Common use of Remittance to Account; Notice of Default Clause in Contracts

Remittance to Account; Notice of Default. (1) Upon written notice following the occurrence of and during the continuance of an Event of Default, the Servicer shall segregate all amounts (the “Servicing Income”) collected on account of the Assets which are then subject to transactions under the Repurchase Agreement (the “Subject Assets”), hold them in trust for the sole and exclusive benefit of Administrative Agent, and remit such collections in accordance with the below instructions. Servicer shall follow the instructions only of Administrative Agent with respect to the Subject Assets, and shall deliver to Administrative Agent any information with respect to the Subject Assets reasonably requested by Administrative Agent. Seller hereby notifies and instructs the Servicer and the Servicer is hereby authorized and instructed, and hereby agrees that upon written notice following the occurrence of and during the continuance of an Event of Default, Servicer shall remit any and all Servicing Income to the following account no later than two (2) Business Days following receipt thereof, which instructions are irrevocable without the prior written consent of Administrative Agent: [APPLICABLE ACCOUNT] (2) Upon written notice following the occurrence and during the continuance of an Event of Default, Administrative Agent will have the right to immediately terminate Servicer’s right to service the Subject Assets without payment of any penalty or termination fee under the Servicing Agreement. Upon receipt of such notice, Seller and the Servicer shall cooperate in transferring the applicable servicing of the Subject Assets to a successor servicer appointed by Administrative Agent in its sole discretion. (3) Notwithstanding any contrary information which may be delivered to the Servicer by Seller, the Servicer may conclusively rely on any information, Notice of Event of Default delivered by Administrative Agent, and Seller shall indemnify and hold the Servicer harmless for any and all claims asserted against it for any actions taken in good faith by the Servicer in connection with the delivery of such information, Notice of Event of Default. (4) The Administrative Agent, on behalf of Buyers and Repledgees, is an intended third party beneficiary of the Servicing Agreement with full enforcement rights thereunder. (5) Notwithstanding any contrary information which may be delivered to the Servicer by Seller, the Servicer may conclusively rely on any information or notice delivered by Buyer.

Remittance to Account; Notice of Default. (1) Upon written notice following the occurrence of and during the continuance of an Event of Default, the Servicer shall segregate all amounts (the “Servicing Income”) collected on account of the Assets which are then subject to transactions under the Repurchase Agreement (the “Subject Assets”), hold them in trust for the sole and exclusive benefit of Administrative Agent, and remit such collections in accordance with the below instructions. Servicer shall follow the instructions only of Administrative Agent with respect to the Subject Assets, and shall deliver to Administrative Agent any information with respect to the Subject Assets reasonably requested by Administrative Agent. Seller hereby notifies and instructs the Servicer and the Servicer is hereby authorized and instructed, and hereby xxxxxx agrees that upon written notice following the occurrence of and during the continuance of an Event of Default, Servicer shall remit any and all Servicing Income to the following account no later than two (2) Business Days following receipt thereof, which instructions are irrevocable without the prior written consent of Administrative Agent: [APPLICABLE ACCOUNT] (2) Upon written notice following the occurrence and during the continuance of an Event of Default, Administrative Agent will have the right to immediately terminate Servicer’s right to service the Subject Assets without payment of any penalty or termination fee under the Servicing Agreement. Upon receipt of such notice, Seller and the Servicer shall cooperate in transferring the applicable servicing of the Subject Assets to a successor servicer appointed by Administrative Agent in its sole discretion. (3) Notwithstanding any contrary information which may be delivered to the Servicer by Seller, the Servicer may conclusively rely on any information, Notice of Event of Default delivered by Administrative Agent, and Seller shall indemnify and hold the Servicer harmless for any and all claims asserted against it for any actions taken in good faith by the Servicer in connection with the delivery of such information, Notice of Event of Default.. LEGAL02/43092007v4 (4) The Administrative Agent, on behalf of Buyers Xxxxxx and Repledgees, is an intended third party beneficiary of the Servicing Agreement with full enforcement rights thereunder. (5) Notwithstanding any contrary information which may be delivered to the Servicer by Seller, the Servicer may conclusively rely on any information or notice delivered by Buyer.

Remittance to Account; Notice of Default. (1) Upon written receipt of a notice following the occurrence of and during the continuance of an event of default under the Repurchase Agreement from Administrative Agent (a “Notice of Event of Default”) in which Administrative Agent shall identify the mortgage loans which are then pledged to Administrative Agent under the Repurchase Agreement (the “Subject Assets”), the Servicer shall segregate all amounts (the “Servicing Income”) collected on account of the Assets which are then subject to transactions under the Repurchase Agreement (the “such Subject Assets”), hold them in trust for the sole and exclusive benefit of Administrative Agent, and remit such collections in accordance with the below Administrative Agent’s written instructions. Following such Notice of Event of Default, Servicer shall (i) continue to service the Subject Assets in accordance with the Servicing Agreement; (ii) follow the instructions only of Administrative Agent with respect to the Subject AssetsAssets in accordance with the Servicing Agreement, and shall (iii) deliver to Administrative Agent any information with respect to the Subject Assets reasonably requested by Administrative Agent. Seller hereby notifies and instructs the Servicer and the Servicer is hereby authorized and instructed, and hereby agrees that upon written notice following the occurrence Upon a Notice of and during the continuance of an Event of Default, Servicer shall remit any and all Servicing Income to the following account no later than two (2) Business Days following receipt thereof, which instructions are irrevocable without the prior written consent of Administrative Agent: [APPLICABLE ACCOUNT] (2) Upon written notice following the occurrence and during the continuance of an Event of Default, Administrative Agent will have the right to immediately terminate Servicer’s right to service the Subject Assets without payment of any penalty or termination fee under the Servicing Agreement. Upon receipt of such noticeNotice of Event of Default, Seller [Quicken Loans][One Reverse] and the Servicer shall cooperate in transferring the applicable servicing of the Subject Assets to a successor servicer appointed by Administrative Agent in its sole discretion. (3) . Notwithstanding any contrary information which may be delivered to the Servicer by Seller[Quicken Loans][One Reverse], the Servicer may conclusively rely on any information, information or Notice of Event of Default delivered by Administrative Agent, and Seller [Quicken Loans][One Reverse] shall indemnify and hold the Servicer harmless for any and all claims asserted against it for any actions taken in good faith by the Servicer in connection with the delivery of such information, information or Notice of Event of Default. (4) The . Administrative Agent, on behalf for the benefit of Buyers itself and Repledgees, each applicable Buyer is an intended third party beneficiary of the Servicing Agreement with full enforcement rights thereunder. (5) . Notwithstanding any contrary information which may be delivered to the Servicer by Seller[Quicken Loans][One Reverse], the Servicer may conclusively rely on any information or notice delivered by BuyerAdministrative Agent.

Remittance to Account; Notice of Default. (1) Upon written notice following the occurrence of and during the continuance of an Event of Default, the Servicer shall segregate all amounts (the “Servicing Income”) collected on account of the Assets which are then subject to transactions under the Repurchase Agreement (the “Subject Assets”), hold them in trust for the sole and exclusive benefit of Administrative Agent, and remit such collections in accordance with the below instructions. Servicer shall follow the instructions only of Administrative Agent with respect to the Subject Assets, and shall deliver to Administrative Agent any information with respect to the Subject Assets reasonably requested by Administrative Agent. Seller hereby notifies and instructs the Servicer and the Servicer is hereby authorized and instructed, and hereby agrees that upon written notice following the occurrence of and during the continuance of an Event of Default, Servicer shall remit any and all Servicing Income to the following account no later than two (2) Business Days following receipt thereof, which instructions are irrevocable without the prior written consent of Administrative Agent: [APPLICABLE ACCOUNT] (2) Upon written notice following the occurrence and during the continuance of an Event of Default, Administrative Agent will have the right to immediately terminate Servicer’s right to service the Subject Assets without payment of any penalty or termination fee under the Servicing Agreement. Upon receipt of such notice, Seller and the Servicer shall cooperate in transferring the applicable servicing of the Subject Assets to a successor servicer appointed by Administrative Agent in its sole discretion. (3) Notwithstanding any contrary information which may be delivered to the Servicer by Seller, the Servicer may conclusively rely on any information, Notice of Event of Default delivered by Administrative Agent, and Seller shall indemnify and hold the Servicer harmless for any and all claims asserted against it for any actions taken in good faith by the Servicer in connection with the delivery of such information, Notice of Event of Default.. LEGAL02/41326134v4 (4) The Administrative Agent, on behalf of Buyers and Repledgees, is an intended third party beneficiary of the Servicing Agreement with full enforcement rights thereunder. (5) Notwithstanding any contrary information which may be delivered to the Servicer by Seller, the Servicer may conclusively rely on any information or notice delivered by Buyer.