Collection of Certain Home Equity Loan Payments Sample Clauses
Collection of Certain Home Equity Loan Payments. The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Home Equity Loans, and shall, to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any applicable Insurance Policy, follow collection procedures for all Home Equity Loans at least as rigorous as those described in the FNMA Guide. Consistent with the foregoing, the Servicer may in its discretion waive or permit to be waived any late payment charge, prepayment charge, assumption fee or any penalty interest in connection with the prepayment of a Home Equity Loan or any other fee or charge which the Servicer would be entitled to retain hereunder as servicing compensation. In the event the Servicer shall consent to the deferment of the due dates for payments due on a Note, the Servicer shall nonetheless make payment of any required Delinquency Advance with respect to the payments so extended to the same extent as if such installment were due, owing and Delinquent and had not been deferred, and shall be entitled to reimbursement therefor in accordance with Section 8.09(a) hereof.
Collection of Certain Home Equity Loan Payments. (a) The Master Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Home Equity Loans, and shall, to the extent such procedures shall be consistent with this Servicing Agreement and generally consistent with the Program Guide, follow such collection procedures as it would employ in its good faith business judgment and which are normal and usual in its general mortgage servicing activities. Consistent with the foregoing, and without limiting the generality of the foregoing, the Master Servicer may in its discretion waive any late payment charge, penalty interest or other fees which may be collected in the ordinary course of servicing such Home Equity Loan. The Master Servicer may also extend the Due Date for payment due on a Home Equity Loan in accordance with the Program Guide, provided, however, that the Master Servicer shall first determine that any such waiver or extension will not impair the coverage of any related insurance policy or materially adversely affect the lien of the related Mortgage (except as described below) or the interests of the Securityholders and the Credit Enhancer. Notwithstanding anything in this Section to the contrary, the Master Servicer or any Subservicer shall not enforce any prepayment charge to the extent that such enforcement would violate any applicable law. Consistent with the terms of this Servicing Agreement and subject to Section 3.01(a) herein, the Master Servicer may also:
(i) waive, modify or vary any term of any Home Equity Loan (including reduce the Credit Limit or extend the period during which a Draw may be made by the Mortgagor pursuant to the Loan Agreement with respect to any Group II Loan);
(ii) consent to the postponement of strict compliance with any such term or in any manner grant indulgence to any Mortgagor;
(iii) arrange with a Mortgagor a schedule for the payment of principal and interest due and unpaid;
(iv) forgive any portion of the amounts contractually owed under the Home Equity Loan;
(v) capitalize any past due amounts owed under the Home Equity Loan by adding amounts in arrearage to the existing Loan Balance of the Home Equity Loan (a "Capitalization Workout"), provided, however, that the Master Servicer shall not enter into a Capitalization Workout unless the Combined Loan-to-Value Ratio of the Home Equity Loan prior to the Capitalization Workout equals or exceeds 80%; and
(vi) reset the due date for the Home Equity Loan, or any combi...
Collection of Certain Home Equity Loan Payments. (a) The Master Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Home Equity Loans, and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to home equity loans in its servicing portfolio comparable to the Home Equity Loans. Consistent with, and without limiting the generality of, the foregoing, the Master Servicer may in its discretion (i) waive any late payment charge or any assumption fees or other fees that may be collected in the ordinary course of servicing the Home Equity Loans, (ii) arrange with a Mortgagor a schedule for the payment of delinquent amounts, so long as such arrangement is consistent with the Master Servicer's policies with respect to the home equity loans it owns, (iii) sell the Home Equity Loan at its fair market value to a third party for collection activity or (iv) reset the delinquency status of a contractually delinquent Home Equity Loan to current in accordance with the Master Servicer's customary account management policies and practices.
(b) The Master Servicer shall establish and maintain with the Administrator a separate trust account (the "Collection Account") titled "HSBC Bank USA, National Association, as Administrator on behalf of U.S. Bank National Association, as Indenture Trustee, in trust for the registered holders of HSBC Home Equity Loan Asset Backed Notes, Series 2005-2". In the event that a successor Administrator is appointed, a new Collection Account shall be promptly established at and maintained by such successor Administrator, and the title of the new Collection Account shall be "[Successor Administrator], as Administrator on behalf of Indenture Trustee, in trust for the registered holders of HSBC Home Equity Loan Asset Backed Notes, Series 2005-2", and any amounts in the old Collection Account shall be transferred to the new Collection Account. In the event that a successor Indenture Trustee is appointed as provided in Section 6.8 of the Indenture, the Collection Account shall be retitled to reflect the name of the successor Indenture Trustee. The Collection Account shall be an Eligible Account. No later than 12:00 noon Chicago time on each Deposit Date (or, if a Deposit Event has occurred and the Master Servicer has not provided credit enhancement reasonably acceptable to each of the Rating Agencies within two (2) Business Days following receipt thereof by th...
Collection of Certain Home Equity Loan Payments. The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Home Equity Loans, and shall, to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any applicable Insurance Policy, follow collection procedures for all Home Equity Loans as it follows with respect to home equity loans in its servicing portfolio comparable to the Home Equity Loans. Consistent with the foregoing, the Servicer may in its discretion waive or permit to be waived any late payment charge, prepayment charge, assumption fee or any penalty interest in connection with the prepayment of a Home Equity Loan or any other fee or charge which the Servicer would be entitled to retain hereunder as servicing compensation. In the event the Servicer shall consent to the deferment of the due dates for payments due on a Note, the Servicer shall nonetheless make payment of any required Delinquency Advance with respect to the payments so extended to the same extent as if such installment were due, owing and Delinquent and had not been deferred, and shall be entitled to reimbursement therefor in accordance with Section 3.04 hereof.
Collection of Certain Home Equity Loan Payments. The Master Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Home Equity Loans, and shall, to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any applicable Insurance Policy, follow collection procedures for all Home Equity Loans at least as rigorous as those described in the FNMA Guide; provided that, the Backup Master Servicer, as successor Master Servicer shall not be required to service in accordance with the FNMA Guide but shall service in accordance with the Backup Master Servicing Standard. Consistent with the foregoing, the Master Servicer may in its discretion waive or permit to be waived any late payment charge, prepayment charge, assumption fee or any penalty interest in connection with the prepayment of a Home Equity Loan or any other fee or charge which the Master Servicer would be entitled to retain hereunder as servicing compensation. In the event the Master Servicer shall consent to the deferment of the due dates for payments due on a Note, the Master Servicer shall nonetheless make payment of any required Delinquency Advance with respect to the payments so extended to the same extent as if such installment were due, owing and Delinquent and had not been deferred, and shall be entitled to reimbursement therefor in accordance with Section 8.09(a) hereof.
Collection of Certain Home Equity Loan Payments. (a) The Master Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Home Equity Loans, and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to home equity loans in its servicing portfolio comparable to the Home
Collection of Certain Home Equity Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Home Equity Loans, and shall, to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any applicable Insurance Policy, follow Accepted Servicing Practices.
(b) Consistent with the foregoing, the Servicer may in its discretion (i) waive or permit to be waived any late payment charge, assumption fee or any other fee or charge which the Servicer would be entitled to retain hereunder as servicing compensation, (ii) extend the due dates for the Monthly Payments due on a Note for a period of not greater than 90 days or (iii) if the Servicer provides prior written notice to the Certificate Insurer to which the Certificate Insurer does not object within two Business Days, extend the due dates for Monthly Payments due on a Home Equity Loan for a period of not greater than 180 days; provided that any extension pursuant to clause (ii) or clause (iii) above shall not affect the amortization schedule of any Home Equity Loan for purposes of any computation hereunder; provided further that the Certificate Insurer's and R.V.
Collection of Certain Home Equity Loan Payments. The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Home Equity Loans, and shall, to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any applicable Insurance Policy, follow collection procedures for all Home Equity Loans at least as rigorous as those described in the FNMA Guide. Consistent with the foregoing, the Servicer may in its discretion waive or permit to be waived any late payment charge, prepayment charge, assumption fee or any penalty interest in connection with the prepayment of a Home Equity Loan or any other fee or charge which the Servicer would be entitled to retain hereunder as servicing compensation. In the event the Servicer shall consent to the deferment of the due dates for payments due on a Note, the Servicer shall (i) notify the Certificate Insurer of such action in writing promptly thereafter and
Collection of Certain Home Equity Loan Payments. The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Home Equity Loans, and shall, to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any applicable Insurance Policy, follow collection procedures for all Home Equity Loans at least as rigorous as those described in the FNMA Guide. Consistent with the foregoing, the Servicer may in its discretion waive or permit to be waived any late payment charge, prepayment charge, assumption fee or any penalty interest in connection with the prepayment of a Home Equity Loan or any other fee or charge which the Servicer would be entitled to retain hereunder as servicing compensation. In the event the Servicer shall consent to the deferment of the due dates for payments due on a Note, the Servicer shall (i) notify the Certificate Insurer of such action in writing promptly therefore and (ii) nonetheless make payment of any required Delinquency Advance with respect to the payments so extended to the same extent as if such installment were due, owing and Delinquent and had not been deferred, and shall be entitled to reimbursement therefor in accordance with Section 8.09(a) hereof. The Servicer shall not consent to any such deferment with respect to the same Note more than once in any 12-month period or more than 3 times during the life of the Home Equity Loan unless the Certificate Insurer has been given written notice of such proposed action and its consent has been obtained or it has failed to object has occurred within ten days of receipt.
Collection of Certain Home Equity Loan Payments. The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Home Equity Loans. Consistent with the servicing standard set forth in the first paragraph of Section 4.01, the Servicer may in its discretion waive or permit to be waived any late payment charge, prepayment charge, assumption fee or any penalty interest in connection with the prepayment of a Home Equity Loan or any other fee or charge which the Servicer would be entitled to retain hereunder as servicing compensation. In the event the Servicer shall consent to the deferment of the due dates for payments due on a Mortgage Note, the Servicer shall nonetheless make payment of any required Delinquency Advance with respect to the payments so extended to the same extent as if such installment were due, owing and Delinquent and had not been deferred, and shall be entitled to reimbursement therefor in accordance with Section 4.09(a) hereof.