Common use of OF AGREED PROCEDURES Clause in Contracts

OF AGREED PROCEDURES. If the Trustee, acting on a recommendation by the Mortgage Manager in a proposal under clause 4.1, accepts the proposal, the Mortgage Manager must take all action which it is required to take in implementing that proposal under the Agreed Procedures and any relevant Mortgage Insurance Policy. In doing so, the Mortgage Manager must use the same degree of skill and care as would be used by a responsible and prudent mortgagee.