Common use of Directions by Purchaser During Interim Servicing Period Clause in Contracts

Directions by Purchaser During Interim Servicing Period. During the Interim Servicing Period, in the event that any payment due under any Mortgage Loan is not paid when the same becomes due and payable, or in the event the Mortgagor fails to perform any other covenant or obligation under the Mortgage Loan and such failure continues beyond any applicable grace period, the Seller shall so notify the Purchaser and shall take such action as it is directed by the Purchaser.

Directions by Purchaser During Interim Servicing Period. During the Interim Servicing Period, in the event that any payment due under any Mortgage Loan is not paid when the same becomes due and payablepayable (after giving effort to any applicable grace period), or in the event the Mortgagor fails to perform any other covenant or obligation under the Mortgage Loan and such failure continues beyond any applicable grace period, the Seller shall so notify the Purchaser and shall take such action as it is directed by the Purchaser.

Directions by Purchaser During Interim Servicing Period. During the Interim Servicing Period, in the event that any payment due under any Mortgage Loan is not paid when the same becomes due and payable, or in the event the Mortgagor fails to perform any other covenant or obligation under the Mortgage Loan and such failure continues beyond any applicable grace period, the Seller shall so notify the Purchaser and shall take such action as it is reasonably directed by the Purchaser, subject to Applicable Law.