Common use of Servicing Arrangements Clause in Contracts

Servicing Arrangements. (a) The parties hereto agree and acknowledge that, notwithstanding the purchase and sale of the Eligible Assets contemplated hereby, Seller shall cause the Eligible Assets to continue to be serviced for the benefit of Buyer and, if Buyer shall exercise its right to sell the Eligible Assets pursuant to this Agreement prior to the related Repurchase Date, Buyer's assigns; PROVIDED, HOWEVER, that, so long as an Event of Default shall not have occurred and be continuing, Seller shall be entitle to receive the Servicing Fee relating to the Eligible Assets serviced by it until such time as Buyer elects to terminate Seller as servicer of the Eligible Assets as contemplated by subparagraph (d) below: PROVIDED, FURTHER, HOWEVER, that if an Event of Default shall have occurred and be continuing, Seller shall not be entitled to receive the Servicing Fee during the occurrence of such Event of Default and after the expiration of such thirty (30) day period shall be entitled to receive the Servicing Fee until servicing is terminated as herein provided; and PROVIDED, FURTHER, HOWEVER, that the obligation of Seller to cause Eligible Assets to be serviced for the benefit of Buyer as aforesaid shall cease upon the payment to Buyer of the Repurchase Price therefor. (b) Seller shall cause the Eligible Assets to be serviced in accordance with the servicing standards for similar assets generally employed by prudent servicers in the Mortgage Loan, Jumbo Mortgage Loan, Home Equity Loan and manufactured housing industry. (c) Seller shall cause the servicer to enforce the rights of the owner of the Eligible Assets in accordance with the standards of a prudent lender in the manufactured housing, Mortgage Loan, Jumbo Mortgage Loan and Home Equity Loan industry. (d) Buyer may, in its sole discretion is any Event of Default shall have occurred and be continuing, without payment of any termination fee, Servicing Fee (except as otherwise provided in subparagraph (a) above) or any other amount to Seller or any servicer, (i) sell its right to the Eligible Assets on a servicing released basis or (ii) terminate the servicer of the Eligible Assets with or without cause. (e) Each servicer of Eligible Assets must be approved by Buyer.

Servicing Arrangements. (a) The parties hereto agree and acknowledge that, notwithstanding the purchase and sale of the Eligible Assets Securities contemplated hereby, Seller shall cause the Eligible Assets Conseco Finance or an Affiliate of Conseco Finance to continue to be serviced service the Securities for the benefit of Buyer and, if Buyer shall exercise its right rights to sell the Eligible Assets Securities pursuant to this Agreement prior to the related Repurchase Date, Buyer's assigns; PROVIDEDprovided, HOWEVER, that, so long as an Event of Default shall not have occurred and be continuing, Seller shall be entitle to receive the Servicing Fee relating to the Eligible Assets serviced by it until such time as Buyer elects to terminate Seller as servicer of the Eligible Assets as contemplated by subparagraph (d) below: PROVIDED, FURTHER, HOWEVER, that if an Event of Default shall have occurred and be continuing, Seller shall not be entitled to receive the Servicing Fee during the occurrence of such Event of Default and after the expiration of such thirty (30) day period shall be entitled to receive the Servicing Fee until servicing is terminated as herein provided; and PROVIDED, FURTHER, HOWEVERhowever, that the obligation of Seller Conseco Finance, or its Affiliate, to cause Eligible Assets to be serviced service the Securities for the benefit of Buyer as aforesaid shall cease upon the payment to Buyer of the Repurchase Price therefor. (b) Seller Conseco Finance, or its Affiliate, shall cause the Eligible Assets provide servicing reports to be serviced in accordance Buyer on a monthly basis or with the servicing standards for similar assets generally employed by prudent servicers in the Mortgage Loan, Jumbo Mortgage Loan, Home Equity Loan and manufactured housing industrysuch greater frequency as Buyer may require. (c) Seller Conseco Finance, or its Affiliate, shall cause service the servicer to Securities and shall enforce its rights and the rights of the beneficial owner of the Eligible Assets thereunder in accordance with the standards of a prudent lender in the manufactured housinghousing industry, Mortgage Loanthe home equity loan industry and the consumer finance industry, Jumbo Mortgage Loan and Home Equity Loan industryas applicable. (d) Conseco Finance, or its Affiliate, shall service all FHA/VA MH Contracts and all FHA/VA Home Equity and Home Improvement Loans in a manner such that such insurance or guarantee will not be impaired and will remain in full force and effect. (e) Buyer may, in its sole discretion is any if an Event of Default (or any breach of a representation, warranty or covenant that does not constitute an event of default), shall have occurred and be continuing, without payment of any termination fee, Servicing Fee (except as otherwise provided in subparagraph (a) above) fee or any other amount to Seller or any servicerparty and after the expiration of a cure period of 10 days, (i) sell its right to the Eligible Assets Securities on a servicing released basis or (ii) terminate the Conseco Finance, or its Affiliate, as servicer of the Eligible Assets Securities with or without cause. (e) Each servicer of Eligible Assets must be approved by Buyer.

Servicing Arrangements. With respect to any Mortgage Loan purchased by the Buyer hereunder for which the Seller acted as servicer at the time of such purchase: (a) The parties hereto agree and acknowledge that, notwithstanding the purchase and sale of the Eligible Assets Mortgage Loans contemplated hereby, Seller shall cause shall, prior to the Eligible Assets to repurchase of such Mortgage Loans, continue to be serviced service the Mortgage Loans for the benefit of the Buyer and, if the Buyer shall exercise its right rights to sell the Eligible Assets Mortgage Loans pursuant to this Agreement prior to the related Repurchase DateAgreement, the Buyer's assigns; PROVIDED, HOWEVER, that, so long as an Event of Default shall not have occurred and be continuing, Seller shall be entitle to receive the Servicing Fee relating to the Eligible Assets serviced by it until such time as Buyer elects to terminate Seller as servicer of the Eligible Assets as contemplated by subparagraph (d) below: PROVIDED, FURTHER, HOWEVER, that if an Event of Default shall have occurred and be continuing, Seller shall not be entitled to receive the Servicing Fee during the occurrence of such Event of Default and after the expiration of such thirty (30) day period shall be entitled to receive the Servicing Fee until servicing is terminated as herein provided; and PROVIDED, FURTHER, HOWEVER, that the obligation of Seller to cause Eligible Assets to be serviced for the benefit of Buyer as aforesaid shall cease upon the payment to Buyer of the Repurchase Price therefor.; (b) Seller shall cause service and administer the Eligible Assets to be serviced Mortgage Loans in accordance with the prudent mortgage loan servicing standards for similar assets and procedures generally employed by prudent servicers accepted in the mortgage banking industry and in any event in accordance with standards and procedures no less protective of the interests of the owner of the Mortgage LoanLoans than it follows with respect to its own Mortgage Loans; provided, Jumbo however, that Seller shall at all times comply with applicable law and FHA regulations and VA regulations so that the FHA insurance, VA guarantee or any other applicable insurance or guarantee in respect of any Mortgage LoanLoan is not impaired, Home Equity Loan voided or reduced and manufactured housing industry.Seller shall at all times maintain accurate and complete records of its servicing of the Mortgage Loans; (c) Seller shall cause provide the servicer to enforce Buyer and its permitted assigns with periodic reports concerning the rights of Mortgage Loans with such frequency and containing such information as the owner of the Eligible Assets in accordance with the standards of a prudent lender in the manufactured housing, Mortgage Loan, Jumbo Mortgage Loan and Home Equity Loan industry.Buyer or its permitted assigns may reasonably request; and (d) Any Mortgage Loans purchased by the Buyer maypursuant to the Agreement shall be purchased "servicing released" and the Buyer shall, in connection with the exercise of its sole discretion is any Event rights to sell the Mortgage Loans in exercise of Default shall its remedies under the Agreement, have occurred and be continuing, the option to sell the Mortgage Loans on a servicing released basis without the payment of any termination fee, Servicing Fee (except as otherwise provided in subparagraph (a) above) penalty or any other amount compensation to Seller or any servicer, (i) sell its right to the Eligible Assets on a servicing released basis or (ii) terminate the servicer of the Eligible Assets with or without causeSeller. (e) Each servicer of Eligible Assets must be approved by Buyer.