Common use of Monetary Default Clause in Contracts

Monetary Default. If at any time after appointment, the FDIC as xxxxxx- vator or receiver is in a monetary de- fault under a securitization due to its failure to pay or apply collections from the financial assets received by it in accordance with the securitization doc- uments, whether as servicer or other- wise, and remains in monetary default for ten (10) business days after actual delivery of a written notice to the FDIC pursuant to paragraph (f) of this section requesting the exercise of con- tractual rights because of such mone- tary default, the FDIC hereby consents pursuant to 12 U.S.C. 1821(e)(13)(C) and 12 U.S.C. 1825(b)(2) to the exercise of any contractual rights in accordance with the documents governing such securitization, including but not lim- ited to taking possession of the xxxxx- cial assets and exercising self-help remedies as a secured creditor under the transfer agreements, provided no involvement of the receiver or xxxxxx- vator is required other than such con- sents, waivers, or execution of transfer documents as may be reasonably re- quested in the ordinary course of busi- ness in order to facilitate the exercise of such contractual rights. Such con- sent shall not waive or otherwise de- prive the FDIC or its assignees of any seller’s interest or other obligation or interest issued by the issuing entity and held by the FDIC or its assignees, but shall serve as full satisfaction of the obligations of the insured deposi- tory institution in conservatorship or receivership and the FDIC as xxxxxx- vator or receiver for all amounts due.