Common use of Servicer Authority Clause in Contracts

Servicer Authority. Without limiting the generality of the foregoing, ------------------- the Servicer (1) shall continue, and is hereby authorized and empowered by the Issuer and the Indenture Trustee, to execute and deliver, on behalf of itself, the Issuer, the Noteholders, the Note Insurer and the Indenture Trustee or any of them, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge and all other comparable instruments, with respect to the Home Loans and with respect to the related Mortgaged Properties and (2) subject to Section 2.05, to institute foreclosure proceedings or obtain deeds in lieu of foreclosure so as to convert ownership of Mortgaged Properties into the name of the Indenture Trustee pursuant to Section 2.05 of this Agreement. The Servicer may xxx to enforce or collect on any of the Home Loans or any insurance policy covering a Home Loan, in its own name if possible, or on behalf of the Issuer or the Indenture Trustee. If the Servicer commences a legal proceeding to enforce a Home Loan or any such insurance policy, the Issuer and the Indenture Trustee shall thereupon be deemed to have automatically assigned the Home Loan or the rights under such insurance policy to the Servicer for purposes of collection only. If, however, in any suit or legal proceeding for enforcement, it is held that the Servicer may not enforce or collect on a Home Loan or any insurance policy covering a Home Loan on the ground that it is not a real party in interest or a holder entitled to enforce such Home Loan or such insurance policy, as the case may be, then the Issuer and the Indenture Trustee shall, upon the written request of a Servicing Officer, execute and return to the Servicer such powers of attorney and other documents as are necessary or appropriate to enable the Servicer to enforce such Home Loan or insurance policy, as the case may be, and which are prepared by the Servicer and submitted to the Issuer or the Indenture Trustee for execution. The Servicer, on behalf of the Issuer, the Noteholders and the Note Insurer, shall prepare, execute, deliver and take all actions reasonably necessary to protect the Trust Estate pursuant to Section 3.05 of the Indenture and shall, on behalf of the Issuer, execute and deliver and take any additional actions as shall be deemed necessary to effect the administrative obligations of the Issuer under the Indenture.

Servicer Authority. Without limiting the generality of the foregoing, ------------------- the Master Servicer (1) shall continue, and is hereby authorized and empowered by the Issuer Depositor and the Indenture Trustee, to execute and deliver, on behalf of itself, the IssuerDepositor, the NoteholdersBondholders, [the Note Insurer Bond Insurer] and the Indenture Trustee or any of them, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge and all other comparable instruments, with respect to the Home Mortgage Loans and with respect to the related Mortgaged Properties and (2) subject to Section 2.05, to institute foreclosure proceedings or obtain deeds in lieu of foreclosure so as to convert ownership of Mortgaged Properties into the name of the Indenture Trustee pursuant to Section 2.05 of this Agreement. The Master Servicer may xxx to sue xx enforce or collect on any of the Home Mortgage Loans or any insurance policy covering a Home Mortgage Loan, in its own name if possible, or on behalf of the Issuer Depositor or the Indenture Trustee. If the Master Servicer commences a legal proceeding to enforce a Home Mortgage Loan or any such insurance policy, the Issuer Depositor and the Indenture Trustee shall thereupon be deemed to have automatically assigned the Home Mortgage Loan or the rights under such insurance policy to the Master Servicer for purposes of collection only. If, however, in any suit or legal proceeding for enforcement, it is held that the Master Servicer may not enforce or collect on a Home Mortgage Loan or any insurance policy covering a Home Mortgage Loan on the ground that it is not a real party in interest or a holder entitled to enforce such Home Mortgage Loan or such insurance policy, as the case may be, then the Issuer Depositor and the Indenture Trustee shall, upon the written request of a Servicing Officer, execute and return to the Master Servicer such powers of attorney and other documents as are necessary or appropriate to enable the Master Servicer to enforce such Home Mortgage Loan or insurance policy, as the case may be, and which are prepared by the Master Servicer and submitted to the Issuer Depositor or the Indenture Trustee for execution. The Master Servicer, on behalf of the IssuerDepositor, the Noteholders Bondholders [and the Note Bond Insurer, ,] shall prepare, execute, deliver and take all actions reasonably necessary to protect the Trust Estate pursuant to Section 3.05 of the Indenture and shall, on behalf of the IssuerDepositor, execute and deliver and take any additional actions as shall be deemed necessary to effect the administrative obligations of the Issuer Depositor under the Indenture.

Servicer Authority. Without limiting the generality of the foregoing, ------------------- the Servicer (1) shall continue, and is hereby authorized and empowered by the Issuer and the Indenture Trustee, to execute and deliver, on behalf of itself, the Issuer, the Noteholders, the Note Insurer and the Indenture Trustee or any of them, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge and all other comparable instruments, with respect to the Home Mortgage Loans and with respect to the related Mortgaged Properties and (2) subject to Section 2.05, to institute foreclosure proceedings or obtain deeds in lieu of foreclosure so as to convert ownership of Mortgaged Properties into the name of the Indenture Trustee pursuant to Section 2.05 of this Agreement. The Servicer may xxx to enforce or collect on any of the Home Mortgage Loans or any insurance policy covering a Home Mortgage Loan, in its own name if possible, or on behalf of the Issuer or the Indenture Trustee. If the Servicer commences a legal proceeding to enforce a Home Mortgage Loan or any such insurance policy, the Issuer and the Indenture Trustee shall thereupon be deemed to have automatically assigned the Home Mortgage Loan or the rights under such insurance policy to the Servicer for purposes of collection only. If, however, in any suit or legal proceeding for enforcement, it is held that the Servicer may not enforce or collect on a Home Mortgage Loan or any insurance policy covering a Home Mortgage Loan on the ground that it is not a real party in interest or a holder entitled to enforce such Home Mortgage Loan or such insurance policy, as the case may be, then the Issuer and the Indenture Trustee shall, upon the written request of a Servicing Officer, execute and return to the Servicer such powers of attorney and other documents as are necessary or appropriate to enable the Servicer to enforce such Home Mortgage Loan or insurance policy, as the case may be, and which are prepared by the Servicer and submitted to the Issuer or the Indenture Trustee for execution. The Servicer, on behalf of the Issuer, the Noteholders and the Note Insurer, shall prepare, execute, deliver and take all actions reasonably necessary to protect the Trust Estate pursuant to Section 3.05 of the Indenture and shall, on behalf of the Issuer, execute and deliver and take any additional actions as shall be deemed necessary to effect the administrative obligations of the Issuer under the Indenture.

Servicer Authority. Without limiting the generality of the foregoing, ------------------- the Servicer (1) shall continue, and is hereby authorized and empowered by the Issuer and the Indenture Trustee, to execute and deliver, on behalf of itself, the Issuer, the NoteholdersBondholders, the Note Bond Insurer and the Indenture Trustee or any of them, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge and all other comparable instruments, with respect to the Home Mortgage Loans and with respect to the related Mortgaged Properties and (2) subject to Section 2.05, to institute foreclosure proceedings or obtain deeds in lieu of foreclosure so as to convert ownership of Mortgaged Properties into the name of the Indenture Trustee pursuant to Section 2.05 of this Agreement. The Servicer may xxx to sue xx enforce or collect on any of the Home Mortgage Loans or any insurance policy covering a Home Mortgage Loan, in its own name if possible, or on behalf of the Issuer or the Indenture Trustee. If the Servicer commences a legal proceeding to enforce a Home Mortgage Loan or any such insurance policy, the Issuer and the Indenture Trustee shall thereupon be deemed to have automatically assigned the Home Mortgage Loan or the rights under such insurance policy to the Servicer for purposes of collection only. If, however, in any suit or legal proceeding for enforcement, it is held that the Servicer may not enforce or collect on a Home Mortgage Loan or any insurance policy covering a Home Mortgage Loan on the ground that it is not a real party in interest or a holder entitled to enforce such Home Mortgage Loan or such insurance policy, as the case may be, then the Issuer and the Indenture Trustee shall, upon the written request of a Servicing Officer, execute and return to the Servicer such powers of attorney and other documents as are necessary or appropriate to enable the Servicer to enforce such Home Mortgage Loan or insurance policy, as the case may be, and which are prepared by the Servicer and submitted to the Issuer or the Indenture Trustee for execution. The Servicer, on behalf of the Issuer, the Noteholders Bondholders and the Note Bond Insurer, shall prepare, execute, deliver and take all actions reasonably necessary to protect the Trust Estate pursuant to Section 3.05 of the Indenture and shall, on behalf of the Issuer, execute and deliver and take any additional actions as shall be deemed necessary to effect the administrative obligations of the Issuer under the Indenture.

Servicer Authority. Without limiting the generality of the foregoing, ------------------- the Servicer (1) shall continue, and is hereby authorized and empowered by the Issuer and the Indenture Trustee, to execute and deliver, on behalf of itself, the Issuer, the Noteholders, the Note Insurer and the Indenture Trustee or any of them, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge and all other comparable instruments, with respect to the Home Loans and with respect to the related Mortgaged Properties and (2) subject to Section 2.05, to institute foreclosure proceedings or obtain deeds in lieu of foreclosure so as to convert ownership of Mortgaged Properties into the name of the Indenture Trustee pursuant to Section 2.05 of this Agreement. The Servicer may xxx to enforce or collect on any of the Home Loans or any insurance policy covering a Home Loan, in its own name if possible, or on behalf of the Issuer or the Indenture Trustee. If the Servicer commences a legal proceeding to enforce a Home Loan or any such insurance policy, the Issuer and the Indenture Trustee shall thereupon be deemed to have automatically assigned the Home Loan or the rights under such insurance policy to the Servicer for purposes of collection only. If, however, in any suit or legal proceeding for enforcement, it is held that the Servicer may not enforce or collect on a Home Loan or any insurance policy covering a Home Loan on the ground that it is not a real party in interest or a holder entitled to enforce such Home Loan or such insurance policy, as the case may be, then the Issuer and the Indenture Trustee shall, upon the written request of a Servicing Officer, execute and return to the Servicer such powers of attorney and other documents as are necessary or appropriate to enable the Servicer to enforce such Home Loan or insurance policy, as the case may be, and which are prepared by the Servicer and submitted to the Issuer or the Indenture Trustee for execution. The Servicer, on behalf of the Issuer, the Noteholders and the Note Insurer, shall prepare, execute, deliver and take all actions reasonably necessary to protect the Trust Estate pursuant to Section 3.05 of the Indenture and shall, on behalf of the Issuer, execute and deliver and take any additional actions as shall be deemed necessary to effect the administrative obligations of the Issuer under the Indenture.

Servicer Authority. Without limiting the generality of the foregoing, ------------------- the Master Servicer (1) shall continue, and is hereby authorized and empowered by the Issuer Depositor and the Indenture Trustee, to execute and deliver, on behalf of itself, the IssuerDepositor, the NoteholdersBondholders, [the Note Insurer Bond Insurer] and the Indenture Trustee or any of them, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge and all other comparable instruments, with respect to the Home Mortgage Loans and with respect to the related Mortgaged Properties and (2) subject to Section 2.052.5, to institute foreclosure proceedings or obtain deeds in lieu of foreclosure so as to convert ownership of Mortgaged Properties into the name of the Indenture Trustee pursuant to Section 2.05 2.5 of this Agreement. The Master Servicer may xxx to sue xx enforce or collect on any of the Home Mortgage Loans or any insurance policy covering a Home Mortgage Loan, in its own name if possible, or on behalf of the Issuer Depositor or the Indenture Trustee. If the Master Servicer commences a legal proceeding to enforce a Home Mortgage Loan or any such insurance policy, the Issuer Depositor and the Indenture Trustee shall thereupon be deemed to have automatically assigned the Home Mortgage Loan or the rights under such insurance policy to the Master Servicer for purposes of collection only. If, however, in any suit or legal proceeding for enforcement, it is held that the Master Servicer may not enforce or collect on a Home Mortgage Loan or any insurance policy covering a Home Mortgage Loan on the ground that it is not a real party in interest or a holder entitled to enforce such Home Mortgage Loan or such insurance policy, as the case may be, then the Issuer Depositor and the Indenture Trustee shall, upon the written request of a Servicing Officer, execute and return to the Master Servicer such powers of attorney and other documents as are necessary or appropriate to enable the Master Servicer to enforce such Home Mortgage Loan or insurance policy, as the case may be, and which are prepared by the Master Servicer and submitted to the Issuer Depositor or the Indenture Trustee for execution. The Master Servicer, on behalf of the IssuerDepositor, the Noteholders Bondholders [and the Note Bond Insurer, shall prepare, execute, deliver and take all actions reasonably necessary to protect the Trust Estate pursuant to Section 3.05 of the Indenture and shall, on behalf of the Issuer, execute and deliver and take any additional actions as shall be deemed necessary to effect the administrative obligations of the Issuer under the Indenture.,]

Servicer Authority. Without limiting the generality of the foregoing, ------------------- the Servicer (1) shall continue, and is hereby authorized and empowered by the Issuer and the Indenture Trustee, to execute and deliver, on behalf of itself, the Issuer, the Noteholders, the Note Insurer Bondholders and the Indenture Trustee or any of them, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge and all other comparable instruments, with respect to the Home Mortgage Loans and with respect to the related Mortgaged Properties and (2) subject to Section 2.05, to institute foreclosure proceedings or obtain deeds in lieu of foreclosure so as to convert ownership of Mortgaged Properties into the name of the Indenture Trustee pursuant to Section 2.05 of this Agreement. The Servicer may xxx to sue xx enforce or collect on any of the Home Mortgage Loans or any insurance policy covering a Home Mortgage Loan, in its own name if possible, or on behalf of the Issuer or the Indenture Trustee. If the Servicer commences a legal proceeding to enforce a Home Mortgage Loan or any such insurance policy, the Issuer and the Indenture Trustee shall thereupon be deemed to have automatically assigned the Home Mortgage Loan or the rights under such insurance policy to the Servicer for purposes of collection only. If, however, in any suit or legal proceeding for enforcement, it is held that the Servicer may not enforce or collect on a Home Mortgage Loan or any insurance policy covering a Home Mortgage Loan on the ground that it is not a real party in interest or a holder entitled to enforce such Home Mortgage Loan or such insurance policy, as the case may be, then the Issuer and the Indenture Trustee shall, upon the written request of a Servicing Officer, execute and return to the Servicer such powers of attorney and other documents as are necessary or appropriate to enable the Servicer to enforce such Home Mortgage Loan or insurance policy, as the case may be, and which are prepared by the Servicer and submitted to the Issuer or the Indenture Trustee for execution. The Servicer, on behalf of the Issuer, the Noteholders Issuer and the Note InsurerBondholders, shall prepare, execute, deliver and take all actions reasonably necessary to protect the Trust Estate pursuant to Section 3.05 of the Indenture and shall, on behalf of the Issuer, execute and deliver and take any additional actions as shall be deemed necessary to effect the administrative obligations of the Issuer under the Indenture.