Common use of Liquidation of Home Loans Clause in Contracts

Liquidation of Home Loans. (a) In the event that any ------------------------- payment due under any Home Loan and not postponed pursuant to Section 4.01(c) is not paid when the same becomes due and payable, or in the event the Obligor fails to perform any other covenant or obligation under the Home Loan and such failure continues beyond any applicable grace period, the Servicer shall, in accordance with the standard of care specified in Section 4.01(a), take such action as it shall deem to be in the best interest of the Securityholders to collect or liquidate such Home Loan in default in a manner that in the reasonable judgment of the Servicer will be likely to maximize the net proceeds realizable therefrom under the circumstances (including, but without limitation, the purchase or substitution of such Home Loan pursuant to Section 3.05, or, if no Superior Liens exist on the related Mortgaged Property, foreclose or otherwise comparably effect ownership in such Mortgaged Property in the name of the Indenture Trustee for the benefit of Securityholders). In addition, the Servicer shall have the power and authority, exercisable in its sole discretion at any time, to sell any Liquidated Home Loan on behalf of the Indenture Trustee for the benefit of the Securityholders to one or more third party purchasers in a manner that, in the reasonable judgment of the Servicer, will be likely to maximize the net proceeds realizable therefrom. The purchase price paid for any Liquidated Loan sold to an affiliate of the Servicer shall not be less than the price that would have been paid for such Liquidated Loan by an unaffiliated third party. The Servicer shall promptly deposit the Net Liquidation Proceeds or Post-Liquidation Proceeds, as applicable, from the sale of such Liquidated Home Loans into the Collection Account in accordance with Section 5.01 of this Agreement. The Servicer shall give the Indenture Trustee notice of the election of remedies made pursuant to this Section 4.02. The Servicer shall not be required to satisfy the indebtedness secured by any Superior Liens on the related Mortgaged Property or to advance funds to keep the indebtedness secured by such Superior Liens current. In connection with any collection or liquidation activities, the Servicer shall exercise collection or liquidation procedures with the same degree of care and skill as it would exercise or use under the circumstances in the conduct of its own affairs.

Liquidation of Home Loans. (a) In the event that any ------------------------- payment due under any Home Loan and not postponed pursuant to Section 4.01(c) is not paid when the same becomes due and payable, or in the event the Obligor fails to perform any other covenant or obligation under the Home Loan and such failure continues beyond any applicable grace period, the Servicer shall, in accordance with the standard of care specified in Section 4.01(a), take such action as it shall deem to be in the best interest of the Securityholders Noteholders and the Note Insurer to collect or liquidate such Home Loan in default in a manner that in the reasonable judgment of the Servicer will be likely to maximize the net proceeds realizable therefrom under the circumstances (including, but without limitation, the purchase or substitution of such Home Loan pursuant to Section 3.05, or, if no Superior Liens exist on the related Mortgaged Property, foreclose including foreclosing or otherwise comparably effect effecting ownership in such Mortgaged Property in the name of the Indenture Trustee for the benefit of SecurityholdersNoteholders and the Note Insurer). In addition, the Servicer shall have the power and authority, exercisable in its sole discretion at any time, to sell any Liquidated defaulted Home Loan on behalf of the Indenture Trustee for the benefit of the Securityholders Noteholders and the Note Insurer to one or more third party purchasers investors in a manner that, in the reasonable judgment of the Servicer, will be likely to maximize the net proceeds realizable therefrom. The purchase price paid for any Liquidated Loan sold to an affiliate of the Servicer shall not be less than the price that would have been paid for such Liquidated Loan by an unaffiliated third party. The Servicer shall promptly deposit the Net Liquidation Proceeds or Post-Post Liquidation Proceeds, as applicable, from the sale of such Liquidated defaulted Home Loans into the Collection Account in accordance with Section 5.01 of this Agreement. The Servicer shall give the Indenture Trustee notice of the election of remedies made pursuant to this Section 4.02. The Servicer shall not be required to satisfy the indebtedness secured by any Superior Liens on the related Mortgaged Property or to advance funds to keep the indebtedness secured by such Superior Liens current. In connection with any collection or liquidation activities, the Servicer shall exercise collection or liquidation procedures with the same degree of care and skill as it would exercise or use under the circumstances in the conduct of its own affairs.

Liquidation of Home Loans. (a) In the event that any ------------------------- payment due under any Home Loan and not postponed pursuant to Section 4.01(c) is not paid when the same becomes due and payable, or in the event the Obligor fails to perform any other covenant or obligation under the Home Loan and such failure continues beyond any applicable grace period, the Servicer shall, in accordance with the standard of care specified in Section 4.01(a), take such action as it shall deem to be in the best interest of the Securityholders to collect or liquidate such Home Loan in default in a manner that in the reasonable judgment of the Servicer will be likely to maximize the net proceeds realizable therefrom under the circumstances (including, but without limitation, the purchase or substitution of such Home Loan pursuant to Section 3.05, or, if no Superior Liens exist on the related Mortgaged Property, foreclose or otherwise comparably effect ownership in such Mortgaged Property in the name of the Indenture Trustee for the benefit of Securityholders). In addition, the Servicer shall have the power and authority, exercisable in its sole discretion at any time, to sell any Liquidated Home Loan on behalf of the Indenture Trustee for the benefit of the Securityholders to one or more third party purchasers in a manner that, in the reasonable judgment of the Servicer, will be likely to maximize the net proceeds realizable therefrom. The Servicer shall have the power and authority, exercisable in its sole discretion at any time, to reach a negotiated settlement with a borrower. The purchase price paid for any Liquidated Loan sold to an affiliate of the Servicer shall not be less than the price that would have been paid for such Liquidated Loan by an unaffiliated third party. The Servicer shall promptly deposit the Net Liquidation Proceeds or Post-Liquidation Proceeds, as applicable, from the sale of such Liquidated Home Loans into the Collection Account in accordance with Section 5.01 of this Agreement. The Servicer shall give the Indenture Trustee notice of the election of remedies made pursuant to this Section 4.02. The Servicer shall not be required to satisfy the indebtedness secured by any Superior Liens on the related Mortgaged Property or to advance funds to keep the indebtedness secured by such Superior Liens current. In connection with any collection or liquidation activities, the Servicer shall exercise collection or liquidation procedures with the same degree of care and skill as it would exercise or use under the circumstances in the conduct of its own affairs.

Liquidation of Home Loans. (a) In the event that any ------------------------- payment due under any Home Loan and not postponed pursuant to Section 4.01(c) is not paid when the same becomes due and payable, or in the event the Obligor fails to perform any other covenant or obligation under the Home Loan and such failure continues beyond any applicable grace period, the Servicer shall, in accordance with the standard of care specified in Section 4.01(a), take such action as it shall deem to be in the best interest of the Securityholders and the Securities Insurer to collect or liquidate such Home Loan in default in a manner that in the reasonable judgment of the Servicer will be likely to maximize the net proceeds realizable therefrom under the circumstances (including, but without limitation, the purchase or substitution of such Home Loan pursuant to Section 3.05, or, if no Superior Liens exist on the related Mortgaged Property, foreclose or otherwise comparably effect ownership in such Mortgaged Property in the name of the Indenture Trustee for the benefit of SecurityholdersSecurityholders and the Securities Insurer). In addition, the Servicer shall have the power and authority, exercisable in its sole discretion at any time, to sell any Liquidated Home Loan on behalf of the Indenture Trustee for the benefit of the Securityholders and the Securities Insurer to one or more third party purchasers investors in a manner that, in the reasonable judgment of the Servicer, will be likely to maximize the net proceeds realizable therefrom. The purchase price paid for any Liquidated Loan sold to an affiliate of the Servicer shall not be less than the price that would have been paid for such Liquidated Loan by an unaffiliated third party. The Servicer shall promptly deposit the Net Liquidation Proceeds or Post-Post Liquidation Proceeds, as applicable, from the sale of such Liquidated Home Loans into the Collection Account in accordance with Section 5.01 of this Agreement. The Servicer shall give the Indenture Trustee notice of the election of remedies made pursuant to this Section 4.02. The Servicer shall not be required to satisfy the indebtedness secured by any Superior Liens on the related Mortgaged Property or to advance funds to keep the indebtedness secured by such Superior Liens current. In connection with any collection or liquidation activities, the Servicer shall exercise collection or liquidation procedures with the same degree of care and skill as it would exercise or use under the circumstances in the conduct of its own affairs.

Liquidation of Home Loans. (a) In the event that any ------------------------- payment due under any Home Loan and not postponed pursuant to Section 4.01(c) is not paid when the same becomes due and payable, or in the event the Obligor fails to perform any other covenant or obligation under the Home Loan and such failure continues beyond any applicable grace period, the Servicer shall, in accordance with the standard of care specified in Section 4.01(a), take such action as it shall deem to be in the best interest of the Securityholders to collect or liquidate such Home Loan in default in a manner that in the reasonable judgment of the Servicer will be likely to maximize the net proceeds realizable therefrom under the circumstances (including, but without limitation, the purchase or substitution of such Home Loan pursuant to Section 3.05, or, if no Superior Liens exist on the related Mortgaged Property, foreclose or otherwise comparably effect ownership in such Mortgaged Property in the name of the Indenture Trustee for the benefit of Securityholders). In addition, the The Servicer shall have the power and authority, exercisable in its sole discretion at any time, to sell any Liquidated Home Loan on behalf of the Indenture Trustee for the benefit of the Securityholders to one or more third party purchasers in reach a manner that, in the reasonable judgment of the Servicer, will be likely to maximize the net proceeds realizable therefrom. The purchase price paid for any Liquidated Loan sold to an affiliate of the Servicer shall not be less than the price that would have been paid for such Liquidated Loan by an unaffiliated third partynegotiated settlement with a borrower. The Servicer shall promptly deposit the Net Liquidation Proceeds or Post-Liquidation Proceeds, as applicable, from the sale of such Liquidated Home Loans into the Collection Account in accordance with Section 5.01 of this Agreement. The Servicer shall give the Indenture Trustee notice of the election of remedies made pursuant to this Section 4.02. The Servicer shall not be required to satisfy the indebtedness secured by any Superior Liens on the related Mortgaged Property or to advance funds to keep the indebtedness secured by such Superior Liens current. In connection with any collection or liquidation activities, the Servicer shall exercise collection or liquidation procedures in accordance with the same degree of care and skill as it would exercise or use under the circumstances in the conduct of its own affairsAccepted Servicing Practices.

Liquidation of Home Loans. (a) In the event that any ------------------------- payment due under any Home Loan and not postponed pursuant to Section 4.01(c) is not paid when the same becomes due and payable, or in the event the Obligor fails to perform any other covenant or obligation under the Home Loan and such failure continues beyond any applicable grace period, the Servicer shall, in accordance with the standard of care specified in Section 4.01(a), take such action as it shall deem to be in the best interest of the Securityholders to collect or liquidate such Home Loan in default in a manner that in the reasonable judgment of the Servicer will be likely to maximize the net proceeds realizable therefrom under the circumstances (including, but without limitation, the purchase or substitution of such Home Loan pursuant to Section 3.05, or, if no Superior Liens exist on the related Mortgaged Property, foreclose or otherwise comparably effect ownership in such Mortgaged Property in the name of the Indenture Trustee for the benefit of Securityholders). In addition, the Servicer shall have the power and authority, exercisable in its sole discretion at any time, to sell any Liquidated Home Loan on behalf of the Indenture Trustee for the benefit of the Securityholders to one or more third party purchasers in a manner that, in the reasonable judgment of the Servicer, will be likely to maximize the net proceeds realizable therefrom. The Servicer shall have the power and authority, exercisable in its sole discretion at any time, to reach a negotiated settlement with a borrower. The purchase price paid for any Liquidated Loan sold to an affiliate of the Servicer shall not be less than the price that would have been paid for such Liquidated Loan by an unaffiliated third party. The Servicer shall promptly deposit the Net Liquidation Proceeds or Post-Liquidation Proceeds, as applicable, from the sale of such Liquidated Home Loans into the Collection Account in accordance with Section 5.01 of this Agreement. The Servicer shall give the Indenture Trustee notice of the election of remedies made pursuant to this Section 4.02. The Servicer shall not be required to satisfy the indebtedness secured by any Superior Liens on the related Mortgaged Property or to advance funds to keep the indebtedness secured by such Superior Liens current. In connection with any collection or liquidation activities, the Servicer shall exercise collection or liquidation procedures with the same degree of care and skill as it would exercise or use under the circumstances in the conduct of its own affairs.