Common use of COLLECTION OF PAYMENTS ON ASSETS; SERVICING DELINQUENT ACCOUNTS Clause in Contracts

COLLECTION OF PAYMENTS ON ASSETS; SERVICING DELINQUENT ACCOUNTS. Continuously from the Cut-off Date until the earliest to occur of the following with respect to each Asset sold to the Trust in connection with the issuance of the Certificates: (i) the principal and interest on such Asset are paid in full, (ii) such Asset is foreclosed and the related Manufactured Home or Mortgaged Property is liquidated pursuant to Section 3.08 hereof, (iii) all of the proceeds of a liquidating claim under the Standard Hazard Insurance Policy relating to such Asset have been deposited to the Certificate Account, or (iv) the Liquidation Proceeds relating to such Asset have been deposited to the Certificate Account, the Servicer will proceed diligently and in a manner consistent with its standards for servicing Assets described in Section 3.01 above, to collect all payments due under each Asset when such payments become due and payable and to apply such payments in accordance with Sections 3.05, 3.06 and 3.07 hereof.

COLLECTION OF PAYMENTS ON ASSETS; SERVICING DELINQUENT ACCOUNTS. (a) Continuously from the Cut-off Date until the earliest to occur of the following with respect to each Asset sold to the Trust in connection with the issuance of the Certificates: (i) the principal and interest on such Asset are is paid in full, (ii) such Asset is foreclosed and the related Manufactured Home or Mortgaged Property is liquidated pursuant to Section 3.08 hereof, (iii) all of the proceeds of a liquidating claim under the Standard Hazard Insurance Policy relating to such Asset have been deposited to the Certificate Account, or (iv) the Liquidation Proceeds relating to such Asset have been deposited to the Certificate Account, the Servicer will proceed diligently and in a manner consistent with its standards for servicing Assets described in Section 3.01 above, to collect all payments due under each Asset when such payments become due and payable and to apply such payments in accordance with Sections 3.05, 3.06 and 3.07 hereof.

COLLECTION OF PAYMENTS ON ASSETS; SERVICING DELINQUENT ACCOUNTS. (a) Continuously from the Cut-off Date until the earliest to occur of the following with respect to each Asset sold to the Trust in connection with the issuance of the Certificates: (i) the principal and interest on such Asset are is paid in full, (ii) such Asset is foreclosed and the related Manufactured Home or Mortgaged Property is liquidated pursuant to Section 3.08 hereof, (iii) all of the proceeds of a liquidating claim under the Standard Hazard Insurance Policy relating to such Asset have been deposited to the Certificate Account, or (iv) the Liquidation Proceeds relating to such Asset have been deposited to the Certificate Account, the Master Servicer will proceed diligently and in a manner consistent with its standards for servicing Assets described in Section 3.01 above, to collect all payments due under each Asset when such payments become due and payable and to apply such payments in accordance with Sections 3.05, 3.06 and 3.07 hereof.

COLLECTION OF PAYMENTS ON ASSETS; SERVICING DELINQUENT ACCOUNTS. (a) Continuously from the Cut-off Date until the earliest to occur of the following with respect to each Asset sold to the Trust in connection with the issuance of the Certificates: (i) the principal and interest on such Asset are paid in full, (ii) such Asset is foreclosed and the related Manufactured Home or Mortgaged Property is liquidated pursuant to Section 3.08 hereof, (iii) all of the proceeds of a liquidating claim under the Standard Hazard Insurance Policy relating to such Asset have been deposited to the Certificate Account, or (iv) the Liquidation Proceeds relating to such Asset have been deposited to the Certificate Account, the Servicer will proceed diligently and in a manner consistent with its standards for servicing Assets described in Section 3.01 above, to collect all payments due under each Asset when such payments become due and payable and to apply such payments in accordance with Sections 3.05, 3.06 and 3.07 hereof.