Collection of Certain Loan Payments. (a) The Servicer shall make reasonable efforts, consistent with the Credit and Collection Policy and the Servicing Standard, to collect all payments required under the terms and provisions of the Loans as and when the same become due. Consistent with the foregoing and the Credit and Collection Policy and the Servicing Standard, the Servicer may in its discretion waive or permit to be waived any fee or charge which the Servicer would be entitled to retain hereunder as servicing compensation and extend the due date for payments due on a Loan as provided in Section 5.02(e).
Collection of Certain Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Loans, and shall, to the extent such procedures shall be consistent with this Servicing Agreement and generally consistent with any related insurance policy, 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 Servicer may in its discretion waive any late payment charge, prepayment charge or penalty interest or other fees which may be collected in the ordinary course of servicing such Loan. The Servicer may also extend the Due Date for payment due on a Loan, provided, however, that the 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. Consistent with the terms of this Servicing Agreement, the Servicer may also:
Collection of Certain Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Loans, and shall, to the extent such procedures are consistent with this Servicing Agreement, Accepted Servicing Practices and any related insurance policy, 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 and consistent with the procedures that the Servicer employs in servicing all other Loans in its servicing portfolio with characteristics similar to these of the Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Servicer may in its discretion waive any late payment charge, prepayment charge or penalty interest or other fees which may be collected in the ordinary course of servicing such Loan. The Servicer may also extend the Due Date for payment due on a Loan, provided, however, that the 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. Consistent with the terms of this Servicing Agreement and without limiting the generality of the foregoing, the Servicer may also:
Collection of Certain Loan Payments. Section 3.03 Withdrawals from the Custodial Accounts Section 3.04 Maintenance of Hazard Insurance; Property Protection Expenses.
Collection of Certain Loan Payments. Such Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Loans. Consistent with the foregoing, such Servicer shall not, unless the charging or collection of any such late payment charge, prepayment fee, assumption fee or any penalty or interest would result in the violation or contravention of applicable Law, waive or permit to be waived, except pursuant to such Servicer's customary servicing procedures, any late payment charge or assumption fee. Such Servicer shall not, unless the charging or collection of any such prepayment fee or penalty would result in the violation or contravention of applicable Law, waive or permit to be waived any prepayment fee or any penalty or interest in connection with the prepayment of a Loan; provided, however, at any time on or after the date on which the Outstanding Note Amount is less than 15% of the Outstanding Note Amount on the Closing Date, such Servicer shall have the right, in its sole discretion, to waive the payment of any prepayment fee or other penalty or interest in connection with the prepayment of a Loan. Notwithstanding any other provisions hereof, such Servicer shall not charge or impose on any Obligor, nor seek to charge or impose on any Obligor, nor assert a right to receive, any fee, charge, premium or penalty that if charged or collected would violate or contravene any Law, including usury laws or the terms of the related Loan.
Collection of Certain Loan Payments. The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Loans, and shall, to the extent such procedures shall be consistent with this Agreement, comply with the terms and provisions of any applicable hazard insurance policy. 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 Loan or any other fee or charge which the Servicer would be entitled to retain hereunder as servicing compensation and extend the due date for payments due on a Note for a period (with respect to each payment as to which the due date is extended) not greater than 125 days after the initially scheduled due date for such payment provided that the Servicer determines such extension would not be considered a new mortgage loan for federal income tax purposes. 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 Monthly 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 4.04(b) hereof.
Collection of Certain Loan Payments. The Master Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Loans, and shall, to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any applicable insurance policies, follow such collection procedures as it would follow with respect to mortgage loans and manufactured home loans comparable to the Loans and held for its own account. Consistent with the foregoing, the Master Servicer may in its discretion (i) waive any late payment charge or, if applicable, any penalty interest, or (ii) extend the due dates for the Monthly Payments due on a Loan for a period of not greater than 180 days; provided, however, that any extension pursuant to clause (ii) above shall not affect the amortization schedule of any Loan for purposes of any computation hereunder, except as provided below. In the event of any such arrangement pursuant to clause (ii) above, the Master Servicer shall make timely Advances of interest on such Loan during such extension pursuant to Section 4.04 and in accordance with the amortization schedule of such Loan without modification thereof by reason of such arrangement. Notwithstanding the foregoing, in the event that any Loan is in default or, in the judgment of the Master Servicer, such default is reasonably foreseeable, the Master Servicer, consistent with the standards set forth in Section 3.01, may also waive, modify or vary any term of such Loan (including modifications that would change the Loan Rate, forgive the payment of principal or interest or extend the final maturity date of such Loan), accept payment from the related Borrower of an amount less than the Principal Balance in final satisfaction of such Loan, or consent to the postponement of strict compliance with any such term or otherwise grant indulgence to any Borrower (any and all such waivers, modifications, variances, forgiveness of principal or interest, postponements, or indulgences collectively referred to herein as "forbearanc"), provided, however, that in no event shall the Master Servicer grant any such forbearance (other than as permitted by the second sentence of this Section) with respect to any one Loan more than once in any 12 month period or more than three times over the life of such Loan. The Master Ss analysis supporting any forbearance and the conclusion that any forbearance meets the standards of Section 3.01 (including the standard that such forbearance w...
Collection of Certain Loan Payments. The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Loans. Consistent with the foregoing, the Servicer shall not, unless the charging or collection of any such late payment charge, prepayment charge, assumption fee or any penalty or interest would result in the violation or contravention of applicable Law, waive or permit to be waived any late payment charge, prepayment charge, assumption fee or any penalty or interest in connection with the prepayment of a Loan. Notwithstanding any other provisions hereof, the Servicer shall not charge or impose on any Obligor, nor seek to charge or impose on any Obligor, nor assert a right to receive, any fee, charge, premium or penalty that if charged or collected would violate or contravene any Law, including usury laws or the terms of the related Loan.
Collection of Certain 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 as and when the same shall become due, and shall, to the extent such procedures shall be consistent with this Agreement, at all times follow the Servicing Standards. Consistent with the first sentence of this subsection (a), the Master Servicer may in its discretion (i) change the date of the month in which payment is due for any Home Equity Loan, provided that such Home Equity Loan is not in default or in imminent default at the time of such change, (ii) reduce the amount of the monthly payment due on any Home Equity Loan in accordance with the Servicing Standards, provided that such Home Equity Loan is not in default or in imminent default at the time of such reduction and provided further that as long as the Obligor is paying such reduced amount, the related Home Equity Loan will be recorded as delinquent by the Master Servicer and the Master Servicer shall, to the extent provided in Section 3.15, make all necessary Advances thereon in accordance with the original amortization schedule, (iii) execute a subordination agreement with a senior mortgagee on any Mortgaged Property in connection with a refinancing of the senior mortgage loan, provided that the principal balance of the new senior mortgage loan shall not be greater than the principal balance of the senior mortgage loan which was refinanced plus closing costs incurred in such refinancing, or (iv) waive any late payment charges, charges for checks returned for insufficient funds, prepayment fees or any assumption fees or other fees which may be collected in the ordinary course of servicing such Home Equity Loan. Notwithstanding the foregoing, the Master Servicer may not (i) extend the final maturity , (ii) reduce the interest rate or interest payable, or (iii) reduce the principal balance in respect of any Home Equity Loan.
Collection of Certain Loan Payments. 10 SECTION 3.7. LIMITATION OF LIABILITY OF SERVICERS' OFFICERS AND OTHERS.............................10 SECTION 3.8. SERVICING COMPENSATION; ADVANCES AND EXPENSES.........................................11 SECTION 3.9. THE TRUSTEE'S, THE NOTEHOLDERS' AND SUPERVISORY SERVICER'S RIGHT TO EXAMINE SERVICER RECORDS AND AUDIT OPERATIONS.................................................11 SECTION 3.10. MAINTENANCE AND RELEASE OF LOAN DOCUMENTATION; SATISFACTION OF MORTGAGES..............11 SECTION 3.11. NOTICE OF LIENS AND OTHER ACTIONS.....................................................14 SECTION 3.12. WAIVERS, RELEASES, CONDEMNATIONS, EASEMENTS AND ALTERATIONS...........................14 SECTION 3.13. LIMITATION ON LIABILITY OF SERVICERS AND OTHERS.......................................14 SECTION 3.14. PROPERTY ADDRESS CHANGE...............................................................14
