Common use of Management of Real Estate Owned Clause in Contracts

Management of Real Estate Owned. (a) If the Trust acquires any Foreclosed Property pursuant to Section 4.12, the Master Servicer shall have full power and authority, subject only to the specific requirements and prohibitions of this Agreement, to do any and all things in connection therewith as are consistent with the manner in which the Master Servicer manages and operates similar property owned by the Master Servicer or any of its affiliates, all on such terms and for such period as the Master Servicer deems to be in the best interests of Securityholders. (b) The Master Servicer may contract with any Person that is Independent (an "Independent Contractor") for the operation and management of any Foreclosed Property, provided that: (i) the terms and conditions of any such contract may not be inconsistent herewith; (ii) any such contract shall require, or shall be administered to require, that the Independent Contractor remit all related Payments to the Master Servicer as soon as practicable, but in no event later than two Business Days following the receipt thereof by such Independent Contractor; (iii) none of the provisions of this Section 4.14(b) relating to any such contract or to actions taken through any such Independent Contractor shall be deemed to relieve the Master Servicer of any of its duties and obligations to the Indenture Trustee for the benefit of Securityholders with respect to the operation and management of any such Foreclosed Property; and (iv) the Master Servicer shall be obligated with respect thereto to the same extent as if it alone were performing all duties and obligations in connection with the operation and management of such Foreclosed Property. The Master Servicer shall be entitled to enter into any agreement with any Independent Contractor performing services for it related to its duties and obligations hereunder for indemnification of the Master Servicer by such Independent Contractor, and nothing in this Agreement shall be deemed to limit or modify such indemnification. The Master Servicer shall be solely liable for all fees owed by it to any such Independent Contractor, but shall be entitled to be reimbursed for all such fees advanced by it pursuant to Section 4.08(b)(v) in the manner provided in Section 4.09(b).

Management of Real Estate Owned. (a) If the Trust acquires any Foreclosed Property pursuant to Section 4.12, the Master Servicer shall have full power and authority, subject only to the specific requirements and prohibitions of this Agreement, to do any and all things in connection therewith as are consistent with the manner in which the Master Servicer manages and operates similar property owned by the Master Servicer or any of its affiliates, all on such terms and for such period as the Master Servicer deems to be in the best interests of Securityholders. (b) The Master Servicer may contract with any Person that is Independent (an "Independent Contractor") Contractor for the operation and management of any Foreclosed Property, provided that: (i) the terms and conditions of any such contract may not be inconsistent herewith; (ii) any such contract shall require, or shall be administered to require, that the Independent Contractor remit all related Payments to the Master Servicer as soon as practicable, but in no event later than two Business Days following the receipt thereof by such Independent Contractor; (iii) none of the provisions of this Section 4.14(b) relating to any such contract or to actions taken through any such Independent Contractor shall be deemed to relieve the Master Servicer of any of its duties and obligations to the Indenture Trustee for the benefit of Securityholders with respect to the operation and management of any such Foreclosed Property; and (iv) the Master Servicer shall be obligated with respect thereto to the same extent as if it alone were performing all duties and obligations in connection with the operation and management of such Foreclosed Property. The Master Servicer shall be entitled to enter into any agreement with any Independent Contractor performing services for it related to its duties and obligations hereunder for indemnification of the Master Servicer by such Independent Contractor, and nothing in this Agreement shall be deemed to limit or modify such indemnification. The Master Servicer shall be solely liable for all fees owed by it to any such Independent Contractor, but shall be entitled to be reimbursed for all such fees advanced by it pursuant to Section 4.08(b)(v) in the manner provided in Section 4.09(b).

Management of Real Estate Owned. (a) If the Trust Issuer acquires any Foreclosed Property pursuant to Section 4.126.10, the Master Servicer shall have full power and authority, subject only to the specific requirements and prohibitions of this Agreement, to do any and all things in connection therewith as are consistent with the manner in which the Master Servicer manages and operates similar property owned by the Master Servicer or any of its affiliates, all affiliates on such terms and for such period as the Master Servicer deems to be in may direct after consultation with the best interests of SecurityholdersServicer. (b) The Master Servicer may contract with any Person that is Independent (an "Independent Contractor") contractor for the operation and management of any Foreclosed Property, provided that: (i) the terms and conditions of any such contract may not be inconsistent herewith; (ii) any such contract shall require, or shall be administered so as to require, that the Independent Contractor remit all related Payments rents and other revenue generated from the property to the Master Servicer as soon as practicable, but in no event later than two Business Days following the receipt thereof by such Independent Contractor; (iii) none of the provisions of this Section 4.14(b6.12(c) relating to any such contract or to actions taken through any such Independent Contractor shall be deemed to relieve the Master Servicer of any of its duties and obligations to the Indenture Trustee for Master Servicer or the benefit of Securityholders Issuer with respect to the operation and management of any such Foreclosed Property; and (iv) the Master Servicer shall be obligated with respect thereto to the same extent as if it alone were performing all duties and obligations in connection with the operation and management of such Foreclosed Property. The Master Servicer shall be entitled to enter into any agreement with any Independent Contractor performing services for it related to its duties and obligations hereunder which contract may provide for indemnification of the Master Servicer by such Independent Contractor, and nothing in this Agreement shall be deemed to limit or modify such indemnification. The Master Servicer shall be solely liable for all fees owed by it to any such Independent Contractor, but shall be entitled to be reimbursed for all such fees advanced by it pursuant to Section 4.08(b)(v) 6.06(b)(v), in the manner provided in Section 4.09(b6.07(b).