Common use of Servicers and Subservicers Clause in Contracts

Servicers and Subservicers. (a) Acting directly or through one or more subservicers as provided in Section 8.03, each Servicer, as servicer, shall service and administer the Mortgage Loans identified on the Schedule of Mortgage Loans as being serviced by it as described below and with reasonable care, and using that degree of skill and attention that such Servicer exercises with respect to comparable mortgage loans that it services for itself or others, and shall have full power and authority, acting alone, to do or cause to be done any and all things in connection with such servicing and administration which it may deem necessary or desirable. In performing such servicing functions such Servicer shall (i) take into account the mortgagor non-conforming credit quality of the Mortgage Loans, (ii) follow the policies and procedures that it would apply to similar loans held for its own account, unless such policies and procedures are not generally in accordance with standard industry practices, in which case the Servicer shall service the loans generally in accordance with standard industry practices applicable to servicing similar loans, (iii) comply with all applicable laws and follow collection practices with respect to the related Mortgage Loans that are in all material respects legal, proper and prudent, and (iv) subject to its obligation to comply with clauses (i), (ii) and (iii) will not materially change its collection and servicing practices that are in existence as of the Startup Day without the consent of the Seller (such consent not to be unreasonably withheld).

Servicers and Subservicers. (a) Acting directly or through one or more subservicers as provided in Section 8.03, each Servicer, as servicer, shall service and administer the Mortgage Loans identified on the Schedule of Mortgage Loans as being serviced by it as described below and with reasonable care, and using that degree of skill and attention that such Servicer exercises with respect to comparable mortgage loans that it services for itself or others, and shall have full power and authority, acting alone, to do or cause to be done any and all things in connection with such servicing and administration which it may deem necessary or desirable. In performing such servicing functions such Servicer shall (i) take into account the mortgagor non-conforming credit quality of the Mortgage Loans, (ii) follow the policies and procedures that it would apply to similar loans held for its own account, unless such policies and procedures are not generally in accordance with standard industry practices, in which case the Servicer shall service the loans generally in accordance with standard industry practices applicable to servicing similar loans, (iii) comply with all applicable laws and follow collection practices with respect to the related Mortgage Loans that are in all material respects legal, proper and prudent, and (iv) subject to its obligation to comply with clauses (i), (ii) and (iii): (A) with regard to Advanta and Long Beach, will not materially change its collection and servicing practices that are in existence as of the Startup Day without the consent of the Seller (such consent not to be unreasonably withheld)) and (B) with regard to Option One will comply with reasonable requests of the Seller including accelerated collection and foreclosure procedures.

Servicers and Subservicers. (a) Acting directly or through one or more subservicers as provided in Section 8.03, each Servicer, as servicer, shall service and administer the Mortgage Loans identified on the Schedule of Mortgage Loans as being serviced by it as described below and with reasonable care, and using that degree of skill and attention that such Servicer exercises with respect to comparable mortgage loans that it services for itself or others, and shall have full power and authority, acting alone, to do or cause to be done any and all things in connection with such servicing and administration which it may deem necessary or desirable. In performing such servicing functions such Servicer shall (i) take into account the mortgagor non-conforming credit quality of the Mortgage Loans, (ii) follow the policies and procedures that it would apply to similar loans held for its own account, unless such policies and procedures are not generally in accordance with standard industry practices, in which case the Servicer shall service the loans generally in accordance with standard industry practices applicable to servicing similar loans, (iii) comply with all applicable laws and follow collection practices with respect to the related Mortgage Loans that are in all material respects legal, proper and prudent, and (iv) subject to its obligation to comply with clauses (i), (ii) and (iii): (A) with regard to Advanta, will not materially change its collection and servicing practices that are in existence as of the Startup Day without the consent of the Seller (such consent not to be unreasonably withheld)) and (B) with regard to Option One will comply with reasonable requests of the Seller including accelerated collection and foreclosure procedures. Advanta shall notify the Certificate Insurer of the changes specified in clause (iv)(A) of the preceding sentence.