Common use of Sale by Master Servicer of Delinquent or Charged-off Mortgage Loans Clause in Contracts

Sale by Master Servicer of Delinquent or Charged-off Mortgage Loans. The Master Servicer may, at its sole option, elect to sell to a third party any Mortgage Loan which is 90 days or more Delinquent, including REO properties, provided that the Master Servicer has determined that such a sale is not inconsistent with or prejudicial to the interests of the Trust Fund or the Certificateholders. The Master Servicer shall give notice to the Subservicer and the Trustee of its intention to effect such a sale, and Subservicer and the Trustee shall cooperate with the Master Servicer in connection with any such sale. The proceeds of any such sale shall be promptly remitted by the Master Servicer to the Subservicer, and the Subservicer shall thereupon promptly deposit such proceeds into the Collection Account no later than two business days following receipt thereof. The proceeds of any such sale shall be deemed to be Liquidation Proceeds, and applied in accordance with Section 3.12 (including the application of such Liquidation Proceeds to repayment of Subservicer's reasonable costs and expenses relating to a sale under this Section 3.09). The Master Servicer shall be responsible for providing any documentation, including missing documents or recording information, with respect to the Mortgage Loans sold pursuant to this Section 3.09. Subject to Section 6.03 hereof, the Master Servicer shall indemnify the Subservicer for any liability incurred by the Subservicer as a result of its cooperation with the Master Servicer under this Section 3.09. As provided in Section 3.08, to the extent Liquidation Proceeds are insufficient to reimburse the Subservicer for any unreimbursed Advances or unreimbursed Servicing Advances, the Subservicer shall be entitled to reimbursement from any collections prior to distribution to the Certificateholders.

Sale by Master Servicer of Delinquent or Charged-off Mortgage Loans. The Master Servicer may, at its sole option, elect to sell to a third party any Mortgage Loan which is 90 days or more Delinquent, including REO properties, provided that the Master Servicer has determined that such a sale is not inconsistent with or prejudicial to the interests of the Trust Fund or the Certificateholders. The Master Servicer shall give notice to the Subservicer and the Trustee of its intention to effect such a sale, and Subservicer and the Trustee shall cooperate with the Master Servicer in connection with any such sale. The proceeds of any such sale shall be promptly remitted by the Master Servicer to the Subservicer, and the Subservicer shall thereupon promptly deposit such proceeds into the Collection Account no later than two business days following receipt thereof. The proceeds of any such sale shall be deemed to be Liquidation Proceeds, and applied in accordance with Section 3.12 (including the application of such Liquidation Proceeds to repayment of Subservicer's reasonable costs and expenses relating to a sale under this Section 3.09). The Master Servicer shall be responsible for providing any documentation, including missing documents or recording information, with respect to the Mortgage Loans sold pursuant to this Section 3.09. Subject to Section 6.03 hereof, the Master Servicer shall indemnify the Subservicer for any liability incurred by the Subservicer as a result of its cooperation with the Master Servicer under this Section 3.09. As provided in Section 3.08, to the extent Liquidation Proceeds are insufficient to reimburse the Subservicer for any unreimbursed Advances or unreimbursed Servicing Advances, the Subservicer shall be entitled to reimbursement reimburse from any collections prior to distribution to the Certificateholders.

Sale by Master Servicer of Delinquent or Charged-off Mortgage Loans. The Master Servicer may, at its sole option, elect to sell to a third party any Mortgage Loan which is 90 days or more Delinquent, including REO properties, provided that the Master Servicer has determined that such a sale is not inconsistent with or prejudicial to the interests of the Trust Fund or the Certificateholders. The Master Servicer shall give notice to the Subservicer and the Trustee of its intention to effect such a sale, and the Subservicer and the Trustee shall cooperate with the Master Servicer in connection with any such sale. The proceeds of any such sale shall be promptly remitted by the Master Servicer to the Subservicer, and the Subservicer shall thereupon promptly deposit such proceeds into the Collection Account no later than two business days following receipt thereof. The proceeds of any such sale shall be deemed to be Liquidation Proceeds, and applied in accordance with Section 3.12 (including the application of such Liquidation Proceeds to repayment of Subservicer's reasonable costs and expenses relating to a sale under this Section 3.09). The Master Servicer shall be responsible for providing any documentation, including missing documents or recording information, with respect to the Mortgage Loans sold pursuant to this Section 3.09. Subject to Section 6.03 hereof, the Master Servicer shall indemnify the Subservicer for any liability incurred by the Subservicer as a result of its cooperation with the Master Servicer under this Section 3.09. As provided in Section 3.08, to the extent Liquidation Proceeds are insufficient to reimburse the Subservicer for any unreimbursed Advances or unreimbursed Servicing Advances, the Subservicer shall be entitled to reimbursement from any collections prior to distribution to the Certificateholders.