds relating to the related Mortgage Loans that the terminated Servicer would have been entitled to hereunder if no charge to a Collection Account, provided that the terminated Servicer shall nonetheless be entitled to payment or reimbursement as provided in Section 3.09(a) to the extent that such notice payment or reimbursement relates to the period prior to the completion of termination had been giventhe transfer of servicing to a successor servicer. Notwithstanding the aboveforegoing, if the Trustee or the Back-Up Servicer has become the successor to the terminated Servicer or Master Servicer in accordance with Section 7.01, the Trustee or Back-Up Servicer may, if it shall be unwilling to so to act, or shall, if it is legally prohibited by applicable law from making Advances pursuant to 4.01 hereof, or if it is otherwise unable to so to act, appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance mortgage loan servicing institution having a net worth the appointment of which does not less than $10,000,000 adversely affect the then current rating of the Certificates by each Rating Agency, as the successor to the terminated Servicer or Master Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the such Servicer or Master Servicer hereunder; provided, however, that (i) any such institution appointed as . Any successor to a Servicer or the Master Servicer shall notbe an institution which is a FNMA or FHLMC approved seller/servicer in good standing, which has a net worth of at least $10,000,000, which is willing to service the related Mortgage Loans and which executes and delivers to the Depositor and the Trustee an agreement accepting such delegation and assignment, containing an assumption by such Person of the rights, powers, duties, responsibilities, obligations and liabilities of such Servicer or Master Servicer (other than liabilities of that Servicer or the Master Servicer under Section 6.03 hereof incurred prior to termination of a Servicer or the Master Servicer, respectively, under Section 7.01 hereunder), with like effect as evidenced if originally named as a party to this Agreement; provided that each Rating Agency acknowledges that its rating of the Certificates in writing effect immediately prior to such assignment and delegation will not be qualified or reduced as a result of such assignment and delegation. The Back-Up Servicer (or its affiliate) or any successor servicer appointed by DLJMC shall be rated as a servicer of subprime mortgage loans as “average” (or its equivalent) or better by each Rating Agency, adversely affect the then current Agency that maintains a servicer rating of any Class of Certificates immediately prior to the termination of the terminated Servicer. The appointment of a successor Servicer shall not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreementsystem. Pending appointment of a successor to a Servicer or the terminated Master Servicer hereunder, the Trustee, the Back-Up Servicer or other successor servicer or successor master servicer, unless the Trustee such entity is prohibited by law from so acting, shall, subject to the Trustee shall limitations described herein, act in such capacity as provided abovehereinabove provided. In connection with such appointment and assumption, the Trustee may make such arrangements for the compensation of such successor out of payments on the related Mortgage Loans as it and such successor shall agree; provided, however, that no such compensation shall be in excess of (x) the Ocwen Servicing Fee (as defined in the Ocwen Side Letter) or the WFHMI Servicing Fee (as defined in the WFHMI Side Letter), as the case may be, if the successor is the Back-Up Servicer or (y) the Servicing Fee, assuming for this purpose that the Servicing Fee Rate is 0.50% per annum, for any other successor. To the extent that the compensation of any successor to a Servicer is calculated using a rate exceeding the then-current rate used to calculate the Ocwen Servicing Fee (as defined in the Ocwen Side Letter) or the WFHMI Servicing Fee (as defined in the WFHMI Side Letter), as the case may be, each Holder of a Class A-IO-S Certificate hereby agrees to a decrease in the Excess Servicing Fee Rate in an amount equal to such excess. The Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection with . Neither the appointment Trustee, the Back-Up Servicer nor any other successor servicer or successor master servicer shall be deemed to be in default by reason of any failure to make, or any delay in making, any distribution hereunder or any portion thereof or any failure to perform, or any delay in performing, any duties or responsibilities hereunder, in either case caused by the failure of the terminated Servicer or Master Servicer to deliver or provide, or any delay in delivering or providing, any cash, information, documents or records to it. Any successor to a Servicer or shall give notice to the Mortgagors of such change of servicer. Any successor to a Servicer or the assumption of the duties of the ServicerMaster Servicer shall, as specified in Section 8.05(a), the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor shall agree; provided, however, that any Person assuming the duties of the Servicer shall pay to such predecessor an amount equal to the market value of the portion of the Servicing Fee that will accrue in the future due to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" of such portion of the Servicing Fee shall be determined by Bank of America, N.A., on the basis of at least two quotations from third parties actively engaged in the servicing of single-family mortgage loans. If the successor Servicer does not agree that such market value is a fair price, such successor shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b). (c) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer a Servicer or Master Servicer, as applicable, maintain in force (i) a the policy or policies of insurance covering errors the type that such Servicer or Master Servicer is required to maintain pursuant to this Agreement. In connection with the termination or resignation of a Servicer hereunder, either (i) the successor Servicer, including the Trustee if the Trustee is acting as successor Servicer, shall represent and omissions warrant that it is a member of MERS in good standing and shall agree to comply in all material respects with the performance rules and procedures of its obligations as servicer hereunder and MERS in connection with the servicing of the Mortgage Loans that are registered with MERS, or (ii) a fidelity bond the predecessor Servicer, at its sole expense, shall cooperate with the successor Servicer either (x) in respect causing MERS to execute and deliver an Assignment of its officers, employees and agents Mortgage in recordable form to transfer the Mortgage from MERS to the same extent Trustee and to execute and deliver such other notices, documents and other instruments as may be necessary or desirable to effect a transfer of such Mortgage Loan or servicing of such Mortgage Loan on the MERS® System to the successor Servicer or (y) in causing MERS to designate on the MERS® System the successor Servicer as the servicer of such Mortgage Loan (at the cost and expense of the successor Servicer is so required pursuant to Section 3.03the extent such costs relate to the qualification of such successor Servicer as a member of MERS, otherwise at the cost and expense of the predecessor Servicer). The predecessor Servicer shall file or cause to be filed any such assignment in the appropriate recording office. The successor Servicer shall cause such assignment to be delivered to the Trustee promptly upon receipt of the original with evidence of recording thereon or a copy certified by the public recording office in which such assignment was recorded.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Home Equity Pass-Through Certificates Series 2003-8), Pooling and Servicing Agreement (CSFB Mortgage Sec Corp Hm Eq Pass THR Certs Ser 2003-7)

Trustee to Act; Appointment of Successor. (a) On and after the time the Servicer receives a notice of termination pursuant to Section 8.018.01 or 7.04, the Trustee shall be the successor in all respects to the Servicer in its capacity as servicer under this Agreement and the transactions set forth or provided for herein and shall be subject to all the responsibilities, duties and liabilities relating thereto placed on the Servicer by the terms and provisions hereof or shall appoint a successor pursuant to Section 3.07arising on and after its succession. Notwithstanding anything provided herein to the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity as successor to the Servicer in its obligation to make Advances, to advance, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject to Section 8.05(b), as As compensation therefor, the Trustee shall be entitled to such compensation as the terminated Servicer would have been entitled to hereunder if no such notice of termination had been given. Notwithstanding the above, (i) if the Trustee may, if it shall be is unwilling so to actact as successor Servicer, or shall, (ii) if it the Trustee is legally unable so to act, appoint, the Trustee may (in the situation described in clause (i)) or shall (in the situation described in clause (ii)) appoint or petition a court of competent jurisdiction to appoint, any established housing and home finance institution institution, bank or other mortgage loan or home equity loan servicer having a net worth of not less than $10,000,000 25,000,000 as the successor to the terminated Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Servicer hereunder; provided, however, provided that (i) any such institution appointed as successor Servicer shall notbe acceptable to the Certificate Insurer, as evidenced in writing by each Rating Agency, adversely affect the then current rating Certificate Insurer’s prior written consent which consent shall not be unreasonably withheld and provided further that the appointment of any Class such successor Servicer will not result in the qualification, reduction or withdrawal of Certificates immediately prior the ratings assigned to the termination Certificates by the Rating Agencies without giving effect to the Certificate Insurance Policy. Pending appointment of a successor to the terminated ServicerServicer hereunder, unless the Trustee is prohibited by law from so acting, the Trustee shall act in such capacity as hereinabove provided. In connection with such appointment and assumption, the successor shall be entitled to receive compensation out of payments on Mortgage Loans in an amount equal to the compensation which the Servicer would otherwise have received pursuant to Section 3.09 (or such lesser compensation as the Trustee and such successor shall agree). The appointment of a successor Servicer shall not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as ServicerServicer to pay any deductible under an insurance policy pursuant to Section 3.05 or to indemnify the Trustee pursuant to Section 7.06), nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the such Servicer of any of its representations or warranties contained herein or in any related document or agreement. Pending appointment of a successor to the terminated Servicer hereunder, unless the Trustee is prohibited by law from so acting, the Trustee shall act in such capacity as provided above. The Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. The Trustee shall pay to the Servicer the amount, if any, paid by a successor servicer for the servicing rights, after payment of the expenses of sale and amounts owed by the terminated Servicer to the Trust. (b) In connection with the appointment of a successor Servicer or the assumption of the duties of the Servicer, as specified in Section 8.05(a), the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor shall agree; provided, however, that any Person assuming the duties of the Servicer shall pay to such predecessor an amount equal to the market value of the portion of the Servicing Fee that will accrue in the future due to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" of such portion of the Servicing Fee shall be determined by Bank of America, N.A., on the basis of at least two quotations from third parties actively engaged in the servicing of single-family mortgage loans. If the successor Servicer does not agree that such market value is a fair price, such successor shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b). (c) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer (i) continue to service and administer the Mortgage Loans for the benefit of Certificateholders and the Certificate Insurer, (ii) maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer Servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the Servicer is so required pursuant to Section 3.033.06. Notwithstanding anything herein to the contrary, in no event shall the Trustee be liable for any Servicing Fee or for any differential in the amount of the Servicing Fee paid hereunder and the amount necessary to induce any successor Servicer to act as successor Servicer under this Agreement and the transactions set forth or provided for herein.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Structured Asset Securities Corp), Pooling and Servicing Agreement (Lehman Abs Corp)

Trustee to Act; Appointment of Successor. (a) On and after Upon the time termination of the Servicer receives a notice of termination by the Insurer pursuant to Section 8.017.01 or resignation of the Servicer pursuant to Section 6.04, the Insurer shall appoint a successor servicer ("SUCCESSOR SERVICER"). Upon the termination of the Servicer by the Indenture Trustee, the Noteholders or the Certificateholders pursuant to Section 7.01, or upon the resignation of the Servicer pursuant to Section 6.04 in the event that the Insurer is not entitled to appoint a successor servicer by operation of Section 9.08, (i) if the Notes have not been paid in full, the Indenture Trustee shall be the successor Successor Servicer, and (ii) if the Notes have been paid in all respects to full, the Owner Trustee, acting at the direction of the Holders of Certificates evidencing not less than 51% of the outstanding Certificate Balance, shall appoint a Successor Servicer. The Successor Servicer in its capacity as servicer under this Agreement and the transactions set forth or provided for herein and shall be subject succeed to all the responsibilities, duties and liabilities relating thereto placed on of the Servicer by the terms and provisions hereof or under this Agreement, except that such Successor Servicer shall appoint a successor not be obligated to purchase Contracts pursuant to Section 3.07. Notwithstanding anything provided herein to If the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity Indenture Trustee acts as successor to the Servicer in its obligation to make Advances, to advance, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject to Section 8.05(b), as compensation thereforSuccessor Servicer, the Indenture Trustee shall be entitled to such compensation (whether payable out of the Collection Account or otherwise) as the terminated Servicer would have been entitled to hereunder under this Agreement if no such notice of termination had shall have been given. Notwithstanding the aboveforegoing, if the Notes have not been paid in full, the Indenture Trustee may, if it shall be unwilling so to act, or shall, if it is shall be legally unable to so to act, appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance institution financial institution, having a net worth of not less than $10,000,000 50,000,000 and whose regular business shall include the servicing of automotive retail installment sales contracts, as the successor to the terminated Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Servicer hereunder; provided, however, that (i) any such institution appointed as successor Servicer shall not, as evidenced in writing by each Rating Agency, adversely affect the then current rating of any Class of Certificates immediately prior to the termination of the terminated Servicer. The appointment of a successor Servicer shall not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreementAgreement. Pending appointment of a successor to the terminated Servicer hereunder, unless the Trustee is prohibited by law from so actingany such Successor Servicer, the Indenture Trustee shall act in such capacity as provided above. In connection with such appointment, the Indenture Trustee or any other Successor Servicer may make such arrangements for the compensation of such successor out of payments on Contracts as it, the Insurer and such successor shall agree; provided, however, (i) that such amount shall equal the product of a fixed percentage rate and the Principal Balance, as of the commencement of each Collection Period, of each Contract and (ii) that no such compensation shall be in excess of that previously permitted the Servicer under this Agreement. The Indenture Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection with the appointment of a successor Servicer or the assumption of the duties of the Servicer, as specified in Section 8.05(a), the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor shall agree; provided, however, that any Person assuming the duties of the Servicer shall pay to such predecessor an amount equal to the market value of the portion of the Servicing Fee that will accrue in the future due to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" of such portion of the Servicing Fee shall be determined by Bank of America, N.A., on the basis of at least two quotations from third parties actively engaged in the servicing of single-family mortgage loans. If the successor Servicer does not agree that such market value is a fair price, such successor shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b). (c) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the Servicer is so required pursuant to Section 3.03.

Appears in 2 contracts

Sources: Sale and Servicing Agreement (Onyx Acceptance Financial Corp), Sale and Servicing Agreement (Onyx Acceptance Financial Corp)

Trustee to Act; Appointment of Successor. (a) On and after the time the Servicer receives a notice of termination pursuant to Section 8.01, the Trustee shall be the successor in all respects to the Servicer in its capacity as servicer under this Agreement and the transactions set forth or provided for herein and shall be subject to all the responsibilities, duties and liabilities relating thereto placed on the Servicer by the terms and provisions hereof or shall appoint a successor pursuant to Section 3.07. Notwithstanding anything provided herein to the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity as successor to the Servicer in its obligation to make Advances, to advance, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject to Section 8.05(b), as compensation therefor, the Trustee shall be entitled to such compensation as the terminated Servicer would have been entitled to hereunder if no such notice of termination had been given. Notwithstanding the above, the Trustee may, if it shall be unwilling so to act, or shall, if it is legally unable so to act, appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance institution having a net worth of not less than $10,000,000 as the successor to the terminated Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Servicer hereunder; provided, however, that (i) any such institution appointed as successor Servicer shall not, as evidenced in writing by each Rating Agency, adversely affect the then current rating of any Class of Certificates immediately prior to the termination of the terminated Servicer. The appointment of a successor Servicer shall not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreement. Pending appointment of a successor to the terminated Servicer hereunder, unless the Trustee is prohibited by law from so acting, the Trustee shall act in such capacity as provided above. The Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection with the appointment of a successor Servicer or the assumption of the duties of the Servicer, as specified in Section 8.05(a), the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor shall agree; provided, however, that any Person assuming the duties of the Servicer shall pay to such predecessor an amount equal to the market value of the portion of the Servicing Fee that will accrue in the future due to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" of such portion of the Servicing Fee shall be determined by Bank of America, N.A., on the basis of at least two quotations from third parties actively engaged in the servicing of single-family mortgage loans. If the successor Servicer does not agree that such market value is a fair price, such successor shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b). (c) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the Servicer is so required pursuant to Section 3.03.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Ba Residential Securities Inc)

Trustee to Act; Appointment of Successor. (a) On and after the time the Servicer receives a notice of termination pursuant to Section 8.017.01 or the Trustee receives the resignation of the Servicer in accordance with 129 clause (i) of the first sentence of Section 6.04 accompanied by an Opinion of Counsel pursuant to Section 6.04, the Trustee shall be the successor in all respects to the Servicer in its capacity as servicer under this Agreement and the transactions set forth or provided for herein and shall have all the rights and powers and be subject to all the responsibilities, duties and liabilities relating thereto placed on the Servicer that have accrued after such termination other than those responsibilities, duties and liabilities of the Servicer arising under Section 2.03; provided, however, that any failure to perform such duties or responsibilities caused by the terms and provisions hereof or Servicer's failure to comply with Section 7.01 shall appoint not be considered a successor pursuant to Section 3.07default by the Trustee hereunder. Notwithstanding anything provided herein to the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in In its capacity as such successor, the Trustee shall have the same limitation of liability herein granted to the Servicer. As compensation for serving as the successor to the Servicer in its obligation to make Advances, to advance, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject to Section 8.05(b), as compensation thereforServicer, the Trustee shall be entitled to such compensation as the terminated Servicer would have been entitled to hereunder if no such notice of termination or resignation had been given, including, without limitation, the Servicing Fee, the Special Servicing Fee and the Liquidation Fee and the Modification Fee. Notwithstanding the aboveanything contained herein, the Trustee may, if it shall be is unwilling to so to act, or shall, if it is legally unable to so to act, appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance institution having a net worth of not less than $10,000,000 as the successor to the terminated Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Servicer hereunder, any established finance institution or mortgage loan servicing institution whose appointment would not result in a downgrade, qualification or withdrawal by the Rating Agency of its then-current rating of any Class of Regular Certificates; provided, however, that until such appointment and assumption, the Trustee, or the Servicer in the case of its resignation pursuant to clause (iii) any such institution appointed as successor Servicer shall notof the first sentence of Section 6.04, as evidenced in writing by each Rating Agency, adversely affect will continue to perform the then current rating of any Class of Certificates immediately prior servicing obligations pursuant to this Agreement to the termination extent set forth above. In the case of the terminated Servicer. The appointment of a successor Servicer shall not affect any liability resignation of the predecessor Servicer which may have arisen under this Agreement prior pursuant to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions clause (ii) of the predecessor Servicer or for any breach by the Servicer first sentence of any of its representations or warranties contained herein or in any related document or agreement. Pending appointment of a successor to the terminated Servicer hereunder, unless the Trustee is prohibited by law from so actingSection 6.04, the Trustee shall act appoint any institution meeting the foregoing requirements selected by the Servicer and reasonably acceptable to the Trustee. In connection with any such appointment and assumption, the Trustee may make such arrangements for the compensation of such successor as it and such successor shall agree; provided, however, that no such 130 compensation shall be in such capacity as provided aboveexcess of that permitted the Servicer hereunder. The Trustee Trustee, the Depositor, the Servicer and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. Neither the Trustee nor any successor servicer shall be deemed to be in default of any of its obligations under this Section 7.04 if and to the extent that such default arises from failure of the Servicer to timely provide all applicable books, records and other documents necessary to effectuate the sale, transfer or assignment of servicing rights to the Trustee or a successor servicer in accordance with this Section 7.04. (b) In connection with the appointment of a Any successor Servicer or the assumption of the duties of to the Servicer, as specified in Section 8.05(a), the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor shall agree; provided, however, that any Person assuming the duties of the Servicer shall pay to such predecessor an amount equal to the market value of the portion of the Servicing Fee that will accrue in the future due to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" of such portion of the Servicing Fee shall be determined by Bank of America, N.A., on the basis of at least two quotations from third parties actively engaged in the servicing of single-family mortgage loans. If the successor Servicer does not agree that such market value is a fair price, such successor shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b). (c) Any successor, including the Trustee, to the Servicer as servicer hereunder shall during the term of its service as servicer maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as required of the predecessor Servicer is so required pursuant to Section 3.033.06(c). (c) Notwithstanding any other provision of this Agreement, no Person shall be appointed as a successor servicer if such appointment would adversely affect the then current rating of any Class of the Regular Certificates as evidenced in writing by the Rating Agency.

Appears in 1 contract

Sources: Trust and Servicing Agreement (Mills Corp)

Trustee to Act; Appointment of Successor. (a) On and after the time the Servicer receives a notice of termination pursuant to Section 8.017.01 hereof, the Trustee shall shall, to the extent provided in Section 3.04, be the successor in all respects to the Servicer in its capacity as servicer under this Agreement and the transactions set forth or provided for herein and shall be subject to all the responsibilities, duties and liabilities relating thereto placed on the Servicer by the terms and provisions hereof or shall appoint a successor and applicable law including the obligation to make advances pursuant to Section 3.074.01. Notwithstanding anything provided herein As compensation therefor, subject to the contrary, under no circumstances shall any provision last paragraph of this Agreement be construed to require the Trustee, acting in its capacity as successor to the Servicer in its obligation to make Advances, to advance, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject to Section 8.05(b), as compensation therefor7.01, the Trustee shall be entitled to such all fees, compensation as and reimbursement for costs and expenses relating to the terminated Mortgage Loans that the Servicer would have been entitled to hereunder if no such notice of termination the Servicer had been givencontinued to act hereunder. Notwithstanding the aboveforegoing, if the Trustee has become the successor to the Servicer in accordance with Section 7.01 hereof, the Trustee may, if it shall be unwilling to so to act, or shall, if it is legally prohibited by applicable law from making Advances pursuant to Section 4.01 hereof or if it is otherwise unable to so to act, appoint, or petition a court of competent jurisdiction to appoint, any established housing mortgage loan servicing institution the appointment of which successor shall be approved by the NIMs Insurer and home finance institution having a net worth which does not adversely affect the then current rating of not less than $10,000,000 the Certificates by each Rating Agency as the successor to the terminated Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Servicer hereunder; provided, however, that (i) any such institution appointed as . Any successor Servicer shall notbe an institution that is acceptable to the NIMs Insurer and is a ▇▇▇▇▇▇ ▇▇▇ and ▇▇▇▇▇▇▇ Mac approved seller/servicer in good standing, that has a net worth of at least $15,000,000, and that is willing to service the Mortgage Loans and executes and delivers to the Depositor and the Trustee an agreement accepting such delegation and assignment, that contains an assumption by such Person of the rights, powers, duties, responsibilities, obligations and liabilities of the Servicer (other than liabilities of the Servicer under Section 6.03 hereof incurred prior to termination of the Servicer under Section 7.01), with like effect as evidenced in writing by if originally named as a party to this Agreement; and provided further that each Rating Agency, adversely affect the then current Agency acknowledges that its rating of any Class of the Certificates in effect immediately prior to the termination such assignment and delegation will not be qualified or reduced as a result of the terminated Servicersuch assignment and delegation. The No appointment of a successor to the Servicer hereunder shall be effective until the Trustee shall have consented thereto, prior written consent of the NIMs Insurer is obtained (provided, that such prior written consent shall not affect any liability be required in the event that the Servicing Rights Pledgee or its designee is so appointed as successor servicer) and written notice of the predecessor Servicer which may such proposed appointment shall have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach been provided by the Servicer of any of its representations or warranties contained herein or in any related document or agreementTrustee to each Certificateholder. The Trustee shall not resign as servicer until a successor servicer has been appointed and has accepted such appointment. Pending appointment of a successor to the terminated Servicer hereunder, the Trustee, unless the Trustee is prohibited by law from so acting, the Trustee shall shall, subject to Section 3.04 hereof, act in such capacity as provided abovehereinabove provided. In connection with such appointment and assumption, the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans as it and such successor shall agree; provided, however, that no such compensation shall be in excess of that permitted the Servicer hereunder. The Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection with the appointment of a successor Servicer or the assumption of the duties of the Servicer, as specified in Section 8.05(a), . Neither the Trustee may make such arrangements for the compensation nor any other successor servicer shall be deemed to be in default hereunder by reason of such successor out of payments on Mortgage Loans serviced any failure to make, or any delay in making, any distribution hereunder or any portion thereof or any failure to perform, or any delay in performing, any duties or responsibilities hereunder, in either case caused by the predecessor Servicer as it and such successor shall agree; provided, however, that any Person assuming the duties failure of the Servicer shall pay to such predecessor an amount equal deliver or provide, or any delay in delivering or providing, any cash, information, documents or records to the market value of the portion of the Servicing Fee that will accrue in the future due to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loanit. The "market value" of such portion of the Servicing Fee shall be determined by Bank of America, N.A., on the basis of at least two quotations from third parties actively engaged in the servicing of single-family mortgage loans. If the Any successor Servicer does not agree that such market value is a fair price, such successor shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b). (c) Any successor, including the Trustee, to the Servicer as servicer shall give notice to the Mortgagors of such change of servicer and shall, during the term of its service as servicer maintain in force the policy or policies that the Servicer is required to maintain pursuant to Section 6.05. In the event that the Servicer shall for any reason no longer be the Servicer hereunder (including by reason of any Event of Default), notwithstanding anything to the contrary above or anything to the contrary which may be set forth in Section 3.04, the Trustee, the Depositor and the NIMS Insurer hereby agree that within ten Business Days of delivery to the Trustee by the Servicing Rights Pledgee of a letter signed by the Servicer whereby the Servicer shall resign as Servicer under this Agreement, or within ten days of Trustee's termination of the Servicer pursuant to Section 7.01 or 7.02, the Servicing Rights Pledgee or its designee shall be appointed as successor servicer; provided that at the time of such appointment (i) the Servicing Rights Pledgee or such designee meets the requirements of a policy successor servicer set forth above in this Section 7.02 (provided that the consent and approval of the Trustee, the Depositor and the NIMs Insurer shall be deemed to have been given to the Servicing Rights Pledgee or policies of insurance covering errors its designee, and omissions in the performance of Servicing Rights Pledgee and its obligations as servicer hereunder designee are hereby agreed to be acceptable to the Trustee, the Depositor and the NIMs Insurer) and (ii) a fidelity bond in respect of its officers, employees and agents the Servicing Rights Pledgee or such designee agrees to be subject to the same extent as the Servicer is so required pursuant to Section 3.03terms of this Agreement.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (OwnIt Mortgage Loan Trust Mortgage Loan Asset-Backed Certificates, Series 2006-7)

Trustee to Act; Appointment of Successor. (a) On and after the time the Master Servicer receives a notice of termination pursuant to Section 8.018.1 or has resigned pursuant to Section 7.4, the Trustee shall be the successor in all respects to the Master Servicer in its capacity as servicer under this Agreement and the transactions set forth or provided for herein and shall be subject to all the responsibilities, duties and liabilities relating thereto placed on the Master Servicer by the terms and provisions hereof or shall appoint a successor pursuant to Section 3.07hereof. Notwithstanding anything provided herein to the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity as successor to the Servicer in its obligation to make Advances, to advance, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject to Section 8.05(b), as As compensation therefor, the Trustee shall be entitled to all such compensation and expenses as the terminated Master Servicer would have been entitled to hereunder if no such notice of termination had been given. Notwithstanding the above, (i) if the Trustee may, if it shall be is unwilling so to actact as successor Master Servicer, or shall, (ii) if it the Trustee is legally unable so to act, appoint, the Trustee may (in the situation described in clause (i) above) or shall (in the situation described in clause (ii) above) appoint or petition a court of competent jurisdiction to appoint, any established housing and home finance institution institution, bank or other mortgage loan servicer having a net worth of not less than $10,000,000 50,000,000 as the successor to the terminated Master Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Master Servicer hereunder; provided, however, that (i) any such institution appointed as successor Servicer shall not, as evidenced in writing by each Rating Agency, adversely affect the then current rating of any Class of Certificates immediately prior to the termination of the terminated Servicer. The appointment of a successor Servicer shall not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreement. Pending appointment of a successor to the terminated Master Servicer hereunder, unless the Trustee is prohibited by law from so acting, the Trustee shall act in such capacity as provided abovehereinabove provided. In connection with such 145 152 appointment and assumption, the successor shall be entitled to receive compensation out of payments on Mortgage Loans in an amount equal to the compensation and expenses which the Master Servicer would otherwise have received pursuant to Section 3.9 (or such lesser compensation as the Trustee and such successor shall agree). The appointment of a successor Master Servicer shall not affect any liability of the predecessor Master Servicer which may have arisen under this Agreement prior to its termination as Master Servicer (including, without limitation, the obligation to pay any deductible under an insurance policy pursuant to Section 3.5 or to indemnify the Trustee pursuant to Section 7.6), nor shall any successor Master Servicer be liable for any acts or omissions of the predecessor Master Servicer or for any breach by such Master Servicer of any of its representations or warranties contained herein or in any related document or agreement. The Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection with the appointment of a successor Servicer or the assumption of the duties of the Servicer, as specified in Section 8.05(a), the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor shall agree; provided, however, that any Person assuming the duties of the Servicer shall pay to such predecessor an amount equal to the market value of the portion of the Servicing Fee that will accrue in the future due to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" of such portion of the Servicing Fee shall be determined by Bank of America, N.A., on the basis of at least two quotations from third parties actively engaged in the servicing of single-family mortgage loans. If the successor Servicer does not agree that such market value is a fair price, such successor shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b). (c) Any successor, including the Trustee, to the Master Servicer as servicer Master Servicer shall during the term of its service as servicer Master Servicer (i) continue to service and administer the Mortgage Loans for the benefit of Certificateholders and (ii) maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer Master Servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the Master Servicer is so required pursuant to Section 3.033.13.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (First Union Residential Securitization Transactions Inc)

Trustee to Act; Appointment of Successor. (a) On and after the time the Servicer receives a notice of full or partial termination pursuant to Section 8.018.01 or an extension of the servicing term is not delivered pursuant to Section 7.06, the Trustee shall be the successor in all respects to the Servicer in its capacity as servicer under this Agreement with respect to the whole Trust or the affected Mortgage Loan Group, as appropriate and the transactions set forth or provided for herein and shall be subject to all the responsibilities, duties and liabilities relating thereto placed on the Servicer by the terms and provisions hereof or shall appoint a successor pursuant to Section 3.07. Notwithstanding anything provided herein to hereof, including without limitation, the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity as successor to the Servicer in its obligation to make Advances, Monthly Advances and to advance, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverablepay Compensating Interest. Subject to Section 8.05(b), as As compensation therefor, the Trustee shall be entitled to such compensation as the terminated Servicer would have been entitled to hereunder if no such notice of termination had been given. Notwithstanding the aboveforegoing, the Trustee may, if it shall be unwilling so to act, or shall, if it is legally unable so to act, promptly appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance institution or any institution that regularly services home equity loans that is then servicing a home equity loan portfolio and having all licenses, permits and approvals required by applicable 106 112 law, and having a net worth of not less than $10,000,000 as the successor to the terminated Servicer hereunder with respect to the whole Trust or the affected Mortgage Loan Group, as appropriate, in the assumption of all or any part of the responsibilities, duties or liabilities of the Servicer hereunder; provided, however, provided that (i) any such institution appointed as successor Servicer shall notbe acceptable to the Financial Guaranty Insurer, as evidenced which acceptance shall not be unreasonably withheld and provided further that the appointment of any such successor Servicer will not result in writing by each Rating Agencythe qualification, adversely affect reduction or withdrawal of the then current rating of assigned to any Class of related Offered Certificates immediately prior to the termination of the terminated Servicer. The appointment of a successor Servicer shall not affect by any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreementRating Agency. Pending appointment of a successor to the terminated Servicer hereunder, unless the Trustee is prohibited by law from so acting, the Trustee shall act in such capacity as provided abovehereinabove provided. In connection with such appointment and assumption, the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans as it and such successor shall agree; provided, however, that no such compensation shall be in excess of that permitted the Servicer hereunder. The Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. . The appointment of a successor Servicer shall not affect any liability of the predecessor Servicer that may have arisen under this Agreement prior to its termination as Servicer (b) In connection with including without limitation, any amount for a deductible amount pursuant to the last sentence of Section 3.04), nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by such Servicer or the Transferor of any of its representations or warranties contained herein or in any related document or agreement. Each of the Rating Agencies shall be given written notice of the appointment of a successor Servicer or the assumption of the duties of the Servicer, as specified in Section 8.05(a), the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor shall agree; provided, however, that any Person assuming the duties of the Servicer shall pay to such predecessor an amount equal to the market value of the portion of the Servicing Fee that will accrue in the future due to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" of such portion of the Servicing Fee shall be determined by Bank of America, N.A., on the basis of at least two quotations from third parties actively engaged in the servicing of single-family mortgage loans. If the successor Servicer does not agree that such market value is a fair price, such successor shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b). (c) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the Servicer is so required pursuant to Section 3.03this Section.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Aames Capital Acceptance Corp)

Trustee to Act; Appointment of Successor. (a) On and after the time the a Servicer receives a notice of termination pursuant to Section 8.017.01 of this Agreement or the resignation of a Servicer pursuant to Section 6.04, the Trustee shall shall, subject to and to the extent provided herein, be the successor in all respects to the Servicer related Servicer, but only in its capacity as servicer under this Agreement Agreement, and not in any other, and the transactions set forth or provided for herein and shall be subject to all the responsibilities, duties and liabilities relating thereto placed on the related Servicer by the terms and provisions hereof or shall appoint a successor and applicable law including the obligation to make Advances pursuant to Section 3.074.01. Notwithstanding anything provided herein to the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity as successor to the Servicer in its obligation to make Advances, to advance, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject to Section 8.05(b), as As compensation therefor, the Trustee shall be entitled to such compensation as all funds relating to the terminated Mortgage Loans that the related Servicer would have been entitled to hereunder if no charge to the Collection Account, provided that the terminated Servicer shall nonetheless be entitled to payment or reimbursement as provided in Section 3.08 to the extent that such notice payment or reimbursement relates to the period prior to termination of termination had been giventhe related Servicer. Notwithstanding the aboveforegoing, if the Trustee has become the successor to a Servicer in accordance with Section 7.01, the Trustee may, if it shall be unwilling to so to act, or shall, if it is legally prohibited by applicable law from making Advances pursuant to 4.01 hereof, or if it is otherwise unable to so to act, appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance mortgage loan servicing institution having a net worth the appointment of which does not less than $10,000,000 adversely affect the then current rating of the Certificates by each Rating Agency, as the successor to the terminated a Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the a Servicer hereunder; provided, however, that (i) any such institution appointed as . Any successor to a Servicer shall notbe an institution which is a ▇▇▇▇▇▇ ▇▇▇ or ▇▇▇▇▇▇▇ Mac approved seller/servicer for first and second loans in good standing, which has a net worth of at least $10,000,000, which is willing to service the related Mortgage Loans and which executes and delivers to the Depositor and the Trustee an agreement accepting such delegation and assignment, containing an assumption by such Person of the rights, powers, duties, responsibilities, obligations and liabilities of the related Servicer (other than liabilities of the related Servicer under Section 6.03 hereof incurred prior to termination of the related Servicer under Section 7.01 hereunder), with like effect as evidenced in writing by if originally named as a party to this Agreement; provided that each Rating Agency, adversely affect the then current Agency acknowledges that its rating of any Class of the Certificates in effect immediately prior to the termination such assignment and delegation will not be qualified, withdrawn or downgraded as a result of the terminated Servicer. The appointment of a successor Servicer shall not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreementsuch assignment and delegation. Pending appointment of a successor to the terminated a Servicer hereunder, the Trustee, unless the Trustee is prohibited by law from so acting, shall, subject to the Trustee shall limitations described herein, act in such capacity as provided abovehereinabove provided. In connection with such appointment and assumption, the Trustee may make such arrangements for the compensation of such successor out of payments on the related Mortgage Loans as it and such successor shall agree; provided, however, that no such compensation shall be in excess of the Servicing Fee. The Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) . Neither the Trustee nor any other successor servicer shall be deemed to be in default by reason of any failure to make, or any delay in making, any distribution hereunder or any portion thereof or any failure to perform, or any delay in performing, any duties or responsibilities hereunder, in either case caused by the failure of the related Servicer to deliver or provide, or any delay in delivering or providing, any cash, information, documents or records to it. In connection with the appointment termination or resignation of a successor any Servicer or the assumption of the duties of the Servicerhereunder, as specified in Section 8.05(a), the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor shall agree; provided, however, that any Person assuming the duties of the Servicer shall pay to such predecessor an amount equal to the market value of the portion of the Servicing Fee that will accrue in the future due to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" of such portion of the Servicing Fee shall be determined by Bank of America, N.A., on the basis of at least two quotations from third parties actively engaged in the servicing of single-family mortgage loans. If the successor Servicer does not agree that such market value is a fair price, such successor shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal to the average of either (i) the lowest figure obtained by Bank successor servicer, including the Trustee if the Trustee is acting as successor Servicer, shall represent and warrant that it is a member of AmericaMERS in good standing and shall agree to comply in all material respects with the rules and procedures of MERS in connection with the servicing of the Mortgage Loans that are registered with MERS, N.A.in which case the predecessor Servicer shall cooperate with the successor Servicer in causing MERS to revise its records to reflect the transfer of servicing to the successor Servicer as necessary under MERS’ rules and regulations, and or (ii) the highest figure obtained by predecessor Servicer shall cooperate with the successor Servicer in causing MERS to execute and deliver an assignment of Mortgage in recordable form to transfer the Mortgage from MERS to the Trustee and to execute and deliver such other notices, documents and other instruments as may be necessary or desirable to effect a transfer of such Mortgage Loan or servicing of such Mortgage Loan on the MERS® System to the successor Servicer. Payment The predecessor Servicer shall file or cause to be filed any such assignment in the appropriate recording office. The predecessor Servicer shall bear any and all fees of the amount calculated above shall MERS, costs of preparing any assignments of Mortgage, and fees and costs of filing any assignments of Mortgage that may be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee required under this Agreementsubsection. In no event will any portion of the Trust Estate be used Any successor to pay amounts due to Bank of America, N.A. under this Section 8.05(b). (c) Any successor, including the Trustee, a Servicer shall give notice to the Servicer as Mortgagors of such change of servicer shall and shall, during the term of its service as servicer servicer, maintain in force (i) a the policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the that such Servicer is so required to maintain pursuant to Section 3.03this Agreement.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (CSFB Home Equity Mortgage Trust 2005-3)

Trustee to Act; Appointment of Successor. (a) The ---------------------------------------- occurrence of any one or more of the following events shall constitute an "Event of Default"): (i) Any failure by the Master Servicer to furnish the Trustee the Mortgage Loan data sufficient to prepare the reports described in Section 4.03(a) which continues unremedied for a period of one Business Day after the date upon which written notice of such failure shall have been given to such Master Servicer by the Trustee or to such Master Servicer and the Trustee by the Holders of not less than 25% of the Class Certificate Principal Amount (or Aggregate Notional Amount) of each Class of Certificates; or (ii) Any failure on the part of the Master Servicer duly to observe or perform in any material respect any other of the covenants or agreements on the part of such Master Servicer contained in this Agreement which continues unremedied for a period of 30 days (or 15 days, in the case of a failure to maintain any Insurance Policy required to be maintained pursuant to this Agreement) after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to such Master Servicer by the Trustee, or to such Master Servicer and the Trustee by the Holders of not less than 25% of the Class Certificate Principal Amount (or Aggregate Notional Amount) of each Class of Certificates; or (iii) A decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Master Servicer, and such decree or order shall have remained in force undischarged or unstayed for a period of 60 days or any Rating Agency reduces or withdraws or threatens to reduce or withdraw the rating of the Certificates because of the financial condition or loan servicing capability of such Master Servicer; or (iv) The Master Servicer shall consent to the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities, voluntary liquidation or similar proceedings of or relating to such Master Servicer or of or relating to all or substantially all of its property; or (v) The Master Servicer shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors or voluntarily suspend payment of its obligations; or (vi) The Master Servicer shall be dissolved, or shall dispose of all or substantially all of its assets, or consolidate with or merge into another entity or shall permit another entity to consolidate or merge into it, such that the resulting entity does not meet the criteria for a successor servicer as specified in Section 9.27 hereof; or (vii) If a representation or warranty set forth in Section 9.14 hereof shall prove to be incorrect as of the time made in any respect that materially and adversely affects the interests of the Certificateholders, and the circumstance or condition in respect of which such representation or warranty was incorrect shall not have been eliminated or cured within 60 days after the date on which written notice of such incorrect representation or warranty shall have been given to the Master Servicer by the Trustee, or to the Master Servicer and the Trustee by the Holders of not less than 25% of the Aggregate Certificate Principal Amount of each Class of Certificates; or (viii) A sale or pledge of the any of the rights of the Master Servicer hereunder or an assignment of this Agreement by the Master Servicer or a delegation of the rights or duties of the Master Servicer hereunder shall have occurred in any manner not otherwise permitted hereunder and without the prior written consent of the Trustee and Certificateholders holding more than 50% of the Class Certificate Principal Amount (or Aggregate Notional Amount) of each Class of Certificates; or (ix) Any Servicer at any time is not either an FNMA- or FHLMC- approved Seller/Servicer, and the Master Servicer has not terminated the rights and obligations of such Servicer under the applicable Servicing Agreement and replaced such Servicer with an FNMA- or FHLMC-approved servicer within 30 days of the absence of such approval; or (x) Any failure of the Master Servicer to remit to the Trustee any payment required to be made to the Trustee for the benefit of Certificateholders under the terms of this Agreement, including any Advance, on any Deposit Date. If an Event of Default described in clauses (i) through (ix) of this Section 6.14 shall occur, then, in each and every case, subject to applicable law, so long as any such Event of Default shall not have been remedied within any period of time prescribed by this Section 6.14, the Trustee, by notice in writing to the Master Servicer may, and shall, if so directed by Certificateholders evidencing more than 50% of the Class Certificate Principal Amount (or Aggregate Notional Amount) of each Class of Certificates, terminate all of the rights and obligations of the Master Servicer hereunder and in and to the Mortgage Loans and the proceeds thereof. If an Event of Default described in clause (x) of this Section 6.14 shall occur, then, in each and every case, subject to applicable law, the Trustee, by notice in writing to the Master Servicer, shall promptly terminate all of the rights and obligations of the Master Servicer hereunder and in and to the Mortgage Loans and the proceeds thereof. On or after the receipt by the Master Servicer of such written notice, all authority and power of the Master Servicer, and only in its capacity as Master Servicer under this Agreement, whether with respect to the Mortgage Loans or otherwise, shall pass to and be vested in the Trustee pursuant to and under the terms of this Agreement; and the Trustee is hereby authorized and empowered to execute and deliver, on behalf of the defaulting Master Servicer as attorney-in-fact or otherwise, any and all documents and other instruments, and to do or accomplish all other acts or things necessary or appropriate to effect the purposes of such notice of termination, whether to complete the transfer and endorsement or assignment of the Mortgage Loans and related documents or otherwise. The defaulting Master Servicer agrees to cooperate with the Trustee in effecting the termination of the defaulting Master Servicer's responsibilities and rights hereunder as Master Servicer including, without limitation, notifying Mortgagors of the assignment of the master servicing function and providing the Trustee or its designee all documents and records in electronic or other form reasonably requested by it to enable the Trustee or its designee to assume the defaulting Master Servicer's functions hereunder and the transfer to the Trustee for administration by it of all amounts which shall at the time be or should have been deposited by the defaulting Master Servicer in the Collection Account maintained by such defaulting Master Servicer and any other account or fund maintained with respect to the Certificates or thereafter received with respect to the Mortgage Loans. The Master Servicer being terminated shall bear all costs of a master servicing transfer, including but not limited to those of the Trustee reasonably allocable to specific employees and overhead, legal fees and expenses, accounting and financial consulting fees and expenses, and costs of amending the Agreement, if necessary. Notwithstanding the termination of its activities as Master Servicer, each terminated Master Servicer shall continue to be entitled to reimbursement to the extent provided in Section 4.02(i), (ii), (iii), (iv), (v), (vi), (vii), (ix) and (xi) to the extent such reimbursement relates to the period prior to such Master Servicer's termination. If any Event of Default shall occur, the Trustee shall promptly notify the Rating Agencies of the nature and extent of such Event of Default. The Trustee shall immediately give written notice to the Master Servicer upon such Master Servicer's failure to remit funds on the Deposit Date. (b) On and after the time the Master Servicer receives a notice of termination from the Trustee pursuant to Section 8.016.14(a) or the Trustee receives the resignation of the Master Servicer evidenced by an Opinion of Counsel pursuant to Section 9.29, the Trustee Trustee, unless another master servicer shall have been appointed, shall be the successor in all respects to the Master Servicer in its capacity as servicer such under this Agreement and the transactions set forth or provided for herein and shall have all the rights and powers and be subject to all the responsibilities, duties and liabilities relating thereto and arising thereafter placed on the Master Servicer by hereunder, including the terms and provisions hereof or shall appoint a successor pursuant to Section 3.07. Notwithstanding anything provided herein to the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity as successor to the Servicer in its obligation to make Advances; provided, however, that any failure to advanceperform such duties or responsibilities caused by the Master Servicer's failure to provide information required by this Agreement shall not be considered a default by the Trustee hereunder. In addition, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it Trustee shall have reasonable grounds no responsibility for believing that any act or omission of the Master Servicer prior to the issuance of any notice of termination and shall have no liability relating to the representations and warranties of the Master Servicer set forth in Section 9.14. In the Trustee's capacity as such funds are non-recoverablesuccessor, the Trustee shall have the same limitations on liability herein granted to the Master Servicer. Subject to Section 8.05(b), as As compensation therefor, the Trustee shall be entitled to such receive all compensation as payable to the terminated Master Servicer would have been entitled to hereunder if no such notice of termination had been given. under this Agreement, including the Master Servicing Fee. (c) Notwithstanding the above, the Trustee may, if it shall be unwilling to continue to so to act, or shall, if it is legally unable to so to act, appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance institution servicer, master servicer, servicing or mortgage servicing institution having a net worth of not less than $10,000,000 15,000,000 and meeting such other standards for a successor master servicer as are set forth in this Agreement, as the successor to the terminated such Master Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of a master servicer, like the Servicer hereunderMaster Servicer. Any entity designated by the Trustee as a successor master servicer may be an Affiliate of the Trustee; provided, however, that (i) any that, unless such institution appointed as Affiliate meets the net worth requirements and other standards set forth herein for a successor Servicer master servicer, the Trustee, in its individual capacity shall notagree, as evidenced in writing by each Rating Agencyat the time of such designation, adversely affect the then current rating of any Class of Certificates immediately prior to be and remain liable to the termination of the terminated ServicerTrust Fund for such Affiliate's actions and omissions in performing its duties hereunder. The appointment of a successor Servicer shall not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreement. Pending appointment of a successor to the terminated Servicer hereunder, unless the Trustee is prohibited by law from so acting, the Trustee shall act in such capacity as provided above. The Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection with the such appointment of a successor Servicer or the assumption of the duties of the Servicer, as specified in Section 8.05(a)and assumption, the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor shall agree; provided, however, that any Person assuming the duties no such compensation shall be in excess of the Servicer shall pay to such predecessor an amount equal that permitted to the market value of the portion of the Servicing Fee that will accrue in the future due Master Servicer hereunder. The Trustee and such successor shall take such actions, consistent with this Agreement, as shall be necessary to the Servicing Fee Rate exceeding 0.25% per annum effectuate any such succession and may make other arrangements with respect to any Mortgage Loanthe servicing to be conducted hereunder which are not inconsistent herewith. The "market value" of such portion Master Servicer shall cooperate with the Trustee and any successor master servicer in effecting the termination of the Servicing Fee Master Servicer's responsibilities and rights hereunder including, without limitation, notifying Mortgagors of the assignment of the master servicing functions and providing the Trustee and successor master servicer, as applicable, all documents and records in electronic or other form reasonably requested by it to enable it to assume the Master Servicer's functions hereunder and the transfer to the Trustee or such successor master servicer, as applicable, all amounts which shall at the time be or should have been deposited by the Master Servicer in the Collection Account and any other account or fund maintained with respect to the Certificates or thereafter be received with respect to the Mortgage Loans. Neither the Trustee nor any other successor master servicer shall be determined deemed to be in default hereunder by Bank reason of Americaany failure to make, N.A.or any delay in making, on the basis of at least two quotations from third parties actively engaged in the servicing of single-family mortgage loans. If the successor Servicer does not agree that such market value is a fair price, such successor shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess any distribution hereunder or any portion of the Servicing Fee will then be equal to the average of thereof caused by (i) the lowest figure obtained by Bank failure of Americathe Master Servicer to deliver, N.A.or any delay in delivering, and cash, documents or records to it, (ii) the highest figure obtained by the successor Servicer. Payment failure of the amount calculated above shall be made Master Servicer to Bank of Americacooperate as required by this Agreement, N.A., by (iii) the successor Servicer no later than the last Business Day failure of the month in which such successor Master Servicer becomes entitled to receive deliver the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b). (c) Any successor, including the Trustee, Mortgage Loan data to the Servicer Trustee as servicer shall during required by this Agreement or (iv) restrictions imposed by any regulatory authority having jurisdiction over the term of its service as servicer maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the Servicer is so required pursuant to Section 3.03Master Servicer.

Appears in 1 contract

Sources: Trust Agreement (Structured Asset Securities Corporation)

Trustee to Act; Appointment of Successor. (a) On and after the time the Servicer receives a notice of termination pursuant to Section 8.017.01, the Trustee Standby Servicer shall be the successor in all respects to the Servicer in its capacity as servicer Servicer under this Agreement and the transactions set forth or provided for herein and shall be subject to all the responsibilities, duties and liabilities relating thereto placed on the Servicer by the terms and provisions hereof hereof; provided however, that in the event that the Standby Servicer refuses or shall appoint is unable to act as successor Servicer, the Trustee or a successor Servicer appointed pursuant to this Section 3.07. Notwithstanding anything 7.02 shall be the successor Servicer hereunder and provided herein further, however, that if no Certificate Insurer Default shall have occurred and be continuing the Certificate Insurer, by written notice to the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity the Transferor, the Servicer and the Standby Servicer, may designate another Person to act as successor to the Servicer in its obligation to make Advances, to advance, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverablehereunder. Subject to Section 8.05(b), as As compensation therefor, the Trustee Trustee, its designee, or other successor Servicer, as the case may be, shall be entitled to such compensation as all funds relating to the terminated Contracts which the Servicer would have been entitled to hereunder charge to the Certificate Account if no such notice of termination the Servicer had been givencontinued to act hereunder. Notwithstanding If the aboveStandby Servicer refuses or is unable to act as successor Servicer hereunder, the Trustee may, if it shall be unwilling to so to act, or shall, if it is legally unable to so to act, appoint, or petition a court of competent jurisdiction to appoint, any established housing experienced servicer of motor vehicle installment sales contracts and home finance institution notes having a net worth of not less than $10,000,000 as the successor to the terminated Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Servicer hereunder; provided, however, that (i) any such institution appointed as successor Servicer . The Trustee shall not, as evidenced in writing by each Rating Agency, adversely affect obtain the then current rating of any Class of Certificates immediately prior to the termination written consent of the terminated Servicer. The appointment of Certificate Insurer (unless a Certificate Insurer Default has occurred and is continuing) before appointing a successor Servicer shall not affect any liability of other than the predecessor Servicer which may have arisen under this Agreement prior to its termination as Standby Servicer, nor shall and any successor Servicer other than the Standby Servicer shall be liable for any acts or omissions of satisfactory to the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreementCertificate Insurer (unless a Certificate Insurer Default has occurred and is continuing). Pending appointment of a successor to the terminated Servicer hereunder, unless the Trustee is prohibited by law from so acting, the Trustee shall act in such capacity as hereinabove provided. In connection with such appointment and assumption, the Trustee may make such arrangements for the compensation of such successor out of payments on Contracts as it and such successor shall agree; provided abovehowever, that no such compensation to the Trustee shall be in excess of that permitted the Servicer hereunder unless (A) the Trustee and the Certificate Insurer (or if a Certificate Insurer Default has occurred and is continuing, holders of Certificates evidencing a majority in Percentage Interests of the Certificates) agree in writing to a larger Servicing Fee and (B) each Rating Agency delivers a letter to the Trustee to the effect that such larger Servicing Fee will not result in a reduction or the withdrawal of the rating assigned by such Rating Agency to the Certificates; and provided further, however, that the Servicing Fee to a successor Servicer, including the Trustee, shall not exceed a monthly fee equal to 1/12th of the product of (i) the aggregate amount of the Outstanding Principal Balances of all Contracts outstanding as of the last day of the related Due Period and (ii) two percent (2%). The Trustee Transferor, the Trustee, any Subservicer and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection with . If the appointment Trustee shall succeed to the Servicer's duties as Servicer of the Contracts as provided herein, it shall do so in its individual capacity and not in its capacity as Trustee and, accordingly, the provisions of Article VIII shall be inapplicable to the Trustee and its duties in its capacity as a successor Servicer to the Servicer and the servicing of the Contracts. In the event that the Trustee shall not seek to appoint a successor Servicer within three months of its succession to the Servicer's duties as servicer, it shall resign as Trustee pursuant to Section 8.06 and the Transferor shall, with the written consent of the Certificate Insurer (unless a Certificate Insurer Default shall have occurred and be continuing), appoint, or the assumption of Trustee shall petition a court to appoint, a successor trustee pursuant to such Section 8.06. To the duties of the Servicer, as specified in Section 8.05(a)extent a successor Servicer is appointed, the Trustee may make such arrangements shall not be liable for the compensation acts or omissions of such successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor shall agree; provided, however, that any Person assuming the duties of the Servicer shall pay to such predecessor an amount equal to the market value of the portion of the Servicing Fee that will accrue in the future due to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" of such portion of the Servicing Fee shall be determined by Bank of America, N.A., on the basis of at least two quotations from third parties actively engaged in the servicing of single-family mortgage loans. If the successor Servicer does not agree that such market value is a fair price, such successor shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b). (c) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the Servicer is so required pursuant to Section 3.03.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (National Auto Finance Co Inc)

Trustee to Act; Appointment of Successor. (a) On and after the time the Master Servicer, the Special Servicer or the REMIC Administrator resigns pursuant to the first paragraph of Section 6.04 or receives a notice of termination pursuant to Section 8.017.01, the Trustee shall be the successor in all respects to the Master Servicer, the Special Servicer or (unless it had also been acting as such) the REMIC Administrator, as the case may be, in its capacity as servicer such under this Agreement and the transactions set forth or provided for herein and shall be subject to all the responsibilities, duties and liabilities relating thereto and arising thereafter placed on the Master Servicer, the Special Servicer or the REMIC Administrator, as the case may be, by the terms and provisions hereof hereof, including, without limitation, if the Master Servicer is the resigning or terminated party, the Master Servicer's obligation to make P&I Advances; provided that any failure to perform such duties or responsibilities caused by the Master Servicer's, the Special Servicer's or the REMIC Administrator's, as the case may be, failure to cooperate or to provide information or monies required by Section 7.01 shall appoint not be considered a default by the Trustee hereunder. Neither the Trustee nor any other successor shall be liable for any of the representations and warranties of the resigning or terminated party or for any losses incurred by the resigning or terminated party pursuant to Section 3.073.06 hereunder nor shall the Trustee nor any other successor be required to purchase any Mortgage Loan hereunder. Notwithstanding anything provided herein to the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity as successor to the Servicer in its obligation to make Advances, to advance, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject to Section 8.05(b), as As compensation therefor, the Trustee shall be entitled to such all fees and other compensation as which the resigning or terminated Servicer party would have been entitled to hereunder for future services rendered if no such notice of termination the resigning or terminated party had been givencontinued to act hereunder. Notwithstanding the above, the Trustee may, if it shall be unwilling to so to act, or shall, if it is legally unable unable, or is not approved as a successor Master Servicer or Special Servicer, as the case may be, by each Rating Agency, to so act or if the Holders of Certificates entitled to actat least 51% of the Voting Rights shall request in writing to the Trustee or if the REMIC Administrator is the resigning or terminated party and the Trustee had been acting in such capacity, promptly appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance qualified institution having a net worth of not less than $10,000,000 as the successor to the terminated Master Servicer, the Special Servicer or the REMIC Administrator, as the case may be, hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Master Servicer, the Special Servicer or the REMIC Administrator, as the case may be, hereunder; providedprovided that such appointment does not result in the downgrading, however, that (i) withdrawal or qualification of any such institution appointed as successor Servicer shall not, as evidenced in writing rating then assigned by each either Rating Agency, adversely affect the then current rating of Agency to any Class of Certificates immediately prior (as evidenced by written confirmation to the termination of the terminated Servicersuch effect from each Rating Agency). The appointment of a successor Servicer shall not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreement. Pending No appointment of a successor to the terminated Master Servicer, the Special Servicer or the REMIC Administrator hereunder shall be effective until the assumption of the successor to such party of all its responsibilities, duties and liabilities hereunder, unless the Trustee is prohibited by law from so actingand pending such appointment and assumption, the Trustee shall act in such capacity as provided abovehereinabove provided. The In connection with 137 any such appointment and assumption, the Trustee may make such arrangements for the compensation of such successor out of payments on the Mortgage Loans or otherwise as it and such successor shall agree; provided, however, that no such compensation shall be in excess of that permitted the resigning or terminated party hereunder. The Depositor, the Trustee, such successor and each other party hereto shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection with the appointment of a successor Servicer or the assumption of the duties of the Servicer, as specified in Section 8.05(a), the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor shall agree; provided, however, that any Person assuming the duties of the Servicer shall pay to such predecessor an amount equal to the market value of the portion of the Servicing Fee that will accrue in the future due to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" of such portion of the Servicing Fee shall be determined by Bank of America, N.A., on the basis of at least two quotations from third parties actively engaged in the servicing of single-family mortgage loans. If the successor Servicer does not agree that such market value is a fair price, such successor shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b). (c) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the Servicer is so required pursuant to Section 3.03.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (DLJ Commercial Mortgage Corp)

Trustee to Act; Appointment of Successor. (a) On and after the time the Master Servicer, the Special Servicer or the REMIC Administrator resigns pursuant to clause (ii) of the first sentence of Section 6.04 or receives a notice of termination pursuant to Section 8.017.01, the Trustee shall be the successor in all respects to the Master Servicer, the Special Servicer or (unless it has also been acting as such) the REMIC Administrator, as the case may be, in its capacity as servicer such under this Agreement and the transactions set forth or provided for herein and shall be subject to all the responsibilities, duties and liabilities relating thereto and arising thereafter placed on the Master Servicer, the Special Servicer or the REMIC Administrator, as the case may be, by the terms and provisions hereof hereof, including, without limitation, if the Master Servicer is the resigning or terminated party, the Master Servicer's obligation to make P&I Advances; provided that any failure to perform such duties or responsibilities caused by the Master Servicer's, the Special Servicer's or the REMIC Administrator's, as the case may be, failure to cooperate or to provide information or monies required by Section 7.01 shall appoint not be considered a default by the Trustee hereunder. Neither the Trustee nor any other successor shall be liable for any of the representations and warranties of the resigning or terminated party or for any losses incurred by the resigning or terminated party pursuant to Section 3.073.06 hereunder nor shall the Trustee nor any other successor be required to purchase any Mortgage Loan hereunder. Notwithstanding anything provided herein to the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity as successor to the Servicer in its obligation to make Advances, to advance, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject to Section 8.05(b), as As compensation therefor, the Trustee shall be entitled to such all fees and other compensation as which the resigning or terminated Servicer party would have been entitled to hereunder for future services rendered if no such notice of termination the resigning or terminated party had been givencontinued to act hereunder. Notwithstanding the above, the Trustee may, if it shall be unwilling to so to act, or shall, if it is legally unable to so act or if the Holders of Certificates entitled to actat least 51% of the Voting Rights or either Rating Agency so request in writing to the Trustee or if the REMIC Administrator is the resigning or terminated party and the Trustee had been acting in such capacity, promptly appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance qualified institution having a net worth of not less than $10,000,000 as the successor to the terminated Master Servicer, the Special Servicer or the REMIC Administrator, as the case may be, hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Master Servicer, the Special Servicer or the REMIC Administrator, as the case may be, hereunder; providedprovided that such appointment does not result in the downgrading, however, that (i) qualification or withdrawal of any such institution appointed as successor Servicer shall not, as evidenced in writing rating then assigned by each either Rating Agency, adversely affect the then current rating of Agency to any Class of Certificates immediately prior to the termination of the terminated Servicer(as evidenced by written confirmation thereof from each Rating Agency). The No appointment of a successor to the Master Servicer, the Special Servicer or the REMIC Administrator hereunder shall not affect any liability be effective until the assumption of the predecessor Servicer which may have arisen under this Agreement prior successor to such party of all its termination as Servicerresponsibilities, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreementduties and liabilities hereunder. Pending appointment of a successor to the terminated Master Servicer, the Special Servicer or the REMIC Administrator hereunder, unless the Trustee is prohibited by law from so acting, the Trustee shall act in such capacity as provided abovehereinabove provided. The In connection with any such appointment and assumption described herein, the Trustee may make such arrangements for the compensation of such successor out of payments on or in respect of the Mortgage Loans or otherwise as it and such successor shall agree; provided, however, that no such compensation shall be in excess of that permitted the resigning or terminated party hereunder. The Sponsor, the Trustee, such successor and each other party hereto shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection . Any costs and expenses associated with the appointment of a successor Servicer or the assumption transfer of the duties foregoing functions under this Agreement (other than the set-up costs of the Servicer, as specified in Section 8.05(a), the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans serviced successor) shall be borne by the predecessor Master Servicer, Special Servicer or REMIC Administrator, as it and such successor shall agree; providedapplicable, howeverand, that any Person assuming the duties of the Servicer shall pay to if not paid by such predecessor Master Servicer, Special Servicer or REMIC Administrator within thirty days of its receipt of an amount equal to the market value of the portion of the Servicing Fee that will accrue in the future due to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" of such portion of the Servicing Fee invoice therefor, shall be determined by Bank of America, N.A., on the basis of at least two quotations from third parties actively engaged in the servicing of single-family mortgage loans. If the successor Servicer does not agree that such market value is a fair price, such successor shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion an expense of the Trust Estate be used Fund; provided that such predecessor Master Servicer, Special Servicer or REMIC Administrator shall reimburse the Trust Fund for any such expense so incurred by the Trust Fund; and provided, further, that the Trustee shall decide whether and to pay amounts due to Bank of America, N.A. under this Section 8.05(b). (c) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer maintain in force (i) a policy or policies of insurance covering errors and omissions what extent it is in the performance best interest of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents the Certificateholders to the same extent as the Servicer is so required pursuant pursue any remedy against any party obligated to Section 3.03make such reimbursement.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Mortgage Capital Funding Inc)

Trustee to Act; Appointment of Successor. (a) On and after the time the Master Servicer or the Special Servicer resigns pursuant to Section 6.04 or receives a notice of termination pursuant to Section 8.017.01, the Trustee shall be the successor in all respects to the Master Servicer or the Special Servicer, as the case may be, in its capacity as servicer such under this Agreement and the transactions set forth or provided for herein and shall be subject to all the responsibilities, duties and liabilities relating thereto and arising thereafter placed on the Master Servicer or the Special Servicer, as the case may be, by the terms and provisions hereof hereof, including, without limitation, the Master Servicer's obligation to make Delinquency Advances; provided that any failure to perform such duties or responsibilities caused by the Master Servicer's or the Special Servicer's failure to provide information or monies required by Section 7.01 shall appoint not be considered a successor default by the Trustee hereunder. The Trustee shall not be liable for any of the representations and warranties of the Master Servicer or the Special Servicer or for any losses incurred by the Master Servicer or the Special Servicer pursuant to Section 3.073.06 hereunder nor shall the Trustee be required to purchase any Mortgage Loan hereunder. Notwithstanding anything provided herein to the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity as successor to the Servicer in its obligation to make Advances, to advance, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject to Section 8.05(b), as As compensation therefor, the Trustee shall be entitled to such compensation as the terminated applicable Servicing Fee and Special Servicing Fee and all funds relating to the Mortgage Loans which the Master Servicer or the Special Servicer would have been entitled to hereunder charge to the Certificate Account or the Distribution Account if no such notice of termination the Master Servicer or the Special Servicer had been givencontinued to act hereunder. Notwithstanding the above, the Trustee may, if it shall be unwilling to so to act, or shall, if it is legally unable to so act or if the Holders of Certificates entitled to actat least 51% of the Voting Rights so request in writing to the Trustee or if the Trustee is not approved as a master servicer or special servicer, appointas the case may be, by each Rating Agency, promptly appoint any FNMA or petition a court of competent jurisdiction to appoint, any established housing and home finance FHLMC-approved mortgage loan servicing institution having that has a net worth of not less than $10,000,000 and is otherwise acceptable to each Rating Agency (as evidenced by Rating Agency Confirmation), as the successor to the terminated Master Servicer hereunder or the Special Servicer, as the case may be, in the assumption of all or any part of the responsibilities, duties or liabilities of the Master Servicer hereunder; provided, however, that (i) any such institution appointed as successor Servicer shall notor the Special Servicer, as evidenced in writing by each Rating Agencythe case may be, adversely affect the then current rating of any Class of Certificates immediately prior to the termination of the terminated Servicerhereunder. The No appointment of a successor to the Master Servicer or the Special Servicer, as the case may be, hereunder shall not affect any liability be effective until the assumption of the predecessor successor to the Master Servicer which may have arisen under this Agreement prior to its termination as or the Special Servicer, nor shall any successor Servicer be liable for any acts or omissions as the case may be, of all the responsibilities, duties and liabilities of the predecessor Master Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreementSpecial Servicer, as the case may be, hereunder. Pending appointment of a successor to the terminated Master Servicer or the Special Servicer, as the case may be, hereunder, unless the Trustee is prohibited by law from so acting, the Trustee shall act in such capacity as provided abovehereinabove provided. In connection with any such appointment and 156 assumption described herein, the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans or otherwise as it and such successor shall agree; provided, however, that no such compensation shall be in excess of that permitted the resigning or terminated party hereunder. The Depositor, the Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In . The Trustee shall be reimbursed for all of its out-of-pocket expenses incurred in connection with obtaining such successor servicer by the appointment of a successor Servicer or the assumption Trust within 60 days of the duties Trustee's submission of an invoice with respect thereto and after making reasonable efforts to collect such amounts from the Servicersuccessor servicer, as specified in Section 8.05(a), the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor shall agree; provided, however, that any Person assuming the duties of the Servicer shall pay to such predecessor an amount equal to the market value of the portion of the Servicing Fee that will accrue in the future due to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" of extent such portion of the Servicing Fee shall be determined by Bank of America, N.A., on the basis of at least two quotations from third parties actively engaged in the servicing of single-family mortgage loans. If the successor Servicer does expenses have not agree that such market value is a fair price, such successor shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained been reimbursed by the successor Servicer. Payment of servicer; such expenses paid by the amount calculated above Trust Fund shall be made deemed to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the be an Additional Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b)Fund Expense. (c) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the Servicer is so required pursuant to Section 3.03.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Gmac Commercial Mortgage Securities Inc)

Trustee to Act; Appointment of Successor. (a) On and after the time the Master Servicer, the Special Servicer or the REMIC Administrator resigns pursuant to clause (ii) of the first sentence of Section 6.04 or receives a notice of termination pursuant to Section 8.017.01, the Trustee shall be the successor in all respects to the Master Servicer, the Special Servicer or (unless it has also been acting as such) the REMIC Administrator, as the case may be, in its capacity as servicer such under this Agreement and the transactions set forth or provided for herein and shall be subject to all the responsibilities, duties and liabilities relating thereto and arising thereafter placed on the Master Servicer, the Special Servicer or the REMIC Administrator, as the case may be, by the terms and provisions hereof hereof, including, without limitation, if the Master Servicer is the resigning or terminated party, the Master Servicer's obligation to make P&I Advances; provided that any failure to perform such duties or responsibilities caused by the Master Servicer's, the Special Servicer's or the REMIC Administrator's, as the case may be, failure to cooperate or to provide information or monies required by Section 7.01 shall appoint not be considered a default by the Trustee hereunder. Neither the Trustee nor any other successor shall be liable for any of the representations and warranties of the resigning or terminated party or for any losses incurred by the resigning or terminated party pursuant to Section 3.073.06 hereunder nor shall the Trustee nor any other successor be required to purchase any Mortgage Loan hereunder. Notwithstanding anything provided herein to the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity as successor to the Servicer in its obligation to make Advances, to advance, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject to Section 8.05(b), as As compensation therefor, the Trustee shall be entitled to such compensation as all fees and other compensation, (subject to Section 3.11) which the resigning or terminated Servicer party would have been entitled to hereunder for future services rendered if no such notice of termination the resigning or terminated party had been givencontinued to act hereunder. Notwithstanding the above, the Trustee may, if it shall be unwilling to so to act, or shall, if it is legally unable to so to act, or is not approved by each and every Rating Agency as an acceptable master servicer or special servicer, as the case may be, of commercial mortgage loans, or if the Holders of Certificates or the Certificate Insurer entitled to at least 51 % of the Voting Rights so request in writing to the Trustee, or if the REMIC Administrator is the resigning or terminated party and the Trustee had been acting in such capacity, promptly appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance qualified institution having a net worth of not less than $10,000,000 as the successor to the terminated Master Servicer, the Special Servicer or the REMIC Administrator, as the case may be, hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Master Servicer, the Special Servicer or the REMIC Administrator, as the case may be, hereunder; providedprovided that such appointment does not result in the downgrading, however, that (i) any such institution appointed as successor Servicer shall notqualification or withdrawal, as evidenced in writing applicable, of any rating then assigned by each any Rating Agency, adversely affect the then current rating of Agency to any Class of Certificates immediately prior to the termination of the terminated Servicer(as evidenced by written confirmation thereof from each Rating Agency). The No appointment of a successor to the Master Servicer, the Special Servicer or the REMIC Administrator hereunder shall not affect any liability be effective until the assumption of the predecessor Servicer which may have arisen under this Agreement prior successor to such party of all its termination as Servicerresponsibilities, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreementduties and liabilities hereunder. Pending appointment of a successor to the terminated Master Servicer, the Special Servicer or the REMIC Administrator hereunder, unless the Trustee is prohibited by law from so acting, the Trustee shall act in such capacity as provided abovehereinabove provided. The Subject to Section 3.11 and in connection with any such appointment and assumption described herein, the Trustee may make such arrangements for the compensation of such successor out of payments on or in respect of the Mortgage Loans or otherwise 191 as it and such successor shall agree; provided, however, that no such compensation shall be in excess of that permitted the resigning or terminated party hereunder. The Depositor, the Trustee, such successor and each other party hereto shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection . Any costs and expenses associated with the appointment of a successor Servicer or the assumption transfer of the duties foregoing functions under this Agreement (other than the setup costs of the Servicer, as specified in Section 8.05(a), the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans serviced successor) shall be borne by the predecessor Master Servicer, Special Servicer or REMIC Administrator, as it applicable, and, if not paid by such predecessor Master Servicer, Special Servicer or REMIC Administrator within thirty days of its receipt of an invoice therefor, shall be an expense of the Trust; provided that such predecessor Master Servicer, Special Servicer or REMIC Administrator shall reimburse the Trust for any such expense so incurred by the Trust; and such successor shall agree; provided, howeverfurther, that any Person assuming the duties Trustee shall decide whether and to what extent it is in the best interest of the Servicer shall pay Certificateholders to pursue any remedy against any party obligated to make such predecessor an amount equal to the market value of the portion of the Servicing Fee that will accrue in the future due to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" of such portion of the Servicing Fee shall be determined by Bank of America, N.A., on the basis of at least two quotations from third parties actively engaged in the servicing of single-family mortgage loans. If the successor Servicer does not agree that such market value is a fair price, such successor shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b)reimbursement. (c) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the Servicer is so required pursuant to Section 3.03.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Inc)

Trustee to Act; Appointment of Successor. (a) On and after the time the Servicer or the Special Servicer resigns pursuant to the first paragraph of Section 6.04 or receives a notice of ------------ termination pursuant to Section 8.017.01, the Trustee shall (unless a successor is ------------ identified by the Servicer or the Special Servicer pursuant to Section 6.04), ------------- subject to Sections 6.06 and 7.01(b), be the successor in all respects to the ------------- ------- Servicer or the Special Servicer, as the case may be, in its capacity as servicer such under this Agreement and the transactions set forth or provided for herein and shall be subject to all of the responsibilities, duties and liabilities relating thereto and arising thereafter placed on the Servicer or the Special Servicer, as the case may be, by the terms and provisions hereof hereof, including, if the Servicer is the resigning or terminated party, the Servicer's obligation to make P&I Advances; provided, however, that any failure to perform such duties or -------- ------- responsibilities caused by the Servicer's or the Special Servicer's, as the case may be, failure to cooperate or to provide information or monies as required by Section 7.01 shall appoint not be considered a default by the Trustee hereunder. Neither ------------ the Trustee nor any other successor shall be liable for any of the representations and warranties of the resigning or terminated party or for any losses incurred by the resigning or terminated party pursuant to Section 3.073.06 ------------ hereunder nor shall the Trustee nor any other successor be required to purchase the Mortgage Loan hereunder. Notwithstanding anything provided herein to the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity as successor to the Servicer in its obligation to make Advances, to advance, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject to Section 8.05(b), as As compensation therefor, the Trustee shall be entitled to such all fees and other compensation as which the resigning or terminated Servicer party would have been entitled to hereunder for future services rendered if no such notice of termination the resigning or terminated party had been givencontinued to act hereunder. Notwithstanding the above, if it is unwilling to so act, the Trustee may, if it shall be unwilling so to act, or shallmay (and, if it is legally unable to so to act, or if the Trustee is not approved as an acceptable Servicer or Special Servicer, as the case may be, by each Rating Agency, or if the Holders of Certificates entitled to a majority of the Voting Rights so request in writing), the Trustee shall, subject to Sections 6.06, 6.04 and 7.01(b) (if applicable), promptly ------------- ---- ------- appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance qualified institution having with a net worth of not less than at least $10,000,000 10 million as the successor to the terminated Servicer or the Special Servicer, as the case may be, hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Servicer or the Special Servicer, as the case may be, hereunder; provided, however, that such appointment does not result in an -------- ------- Adverse Rating Event with respect to any Class of Regular Certificates (i) any such institution appointed as successor Servicer shall not, as evidenced confirmed in writing to the Trustee by each Rating Agency, adversely affect the then current rating of any Class of Certificates immediately prior to the termination of the terminated Servicer). The appointment of a successor Servicer shall not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreement. Pending No appointment of a successor to the terminated Servicer or the Special Servicer hereunder shall be effective until the assumption by such successor of all its responsibilities, duties and liabilities hereunder, unless the Trustee is prohibited by law from so actingand pending such appointment and assumption, the Trustee shall act in such capacity as provided abovehereinabove provided. The In connection with any such appointment and assumption, the Trustee may make such arrangements for the compensation of such successor out of payments on the Mortgage Loan or otherwise as it and such successor shall agree; provided, however, that no such compensation shall be in excess of that permitted the resigning or terminated party hereunder. The Depositor, the Trustee, such successor and each other party hereto shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection with the appointment of a successor Servicer or the assumption of the duties of the Servicer, as specified in Section 8.05(a), the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor shall agree; provided, however, that any Person assuming the duties of the Servicer shall pay to such predecessor an amount equal to the market value of the portion of the Servicing Fee that will accrue in the future due to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" of such portion of the Servicing Fee shall be determined by Bank of America, N.A., on the basis of at least two quotations from third parties actively engaged in the servicing of single-family mortgage loans. If the successor Servicer does not agree that such market value is a fair price, such successor shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b). (c) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the Servicer is so required pursuant to Section 3.03.

Appears in 1 contract

Sources: Trust and Servicing Agreement (Ventas Inc)

Trustee to Act; Appointment of Successor. (a) On and after Within 90 days of the time the a Servicer receives a notice of termination pursuant to Section 8.01, the Trustee Securities Administrator or the Trustee, as applicable (or other named successor), shall be the successor in all respects to the such Servicer in its capacity as servicer under this Agreement and the transactions set forth or provided for herein and shall be subject to all the responsibilities, duties and liabilities relating thereto placed on the such Servicer by the terms and provisions hereof or shall appoint a successor pursuant to Section 3.07. Notwithstanding anything provided herein the foregoing, (i) the parties hereto agree that the Securities Administrator or the Trustee, as applicable, in its capacity as successor Servicer, immediately will assume all of the obligations of such Servicer under this Agreement (including the obligation to make Advances), (ii) the contrarySecurities Administrator or the Trustee, as applicable, in its capacity as successor Servicer, shall not be responsible for the lack of information and/or documents that it cannot obtain through reasonable efforts and (iii) under no circumstances shall any provision of this Agreement be construed to require the Securities Administrator or the Trustee, as applicable, acting in its capacity as successor to the a Servicer in its obligation to make Advances, to advance, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject to Section 8.05(b), as compensation therefor, the Trustee Securities Administrator or the Trustee, as applicable, shall be entitled to such compensation as the terminated Servicer would have been entitled to hereunder if no such notice of termination had been given. Notwithstanding the above, the Trustee Securities Administrator or the Trustee, as applicable, may, if it shall be unwilling so to act, or shall, if it is legally unable so to act, appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance institution having a net worth of not less than $10,000,000 as the successor to the terminated Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the a Servicer hereunder; provided, however, that (i) any such institution appointed as successor Servicer shall not, as evidenced in writing by each Rating Agency, adversely affect the then current rating of any Class of Certificates immediately prior to the termination of the terminated Servicer. The appointment of a successor Servicer shall not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the such Servicer of any of its representations or warranties contained herein or in any related document or agreement. Pending appointment of a successor to the terminated Servicer hereunder, unless the Trustee Securities Administrator or the Trustee, as applicable, is prohibited by law from so acting, the Trustee Securities Administrator or the Trustee, as applicable, shall act in such capacity as provided above. The Trustee Securities Administrator or the Trustee, as applicable, and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. All Servicing Transfer Costs shall be paid by the predecessor Servicer upon presentation of reasonable documentation of such costs, and if such predecessor Servicer defaults in its obligation to pay such costs, such costs shall be paid by the successor Servicer or the Securities Administrator or the Trustee, as applicable (in which case the successor Servicer, the Securities Administrator or the Trustee, as applicable, shall be entitled to reimbursement therefor from the assets of the Trust). (b) In connection with the appointment of a successor Servicer or the assumption of the duties of the a Servicer, as specified in Section 8.05(a), the Trustee Securities Administrator or the Trustee, as applicable, may make such arrangements for the compensation of such successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor shall agree; provided, however, that any Person assuming agree not to exceed the duties of the Servicer shall pay to such predecessor an amount equal to the market value of the portion of the related Servicing Fee that will accrue in the future due to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" of such portion of the Servicing Fee shall be determined by Bank of America, N.A., on the basis of at least two quotations from third parties actively engaged in the servicing of single-family mortgage loans. If the successor Servicer does not agree that such market value is a fair price, such successor shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b)Rate. (c) Any successor, including the Securities Administrator or the Trustee, as applicable, to the a Servicer as servicer shall during the term of its service as servicer maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the each Servicer is so required pursuant to Section 3.03.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Banc of America Funding Corp. Mortgage Pass-Through Certificates Series 2004-A)

Trustee to Act; Appointment of Successor. (a) The ---------------------------------------- occurrence of any one or more of the following events shall constitute an "Event of Default"): (i) Any failure by the Master Servicer to furnish the Trustee the Mortgage Loan data sufficient to prepare the reports described in Section 4.03(a) which continues unremedied for a period of one Business Day after the date upon which written notice of such failure shall have been given to such Master Servicer by the Trustee or to such Master Servicer and the Trustee by the Holders of not less than 25% of the Class Certificate Principal Amount (or Percentage Interest) of each Class of Certificates affected thereby; or (ii) Any failure on the part of the Master Servicer duly to observe or perform in any material respect any other of the covenants or agreements on the part of such Master Servicer contained in this Agreement which continues unremedied for a period of 30 days (or 15 days, in the case of a failure to maintain any Insurance Policy required to be maintained pursuant to this Agreement) after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to such Master Servicer by the Trustee, or to such Master Servicer and the Trustee by the Holders of not less than 25% of the Class Certificate Principal Amount (or Percentage Interest) of each Class of Certificates affected thereby; or (iii) A decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Master Servicer, and such decree or order shall have remained in force undischarged or unstayed for a period of 60 days or any Rating Agency reduces or withdraws or threatens to reduce or withdraw the rating of the Certificates because of the financial condition or loan servicing capability of such Master Servicer; or (iv) The Master Servicer shall consent to the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities, voluntary liquidation or similar proceedings of or relating to such Master Servicer or of or relating to all or substantially all of its property; or (v) The Master Servicer shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors or voluntarily suspend payment of its obligations; or (vi) The Master Servicer shall be dissolved, or shall dispose of all or substantially all of its assets, or consolidate with or merge into another entity or shall permit another entity to consolidate or merge into it, such that the resulting entity does not meet the criteria for a successor servicer as specified in Section 9.27 hereof; or (vii) If a representation or warranty set forth in Section 9.14 hereof shall prove to be incorrect as of the time made in any respect that materially and adversely affects the interests of the Certificateholders, and the circumstance or condition in respect of which such representation or warranty was incorrect shall not have been eliminated or cured within 60 days after the date on which written notice of such incorrect representation or warranty shall have been given to the Master Servicer by the Trustee, or to the Master Servicer and the Trustee by the Holders of not less than 25% of the Aggregate Certificate Principal Amount of each Class of Certificates; or (viii) A sale or pledge of the any of the rights of the Master Servicer hereunder or an assignment of this Agreement by the Master Servicer or a delegation of the rights or duties of the Master Servicer hereunder shall have occurred in any manner not otherwise permitted hereunder and without the prior written consent of the Trustee and Certificateholders holding more than 50% of the Class Certificate Principal Amount (or Percentage Interest) of each Class of Certificates; or (ix) Any Servicer at any time is not either an FNMA- or FHLMC- approved Seller/Servicer, and the Master Servicer has not terminated the rights and obligations of such Servicer under the applicable Servicing Agreement and replaced such Servicer with an FNMA- or FHLMC-approved servicer within 45 days of the absence of such approval; or (x) Any failure of the Master Servicer to remit to the Trustee any payment required to be made to the Trustee for the benefit of Certificateholders under the terms of this Agreement, including any Advance, on any Deposit Date. If an Event of Default described in clauses (i) through (ix) of this Section 6.14 shall occur, then, in each and every case, subject to applicable law, so long as any such Event of Default shall not have been remedied within any period of time prescribed by this Section 6.14, the Trustee, by notice in writing to the Master Servicer may, and shall, if so directed by Certificateholders evidencing more than 50% of the Class Certificate Principal Amount (or Percentage Interest) of each Class of Certificates affected thereby, terminate all of the rights and obligations of the Master Servicer hereunder and in and to the Mortgage Loans and the proceeds thereof. If an Event of Default described in clause (x) of this Section 6.14 shall occur, then, in each and every case, subject to applicable law, the Trustee, by notice in writing to the Master Servicer, shall promptly terminate all of the rights and obligations of the Master Servicer hereunder and in and to the Mortgage Loans and the proceeds thereof. On or after the receipt by the Master Servicer of such written notice, all authority and power of the Master Servicer, and only in its capacity as Master Servicer under this Agreement, whether with respect to the Mortgage Loans or otherwise, shall pass to and be vested in the Trustee pursuant to and under the terms of this Agreement; and the Trustee is hereby authorized and empowered to execute and deliver, on behalf of the defaulting Master Servicer as attorney-in-fact or otherwise, any and all documents and other instruments, and to do or accomplish all other acts or things necessary or appropriate to effect the purposes of such notice of termination, whether to complete the transfer and endorsement or assignment of the Mortgage Loans and related documents or otherwise. The defaulting Master Servicer agrees to cooperate with the Trustee in effecting the termination of the defaulting Master Servicer's responsibilities and rights hereunder as Master Servicer including, without limitation, notifying Mortgagors of the assignment of the master servicing function and providing the Trustee or its designee all documents and records in electronic or other form reasonably requested by it to enable the Trustee or its designee to assume the defaulting Master Servicer's functions hereunder and the transfer to the Trustee for administration by it of all amounts which shall at the time be or should have been deposited by the defaulting Master Servicer in the Collection Account maintained by such defaulting Master Servicer and any other account or fund maintained with respect to the Certificates or thereafter received with respect to the Mortgage Loans. The Master Servicer being terminated shall bear all costs of a master servicing transfer, including but not limited to those of the Trustee reasonably allocable to specific employees and overhead, legal fees and expenses, accounting and financial consulting fees and expenses, and costs of amending the Agreement, if necessary. Notwithstanding the termination of its activities as Master Servicer, each terminated Master Servicer shall continue to be entitled to reimbursement to the extent provided in Section 4.02(i), (ii), (iii), (iv), (v), (vi), (vii) and (ix) to the extent such reimbursement relates to the period prior to such Master Servicer's termination. If any Event of Default shall occur, the Trustee shall promptly notify the Rating Agencies of the nature and extent of such Event of Default. The Trustee shall immediately give written notice to the Master Servicer upon such Master Servicer's failure to remit funds on the Deposit Date. (b) On and after the time the Master Servicer receives a notice of termination from the Trustee pursuant to Section 8.016.14(a) or the Trustee receives the resignation of the Master Servicer evidenced by an Opinion of Counsel pursuant to Section 9.29, the Trustee Trustee, unless another master servicer shall have been appointed, shall be the successor in all respects to the Master Servicer in its capacity as servicer such under this Agreement and the transactions set forth or provided for herein and shall have all the rights and powers and be subject to all the responsibilities, duties and liabilities relating thereto and arising thereafter placed on the Master Servicer by hereunder, including the terms and provisions hereof or shall appoint a successor pursuant to Section 3.07. Notwithstanding anything provided herein to the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity as successor to the Servicer in its obligation to make Advances; provided, however, that any failure to advanceperform such duties or responsibilities caused by the Master Servicer's failure to provide information required by this Agreement shall not be considered a default by the Trustee hereunder. In addition, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it Trustee shall have reasonable grounds no responsibility for believing that any act or omission of the Master Servicer prior to the issuance of any notice of termination and shall have no liability relating to the representations and warranties of the Master Servicer set forth in Section 9.14. In the Trustee's capacity as such funds are non-recoverablesuccessor, the Trustee shall have the same limitations on liability herein granted to the Master Servicer. Subject to Section 8.05(b), as As compensation therefor, the Trustee shall be entitled to such receive all compensation as payable to the terminated Master Servicer would have been entitled to hereunder if no such notice of termination had been given. under this Agreement, including the Master Servicing Fee. (c) Notwithstanding the above, the Trustee may, if it shall be unwilling to continue to so to act, or shall, if it is legally unable to so to act, appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance institution servicer, master servicer, servicing or mortgage servicing institution having a net worth of not less than $10,000,000 15,000,000 and meeting such other standards for a successor master servicer as are set forth in this Agreement, as the successor to the terminated such Master Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of a master servicer, like the Servicer hereunderMaster Servicer. Any entity designated by the Trustee as a successor master servicer may be an Affiliate of the Trustee; provided, however, that (i) any that, unless such institution appointed as Affiliate meets the net worth requirements and other standards set forth herein for a successor Servicer master servicer, the Trustee, in its individual capacity shall notagree, as evidenced in writing by each Rating Agencyat the time of such designation, adversely affect the then current rating of any Class of Certificates immediately prior to be and remain liable to the termination of the terminated ServicerTrust Fund for such Affiliate's actions and omissions in performing its duties hereunder. The appointment of a successor Servicer shall not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreement. Pending appointment of a successor to the terminated Servicer hereunder, unless the Trustee is prohibited by law from so acting, the Trustee shall act in such capacity as provided above. The Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection with the such appointment of a successor Servicer or the assumption of the duties of the Servicer, as specified in Section 8.05(a)and assumption, the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor shall agree; provided, however, that any Person assuming the duties no such compensation shall be in excess of the Servicer shall pay to such predecessor an amount equal that permitted to the market value of the portion of the Servicing Fee that will accrue in the future due Master Servicer hereunder. The Trustee and such successor shall take such actions, consistent with this Agreement, as shall be necessary to the Servicing Fee Rate exceeding 0.25% per annum effectuate any such succession and may make other arrangements with respect to any Mortgage Loanthe servicing to be conducted hereunder which are not inconsistent herewith. The "market value" of such portion Master Servicer shall cooperate with the Trustee and any successor master servicer in effecting the termination of the Servicing Fee Master Servicer's responsibilities and rights hereunder including, without limitation, notifying Mortgagors of the assignment of the master servicing functions and providing the Trustee and successor master servicer, as applicable, all documents and records in electronic or other form reasonably requested by it to enable it to assume the Master Servicer's functions hereunder and the transfer to the Trustee or such successor master servicer, as applicable, all amounts which shall at the time be or should have been deposited by the Master Servicer in the Collection Account and any other account or fund maintained with respect to the Certificates or thereafter be received with respect to the Mortgage Loans. Neither the Trustee nor any other successor master servicer shall be determined deemed to be in default hereunder by Bank reason of Americaany failure to make, N.A.or any delay in making, on the basis of at least two quotations from third parties actively engaged in the servicing of single-family mortgage loans. If the successor Servicer does not agree that such market value is a fair price, such successor shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess any distribution hereunder or any portion of the Servicing Fee will then be equal to the average of thereof caused by (i) the lowest figure obtained by Bank failure of Americathe Master Servicer to deliver, N.A.or any delay in delivering, and cash, documents or records to it, (ii) the highest figure obtained by the successor Servicer. Payment failure of the amount calculated above shall be made Master Servicer to Bank of Americacooperate as required by this Agreement, N.A., by (iii) the successor Servicer no later than the last Business Day failure of the month in which such successor Master Servicer becomes entitled to receive deliver the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b). (c) Any successor, including the Trustee, Mortgage Loan data to the Servicer Trustee as servicer shall during required by this Agreement or (iv) restrictions imposed by any regulatory authority having jurisdiction over the term of its service as servicer maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the Servicer is so required pursuant to Section 3.03Master Servicer.

Appears in 1 contract

Sources: Trust Agreement (Structured Asset Securities Corp/Ny)

Trustee to Act; Appointment of Successor. (a) On and after the time a Master Servicer or a Special Servicer resigns pursuant to Section 6.04(a) (and a successor Master Servicer or Special Servicer, as applicable, has not been appointed by the resigning Master Servicer or Special Servicer, as applicable, under Section 6.04), or receives a notice of termination pursuant to Section 8.017.01, the Trustee shall be the successor in all respects to that Master Servicer or that Special Servicer, as the Servicer case may be, in its capacity as servicer such under this Agreement and the transactions set forth or provided for herein and shall be subject to all the responsibilities, duties and liabilities relating thereto and arising thereafter placed on such Master Servicer or such Special Servicer, as the Servicer case may be, by the terms and provisions hereof hereof, including, if the Master Servicer is the resigning or shall appoint a successor pursuant to Section 3.07. Notwithstanding anything provided herein to terminated party, the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity as successor to the Servicer in its applicable Master Servicer’s obligation to make Advances; provided, that (i) any failure to perform such duties or responsibilities caused by the failure of a Master Servicer or a Special Servicer, as the case may be, to advance, expend cooperate or risk its own funds to provide information or otherwise incur any financial liability monies as required by Section 7.01 shall not be considered a default by the Trustee hereunder and (ii) in the performance case of its duties hereunder a terminated Master Servicer, the Trustee shall cease to act as successor Master Servicer if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject an alternative successor is appointed pursuant to Section 8.05(b7.01(c), as . Neither the Trustee nor any other successor shall be liable for any of the representations and warranties of the resigning or terminated party or for any losses incurred by the resigning or terminated party pursuant to Section 3.06 hereunder nor shall the Trustee or any other successor be required to purchase any Mortgage Loan hereunder. As compensation therefor, the Trustee shall be entitled to such all fees and other compensation as which the resigning or terminated Servicer party would have been entitled to hereunder for future services rendered if no such notice of termination the resigning or terminated party had been givencontinued to act hereunder. Notwithstanding the above, if it is unwilling to so act, the Trustee may, if it shall be unwilling so to act, or shallmay (and, if it is legally unable to so to act, or if the Trustee is not approved as an acceptable master servicer or special servicer, as the case may be, by each Rating Agency, or if the Holders of Certificates entitled to a majority of all the Voting Rights (determined without notionally reducing the Class Principal Balances of the Certificates by any Appraisal Reduction Amounts) (or, alternatively, if a Servicer Termination Event on the part of the applicable Special Servicer has occurred during a Subordinate Control Period, the Subordinate Class Representative) so requests in writing, the Trustee shall), promptly appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance qualified institution having a net worth of not less than $10,000,000 as the successor to the resigning or terminated Master Servicer or Special Servicer, as the case may be, hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of such Master Servicer or such Special Servicer, as the Servicer case may be, hereunder; provided, however, that (i) any such institution appointed as successor Servicer shall not, as evidenced in writing by appointment is the subject of a Rating Agency Confirmation from each Rating Agency, adversely affect and (ii) if such successor (in the then current rating of any Class of Certificates immediately prior to the termination of the terminated Servicer. The appointment case of a successor Servicer to the resigning or terminated Master Servicer) does not have a master servicer rating from Fitch that is “CMS3” or above, such successor is reasonably acceptable to the Subordinate Class Representative and, if such successor has a master servicer rating from Fitch that is “CMS3” or above, the Subordinate Class Representative shall have been consulted with respect to the identity of (although it need not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreementapproved) such successor. Pending No appointment of a successor to a Master Servicer or a Special Servicer hereunder shall be effective until the terminated Servicer assumption by such successor of all its responsibilities, duties and liabilities hereunder, unless the Trustee is prohibited by law from so actingand pending such appointment and assumption, the Trustee shall act in such capacity as provided abovehereinabove provided. The In connection with any such appointment and assumption, the Trustee may make such arrangements for the compensation of such successor out of payments on the Mortgage Loans or otherwise as it and such successor shall agree; provided, that no such compensation shall be in excess of that permitted the resigning or terminated party hereunder. The Depositor, the Trustee, such successor and each other party hereto shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection with the appointment of a successor Servicer or the assumption of the duties of the Servicer, as specified in Section 8.05(a), . If the Trustee may make such arrangements for the compensation of such or an Affiliate acts pursuant to this Section 7.02 as successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor shall agree; provided, however, that any Person assuming the duties of the Servicer shall pay to such predecessor an amount equal to the market value of resigning or terminated Master Servicer and if the portion of the Servicing Fee that will accrue in the future due to the Excess Servicing Fee Rate exceeding 0.25% is a rate per annum with respect to any Mortgage Loan. The "market value" of such portion of that is greater than zero (0) basis points, it may reduce the Excess Servicing Fee shall Rate to the extent that the Trustee’s or such Affiliate’s compensation as successor Master Servicer would otherwise be determined by Bank of America, N.A., on below the basis of at least two quotations from third parties actively engaged in the market rate servicing of single-family mortgage loanscompensation. If the Trustee elects to appoint a successor to the resigning or terminated Master Servicer does not agree that such market value is a fair priceother than itself or an Affiliate pursuant to this Section 7.02, such successor shall obtain two quotations of market value from third parties actively engaged it may reduce the Excess Servicing Fee Rate to the extent reasonably necessary (in the servicing of single-family mortgage loans. The market value sole discretion of the excess portion Trustee) for the Trustee to appoint a qualified successor Master Servicer that meets the requirements of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b)7.02. (c) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the Servicer is so required pursuant to Section 3.03.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2014-C19)

Trustee to Act; Appointment of Successor. (a) On and after the time the a Servicer receives a notice of termination pursuant to Section 8.01, the Trustee shall be the successor in all respects to the such Servicer in its capacity as servicer under this Agreement and the transactions set forth or provided for herein and shall be subject to all the responsibilities, duties and liabilities relating thereto placed on the such Servicer by the terms and provisions hereof or shall appoint a successor pursuant to Section 3.07hereof. Notwithstanding anything provided herein to the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity as successor to the a Servicer in its obligation to make Advances, to advance, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject to Section 8.05(b), as compensation therefor, the Trustee shall be entitled to such compensation as the terminated Servicer would have been entitled to hereunder if no such notice of termination had been given. Notwithstanding the above, the Trustee may, if it shall be unwilling so to act, or shall, if it is legally unable so to act, appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance institution having a net worth of not less than $10,000,000 as the successor to the terminated Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the such Servicer hereunder; provided, however, that (i) any such institution appointed as successor Servicer shall not, as evidenced in writing by each Rating Agency, adversely affect the then current rating of any Class of Certificates immediately prior to the termination of the terminated Servicer. The appointment of a successor Servicer shall not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreement. Pending appointment of a successor to the terminated Servicer hereunder, unless the Trustee is prohibited by law from so acting, the Trustee shall act in such capacity as provided above. The Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection with the appointment of a successor Servicer or the assumption of the duties of the Servicer, as specified in Section 8.05(a), the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor shall agree; provided, however, that any Person assuming the duties of the Servicer shall pay to such predecessor an amount equal to the market value of the portion of the Servicing Fee that will accrue in the future due to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" of such portion of the Servicing Fee shall be determined by Bank of America, N.A., on the basis of at least two quotations from third parties actively engaged in the servicing of single-family mortgage loans. If the successor Servicer does not agree that such market value is a fair price, such successor shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b). (c) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the Servicer is so required pursuant to Section 3.03.its

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Nationsbanc Montgomery Funding Corp)

Trustee to Act; Appointment of Successor. (a) On and after the time the Servicer receives a notice of termination pursuant to Section 8.01, the Trustee shall be the successor in all respects to the Servicer in its capacity as servicer under this Agreement and the transactions set forth or provided for herein and shall be subject to all the responsibilities, duties and liabilities relating thereto placed on the Servicer by the terms and provisions hereof or shall appoint a successor pursuant to Section 3.07. Notwithstanding anything provided herein to the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity as successor to the Servicer in its obligation to make Advances, to advance, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject to Section 8.05(b), as compensation therefor, the Trustee shall be entitled to such compensation as the terminated Servicer would have been entitled to hereunder if no such notice of termination had been given. Notwithstanding the above, the Trustee may, if it shall be unwilling so to act, or shall, if it is legally unable so to act, appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance institution having a net worth of not less than $10,000,000 as the successor to the terminated Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Servicer hereunder; provided, however, that (i) any such institution appointed as successor Servicer shall not, as evidenced in writing by each Rating Agency, adversely affect the then current rating of any Class of Certificates immediately prior to the termination of the terminated Servicer. The appointment of a successor Servicer shall not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreement. Pending appointment of a successor to the terminated Servicer hereunder, unless the Trustee is prohibited by law from so acting, the Trustee shall act in such capacity as provided above. The Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection with the appointment of a successor Servicer or the assumption of the duties of the Servicer, as specified in Section 8.05(a), the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor shall agree; provided, however, that any Person assuming the duties of the Servicer shall pay to such predecessor an amount equal to the market value of the portion of the Servicing Fee that will accrue in the future due to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" of such portion of the Servicing Fee shall be determined by Bank of America, N.A., on the basis of at least two quotations from third parties actively engaged in the servicing of single-family mortgage loans. If the successor Servicer does not agree that such market value is a fair price, such successor shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b). (c) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the Servicer is so required pursuant to Section 3.03.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Mortgage Pass Through Certificates Series 2002-1)

Trustee to Act; Appointment of Successor. (a) On and after the time the Servicer receives a notice of termination pursuant to Section 8.017.01, the Trustee shall shall, subject to and to the extent provided in Section 3.05, be the successor in all respects to the Servicer in its capacity as servicer under this Agreement with respect to the applicable Aggregate Loan Group and the transactions set forth or provided for herein and shall be subject to all the responsibilities, duties and liabilities relating thereto placed on the Servicer by the terms hereof and provisions hereof or shall appoint a successor applicable law including the obligation to make Advances pursuant to Section 3.074.01. Notwithstanding anything provided herein to the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity as successor to the Servicer in its obligation to make Advances, to advance, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject to Section 8.05(b), as As compensation therefor, the Trustee shall be entitled to such compensation as all funds relating to the terminated Mortgage Loans in the applicable Aggregate Loan Group that the Servicer would have been entitled to hereunder charge to the Certificate Account or Distribution Account if no such notice of termination the Servicer had been givencontinued to act hereunder, including, if the Servicer was receiving the Servicing Fee, the Servicing Fee. Notwithstanding the aboveforegoing, if the Trustee has become the successor to the Servicer in accordance with Section 7.01, the Trustee may, if it shall be unwilling to so to act, or shall, if it is legally prohibited by applicable law from making Advances pursuant to Section 4.01 or if it is otherwise unable to so to act, appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance mortgage loan servicing institution having a net worth the appointment of which does not less than $10,000,000 adversely affect the then current rating of the Certificates by each Rating Agency, as the successor to the terminated Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Servicer hereunder; provided, however, that (i) any such institution appointed as . Any successor to the Servicer shall notbe an institution which is a FNMA and FHLMC approved seller/servicer in good standing, as evidenced in writing by each Rating Agencywhich has a net worth of at least $15,000,000, adversely affect which is willing to service the then current rating of any Class of Certificates immediately prior Mortgage Loans and which executes and delivers to the Depositor and the Trustee an agreement accepting such delegation and assignment, containing an assumption by such Person of the rights, powers, duties, responsibilities, obligations and liabilities of the Servicer (other than liabilities of the Servicer under Section 6.03 incurred before termination of the terminated Servicer. The appointment of Servicer under Section 7.01), with like effect as if originally named as a successor Servicer shall not affect any liability party to this Agreement; provided that each Rating Agency acknowledges that its rating of the predecessor Servicer which may have arisen under this Agreement prior to its termination Certificates in effect immediately before such assignment and delegation will not be qualified or reduced as Servicer, nor shall any successor Servicer be liable for any acts or omissions a result of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreementsuch assignment and delegation. Pending appointment of a successor to the terminated Servicer hereunder, unless the Trustee is prohibited by law from so acting, the Trustee shall act in such capacity as provided above, subject to section 3.03 and unless prohibited by law. In connection with such appointment and assumption, the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans as it and such successor shall agree; provided, however, that in no case shall the rate of such compensation exceed the Servicing Fee Rate. The Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) . Neither the Trustee nor any other successor servicer shall be deemed to be in default hereunder because of any failure to make, or any delay in making, any distribution hereunder or any portion thereof or any failure to perform, or any delay in performing, any duties or responsibilities hereunder, in either case caused by the failure of the Servicer to deliver or provide, or any delay in delivering or providing, any cash, information, documents or records to it. In connection with the appointment termination or resignation of the Servicer hereunder, either (i) the successor Servicer, including the Trustee if the Trustee is acting as successor Servicer, shall represent and warrant that it is a member of MERS in good standing and shall agree to comply in all material respects with the rules and procedures of MERS in connection with the servicing of the Mortgage Loans that are registered with MERS, or (ii) the predecessor Servicer shall cooperate with the successor Servicer either (x) in causing MERS to execute and deliver an assignment of Mortgage in recordable form to transfer the Mortgage from MERS to the Trustee and to execute and deliver such other notices, documents and other instruments as may be necessary or desirable to effect a transfer of such Mortgage Loan or servicing of such Mortgage Loan on the MERS® System to the successor Servicer or (y) in causing MERS to designate on the assumption of MERS® System the duties of successor Servicer as the Servicer, as specified in Section 8.05(a), the Trustee may make such arrangements for the compensation servicer of such successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor shall agree; provided, however, that any Person assuming the duties of the Servicer shall pay to such predecessor an amount equal to the market value of the portion of the Servicing Fee that will accrue in the future due to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" of predecessor Servicer shall file or cause to be filed any such portion assignment in the appropriate recording office. The successor Servicer shall cause such assignment to be delivered to the Trustee promptly upon receipt of the Servicing Fee shall be determined by Bank original with evidence of America, N.A., on the basis of at least two quotations from third parties actively engaged in the servicing of single-family mortgage loans. If the successor Servicer does not agree that such market value is recording thereon or a fair price, such successor shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained copy certified by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month public recording office in which such assignment was recorded. Any successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b). (c) Any successor, including the Trustee, to the Servicer as servicer shall give notice to the Mortgagors of such change of servicer and shall, during the term of its service as servicer servicer, maintain in force (i) a the policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as that the Servicer is so required to maintain pursuant to Section 3.03this Agreement.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (IndyMac INDX Mortgage Loan Trust 2007-Ar21ip)

Trustee to Act; Appointment of Successor. (a) On and after the time the Master Servicer or the Special Servicer resigns pursuant to Section 6.04(a) or receives a notice of termination pursuant to Section 8.017.01, the Trustee shall be the successor in all respects to such Master Servicer or such Special Servicer, as the Servicer case may be, in its capacity as servicer such under this Agreement and the transactions set forth or provided for herein and shall be subject to all the responsibilities, duties and liabilities relating thereto and arising thereafter placed on such Master Servicer or such Special Servicer, as the Servicer case may be, by the terms and provisions hereof hereof, including, if the Master Servicer is the resigning or shall appoint a successor pursuant to Section 3.07. Notwithstanding anything provided herein to the contraryterminated party, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity as successor to the Servicer in its such Master Servicer's obligation to make Advances; provided, however, that any failure to advanceperform such duties or responsibilities caused by the Master Servicer's or the Special Servicer's, expend as the case may be, failure to cooperate or risk its own funds to provide information or otherwise incur monies as required by Section 7.01 shall not be considered a default by the Trustee hereunder. Neither the Trustee nor any financial liability in other successor shall be liable for any of the performance representations and warranties of its duties hereunder if it shall have reasonable grounds the resigning or terminated party or for believing that such funds are non-recoverable. Subject any losses incurred by the resigning or terminated party pursuant to Section 8.05(b), as 3.06 hereunder nor shall the Trustee or any other successor be required to purchase any Mortgage Loan hereunder. As compensation therefor, the Trustee shall be entitled to such all fees and other compensation as (subject to Section 3.11) which the resigning or terminated Servicer party would have been entitled to hereunder for future services rendered if no such notice of termination the resigning or terminated party had been givencontinued to act hereunder. Notwithstanding the above, if it is unwilling to so act, the Trustee may, if it shall be unwilling so to act, or shallmay (and, if it is legally unable to so to act, or if the Trustee is not approved as an acceptable master servicer or special servicer, as the case may be, by each Rating Agency, or if the Holders of Certificates entitled to a majority of all the Voting Rights so request in writing, the Trustee shall), subject to Section 3.25, promptly appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance qualified institution having a net worth of not less than $10,000,000 as the successor to the terminated Master Servicer or the Special Servicer, as the case may be, hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of such Master Servicer or such Special Servicer, as the Servicer case may be, hereunder; provided, however, that such appointment does not result in an Adverse Rating Event with respect to any Class of Rated Certificates (i) any such institution appointed as successor Servicer shall not, as evidenced confirmed in writing to the Trustee by each Rating Agency, adversely affect the then current rating of any Class of Certificates immediately prior to the termination of the terminated Servicer). The appointment of a successor Servicer shall not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreement. Pending No appointment of a successor to the terminated Master Servicer or the Special Servicer hereunder shall be effective until the assumption by such successor of all its responsibilities, duties and liabilities hereunder, unless the Trustee is prohibited by law from so actingand pending such appointment and assumption, the Trustee shall act in such capacity as provided abovehereinabove provided. The In connection with any such appointment and assumption, the Trustee may make such arrangements for the compensation of such successor out of payments on the Mortgage Loans or otherwise as it and such successor shall agree; provided, however, that no such compensation shall be in excess of that permitted the resigning or terminated party hereunder. The Depositor, the Trustee, such successor and each other party hereto shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection with . If the appointment of a Trustee or an Affiliate acts pursuant to this Section 7.02 as successor Servicer or to the assumption of the duties of the Master Servicer, as specified in Section 8.05(a), it may reduce the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor shall agree; provided, however, that any Person assuming the duties of the Servicer shall pay to such predecessor an amount equal to the market value of the portion of the Servicing Fee that will accrue in the future due to the related Excess Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "the extent that its or such Affiliate's compensation as successor Master Servicer would otherwise be below the market value" of such portion of the Servicing Fee shall be determined by Bank of America, N.A., on the basis of at least two quotations from third parties actively engaged in the rate servicing of single-family mortgage loanscompensation. If the Trustee elects to appoint a successor to the Master Servicer does not agree that such market value is a fair priceother than itself or an Affiliate pursuant to this Section 7.02, such successor shall obtain two quotations of market value from third parties actively engaged it may reduce the related Excess Servicing Fee Rate to the extent reasonably necessary (in the servicing of single-family mortgage loans. The market value sole discretion of the excess portion Trustee) for the Trustee to appoint a qualified successor Master Servicer that meets the requirements of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b)7.02. (c) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the Servicer is so required pursuant to Section 3.03.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Credit Suisse Commercial Mortgage Trust Series 2006-C3)

Trustee to Act; Appointment of Successor. (a) On and after the time the Master Servicer, the Special Servicer or the REMIC Administrator resigns pursuant to clause (ii) of the first sentence of Section 6.04 or receives a notice of termination pursuant to Section 8.017.01, the Trustee shall be the successor in all respects to the Master Servicer, the Special Servicer or (unless it has also been acting as such) the REMIC Administrator, as the case may be, in its capacity as servicer such under this Agreement and the transactions set forth or provided for herein and shall be subject to all the responsibilities, duties and liabilities relating thereto and arising thereafter placed on the Master Servicer, the Special Servicer or the REMIC Administrator, as the case may be, by the terms and provisions hereof hereof, including, without limitation, if the Master Servicer is the resigning or terminated party, the Master Servicer's obligation to make P&I Advances; provided that any failure to perform such duties or responsibilities caused by the Master Servicer's, the Special Servicer's or the REMIC Administrator's, as the case may be, failure to cooperate or to provide information or monies required by Section 7.01 shall appoint not be considered a default by the Trustee hereunder. Neither the Trustee nor any other successor shall be liable for any of the representations and warranties of the resigning or terminated party or for any losses incurred by the resigning or terminated party pursuant to Section 3.073.06 hereunder nor shall the Trustee nor any other successor be required to purchase any Mortgage Loan hereunder. Notwithstanding anything provided herein to the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity as successor to the Servicer in its obligation to make Advances, to advance, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject to Section 8.05(b), as As compensation therefor, the Trustee shall be entitled to such compensation as all fees and other compensation, (subject to Section 3.11) that the resigning or terminated Servicer party would have been entitled to hereunder for future services rendered if no such notice of termination the resigning or terminated party had been givencontinued to act hereunder. Notwithstanding the above, the Trustee may, if it shall be unwilling to so to act, or shall, if it is legally unable to so to act, or is not approved by each and every Rating Agency as an acceptable master servicer or special servicer, as the case may be, of commercial mortgage loans; or if the Directing Certificateholder or if the Holders of Certificates entitled to at least 51% of the Voting Rights so request in writing to the Trustee; or if the REMIC Administrator is the resigning or terminated party and the Trustee had been acting in such capacity, promptly appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance qualified institution having as the successor to the Master Servicer, the Special Servicer or the REMIC Administrator, as the case may be, hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Master Servicer, the Special Servicer or the REMIC Administrator, as the case may be, hereunder; provided, in the case of a successor Master Servicer, such successor has been approved by the Directing Certificateholder, which consent with respect to the Master Servicer shall not be unreasonably withheld or delayed; provided that such appointment does not result in the downgrading, qualification (if applicable) or withdrawal of any rating then assigned by any Rating Agency to any Class of Certificates (as evidenced by written confirmation thereof from each Rating Agency); provided further that in the case of a resigning or terminated Special Servicer, such appointment shall be subject to the rights of the Majority Certificateholder of the Controlling Class to designate a successor pursuant to Section 3.23. No appointment of a successor to the Master Servicer, the Special Servicer or the REMIC Administrator hereunder shall be effective until the assumption of the successor to such party of all its responsibilities, duties and liabilities hereunder. Pending appointment of a successor to the Master Servicer, the Special Servicer or the REMIC Administrator hereunder, the Trustee shall act in such capacity as hereinabove provided. Notwithstanding the above, the Trustee shall, if the Master Servicer is the resigning or terminated party and the Trustee is prohibited by law or regulation from making P&I Advances, promptly appoint any established mortgage loan servicing institution that has a net worth of not less than $10,000,000 15,000,000 and is otherwise acceptable to each Rating Agency (as evidenced by written confirmation therefrom to the effect that the appointment of such institution would not cause the qualification, downgrading or withdrawal of the then current rating on any Class of Certificates), as the successor to the terminated Master Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Master Servicer hereunderhereunder (including, without limitation, the obligation to make P&I Advances), which appointment will become effective immediately. Subject to Section 3.11 and in connection with any such appointment and assumption described herein, the Trustee may make such arrangements for the compensation of such successor out of payments on or in respect of the Mortgage Loans or otherwise as it and such successor shall agree; provided, however, that (i) any no such institution appointed as successor Servicer compensation shall not, as evidenced be in writing by each Rating Agency, adversely affect excess of that permitted the then current rating of any Class of Certificates immediately prior to the termination of the resigning or terminated Servicerparty hereunder. The appointment of a successor Servicer shall not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreement. Pending appointment of a successor to the terminated Servicer hereunder, unless the Trustee is prohibited by law from so actingDepositor, the Trustee shall act in such capacity as provided above. The Trustee and Trustee, such successor and each other party hereto shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection . Any costs and expenses associated with the appointment of a successor Servicer or the assumption transfer of the duties foregoing functions under this Agreement (other than the set-up costs of the Servicer, as specified in Section 8.05(a), the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans serviced successor) shall be borne by the predecessor Master Servicer, Special Servicer or REMIC Administrator, as it applicable, and, if not paid by such predecessor Master Servicer, Special Servicer or REMIC Administrator within 30 days of its receipt of an invoice therefor, shall be an expense of the Trust; provided that such predecessor Master Servicer, Special Servicer or REMIC Administrator shall reimburse the Trust for any such expense so incurred by the Trust; and such successor shall agree; provided, howeverfurther, that any Person assuming the duties Trustee shall decide whether and to what extent it is in the best interest of the Servicer shall pay Certificateholders to pursue any remedy against any party obligated to make such predecessor an amount equal to the market value of the portion of the Servicing Fee that will accrue in the future due to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" of such portion of the Servicing Fee shall be determined by Bank of America, N.A., on the basis of at least two quotations from third parties actively engaged in the servicing of single-family mortgage loans. If the successor Servicer does not agree that such market value is a fair price, such successor shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b)reimbursement. (c) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the Servicer is so required pursuant to Section 3.03.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Banc of America Commercial Mort. Pass Thr. Certs SER 2004-3)

Trustee to Act; Appointment of Successor. (a) On and after the time the Servicer receives a notice of termination pursuant to Section 8.017.01 of this Agreement or the resignation of the Servicer pursuant to Section 6.04, the Trustee shall shall, subject to and to the extent provided herein, be the successor in all respects to the Servicer Servicer, but only in its capacity as servicer under this Agreement Agreement, and not in any other, and the transactions set forth or provided for herein and shall be subject to all the responsibilities, duties and liabilities relating thereto placed on the Servicer by the terms and provisions hereof or shall appoint a successor and applicable law including the obligation to make Advances pursuant to Section 3.074.01. Notwithstanding anything provided herein to the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity as successor to the Servicer in its obligation to make Advances, to advance, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject to Section 8.05(b), as As compensation therefor, the Trustee shall be entitled to such compensation as all funds relating to the terminated related Mortgage Loans that the Servicer would have been entitled to hereunder if no charge to the Collection Account, provided that the terminated Servicer shall nonetheless be entitled to payment or reimbursement as provided in Section 3.08 to the extent that such notice payment or reimbursement relates to the period prior to termination of termination had been giventhe Servicer. Notwithstanding the aboveforegoing, if the Trustee has become the successor to the Servicer in accordance with Section 7.01, the Trustee may, if it shall be unwilling to so to act, or shall, if it is legally prohibited by applicable law from making Advances pursuant to 4.01 hereof, or if it is otherwise unable to so to act, appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance mortgage loan servicing institution having a net worth the appointment of which does not less than $10,000,000 adversely affect the then current rating of the Certificates by each Rating Agency, as the successor to the terminated Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Servicer hereunder; provided, however, that (i) any such institution appointed as . Any successor to the Servicer shall notbe an institution which is a Fannie Mae or Freddie Mac approved seller/servicer for first and s▇▇▇▇▇ loans in ▇▇▇▇ ▇tanding, which has a net worth of at least $10,000,000, which is willing to service the related Mortgage Loans and which executes and delivers to the Depositor and the Trustee an agreement accepting such delegation and assignment, containing an assumption by such Person of the rights, powers, duties, responsibilities, obligations and liabilities of the Servicer (other than liabilities of the Servicer under Section 6.03 hereof incurred prior to termination of the Servicer under Section 7.01 hereunder), with like effect as evidenced in writing by if originally named as a party to this Agreement; provided that each Rating Agency, adversely affect the then current Agency 105 acknowledges that its rating of any Class of the Certificates in effect immediately prior to the termination such assignment and delegation will not be qualified, withdrawn or downgraded as a result of the terminated Servicer. The appointment of a successor Servicer shall not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreementsuch assignment and delegation. Pending appointment of a successor to the terminated Servicer hereunder, the Trustee, unless the Trustee is prohibited by law from so acting, shall, subject to the Trustee shall limitations described herein, act in such capacity as provided abovehereinabove provided. In connection with such appointment and assumption, the Trustee may make such arrangements for the compensation of such successor out of payments on the related Mortgage Loans as it and such successor shall agree; provided, however, that no such compensation shall be in excess of the Servicing Fee. The Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) . Neither the Trustee nor any other successor servicer shall be deemed to be in default by reason of any failure to make, or any delay in making, any distribution hereunder or any portion thereof or any failure to perform, or any delay in performing, any duties or responsibilities hereunder, in either case caused by the failure of the Servicer to deliver or provide, or any delay in delivering or providing, any cash, information, documents or records to it. In connection with the appointment of a successor Servicer termination or the assumption of the duties of the Servicer, as specified in Section 8.05(a), the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor shall agree; provided, however, that any Person assuming the duties resignation of the Servicer shall pay to such predecessor an amount equal to the market value of the portion of the Servicing Fee that will accrue in the future due to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" of such portion of the Servicing Fee shall be determined by Bank of Americahereunder, N.A., on the basis of at least two quotations from third parties actively engaged in the servicing of single-family mortgage loans. If the successor Servicer does not agree that such market value is a fair price, such successor shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal to the average of either (i) the lowest figure obtained by Bank successor servicer, including the Trustee if the Trustee is acting as successor Servicer, shall represent and warrant that it is a member of AmericaMERS in good standing and shall agree to comply in all material respects with the rules and procedures of MERS in connection with the servicing of the Mortgage Loans that are registered with MERS, N.A.in which case the predecessor Servicer shall cooperate with the successor Servicer in causing MERS to revise its records to reflect the transfer of servicing to the successor Servicer as necessary under MERS' rules and regulations, and or (ii) the highest figure obtained by predecessor Servicer shall cooperate with the successor Servicer in causing MERS to execute and deliver an assignment of Mortgage in recordable form to transfer the Mortgage from MERS to the Trustee and to execute and deliver such other notices, documents and other instruments as may be necessary or desirable to effect a transfer of such Mortgage Loan or servicing of such Mortgage Loan on the MERS(R) System to the successor Servicer. Payment The predecessor Servicer shall file or cause to be filed any such assignment in the appropriate recording office. The predecessor Servicer shall bear any and all fees of the amount calculated above shall MERS, costs of preparing any assignments of Mortgage, and fees and costs of filing any assignments of Mortgage that may be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee required under this Agreementsubsection. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b). (c) Any successor, including the Trustee, successor to the Servicer as shall give notice to the Mortgagors of such change of servicer shall and shall, during the term of its service as servicer servicer, maintain in force (i) a the policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as that the Servicer is so required to maintain pursuant to Section 3.03this Agreement.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Credit Suisse Fist Boston Home Equity Mort Trust 2003-3)

Trustee to Act; Appointment of Successor. (a) On and after the time the Master Servicer receives a notice of termination pursuant to Section 8.01, the Trustee shall be the successor in all respects to the Master Servicer in its capacity as master servicer under this Agreement and the transactions set forth or provided for herein and shall be subject to all the responsibilities, duties and liabilities relating thereto placed on the Master Servicer by the terms and provisions hereof or shall appoint a successor pursuant to Section 3.07hereof. Notwithstanding anything provided herein to the contrary, under no circumstances shall any provision of this Agreement Agreement, be construed to require the Trustee, acting in its capacity as successor to the Master Servicer in its obligation to make Advances, to advance, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject to Section 8.05(b), as compensation therefor, the Trustee shall be entitled to such compensation as the terminated Master Servicer would have been entitled to hereunder if no such notice of termination had been given. Notwithstanding the above, the Trustee may, if it shall be unwilling so to act, or shall, if it is legally unable so to act, appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance institution having a net worth of not less than $10,000,000 as the successor to the terminated Master Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Master Servicer hereunder; provided, however, that (i) any such institution appointed as successor Master Servicer shall not, not as evidenced in writing by each Rating Agency, Agency adversely affect the then current rating of any 74 81 Class of Certificates immediately prior to the termination of the terminated Master Servicer. The appointment of a successor Master Servicer shall not affect any liability of the predecessor Master Servicer which may have arisen under this Agreement prior to its termination as Master Servicer, nor shall any successor Master Servicer be liable for any acts or omissions of the predecessor Master Servicer or for any breach by the such Master Servicer of any of its representations or warranties contained herein or in any related document or agreement. Pending appointment of a successor to the terminated Master Servicer hereunder, unless the Trustee is prohibited by law from so acting, the Trustee shall act in such capacity as provided above. The Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection with the appointment of a successor Master Servicer or the assumption of the duties of the Master Servicer, as specified in Section 8.05(a), the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor shall agree; provided, however, that any Person assuming the duties of the Master Servicer as successor to NationsBanc Mortgage Corporation shall pay to such predecessor NationsBanc Mortgage Corporation an amount equal to the market value of the portion of the Master Servicing Fee that will accrue in the future due to the Master Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" of such portion of the Master Servicing Fee shall be determined by Bank of America, N.A., NationsBanc Mortgage Corporation on the basis of at least two quotations from third parties actively engaged in the servicing of single-family mortgage loans. If the successor Master Servicer does not agree that such market value is a fair price, such successor shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Master Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., NationsBanc Mortgage Corporation and (ii) the highest figure obtained by the successor Master Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., NationsBanc Mortgage Corporation by the successor Master Servicer no later than the last Business Day of the month in which such successor Master Servicer becomes entitled to receive the Master Servicing Fee under this Agreement. In no event will any portion of the Trust Estate Fund be used to pay amounts due to Bank of America, N.A. NationsBanc Mortgage Corporation under this Section 8.05(b). (c) Any successor, including the Trustee, to the Master Servicer as master servicer shall during the term of its service as master servicer maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the Master Servicer is so required pursuant to Section 3.03.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Nationsbanc Montgomery Funding Corp)

Trustee to Act; Appointment of Successor. (a) On and after the time the Master Servicer receives a notice of termination pursuant to Section 8.01, the Trustee shall be the successor in all respects to the Master Servicer in its capacity as master servicer under this Agreement and the transactions set forth or provided for herein and shall be subject to all the responsibilities, duties and liabilities relating thereto placed on the Master Servicer by the terms and provisions hereof or shall appoint a successor pursuant to Section 3.07hereof. Notwithstanding anything provided herein to the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity as successor to the Master Servicer in its obligation to make Advances, to advance, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject to Section 8.05(b), as compensation therefor, the Trustee shall be entitled to such compensation as the terminated Master Servicer would have been entitled to hereunder if no such notice of termination had been given. Notwithstanding the above, the Trustee may, if it shall be unwilling so to act, or shall, if it is legally unable so to act, appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance institution having a net worth of not less than $10,000,000 as the successor to the terminated Master Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Master Servicer hereunder; provided, however, that (i) any such institution appointed as successor Master Servicer shall not, as evidenced in writing by each Rating Agency, adversely affect the then current rating of any Class of Certificates immediately prior to the termination of the terminated Master Servicer. The appointment of a successor Master Servicer shall not affect any liability of the predecessor Master Servicer which may have arisen under this Agreement prior to its termination as Master Servicer, nor shall any successor Master Servicer be liable for any acts or omissions of the predecessor Master Servicer or for any breach by the such Master Servicer of any of its representations or warranties contained herein or in any related document or agreement. Pending appointment of a successor to the terminated Servicer hereunder, unless the Trustee is prohibited by law from so acting, the Trustee shall act in such capacity as provided above. The Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection with the appointment of a successor Servicer or the assumption of the duties of the Servicer, as specified in Section 8.05(a), the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor shall agree; provided, however, that any Person assuming the duties of the Servicer shall pay to such predecessor an amount equal to the market value of the portion of the Servicing Fee that will accrue in the future due to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" of such portion of the Servicing Fee shall be determined by Bank of America, N.A., on the basis of at least two quotations from third parties actively engaged in the servicing of single-family mortgage loans. If the successor Servicer does not agree that such market value is a fair price, such successor shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b). (c) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the Servicer is so required pursuant to Section 3.03.Master

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Nationsbanc Montgomery Funding Corp)

Trustee to Act; Appointment of Successor. (a) On and after the time the Servicer receives a notice of termination pursuant to Section 8.017.01 hereof, the Trustee shall shall, to the extent provided in Section 3.04, be the successor in all respects to the Servicer in its capacity as servicer under this Agreement and the transactions set forth or provided for herein and shall be subject to all the responsibilities, duties and liabilities relating thereto placed on the Servicer by the terms and provisions hereof or shall appoint a successor and applicable law including the obligation to make advances pursuant to Section 3.074.01. Notwithstanding anything provided herein As compensation therefor, subject to the contrary, under no circumstances shall any provision last paragraph of this Agreement be construed to require the Trustee, acting in its capacity as successor to the Servicer in its obligation to make Advances, to advance, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject to Section 8.05(b), as compensation therefor7.01, the Trustee shall be entitled to such all fees, compensation as and reimbursement for costs and expenses relating to the terminated Mortgage Loans that the Servicer would have been entitled to hereunder if no such notice of termination the Servicer had been givencontinued to act hereunder. Notwithstanding the aboveforegoing, if the Trustee has become the successor to the Servicer in accordance with Section 7.01 hereof, the Trustee may, if it shall be unwilling to so to act, or shall, if it is legally prohibited by applicable law from making Advances pursuant to Section 4.01 hereof or if it is otherwise unable to so to act, appoint, or petition a court of competent jurisdiction to appoint, any established housing mortgage loan servicing institution the appointment of which successor shall be approved by the NIMs Insurer and home finance institution having a net worth which does not adversely affect the then current rating of not less than $10,000,000 the Certificates by each Rating Agency as the successor to the terminated Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Servicer hereunder; provided, however, that (i) any such institution appointed as . Any successor Servicer shall notbe an institution that is acceptable to the NIMs Insurer and is a ▇▇▇▇▇▇ ▇▇▇ and ▇▇▇▇▇▇▇ Mac approved seller/servicer in good standing, that has a net worth of at least $15,000,000, and that is willing to service the Mortgage Loans and executes and delivers to the Depositor and the Trustee an agreement accepting such delegation and assignment, that contains an assumption by such Person of the rights, powers, duties, responsibilities, obligations and liabilities of the Servicer (other than liabilities of the Servicer under Section 6.03 hereof incurred prior to termination of the Servicer under Section 7.01), with like effect as evidenced in writing by if originally named as a party to this Agreement; and provided further that each Rating Agency, adversely affect the then current Agency acknowledges that its rating of any Class of the Certificates in effect immediately prior to the termination such assignment and delegation will not be qualified or reduced as a result of the terminated Servicersuch assignment and delegation. The No appointment of a successor to the Servicer hereunder shall be effective until the Trustee shall have consented thereto, prior written consent of the NIMs Insurer is obtained (provided, that such prior written consent shall not affect any liability be required in the event that the Servicing Rights Pledgee or its designee is so appointed as successor servicer) and written notice of the predecessor Servicer which may such proposed appointment shall have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach been provided by the Servicer of any of its representations or warranties contained herein or in any related document or agreementTrustee to each Certificateholder. The Trustee shall not resign as servicer until a successor servicer has been appointed and has accepted such appointment. Pending appointment of a successor to the terminated Servicer hereunder, the Trustee, unless the Trustee is prohibited by law from so acting, the Trustee shall shall, subject to Section 3.04 hereof, act in such capacity as provided abovehereinabove provided. In connection with such appointment and assumption, the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans as it and such successor shall agree; provided, however, that no such compensation shall be in excess of that permitted the Servicer hereunder. The Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection with the appointment of a successor Servicer or the assumption of the duties of the Servicer, as specified in Section 8.05(a), . Neither the Trustee may make such arrangements for the compensation nor any other successor servicer shall be deemed to be in default hereunder by reason of such successor out of payments on Mortgage Loans serviced any failure to make, or any delay in making, any distribution hereunder or any portion thereof or any failure to perform, or any delay in performing, any duties or responsibilities hereunder, in either case caused by the predecessor Servicer as it and such successor shall agree; provided, however, that any Person assuming the duties failure of the Servicer shall pay to such predecessor an amount equal deliver or provide, or any delay in delivering or providing, any cash, information, documents or records to the market value of the portion of the Servicing Fee that will accrue in the future due to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loanit. The "market value" of such portion of the Servicing Fee shall be determined by Bank of America, N.A., on the basis of at least two quotations from third parties actively engaged in the servicing of single-family mortgage loans. If the Any successor Servicer does not agree that such market value is a fair price, such successor shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b). (c) Any successor, including the Trustee, to the Servicer as servicer shall give notice to the Mortgagors of such change of servicer and shall, during the term of its service as servicer maintain in force the policy or policies that the Servicer is required to maintain pursuant to Section 6.05. In the event that the Servicer shall for any reason no longer be the Servicer hereunder (including by reason of any Event of Default), notwithstanding anything to the contrary above or anything to the 131 contrary which may be set forth in Section 3.04, the Trustee, the Depositor and the NIMS Insurer hereby agree that within ten Business Days of delivery to the Trustee by the Servicing Rights Pledgee of a letter signed by the Servicer whereby the Servicer shall resign as Servicer under this Agreement, or within ten days of Trustee's termination of the Servicer pursuant to Section 7.01 or 7.02, the Servicing Rights Pledgee or its designee shall be appointed as successor servicer; provided that at the time of such appointment (i) the Servicing Rights Pledgee or such designee meets the requirements of a policy successor servicer set forth above in this Section 7.03 (provided that the consent and approval of the Trustee, the Depositor and the NIMs Insurer shall be deemed to have been given to the Servicing Rights Pledgee or policies of insurance covering errors its designee, and omissions in the performance of Servicing Rights Pledgee and its obligations as servicer hereunder designee are hereby agreed to be acceptable to the Trustee, the Depositor and the NIMs Insurer) and (ii) a fidelity bond in respect of its officers, employees and agents the Servicing Rights Pledgee or such designee agrees to be subject to the same extent as the Servicer is so required pursuant to Section 3.03terms of this Agreement.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Ownit Mortgage Loan Trust, Series 2006-2)

Trustee to Act; Appointment of Successor. (a) On and after the time the Servicer receives a notice of termination pursuant to Section 8.017.01 of this Agreement or the resignation of the Servicer pursuant to Section 6.04, the Trustee shall shall, subject to and to the extent provided herein and subject to the written approval of the Mortgage Pool Insurer, be the successor in all respects to the Servicer Servicer, but only in its capacity as servicer under this Agreement Agreement, and not in any other, and the transactions set forth or provided for herein and shall be subject to all the responsibilities, duties and liabilities relating thereto placed on the Servicer by the terms and provisions hereof or shall appoint a successor and applicable law including the obligation to make Advances pursuant to Section 3.074.01. Notwithstanding anything provided herein to the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity as successor to the Servicer in its obligation to make Advances, to advance, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject to Section 8.05(b), as As compensation therefor, the Trustee shall be entitled to such compensation as all funds relating to the terminated related Mortgage Loans that the Servicer would have been entitled to hereunder if no charge to the Collection Account, provided that the terminated Servicer shall nonetheless be entitled to payment or reimbursement as provided in Section 3.08 to the extent that such notice payment or reimbursement relates to the period prior to termination of termination had been giventhe Servicer. Notwithstanding the aboveforegoing, if the Trustee has become the successor to the Servicer in accordance with Section 7.01, the Trustee may, if it shall be unwilling to so to act, or shall, if it is legally prohibited by applicable law from making Advances pursuant to 4.01 hereof, or if it is otherwise unable to so to act, appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance mortgage loan servicing institution having a net worth the appointment of which does not less than $10,000,000 adversely affect the then current rating of the Certificates by each Rating Agency, as the successor to the terminated Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Servicer hereunder; provided, however, that (i) any such institution appointed as . Any successor to the Servicer shall notbe an institution which is a Fannie Mae or Freddie Mac approved seller/servicer for first and s▇▇▇▇▇ l▇▇▇s in ▇▇▇▇ ▇tanding, as evidenced which has a net worth of at least $10,000,000, which is willing to service the related Mortgage Loans, which is approved in writing by the Mortgage Pool Insurer and which executes and delivers to the Depositor and the Trustee an agreement accepting such delegation and assignment, containing an assumption by such Person of the rights, powers, duties, responsibilities, obligations and liabilities of the Servicer (other than liabilities of the Servicer under Section 6.03 hereof incurred prior to termination of the Servicer under Section 7.01 hereunder), with like effect as if originally named as a party to this Agreement; provided that each Rating Agency, adversely affect the then current Agency acknowledges that its rating of any Class of the Certificates in effect immediately prior to the termination such assignment and delegation will not be qualified, withdrawn or downgraded as a result of the terminated Servicer. The appointment of a successor Servicer shall not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreementsuch assignment and delegation. Pending appointment of a successor to the terminated Servicer hereunder, the Trustee, unless the Trustee is prohibited by law from so acting, shall, subject to the Trustee shall limitations described herein, act in such capacity as provided abovehereinabove provided. In connection with such appointment and assumption, the Trustee may make such arrangements for the compensation of such successor out of payments on the related Mortgage Loans as it and such successor shall agree; provided, however, that no such compensation shall be in excess of the Servicing Fee. The Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) . Neither the Trustee nor any other successor servicer shall be deemed to be in default by reason of any failure to make, or any 116 delay in making, any distribution hereunder or any portion thereof or any failure to perform, or any delay in performing, any duties or responsibilities hereunder, in either case caused by the failure of the Servicer to deliver or provide, or any delay in delivering or providing, any cash, information, documents or records to it. In connection with the appointment of a successor Servicer termination or the assumption of the duties of the Servicer, as specified in Section 8.05(a), the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor shall agree; provided, however, that any Person assuming the duties resignation of the Servicer shall pay to such predecessor an amount equal to the market value of the portion of the Servicing Fee that will accrue in the future due to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" of such portion of the Servicing Fee shall be determined by Bank of Americahereunder, N.A., on the basis of at least two quotations from third parties actively engaged in the servicing of single-family mortgage loans. If the successor Servicer does not agree that such market value is a fair price, such successor shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal to the average of either (i) the lowest figure obtained by Bank successor servicer, including the Trustee if the Trustee is acting as successor Servicer, shall represent and warrant that it is a member of AmericaMERS in good standing and shall agree to comply in all material respects with the rules and procedures of MERS in connection with the servicing of the Mortgage Loans that are registered with MERS, N.A.in which case the predecessor Servicer shall cooperate with the successor Servicer in causing MERS to revise its records to reflect the transfer of servicing to the successor Servicer as necessary under MERS' rules and regulations, and or (ii) the highest figure obtained by predecessor Servicer shall cooperate with the successor Servicer in causing MERS to execute and deliver an assignment of Mortgage in recordable form to transfer the Mortgage from MERS to the Trustee and to execute and deliver such other notices, documents and other instruments as may be necessary or desirable to effect a transfer of such Mortgage Loan or servicing of such Mortgage Loan on the MERS(R) System to the successor Servicer. Payment The predecessor Servicer shall file or cause to be filed any such assignment in the appropriate recording office. The predecessor Servicer shall bear any and all fees of the amount calculated above shall MERS, costs of preparing any assignments of Mortgage, and fees and costs of filing any assignments of Mortgage that may be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee required under this Agreementsubsection. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b). (c) Any successor, including the Trustee, successor to the Servicer as shall give notice to the Mortgagors of such change of servicer shall and shall, during the term of its service as servicer servicer, maintain in force (i) a the policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as that the Servicer is so required to maintain pursuant to Section 3.03this Agreement.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (CSFB Mortgage Sec Corp Home Eq Mort PSS THR CRT Ser 2003-Ffa)

Trustee to Act; Appointment of Successor. (a) On and after the time the Servicer receives a notice of termination pursuant to Section 8.01, 8.01 the Trustee shall be become the successor in all respects to the Servicer in its capacity as servicer under this Agreement and with respect to the transactions set forth or provided for herein and after a transition period (not to exceed 90 days), shall be subject to all the responsibilities, duties and liabilities relating thereto placed on the Servicer by the terms and provisions hereof or shall appoint a successor and applicable law including the obligation to make Advances pursuant to Section 3.07. Notwithstanding anything Article VI hereof, except as otherwise provided herein to the contraryherein; provided, under no circumstances shall any provision of this Agreement be construed to require however, that the Trustee, acting 's obligation to make Advances in its capacity as successor Successor Servicer shall not be subject to such 90 day transition period and the Trustee in such capacity will make any Advance required to be made by the terminated Servicer in its obligation on the Distribution Date on which the terminated Servicer was required to make Advances, to advance, expend or risk its own funds or otherwise incur any financial liability in such Advance. Effective on the performance date of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject to Section 8.05(b)notice of termination, as compensation therefor, the Trustee shall be entitled to such compensation as all fees, costs and expenses relating to the Mortgage Loans that the terminated Servicer would have been entitled to if it had continued to act hereunder provided, however, that the Trustee shall not be (i) liable for any acts or omissions of the terminated Servicer, (ii) obligated to make Advances if no it is prohibited from doing so under applicable law or determines that such notice Advance, if made, would constitute a Nonrecoverable Advance, (iii) responsible for expenses of termination had been giventhe terminated Servicer pursuant to Section 2.03 or (iv) obligated to deposit losses on any Permitted Investment directed by the terminated Servicer. Notwithstanding the aboveforegoing, the Trustee may, if it shall be unwilling to so to act, or shall, if it is legally prohibited by applicable law from making Advances pursuant to Article VI of this Agreement or if it is otherwise unable to so to act, appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance mortgage loan servicing institution having a net worth the appointment of which does not less than $10,000,000 adversely affect the then current rating of the Certificates by each Rating Agency as the successor to the terminated Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Servicer hereunder; provided, however, that . Any Successor Servicer shall (i) any such be an institution appointed that is a Fannie Mae and Freddie ▇▇▇ ▇▇p▇▇▇ed se▇▇▇▇/▇▇rvicer in good standing, that has a net worth of at least $15,000,000 and (ii) be willing to act as successor servicer of any Mortgage Loans under this Agreement and shall have executed and delivered to the Depositor and the Trustee an agreement accepting such delegation and assignment, that contains an assumption by such Person of the rights, powers, duties, responsibilities, obligations and liabilities of the terminated Servicer (other than any liabilities of the terminated Servicer hereof incurred prior to termination of the Servicer under Section 8.01), with like effect as if originally named as a party to this Agreement provided that each Rating Agency shall not, as evidenced have acknowledged in writing by each Rating Agency, adversely affect the then current that its rating of any Class of the Certificates in effect immediately prior to such assignment and delegation will not be qualified or reduced as a result of such assignment and delegation. If the termination Trustee assumes the duties and responsibilities of the terminated Servicer. The appointment of a successor Servicer in accordance with this Section 8.02, the Trustee shall not affect any liability of the predecessor resign as servicer until a Successor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreementhas been appointed and has accepted such appointment. Pending appointment of a successor to the terminated Servicer hereunder, the Trustee, unless the Trustee is prohibited by law from so acting, the Trustee shall shall, subject to Section 4.04 hereof, act in such capacity as provided abovehereinabove provided. The Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection with the such appointment of a successor Servicer or the assumption of the duties of the Servicer, as specified in Section 8.05(a)and assumption, the Trustee may make such arrangements for the compensation of such successor out of payments on related Mortgage Loans serviced by the predecessor Servicer or otherwise as it and such successor shall agree; providedprovided that no such compensation shall be in excess of that permitted the terminated Servicer hereunder. The Trustee and such successor shall take such action, howeverconsistent with this Agreement as shall be necessary to effectuate any such succession. Neither the Trustee nor any other Successor Servicer shall be deemed to be in default hereunder by reason of any failure to make, that or any Person assuming delay in making, any distribution hereunder or any portion thereof or any failure to perform, or any delay in performing, any duties or responsibilities hereunder, in either case caused by the duties failure of the Servicer shall pay to such predecessor an amount equal deliver or provide, or any delay in delivering or providing, any cash, information, documents or records to the market value of the portion of the Servicing Fee that will accrue in the future due to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" of such portion of the Servicing Fee shall be determined by Bank of America, N.A., on the basis of at least two quotations from third parties actively engaged in the servicing of single-family mortgage loans. If the successor Servicer does not agree that such market value is a fair price, such successor shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b)it. (c) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the Servicer is so required pursuant to Section 3.03.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Nomura Asset Acceptance Corp)

Trustee to Act; Appointment of Successor. (a) On and after the time the Master Servicer or the Special Servicer resigns pursuant to Section 6.04 or receives a notice of termination pursuant to Section 8.017.01, the Trustee shall be the successor in all respects to the Master Servicer or the Special Servicer, as the case may be, in its capacity as servicer such under this Agreement and the transactions set forth or provided for herein and shall be subject to all the responsibilities, duties and liabilities relating thereto and arising thereafter placed on the Master Servicer or the Special Servicer, as the case may be, by the terms and provisions hereof hereof, including, without limitation, if the Master Servicer is the resigning or terminated party, the Master Servicer's obligation to make P&I Advances; provided that any failure to perform such duties or responsibilities caused by the Master Servicer's or the Special Servicer's, as the case may be, failure to cooperate or to provide information or monies required by Section 7.01 shall appoint not be considered a default by the Trustee hereunder. Neither the Trustee nor any other successor shall be liable for any of the representations and warranties of the resigning or terminated party or for any losses incurred by the resigning or terminated party pursuant to Section 3.073.06 hereunder nor shall the Trustee nor any other successor be required to purchase any Mortgage Loan hereunder. Notwithstanding anything provided herein to the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity as successor to the Servicer in its obligation to make Advances, to advance, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject to Section 8.05(b), as As compensation therefor, the Trustee shall be entitled to such all fees and other compensation as which the resigning or terminated Servicer party would have been entitled to hereunder for future services rendered if no such notice of termination the resigning or terminated party had been givencontinued to act hereunder. Notwithstanding the above, the Trustee may, if it shall be unwilling to so to act, or shall, if it is legally unable to so to act, or is not approved by each and every Rating Agency as an acceptable master servicer or special servicer, as the case may be, of commercial mortgage loans, or if the Holders of Certificates entitled to at least 51% of the Voting Rights so request in writing to the Trustee, promptly appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance qualified institution having a net worth of not less than $10,000,000 as the successor to the terminated Master Servicer or the Special Servicer, as the case may be, hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Master Servicer or the Special Servicer, as the case may be, hereunder; providedprovided that such appointment does not result in the qualification, however, that (i) downgrade or withdrawal of any such institution appointed as successor Servicer shall not, as evidenced in writing rating then assigned by each either Rating Agency, adversely affect the then current rating of Agency to any Class of Certificates immediately prior (as evidenced by written confirmation thereof from each Rating Agency); and provided, further, that any successor to the termination Master Servicer must have a net worth of the terminated Servicerat least $10 million. The No appointment of a successor to the Master Servicer or the Special Servicer hereunder shall not affect any liability be effective until the assumption of the predecessor Servicer which may have arisen under this Agreement prior successor to such party of all its termination as Servicerresponsibilities, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreementduties and liabilities hereunder. Pending appointment of a successor to the terminated Master Servicer or the Special Servicer hereunder, unless the Trustee is prohibited by law from so acting, the Trustee shall act in such capacity as provided abovehereinabove provided. The Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection with the any such appointment of a successor Servicer or the and assumption of the duties of the Servicer, as specified in Section 8.05(a)described herein, the Trustee may make such arrangements for the compensation of such successor out of payments on or in respect of the Mortgage Loans serviced by the predecessor Servicer or otherwise as it and such successor shall agree; provided, however, that any Person assuming the duties of the Servicer shall pay to no such predecessor an amount equal to the market value of the portion of the Servicing Fee that will accrue in the future due to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" of such portion of the Servicing Fee compensation shall be determined by Bank in excess of America, N.A., on that permitted the basis of at least two quotations from third parties actively engaged in the servicing of single-family mortgage loans. If the successor Servicer does not agree that such market value is a fair price, such successor shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b). (c) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer maintain in force (i) a policy resigning or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the Servicer is so required pursuant to Section 3.03.terminated

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Salomon Brothers Mort Sec Vii Com Mor Pas THR Cer Se 1999-C1)

Trustee to Act; Appointment of Successor. (a) On and after After the time the Servicer receives a notice of termination pursuant to Section 8.01, the Trustee shall be the successor in all respects to the Servicer in its capacity as servicer under this Agreement and the transactions set forth or provided for herein and shall be subject to all the responsibilities, duties and liabilities relating thereto placed on the Servicer by the terms and provisions hereof or shall appoint a successor pursuant to Section 3.07. Notwithstanding anything provided herein to the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity as successor to the Servicer in its obligation to make Advances, to advance, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject to Section 8.05(b), as compensation therefor, the Trustee shall be entitled to such compensation as the terminated Servicer would have been entitled to hereunder if no such notice of termination had been given. Notwithstanding the above, the Trustee may, if it shall be unwilling so to act, or shall, if it is legally unable so to act, appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance institution having a net worth of not less than $10,000,000 as the successor to the terminated Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Servicer hereunder; provided, however, that (i) any such institution appointed as successor Servicer shall not, as evidenced in writing by each Rating Agency, adversely affect the then current rating of any Class of Certificates immediately prior to the termination of the terminated Servicer. The appointment of a successor Servicer shall not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreement. Pending appointment of a successor to the terminated Servicer hereunder, unless the Trustee is prohibited by law from so acting, the Trustee shall act in such capacity as provided above. The Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection with the appointment of a successor Servicer or the assumption of the duties of the Servicer, as specified in Section 8.05(a), the Trustee may shall make such arrangements for the compensation of such successor successor, including the payment of the Supplemental Servicing Fee out of payments on Mortgage Loans serviced the Collateral pledged by the predecessor Servicer pursuant to Section 3.23, as it and such successor shall agree; provided, however, that any Person assuming the duties of the Servicer shall pay to such predecessor an amount equal to the market value of the portion of the Servicing Fee that will accrue agree in the future due to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" of such portion of the Servicing Fee shall be determined by Bank of America, N.A., on the basis of at least two quotations from third parties actively engaged in the servicing of single-family mortgage loans. If the successor Servicer does not agree that such market value is a fair price, such successor shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., their sole and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b)absolute discretion. (c) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the Servicer is so required pursuant to Section 3.03.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Banc of America Funding Corp Mort Pass THR Cert Ser 2002-2)

Trustee to Act; Appointment of Successor. (a) On and after the time the Servicer receives a notice of termination pursuant to Section 8.01, the Trustee shall be the successor in all respects to the Servicer in its capacity as servicer under this Agreement and the transactions set forth or provided for herein and shall be subject to all the responsibilities, duties and liabilities relating thereto placed on the Servicer by the terms and provisions hereof or shall appoint a successor pursuant to Section 3.07. Notwithstanding anything provided herein to the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity as successor to the Servicer in its obligation to make Advances, to advance, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject to Section 8.05(b), as compensation therefor, the Trustee shall be entitled to such compensation as the terminated Servicer would have been entitled to hereunder if no such notice of termination had been given. Notwithstanding the above, the Trustee may, if it shall be unwilling so to act, or shall, if it is legally unable so to act, appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance institution having a net worth of not less than $10,000,000 as the successor to the terminated Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Servicer hereunder; provided, however, that (i) any such institution appointed as successor Servicer shall not, as evidenced in writing by each Rating Agency, adversely affect the then current rating of any Class of Certificates immediately prior to the termination of the terminated Servicer. The appointment of a successor Servicer shall not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreement. Pending appointment of a successor to the terminated Servicer hereunder, unless the Trustee is prohibited by law from so acting, the Trustee shall act in such capacity as provided above. The Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection with the appointment of a successor Servicer or the assumption of the duties of the Servicer, as specified in Section 8.05(a), the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor shall agree; provided, however, that any Person assuming the duties of the Servicer shall pay to such predecessor an amount equal to the market value of the portion of the Servicing Fee that will accrue in the future due to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" of such portion of the Servicing Fee shall be determined by Bank of America, N.A., on the basis of at least two quotations from third parties actively engaged in the servicing of single-family mortgage loans. If the successor Servicer does not agree that such market value is a fair price, such successor shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b). (c) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the Servicer is so required pursuant to Section 3.03.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Wachovia Asset Funding Trust, LLC)

Trustee to Act; Appointment of Successor. (a) On and after the time the Servicer receives a notice of termination pursuant to Section 8.017.01 of this Agreement, the Trustee shall or, if Fairbanks is the terminated Servicer, the Back-Up Servicer, or a successor servicer appointed pursuant to Section 7.01, shall, subject to and to the extent provided herein, either be the successor in all respects to the Servicer Servicer, but only in its capacity as servicer under this Agreement Agreement, and not in any other, and the transactions set forth herein or provided for herein and shall appoint a successor servicer, in either event such successor servicer shall be subject to all the responsibilities, duties and liabilities relating thereto placed on the Servicer by the terms and provisions hereof or shall appoint a successor and applicable law including the obligation to make Advances pursuant to Section 3.074.01. Notwithstanding anything provided herein to the contrary, under no circumstances shall any provision of this Agreement be construed to require the Trustee, acting in its capacity as successor to the Servicer in its obligation to make Advances, to advance, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject to Section 8.05(b), as As compensation therefor, the Trustee successor servicer shall be entitled to such compensation as all funds relating to the related Mortgage Loans that the terminated Servicer would have been entitled to hereunder if no charge to a Collection Account, provided that the terminated Servicer shall nonetheless be entitled to payment or reimbursement as provided in Section 3.09(a) to the extent that such notice payment or reimbursement relates to the period prior to the completion of termination had been giventhe transfer of servicing to a successor servicer. Notwithstanding the aboveforegoing, if the Trustee or the Back-Up Servicer has become the successor to the Servicer in accordance with Section 7.01, the Trustee or Back-Up Servicer may, if it shall be unwilling to so to act, or shall, if it is legally prohibited by applicable law from making Advances pursuant to 4.01 hereof, or if it is otherwise unable to so to act, appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance mortgage loan servicing institution having a net worth the appointment of which does not less than $10,000,000 adversely affect the then current rating of the Certificates by each Rating Agency, as the successor to the terminated Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Servicer hereunder; provided, however, that (i) any such institution appointed as . Any successor to the Servicer shall notbe an institution which is a FNMA or FHLMC approved seller/servicer in good standing, which has a net worth of at least $10,000,000, which is willing to service the related Mortgage Loans and which executes and delivers to the Depositor and the Trustee an agreement accepting such delegation and assignment, containing an assumption by such Person of the rights, powers, duties, responsibilities, obligations and liabilities of the Servicer (other than liabilities of the Servicer under Section 6.03 hereof incurred prior to termination of the Servicer under Section 7.01 hereunder), with like effect as evidenced if originally named as a party to this Agreement; provided that each Rating Agency acknowledges that its rating of the Certificates in writing effect immediately prior to such assignment and delegation will not be qualified or reduced as a result of such assignment and delegation. Any successor servicer appointed by DLJMC shall be rated as a servicer of subprime mortgage loans as "average" (or its equivalent) or better by each Rating Agency, adversely affect the then current Agency that maintains a servicer rating of any Class of Certificates immediately prior to the termination of the terminated Servicer. The appointment of a successor Servicer shall not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreementsystem. Pending appointment of a successor to the terminated Servicer hereunder, the Trustee, the Back-Up Servicer or other successor servicer, unless the Trustee such entity is prohibited by law from so acting, shall, subject to the Trustee shall limitations described herein, act in such capacity as provided abovehereinabove provided. In connection with such appointment and assumption, the Trustee may make such arrangements for the compensation of such successor out of payments on the related Mortgage Loans as it and such successor shall agree; provided, however, that no such compensation shall be in excess of the sum of the Servicing Fee and the Back-Up Servicer Fee. The Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection with . Neither the appointment Trustee, the Back-Up Servicer nor any other successor servicer shall be deemed to be in default by reason of a successor Servicer any failure to make, or any delay in making, any distribution hereunder or any portio n thereof or any failure to perform, or any delay in performing, any duties or responsibilities hereunder, in either case caused by the assumption failure of the duties of the Servicerterminated Servicer to deliver or provide, as specified or any delay in Section 8.05(a)delivering or providing, the Trustee may make such arrangements for the compensation of such any cash, information, documents or records to it. Any successor out of payments on Mortgage Loans serviced by the predecessor Servicer as it and such successor shall agree; provided, however, that any Person assuming the duties of to the Servicer shall pay to such predecessor an amount equal give notice to the market value of the portion of the Servicing Fee that will accrue in the future due to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" Mortgagors of such portion change of the Servicing Fee shall be determined by Bank of Americaservicer and shall, N.A., on the basis of at least two quotations from third parties actively engaged in the servicing of single-family mortgage loans. If the successor Servicer does not agree that such market value is a fair price, such successor shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b). (c) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer Servicer, maintain in force (i) a the policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as type that the Servicer is so required to maintain pursuant to this Agreement. Section 3.035. Amendments to Article X. The first clause of the first sentence of the first paragraph of Section 10.05 is hereby amended and restated as follows: The Trustee shall use its best efforts to promptly provide notice to each Rating Agency and the Back-Up Servicer with respect to each of the following of which it has actual knowledge: The first clause of the first sentence of the second paragraph of Section 10.05 is hereby amended and restated as follows: In addition, the Trustee shall promptly furnish to each Rating Agency and the Back-Up Servicer copies of the following: The word "and" preceding clause (e) of the third paragraph of Section 10.05 is stricken and the following clause shall be inserted following such clause (e): , and (f) in the case of the Back-Up Servicer, ▇▇▇▇▇ Fargo Bank Minnesota, National Association, ▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇-▇▇▇▇▇-▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇-▇▇▇▇, Attention: Back-Up Servicing HEAT 2003-2.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (CSFB Mortgage Sec Corp Hm Equ Pass THR Cert Ser 2003-2)

Trustee to Act; Appointment of Successor. (a) On and after the time the Servicer receives a notice of termination pursuant to Section 8.017.01 or 7.02 hereof, the Trustee shall shall, to the extent provided in Section 3.04, be the successor in all respects to the Servicer in its capacity as servicer under this Agreement and the transactions set forth or provided for herein and shall be subject to all the responsibilities, duties and liabilities relating thereto placed on the Servicer by the terms and provisions hereof or shall appoint a successor and applicable law including the obligation to make advances pursuant to Section 3.074.01. Notwithstanding anything provided herein As compensation therefor, subject to the contrary, under no circumstances shall any provision last paragraph of this Agreement be construed to require the Trustee, acting in its capacity as successor to the Servicer in its obligation to make Advances, to advance, expend Section 7.01 or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject to Section 8.05(b)7.02, as compensation thereforapplicable, the Trustee shall be entitled to such all compensation as and reimbursement for costs and expenses that the terminated Servicer would have been entitled to hereunder if no such notice of termination the Servicer had been givencontinued to act hereunder. Notwithstanding the aboveforegoing, if the Trustee has become the successor to the Servicer in accordance with Section 7.01 or 7.02 hereof, the Trustee may, if it shall be unwilling to so to act, or shall, if it is legally prohibited by applicable law from making Advances pursuant to Section 4.01 hereof or if it is otherwise unable to so to act, appoint, or petition a court of competent jurisdiction to appoint, any established housing mortgage loan servicing institution the appointment of which successor shall be approved by the NIM Insurer and home finance institution having a net worth which does not adversely affect the then current rating of not less than $10,000,000 the Certificates by each Rating Agency as the successor to the terminated Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Servicer hereunder; provided, however. Any successor servicer shall be an institution that is acceptable to the NIM Insurer and is a ▇▇▇▇▇▇ ▇▇▇ and ▇▇▇▇▇▇▇ Mac approved seller/servicer in good standing, that has a net worth of at least $15,000,000, and that is willing to service the Mortgage Loans and executes and delivers to the Depositor and the Trustee an agreement accepting such delegation and assignment, that contains an assumption by such Person of the rights, powers, duties, responsibilities, obligations and liabilities of the Servicer (i) any such institution appointed other than liabilities of the Servicer under Section 6.03 hereof incurred prior to termination of the Servicer under Section 7.01 or 7.02), with like effect as successor Servicer shall not, if originally named as evidenced in writing by a party to this Agreement; and provided further that each Rating Agency, adversely affect the then current Agency acknowledges that its rating of any Class of the Certificates in effect immediately prior to the termination such assignment and delegation will not be qualified or reduced as a result of the terminated Servicersuch assignment and delegation. The No appointment of a successor to the Servicer hereunder shall be effective until the Trustee and the NIM Insurer shall have consented thereto, prior written consent of the NIM Insurer is obtained and written notice of such proposed appointment shall have been provided by the Trustee to each Certificateholder. The Trustee shall not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination resign as Servicer, nor shall any servicer until a successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreementservicer has been appointed and has accepted such appointment. Pending appointment of a successor to the terminated Servicer hereunder, the Trustee, unless the Trustee is prohibited by law from so acting, the Trustee shall shall, subject to Section 3.04 hereof, act in such capacity as provided abovehereinabove provided. In connection with such appointment and assumption, the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans as it and such successor shall agree; provided, however, that no such compensation shall be in excess of that permitted the Servicer hereunder. The Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection with the appointment of a successor Servicer or the assumption of the duties of the Servicer, as specified in Section 8.05(a), . Neither the Trustee may make such arrangements for the compensation nor any other successor servicer shall be deemed to be in default hereunder by reason of such successor out of payments on Mortgage Loans serviced any failure to make, or any delay in making, any distribution hereunder or any portion thereof or any failure to perform, or any delay in performing, any duties or responsibilities hereunder, in either case caused by the predecessor Servicer as it and such successor shall agree; provided, however, that any Person assuming the duties failure of the Servicer shall pay to such predecessor an amount equal deliver or provide, or any delay in delivering or providing, any cash, information, documents or records to the market value of the portion of the Servicing Fee that will accrue in the future due to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loanit. The "market value" of such portion of the Servicing Fee shall be determined by Bank of America, N.A., on the basis of at least two quotations from third parties actively engaged in the servicing of single-family mortgage loans. If the Any successor Servicer does not agree that such market value is a fair price, such successor shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b). (c) Any successor, including the Trustee, to the Servicer as servicer shall give notice to the Mortgagors of such change of servicer and shall, during the term of its service as servicer maintain in force (i) a the policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as that the Servicer is so required to maintain pursuant to Section 3.036.05.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc)

Trustee to Act; Appointment of Successor. (a) On and after the time the Servicer receives a notice of termination pursuant to Section 8.0110.02 hereof, the Trustee Trustee, subject to the terms of Section 5.02 of the Indenture, shall be the successor in all respects to the Servicer in its capacity as servicer of the Leases under this Sales and Servicing Agreement and the transactions set forth or provided for herein and and, to such extent, shall be subject to all the responsibilities, duties and liabilities relating thereto placed on the Servicer by the terms and provisions hereof or (but not the obligations of the Seller contained in Section 5 hereof which shall appoint a successor pursuant to Section 3.07. Notwithstanding anything provided herein to the contrary, under no circumstances shall survive any provision of this Agreement be construed to require the Trustee, acting in its capacity such termination as successor to the Servicer in its obligation to make Advances, to advance, expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder if it shall have reasonable grounds for believing that such funds are non-recoverable. Subject to Section 8.05(b), as compensation therefor, the Trustee above provided) and shall be entitled to receive from the Trust the Servicing Fee provided for in Section 4.04 hereof; provided that the Trustee shall in no way be responsible or liable for any action or actions of the Servicer before the time the Servicer receives such compensation as the terminated Servicer would have been entitled to hereunder if no such a notice of termination had been given. termination. (b) Notwithstanding the above, the Trustee may, if it shall be unwilling to so to act, or shall, if it is legally unable to so to act, appointgive notice of such fact to each holder of the Notes and (i) appoint an established institution satisfactory to the holders of 66-2/3% in Outstanding Principal Amount of the Notes as the successor to the Servicer hereunder to assume all of the rights and obligations of the Servicer hereunder, including, without limitation, the Servicer's right hereunder to receive the Servicing Fee (but not the obligations of the Seller contained in Section 5 hereof) or, (ii) if no such institution satisfactory to the holders of 66-2/3% in Outstanding Principal Amount of the Notes is so appointed within 60 days following the giving of such notice, appoint a bank or other established institution, which has experience in servicing lease contracts and equipment similar to the Leases and Equipment and as to which each of S&P, Fitch and DCR has indicated in writing that the appointment of such Person, as the successor to the Servicer hereunder will not result in the reduction or withdrawal of such Rating Agency's then-current rating of the Notes or, (iii) if no such institution is so appointed, petition a court of competent jurisdiction to appoint, any established housing and home finance appoint an institution having a net worth of not less than $10,000,000 meeting such criteria as the successor to the terminated Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Servicer hereunder; provided, however, that (i) any such institution appointed as successor Servicer shall not, as evidenced in writing by each Rating Agency, adversely affect the then current rating of any Class of Certificates immediately prior to the termination of the terminated Servicer. The appointment of a successor Servicer shall not affect any liability of the predecessor Servicer which may have arisen under this Agreement prior to its termination as Servicer, nor shall any successor Servicer be liable for any acts or omissions of the predecessor Servicer or for any breach by the Servicer of any of its representations or warranties contained herein or in any related document or agreement. Pending appointment of a successor to the terminated Servicer hereunder, unless the Trustee is prohibited by law from so acting, the Trustee shall act in such capacity as provided abovehereinabove provided. The Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. (b) In connection with such appointment and assumption, the appointment Trustee shall cause such successor to the Servicer to enter into a servicing agreement substantially in the form of a successor Servicer or the assumption this Sales and Servicing Agreement except that such agreement shall not include any of the duties of the ServicerSeller's representations, as specified in Section 8.05(a), warranties or obligations and the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans serviced by the predecessor Servicer Leases as it and such successor shall agree; provided, however, that any Person assuming the duties of the Servicer shall pay to no such predecessor an amount equal to the market value of the portion of the Servicing Fee that will accrue in the future due to the Servicing Fee Rate exceeding 0.25% per annum with respect to any Mortgage Loan. The "market value" of such portion of the Servicing Fee compensation shall be determined by Bank in excess of America, N.A., on the basis of at least two quotations from third parties actively engaged in the servicing of single-family mortgage loans. If the that provided for a successor Servicer does not agree that such market value is a fair price, such successor shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. The market value of the excess portion of the Servicing Fee will then be equal to the average of (i) the lowest figure obtained by Bank of America, N.A., and (ii) the highest figure obtained by the successor Servicer. Payment of the amount calculated above shall be made to Bank of America, N.A., by the successor Servicer no later than the last Business Day of the month in which such successor Servicer becomes entitled to receive the Servicing Fee under this Agreement. In no event will any portion of the Trust Estate be used to pay amounts due to Bank of America, N.A. under this Section 8.05(b). (c) Any successor, including the Trustee, to the Servicer as servicer shall during the term of its service as servicer maintain in force (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers, employees and agents to the same extent as the Servicer is so required pursuant to Section 3.03.4.04

Appears in 1 contract

Sources: Sales and Servicing Agreement (Copelco Capital Funding Corp Xi)