Common use of Conversion Plan Clause in Contracts

Conversion Plan. (i) The Sellers and Purchaser shall work together in good faith to develop a plan prior to the First Closing Date (the “Conversion Plan”) to effect, from and after each Servicing Transfer Date, the orderly transfer of the Servicing Loan Files, the physical transfer of Servicing, and the provision of customary notices to taxing authorities, insurance providers, escrow arrangements and the like. Without limiting the foregoing, such Conversion Plan shall provide that the Sellers shall notify each relevant vendor of services of the transfer contemplated hereby. Each of Purchaser and the Sellers shall use commercially reasonable efforts to agree upon and implement the Conversion Plan. (ii) Upon reasonable request by Purchaser and subject to the terms and conditions of this Agreement, the Sellers shall prepare, execute and furnish Purchaser with such limited powers of attorney to execute documents on behalf of the Sellers in respect of the related Serviced Mortgage Loan Documents and such other documents prepared by Purchaser and reasonably satisfactory in form and substance to the Sellers as may be necessary or appropriate to enable Purchaser to liquidate, collect payments against and otherwise service and manage the Serviced Mortgage Loans, Serviced Mortgaged Properties and Serviced REO Properties in accordance with the related Servicing Agreements and Subservicing Agreements.

Conversion Plan. (i) The Sellers and Purchaser shall work together in good faith to develop a plan prior to the First Closing Date (the “Conversion Plan”) to effect, from and after each Servicing Transfer Date, the orderly transfer of the Servicing Loan Files, the physical transfer of Servicing, and the provision of customary notices to taxing authorities, insurance providers, escrow arrangements and the like. Without limiting the foregoing, such Conversion Plan shall provide that the Sellers shall notify each relevant vendor of services of the transfer contemplated hereby. Each of Purchaser and the Sellers shall use commercially reasonable efforts to agree upon and implement the Conversion Plan. (ii) Upon reasonable request by Purchaser and subject to the terms and conditions of this Agreement, the Sellers shall prepare, execute and furnish Purchaser with such limited powers of attorney to execute documents on behalf of the Sellers in respect of the related Serviced Mortgage Loan Documents and such other documents prepared by Purchaser and reasonably satisfactory in form and substance to the Sellers as may be necessary or appropriate to enable Purchaser to liquidate, collect payments against and otherwise service and manage the Serviced Mortgage Loans, Serviced Mortgaged Properties and Serviced REO Properties in accordance with the related Servicing Agreements and Subservicing Agreements.