Common use of Collection of Certain Home Equity Loan Payments Clause in Contracts

Collection of Certain Home Equity Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Home Equity Loans, and shall, to the extent such procedures shall be consistent with this Servicing Agreement follow such collection procedures as shall be normal and usual in its general mortgage servicing activities. Consistent with the foregoing, and without limiting the generality of the foregoing, the Servicer may in its discretion (i) waive any late payment charge, penalty interest or other fees which may be collected in the ordinary course of servicing such Home Equity Loan and (ii) arrange with a Mortgagor a schedule for the payment of principal and interest due and unpaid; provided such arrangement is generally consistent with the Servicer's policies with respect to home equity loans generally; provided, further, that notwithstanding such arrangement such Home Equity Loans will be included in the information regarding delinquent Home Equity Loans set forth in the Servicing Report. The Servicer may also extend the Due Date for payment due on a Home Equity Loan in accordance with its standard servicing procedures, provided, however, that the Servicer shall first determine that any such waiver or extension will not impair the coverage of any related insurance policy or materially adversely affect the lien of the related Mortgage or the interests of the Securityholders or the Credit Enhancer. Consistent with the terms of this Servicing Agreement, the Servicer may also waive, modify or vary any term of any Home Equity Loan (including reduce the Credit Limit with respect to any Revolving Credit Loan) or consent to the postponement of strict compliance with any such term or in any manner grant indulgence to any Mortgagor if in the Servicer's determination such waiver, modification, postponement or indulgence is not materially adverse to the interests of the Securityholders or the Credit Enhancer, provided, however, that the Servicer may not modify or permit any Subservicer to modify any Home Equity Loan (including without limitation any modification that would change the Loan Rate, forgive the payment of any principal or interest (unless in connection with the liquidation of the related Home Equity Loan) or extend the final maturity date of such Home Equity Loan) unless such Home Equity Loan is in default or, in the judgment of the Servicer, such default is reasonably foreseeable. The general terms of any waiver, modification, postponement or indulgence with respect to any of the Home Equity Loans will be included in the Servicing Report, and such Home Equity Loans will not be considered "delinquent" for the purposes of the Basic Documents, so long as the Mortgagor complies with the terms of such waiver, modification, postponement or indulgence. Notwithstanding the foregoing, the Servicer in its sole discretion (i) may permit the Mortgagor (or may enter into a modification agreement which will allow the Mortgagor) to make monthly payments, with respect to any Billing Cycle during the related Draw Period, in a minimum amount that will be equal to the related finance charge for such Billing Cycle and (ii) may reduce the amount of the Credit Limit with respect to any Revolving Credit Loans (to an amount no less than the then current Principal Balance of such Revolving Credit Loan) in connection with any refinancing of a senior lien pursuant to the second paragraph of Section 3.01(a) of this Servicing Agreement.

Collection of Certain Home Equity Loan Payments. (a) The Servicer shall generally service the Home Equity Loans in a prudent manner consistent with its general servicing standards and agrees to make reasonable efforts to collect all payments called for under the terms and provisions of the Home Equity Loans, and shall, to the extent such procedures shall be consistent with this Servicing Agreement Agreement, follow such collection procedures for all Home Equity Loans at least as shall be normal rigorous as those the Servicer would ordinarily take in servicing loans and usual in collecting payments thereunder for its general mortgage servicing activitiesown account. Consistent with the foregoing, and without limiting the generality of the foregoing, the Servicer may (i) in its discretion (i) waive or permit to be waived any late payment charge, prepayment charge, assumption fee or any penalty interest or other fees which may be collected in the ordinary course of servicing such Home Equity Loan and (ii) arrange with a Mortgagor a schedule for the payment of principal and interest due and unpaid; provided such arrangement is generally consistent connection with the Servicer's policies with respect to home equity loans generally; provided, further, that notwithstanding such arrangement such Home Equity Loans will be included in the information regarding delinquent Home Equity Loans set forth in the Servicing Report. The Servicer may also extend the Due Date for payment due on prepayment of a Home Equity Loan in accordance with its standard servicing procedures, provided, however, that or any other fee or charge which the Servicer would be entitled to retain hereunder as servicing compensation, (ii) extend the due date for payments due on a Mortgage Note for a period (with respect to each payment as to which the due date is extended) not greater than 125 days after the initially scheduled due date for such payment, (iii) amend any Mortgage Note to reduce the Loan Rate applicable thereto, provided that such reduced Loan Rate shall first determine always be greater than the applicable Adjusted Pass-Through Rate, and (iv) amend any Mortgage Note to extend the maturity thereof, provided that any such waiver or extension will not impair no maturity shall be extended beyond the coverage of any related insurance policy or materially adversely affect the lien maturity date of the related Mortgage or the interests of the Securityholders or the Credit Enhancer. Consistent with the terms of this Servicing Agreement, the Servicer may also waive, modify or vary any term of any Home Equity Loan (including reduce with the Credit Limit with respect to any Revolving Credit Loan) or consent to the postponement of strict compliance with any such term or in any manner grant indulgence to any Mortgagor if latest maturity date in the Servicer's determination such waiver, modification, postponement or indulgence is not materially adverse to the interests Issuer and that no more than ____% of the Securityholders or the Credit Enhancer, provided, however, that the Servicer may not modify or permit any Subservicer to modify any Home Equity Original Aggregate Loan (including without limitation any modification that would change the Loan Rate, forgive the payment of any principal or interest (unless in connection with the liquidation of the related Home Equity Loan) or extend the final maturity date of such Home Equity Loan) unless such Home Equity Loan is in default or, in the judgment of the Servicer, such default is reasonably foreseeable. The general terms of any waiver, modification, postponement or indulgence with respect to any Balance of the Home Equity Loans will be included in shall have a maturity date which has been extended by the Servicing Report, and such Home Equity Loans will not be considered "delinquent" for Servicer beyond the purposes maturity date thereof at the Cut-off Date. In the event the Servicer shall consent to the deferment of the Basic Documents, so long as the Mortgagor complies with the terms of such waiver, modification, postponement or indulgence. Notwithstanding the foregoingdue dates for payments due on a Mortgage Note, the Servicer in its sole discretion (i) may permit the Mortgagor (or may enter into a modification agreement which will allow the Mortgagor) to shall nonetheless make monthly payments, payment of any required Delinquency Advance with respect to any Billing Cycle during the related Draw Period, in a minimum amount that will be equal payments so extended to the related finance charge for same extent as if such Billing Cycle installment were due, owing and (iiDelinquent and had not been deferred, and shall be entitled to reimbursement therefor in accordance with Section 4.9(a) may reduce the amount of the Credit Limit with respect to any Revolving Credit Loans (to an amount no less than the then current Principal Balance of such Revolving Credit Loan) in connection with any refinancing of a senior lien pursuant to the second paragraph of Section 3.01(a) of this Servicing Agreementhereof.

Collection of Certain Home Equity Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Home Equity Loans, and shall, to the extent such procedures shall be consistent with this Servicing Agreement follow such collection procedures as shall be normal and usual in its general mortgage servicing activities. Consistent with the foregoing, and without limiting the generality of the foregoing, the Servicer may in its discretion (i) waive any late payment charge, penalty interest or other fees which may be collected in the ordinary course of servicing such Home Equity Loan and (ii) arrange with a Mortgagor a schedule for the payment of principal and interest due and unpaid; provided such arrangement is generally consistent with the Servicer's ’s policies with respect to home equity loans generally; provided, further, that notwithstanding such arrangement such Home Equity Loans will be included in the information regarding delinquent Home Equity Loans set forth in the Servicing Report. The Servicer may also extend the Due Date for payment due on a Home Equity Loan in accordance with its standard servicing procedures, provided, however, that the Servicer shall first determine that any such waiver or extension will not impair the coverage of any related insurance policy or materially adversely affect the lien of the related Mortgage or the interests of the Securityholders or the Credit Enhancer. Consistent with the terms of this Servicing Agreement, the Servicer may also waive, modify or vary any term of any Home Equity Loan (including reduce the Credit Limit with respect to any Revolving Credit Loan) or consent to the postponement of strict compliance with any such term or in any manner grant indulgence to any Mortgagor if in the Servicer's ’s determination such waiver, modification, postponement or indulgence is not materially adverse to the interests of the Securityholders or the Credit Enhancer, provided, however, that the Servicer may not modify or permit any Subservicer to modify any Home Equity Loan (including without limitation any modification that would change the Loan RateRate (other than as provided under Section 3.01(a) hereof with respect to the Revolving Credit Loans extended to employees of Xxxxxx Xxxxxxx), forgive the payment of any principal or interest (unless in connection with the liquidation of the related Home Equity Loan) or extend the final maturity date of such Home Equity Loan) unless such Home Equity Loan is in default or, in the judgment of the Servicer, such default is reasonably foreseeable. The general terms of any waiver, modification, postponement or indulgence with respect to any of the Home Equity Loans will be included in the Servicing Report, and such Home Equity Loans will not be considered "“delinquent" ” for the purposes of the Basic Documents, so long as the Mortgagor complies with the terms of such waiver, modification, postponement or indulgence. Notwithstanding the foregoing, the Servicer in its sole discretion (i) may permit the Mortgagor (or may enter into a modification agreement which will allow the Mortgagor) to make monthly payments, with respect to any Billing Cycle during the related Draw Period, in a minimum amount that will be equal to the related finance charge for such Billing Cycle and (ii) may reduce the amount of the Credit Limit with respect to any Revolving Credit Loans (to an amount no less than the then current Principal Balance of such Revolving Credit Loan) in connection with any refinancing of a senior lien pursuant to the second paragraph of Section 3.01(a) of this Servicing Agreement.