Common use of Duties of the Credit Risk Manager Clause in Contracts

Duties of the Credit Risk Manager. The Depositor appoints [__________] as Credit Risk Manager. For and on behalf of the Depositor, and the Trustee, the Credit Risk Manager will provide the Depositor with reports and recommendations concerning Mortgage Loans that are past due, as to which there has been commencement of foreclosure, as to which there has been forbearance in exercise of remedies which are in default, as to which obligor is the subject of bankruptcy, receivership, or an arrangement of creditors, or as to which have become REO Properties. Such reports and recommendations will be based upon information provided to the Credit Risk Manager pursuant to the Credit Risk Management Agreements and the Credit Risk Manager shall look solely to the related Servicer for all information and data (including loss and delinquency information and data) and loan level information and data relating to the servicing of the Mortgage Loans. Upon receipt of notice from the Credit Insurance Provider with respect to any claim rejected by the Credit Insurance Provider (the "Claims Report") under the Credit Insurance Policy, the Credit Risk Manager shall review any such rejected claim and shall make a recommendation, based on the information provided by the Credit Insurance Provider, as to whether the claim was rejected due to [________]'s failure to comply with the terms of the Credit Insurance Policy or the claims-filing procedures of the Credit Insurance Provider. The Credit Risk Manager shall promptly notify the Depositor, the Seller, [________] and the Trustee with written information regarding such recommendation and the basis of such recommendation along with the related Claims Report. If the Credit Risk Manager is no longer able to perform its duties hereunder, the Depositor shall terminate the Credit Risk Manager and cause the appointment of a successor Credit Risk Manager. Upon any termination of the Credit Risk Manager or the appointment of a successor Credit Risk Manager, the Depositor shall give written notice thereof to the Seller, the Servicers, the Trustee and each Rating Agency. Notwithstanding the foregoing, the termination of the Credit Risk Manager pursuant to this Section 3.19 shall not become effective until the appointment of a successor Credit Risk Manager.

Duties of the Credit Risk Manager. The Depositor appoints [__________] Certificateholders, by their purchase and acceptance of the Certificates, appoint Cxxxxxx Fixed Income Services Inc. as Credit Risk Manager. For and on behalf of the Depositor, and the Trustee, the Credit Risk Manager will provide the Depositor with reports and recommendations concerning certain delinquent and defaulted Mortgage Loans that are past dueLoans, and as to which there has been commencement the collection of foreclosure, as any Prepayment Charges with respect to which there has been forbearance in exercise of remedies which are in default, as to which obligor is the subject of bankruptcy, receivership, or an arrangement of creditors, or as to which have become REO PropertiesMortgage Loans. Such reports and recommendations will be based upon information provided to the Credit Risk Manager pursuant to the Credit Risk Management Agreements and Agreement to the Credit Risk Manager by the Servicer. The Credit Risk Manager shall look solely to the related Servicer and/or Master Servicer, as applicable, for all information and data (including loss and delinquency information and data) and loan level information and data relating to the servicing of the Mortgage Loans. Upon receipt of notice from the Credit Insurance Provider with respect to any claim rejected by the Credit Insurance Provider (the "Claims Report") under the Credit Insurance Policy, the Credit Risk Manager shall review any such rejected claim and shall make a recommendation, based on the information provided by the Credit Insurance Provider, as to whether the claim was rejected due to [________]'s failure to comply with the terms of the Credit Insurance Policy or the claims-filing procedures of the Credit Insurance Provider. The Credit Risk Manager shall promptly notify the Depositor, the Seller, [________] Loans and the Trustee with written shall not have any obligation to provide any such information regarding such recommendation and the basis of such recommendation along with the related Claims Report. If the Credit Risk Manager is no longer able to perform its duties hereunder, the Depositor shall terminate the Credit Risk Manager and cause shall not otherwise have any responsibility under the appointment of a successor Credit Risk ManagerManagement Agreement. Upon any termination of the Credit Risk Manager or the appointment of a successor Credit Risk Manager, the Depositor shall give written notice thereof to the SellerServicer, the ServicersTrustee, the Trustee Master Servicer, the Trust Administrator, the NIMS Insurer and each Rating Agency. Notwithstanding the foregoing, the termination of the Credit Risk Manager pursuant to this Section 3.19 shall not become effective until the appointment of a successor Credit Risk Manager.. With respect to each Distribution Date, on or about the 15th calendar day of each month following the month in which such Distribution Date occurs, the Credit Risk Manager shall have prepared and shall make available to the Depositor, the Trustee, the Trust Administrator, the Servicer, the Master Servicer, the Swap Provider and the Cap Provider, the following reports (each such report to be made in a format compatible with EXXXX filing requirements):

Duties of the Credit Risk Manager. The Depositor appoints [__________] The Murrayhill Company as Credit Risk Manager. For and on behalf of the Depositor, and the Trustee, the Credit Risk Manager will provide the Depositor with reports and recommendations concerning Mortgage Loans that are past due, as to which there has been commencement of foreclosure, as to which there has been forbearance in exercise of remedies which are in default, as to which obligor is the subject of bankruptcy, receivership, or an arrangement of creditors, or as to which have become REO Properties. Such reports and recommendations will be based upon information provided to the Credit Risk Manager pursuant to the Credit Risk Management Agreements and the Credit Risk Manager shall look solely to the related Servicer for all information and data (including loss and delinquency information and data) and loan level information and data relating to the servicing of the Mortgage Loans. Upon receipt of notice from the Credit Insurance Provider with respect to any claim rejected by the Credit Insurance Provider (the "Claims Report") under the Credit Insurance Policy, the Credit Risk Manager shall review any such rejected claim and shall make a recommendation, based on the information provided by the Credit Insurance Provider, as to whether the claim was rejected due to [________]IndyMac's failure to comply with the terms of the Credit Insurance Policy or the claims-filing procedures of the Credit Insurance Provider. The Credit Risk Manager shall promptly notify the Depositor, the Seller, [________] IndyMac and the Trustee with written information regarding such recommendation and the basis of such recommendation along with the related Claims Report. If the Credit Risk Manager is no longer able to perform its duties hereunder, the Depositor shall terminate the Credit Risk Manager and cause the appointment of a successor Credit Risk Manager. Upon any termination of the Credit Risk Manager or the appointment of a successor Credit Risk Manager, the Depositor shall give written notice thereof to the Seller, the Servicers, the Trustee and each Rating Agency. Notwithstanding the foregoing, the termination of the Credit Risk Manager pursuant to this Section 3.19 shall not become effective until the appointment of a successor Credit Risk Manager.

Duties of the Credit Risk Manager. The Depositor appoints [__________] The Murrayhill Company as Credit Risk Manager. For and on behalf of the Depositor, and the Trustee, the Credit Risk Manager will provide the Depositor with reports and recommendations concerning Mortgage Loans that are past due, as to which there has been commencement of foreclosure, as to which there has been forbearance in exercise of remedies which are in default, as to which obligor is the subject of bankruptcy, receivership, or an arrangement of creditors, or as to which have become REO Properties. Such reports and recommendations will be based upon information provided to the Credit Risk Manager pursuant to the Credit Risk Management Agreements Agreement and the Credit Risk Manager shall look solely to the related Servicer for all information and data (including loss and delinquency information and data) and loan level information and data relating to the servicing of the Mortgage Loans. Upon receipt of notice from the Credit Insurance Provider Mortgage Pool Insurer with respect to any claim rejected by the Credit Insurance Provider Mortgage Pool Insurer (the "Claims Report") under the Credit Mortgage Pool Insurance Policy, the Credit Risk Manager shall review any such rejected claim and shall make a recommendation, based on the information provided by the Credit Insurance ProviderMortgage Pool Insurer, as to whether the claim was rejected due to [________]the Servicer's failure to comply with the terms of the Credit related Mortgage Pool Insurance Policy or the claims-filing procedures of the Credit Insurance ProviderMortgage Pool Insurer. The Credit Risk Manager shall promptly notify the Depositor, the Seller, [________] the Servicer and the Trustee with written information regarding such recommendation and the basis of such recommendation along with the related Claims Report. If the Credit Risk Manager is no longer able to perform its duties hereunder, the Depositor shall terminate the Credit Risk Manager and cause the appointment of a successor Credit Risk Manager. Upon any termination of the Credit Risk Manager or the appointment of a successor Credit Risk Manager, the Depositor shall give written notice thereof to the Seller, the ServicersServicer, the Trustee and each Rating Agency. Notwithstanding the foregoing, the termination of the Credit Risk Manager pursuant to this Section 3.19 shall not become effective until the appointment of a successor Credit Risk Manager.

Duties of the Credit Risk Manager. The Depositor appoints [__________] Xxxxxxx Fixed Income Services Inc. (formerly known as The Murrayhill Company) as Credit Risk Manager. For and on behalf of the Depositor, and the Indenture Trustee, the Credit Risk Manager will provide the Depositor with reports and recommendations concerning Mortgage Loans that are past due, as to which there has been commencement of foreclosure, as to which there has been forbearance in exercise of remedies which are in default, as to which obligor is the subject of bankruptcy, receivership, or an arrangement of creditors, or as to which have become REO PropertiesREO. Such reports and recommendations will be based upon information provided to the Credit Risk Manager pursuant to the Credit Risk Management Agreements or in the case of PNC, pursuant to this Agreement, and the Credit Risk Manager shall look solely to the related Servicer for all information and data (including loss and delinquency information and data) and loan level information and data relating to the servicing of the Mortgage Loans. Upon receipt of notice from the Credit Insurance Provider with respect to any claim rejected by the Credit Insurance Provider (the "Claims Report") under the Credit Insurance Policy, the Credit Risk Manager shall review any such rejected claim and shall make a recommendation, based on the information provided by the Credit Insurance Provider, as to whether the claim was rejected due to [________]'s failure to comply with the terms of the Credit Insurance Policy or the claims-filing procedures of the Credit Insurance Provider. The Credit Risk Manager shall promptly notify the Depositor, the Seller, [________] and the Trustee with written information regarding such recommendation and the basis of such recommendation along with the related Claims Report. If the Credit Risk Manager is no longer able to perform its duties hereunder, the Depositor shall terminate the Credit Risk Manager and cause the appointment of a successor Credit Risk Manager. Upon any termination of the Credit Risk Manager or the appointment of a successor Credit Risk Manager, the Depositor shall give written notice thereof to the Seller, the Servicers, the Master Servicer, the Trust Administrator, the Indenture Trustee and each Rating Agency. Notwithstanding the foregoing, the termination of the Credit Risk Manager pursuant to this Section 3.19 3.17 shall not become effective until the appointment of a successor Credit Risk Manager. In connection with those Loans serviced by PNC pursuant to this Agreement, PNC agrees to provide the Credit Risk Manager with all information on such Loans that is reasonably requested by the Credit Risk Manager, which information shall include, but not be limited to, monthly performance data on each such Loan containing the information specified in Exhibit G to this Agreement, information on delinquent and defaulted PNC Serviced Loans, information on prepayment charges with respect to the PNC Serviced Loans, and copies of realized loss certificates or any itemization regarding each Liquidated Loan serviced by PNC for the applicable Collection Period. PNC shall permit the Credit Risk Manager to conduct an on-site review and evaluation of its operations, as they relate to the PNC Serviced Loans, no more than annually, unless circumstances warrant special review. Circumstances warranting special review shall include, but not be limited to, a request by the Depositor that a review be conducted. The review and evaluation will be conducted upon at least thirty (30) days prior written notice to PNC by the Credit Risk Manager, and shall be conducted at the Credit Risk Manager’s expense. The Credit Risk Manager may provide the Servicers with advice regarding the management of specific Loans. The Credit Risk Manager’s advice is made in the form of recommendations only, and the Credit Risk Manager does not have the right to direct the Servicers in performing their duties under the this Agreement. The Credit Risk Manager acknowledges that any Servicer may, after review and analysis of the Credit Risk Manager’s recommendation, accept or reject such advice, in such Servicer’s sole discretion, subject to the duties of the Servicer set forth in this Agreement.

Duties of the Credit Risk Manager. The Depositor appoints [__________] Xxxxxxx Fixed Income Services Inc. (formerly known as The Murrayhill Company) as Credit Risk Manager. For and on behalf of the Depositor, and the Indenture Trustee, the Credit Risk Manager will provide the Depositor with reports and recommendations concerning Mortgage Loans that are past due, as to which there has been commencement of foreclosure, as to which there has been forbearance in exercise of remedies which are in default, as to which obligor is the subject of bankruptcy, receivership, or an arrangement of creditors, or as to which have become REO PropertiesREO. Such reports and recommendations will be based upon information provided to the Credit Risk Manager pursuant to the Credit Risk Management Agreements or in the case of PNC, pursuant to this Agreement, and the Credit Risk Manager shall look solely to the related Servicer for all information and data (including loss and delinquency information and data) and loan level information and data relating to the servicing of the Mortgage Loans. Upon receipt of notice from the Credit Insurance Provider with respect to any claim rejected by the Credit Insurance Provider (the "Claims Report") under the Credit Insurance Policy, the Credit Risk Manager shall review any such rejected claim and shall make a recommendation, based on the information provided by the Credit Insurance Provider, as to whether the claim was rejected due to [________]'s failure to comply with the terms of the Credit Insurance Policy or the claims-filing procedures of the Credit Insurance Provider. The Credit Risk Manager shall promptly notify the Depositor, the Seller, [________] and the Trustee with written information regarding such recommendation and the basis of such recommendation along with the related Claims Report. If the Credit Risk Manager is no longer able to perform its duties hereunder, the Depositor shall terminate the Credit Risk Manager and cause the appointment of a successor Credit Risk Manager. Upon any termination of the Credit Risk Manager or the appointment of a successor Credit Risk Manager, the Depositor shall give written notice thereof to the Seller, the Servicers, the Indenture Trustee and each Rating Agency. Notwithstanding the foregoing, the termination of the Credit Risk Manager pursuant to this Section 3.19 3.17 shall not become effective until the appointment of a successor Credit Risk Manager. In connection with those Loans serviced by PNC pursuant to this Agreement, PNC agrees to provide the Credit Risk Manager with all information on such Loans that is reasonably requested by the Credit Risk Manager that resides on PNC’s servicing system, which information shall include, but not be limited to, monthly performance data on each such Loan containing the information, where available, specified in Exhibit G to this Agreement, information on delinquent and defaulted PNC Serviced Loans, information on prepayment charges with respect to the PNC Serviced Loans, and copies of realized loss certificates or any itemization regarding each Liquidated Loan serviced by PNC for the applicable Collection Period. PNC shall permit the Credit Risk Manager to conduct an on-site review and evaluation of its operations, as they relate to the PNC Serviced Loans, no more than annually, unless circumstances warrant special review. Circumstances warranting special review shall include, but not be limited to, a request by the Depositor that a review be conducted. The review and evaluation will be conducted upon at least thirty (30) days prior written notice to PNC by the Credit Risk Manager, and shall be conducted at the Credit Risk Manager’s expense. The Credit Risk Manager may provide the Servicers with advice regarding the management of specific Loans. The Credit Risk Manager’s advice is made in the form of recommendations only, and the Credit Risk Manager does not have the right to direct the Servicers in performing their duties under the this Agreement. The Credit Risk Manager acknowledges that any Servicer may, after review and analysis of the Credit Risk Manager’s recommendation, accept or reject such advice, in such Servicer’s sole discretion, subject to the duties of the Servicer set forth in this Agreement.

Duties of the Credit Risk Manager. The Depositor appoints [__________] The Murrayhill Company as Credit Risk Manager. For and on behalf of the Depositor, and the Trustee, the Credit Risk Manager will provide the Depositor with reports and recommendations concerning Mortgage Loans that are past due, as to which there has been commencement of foreclosure, as to which there has been forbearance in exercise of remedies which are in default, as to which obligor is the subject of bankruptcy, receivership, or an arrangement of creditors, or as to which have become REO Properties. Such reports and recommendations will be based upon information provided to the Credit Risk Manager pursuant to the Credit Risk Management Agreements Agreement and the Credit Risk Manager shall look solely to the related Servicer for all information and data (including loss and delinquency information and data) and loan level information and data relating to the servicing of the Mortgage Loans. Upon receipt of notice from the Credit Insurance Provider Mortgage Pool Insurer with respect to any claim rejected by the Credit Insurance Provider Mortgage Pool Insurer (the "Claims Report") under the Credit related Mortgage Pool Insurance Policy, the Credit Risk Manager shall review any such rejected claim and shall make a recommendation, based on the information provided by the Credit Insurance ProviderMortgage Pool Insurer, as to whether the claim was rejected due to [________]the Servicer's failure to comply with the terms of the Credit related Mortgage Pool Insurance Policy or the claims-filing procedures of the Credit Insurance Providerrelated Mortgage Pool Insurer. The Credit Risk Manager shall promptly notify the Depositor, the Seller, [________] the Servicer and the Trustee with written information regarding such recommendation and the basis of such recommendation along with the related Claims Report. If the Credit Risk Manager is no longer able to perform its duties hereunder, the Depositor shall terminate the Credit Risk Manager and cause the appointment of a successor Credit Risk Manager. Upon any termination of the Credit Risk Manager or the appointment of a successor Credit Risk Manager, the Depositor shall give written notice thereof to the Seller, the ServicersServicer, the Trustee and each Rating Agency. Notwithstanding the foregoing, the termination of the Credit Risk Manager pursuant to this Section 3.19 shall not become effective until the appointment of a successor Credit Risk Manager.

Duties of the Credit Risk Manager. [The Depositor appoints [__________] Xxxxxxx Fixed Income Services Inc. as Credit Risk Manager. For and on behalf of the Depositor, and the Indenture Trustee, the Credit Risk Manager will provide the Depositor with reports and recommendations concerning Mortgage Loans that are past due, as to which there has been commencement of foreclosure, as to which there has been forbearance in exercise of remedies which are in default, as to which obligor is the subject of bankruptcy, receivership, or an arrangement of creditors, or as to which have become REO PropertiesREO. Such reports and recommendations will be based upon information provided to the Credit Risk Manager pursuant to the Credit Risk Management Agreements this Agreement, and the Credit Risk Manager shall look solely to the related Servicer for all information and data (including loss and delinquency information and data) and loan level information and data relating to the servicing of the Mortgage Loans. Upon receipt of notice from the Credit Insurance Provider with respect to any claim rejected by the Credit Insurance Provider (the "Claims Report") under the Credit Insurance Policy, the Credit Risk Manager shall review any such rejected claim and shall make a recommendation, based on the information provided by the Credit Insurance Provider, as to whether the claim was rejected due to [________]'s failure to comply with the terms of the Credit Insurance Policy or the claims-filing procedures of the Credit Insurance Provider. The Credit Risk Manager shall promptly notify the Depositor, the Seller, [________] and the Trustee with written information regarding such recommendation and the basis of such recommendation along with the related Claims Report. If the Credit Risk Manager is no longer able to perform its duties hereunder, the Depositor shall terminate the Credit Risk Manager and cause the appointment of a successor Credit Risk Manager. Upon any termination of the Credit Risk Manager or the appointment of a successor Credit Risk Manager, the Depositor shall give written notice thereof to the Seller, the ServicersServicer, the Trustee Indenture Trustee, the Insurer and each Rating Agency. Notwithstanding the foregoing, the termination of the Credit Risk Manager pursuant to this Section 3.19 3.17 shall not become effective until the appointment of a successor Credit Risk Manager. The Servicer agrees to provide the Credit Risk Manager with all information on the Loans that is reasonably requested by the Credit Risk Manager that resides on the Servicer’s servicing system, which information shall include, but not be limited to, monthly performance data on each such Loan containing the information, where available, specified in Exhibit G to this Agreement, information on delinquent and defaulted Loans, information on prepayment charges with respect to the Loans, and copies of realized loss certificates or any itemization regarding each Liquidated Loan for the applicable Collection Period. The Servicer shall permit the Credit Risk Manager to conduct an on-site review and evaluation of its operations, as they relate to the Loans, no more than annually, unless circumstances warrant special review. Circumstances warranting special review shall include, but not be limited to, a request by the Depositor that a review be conducted. The review and evaluation will be conducted upon at least thirty (30) days prior written notice to the Servicer by the Credit Risk Manager, and shall be conducted at the Credit Risk Manager’s expense. The Credit Risk Manager may provide the Servicer with advice regarding the management of specific Loans. The Credit Risk Manager’s advice is made in the form of recommendations only, and the Credit Risk Manager does not have the right to direct the Servicer in performing their duties under the this Agreement. The Credit Risk Manager acknowledges that the Servicer may, after review and analysis of the Credit Risk Manager’s recommendation, accept or reject such advice, in the Servicer’s sole discretion, subject to the duties of the Servicer set forth in this Agreement.]

Duties of the Credit Risk Manager. The Depositor appoints [__________] The Murrayhill Company as Credit Risk Manager. For and on behalf of the Depositor, and the Trustee, the Credit Risk Manager will provide the Depositor with reports and recommendations concerning Mortgage Loans that are past due, as to which there has been commencement of foreclosure, as to which there has been forbearance in exercise of remedies which are in default, as to which obligor is the subject of bankruptcy, receivership, or an arrangement of creditors, or as to which have become REO Properties. Such reports and recommendations will be based upon information provided to the Credit Risk Manager pursuant to the Credit Risk Management Agreements Agreement and the Credit Risk Manager shall look solely to the related Servicer for all information and data (including loss and delinquency information and data) and loan level information and data relating to the servicing of the Mortgage Loans. Upon receipt of notice from the Credit Insurance Provider with respect to any claim rejected by the Credit Insurance Provider (the "Claims Report") under the Credit Insurance Policy, the Credit Risk Manager shall review any such rejected claim and shall make a recommendation, based on the information provided by the Credit Insurance Provider, as to whether the claim was rejected due to [________]the Servicer's failure to comply with the terms of the Credit Insurance Policy or the claims-filing procedures of the Credit Insurance Provider. The Credit Risk Manager shall promptly notify the Depositor, the Seller, [________] the Servicer and the Trustee with written information regarding such recommendation and the basis of such recommendation along with the related Claims Report. If the Credit Risk Manager is no longer able to perform its duties hereunder, the Depositor shall terminate the Credit Risk Manager and cause the appointment of a successor Credit Risk Manager. Upon any termination of the Credit Risk Manager or the appointment of a successor Credit Risk Manager, the Depositor shall give written notice thereof to the Seller, the ServicersServicer, the Trustee and each Rating Agency. Notwithstanding the foregoing, the termination of the Credit Risk Manager pursuant to this Section 3.19 shall not become effective until the appointment of a successor Credit Risk Manager.