Common use of DEFAULT MANAGEMENT Clause in Contracts

DEFAULT MANAGEMENT. With respect to any Mortgage Loan that transfers to Purchaser on the related Transfer Date and which is past due under the terms of the Mortgage Note, or with respect to any Bankruptcy Loan, Foreclosure Loan, or Litigation Loan, Seller shall, not earlier than a date fifteen (15) days prior to the related Transfer Date or such earlier date as may be mutually agreed upon by Seller and Purchaser, provide Purchaser with written notice of all actions required to be performed by a servicer within thirty (30) days after the related Transfer Date, which are either known to Seller, or should be known to Seller in the performance of its duties as a servicer, and which are required to assure compliance with any insurer or guarantor requirements. Seller shall cooperate with and assist Purchaser, as reasonably requested by Purchaser, in providing information and assistance in connection with the orderly transition of the default management function from Seller to Purchaser.

DEFAULT MANAGEMENT. With respect to any Mortgage Loan that transfers to Purchaser on the related Servicing Transfer Date and which is past due under the terms of the Mortgage Note, or with respect to any Bankruptcy Loan, Foreclosure Loan, or Litigation Loan, Seller shall, not earlier than a date fifteen (15) days prior to the related Transfer Date or such earlier date as may be mutually agreed upon by Seller and Purchaser, provide Purchaser with written notice of all actions required to be performed by a servicer within thirty (30) days after the related Servicing Transfer Date, which are either known to Seller, or should be known to Seller in the performance of its duties as a servicer, and which are required to assure compliance with any insurer or guarantor requirements. Seller shall cooperate with and assist Purchaser, as reasonably requested by Purchaser, in providing information and assistance in connection with the orderly transition of the default management function from Seller to Purchaser.