Common use of Buyer as Attorney-in-Fact Clause in Contracts

Buyer as Attorney-in-Fact. Upon the occurrence and during the continuation of an Event of Default, Buyer is hereby appointed the attorney-in-fact of Seller for the purpose of carrying out the provisions of the Agreement and taking any action and executing any instruments that Buyer may deem necessary or advisable to accomplish the purposes hereof, which appointment as attorney-in-fact is irrevocable and coupled with an interest. Without limiting the generality of the foregoing, after an Event of Default has occurred and is continuing, Buyer shall have the right and power to (i) take any action Buyer deems prudent to direct the receipt of payments on any Mortgage Loan from the Servicer thereof to Buyer or its designee, including, without limitation, the sending of any letter which irrevocably instructs such Servicer to make all payments directly to Buyer or its designee, and (ii) receive, endorse and collect all checks made payable to the order of Seller representing any payment on account of the principal of or interest on any of the Purchased Securities and to give full discharge for the same.

Buyer as Attorney-in-Fact. Upon the occurrence and during the continuation of an Event of Default, Buyer hereby is hereby appointed the attorney-in-fact of each Seller for the purpose of carrying out the provisions of this Agreement and the Agreement other Program Documents and taking any action and executing any instruments that Buyer may deem necessary or advisable to accomplish the purposes hereof, hereof and thereof; which appointment as attorney-in-fact is irrevocable and coupled with an interest. Without limiting the generality of the foregoing, after (i) following the occurrence of a Default, an Event of Default has occurred and is continuingor an Event of Termination, Buyer shall have the right and power to (i) take execute any action Buyer deems prudent and all instruments of transfer and related Transfer Documents with respect to direct the receipt of payments on any Mortgage Loan from the Servicer thereof to Buyer or its designee, including, without limitation, the sending of any letter which irrevocably instructs such Servicer to make all payments directly to Buyer or its designeePurchased Assets, and (ii) during the occurrence and continuation of any Default, Event of Default or an Event of Termination, Buyer shall have the right and power to receive, endorse and collect all checks made payable to the order of any Seller representing any payment on account of the principal of or interest on or any other amount in respect of any of the Purchased Securities Assets and to give full discharge for the same.

Buyer as Attorney-in-Fact. Upon the occurrence and during the continuation ------------------------- of an Event of Default, Buyer is hereby appointed the attorney-in-fact of Seller for the purpose of carrying out the provisions of the Agreement and taking any action and executing any instruments that Buyer may deem necessary or advisable to accomplish the purposes hereof, which appointment as attorney-in-fact is irrevocable and coupled with an interest. Without limiting the generality of the foregoing, after an Event of Default has occurred and is continuing, Buyer shall have the right and power to (i) take any action Buyer deems prudent to direct the receipt of payments on any Mortgage Loan from the Servicer thereof to Buyer or its designee, including, without limitation, the sending of any letter which irrevocably instructs such Servicer to make all payments directly to Buyer or its designee, and (ii) receive, endorse and collect all checks made payable to the order of Seller representing any payment on account of the principal of or interest on any of the Purchased Securities and to give full discharge for the same.