Common use of Performance of Obligations; Servicing Agreement Clause in Contracts

Performance of Obligations; Servicing Agreement. (a) The Issuer shall punctually perform and observe all of its obligations under this Indenture and the Servicing Agreement. (b) The Issuer shall not take any action and will use its Best Efforts not to permit any action to be taken by others that would release any Person from any of such Person's covenants or obligations under any of the Mortgage Files or under any instrument included in the Trust Estate, or that would result in the amendment, hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, any of the documents or instruments contained in the Mortgage Files, except as expressly permitted in this Indenture, the Servicing Agreement or such document included in the Mortgage File or other instrument or unless such action will not adversely affect the interests of the Holders of the Notes. (c) If the Issuer shall have knowledge of the occurrence of a default under the Servicing Agreement, the Issuer shall promptly notify the Indenture Trustee, the Note Insurer and the Rating Agencies thereof, and shall specify in such notice the action, if any, the Issuer is taking with respect to such default. (d) Upon any termination of the Servicer's rights and powers pursuant to the Servicing Agreement, the Indenture Trustee shall promptly notify the Rating Agencies. As soon as any successor Servicer is appointed, the Indenture Trustee shall notify the Rating Agencies, specifying in such notice the name and address of such successor Servicer.

Performance of Obligations; Servicing Agreement. (a) The Issuer shall punctually perform and observe all of its obligations under this Indenture and the Servicing Agreement. (b) The Issuer shall not take any action and will use its Best Efforts not to permit any action to be taken by others that would release any Person from any of such Person's covenants or obligations under any of the documents or instruments contained in any Mortgage Files File or under any instrument included in the Trust Estate, or that would result in the amendment, hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, any of the documents or instruments contained in the any Mortgage FilesFile, except as expressly permitted in this Indenture, the Servicing Agreement or such document included in the Mortgage File or other instrument or unless such action will not adversely affect the interests of the Holders of the Notesinstrument. (c) If the Issuer shall have knowledge of the occurrence of a default under the Servicing Agreement, the Issuer shall promptly notify the Indenture Trustee, the Note Insurer and the Rating Agencies thereof, and shall specify in such notice the action, if any, the Issuer is taking with respect to such default. (d) Upon any termination of the Servicer's rights and powers pursuant to the Servicing Agreement, the Indenture Trustee shall promptly notify the Rating Agencies. As soon as any successor Servicer is appointed, the Indenture Trustee shall notify the Rating Agencies, specifying in such notice the name and address of such successor Servicer.

Performance of Obligations; Servicing Agreement. (a) The Issuer Depositor shall punctually perform and observe all of its obligations under this Indenture and the Servicing AgreementAgreement with respect to each Series. (b) The Issuer Depositor shall not take any action action, and will use its Best Efforts not to permit any action to be taken by others others, that would release any Person from any of such Person's covenants or obligations under any of the Mortgage Files Loan Documents or under any instrument included in the Trust EstateEstate for a Series, or that would result in the amendment, hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, any of the documents Loan Documents or instruments contained in the Mortgage Filesany such instrument with respect to such Series, except as expressly permitted in this Indenture, the Servicing Agreement or such document included in the Mortgage File Loan Document for such Series or other instrument or unless such action will not adversely affect the interests of the Holders of the NotesBonds of such Series. (c) If the Issuer Depositor shall have knowledge of the occurrence of a default under the Servicing Agreement, the Issuer Depositor shall promptly notify the Indenture Trustee, the Note Insurer Trustee and the Rating Agencies thereof, and shall specify in such notice the action, if any, the Issuer Depositor is taking with respect to such default. (d) Upon any termination of the Servicer's rights and powers pursuant to the Servicing Agreement, the Indenture Trustee shall promptly notify the Rating Agencies. As soon as any successor Servicer is appointed, the Indenture Trustee shall notify the Rating Agencies, specifying in such notice the name and address of such successor Servicer.

Performance of Obligations; Servicing Agreement. (a) The Issuer shall punctually perform and observe all of its obligations under this Indenture and the Servicing Agreement. (b) The Issuer shall not take any action and will use its Best Efforts not to permit any action to be taken by others that would release any Person from any of such Person's covenants or obligations under any of the Mortgage Files or under any instrument included in the Trust Estate, or that would result in the amendment, hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, any of the documents or instruments contained in the Mortgage Files, except as expressly permitted in this Indenture, the Servicing Agreement or such document included in the Mortgage File or other instrument or unless such action will not adversely affect the interests of the Holders of the NotesBonds. (c) If the Issuer shall have knowledge of the occurrence of a default under the Servicing Agreement, the Issuer shall promptly notify the Indenture Trustee, the Note Insurer Trustee and the Rating Agencies thereof, and shall specify in such notice the action, if any, the Issuer is taking with respect to such default. (d) Upon any termination of the Servicer's rights and powers pursuant to the Servicing Agreement, the Indenture Trustee shall promptly notify the Rating Agencies. As soon as any successor Servicer is appointed, the Indenture Trustee shall notify the Rating Agencies, specifying in such notice the name and address of such successor Servicer.

Performance of Obligations; Servicing Agreement. (a) The Issuer shall punctually perform and observe all of its obligations under this Indenture and the Servicing Agreement. (b) The Issuer shall not take any action and will use its Best Efforts not to permit any action to be taken by others that would release any Person from any of such Person's covenants or obligations under any of the Mortgage Home Loan Files or under any instrument included in the Trust Estate, or that would result in the amendment, hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, any of the documents or instruments contained in the Mortgage Home Loan Files, except as expressly permitted in this Indenture, the Servicing Agreement or such document included in the Mortgage Home Loan File or other instrument or unless such action will not adversely affect the interests of the Holders of the Notes. (c) If the Issuer shall have knowledge of the occurrence of a default under the Master Servicing Agreement, the Issuer shall promptly notify the Indenture Trustee, [the Note Insurer Insurer] and the Rating Agencies thereof, and shall specify in such notice the action, if any, the Issuer is taking with respect to such default. (d) Upon any termination of the Master Servicer's rights and powers pursuant to the Master Servicing Agreement, the Indenture Trustee shall promptly notify the Rating AgenciesAgencies and each Noteholder. As soon as any successor Master Servicer is appointed, the Indenture Trustee shall notify the Rating AgenciesAgencies and each Noteholder, specifying in such notice the name and address of such successor Master Servicer.

Performance of Obligations; Servicing Agreement. (a) The Issuer shall will punctually perform and observe all of its obligations under and agreements contained in this Indenture Indenture, the Servicing Agreement, the Seller Contribution and Sale Agreement, the Transferor Contribution and Sale Agreement, the Notes, the Underwriting Agreement and the Servicing Placement Agent Agreement. (b) The Issuer shall will not take any action and will use its Best Efforts not to or permit any action to be taken by others that which would release any Person from any of such Person's covenants or obligations under any of the Mortgage Files Lease or under any other instrument included in the Trust EstateGranted Assets, or that which would result in the amendment, hypothecation, subordination, termination termination, or discharge of, or impair the validity or effectiveness of, any of the documents Lease or instruments contained in the Mortgage Filessuch other instrument, except as expressly permitted provided in this Indenture, Indenture or the Servicing Agreement or such document included in the Mortgage File or other instrument or unless such action will not adversely affect the interests of the Holders of the NotesAgreement. (c) If the Issuer any Authorized Officer shall have knowledge of the occurrence of a default under the Servicing Agreement, the Issuer shall promptly notify the Indenture Trustee, the Note Insurer Trustee and the Rating Agencies Noteholders thereof, and shall specify in such notice the action, if any, the Issuer is taking with in respect to of such default. (d) Upon any termination . Unless consented to by the holders of 66-2/3% of the Servicer's rights and powers pursuant to then Outstanding Principal Amount of the Notes, the Issuer may not waive any default under or amend the Servicing Agreement, the Indenture Trustee shall promptly notify the Rating Agencies. As soon as any successor Servicer is appointed, the Indenture Trustee shall notify the Rating Agencies, specifying in such notice the name and address of such successor Servicer.

Performance of Obligations; Servicing Agreement. (a) The Issuer shall will punctually perform and observe all of its obligations under this Indenture and agreements contained in the Servicing Agreement. (b) The Issuer shall will not take any action and will use its Best Efforts not to or permit any action to be taken by others that which would release any Person from any of such Person's covenants or obligations under any of the Mortgage Files Account Documents or under any instrument included in the Trust EstateFund, or that which would result in the amendment, hypothecation, subordination, termination or discharge ofOf, or impair the validity or effectiveness of, any of the documents Account Documents, or instruments contained any such instrument, except for such actions that are expressly provided for in the Mortgage Files, except as expressly permitted in this Indenture, the Servicing Agreement or such document included in the Mortgage File or other instrument or unless such action will not adversely affect the interests of the Holders of the NotesAgreement. (c) If the Issuer shall have knowledge of the occurrence of a default under the Servicing AgreementDefault, the Issuer shall promptly notify the Indenture Trustee, the Note Insurer and the Rating Agencies Trustee thereof, and shall specify in such notice the action, if any, the Issuer is taking in respect of such Servicing Default. If any Servicing Default arises from the failure of the Servicer to perform any of its duties or obligations under the Servicing Agreement with respect to the Accounts, the Issuer may remedy such default. (d) Upon failure, provided that if any termination Servicing Default arises from the failure by the Servicer to comply with requirements imposed upon it under Section 2.12 of the Servicer's rights Servicing Agreement regarding advances for taxes, assessments and powers pursuant to other charges against the Mortgaged Property or under Section 2.13 of the Servicing AgreementAgreement with respect to hazard insurance for the Mortgaged Properties securing the Mortgage Loans, the Indenture Trustee Issuer shall promptly notify pay such taxes, assessments or other charges or such premiums or obtain substitute insurance coverage meeting the Rating Agencies. As soon as any successor Servicer is appointed, the Indenture Trustee shall notify the Rating Agencies, specifying in such notice the name and address requirements of such successor Servicer.said Section

Performance of Obligations; Servicing Agreement. (a) The Issuer shall punctually perform and observe all of its obligations under this Indenture and the Servicing Agreement. (b) The Issuer shall not take any action and will use its Best Efforts not to permit any action to be taken by others that would release any Person from any of such Person's covenants or obligations under any of the Mortgage Home Loan Files or under any instrument included in the Trust Estate, or that would result in the amendment, hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, any of the documents or instruments contained in the Mortgage Home Loan Files, except as expressly permitted in this Indenture, the Servicing Agreement or such document included in the Mortgage Home Loan File or other instrument or unless such action will not adversely affect the interests of the Holders of the Notes. (c) If the Issuer shall have knowledge of the occurrence of a default under the Servicing Agreement, the Issuer shall promptly notify the Indenture Trustee, the Note Insurer and the Rating Agencies thereof, and shall specify in such notice the action, if any, the Issuer is taking with respect to such default. (d) Upon any termination of the Servicer's rights and powers pursuant to the Servicing Agreement, the Indenture Trustee shall promptly notify the Rating AgenciesAgencies and each Noteholder. As soon as any successor Servicer is appointed, the Indenture Trustee shall notify the Rating AgenciesAgencies and each Noteholder, specifying in such notice the name and address of such successor Servicer.

Performance of Obligations; Servicing Agreement. (a) The Issuer shall punctually perform and observe all of its obligations under this Indenture and the Servicing AgreementIndenture. (b) The Issuer shall not take any action and will use its Best Efforts not to permit any action to be taken by others that would release any Person from any of such Person's covenants or obligations under any of the Mortgage Files or under any instrument included in the Trust EstateFund, or that would result in the amendment, hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, any of the documents or instruments contained in the Mortgage Files, except as expressly permitted in this Indenture, the Servicing Agreement or such document included in the Mortgage File or other instrument or unless such action will not adversely affect the interests of the Holders of the Notes. (c) If the Issuer shall have knowledge of the occurrence of a default under the Servicing Agreement, the Issuer shall promptly notify the Indenture Trustee, the Note Insurer Trustee and the Rating Agencies thereof, and shall specify in such notice the action, if any, the Issuer is taking with respect to such default. (d) Upon any termination of the Servicer's rights and powers pursuant to the Servicing Agreement, the Indenture Trustee shall promptly notify the Rating Agencies. As soon as any successor Servicer is appointed, the Indenture Trustee shall notify the Rating Agencies, specifying in such notice the name and address of such successor Servicer.

Performance of Obligations; Servicing Agreement. (a) The Issuer shall punctually perform and observe all of its obligations under this Indenture and the Servicing Agreement. (b) The Issuer shall not take any action and will use its Best Efforts not to permit any action to be taken by others that would release any Person from any of such Person's covenants or obligations under any of the Mortgage Files or under any instrument included in the Trust Estate, or that would result in the amendment, hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, any of the documents or instruments contained in the Mortgage Files, except as expressly permitted in this Indenture, the Servicing Agreement or such document included in the Mortgage File or other instrument or unless such action will not adversely affect the interests of the Holders of the NotesBonds. (c) If the Issuer shall have knowledge of the occurrence of a default under the Servicing Agreement, the Issuer shall promptly notify the Indenture Trustee, the Note Bond Insurer and the Rating Agencies thereof, and shall specify in such notice the action, if any, the Issuer is taking with respect to such default. (d) Upon any termination of the Servicer's rights and powers pursuant to the Servicing Agreement, the Indenture Trustee shall promptly notify the Rating Agencies. As soon as any successor Servicer is appointed, the Indenture Trustee shall notify the Rating Agencies, specifying in such notice the name and address of such successor Servicer.

Performance of Obligations; Servicing Agreement. (a) The Issuer shall punctually perform and observe all of its obligations under this Indenture Indenture, the Servicing Agreement and the Servicing relevant sections of the Loan Sale Agreement. (b) The Issuer shall not take any action and will use its Best Efforts not to permit any action to be taken by others that would release any Person from any of such Person's covenants or obligations under any of the Mortgage Files or under any instrument included in the Trust Estate, or that would result in the amendment, hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, any of the documents or instruments contained in the Mortgage Files, except as expressly permitted in this Indenture, the Servicing Agreement or such document included in the Mortgage File or other instrument or unless such action will not adversely affect the interests of the Holders of the Notes. (c) If the Issuer shall have knowledge of the occurrence of a default under the Servicing Agreement, the Issuer shall promptly notify the Indenture Trustee, the Note Insurer and the Rating Agencies thereof, and shall specify in such notice the action, if any, the Issuer is taking with respect to such default. (d) Upon any termination of the Master Servicer's rights and powers pursuant to the Servicing Agreement, the Indenture Trustee shall promptly notify the Rating Agencies. As soon as any successor Master Servicer (including the Backup Master Servicer) is appointed, the Indenture Trustee shall notify the Rating Agencies, specifying in such notice the name and address of such successor Master Servicer.

Performance of Obligations; Servicing Agreement. (a) The Issuer shall will punctually perform and observe all of its obligations under this Indenture and agreements contained in the Servicing Agreement. (b) The Issuer shall will not take any action and will use its Best Efforts not to or permit any action to be taken by others that which would release any Person from any of such Person's covenants or obligations under any of the Mortgage Files Account Documents or under any instrument included in the Trust Estate, or that which would result in the amendment, hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, any of the documents Account Documents, or instruments contained any such instrument, except for such actions that are expressly provided for in the Mortgage Files, except as expressly permitted in this Indenture, the Servicing Agreement or such document included in the Mortgage File or other instrument or unless such action will not adversely affect the interests of the Holders of the NotesAgreement. (c) If the Issuer shall have knowledge of the occurrence of a default under the Servicing AgreementDefault, the Issuer shall promptly notify the Indenture Trustee, the Note Insurer and the Rating Agencies Trustee thereof, and shall specify in such notice the action, if any, the Issuer is taking in respect of such Servicing Default. If any Servicing Default arises from the failure of the Servicer to perform any of its duties or obligations under the Servicing Agreement with respect to the Accounts, the Issuer may remedy such default. (d) Upon failure, provided that if any termination Servicing Default arises from the failure by the Servicer to comply with requirements imposed upon it under Section 2.12 of the Servicer's rights Servicing Agreement regarding advances for taxes, assessments and powers pursuant to other charges against the Mortgaged Property or under Section 2.13 of the Servicing AgreementAgreement with respect to hazard insurance for the Mortgaged Properties securing the Mortgage Loans, the Indenture Trustee Issuer shall promptly notify pay such taxes, assessments or other charges or such premiums or obtain substitute insurance coverage meeting the Rating Agencies. As soon as any successor Servicer is appointed, the Indenture Trustee shall notify the Rating Agencies, specifying in such notice the name and address requirements of such successor Servicer.said Section

Performance of Obligations; Servicing Agreement. (a) The Issuer shall punctually perform and observe all of its obligations under this Indenture and the Servicing Agreement. (b) The Issuer shall not take any action and will use its Best Efforts not to permit any action to be taken by others that would release any Person from any of such Person's ’s covenants or obligations under any of the Mortgage Files or under any instrument included in the Trust Estate, or that would result in the amendment, hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, any of the documents or instruments contained in the Mortgage Files, except as expressly permitted in this Indenture, the Servicing Agreement or such document included in the Mortgage File or other instrument or unless such action will not adversely affect the interests of the Holders of the Notes. (c) If the Issuer shall have knowledge of the occurrence of a default under the Servicing Agreement, the Issuer shall promptly notify the Indenture Trustee, the Note Insurer and the Rating Agencies thereof, and shall specify in such notice the action, if any, the Issuer is taking with respect to such default. (d) Upon any termination of the Servicer's ’s rights and powers pursuant to the Servicing Agreement, the Indenture Trustee shall promptly notify the Rating Agencies. As soon as any successor Servicer is appointed, the Indenture Trustee shall notify the Rating Agencies, specifying in such notice the name and address of such successor Servicer.

Performance of Obligations; Servicing Agreement. (a) The Issuer shall punctually perform and observe all of its obligations under this Indenture and the Servicing Agreement. (b) The Issuer shall not take any action and will use its Best Efforts not to permit any action to be taken by others that would release any Person from any of such Person's covenants or obligations under any of the Mortgage Files or under any instrument included in the Trust Estate, or that would result in the amendment, hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, any of the documents or instruments contained in the Mortgage Files, except as expressly provided as permitted in this Indenture, the Servicing Agreement or such document included in the Mortgage File or other instrument or unless such action will not adversely affect the interests of the Holders of the NotesBonds. (cb) If the The Issuer shall have knowledge monitor the performance of the Servicer under the Servicing Agreement, and shall use its Best Efforts to cause the Servicer duly and punctually to perform all of its duties and obligations thereunder. Upon the occurrence of a an event of default of which an Authorized Officer has actual knowledge under the Servicing Agreement, the Issuer shall promptly notify the Indenture Trustee, the Note Insurer and the Rating Agencies Trustee thereof, and shall specify in such notice the action, if any, action the Issuer is taking with in respect to of such event of default. (dc) Upon any termination of the Servicer's rights and powers pursuant to the Servicing Agreement, the Indenture rights and powers of the Servicer with respect to the Mortgage Loans shall vest in the Trustee, and the Trustee shall promptly notify be the successor in all respects to the Servicer in its capacity as Servicer with respect to such Mortgage Loans under the Servicing Agreement, until the Trustee shall have appointed, with the consent of the Issuer and the Rating AgenciesAgency, a new servicer to serve as successor to the Servicer under the Servicing Agreement. As soon as any Upon appointment of a successor Servicer is appointedServicer, the Indenture Trustee shall notify the Rating AgenciesTrustee, specifying in such notice the name and address of such successor Servicer.the