Common use of Sale and Charge-Off of Defaulted Home Loans Clause in Contracts

Sale and Charge-Off of Defaulted Home Loans. In accordance with Section 4.10(a) hereof, the Servicer, in its discretion, shall have the power and authority to sell any Defaulted Home Loan or Liquidated Home Loan, on behalf of the Grantor Trustee for the benefit of the Grantor Trust Holder and the Securityholders, to one or more Persons in a manner that will be likely to obtain a reasonable recovery of net proceeds therefrom under the circumstances. Notwithstanding the preceding sentence, no Affiliate of the Servicer shall have the right to purchase any Defaulted Home Loan, unless at the time of such purchase none of the original ratings assigned to the Notes by any Rating Agency have been downgraded, or if a ratings downgrade has occurred each Rating Agency consents to such purchase. The purchase price paid for any Defaulted Home Loan sold to an Affiliate of the Servicer shall not be less than the price that, in the reasonable judgment of the Servicer, would have been paid for such Defaulted Home Loan by Person who is not an Affiliate of the Servicer. The Servicer shall promptly deposit the Net Liquidation Proceeds or Post-Liquidation Proceeds, as applicable, from the sale of any Defaulted Home Loans or Liquidated Home Loans into the Collection Account in accordance with Section 5.01 hereof.

Sale and Charge-Off of Defaulted Home Loans. In accordance with Section 4.10(aSECTION 4.10(A) hereofHEREOF, the Servicer, in its discretion, shall have the power and authority to sell any Defaulted Home Loan or Liquidated Home Loan, on behalf of the Grantor Trustee for the benefit of the Grantor Trust Holder and the Securityholders, to one or more Persons in a manner that will be likely to obtain a reasonable recovery of net proceeds therefrom under the circumstances. Notwithstanding the preceding sentence, no an Affiliate of the Servicer shall have the right to purchase any Defaulted Home Loan, unless if at the time of such purchase none of the original ratings assigned to the Notes by any Rating Agency have been downgraded, or if a ratings downgrade has occurred each Rating Agency consents to such purchase. The purchase price paid for any Defaulted Home Loan sold to an Affiliate of the Servicer shall not be less than the price that, in the reasonable judgment of the Servicer, would have been paid for such Defaulted Home Loan by Person who is not an Affiliate of the Servicer. The Servicer shall promptly deposit the Net Liquidation Proceeds or Post-Liquidation Proceeds, as applicable, from the sale of any Defaulted Home Loans or Liquidated Home Loans into the Collection Account in accordance with Section SECTION 5.01 hereof.

Sale and Charge-Off of Defaulted Home Loans. In accordance with Section 4.10(a) hereof, the Servicer, in its discretion, shall have the power and authority to sell any Defaulted Home Loan or Liquidated Home Loan, on behalf of the Grantor Trustee for the benefit of the Grantor Trust Holder Holder, the Securities Insurer and the Securityholders, to one or more Persons in a manner that will be likely to obtain a reasonable recovery of net proceeds therefrom under the circumstances. Notwithstanding the preceding sentence, no an Affiliate of the Servicer shall have the right to purchase any Defaulted Home Loan, unless if at the time of such purchase none of the original ratings assigned to the Notes by any Rating Agency have been downgraded, or or, if a ratings downgrade has occurred occurred, each Rating Agency consents to such purchase; provided, however, that the Servicer shall obtain the prior written consent of the Securities Insurer to any such sale of Defaulted Home Loans to an Affiliate of the Servicer. The purchase price paid for any Defaulted Home Loan sold to an Affiliate of the Servicer shall not be less than the price that, in the reasonable judgment of the Servicer, would have been paid for such Defaulted Home Loan by Person who is not an Affiliate of the Servicer. The Servicer shall promptly deposit the Net Liquidation Proceeds or Post-Liquidation Proceeds, as applicable, from the sale of any Defaulted Home Loans or Liquidated Home Loans into the Collection Account in accordance with Section 5.01 hereof.