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

Remittance to Collection Account; Notice of Default. For good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Servicer hereby agrees as follows: (a) Upon receipt of a notice of Event of Default from Buyer (“Notice of Event of Default”), the Servicer shall segregate all amounts (the “Servicing Income”) collected on account of the Mortgage Loans which are then pledged to Buyer under the Agreement as more particularly identified by Buyer (the “Subject Mortgage Loans”), hold them in trust for the sole and exclusive benefit of Buyer, and remit such collections in accordance with Buyer’s written instructions. Following receipt of such Notice of Event of Default, Servicer shall follow the instructions only of Buyer with respect to the Subject Mortgage Loans, and shall deliver to Buyer any information with respect to the Subject Mortgage Loans reasonably requested by Buyer. (b) Upon written notice following the occurrence and during the continuance of an Event of Default, Buyer will have the right to immediately terminate Servicer’s right to service the Subject Mortgage Loans 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 Mortgage Loans to a successor servicer appointed by Buyer in its sole discretion. LEGAL02/37549503v16 (c) Notwithstanding anything set forth in the Servicing Agreement, Seller shall bear all responsibility for all fees, reimbursements and expenses due to Servicer and will not be entitled to withdraw such amounts from the Servicer Account established under the Servicing Agreement. (d) Buyer is an intended third party beneficiary of the Servicing Agreement and has the right to terminate the Servicing Agreement with full enforcement rights thereunder at any time. Any proposed amendment or termination of the Servicing Agreement shall be subject to Buyer’s prior written consent, which may be granted or withheld in its sole discretion. (e) 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 Collection Account; Notice of Default. For good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Servicer hereby agrees as follows: (a) Upon receipt of a notice of Event of Default from Buyer (“Notice of Event of Default”), the Servicer shall segregate all amounts and funds (the “Servicing Income”) collected on account of the Mortgage Loans which are then sold or pledged to Buyer under the Agreement as more particularly identified by Buyer (the “Subject Mortgage Loans”), hold them in trust for the sole and exclusive benefit of Buyer, and remit such collections and Servicing Income in accordance with Buyer’s written instructions. Following receipt of such Notice of Event of Default, Servicer shall follow the instructions only of Buyer with respect to the Subject Mortgage Loans, and shall deliver to Buyer any information with respect to the Subject Mortgage Loans reasonably requested by Buyer. (b) Upon written notice following the occurrence and during the continuance of an Event of Default, Buyer will have the right to immediately terminate Servicer’s right to service the Subject Mortgage Loans without payment of any penalty or termination fee under the Servicing Agreement. Upon receipt of such notice, Seller Sellers and the Servicer shall cooperate in transferring the applicable servicing of the Subject Mortgage Loans to a successor servicer appointed by Buyer in its sole good faith discretion. LEGAL02/37549503v16, including the transfer of any funds and escrow balances. (c) Notwithstanding anything set forth in the Servicing Agreement, Seller Sellers shall bear all responsibility for all fees, reimbursements and expenses due to Servicer and will not be entitled to withdraw such amounts from the Servicer Account established under the Servicing Agreement. (d) Buyer is an intended third party beneficiary of the Servicing Agreement and has the right to terminate the Servicing Agreement with full enforcement rights thereunder at any time. Any proposed amendment or termination of the Servicing Agreement shall be subject to Buyer’s prior written consent, which may be granted or withheld in its sole discretion. (e) Notwithstanding any contrary information which may be delivered to the Servicer by SellerSellers, the Servicer may conclusively rely on any information or notice delivered by Buyer. (f) Notwithstanding any contrary information which may be delivered to the Servicer by Sellers, the Servicer may conclusively rely on any information or notice of Event of Default delivered by Buyer, and Sellers 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 or notice of Event of Default. Servicer shall hold all escrow funds collected by Servicer with respect to any Purchased Assets in trust accounts and shall apply the same for the purposes for which such funds were collected.

Remittance to Collection Account; Notice of Default. For good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Servicer hereby agrees as follows: (a) Upon receipt of a notice of Event of Default from Buyer (“Notice of Event of Default”), the The Servicer shall segregate all amounts (the “Servicing Income”) collected on account of the Mortgage Loans which are then pledged to Buyer under the Repurchase Agreement as more particularly identified by Buyer (the “Subject Mortgage Loans”), hold them in trust for the sole and exclusive benefit of Buyer, and remit such collections in accordance with Buyer’s written the below instructions. Following receipt of such Notice of Event of Default, Servicer shall follow the instructions only of Buyer with respect to the Subject Mortgage Loans, and shall deliver to Buyer any information with respect to the Subject Mortgage Loans reasonably requested by Buyer. Upon the occurrence and during the continuance of an Event of Default under the Repurchase Agreement, upon Buyer’s direction the Servicer shall remit to Buyer all Servicing Income in accordance with Buyer’s written instructions no later than [***] following receipt thereof. (b) Upon written notice following the occurrence and during the continuance of an Event of Default, Buyer will have the right to immediately terminate Servicer’s right to service the Subject Mortgage Loans 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 Mortgage Loans to a successor servicer appointed by Buyer in its sole discretion. LEGAL02/37549503v16. (c) Notwithstanding anything set forth in the Servicing Agreement, Seller shall bear all responsibility for all fees, reimbursements and expenses due to Servicer and will not be entitled to withdraw such amounts from the Servicer Account established under the Servicing Agreement. (d) Buyer is an intended third party beneficiary of the Servicing Agreement and has the right to terminate the Servicing Agreement with full enforcement rights thereunder at any time. Any proposed amendment or termination of the Servicing Agreement shall be subject to Buyer’s prior written consent, which may be granted or withheld in its sole discretionthereunder. (e) 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 Collection Account; Notice of Default. For good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Servicer hereby agrees as follows: (a) Upon receipt of a notice of Event of Default from Buyer (“Notice of Event of Default”), the The Servicer shall segregate all amounts (the “Servicing Income”) collected on account of the Mortgage Loans which are then pledged to Buyer under the Repurchase Agreement as more particularly identified by Buyer (the “Subject Mortgage Loans”), hold them in trust for the sole and exclusive benefit of Buyer, and remit such collections in accordance with Buyer’s written the below instructions. Following receipt of such Notice of Event of Default, Servicer shall follow the instructions only of Buyer with respect to the Subject Mortgage Loans, and shall deliver to Buyer any information with respect to the Subject Mortgage Loans reasonably requested by Buyer.. Seller hereby notifies and instructs the Servicer and the Servicer is hereby authorized and instructed, and hereby agrees, to 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 Buyer: [COLLECTION ACCOUNT] (b) Upon written notice following the occurrence and during the continuance of an Event of Default, Buyer will have the right to immediately terminate Servicer’s right to service the Subject Mortgage Loans 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 Mortgage Loans to a successor servicer appointed by Buyer in its sole discretion. LEGAL02/37549503v16. (c) Notwithstanding anything set forth in the Servicing Agreement, Seller shall bear all responsibility for all fees, reimbursements and expenses due to Servicer and will not be entitled to withdraw such amounts from the Servicer Account established under the Servicing Agreement.. Exhibit F-4 (d) Buyer is an intended third party beneficiary of the Servicing Agreement and has the right to terminate the Servicing Agreement with full enforcement rights thereunder at any time. Any proposed amendment or termination of the Servicing Agreement shall be subject to Buyer’s prior written consent, which may be granted or withheld in its sole discretionthereunder. (e) 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.