Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so and at the Administrator's expense, the Issuer in its capacity as holder of the Mortgage Loans, shall take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by the Seller and the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the Seller or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller or the Master Servicer of each of their obligations under the Mortgage Loan Purchase Agreement and the Servicing Agreement. (b) If an Event of Default has occurred and is continuing, the Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders of 66-2/3% of the Security Balances of the Notes shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or the Master Servicer under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller or the Master Servicer, as the case may be, of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Purchase Agreement and the Servicing Agreement, as the case may be, and any right of the Issuer to take such action shall not be suspended.
Appears in 17 contracts
Sources: Indenture (Painewebber Mortgage Acceptance Corporation Iv), Indenture (Structured Asset Mortgage Investments Ii Inc), Indenture (Peoples Choice Home Loan Securities Corp)
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so and at the Administrator's Issuing Entity’s expense, the Issuer in its capacity as holder each of the Mortgage Loans, shall Issuing Entity and the Grantor Trust agrees to take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by the Seller and the Master Servicer, as applicable, Depositor of each of their its obligations to the Issuer Issuing Entity or the Grantor Trust under or in connection with the Mortgage Loan Purchase Agreement and Trust Agreement, the Servicer of its obligations to the Issuing Entity or the Grantor Trust under or in connection with the Servicing Agreement, by the Seller of its obligations under or in connection with the Receivables Purchase Agreement, by the Depositor of its limited repurchase obligations under or in connection with the Receivables Transfer Agreement, in each case in accordance with the terms thereof, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer Issuing Entity and the Grantor Trust under or in connection with the Mortgage Loan Servicing Agreement, the Trust Agreement, the Receivables Purchase Agreement and the Servicing Receivables Transfer Agreement to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the Seller Seller, the Depositor or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller Seller, the Depositor or the Master Servicer of each of their respective obligations under the Mortgage Loan Receivables Purchase Agreement, the Receivables Transfer Agreement and the Servicing Agreement.
(b) , as applicable. If an Event of Default has occurred and is continuing, the Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement Trustee may, and and, at the written direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders of 66-2/3% the majority of the Security Balances Outstanding Amount of the Notes Controlling Class shall, exercise all rights, remedies, powers, privileges and claims of the Issuer Issuing Entity or the Grantor Trust against the Seller or the Master Servicer under or in connection with the Mortgage Loan Servicing Agreement, against the Seller under or in connection with the Receivables Purchase Agreement and against the Servicing Depositor under or in connection with the Receivables Transfer Agreement, including the right or power to take any action to compel or secure performance or observance by the Servicer, the Seller or the Master Servicer, as the case may be, Depositor of each of their obligations to the Issuer Issuing Entity thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Purchase Agreement and the Servicing Agreement, as the case may be, Receivables Purchase Agreement or the Receivables Transfer Agreement and any right of the Issuer Issuing Entity or the Grantor Trust to take such action shall not be suspended.
Appears in 13 contracts
Sources: Indenture (Carvana Auto Receivables Trust 2022-P1), Indenture (Carvana Auto Receivables Trust 2022-P1), Indenture (Carvana Auto Receivables Trust 2021-P4)
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so and at the Administrator's expenseso, the Issuer in its capacity as holder of the Mortgage Loans, shall take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by the Seller Seller, the Servicer and the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Loan Purchase Sale and Contribution Agreement and the Servicing Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Purchase Sale and Contribution Agreement and the Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the Seller Seller, the Servicer or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller Seller, the Servicer or the Master Servicer of each of their obligations under the Mortgage Loan Purchase Sale and Contribution Agreement and the Servicing Agreement.
(b) If an Event of Default has occurred and is continuing, the The Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders of 66-2/3% of the Security Note Balances of the Notes shallNotes, shall exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller Originator, the Seller, the Servicer or the Master Servicer under or in connection with the Mortgage Loan Purchase Sale and Contribution Agreement and the Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller Originator, the Seller, the Servicer or the Master Servicer, as the case may be, of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Purchase Sale and Contribution Agreement and the Servicing Agreement, as the case may be, and any right of the Issuer to take such action shall not be suspended.
Appears in 12 contracts
Sources: Indenture (Renaissance Home Equity Loan Trust 2006-3), Indenture (Renaissance Home Equity Loan Trust 2006-3), Indenture (Renaissance Home Equity Loan Trust 2005-2)
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so and at the Administrator's expense, the Issuer in its capacity as holder of the Mortgage Loans, shall take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by the Seller Depositor, ▇▇▇▇▇▇ ▇▇▇, the Administrator and the Master Servicer, as applicable, of each of their obligations to the Issuer Issuer, whether directly or by assignment, under or in connection with the Mortgage Loan Sale Agreement, the Purchase Agreement, the Administration Agreement and the Servicing Agreement, respectively, in accordance with the terms thereof, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Sale Agreement, the Purchase Agreement, the Administration Agreement and the Servicing Agreement Agreement, as the case may be, to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the Seller Depositor, ▇▇▇▇▇▇ ▇▇▇, the Administrator or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller Depositor, ▇▇▇▇▇▇ Mae, the Administrator or the Master Servicer of each of their obligations under the Mortgage Loan Sale Agreement, the Purchase Agreement, the Administration Agreement and the Servicing Agreement, respectively.
(b) If an Event of Default has occurred and is continuing, the Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement Trustee may, and at the written direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders Noteholders of 66-2/3% of the Security Balances Outstanding Amount of the Notes shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller Depositor, ▇▇▇▇▇▇ ▇▇▇, the Administrator or the Master Servicer under or in connection with the Mortgage Loan Sale Agreement, the Purchase Agreement, the Administration Agreement and the Servicing Agreement, respectively, including the right or power to take any action to compel or secure performance or observance by the Seller Depositor, ▇▇▇▇▇▇ Mae, the Administrator or the Master Servicer, as the case may be, Servicer of each of their obligations to the Issuer thereunder thereunder, whether directly or by assignment, and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Sale Agreement, the Purchase Agreement, the Administration Agreement and the Servicing Agreement, as the case may berespectively, and any right of the Issuer to take such action shall not be suspended.
Appears in 9 contracts
Sources: Indenture (SLM Funding LLC), Indenture (SLM Funding LLC), Indenture (SLM Funding LLC)
Performance and Enforcement of Certain Obligations. (a) Promptly following a written request from the Credit Enhancer or the Indenture Trustee with the written consent of the Credit Enhancer to do so and at the Administrator's expenseso, the Issuer Issuer, in its capacity as holder of the Mortgage Home Equity Loans, shall shall, with the written consent of the Credit Enhancer, take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by the Seller and the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Home Equity Loans, including the transmission of notices of default on the part of the Seller or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller or the Master Servicer of each of their obligations under the Mortgage Loan Purchase Agreement and the Servicing Agreement.
(b) If an Event of Default has occurred and is continuing, the Indenture Trustee, as pledgee of the Mortgage Home Equity Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders of 66-2/3% of the Security Balances of the Notes shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or the Master Servicer under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller or the Master Servicer, as the case may be, of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Purchase Agreement and the Servicing Agreement, as the case may be, and any right of the Issuer to take such action shall not be suspended. In connection therewith, as determined by the Indenture Trustee, the Issuer shall take all actions necessary to effect the transfer of the Home Equity Loans to the Indenture Trustee.
Appears in 8 contracts
Sources: Indenture (RFMSII Series 2005-Hsa1 Trust), Indenture (Home Equity Loan Trust 2004-Hs3), Indenture (Home Equity Loan Trust 2004-Hs2)
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so so, and at the Administrator's expense, the Issuer in its capacity as holder of the Mortgage Loans, shall take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by the Seller Seller, the Depositor and the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Loan Sale and Servicing Agreement, or the performance and observance by the Seller of each of its obligations to the Depositor under or in connection with the Receivables Purchase Agreement and the Servicing Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Sale and Servicing Agreement or the Receivables Purchase Agreement and the Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the Seller Seller, the Depositor or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller Seller, the Depositor or the Master Servicer of each of their obligations under the Mortgage Loan Receivables Purchase Agreement and the Sale and Servicing Agreement.
(b) If an Event of Default has occurred and is continuing, the Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement Trustee may, and at the direction (which direction shall be in writing or by telephone (telephone, confirmed in writing promptly thereafter)) of the Holders Noteholders of 66-2/3% Notes evidencing not less than a majority of the Security Balances principal amount of the Notes shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller Seller, the Depositor or the Master Servicer under or in connection with the Mortgage Loan Receivables Purchase Agreement and the Sale and Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller Seller, the Depositor, the Servicer or the Master ServicerBank, as the case may be, of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension extension, or waiver under the Mortgage Loan Receivables Purchase Agreement and the Sale and Servicing Agreement, as the case may be, Agreement and any right of the Issuer to take such action shall not be suspended.
Appears in 8 contracts
Sources: Indenture (Usaa Auto Owner Trust 2005-3), Indenture (Usaa Auto Owner Trust 2005-2), Indenture (Usaa Acceptance LLC)
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so and at the Administrator's expenseso, the Issuer in its capacity as holder of the Mortgage Loans, shall take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by the Seller and the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Loan Purchase Agreement and the Sale and Servicing Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Purchase Agreement and the Sale and Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the Seller or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller or the Master Servicer of each of their obligations under the Mortgage Loan Purchase Agreement and the Sale and Servicing Agreement.
(b) If an Event of Default has occurred and is continuing, the The Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders of 66-2/3% of the Security Note Principal Balances of the Notes (subject to Section 6.02(k)) shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or the Master Servicer under or in connection with the Mortgage Loan Purchase Agreement and the Sale and Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller or the Master Servicer, as the case may be, of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Purchase Agreement and the Sale and Servicing Agreement, as the case may be, and any right of the Issuer to take such action shall not be suspended.
Appears in 7 contracts
Sources: Indenture (Homebanc Corp), Indenture (Homebanc Corp), Indenture (MortgageIT Trust 2005-5, Mortgage-Backed Notes, Series 2005-5)
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so and at the Administrator's expense, the Issuer in its capacity as holder of the Mortgage Loans, shall take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by the Seller and the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the Seller or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller or the Master Servicer of each of their obligations under the Mortgage Loan Purchase Agreement and the Servicing Agreement.
(b) If an Event of Default has occurred and is continuing, the Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer Note Insurer under the Servicing Agreement may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders of 66-2/3% of the Security Balances of the Notes shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or the Master Servicer under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller or the Master Servicer, as the case may be, of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Purchase Agreement and the Servicing Agreement, as the case may be, and any right of the Issuer to take such action shall not be suspended.
Appears in 7 contracts
Sources: Indenture (Long Beach Securities Corp), Indenture (National City Mortgage Capital LLC), Indenture (Ameriquest Mortgage Securities Inc)
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so and at the Administrator's expenseso, the Issuer in its capacity as holder of the Mortgage Loans, shall take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by the Seller Seller, [________] and the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the Seller Seller, [________] or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller Seller, [________] or the Master Servicer of each of their obligations under the Mortgage Loan Purchase Agreement and the Servicing Agreement.
(b) If an Event of Default has occurred and is continuing, the The Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders of 66-2/3[___]% of the Security Note Balances of the Notes shallNotes, shall exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller Seller, [________] or the Master Servicer under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller Seller, [________] or the Master Servicer, as the case may be, of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Purchase Agreement and the Servicing Agreement, as the case may be, and any right of the Issuer to take such action shall not be suspended.
Appears in 7 contracts
Sources: Indenture (New Century Mortgage Securities LLC), Indenture (Argent Securities Inc), Indenture (Ameriquest Mortgage Securities Inc)
Performance and Enforcement of Certain Obligations. (a) Promptly following a written request from the Credit Enhancer or the Indenture Trustee with the written consent of the Credit Enhancer to do so and at the Administrator's expense(so long as no Credit Enhancer Default exists), the Issuer Issuer, in its capacity as holder of the Mortgage Home Loans, shall shall, with the written consent of the Credit Enhancer (so long as no Credit Enhancer Default exists), take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by the Seller and the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Home Loan Purchase Agreement and the Servicing Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Home Loan Purchase Agreement and the Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Home Loans, including the transmission of notices of default on the part of the Seller or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller or the Master Servicer of each of their obligations under the Mortgage Home Loan Purchase Agreement and the Servicing Agreement.
(b) If an Event of Default has occurred and is continuing, the Indenture Trustee, as pledgee of the Mortgage Home Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Credit Enhancer (or if a Credit Enhancer Default has occurred and is continuing, Holders of 66-2/3% of the Security Balances aggregate Note Balance of the Notes Notes) shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or the Master Servicer under or in connection with the Mortgage Home Loan Purchase Agreement and the Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller or the Master Servicer, as the case may be, of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Home Loan Purchase Agreement and the Servicing Agreement, as the case may be, and any right of the Issuer to take such action shall not be suspended. In connection therewith, as determined by the Indenture Trustee, the Issuer shall take all actions necessary to effect the transfer of the Home Loans to the Indenture Trustee.
Appears in 7 contracts
Sources: Indenture (Home Loan Trust 2006-Hi5), Indenture (Home Loan Trust 2006-Hi4), Indenture (Home Loan Trust 2006-Hi3)
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so and at the Administrator's expense, the Issuer in its capacity as holder of the Mortgage Loans, shall take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by the Seller and the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Loan Sale and Servicing Agreement or to the Seller under or in connection with the Purchase Agreement and in accordance with the Servicing Agreementterms thereof, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Purchase Agreement Sale and the Servicing Agreement (or the Seller under or in connection with the Purchase Agreement) to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the Seller or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller or the Master Servicer of each of their obligations under the Mortgage Loan Sale and Servicing Agreement or the Purchase Agreement and the Servicing Agreement.
(b) If an Event of Default has occurred and is continuing, the Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement Trustee may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)writing) of the Holders of not less than 66-2/3% of the Security Balances Outstanding Amount of the Notes shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or the Master Servicer under or in connection with the Mortgage Loan Purchase Agreement Sale and the Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller or the Master Servicer, as the case may be, Servicer of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Purchase Agreement Sale and the Servicing Agreement, as the case may be, and any right of the Issuer to take such action shall not be suspended.
(c) If an Event of Default has occurred and is continuing, the Indenture Trustee may, and at the direction (which direction shall be in writing) of the Holders of not less than 66-2/3% of the Outstanding Amount of the Notes shall, exercise all rights, remedies, powers, privileges and claims of the Seller against Credit under or in connection with the Purchase Agreement, including the right or power to take any action to compel or secure performance or observance by Credit of each of its obligations to the Seller thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Purchase Agreement, and any right of the Seller to take such action shall be suspended.
Appears in 6 contracts
Sources: Indenture (Case Receivables Ii Inc), Indenture (Case Receivables Ii Inc), Indenture (Case Receivables Ii Inc)
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so and at the Administrator's ’s expense, the Issuer in its capacity as holder of the Mortgage Loans, shall take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by a Seller or the Seller and the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Loan Purchase Sale and Servicing Agreement and the Servicing AgreementReceivables Purchase Agreements, as applicable, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Purchase Sale and Servicing Agreement and the Servicing Agreement Receivables Purchase Agreements to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of any of the Seller Sellers or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the a Seller or the Master Servicer Servicer, as applicable, of each of their obligations under the Mortgage Loan Purchase Sale and Servicing Agreement and the Servicing AgreementReceivables Purchase Agreements; provided, however, nothing herein shall in any way impose on the Indenture Trustee the duty to monitor the performance of the Sellers or the Servicer of any of their liabilities, duties or obligations under any Basic Document.
(b) If an Event of Default has occurred and is continuingoccurred, the Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement Trustee may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)writing) of the Holders of 66-2/3% not less than a majority of the Security Balances Outstanding Amount of the Notes shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or Sellers and the Master Servicer under or in connection with the Mortgage Loan Purchase Sale and Servicing Agreement and the Servicing AgreementReceivables Purchase Agreements, including the right or power to take any action to compel or secure performance or observance by the a Seller or the Master Servicer, as the case may be, of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Purchase Sale and Servicing Agreement and the Servicing AgreementReceivables Purchase Agreements, as the case may be, and any right of the Issuer to take such action shall not be suspended.
Appears in 6 contracts
Sources: Indenture (BMW Fs Securities LLC), Indenture (BMW Fs Securities LLC), Indenture (BMW Fs Securities LLC)
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so and at the Administrator's expense, the Issuer in its capacity as holder of the Mortgage Loans, shall take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by the Seller Depositor, SLC, the Administrator and the Master Servicer, as applicable, of each of their respective obligations to the Issuer Issuer, whether directly or by assignment, under or in connection with the Mortgage Loan Sale Agreement, the Purchase Agreement, the Administration Agreement and the Servicing Agreement, respectively, in accordance with the terms thereof, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Sale Agreement, the Purchase Agreement, the Administration Agreement and the Servicing Agreement Agreement, as the case may be, to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the Seller Depositor, SLC, the Administrator or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller Depositor, SLC, the Administrator or the Master Servicer of each of their obligations under the Mortgage Loan Sale Agreement, the Purchase Agreement, the Administration Agreement and the Servicing Agreement, respectively.
(b) If an Event of Default has occurred and is continuing, the Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement Trustee may, and at the written direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders Noteholders of 66-2/3% of the Security Balances Outstanding Amount of the Notes shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller Depositor, SLC, the Administrator or the Master Servicer under or in connection with the Mortgage Loan Sale Agreement, the Purchase Agreement, the Administration Agreement and the Servicing Agreement, respectively, including the right or power to take any action to compel or secure performance or observance by the Seller Depositor, SLC, the Administrator or the Master Servicer, as the case may be, Servicer of each of their obligations to the Issuer thereunder thereunder, whether directly or by assignment, and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Sale Agreement, the Purchase Agreement, the Administration Agreement and the Servicing Agreement, as the case may berespectively, and any right of the Issuer to take such action shall not be suspended.
Appears in 6 contracts
Sources: Indenture (SLC Student Loan Trust 2005-1), Indenture (SLC Student Loan Trust 2004-1), Indenture (SLC Student Loan Receivables I Inc)
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so and at the Administrator's expenseso, the Issuer in its capacity as holder of the Mortgage Loans, shall take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by the Seller Seller, NC Capital and the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Loan Purchase Sale and Contribution Agreement and the Servicing Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Purchase Sale and Contribution Agreement and the Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the Seller Seller, NC Capital or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller Seller, NC Capital or the Master Servicer of each of their obligations under the Mortgage Loan Purchase Sale and Contribution Agreement and the Servicing Agreement.
(b) If an Event of Default has occurred and is continuing, the The Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders of 66-2/3% of the Security Note Balances of the Notes shallNotes, shall exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller Seller, NC Capital or the Master Servicer under or in connection with the Mortgage Loan Purchase Sale and Contribution Agreement and the Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller Seller, NC Capital or the Master Servicer, as the case may be, of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Purchase Sale and Contribution Agreement and the Servicing Agreement, as the case may be, and any right of the Issuer to take such action shall not be suspended.
Appears in 6 contracts
Sources: Indenture (New Century Mort Sec Inc Home Equity Loan Trust 2003 6), Indenture (New Century Home Equity Loan Trust, Series 2004-3), Indenture (New Century Home Equity Loan Trust 2004-1)
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so and at the Administrator's ’s expense, the Issuer in its capacity as holder of the Mortgage Loans, shall Issuing Entity agrees to take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by the Seller and the Master Servicer, as applicable, of each of their obligations to the Issuer Issuing Entity under or in connection with the Mortgage Loan Sale and Servicing Agreement or to JDCC under or in connection with the Purchase Agreement and in accordance with the Servicing Agreementterms thereof, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer Issuing Entity under or in connection with the Mortgage Loan Purchase Agreement Sale and the Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the Seller or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller or the Master Servicer of each of their obligations under the Mortgage Loan Purchase Agreement Sale and the Servicing Agreement.
(b) If an Event of Default has occurred and is continuing, the Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement may, and Trustee at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders of 66-2/3% of the Security Balances Outstanding Amount of the Notes shall, shall exercise all rights, remedies, powers, privileges and claims of the Issuer Issuing Entity against the Seller or the Master Servicer under or in connection with the Mortgage Loan Purchase Agreement Sale and the Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller or the Master Servicer, as the case may be, Servicer of each of their obligations to the Issuer Issuing Entity thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Purchase Agreement Sale and the Servicing Agreement, as the case may be, and any right of the Issuer Issuing Entity to take such action shall not be suspended.
(c) Promptly following a request from the Indenture Trustee to do so and at the Administrator’s expense, the Issuing Entity agrees to take all such lawful action as the Indenture Trustee may request to compel or secure the performance and observance by JDCC of each of its obligations to the Seller under or in connection with the Purchase Agreement in accordance with the terms thereof, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuing Entity under or in connection with the Purchase Agreement to the extent and in the manner directed by the Indenture Trustee, including the transmission of notices of default on the part of the Seller thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by JDCC of each of its obligations under the Purchase Agreement.
(d) If an Event of Default has occurred and is continuing, the Indenture Trustee at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders of 66-2/3% of the Outstanding Amount of the Notes shall exercise all rights, remedies, powers, privileges and claims of the Seller against JDCC under or in connection with the Purchase Agreement to the extent granted as security for the Notes hereunder, including the right or power to take any action to compel or secure performance or observance by JDCC of each of its obligations to the Seller thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Purchase Agreement, and any right of the Seller to take such action shall be suspended. Notwithstanding the foregoing, the Indenture Trustee shall have no duty or obligation to monitor the Servicer’s, the Seller’s or JDCC’s performance of any of their obligations under or in connection with the Sale and Servicing Agreement or the Purchase Agreement.
Appears in 6 contracts
Sources: Indenture (John Deere Owner Trust 2015-B), Indenture (John Deere Owner Trust 2015), Indenture (John Deere Owner Trust 2014)
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so and at the Administrator's expenseso, the Issuer in its capacity as holder of the Mortgage Loans, shall take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by the Seller and the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Loan Purchase Agreement, any Group 1 or Group 2 Subsequent Mortgage Loan Purchase Agreement and the Servicing Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Purchase Agreement, any Group 1 or Group 2 Subsequent Mortgage Loan Purchase Agreement and the Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the Seller or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller or the Master Servicer of each of their obligations under the Mortgage Loan Purchase Agreement, any Group 1 or Group 2 Subsequent Mortgage Loan Purchase Agreement and the Servicing Agreement.
(b) If an Event of Default has occurred and is continuing, the The Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders of 66-2/3% of the Security Bond Principal Balances of the Notes shallBonds, shall exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or the Master Servicer under or in connection with the Mortgage Loan Purchase Agreement, any Group 1 or Group 2 Subsequent Mortgage Loan Purchase Agreement and the Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller or the Master Servicer, as the case may be, of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Purchase Agreement, any Group 1 or Group 2 Subsequent Mortgage Loan Purchase Agreement and the Servicing Agreement, as the case may be, and any right of the Issuer to take such action shall not be suspended.
Appears in 5 contracts
Sources: Indenture (Imh Assets Corp Collateralized Asset Backed Bonds Ser 2004 4), Indenture (Imh Assets Corp Impac CMB Trust Series 2004-7), Indenture (Imh Assets Corp Collateralized Asset Backed Bonds Ser 2004 3)
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so and at the Administrator's expenseso, the Issuer in its capacity as holder of the Mortgage Loans, shall take all such lawful action as the Indenture Trustee or the Bond Insurer may request to cause the Issuer to compel or secure the performance and observance by the Seller and the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Loan Purchase Sale and Contribution Agreement and the Servicing Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Purchase Sale and Contribution Agreement and the Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, with the consent of the Bond Insurer so long as no Bond Insurer Default exists, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the Seller or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller or the Master Servicer of each of their obligations under the Mortgage Loan Purchase Sale and Contribution Agreement and the Servicing Agreement. So long as no Bond Insurer Default exists, the Bond Insurer shall have the right to approve or reject any proposed successor to the Master Servicer (other than the Indenture Trustee) under the Servicing Agreement.
(b) If an Event of Default has occurred and is continuing, the The Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer Bond Insurer under this Agreement and the Servicing Agreement may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Bond Insurer or if a Bond Insurer Default exists, Holders of 66-2/3% of the Security Bond Principal Balances of the Notes shallBonds, shall exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or the Master Servicer under or in connection with the Mortgage Loan Purchase Sale and Contribution Agreement and the Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller or the Master Servicer, as the case may be, of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Purchase Sale and Contribution Agreement and the Servicing Agreement, as the case may be, and any right of the Issuer to take such action shall not be suspended.
Appears in 5 contracts
Sources: Indenture (Imh Assets Corp Impac CMB Trust Series 1999-1), Indenture (Imh Assets Corp Impac CMB Trust Series 1999-1), Indenture (Imh Assets Corp Collateralized Asset Backed Bonds Ser 2000 1)
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so so, and at the Administrator's expense, the Issuer in its capacity as holder of the Mortgage Loans, shall take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by the Seller Seller, the Depositor and the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Loan Sale and Servicing Agreement, or the performance and observance by the Seller of each of its obligations to the Depositor under or in connection with the Receivables Purchase Agreement and the Servicing Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Sale and Servicing Agreement or the Receivables Purchase Agreement and the Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the Seller Seller, the Depositor or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller Seller, the Depositor or the Master Servicer of each of their obligations under the Mortgage Loan Receivables Purchase Agreement and the Sale and Servicing Agreement.
(b) If an Event of Default has occurred and is continuing, the Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement Trustee may, and at the direction (which direction shall be in writing or by telephone (telephone, confirmed in writing promptly thereafter)) of the Holders Noteholders of 66-2/3% Notes evidencing not less than a majority of the Security Balances principal amount of the Notes Controlling Class shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller Seller, the Depositor or the Master Servicer under or in connection with the Mortgage Loan Receivables Purchase Agreement and the Sale and Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller Seller, the Depositor, the Servicer or the Master ServicerBank, as the case may be, of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension extension, or waiver under the Mortgage Loan Receivables Purchase Agreement and the Sale and Servicing Agreement, as the case may be, Agreement and any right of the Issuer to take such action shall not be suspended.
Appears in 4 contracts
Sources: Indenture (USAA Auto Owner Trust 2006-1), Indenture (USAA Auto Owner Trust 2006-2), Indenture (USAA Auto Owner Trust 2006-3)
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so and at the Administrator's ’s expense, the Issuer in its capacity as holder of the Mortgage Loans, shall take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by the Depositor, the Seller and the Master Servicer, as applicable, of each Servicer of their respective obligations to the Issuer under or in connection with the Mortgage Loan Sale and Servicing Agreement or by the Seller of its obligations under or in connection with the Receivables Purchase Agreement and Agreement, in each case in accordance with the Servicing Agreementterms thereof, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Sale and Servicing Agreement or the Receivables Purchase Agreement and the Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the Depositor, the Seller or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings Proceedings to compel or secure performance by the Depositor, the Seller or and the Master Servicer of each of their respective obligations under the Mortgage Loan Sale and Servicing Agreement or the Seller of its obligations under the Receivables Purchase Agreement and the Servicing Agreement.
(b) If an Event of Default has occurred and is continuing, the Indenture TrusteeTrustee may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of Holders of Notes evidencing not less than 66⅔% of the Note Balance of the Controlling Class shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Depositor, the Seller or the Servicer under or in connection with the Sale and Servicing Agreement or against the Seller under or in connection with the Receivables Purchase Agreement, including the right or power to take any action to compel or secure performance or observance by the Depositor, the Seller or the Servicer, as pledgee the case may be, of its obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Sale and Servicing Agreement or the Receivables Purchase Agreement, as the case may be, and any right of the Mortgage LoansIssuer to take such action shall be suspended.
(c) If an Event of Default shall have occurred and be continuing, subject to the rights of the Credit Enhancer under the Servicing Agreement Indenture Trustee may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders of 66-2/3% Notes evidencing not less than 66⅔% of the Security Balances Note Balance of the Notes Controlling Class shall, exercise all rights, remedies, powers, privileges and claims of the Issuer Depositor against the Seller or the Master Servicer under or in connection with the Mortgage Loan Receivables Purchase Agreement and the Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller or the Master Servicer, as the case may be, of each of their its obligations to the Issuer Depositor thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Receivables Purchase Agreement and the Servicing Agreement, as the case may be, and any right of the Issuer Depositor to take such action shall not be suspended.
Appears in 4 contracts
Sources: Indenture (Mercedes-Benz Auto Receivables Trust 2019-1), Indenture (Mercedes-Benz Auto Receivables Trust 2019-1), Indenture (Mercedes-Benz Auto Receivables Trust 2018-1)
Performance and Enforcement of Certain Obligations. (a) Promptly following a written request from the Enhancer or the Indenture Trustee to do so and at (with the Administrator's expensewritten consent of the Enhancer), the Issuer Issuer, in its capacity as holder owner of the Mortgage Loans, shall shall, with the written consent of the Enhancer, take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by the Seller Sellers and the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the Seller Sellers or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller Sellers or the Master Servicer of each of their obligations under the Mortgage Loan Purchase Agreement and the Servicing Agreement.
(b) If an Event of Default has shall have occurred and is be continuing, the Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement Agreement, may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders Noteholders of 66-66 2/3% of the Security Balances aggregate Voting Rights of the Notes Notes, shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller Sellers or the Master Servicer under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller Sellers or the Master Servicer, as the case may be, of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Purchase Agreement and the Servicing Agreement, as the case may be, and any right of the Issuer to take such action shall not be suspended. In connection therewith, as determined by the Indenture Trustee, the Issuer shall take all actions necessary to effect the transfer of the Mortgage Loans to the Indenture Trustee.
Appears in 4 contracts
Sources: Indenture (Residential Asset Mortgage Products Inc), Indenture (Residential Asset Mortgage Products Inc), Indenture (Gmacm Home Equity Loan Trust 2003-He2)
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee [or the Securities Insurer] to do so and at the AdministratorMaster Servicer's expense, the Issuer in its capacity as holder of the Mortgage Loans, shall take all such lawful action as the Indenture Trustee [or the Securities Insurer] may request to cause the Issuer to compel or secure the performance and observance by the Seller Transferor, the Servicer and the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Loan Purchase Agreement Sale and the Servicing Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer Issuer, under or in connection with the Mortgage Loan Purchase Agreement Sale and the Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, as pledgee of Trustee [or the Mortgage LoansSecurities Insurer], including the transmission of notices of default on the part of the Seller Transferor or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller Transferor, the Master Servicer or the Master Servicer of each of their obligations under the Mortgage Loan Purchase Agreement Sale and the Servicing Agreement.
(b) If an Event of Default has occurred and is continuing, the Indenture TrusteeTrustee shall, as pledgee [at the direction of the Mortgage LoansSecurities Insurer, subject to the rights of the Credit Enhancer under the Servicing Agreement may, and and] at the direction (which direction shall be in writing or by telephone (telephone, confirmed in writing promptly thereafter)) of the Holders of 66-2/3% of the Security Balances Notes Outstanding shall[, with the prior written consent of the Notes shall, Securities Insurer (so long as no Securities Insurer Default has occurred and is continuing),] exercise all rights, remedies, powers, privileges and claims of the Issuer Issuer, as Securityholder, against the Seller Transferor, the Servicer or the Master Servicer under or in connection with the Mortgage Loan Purchase Agreement Sale and the Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller Transferor, the Servicer or the Master Servicer, as the case may be, of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension extension, or waiver under the Mortgage Loan Purchase Agreement Sale and the Servicing Agreement, as the case may be, and any right of the Issuer to take such action shall not be suspended.
Appears in 4 contracts
Sources: Indenture (Painewebber Mortgage Acceptance Corporation Iv), Indenture Agreement (Hsi Asset Securitization Corp), Indenture Agreement (Bcap LLC)
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so and at the Administrator's expense, the Issuer Issuing Entity in its capacity as holder of the Mortgage Loans, shall take all such lawful action as the Indenture Trustee may request to cause the Issuer Issuing Entity to compel or secure the performance and observance by the Seller and the Master Servicer, as applicable, of each of their obligations to the Issuer Issuing Entity under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer Issuing Entity under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the Seller or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller or the Master Servicer of each of their obligations under the Mortgage Loan Purchase Agreement and the Servicing Agreement.
(b) If an Event of Default has occurred and is continuing, the Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders of 66-2/3% of the Security Balances of the Notes shall, exercise all rights, remedies, powers, privileges and claims of the Issuer Issuing Entity against the Seller or the Master Servicer under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller or the Master Servicer, as the case may be, of each of their obligations to the Issuer Issuing Entity thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Purchase Agreement and the Servicing Agreement, as the case may be, and any right of the Issuer Issuing Entity to take such action shall not be suspended.
Appears in 4 contracts
Sources: Indenture (Opteum Mortgage Acceptance CORP), Indenture (MortgageIT Securities Corp.), Indenture (Opteum Mortgage Acceptance CORP)
Performance and Enforcement of Certain Obligations. (a) Promptly following a written request from the Credit Enhancer or the Indenture Trustee with the written consent of the Credit Enhancer to do so and at the Administrator's expenseso, the Issuer Issuer, in its capacity as holder of the Mortgage Home Equity Loans, shall shall, with the written consent of the Credit Enhancer, take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by the Seller and the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Home Equity Loans, including the transmission of notices of default on the part of the Seller or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller or the Master Servicer of each of their obligations under the Mortgage Loan Purchase Agreement and the Servicing Agreement.
(b) If an Event of Default has occurred and is continuing, the Indenture Trustee, as pledgee of the Mortgage Home Equity Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Credit Enhancer (or if a Credit Enhancer Default has occurred which is continuing, Holders of 66-2/3% of the Security Balances of the Notes Notes) shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or the Master Servicer under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller or the Master Servicer, as the case may be, of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Purchase Agreement and the Servicing Agreement, as the case may be, and any right of the Issuer to take such action shall not be suspended. In connection therewith, as determined by the Indenture Trustee, the Issuer shall take all actions necessary to effect the transfer of the Home Equity Loans to the Indenture Trustee.
Appears in 4 contracts
Sources: Indenture (Home Equity Loan Trust 2006-Hsa3), Indenture (Home Equity Loan Trust 2006-Hsa4), Indenture (RFMSII Series 2006-Hsa2 Trust)
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so and at the Administrator's expense, the Issuer in its capacity as holder of the Mortgage Loans, shall take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by the Seller and or the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Loan Sale and Servicing Agreement or the Receivables Purchase Agreement and the Servicing Agreement, as applicable, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Sale and Servicing Agreement or the Receivables Purchase Agreement and the Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the either Seller or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller or the Master Servicer of each of their obligations under the Mortgage Loan Purchase Sale and Servicing Agreement and the Servicing Receivables Purchase Agreement; provided, however, nothing herein shall in any way impose on the Indenture Trustee the duty to monitor the performance of the Seller or the Servicer of any of their liabilities, duties or obligations under any Basic Document.
(b) If an Event of Default has occurred and is continuingoccurred, the Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement Trustee may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)writing) of the Holders of 66-2/3% not less than a majority of the Security Balances Outstanding Amount of the Controlling Class of Notes shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or the Master Servicer under or in connection with the Mortgage Loan Purchase Sale and Servicing Agreement and the Servicing Receivables Purchase Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller or the Master Servicer, as the case may be, of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Purchase Sale and Servicing Agreement and the Servicing Receivables Purchase Agreement, as the case may be, and any right of the Issuer to take such action shall not be suspended.
Appears in 4 contracts
Sources: Indenture (Hyundai Abs Funding Corp), Indenture (Hyundai Abs Funding Corp), Indenture (Hyundai Abs Funding Corp)
Performance and Enforcement of Certain Obligations. (a) Promptly following a written request from the Credit Enhancer or the Indenture Trustee with the written consent of the Credit Enhancer to do so and at the Administrator's expenseso, the Issuer Issuer, in its capacity as holder of the Mortgage Home Loans, shall shall, with the written consent of the Credit Enhancer, take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by the Seller and the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Home Loan Purchase Agreement and the Servicing Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Home Loan Purchase Agreement and the Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Home Loans, including the transmission of notices of default on the part of the Seller or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller or the Master Servicer of each of their obligations under the Mortgage Home Loan Purchase Agreement and the Servicing Agreement.
(b) If an Event of Default has occurred and is continuing, the Indenture Trustee, as pledgee of the Mortgage Home Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders of 66-2/3% of the Security Balances aggregate Note Balance of the Notes shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or the Master Servicer under or in connection with the Mortgage Home Loan Purchase Agreement and the Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller or the Master Servicer, as the case may be, of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Home Loan Purchase Agreement and the Servicing Agreement, as the case may be, and any right of the Issuer to take such action shall not be suspended. In connection therewith, as determined by the Indenture Trustee, the Issuer shall take all actions necessary to effect the transfer of the Home Loans to the Indenture Trustee.
Appears in 4 contracts
Sources: Indenture (Rfmsii 2005-Hi1), Indenture (Residential Funding Mortgage Securities Ii Inc), Indenture (Home Loan Trust 2004-Hi2)
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so and at the Administrator's expenseso, the Issuer in its capacity as holder of the Mortgage Loans, shall take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by the Seller and the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Loan Purchase Sale and Contribution Agreement and the Servicing Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Purchase Sale and Contribution Agreement and the Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, Trustee as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the Seller or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller or the Master Servicer of each of their obligations under the Mortgage Loan Purchase Sale and Contribution Agreement and the Servicing Agreement.
(b) If an Event of Default has occurred and is continuing, the The Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)writing) of the Holders of 66-2/3% of the Security Bond Principal Balances of the Notes shallBonds (for which purpose the Class A-IO Bonds will be deemed to have a Bond Principal Balance equal to 5% of the aggregate Bond Principal Balance of the other Classes of Bonds), shall exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or the Master Servicer under or in connection with the Mortgage Loan Purchase Sale and Contribution Agreement and the Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller or the Master Servicer, as the case may be, of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Purchase Sale and Contribution Agreement and the Servicing Agreement, as the case may be, and any right of the Issuer to take such action shall not be suspended.
Appears in 4 contracts
Sources: Indenture (Imh Assets Corp Impac CMB Trust Series 2003-2f), Indenture (Imh Assets Corp Impac CMB Trust Series 2002 9f), Indenture (Imh Assets Corp Impac CMB Trust Series 2002 9f)
Performance and Enforcement of Certain Obligations. (a) Promptly following a written request from the Indenture Trustee to do so and at the Administrator's expenseso, the Issuer Issuer, in its capacity as holder owner of the Mortgage Loans, shall take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by the Seller and the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Loan Purchase and Servicing Agreement and the Sale and Servicing Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Purchase Agreement and Servicing Agreement, and the Sale and Servicing Agreement Agreement, to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the Seller or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings Proceedings to compel or secure performance by the Seller or the Master Servicer of each of their obligations under the Mortgage Loan Purchase and Servicing Agreement and the Sale and Servicing Agreement.
(b) If an Event of Default has shall have occurred and is be continuing, the Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders of 66-Notes representing not less than 66 2/3% of the Security Balances aggregate Note Balance of the Notes shallNotes, shall exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or the Master Servicer under or in connection with the Mortgage Loan Purchase and Servicing Agreement or the Sale and the Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller or the Master Servicer, as the case may be, of each of their respective obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Purchase and Servicing Agreement or the Sale and the Servicing Agreement, as the case may be, and any right of the Issuer to take such action shall not be suspended. In connection therewith, as determined by the Indenture Trustee, the Issuer shall execute all documents provided to it by the Indenture Trustee necessary to effect the transfer of the Mortgage Loans to the Indenture Trustee.
Appears in 3 contracts
Sources: Indenture (Irwin Whole Loan Home Equity Trust 2005-A), Indenture (Bear Stearns Asset Backed Securities Inc), Indenture Agreement (Bear Stearns Asset Backed Securities I LLC)
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Insurer (so long as no Insurer Default has occurred and is continuing) or the Indenture Trustee Trustee, with the consent of the Insurer to do so and at the Administrator's expense(which consent shall not be unreasonably withheld), the Issuer in its capacity as holder of the Mortgage Loans, shall take all such lawful action as the Indenture Trustee or the Insurer, as applicable, may request to cause the Issuer to compel or secure the performance and observance by the Seller Depositor and the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Loan Purchase Agreement Sale and the Servicing Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Purchase Agreement Sale and the Servicing Agreement to the extent and in the manner directed by the Indenture TrusteeTrustee or the Insurer, as pledgee of the Mortgage Loansapplicable, including the transmission of notices of default on the part of the Seller Depositor or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller Depositor or the Master Servicer of each of their obligations under the Mortgage Loan Purchase Agreement Sale and the Servicing Agreement.
(b) If an Event of Default has occurred and is continuing, the Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer Insurer hereunder and under the Sale and Servicing Agreement Agreement, may, and at the direction (which direction shall be in writing or by telephone (telephone, confirmed in writing promptly thereafter)) of the Insurer, or, if an Insurer Default has occurred and is continuing, the Holders of 66-2/3% of the Security Balances Outstanding Amount of the Notes shallNotes, shall exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller Depositor or the Master Servicer under or in connection with the Mortgage Loan Purchase Agreement Sale and the Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller or Depositor, the Master Servicer, as the case may be, of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension extension, or waiver under the Mortgage Loan Purchase Agreement Sale and the Servicing Agreement, as the case may be, and any right of the Issuer to take such action shall not be suspended.
Appears in 3 contracts
Sources: Indenture (HFC Revolving Corp Household Home Equity Loan Trust 2002-2), Indenture (HFC Revolving Corp Household Home Equity Loan Trust 2002 4), Indenture (HFC Revolving Corp Household Home Equity Loan Trust 2002-3)
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so so, and at the Administrator's expense, the Issuer in its capacity as holder of the Mortgage Loans, shall take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by the Seller and the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Loan Sale and Servicing Agreement, or by the Seller and Ford Credit, as applicable, of each of their obligations under or in connection with the Purchase Agreement and the Servicing Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Purchase Sale and Servicing Agreement and the Servicing Agreement Purchase Agreement, as the case may be, to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the Seller Seller, the Servicer or the Master Servicer Ford Credit thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller or the Master Servicer of each of their obligations under the Mortgage Loan Sale and Servicing Agreement or by the Seller or Ford Credit of each of their obligations under the Purchase Agreement and the Servicing Agreement.
(b) If an Event of Default has occurred and is continuing, the Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement Trustee may, and at the direction (which direction shall be in writing or by telephone (telephone, confirmed in writing promptly thereafter)) of the Holders Noteholders of 66-Notes evidencing not less than 66 2/3% of the Security Balances principal amount of the Notes Outstanding shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or the Master Servicer under or in connection with the Mortgage Loan Sale and Servicing Agreement, or against the Seller or Ford Credit under or in connection with the Purchase Agreement and the Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller Seller, the Servicer or the Master ServicerFord Credit, as the case may be, of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension extension, or waiver under the Mortgage Loan Sale and Servicing Agreement or the Purchase Agreement and the Servicing Agreement, as the case may be, and any right of the Issuer to take such action shall not be suspended.
Appears in 3 contracts
Sources: Indenture (Ford Credit Auto Receivables Two L P), Indenture (Ford Credit Auto Receivables Two L P), Indenture (Ford Credit Auto Receivables Two L P)
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so so, and at the Administrator's expense, the Issuer in its capacity as holder of the Mortgage Loans, shall take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by the Seller and the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Loan Sale and Servicing Agreement, or by the Seller and Ford Credit, as applicable, of each of their obligations under or in connection with the Purchase Agreement and the Servicing Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Purchase Sale and Servicing Agreement and the Servicing Agreement Purchase Agreement, as the case may be, to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the Seller Seller, the Servicer or the Master Servicer Ford Credit thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller or the Master Servicer of each of their obligations under the Mortgage Loan Sale and Servicing Agreement or by the Seller or Ford Credit of each of their obligations under the Purchase Agreement and the Servicing Agreement.
(b) Promptly following a request from the Indenture Trustee to do so, and at the Administrator's expense, the Issuer shall take all such lawful action as the Indenture Trustee may request to compel or secure the performance and observance by the Swap Counterparties in accordance with the Interest Rate Swap Agreements and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Interest Rate Swap Agreements to the extent and in the manner directed by the Indenture Trustee, including the transmission of notices of default thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Swap Counterparties of its obligations under the Interest Rate Swap Agreements.
(c) If an Event of Default has occurred and is continuing, the Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement Trustee may, and at the direction (which direction shall be in writing or by telephone (telephone, confirmed in writing promptly thereafter)) of the Holders Noteholders of 66-2/3Notes evidencing not less than 662/3% of the Security Balances Note Balance of the Notes Controlling Note Class shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or the Master Servicer under or in connection with the Mortgage Loan Sale and Servicing Agreement, or against the Seller or Ford Credit under or in connection with the Purchase Agreement and the Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller Seller, the Servicer or the Master ServicerFord Credit, as the case may be, of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension extension, or waiver under the Mortgage Loan Sale and Servicing Agreement or the Purchase Agreement and the Servicing Agreement, as the case may be, and any right of the Issuer to take such action shall not be suspended.
(d) If an Event of Default has occurred and is continuing, the Indenture Trustee may, and at the direction (which direction shall be in writing or by telephone, confirmed in writing promptly thereafter) of the Noteholders of Notes evidencing not less than 662/3% of the principal amount of the Controlling Note Class shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Swap Counterparties including the right or power to take any action to compel or secure performance or observance by the Swap Counterparties of their obligations to the Issuer under Interest Rate Swap Agreements and to give any consent, request, notice, direction, approval, extension, or waiver under the Interest Rate Swap Agreements and any right of the Issuer to take such action shall be suspended.
Appears in 3 contracts
Sources: Indenture (Ford Credit Auto Receivables Two LLC), Indenture (Ford Credit Auto Receivables Two LLC), Indenture (Ford Credit Auto Receivables Two LLC)
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so and at the Administrator's expense, the Issuer in its capacity as holder of the Mortgage Loans, shall take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by the Seller and or the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Loan Sale and Servicing Agreement or the Receivables Purchase Agreement and the Servicing Agreement, as applicable, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Sale and Servicing Agreement or the Receivables Purchase Agreement and the Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the either Seller or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller or the Master Servicer of each of their obligations under the Mortgage Loan Sale and Servicing Agreement or the Receivables Purchase Agreement and Agreement; provided, however, nothing herein shall in any way impose on the Servicing AgreementIndenture Trustee the duty to monitor the performance of the Seller or the Servicer of any of their liabilities, duties or obligations under any Basic Document.
(b) If an Event of Default has occurred and is continuingoccurred, the Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement Trustee may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)writing) of the Holders of 66-2/3% not less than a majority of the Security Balances Outstanding Amount of the Controlling Class of Notes shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or the Master Servicer under or in connection with the Mortgage Loan Purchase Sale and Servicing Agreement and the Servicing Agreement, Receivables Purchase Agreement including the right or power to take any action to compel or secure performance or observance by the Seller or the Master Servicer, as the case may be, of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Purchase Sale and Servicing Agreement and the Servicing Receivables Purchase Agreement, as the case may be, and any right of the Issuer to take such action shall not be suspended.
Appears in 3 contracts
Sources: Indenture (BMW Vehicle Owner Trust 2002-A), Indenture (BMW Vehicle Owner Trust 2001-A), Indenture (BMW Vehicle Owner Trust 2001-A)
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee or the Controlling Party or, if both a Class A Insurer Default and a Backup Insurer Default have occurred and are continuing, the Majority Noteholders, to do so and at the AdministratorIssuer's expense, the Issuer in its capacity as holder of the Mortgage Loans, shall agrees to take all such lawful action as the Indenture Trustee or the Controlling Party, as the case may be, may request to cause the Issuer to compel or secure the performance and observance by the Seller and the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Loan Purchase Sale and Servicing Agreement and in accordance with the Servicing Agreementterms thereof, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Purchase Agreement Sale and the Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, as pledgee of or prior to the Mortgage LoansClass A Termination Date, the Controlling Party, including the transmission of notices of default on the part of the Seller or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller or the Master Servicer of each of their obligations under the Mortgage Loan Purchase Agreement Sale and the Servicing Agreement.
(b) If an Indenture Event of Default has occurred, the Indenture Trustee may, with the prior written consent of the Controlling Party or, if both a Class A Insurer Default and a Backup Insurer Default have occurred and is are continuing, the Indenture TrusteeMajority Noteholders, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement may, and at the direction (which direction shall be but need not unless directed in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders of 66-2/3% of Controlling Party or, if both a Class A Insurer Default and a Backup Insurer Default have occurred and are continuing, the Security Balances of the Notes shallMajority Noteholders, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or the Master Servicer under or in connection with the Mortgage Loan Purchase Agreement Sale and the Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller or the Master Servicer, as the case may be, Servicer of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Purchase Agreement Sale and the Servicing Agreement, as the case may be, and any right of the Issuer to take such action shall not be suspended.
Appears in 3 contracts
Sources: Indenture (Credit Acceptance Corporation), Indenture (Credit Acceptance Corporation), Indenture (Credit Acceptance Corporation)
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so and at the Administrator's expense, the Issuer Issuing Entity in its capacity as holder of the Mortgage Loans, shall take all such lawful action as the Indenture Trustee may request to cause the Issuer Issuing Entity to compel or secure the performance and observance by the Seller and the Master Servicer, as applicable, of each of their obligations to the Issuer Issuing Entity under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer Issuing Entity under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the Seller or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller or the Master Servicer of each of their obligations under the Mortgage Loan Purchase Agreement and the Servicing Agreement.
(b) If an Event of Default has occurred and is continuing, the Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders of 66-2/3% of the Security Balances of the Notes shall, exercise all rights, remedies, powers, privileges and claims of the Issuer Issuing Entity against the Seller or the Master Servicer under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller or the Master Servicer, as the case may be, of each of their obligations to the Issuer Issuing Entity thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Purchase Agreement and the Servicing Agreement, as the case may be, and any right of the Issuer Issuing Entity to take such action shall not be suspended.
Appears in 3 contracts
Sources: Indenture (American Home Mortgage Assets LLC), Indenture (Structured Asset Mortgage Investments Ii Inc), Indenture (American Home Mortgage Securities LLC)
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so so, and at the Administrator's ’s expense, the Issuer in its capacity as holder of the Mortgage Loans, shall take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by the Seller Seller, the Depositor and the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Loan Sale and Servicing Agreement, or the performance and observance by the Seller of each of its obligations to the Depositor under or in connection with the Receivables Purchase Agreement and the Servicing Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Sale and Servicing Agreement or the Receivables Purchase Agreement and the Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the Seller Seller, the Depositor or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller Seller, the Depositor or the Master Servicer of each of their obligations under the Mortgage Loan Receivables Purchase Agreement and the Sale and Servicing Agreement.
(b) If an Event of Default has occurred and is continuing, the Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement Trustee may, and at the direction (which direction shall be in writing or by telephone (telephone, confirmed in writing promptly thereafter)) of the Holders Noteholders of 66-2/3% Notes evidencing not less than a majority of the Security Balances principal amount of the Notes Controlling Class shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller Seller, the Depositor or the Master Servicer under or in connection with the Mortgage Loan Receivables Purchase Agreement and the Sale and Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller Seller, the Depositor or the Master Servicer, as the case may be, of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension extension, or waiver under the Mortgage Loan Receivables Purchase Agreement and the Sale and Servicing Agreement, as the case may be, Agreement and any right of the Issuer to take such action shall not be suspended.
Appears in 3 contracts
Sources: Indenture (USAA Auto Owner Trust 2008-1), Indenture (USAA Auto Owner Trust 2007-2), Indenture (USAA Auto Owner Trust 2007-1)
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so and at the AdministratorNote Issuer's expense, the Note Issuer in its capacity as holder of the Mortgage Loans, shall agrees to take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by ComEd, the Seller Grantee and the Master Servicer, as applicable, of each of their obligations to the Note Issuer under or in connection with the Mortgage Loan Purchase Grant Agreement or any Subsequent Grant Agreement, the Sale Agreement, or any Subsequent Sale Agreement and the Servicing Agreement, respectively, in accordance with the terms thereof, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Note Issuer under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement any such agreements, respectively, to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of ComEd, the Seller Grantee or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by ComEd, the Seller Grantee or the Master Servicer of each of their respective obligations under the Mortgage Loan Purchase Grant Agreement, any Subsequent Grant Agreement, the Sale Agreement, any Subsequent Sale Agreement and the Servicing Agreement, respectively.
(b) If an Event of Default has occurred and is continuing, the Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement Trustee may, and and, at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders of 66-2/3% 2/3 percent of the Security Balances Outstanding Amount of the Notes of all Series shall, subject to Article VI, exercise all rights, remedies, powers, privileges and claims of the Note Issuer against the Seller Grantee or the Master Servicer under or in connection with the Mortgage Loan Purchase Sale Agreement, any Subsequent Sale Agreement and the Servicing Agreement, respectively, including the right or power to take any action to compel or secure performance or observance by the Seller Grantee or the Master Servicer, as the case may be, Servicer of each of their obligations to the Note Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Purchase Sale Agreement, any Subsequent Sale Agreement and or the Servicing Agreement, as the case may berespectively, and any right of the Note Issuer to take such action shall not be suspended.
Appears in 3 contracts
Sources: Indenture (Comed Funding LLC), Indenture (Comed Funding LLC), Indenture (Comed Funding LLC)
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so so, and at the Administrator's expense, the Issuer in its capacity as holder of the Mortgage Loans, shall take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by the Seller and the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Loan Sale and Servicing Agreement, or by the Seller and Ford Credit, as applicable, of each of their obligations under or in connection with the Purchase Agreement and the Servicing Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Purchase Sale and Servicing Agreement and the Servicing Agreement Purchase Agreement, as the case may be, to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the Seller Seller, the Servicer or the Master Servicer Ford Credit thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller or the Master Servicer of each of their obligations under the Mortgage Loan Sale and Servicing Agreement or by the Seller or Ford Credit of each of their obligations under the Purchase Agreement and the Servicing Agreement.
(b) If an Event of Default has occurred and is continuing, the Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement Trustee may, and at the direction (which direction shall be in writing or by telephone (telephone, confirmed in writing promptly thereafter)) of the Holders Noteholders of 66-2/3Notes evidencing not less than 662/3% of the Security Balances Note Balance of the Notes Controlling Note Class shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or the Master Servicer under or in connection with the Mortgage Loan Sale and Servicing Agreement, or against the Seller or Ford Credit under or in connection with the Purchase Agreement and the Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller Seller, the Servicer or the Master ServicerFord Credit, as the case may be, of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension extension, or waiver under the Mortgage Loan Sale and Servicing Agreement or the Purchase Agreement and the Servicing Agreement, as the case may be, and any right of the Issuer to take such action shall not be suspended.
Appears in 3 contracts
Sources: Indenture (Ford Credit Auto Receivables Two L P), Indenture (Ford Credit Auto Receivables Two LLC), Indenture (Ford Credit Auto Receivables Two LLC)
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee or the Securities Insurer to do so and at the AdministratorMaster Servicer's expense, the Issuer in its capacity as holder of the Mortgage Loans, shall take all such lawful action as the Indenture Trustee or the Securities Insurer may request to cause the Issuer to compel or secure the performance and observance by the Seller Transferor, the Servicer and the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Loan Purchase Agreement Sale and the Servicing Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer Issuer, under or in connection with the Mortgage Loan Purchase Agreement Sale and the Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, as pledgee of Trustee or the Mortgage LoansSecurities Insurer, including the transmission of notices of default on the part of the Seller Transferor or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller Transferor, the Master Servicer or the Master Servicer of each of their obligations under the Mortgage Loan Purchase Agreement Sale and the Servicing Agreement.
(b) If an Event of Default has occurred and is continuing, the Indenture TrusteeTrustee shall, as pledgee at the direction of the Mortgage Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement maySecurities Insurer, and at the direction (which direction shall be in writing or by telephone (telephone, confirmed in writing promptly thereafter)) of the Holders of 66-2/3% of the Security Balances Notes Outstanding shall, with the prior written consent of the Notes shallSecurities Insurer (so long as no Securities Insurer Default has occurred and is continuing), exercise all rights, remedies, powers, privileges and claims of the Issuer Issuer, as Securityholder, against the Seller Transferor, the Servicer or the Master Servicer under or in connection with the Mortgage Loan Purchase Agreement Sale and the Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller Transferor, the Servicer or the Master Servicer, as the case may be, of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension extension, or waiver under the Mortgage Loan Purchase Agreement Sale and the Servicing Agreement, as the case may be, and any right of the Issuer to take such action shall not be suspended.
Appears in 3 contracts
Sources: Indenture (Painewebber Mort Acce Corp Iv Fremont Home Ln Own Tr 1999-1), Indenture (Painewebber Mort Acce Corp Iv Fremont Home Ln Own Tr 1999-2), Indenture (Fremont Mortgage Securities Corp)
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so and at the Administrator's expenseso, the Issuer Issuer, in its capacity as holder of the Mortgage Loans, shall take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by the Seller and Seller, the Master Servicer, the Servicer and the Subservicer as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Loan Purchase Agreement, the Sale and Servicing Agreement and the Servicing Agreement, Agreement and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Purchase Agreement, the Sale and Servicing Agreement and the Servicing Agreement Agreement, to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the Seller or Seller, the Master Servicer, the Servicer and the Subservicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller or Seller, the Master Servicer, the Servicer and the Subservicer of each of their obligations under the Mortgage Loan Purchase Agreement, the Sale and Servicing Agreement and the Servicing Agreement.
(b) If an Event of Default has occurred and is continuing, the The Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders of 66-2/3% a majority of the Security Note Principal Balances of the Notes (subject to Section 6.02(k)) shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller Seller, the Master Servicer, the Servicer or the Master Servicer Subservicer under or in connection with the Mortgage Loan Purchase Agreement, the Sale and Servicing Agreement and the Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller or Seller, the Master Servicer, the Servicer or the Subservicer, as the case may be, of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Purchase Agreement, the Sale and Servicing Agreement and the Servicing Agreement, as the case may be, and any right of the Issuer to take such action shall not be suspended.
Appears in 3 contracts
Sources: Indenture (Peoples Choice Home Loan Securities Trust Series 2005-4), Indenture (Peoples Choice Home Loan Securities Trust Series 2005-2), Indenture (Peoples Choice Home Loan Securities Trust Series 2005-3)
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so so, and at the Administrator's expense, the Issuer in its capacity as holder of the Mortgage Loans, shall take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by the Seller and the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Loan Sale and Servicing Agreement, or by the Seller and Ford Credit, as applicable, of each of their obligations under or in connection with the Purchase Agreement and the Servicing Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Purchase Sale and Servicing Agreement and the Servicing Agreement Purchase Agreement, as the case may be, to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the Seller Seller, the Servicer or the Master Servicer Ford Credit thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller or the Master Servicer of each of their obligations under the Mortgage Loan Sale and Servicing Agreement or by the Seller or Ford Credit of each of their obligations under the Purchase Agreement and the Servicing Agreement.
(b) If an Event of Default has occurred and is continuing, the Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement Trustee may, and at the direction (which direction shall be in writing or by telephone (telephone, confirmed in writing promptly thereafter)) of the Holders Noteholders of 66-2/3% Notes evidencing not less than 66?% of the Security Balances Note Balance of the Notes Controlling Note Class shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or the Master Servicer under or in connection with the Mortgage Loan Sale and Servicing Agreement, or against the Seller or Ford Credit under or in connection with the Purchase Agreement and the Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller Seller, the Servicer or the Master ServicerFord Credit, as the case may be, of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension extension, or waiver under the Mortgage Loan Sale and Servicing Agreement or the Purchase Agreement and the Servicing Agreement, as the case may be, and any right of the Issuer to take such action shall not be suspended.
(c) Reserved.
Appears in 3 contracts
Sources: Indenture (Ford Credit Auto Owner Trust 2005-B), Indenture (Ford Credit Auto Owner Trust 2005-A), Indenture (Ford Credit Auto Owner Trust 2005-C)
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so and at the Administrator's expense, the Issuer in its capacity as holder of the Mortgage Loans, shall take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by the Seller and or the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Loan Sale and Servicing Agreement or the Receivables Purchase Agreement and the Servicing Agreement, as applicable, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Sale and Servicing Agreement or the Receivables Purchase Agreement and the Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the either Seller or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller or the Master Servicer of each of their obligations under the Mortgage Loan Sale and Servicing Agreement or the Receivables Purchase Agreement and Agreement; provided, however, nothing herein shall in any way impose on the Servicing AgreementIndenture Trustee the duty to monitor the performance of the Seller or the Servicer of any of their liabilities, duties or obligations under any Basic Document.
(b) If an Event of Default has occurred and is continuingoccurred, the Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement Trustee may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)writing) of the Holders of 66-2/3% not less than a majority of the Security Balances Outstanding Amount of the Notes of the Controlling Class shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or the Master Servicer under or in connection with the Mortgage Loan Purchase Sale and Servicing Agreement and the Servicing Agreement, Receivables Purchase Agreement including the right or power to take any action to compel or secure performance or observance by the Seller or the Master Servicer, as the case may be, of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Purchase Sale and Servicing Agreement and the Servicing Receivables Purchase Agreement, as the case may be, and any right of the Issuer to take such action shall not be suspended.
Appears in 3 contracts
Sources: Indenture (BMW Vehicle Owner Trust 2005-A), Indenture (BMW Vehicle Owner Trust 2004-A), Indenture (BMW Vehicle Owner Trust 2006-A)
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so and at the Administrator's expenseso, the Issuer in its capacity as holder of the Mortgage Loans, shall take all such lawful action as the Indenture Trustee or the Bond Insurer may request to cause the Issuer to compel or secure the performance and observance by the Seller and the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Loan Purchase Agreement Sale and Contribution Agreement, the Subsequent Mortgage Loan Sale and Contribution Agreements and the Servicing Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Purchase Agreement Sale and Contribution Agreement, the Subsequent Mortgage Loan Sale and Contribution Agreements and the Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, with the consent of the Bond Insurer so long as no Bond Insurer Default exists, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the Seller or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller or the Master Servicer of each of their obligations under the Mortgage Loan Purchase Agreement Sale and Contribution Agreement, the Subsequent Mortgage Loan Sale and Contribution Agreements and the Servicing Agreement. So long as no Bond Insurer Default exists, the Bond Insurer shall have the right to approve or reject any proposed successor to the Master Servicer (other than the Indenture Trustee) under the Servicing Agreement.
(b) If an Event of Default has occurred and is continuing, the The Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer Bond Insurer under this Agreement and the Servicing Agreement Agreement, may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Bond Insurer or if a Bond Insurer Default exists, of the Holders of 66-2/3% of the Security Bond Principal Balances of the Notes shallBonds, shall exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or the Master Servicer under or in connection with the Mortgage Loan Purchase Agreement Sale and Contribution Agreement, the Subsequent Mortgage Loan Sale and Contribution Agreements and the Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller or the Master Servicer, as the case may be, of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Purchase Agreement Sale and Contribution Agreement, the Subsequent Mortgage Loan Sale and Contribution Agreements and the Servicing Agreement, as the case may be, and any right of the Issuer to take such action shall not be suspended.
Appears in 3 contracts
Sources: Indenture (Imh Assets Corp), Indenture (Imh Assets Corp), Indenture (Collateralized Asset-Backed Bonds Series 2002-3)
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so and at the Administrator's expense, the Issuer in its capacity as holder of the Mortgage Loans, shall take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by the Seller and or the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Loan Sale and Servicing Agreement or the Receivables Purchase Agreement and the Servicing Agreement, as applicable, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Sale and Servicing Agreement or the Receivables Purchase Agreement and the Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the Seller or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller or the Master Servicer of each of their obligations under the Mortgage Loan Sale and Servicing Agreement or the Receivables Purchase Agreement and Agreement; provided, however, nothing herein shall in any way impose on the Servicing AgreementIndenture Trustee the duty to monitor the performance of the Seller or the Master Servicer of any of their liabilities, duties or obligations under any Basic Document.
(b) If an Event of Default has occurred and is continuingoccurred, the Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement Trustee may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)writing) of the Holders of 66-2/3% not less than a majority of the Security Balances Outstanding Amount of the Notes Controlling Class shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or the Master Servicer under or in connection with the Mortgage Loan Purchase Sale and Servicing Agreement and the Servicing Agreement, Receivables Purchase Agreement including the right or power to take any action to compel or secure performance or observance by the Seller or the Master Servicer, as the case may be, of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Purchase Sale and Servicing Agreement and the Servicing Receivables Purchase Agreement, as the case may be, and any right of the Issuer to take such action shall not be suspended.
Appears in 3 contracts
Sources: Indenture (Regions Auto Receivables Trust 2002-1), Indenture (Regions Auto Receivables Trust 2003-1), Indenture (Regions Acceptance LLC Regions Auto Receivables Tr 2003-2)
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so and at the Administrator's expenseso, the Issuer in its capacity as holder of the Mortgage Loans, shall take all such lawful action as the Indenture Trustee or the Bond Insurer may request to cause the Issuer to compel or secure the performance and observance by the Seller and the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Loan Purchase Sale and Contribution Agreement and the Servicing Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Purchase Sale and Contribution Agreement and the Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, with the consent of the Bond Insurer so long as no Bond Insurer Default exists, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the Seller or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller or the Master Servicer of each of their obligations under the Mortgage Loan Purchase Sale and Contribution Agreement and the Servicing Agreement. So long as no Bond Insurer Default exists, the Bond Insurer shall have the right to approve or reject any proposed successor to the Master Servicer (other than the Indenture Trustee) under the Servicing Agreement.
(b) If an Event of Default has occurred and is continuing, the The Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer Bond Insurer under this Agreement and the Servicing Agreement Agreement, may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Bond Insurer or if a Bond Insurer Default exists, of the Holders of 66-2/3% of the Security Bond Principal Balances of the Notes shallBonds, shall exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or the Master Servicer under or in connection with the Mortgage Loan Purchase Sale and Contribution Agreement and the Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller or the Master Servicer, as the case may be, of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Purchase Sale and Contribution Agreement and Contribution Agreement and the Servicing Agreement, as the case may be, and any right of the Issuer to take such action shall not be suspended.
Appears in 3 contracts
Sources: Indenture (Imh Assets Corp Impac CMB Trust Series 2003-6), Indenture (Imh Assets Corp Ipac CMB Trust Series 2003-1), Indenture (Imh Assets Corp)
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee or the Note Insurer to do so and at the Administrator's expenseso, the Issuer Issuer, in its capacity as holder of the Mortgage Loans, shall take all such lawful action as the Indenture Trustee or the Note Insurer may request to cause the Issuer to compel or secure the performance and observance by the Seller and the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Home Equity Loan Purchase Agreement and the Servicing Agreement, and by Pacific of each of its obligations to the Issuer under or in connection with the Amended and Restated Trust Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Home Equity Loan Purchase Agreement, the Servicing Agreement and the Servicing Amended and Restated Loan Sale Agreement to the extent and in the manner directed by the Indenture Trustee, with the consent of the Note Insurer, so long as no Note Insurer Default exists, as pledgee of the Mortgage Loans, or by the Note Insurer, including the transmission of notices of default on the part of the Seller or Seller, the Master Servicer or Pacific thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller or the Master Servicer of each of their obligations under the Mortgage Home Equity Loan Purchase Agreement and the Servicing Agreement and by Pacific of each of its obligations to the Issuer under or in connection with the Amended and Restated Loan Sale Agreement. So long as no Note Insurer Default exists, the Note Insurer shall have the right to approve or reject any proposed successor to the Master Servicer (other than the Indenture Trustee) under the Servicing Agreement.
(b) If an Event of Default has occurred and is continuing, the The Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer Note Insurer under this Agreement and the Servicing Agreement may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders of 66-2/3% of the Security Balances of the Notes shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or the Master Servicer under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller or the Master Servicer, as the case may be, of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Purchase Agreement and the Servicing Agreement, as the case may be, and any right of the Issuer to take such action shall not be suspended.promptly
Appears in 2 contracts
Sources: Indenture (Pacificamerica Money Center Inc), Indenture (Merrill Lynch Mortgage Investors Inc)
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so and at the Administrator's expenseso, the Issuer in its capacity as holder of the Mortgage Loans, shall take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by the Seller and Seller, the Depositor, the Securities Administrator, the Master Servicer or the Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Loan Purchase Agreement and the Transfer and Servicing Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Purchase Agreement Transfer and the Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the Seller or Seller, the Depositor, the Securities Administrator, the Master Servicer thereunder or the Servicer, as applicable, under the Mortgage Loan Purchase Agreement and Transfer and Servicing Agreement and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller or Seller, the Depositor, the Securities Administrator, the Master Servicer or the Servicer, as applicable, of each of their applicable obligations under the Mortgage Loan Purchase Agreement and the Transfer and Servicing Agreement.
(b) If an Event of Default has occurred and is continuing, the Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement Trustee may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders of 66-2/3% a majority of the Security Balances Outstanding Balance of the Priority Class Notes shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or Depositor, the Securities Administrator, the Master Servicer or the Servicer under or in connection with the Transfer and Servicing Agreement or the Seller under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller Seller, the Depositor, the Securities Administrator, the Master Servicer or the Master Servicer, as the case may be, of each of their respective obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Purchase Agreement Transfer and the Servicing Agreement, as the case may be, and any right of the Issuer to take such action shall not be suspended.
Appears in 2 contracts
Sources: Indenture (Homebanc Corp), Indenture (HMB Acceptance Corp.)
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Securities Insurer or the Indenture Trustee to do so with the consent of the Securities Insurer (so long as no Securities Insurer Default has occurred nor is continuing) and in each case subject to the rights of the Securities Insurer hereunder and under the Sale and Servicing Agreement, and at the Administrator's expense, the Issuer in its capacity as holder of the Mortgage Loans, shall take all such lawful action as the Indenture Trustee or Securities Insurer, as applicable, may request to cause the Issuer to compel or secure the performance and observance by the Seller Seller, the Swap Counterparty, the Administrator and the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Loan Purchase Sale and Servicing Agreement (and with respect to the Servicing Administrator only, the Administration Agreement, with respect to the Swap Counterparty only, under the Interest Rate Swap, and with respect to the Cap Provider only, under the Cap Agreement) in accordance with the terms thereof, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Purchase Sale and Servicing Agreement (and the Servicing Agreement Administration Agreement, the Interest Rate Swap or the Cap Agreement, as applicable) to the extent and in the manner directed by the Indenture TrusteeTrustee or the Securities Insurer, as pledgee of the Mortgage Loansapplicable, including the transmission of notices of default on the part of the Seller Seller, the Swap Counterparty, the Administrator or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller Seller, the Swap Counterparty, the Administrator or the Master Servicer of each of their obligations under the Mortgage Loan Purchase Sale and Servicing Agreement (and the Servicing Administration Agreement, the Interest Rate Swap or the Cap Agreement, as applicable).
(b) If an Event of Default has occurred and is continuing, the Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement may, and Trustee shall at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders Securities Insurer (or if a Securities Insurer Default shall have occurred and is continuing, the holders of 66-2/3% of the Security Balances Outstanding Amount of the Notes shall, Notes) exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or Seller, the Administrator, the Master Servicer Servicer, the Swap Counterparty or Cap Provider under or in connection with the Mortgage Loan Purchase Sale and Servicing Agreement (and the Servicing Administration Agreement, Interest Rate Swap and Cap Agreement, as applicable), including the right or power to take any action to compel or secure performance or observance by the Seller or Seller, the Administrator, the Master Servicer, as the case may be, Swap Counterparty and the Cap Provider of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Purchase Sale and Servicing Agreement (and the Servicing Administration Agreement, as the case may be, Interest Rate Swap and the Cap Agreement) and any right of the Issuer to take such action shall not be suspended.
Appears in 2 contracts
Sources: Indenture (Keycorp Student Loan Trust 2000-A), Indenture (Keycorp Student Loan Trust 2000-B)
Performance and Enforcement of Certain Obligations. (a) Promptly following a written request from the Enhancer or the Indenture Trustee to do so and at (with the Administrator's expensewritten consent of the Enhancer), the Issuer Issuer, in its capacity as holder owner of the Mortgage Loans, shall shall, with the written consent of the Enhancer, take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by the Seller and the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the Seller or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller or the Master Servicer of each of their obligations under the Mortgage Loan Purchase Agreement and the Servicing Agreement.
(b) If an Event of Default has shall have occurred and is be continuing, the Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer hereunder and under the Servicing Agreement Agreement, may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)writing) of the Holders Enhancer or, if an Enhancer Default exists, the Noteholders of 66-66 2/3% of the Security Balances Note Balance of the Notes Notes, shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or the Master Servicer under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller or the Master Servicer, as the case may be, of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Purchase Agreement and the Servicing Agreement, as the case may be, and any right of the Issuer to take such action shall not be suspended. In connection therewith, as determined by the Indenture Trustee, the Issuer shall take all actions necessary to effect the transfer of the Mortgage Loans to the Indenture Trustee.
Appears in 2 contracts
Sources: Indenture (Wachovia Asset Securitization Inc 2003-He2 Trust), Indenture (Wachovia Asset Sec Series 2004 - HE1)
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so and at the Administrator's ’s expense, the Issuer in its capacity as holder of the Mortgage Loans, shall take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by the Seller Depositor, WEF, Wachovia Bank, the Administrator, the Eligible Lender Trustee and the Master Servicer, as applicable, of each of their respective obligations to the Issuer Issuer, whether directly or by assignment, under or in connection with the Mortgage Loan Purchase Agreement and applicable Basic Documents in accordance with the Servicing Agreementterms thereof, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement such relevant Basic Documents, to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the Seller Depositor, WEF, Wachovia Bank, the Administrator, the Eligible Lender Trustee or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller Depositor, WEF, Wachovia Bank, the Administrator, the Eligible Lender Trustee or the Master Servicer of each of their obligations under the Mortgage Loan Purchase Agreement and the Servicing Agreementapplicable Basic Documents.
(b) If an Event of Default has occurred and is continuing, the Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement Trustee may, and at the written direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders Noteholders of 66-2/3% of the Security Balances Outstanding Amount of the Notes Controlling Class shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller Depositor, WEF, Wachovia Bank, the Administrator, the Eligible Lender Trustee or the Master Servicer under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement, applicable Basic Documents including the right or power to take any action to compel or secure performance or observance by the Seller Depositor, WEF, Wachovia Bank, the Administrator, the Eligible Lender Trustee or the Master Servicer, as the case may be, Servicer of each of their obligations to the Issuer thereunder thereunder, whether directly or by assignment, and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Purchase Agreement and the Servicing Agreement, as the case may be, applicable Basic Documents and any right of the Issuer to take such action shall not be suspended.
Appears in 2 contracts
Sources: Indenture (Wachovia Education Loan Funding LLC), Indenture (Wachovia Student Loan Trust 2005-1)
Performance and Enforcement of Certain Obligations. (a) Promptly following a written request from the Credit Enhancer or the Indenture Trustee with the written consent of the Credit Enhancer to do so and at the Administrator's expenseso, the Issuer Issuer, in its capacity as holder of the Mortgage Home Loans, shall shall, with the written consent of the Credit Enhancer, take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by the Seller and the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Home Loan Purchase Agreement and the Servicing Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Home Loan Purchase Agreement and the Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Home Loans, including the transmission of notices of default on the part of the Seller or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller or the Master Servicer of each of their obligations under the Mortgage Home Loan Purchase Agreement and the Servicing Agreement.
(b) If an Event of Default has occurred and is continuing, the Indenture Trustee, as pledgee of the Mortgage Home Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders of 66-2/3% of the Security Balances aggregate Note Balance (for which purpose the Class A-IO Notes will be deemed to have a Note Balance equal to their Notional Amount) of the Notes shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or the Master Servicer under or in connection with the Mortgage Home Loan Purchase Agreement and the Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller or the Master Servicer, as the case may be, of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Home Loan Purchase Agreement and the Servicing Agreement, as the case may be, and any right of the Issuer to take such action shall not be suspended. In connection therewith, as determined by the Indenture Trustee, the Issuer shall take all actions necessary to effect the transfer of the Home Loans to the Indenture Trustee.
Appears in 2 contracts
Sources: Indenture (Residential Funding Mortgage Securities Ii Inc), Indenture (Residential Funding Mortgage Securities Ii Inc)
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so and at the Administrator's ’s expense, the Issuer in its capacity as holder of the Mortgage Loans, shall take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by the Seller and the Master Servicer, as applicable, of each of their obligations to the Issuer or to each other under or in connection with the Mortgage Loan Sale and Servicing Agreement, or by the Seller of its remedies under or in connection with the Purchase Agreement and the Servicing Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement each such agreement to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the Seller or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller or the Master Servicer of each of their respective obligations under the Mortgage Loan Sale and Servicing Agreement or the Purchase Agreement and the Servicing Agreement.
(b) If an Event of Default has occurred and is continuing, the Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement Trustee may, and at the direction (which direction shall be in writing or by telephone (telephone, confirmed in writing promptly thereafter)) of the Holders of 66-2/3% a majority of the Security Balances Outstanding Amount of the Notes, voting as a single class (excluding for such purposes the outstanding principal amount of any Notes held of record or beneficially owned by NMAC, NARC II or any of their Affiliates, unless at such time all of the Notes are held of record or beneficially owned by NARC II, NMAC or any of their Affiliates), shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or the Master Servicer under or in connection with the Mortgage Loan Sale and Servicing Agreement or the Purchase Agreement and Agreement, or against the Servicing Administrator under the Administration Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller Seller, the Servicer or the Master Servicer, as the case may beAdministrator, of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension extension, or waiver under the Mortgage Loan Purchase Agreement and the Servicing Agreement, as the case may be, thereunder and any right of the Issuer to take such action shall not be suspended.
Appears in 2 contracts
Sources: Indenture (Nissan Auto Receivables 2009-a Owner Trust), Indenture (Nissan Auto Receivables 2009-1 Owner Trust)
Performance and Enforcement of Certain Obligations. (a) Promptly following a written request from the Credit Enhancer or the Indenture Trustee to do so and at (with the Administrator's expensewritten consent of the Credit Enhancer), the Issuer Issuer, in its capacity as holder owner of the Mortgage Home Loans, shall shall, with the written consent of the Credit Enhancer, take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by the Seller and the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Home Loans, including the transmission of notices of default on the part of the Seller or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller or the Master Servicer of each of their obligations under the Mortgage Loan Purchase Agreement and the Servicing Agreement.
(b) If an Event of Default has shall have occurred and is be continuing, the Indenture Trustee, as pledgee of the Mortgage Home Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement Agreement, may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders Noteholders of 66-66 2/3% of the Security Balances aggregate Note Balance of the Notes Notes, shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or the Master Servicer under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller or the Master Servicer, as the case may be, of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Purchase Agreement and the Servicing Agreement, as the case may be, and any right of the Issuer to take such action shall not be suspended. In connection therewith, as determined by the Indenture Trustee, the Issuer shall take all actions necessary to effect the transfer of the Home Loans to the Indenture Trustee.
Appears in 2 contracts
Sources: Indenture (Residential Asset Mortgage Products Inc), Indenture (Residential Asset Mortgage Products Inc)
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so and at the Administrator's ’s expense, the Issuer in its capacity as holder of the Mortgage Loans, shall take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by the Seller and or the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Loan Sale and Servicing Agreement or the Receivables Purchase Agreement and the Servicing Agreement, as applicable, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Sale and Servicing Agreement or the Receivables Purchase Agreement and the Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the either Seller or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller or the Master Servicer of each of their obligations under the Mortgage Loan Purchase Sale and Servicing Agreement and the Servicing Receivables Purchase Agreement; provided, however, nothing herein shall in any way impose on the Indenture Trustee the duty to monitor the performance of the Seller or the Servicer of any of their liabilities, duties or obligations under any Basic Document.
(b) If an Event of Default has occurred and is continuingoccurred, the Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement Trustee may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)writing) of the Holders of 66-2/3% not less than a majority of the Security Balances Outstanding Amount of the Controlling Class of Notes shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or the Master Servicer under or in connection with the Mortgage Loan Purchase Sale and Servicing Agreement and the Servicing Receivables Purchase Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller or the Master Servicer, as the case may be, of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Purchase Sale and Servicing Agreement and the Servicing Receivables Purchase Agreement, as the case may be, and any right of the Issuer to take such action shall not be suspended.. 36 (2017-B Indenture)
Appears in 2 contracts
Sources: Indenture (Hyundai Auto Receivables Trust 2017-B), Indenture (Hyundai Auto Receivables Trust 2017-B)
Performance and Enforcement of Certain Obligations. (a) Promptly following a written request from the Enhancer or the Indenture Trustee to do so and at (with the Administrator's expensewritten consent of the Enhancer), the Issuer Issuer, in its capacity as holder owner of the Mortgage Loans, shall shall, with the written consent of the Enhancer, take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by the Seller and the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the Seller or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller or the Master Servicer of each of their obligations under the Mortgage Loan Purchase Agreement and the Servicing Agreement.
(b) If an Event of Default has shall have occurred and is be continuing, the Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer hereunder and under the Servicing Agreement Agreement, may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)writing) of the Holders Noteholders of 66-66 2/3% of the Security Balances Note Balance of the Notes Notes, shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or the Master Servicer under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller or the Master Servicer, as the case may be, of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Purchase Agreement and the Servicing Agreement, as the case may be, and any right of the Issuer to take such action shall not be suspended. In connection therewith, as determined by the Indenture Trustee, the Issuer shall take all actions necessary to effect the transfer of the Mortgage Loans to the Indenture Trustee.
Appears in 2 contracts
Sources: Indenture (Wachovia Asset Securitization Inc 2002 He2 Trust), Indenture (Wachovia Asset Sec Inc Asst Back Notes Ser 2002 He1)
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so and at the Administrator's ’s expense, the Issuer in its capacity as holder of the Mortgage Loans, shall take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by the Seller and or the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Loan Sale and Servicing Agreement or the Receivables Purchase Agreement and the Servicing Agreement, as applicable, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Sale and Servicing Agreement or the Receivables Purchase Agreement and the Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the either Seller or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller or the Master Servicer of each of their obligations under the Mortgage Loan Purchase Sale and Servicing Agreement and the Servicing Receivables Purchase Agreement; provided, however, nothing herein shall in any way impose on the Indenture Trustee the duty to monitor the performance of the Seller or the Servicer of any of their liabilities, duties or obligations under any Basic Document.
(b) If an Event of Default has occurred and is continuingoccurred, the Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement Trustee may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)writing) of the Holders of 66-2/3% not less than a majority of the Security Balances Outstanding Amount of the Controlling Class of Notes shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or the Master Servicer under or in connection with the Mortgage Loan Purchase Sale and Servicing Agreement and the Servicing Receivables Purchase Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller or the Master Servicer, as the case may be, of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Purchase Sale and Servicing Agreement and the Servicing Receivables Purchase Agreement, as the case may be, and any right of the Issuer to take such action shall not be suspended.. 35 (2017-A Indenture)
Appears in 2 contracts
Sources: Indenture (Hyundai Abs Funding LLC), Indenture (Hyundai Auto Receivables Trust 2017-A)
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so and at the Administrator's expense, the Issuer in its capacity as holder of the Mortgage Loans, shall agrees to take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by the Seller and the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Loan Sale and Servicing Agreement or by the Seller or any Seller Affiliate, as applicable, of each of their obligations under or in connection with each Purchase Agreement and Agreement, in each case, in accordance with the Servicing Agreementterms thereof, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Purchase Sale and Servicing Agreement and the Servicing Agreement Purchase Agreement, as the case may be, to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the Seller, Servicer or applicable Seller or the Master Servicer Affiliates thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller or the Master Servicer of each of their obligations under the Mortgage Loan Sale and Servicing Agreement or by the Seller or any Seller Affiliate, as applicable, of each of their obligations under or in connection with each Purchase Agreement and the Servicing Agreement.
(b) If an Event of Default has occurred and is continuing, the Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement Trustee may, and and, at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders of 66-2/3% of the Security Balances Outstanding Amount of the Notes of the Controlling Note Class shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or the Master Servicer under or in connection with the Mortgage Loan Sale and Servicing Agreement, or against the Seller or Seller Affiliate under the Purchase Agreement and the Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller, Servicer or applicable Seller or the Master Servicer, as the case may be, Affiliate of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Sale and Servicing Agreement or any Purchase Agreement and the Servicing Agreement, as the case may beapplicable, and any right of the Issuer to take such action shall not be suspended.
Appears in 2 contracts
Sources: Indenture (Ace Securities Corp Rv & Marine Trust 2001-Rv1), Indenture (Wells Fargo Auto Receivables Corp)
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so and at the Administrator's ’s expense, the Issuer in its capacity as holder of the Mortgage Loans, shall take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by the Seller and or the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Loan Sale and Servicing Agreement or the Receivables Purchase Agreement and the Servicing Agreement, as applicable, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Sale and Servicing Agreement or the Receivables Purchase Agreement and the Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the either Seller or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller or the Master Servicer of each of their obligations under the Mortgage Loan Purchase Sale and Servicing Agreement and the Servicing Receivables Purchase Agreement; provided, however, nothing herein shall in any way impose on the Indenture Trustee the duty to monitor the performance of the Seller or the Servicer of any of their liabilities, duties or obligations under any Basic Document.
(b) If an Event of Default has occurred and is continuingoccurred, the Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement Trustee may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)writing) of the Holders of 66-2/3% not less than a majority of the Security Balances Outstanding Amount of the Controlling Class of Notes shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or the Master Servicer under or in connection with the Mortgage Loan Purchase Sale and Servicing Agreement and the Servicing Receivables Purchase Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller or the Master Servicer, as the case may be, of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Purchase Sale and Servicing Agreement and the Servicing Receivables Purchase Agreement, as the case may be, and any right of the Issuer to take such action shall not be suspended.. 37 (2024-A Indenture)
Appears in 2 contracts
Sources: Indenture (Hyundai Auto Receivables Trust 2024-A), Indenture (Hyundai Auto Receivables Trust 2024-A)
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so and at the Administrator's ’s expense, the Issuer in its capacity as holder of the Mortgage Loans, shall take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by the Seller and the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the Seller or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller or the Master Servicer of each of their obligations under the Mortgage Loan Purchase Agreement and the Servicing Agreement.
(b) If an Event of Default has occurred and is continuing, the Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer Note Insurer under the Servicing Agreement may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders of 66-2/3% of the Security Balances of the Notes shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or the Master Servicer under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller or the Master Servicer, as the case may be, of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Purchase Agreement and the Servicing Agreement, as the case may be, and any right of the Issuer to take such action shall not be suspended.
Appears in 2 contracts
Sources: Indenture (National City Mortgage Capital LLC), Indenture (Long Beach Securities Corp)
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so and at the Administrator's expense, the Issuer in its capacity as holder of the Mortgage Loans, shall take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by the Seller and the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Loan Sale and Servicing Agreement or by the Seller of its remedies under or in connection with the Receivables Purchase Agreement and the Servicing Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Purchase Agreement Sale and the Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the Seller or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller or the Master Servicer of each of their respective obligations under the Mortgage Loan Purchase Agreement Sale and the Servicing Agreement.
(b) If an Event of Default has occurred and is continuing, the Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement Trustee may, and at the direction (which direction shall be in writing or by telephone (telephone, confirmed in writing promptly thereafter)) of the Holders of 66-2/3% of the Security Balances Outstanding Amount of the Class A Notes shall(acting together as a single class but excluding for such purposes the outstanding principal amount of any Notes held of record or beneficially owned by TMCC, TMCRC or any of their Affiliates), shall exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or the Master Servicer under or in connection with the Mortgage Loan Sale and Servicing Agreement, against the Seller under or in connection with the Receivables Purchase Agreement and Agreement, or against the Servicing Administrator under the Administration Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller Seller, the Servicer or the Master Servicer, as the case may beAdministrator, of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension extension, or waiver under the Mortgage Loan Purchase Agreement and the Servicing Agreement, as the case may be, thereunder and any right of the Issuer to take such action shall not be suspended.
Appears in 2 contracts
Sources: Indenture (Toyota Motor Credit Receivables Corp), Indenture (Toyota Motor Credit Corp)
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so and at the Administrator's expense, the Issuer in its capacity as holder of the Mortgage Loans, shall take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by the Seller and the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Loan Sale and Servicing Agreement or by the Seller of its remedies under or in connection with the Receivables Purchase Agreement and the Servicing Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Purchase Agreement Sale and the Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the Seller or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller or the Master Servicer of each of their respective obligations under the Mortgage Loan Purchase Agreement Sale and the Servicing Agreement.
(b) If an Event of Default has occurred and is continuing, the Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement Trustee may, and at the direction (which direction shall be in writing or by telephone (telephone, confirmed in writing promptly thereafter)) of the Holders of 66-2/3% of the Security Balances Outstanding Amount of the (1) Class A Notes, so long as any Class A Notes shallremain Outstanding (acting together as a single class) or (2) Class B Notes, after the Class A Notes have been paid in full or (3) Class C Notes, after the Class B Notes have been paid in full (excluding for such purposes the outstanding principal amount of any Notes held of record or beneficially owned by TMCC, TMCRC or any of their Affiliates), shall exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or the Master Servicer under or in connection with the Mortgage Loan Sale and Servicing Agreement, against the Seller under or in connection with the Receivables Purchase Agreement and Agreement, or against the Servicing Administrator under the Administration Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller Seller, the Servicer or the Master Servicer, as the case may beAdministrator, of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension extension, or waiver under the Mortgage Loan Purchase Agreement and the Servicing Agreement, as the case may be, thereunder and any right of the Issuer to take such action shall not be suspended.
Appears in 2 contracts
Sources: Indenture (Toyota Motor Credit Receivables Corp), Indenture (Toyota Motor Credit Receivables Corp)
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so and at the Administrator's expenseso, the Issuer in its capacity as holder of the Mortgage Loans, shall take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by the Seller and the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Loan Purchase Sale and Contribution Agreement and the Servicing Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Purchase Sale and Contribution Agreement and the Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, Trustee as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the Seller or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller or the Master Servicer of each of their obligations under the Mortgage Loan Purchase Sale and Contribution Agreement and the Servicing Agreement.
(b) If an Event of Default has occurred and is continuing, the The Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders of 66-2/3% of the Security Bond Principal Balances of the Notes shallBonds, shall exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or the Master Servicer under or in connection with the Mortgage Loan Purchase Sale and Contribution Agreement and the Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller or the Master Servicer, as the case may be, of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Purchase Sale and Contribution Agreement and the Servicing Agreement, as the case may be, and any right of the Issuer to take such action shall not be suspended.
Appears in 2 contracts
Sources: Indenture (Imh Assets Corp), Indenture (Impac CMB Trust Series 1998-2)
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so and at the Administrator's expense, the Issuer in its capacity as holder of the Mortgage Loans, shall take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by the Seller and the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the Seller or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller or the Master Servicer of each of their obligations under the Mortgage Loan Purchase Agreement and the Servicing Agreement.
(b) If an Event of Default has occurred and is continuing, the Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer Note Insurer under the Servicing Agreement may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders of 66-2/3% of the Security Balances of the Notes shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or the Master Servicer under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller or the Master Servicer, as the case may be, of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Purchase Agreement and the Servicing Agreement, as the case may be, and any right of the Issuer to take such action shall not be suspended.
Appears in 2 contracts
Sources: Indenture (WaMu Asset Acceptance Corp.), Indenture (WaMu Asset Acceptance Corp.)
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so and at the Administrator's expense, the Issuer Issuing Entity in its capacity as holder of the Mortgage Loans, shall take all such lawful action as the Indenture Trustee may request to cause the Issuer Issuing Entity to compel or secure the performance and observance by the Seller Sponsor and the Master Servicer, as applicable, of each of their obligations to the Issuer Issuing Entity under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer Issuing Entity under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the Seller Sponsor or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller Sponsor or the Master Servicer of each of their obligations under the Mortgage Loan Purchase Agreement and the Servicing Agreement.
(b) If an Event of Default has occurred and is continuing, the Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders of 66-2/3% of the Security Balances of the Notes shall, exercise all rights, remedies, powers, privileges and claims of the Issuer Issuing Entity against the Seller Sponsor or the Master Servicer under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller Sponsor or the Master Servicer, as the case may be, of each of their obligations to the Issuer Issuing Entity thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Purchase Agreement and the Servicing Agreement, as the case may be, and any right of the Issuer Issuing Entity to take such action shall not be suspended.
Appears in 2 contracts
Sources: Indenture (Impac Secured Assets Corp), Indenture (Impac Secured Assets Corp)
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so and at the Administrator's ’s expense, the Issuer in its capacity as holder of the Mortgage Loans, shall take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by the Seller and or the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Loan Sale and Servicing Agreement or the Receivables Purchase Agreement and the Servicing Agreement, as applicable, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Sale and Servicing Agreement or the Receivables Purchase Agreement and the Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the either Seller or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller or the Master Servicer of each of their obligations under the Mortgage Loan Purchase Sale and Servicing Agreement and the Servicing Receivables Purchase Agreement; provided, however, nothing herein shall in any way impose on the Indenture Trustee the duty to monitor the performance of the Seller or the Servicer of any of their liabilities, duties or obligations under any Basic Document.
(b) If an Event of Default has occurred and is continuingoccurred, the Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement Trustee may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)writing) of the Holders of 66-2/3% not less than a majority of the Security Balances Outstanding Amount of the Controlling Class of Notes shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or the Master Servicer under or in connection with the Mortgage Loan Purchase Sale and Servicing Agreement and the Servicing Receivables Purchase Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller or the Master Servicer, as the case may be, of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Purchase Sale and Servicing Agreement and the Servicing Receivables Purchase Agreement, as the case may be, and any right of the Issuer to take such action shall not be suspended.. 35 (2016-B Indenture)
Appears in 2 contracts
Sources: Indenture (Hyundai Auto Receivables Trust 2016-B), Indenture (Hyundai Abs Funding LLC)
Performance and Enforcement of Certain Obligations. (a) Promptly following a request written direction from (a) the Credit Enhancer or (b) the Indenture Trustee to do so and at with the Administrator's expensewritten consent of the Credit Enhancer, the Issuer Issuer, in its capacity as holder of the Mortgage Home Equity Loans, shall take all such lawful action as the Credit Enhancer or the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by the Seller and the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Home Equity Loan Purchase Agreement and the Servicing Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Home Equity Loan Purchase Agreement and the Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Home Equity Loans, including the transmission of notices of default on the part of the Seller or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller or the Master Servicer of each of their obligations under the Mortgage Home Equity Loan Purchase Agreement and the Servicing Agreement.
(b) If an Event of Default has occurred and is continuing, the Indenture Trustee, as pledgee of the Mortgage Home Equity Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders of 66-2/3% of the Security Balances of the Notes shallNotes, with the consent of the Credit Enhancer shall exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or the Master Servicer under or in connection with the Mortgage Home Equity Loan Purchase Agreement and the Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller or the Master Servicer, as the case may be, of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Home Equity Loan Purchase Agreement and the Servicing Agreement, as the case may be, and any right of the Issuer to take such action shall not be suspended. In connection therewith, as determined by the Indenture Trustee, the Issuer shall take all actions necessary to effect the transfer of the Home Equity Loans to the Indenture Trustee.
Appears in 2 contracts
Sources: Indenture (Morgan Stanley ABS Capital I Inc. MSDWCC HELOC Trust 2005-1), Indenture (Heloc Asset-Backed Notes Series 2003-2)
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so and at the AdministratorTransferor's expense, the Issuer in its capacity as holder of the Mortgage Loans, shall agrees to take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by (x) the Seller Transferor and the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Loan Purchase Transfer and Servicing Agreement or (y) MCC of its obligations under or in connection with the Contribution and Sale Agreement in accordance with the Servicing Agreementterms thereof, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Purchase Agreement Transfer and the Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the Seller Transferor or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller Transferor or the Master Servicer of each of their obligations under the Mortgage Loan Purchase Agreement Transfer and the Servicing Agreement.
(b) If an Event of Default has occurred and is continuing, the Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement Trustee may, and and, at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders of at least 66-2/3% of the Security Balances Outstanding Amount of the Notes shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller Transferor or the Master Servicer under or in connection with the Mortgage Loan Purchase Agreement Transfer and the Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller Transferor or the Master Servicer, as the case may be, Servicer of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Purchase Agreement Transfer and the Servicing Agreement, as the case may be, and any right of the Issuer to take such action shall not be suspended.
(c) Promptly following a request from the Indenture Trustee to do so and at the Transferor's expense, the Issuer agrees to take all such lawful action as the Indenture Trustee may request to compel or secure the performance and observance by MCC of each of its obligations to the Transferor under or in connection with the Contribution and Sale Agreement in accordance with the terms thereof, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Contribution and Sale Agreement to the extent and in the manner directed by the Indenture Trustee, including the transmission of notices of default on the part of the Transferor thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by MCC of each of its obligations under the Contribution and Sale Agreement.
(d) If an Event of Default has occurred and is continuing, the Indenture Trustee may, and, at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders of at least 66-2/3% of the Outstanding Amount of the Notes shall, exercise all rights, remedies, powers, privileges and claims of the Transferor against MCC under or in connection with the Contribution and Sale Agreement, including the right or power to take any action to compel or secure performance or observance by MCC of each of its obligations to the Transferor thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Contribution and Sale Agreement, and any right of the Transferor to take such action shall be suspended.
Appears in 2 contracts
Sources: Indenture (Metlife Capital Equipment Loan Trusts), Indenture Agreement (Metlife Capital Equipment Loan Trusts)
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so and at the Administrator's expenseso, the Issuer Issuing Entity in its capacity as holder of the Mortgage Loans, shall take all such lawful action as the Indenture Trustee may request to cause the Issuer Issuing Entity to compel or secure the performance and observance by the Seller Seller, NC Capital and the Master Servicer, as applicable, of each of their obligations to the Issuer Issuing Entity under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer Issuing Entity under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the Seller Seller, NC Capital or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller Seller, NC Capital or the Master Servicer of each of their obligations under the Mortgage Loan Purchase Agreement and the Servicing Agreement.
(b) If an Event of Default has occurred and is continuing, the The Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders of 66-2/3% of the Security Note Balances of the Notes shallNotes, shall exercise all rights, remedies, powers, privileges and claims of the Issuer Issuing Entity against the Seller Seller, NC Capital or the Master Servicer under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller Seller, NC Capital or the Master Servicer, as the case may be, of each of their obligations to the Issuer Issuing Entity thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Purchase Agreement and the Servicing Agreement, as the case may be, and any right of the Issuer Issuing Entity to take such action shall not be suspended.
Appears in 2 contracts
Sources: Indenture (New Century Home Equity Loan Trust 2006-1), Indenture (New Century Home Equity Loan Trust 2006-2)
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so and at the Administrator's ’s expense, the Issuer in its capacity as holder of the Mortgage Loans, shall agrees to take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by the Seller and the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Loan Sale and Servicing Agreement or by the Seller or any Seller Affiliate, as applicable, of each of their obligations under or in connection with each Purchase Agreement and Agreement, in each case, in accordance with the Servicing Agreementterms thereof, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Purchase Sale and Servicing Agreement and the Servicing Agreement Purchase Agreement, as the case may be, to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the Seller or the Seller, Master Servicer or applicable Seller Affiliates thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller or the Master Servicer of each of their obligations under the Mortgage Loan Sale and Servicing Agreement or by the Seller or any Seller Affiliate, as applicable, of each of their obligations under or in connection with each Purchase Agreement and the Servicing Agreement.
(b) If an Event of Default has occurred and is continuing, the Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement Trustee may, and and, at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)writing) of the Holders of not less than 66-2/3% of the Security Balances Outstanding Amount of the Notes shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or the Master Servicer under or in connection with the Mortgage Loan Sale and Servicing Agreement, or against the Seller or Seller Affiliate under the Purchase Agreement and the Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller, Master Servicer or applicable Seller or the Master Servicer, as the case may be, Affiliate of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Sale and Servicing Agreement or any Purchase Agreement and the Servicing Agreement, as the case may beapplicable, and any right of the Issuer to take such action shall not be suspended.
Appears in 2 contracts
Sources: Indenture (Wells Fargo Financial Auto Owner Trust 2005-A), Indenture (Ace Sec Corp Wells Fargo Financial Auto Owner Trust 2004-A)
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so and at the Administrator's expenseso, the Issuer in its capacity as holder of the Mortgage Loans, shall take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by the Seller and Seller, the Credit Risk Manager, the Depositor, the Master Servicer, the Servicer, the Securities Administrator, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Loan Purchase Agreement Transfer and the Servicing Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Purchase Agreement Transfer and the Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the Seller Seller, the Depositor, the Credit Risk Manager, the Servicer, the Securities Administrator or the Master Servicer thereunder Servicer, as applicable, under the Transfer and Servicing Agreement and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller Seller, the Credit Risk Manager, the Depositor, the Servicer, the Securities Administrator or the Master Servicer of each of their applicable obligations under the Mortgage Loan Purchase Agreement Transfer and the Servicing Agreement.
(b) If an Indenture Event of Default has occurred and is continuing, the Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement Trustee may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders of 66-2/3% Noteholders evidencing a majority of the Security Balances of the then-outstanding Notes shallby Class Principal Amount, shall exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller Seller, the Depositor, the Credit Risk Manager, the Master Servicer, the Servicer or the Master Servicer Securities Administrator under or in connection with the Mortgage Loan Purchase Agreement Transfer and the Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller or Seller, the Depositor, the Master Servicer, as the case may beCredit Risk Manager, the Servicer or the Securities Administrator, of each of their applicable obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Purchase Agreement Transfer and the Servicing Agreement, as the case may be, and any right of the Issuer to take such action shall not be suspended.
Appears in 2 contracts
Sources: Indenture (First NLC Trust 2005-3 Mortgate-Backed Notes, Series 2005-3), Indenture (FBR Securitization, Inc.)
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so and at the Administrator's ’s expense, the Issuer in its capacity as holder of the Mortgage Loans, shall take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by the Seller and or the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Loan Sale and Servicing Agreement or the Receivables Purchase Agreement and the Servicing Agreement, as applicable, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Sale and Servicing Agreement or the Receivables Purchase Agreement and the Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the either Seller or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller or the Master Servicer of each of their obligations under the Mortgage Loan Purchase Sale and Servicing Agreement and the Servicing Receivables Purchase Agreement; provided, however, nothing herein shall in any way impose on the Indenture Trustee the duty to monitor the performance of the Seller or the Servicer of any of their liabilities, duties or obligations under any Basic Document.
(b) If an Event of Default has occurred and is continuingoccurred, the Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement Trustee may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)writing) of the Holders of 66-2/3% not less than a majority of the Security Balances Outstanding Amount of the Controlling Class of Notes shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or the Master Servicer under or in connection with the Mortgage Loan Purchase Sale and Servicing Agreement and the Servicing Receivables Purchase Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller or the Master Servicer, as the case may be, of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Purchase Sale and Servicing Agreement and the Servicing Receivables Purchase Agreement, as the case may be, and any right of the Issuer to take such action shall not be suspended.. 37 (2024-C Indenture)
Appears in 2 contracts
Sources: Indenture (Hyundai Auto Receivables Trust 2024-C), Indenture (Hyundai Auto Receivables Trust 2024-C)
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so and at the AdministratorSeller's expense, the Issuer in its capacity as holder of the Mortgage Loans, shall agrees to take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by (x) the Seller and the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Loan Sale and Servicing Agreement or (y) CFSC of its obligations under or in connection with the Purchase Agreement and in accordance with the Servicing Agreementterms thereof, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Purchase Agreement Sale and the Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the Seller or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller or the Master Servicer of each of their obligations under the Mortgage Loan Purchase Agreement Sale and the Servicing Agreement.
(b) If an Event of Default has occurred and is continuing, the Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement Trustee may, and and, at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders of at least 66-2/3% of the Security Balances Outstanding Principal Amount of the Notes shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or the Master Servicer under or in connection with the Mortgage Loan Purchase Agreement Sale and the Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller or the Master Servicer, as the case may be, Servicer of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Purchase Agreement Sale and the Servicing Agreement, as the case may be, and any right of the Issuer to take such action shall not be suspended.
(c) Promptly following a request from the Indenture Trustee to do so and at the Seller's expense, the Issuer agrees to take all such lawful action as the Indenture Trustee may request to compel or secure the performance and observance by CFSC of each of its obligations to the Seller under or in connection with the Purchase Agreement in accordance with the terms thereof, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Purchase Agreement to the extent and in the manner directed by the Indenture Trustee, including the transmission of notices of default on the part of the Seller thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by CFSC of each of its obligations under the Purchase Agreement.
(d) If an Event of Default has occurred and is continuing, the Indenture Trustee may, and, at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders of at least 66-2/3% of the Outstanding Principal Amount of the Notes shall, exercise all rights, remedies, powers, privileges and claims of the Seller against CFSC under or in connection with the Purchase Agreement, including the right or power to take any action to compel or secure performance or observance by CFSC of each of its obligations to the Seller thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Purchase Agreement, and any right of the Seller to take such action shall be suspended.
Appears in 2 contracts
Sources: Indenture (Caterpillar Financial Funding Corp), Indenture (Caterpillar Financial Funding Corp)
Performance and Enforcement of Certain Obligations. (a) Promptly following a written request from the Enhancer or the Indenture Trustee to do so and at (with the Administrator's expensewritten consent of the Enhancer), the Issuer Issuer, in its capacity as holder owner of the Mortgage Loans, shall shall, with the written consent of the Enhancer, take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by the Seller and the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the Seller or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller or the Master Servicer of each of their obligations under the Mortgage Loan Purchase Agreement and the Servicing Agreement.
(b) If an Event of Default has shall have occurred and is be continuing, the Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement Agreement, may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders Noteholders of 66-66 2/3% of the Security Balances aggregate Note Balance of the Notes Notes, shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or the Master Servicer under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller or the Master Servicer, as the case may be, of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Purchase Agreement and the Servicing Agreement, as the case may be, and any right of the Issuer to take such action shall not be suspended. In connection therewith, as determined by the Indenture Trustee, the Issuer shall take all actions necessary to effect the transfer of the Mortgage Loans to the Indenture Trustee.
Appears in 2 contracts
Sources: Indenture (Residential Asset Mortgage Products Inc), Indenture (Residential Asset Mortgage Products Inc)
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so and at the AdministratorNote Issuer's expense, the Note Issuer in its capacity as holder of the Mortgage Loans, shall agrees to take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by Illinois Power, the Seller Grantee and the Master Servicer, as applicable, of each of their obligations to the Note Issuer under or in connection with the Mortgage Loan Purchase Grant Agreement or any Subsequent Grant Agreement, the Sale Agreement, or any Subsequent Sale Agreement and the Servicing Agreement, respectively, in accordance with the terms thereof, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Note Issuer under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement any such agreements, respectively, to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of Illinois Power, the Seller Grantee or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by Illinois Power, the Seller Grantee or the Master Servicer of each of their respective obligations under the Mortgage Loan Purchase Grant Agreement, any Subsequent Grant Agreement, the Sale Agreement, any Subsequent Sale Agreement and the Servicing Agreement, respectively.
(b) If an Event of Default has occurred and is continuing, the Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement Trustee may, and and, at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders of 66-2/3% 2/3 percent of the Security Balances Outstanding Amount of the Notes of all Series shall, subject to Article VI, exercise all rights, remedies, powers, privileges and claims of the Note Issuer against the Seller Grantee or the Master Servicer under or in connection with the Mortgage Loan Purchase Sale Agreement, any Subsequent Sale Agreement and the Servicing Agreement, respectively, including the right or power to take any action to compel or secure performance or observance by the Seller Grantee or the Master Servicer, as the case may be, Servicer of each of their obligations to the Note Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Purchase Sale Agreement, any Subsequent Sale Agreement and or the Servicing Agreement, as the case may berespectively, and any right of the Note Issuer to take such action shall not be suspended.
Appears in 2 contracts
Sources: Indenture (Illinois Power Securitization Limited Liability Co), Indenture (Illinois Power Securitization Limited Liability Co)
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so and at the Administrator's expenseso, the Issuer in its capacity as holder Holder of the Mortgage Loans, shall take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by the Seller and the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, Trustee as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the Seller or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller or the Master Servicer of each of their obligations under the Mortgage Loan Purchase Agreement and the Servicing Agreement.
(b) If an Event of Default has occurred and is continuing, the The Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement Loans may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) , of the Holders of 66-2/3% of the Security Bond Principal Balances of the Notes shallBonds (for which purpose the Class A-IO Bonds will be deemed to have a Bond Principal Balance equal to 5% of the aggregate Bond Principal Balance of the other Classes of Bonds), shall exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or the Master Servicer under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller or the Master Servicer, as the case may be, of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Purchase Agreement and the Servicing Agreement, as the case may be, and any right of the Issuer to take such action shall not be suspended.
Appears in 2 contracts
Sources: Indenture (IMPAC CMB Trust Series 2005-5), Indenture (IMPAC CMB Trust Series 2005-5)
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so and at the Administrator's ’s expense, the Issuer in its capacity as holder of the Mortgage Loans, Issuing Entity shall take all such lawful action as the Indenture Trustee may may, in its discretion, or, at the direction of the Holders of a majority of the Outstanding Amount of the Controlling Securities, shall request to cause the Issuer to compel or secure the performance and observance by the Seller and Depositor or the Master Servicer, as applicable, of each of their obligations to the Issuer Issuing Entity under or in connection with the Mortgage Loan Sale and Servicing Agreement or by the Depositor or the Servicer, as applicable, of each of their obligations under or in connection with the Receivables Purchase Agreement and the Servicing Agreement, [or by any obligor under any Interest Rate Swap of its obligations under or in accordance with such Interest Rate Swap,] [or by any obligor under any Interest Rate Cap of its obligations under or in accordance with such Interest Rate Cap,] and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer Issuing Entity under or in connection with the Mortgage Loan Purchase Agreement Sale and the Servicing Agreement [and such Interest Rate Swap][and such Interest Rate Cap] to the extent and in the manner directed by the Indenture Trustee, as pledgee in its discretion or at the direction of the Mortgage LoansHolders of a majority of the Outstanding Amount of the Controlling Securities, including the transmission of notices of default under the Sale and Servicing Agreement [or the Interest Rate Swap][or the Interest Rate Cap] on the part of the Seller Depositor or the Master Servicer thereunder [or the Interest Rate Swap obligor][or the Interest Rate Cap obligor] and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller Depositor or the Master Servicer [and the Interest Rate Swap obligor][and the Interest Rate Cap obligor] of each of their obligations under the Mortgage Loan Purchase Sale and Servicing Agreement [and the Servicing AgreementInterest Rate Swap][ the Interest Rate Cap].
(b) If an Event of Default has occurred and is continuing, the Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement Trustee may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders of 66-66 2/3% of the Security Balances Outstanding Amount of the Notes Controlling Securities shall, exercise all rights, remedies, powers, privileges and claims of the Issuer Issuing Entity against the Seller Depositor or the Master Servicer [or the Interest Rate Swap][or the Interest Rate Cap] under or in connection with the Mortgage Loan Sale and Servicing Agreement [or the Interest Rate Swap][or the Interest Rate Cap], or against the Depositor under or in connection with the Receivables Purchase Agreement and the Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller Depositor or the Master Servicer, as the case may be, of each of their obligations to the Issuer Issuing Entity thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Sale and Servicing Agreement or the Receivables Purchase Agreement and [or he Interest Rate Swap][or the Servicing AgreementInterest Rate Cap], as the case may be, and any right of the Issuer Issuing Entity to take such action shall not be suspended.
(c) [The Indenture Trustee shall give prompt written notice to the [Swap][Cap] Counterparty of each request for action that is made and direction received pursuant to this Section 5.16.]
Appears in 1 contract
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so and at the Administrator's expenseso, the Issuer in its capacity as holder of the Mortgage Loans, shall take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by the Seller and the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the Seller or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller or the Master Servicer of each of their obligations under the Mortgage Loan Purchase Agreement and the Servicing Agreement.
(b) If an Event of Default has occurred and is continuing, the The Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders of 66-2/3% of the Security Note Principal Balances of the Notes shallNotes, shall exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or the Master Servicer under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller or the Master Servicer, as the case may be, of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Purchase Agreement and the Servicing Agreement, as the case may be, and any right of the Issuer to take such action shall not be suspended.
Appears in 1 contract
Sources: Indenture (American Home Mort Securities Home Mortgage Invest Tr 2004-1)
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so and at the Administrator's ’s expense, the Issuer in its capacity as holder of the Mortgage Loans, Issuing Entity shall take all such lawful action as the Indenture Trustee may may, in its discretion, or, at the direction of the Holders of a majority of the Outstanding Amount of the Controlling Securities, shall request to cause the Issuer to compel or secure the performance and observance by the Seller and Depositor or the Master Servicer, as applicable, of each of their obligations to the Issuer Issuing Entity under or in connection with the Mortgage Loan Sale and Servicing Agreement or by the Depositor or the Servicer, as applicable, of each of their obligations under or in connection with the Receivables Purchase Agreement and Agreement, or by any obligor under the Servicing AgreementInterest Rate Swap of its obligations under or in accordance with the Interest Rate Swap, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer Issuing Entity under or in connection with the Mortgage Loan Purchase Sale and Servicing Agreement and the Servicing Agreement Interest Rate Swap to the extent and in the manner directed by the Indenture Trustee, as pledgee in its discretion or at the direction of the Mortgage LoansHolders of a majority of the Outstanding Amount of the Controlling Securities, including the transmission of notices of default under the Sale and Servicing Agreement or the Interest Rate Swap on the part of the Seller Depositor or the Master Servicer thereunder or any Interest Rate Swap obligor, as applicable, and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller Depositor or the Master Servicer and any Interest Rate Swap obligor of each of their obligations under the Mortgage Loan Purchase Sale and Servicing Agreement and the Servicing AgreementInterest Rate Swap, as applicable.
(b) If an Event of Default has occurred and is continuing, the Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement Trustee may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders of 66-66 2/3% of the Security Balances Outstanding Amount of the Notes Controlling Securities shall, exercise all rights, remedies, powers, privileges and claims of the Issuer Issuing Entity against the Seller Depositor or the Master Servicer or any Interest Rate Swap obligor under or in connection with the Mortgage Loan Sale and Servicing Agreement or Interest Rate Swap, as applicable, or against the Depositor under or in connection with the Receivables Purchase Agreement and the Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller Depositor or the Master Servicer, as the case may be, of each of their obligations to the Issuer Issuing Entity thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Sale and Servicing Agreement or the Receivables Purchase Agreement and or the Servicing AgreementInterest Rate Swap, as the case may be, and any right of the Issuer Issuing Entity to take such action shall not be suspended.
(c) The Indenture Trustee shall give prompt written notice to the Swap Counterparty of each request for action that is made and direction received pursuant to this Section 5.16.
Appears in 1 contract
Sources: Indenture (World Omni Auto Receivables Trust 2007-A)
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so so, and at the Administrator's ’s expense, the Issuer in its capacity as holder of the Mortgage Loans, shall take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by the Seller Seller, the Depositor and the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Loan Sale and Servicing Agreement, or the performance and observance by the Seller of each of its obligations to the Depositor under or in connection with the Receivables Purchase Agreement and the Servicing Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Sale and Servicing Agreement or the Receivables Purchase Agreement and the Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the Seller Seller, the Depositor or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller Seller, the Depositor or the Master Servicer of each of their obligations under the Mortgage Loan Receivables Purchase Agreement and the Sale and Servicing Agreement.
(b) If an Event of Default has occurred and is continuing, the Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement Trustee may, and at the direction (which direction shall be in writing or by telephone (telephone, confirmed in writing promptly thereafter)) of the Holders Noteholders of 66-2/3% Notes evidencing not less than a majority of the Security Balances principal amount of the Notes Controlling Class Outstanding shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller Seller, the Depositor or the Master Servicer under or in connection with the Mortgage Loan Receivables Purchase Agreement and the Sale and Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller Seller, the Depositor or the Master Servicer, as the case may be, of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension extension, or waiver under the Mortgage Loan Receivables Purchase Agreement and the Sale and Servicing Agreement, as the case may be, Agreement and any right of the Issuer to take such action shall not be suspended.
Appears in 1 contract
Sources: Indenture (Usaa Acceptance LLC)
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so and at At the Administrator's expense, the Issuer in its capacity as holder of the Mortgage Loans, shall will promptly take all such lawful action as the Indenture Trustee may request to cause the Issuer to (i) compel or secure the performance and observance by (1) the Seller Depositor and the Master Servicer, as applicable, of each Servicer of their obligations to the Issuer under the Sale and Servicing Agreement, or in connection with (2) the Mortgage Loan Depositor and Ford Credit of their obligations under the Purchase Agreement and the Servicing Agreement, and to (ii) exercise any and all rights, remedies, powers powers, privileges and privileges claims lawfully available to the Issuer under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement such agreements to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the Seller or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller or the Master Servicer of each of their obligations under the Mortgage Loan Purchase Agreement and the Servicing Agreement.
(b) If an Event of Default has occurred and is continuingcontinuing, the Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement Trustee may, ,and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders Noteholders of 66-at least 66 2/3% of the Security Balances Note Balance of the Notes shallControlling Class will, exercise all rights, remedies, powers, privileges and claims of the Issuer against (i) the Seller Depositor or the Master Servicer under or in connection with the Mortgage Loan Purchase Agreement Sale and the Servicing Agreement, or (ii) the Depositor or Ford Credit under the PurchaseAgreement, including the right or power to take any action to compel or secure performance or observance by the Seller or the Master Servicer, as the case may be, of each such Persons of their obligations to the Issuer thereunder under such agreements, and to give any consent, request, notice, direction, approval, extension or waiver under such agreements, and any right of the Issuer to take such action will be suspended.
(c) Promptly following a request from the Indenture Trustee to do so, and at the Administrator's expense, the Issuer will take all such lawful action as the Indenture Trustee may request to compel the performance by the Swap Counterparties in accordance with the related Interest Rate Swaps and to exercise any and all rights, remedies, powers, privileges and claims lawfully available to the Issuer under or in connection with such Interest Rate Swap to the extent and in the manner directed by the Indenture Trustee.
(d) If an Event of Default has occurred and is continuing, the Indenture Trustee may, and at the direction of the Noteholders evidencing not less than 66 2/3% of the Note Balance of the Outstanding Notes will, exercise all rights, remedies, powers, privileges and claims of the Issuer against each of the Swap Counterparties, including the right or power to take any action to compel or secure performance or observance by each Swap Counterparty of its obligations to the Issuer under the respective Interest Rate Swap, and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Purchase Agreement and the Servicing Agreement, as the case may berelated Interest Rate Swap, and any right of the Issuer to take such action shall not will be suspended.
Appears in 1 contract
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so and at the Administrator's expenseso, the Issuer in its capacity as holder of the Mortgage Loans, shall take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by the Seller and the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, Trustee as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the Seller or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller or the Master Servicer of each of their obligations under the Mortgage Loan Purchase Agreement and the Servicing Agreement.
(b) If an Event of Default has occurred and is continuing, the The Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement Loans may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) , of the Holders of 66-2/3% of the Security Bond Principal Balances of the Notes shallBonds (for which purpose the Class 1-A-IO Bonds will be deemed to have a Bond Principal Balance equal to 5% of the aggregate Bond Principal Balance of the other Classes of Bonds), shall exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or the Master Servicer under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller or the Master Servicer, as the case may be, of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Purchase Agreement and the Servicing Agreement, as the case may be, and any right of the Issuer to take such action shall not be suspended.
Appears in 1 contract
Sources: Indenture (Impac CMB Trust Series 2005-2, Collateralized Asset-Backed Bonds, Series 2005-2)
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so and at the Administrator's expenseso, the Issuer in its capacity as holder of the Mortgage Loans, Issuing Entity shall take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by the Seller and Seller, the Depositor, the Trust Administrator or the Master Servicer, as applicable, of each of their obligations to the Issuer Issuing Entity under or in connection with the Mortgage Loan Purchase Agreement and the Transfer and Servicing Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer Issuing Entity under or in connection with the Mortgage Loan Purchase Agreement Transfer and the Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the Seller Seller, the Depositor, the Trust Administrator or the Master Servicer thereunder Servicer, as applicable, under the Mortgage Loan Purchase Agreement and Transfer and Servicing Agreement and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller Seller, the Depositor, the Trust Administrator or the Master Servicer of each of their applicable obligations under the Mortgage Loan Purchase Agreement and the Transfer and Servicing Agreement.
(b) If an Event of Default has occurred and is continuing, the Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement Trustee may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders of 66-2/3% a majority of the Security Balances Outstanding Balance of the Priority Class Notes shall, exercise all rights, remedies, powers, privileges and claims of the Issuer Issuing Entity against the Seller Depositor, the Trust Administrator or the Master Servicer under or in connection with the Transfer and Servicing Agreement or the Seller under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller Seller, the Depositor or the Master Servicer, as the case may be, of each of their applicable obligations to the Issuer Issuing Entity thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Purchase Agreement Transfer and the Servicing Agreement, as the case may be, and any right of the Issuer Issuing Entity to take such action shall not be suspended.
Appears in 1 contract
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so and at the Administrator's ’s expense, the Issuer in its capacity as holder of the Mortgage Loans, shall take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by the Seller Depositor, SLMA, the Administrator and the Master Servicer, as applicable, of each of their obligations to the Issuer Issuer, whether directly or by assignment, under or in connection with the Mortgage Loan Sale Agreement, the Purchase Agreement, the Administration Agreement and the Servicing Agreement, respectively, in accordance with the terms thereof, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Sale Agreement, the Purchase Agreement, the Administration Agreement and the Servicing Agreement Agreement, as the case may be, to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the Seller Depositor, SLMA, the Administrator or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller Depositor, SLMA, the Administrator or the Master Servicer of each of their obligations under the Mortgage Loan Sale Agreement, the Purchase Agreement, the Administration Agreement and the Servicing Agreement, respectively.
(b) If an Event of Default has occurred and is continuing, the Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement Trustee may, and at the written direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders Noteholders of 66-2/3% of the Security Balances Outstanding Amount of the Notes shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller Depositor, SLMA, the Administrator or the Master Servicer under or in connection with the Mortgage Loan Sale Agreement, the Purchase Agreement, the Administration Agreement and the Servicing Agreement, respectively, including the right or power to take any action to compel or secure performance or observance by the Seller Depositor, SLMA, the Administrator or the Master Servicer, as the case may be, Servicer of each of their obligations to the Issuer thereunder thereunder, whether directly or by assignment, and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Sale Agreement, the Purchase Agreement, the Administration Agreement and the Servicing Agreement, as the case may berespectively, and any right of the Issuer to take such action shall not be suspended.
Appears in 1 contract
Sources: Indenture (SLM Funding LLC)
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so so, and at the Administrator's expense, the Issuer in its capacity as holder of the Mortgage Loans, shall take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by the Seller and the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Loan Sale and Servicing Agreement, or by the Seller and Ford Credit, as applicable, of each of their obligations under or in connection with the Purchase Agreement and the Servicing Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Purchase Sale and Servicing Agreement and the Servicing Agreement Purchase Agreement, as the case may be, to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the Seller Seller, the Servicer or the Master Servicer Ford Credit thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller or the Master Servicer of each of their obligations under the Mortgage Loan Sale and Servicing Agreement or by the Seller or Ford Credit of each of their obligations under the Purchase Agreement and the Servicing Agreement.
(b) If an Event of Default has occurred and is continuing, the Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement Trustee may, and at the direction (which direction shall be in writing or by telephone (telephone, confirmed in writing promptly thereafter)) of the Holders Noteholders of 66-2/3Notes evidencing not less than 662/3% of the Security Balances Note Balance of the Notes Controlling Note Class shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or the Master Servicer under or in connection with the Mortgage Loan Sale and Servicing Agreement, or against the Seller or Ford Credit under or in connection with the Purchase Agreement and the Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller Seller, the Servicer or the Master ServicerFord Credit, as the case may be, of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension extension, or waiver under the Mortgage Loan Sale and Servicing Agreement or the Purchase Agreement and the Servicing Agreement, as the case may be, and any right of the Issuer to take such action shall not be suspended.
(c) Reserved.
Appears in 1 contract
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so and at the Administrator's expense, the Issuer in its capacity as holder of the Mortgage Loans, shall take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by the Seller Depositor, SLMA the Administrator and the Master Servicer, as applicable, of each of their obligations to the Issuer Issuer, whether directly or by assignment, under or in connection with the Mortgage Loan Sale Agreement, the Purchase Agreement, the Administration Agreement and the Servicing Agreement, respectively, in accordance with the terms thereof, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Sale Agreement, the Purchase Agreement, the Administration Agreement and the Servicing Agreement Agreement, as the case may be, to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the Seller Depositor, SLMA, the Administrator or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller Depositor, SLMA, the Administrator or the Master Servicer of each of their obligations under the Mortgage Loan Sale Agreement, the Purchase Agreement, the Administration Agreement and the Servicing Agreement, respectively.
(b) If an Event of Default has occurred and is continuing, the Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement Trustee may, and at the written direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders Noteholders of 66-2/3% of the Security Balances Outstanding Amount of the Notes shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller Depositor, SLMA, the Administrator or the Master Servicer under or in connection with the Mortgage Loan Sale Agreement, the Purchase Agreement, the Administration Agreement and the Servicing Agreement, respectively, including the right or power to take any action to compel or secure performance or observance by the Seller Depositor, SLMA, the Administrator or the Master Servicer, as the case may be, Servicer of each of their obligations to the Issuer thereunder thereunder, whether directly or by assignment, and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Sale Agreement, the Purchase Agreement, the Administration Agreement and the Servicing Agreement, as the case may berespectively, and any right of the Issuer to take such action shall not be suspended.
Appears in 1 contract
Sources: Indenture (SLM Funding LLC)
Performance and Enforcement of Certain Obligations. (a) Promptly following a written request from the Indenture Trustee to do so and at the Administrator's expenseso, the Issuer Issuer, in its capacity as holder of the Mortgage Loans, shall take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by the Seller and the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the Seller or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller or the Master Servicer of each of their obligations under the Mortgage Loan Purchase Agreement and the Servicing Agreement.
(b) If an Event of Default has occurred and is continuing, the Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement Loans may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders of 66-2/3% of the Security Balances aggregate Note Balance of the Notes shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or the Master Servicer under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller or the Master Servicer, as the case may be, of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Purchase Agreement and the Servicing Agreement, as the case may be, and any right of the Issuer to take such action shall not be suspended. In connection therewith, as determined by the Indenture Trustee, the Issuer shall take all actions necessary to effect the transfer of the Mortgage Loans to the Indenture Trustee.
Appears in 1 contract
Sources: Indenture (C-Bass Mortgage Loan as-BCK Nt Sal Mort Ln Tr Ser 2001-Cb4)
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so and at the Administrator's ’s expense, the Issuer in its capacity as holder of the Mortgage Loans, shall take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by the Seller Seller, the Servicer, [the Holder of the Revolving Liquidity Note] and [the Master ServicerSwap Counterparty], as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Loan Sale and Servicing Agreement, [the Revolving Liquidity Note Agreement] and [the Interest Rate Swap Agreement] or by the Seller of its remedies under or in connection with the Receivables Purchase Agreement and the Servicing Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Purchase Sale and Servicing Agreement and [the Servicing Agreement Revolving Liquidity Note Agreement] to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the Seller Seller, the Servicer or [the Master Servicer Holder of the Revolving Liquidity Note] thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller Seller, the Servicer, or [the Master Servicer Holder of the Revolving Liquidity Note] of each of their respective obligations under the Mortgage Loan Purchase Sale and Servicing Agreement and [the Servicing Revolving Liquidity Note Agreement].
(b) If an Event of Default has occurred and is continuing, the Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement Trustee may, and at the direction (which direction shall be in writing or by telephone (telephone, confirmed in writing promptly thereafter)) of the Holders of 66-2/3% of the Security Balances Outstanding Amount of the Class A Notes shall(acting together as a single class but excluding for such purposes the outstanding principal amount of any Notes held of record or beneficially owned by TMCC, TAFR LLC or any of their Affiliates), shall exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or Seller, the Master Servicer Servicer, [the Holder of the Revolving Liquidity Note] and [the Swap Counterparty] under or in connection with the Mortgage Loan Sale and Servicing Agreement, [the Revolving Liquidity Note Agreement] and [the Interest Rate Swap Agreement], against the Seller under or in connection with the Receivables Purchase Agreement and Agreement, or against the Servicing Administrator under the Administration Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller Seller, the Servicer or the Master Servicer, as the case may beAdministrator, of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension extension, or waiver under the Mortgage Loan Purchase Agreement and the Servicing Agreement, as the case may be, thereunder and any right of the Issuer to take such action shall not be suspended.
Appears in 1 contract
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so and at the Administrator's ’s expense, the Issuer Issuing Entity in its capacity as holder of the Mortgage Loans, shall take all such lawful action as the Indenture Trustee may request to cause the Issuer Issuing Entity to compel or secure the performance and observance by the Seller and the Master Servicer, as applicable, of each of their obligations to the Issuer Issuing Entity under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer Issuing Entity under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the Seller or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller or the Master Servicer of each of their obligations under the Mortgage Loan Purchase Agreement and the Servicing Agreement.
(b) If an Event of Default has occurred and is continuing, the Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders of 66-2/3% of the Security Balances of the Notes shall, exercise all rights, remedies, powers, privileges and claims of the Issuer Issuing Entity against the Seller or the Master Servicer under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller or the Master Servicer, as the case may be, of each of their obligations to the Issuer Issuing Entity thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Purchase Agreement and the Servicing Agreement, as the case may be, and any right of the Issuer Issuing Entity to take such action shall not be suspended.
Appears in 1 contract
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so and at the Administrator's ’s expense, the Issuer in its capacity as holder of the Mortgage Loans, shall take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by the Seller Depositor, ▇▇▇▇▇▇ ▇▇▇, the Administrator and the Master Servicer, as applicable, of each of their obligations to the Issuer Issuer, whether directly or by assignment, under or in connection with the Mortgage Loan Sale Agreement, the Purchase Agreement, the Administration Agreement and the Servicing Agreement, respectively, in accordance with the terms thereof, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Sale Agreement, the Purchase Agreement, the Administration Agreement and the Servicing Agreement Agreement, as the case may be, to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the Seller Depositor, ▇▇▇▇▇▇ ▇▇▇, the Administrator or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller Depositor, ▇▇▇▇▇▇ ▇▇▇, the Administrator or the Master Servicer of each of their obligations under the Mortgage Loan Sale Agreement, the Purchase Agreement, the Administration Agreement and the Servicing Agreement, respectively.
(b) If an Event of Default has occurred and is continuing, the Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement Trustee may, and at the written direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders Noteholders of 66-2/3% of the Security Balances Outstanding Amount of the Notes shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller Depositor, ▇▇▇▇▇▇ ▇▇▇, the Administrator or the Master Servicer under or in connection with the Mortgage Loan Sale Agreement, the Purchase Agreement, the Administration Agreement and the Servicing Agreement, respectively, including the right or power to take any action to compel or secure performance or observance by the Seller Depositor, ▇▇▇▇▇▇ ▇▇▇, the Administrator or the Master Servicer, as the case may be, Servicer of each of their obligations to the Issuer thereunder thereunder, whether directly or by assignment, and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Sale Agreement, the Purchase Agreement, the Administration Agreement and the Servicing Agreement, as the case may berespectively, and any right of the Issuer to take such action shall not be suspended.
Appears in 1 contract
Sources: Indenture (SLM Funding LLC)
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so and at the Administrator's expense, the Issuer in its capacity as holder of the Mortgage Loans, shall take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by the Seller and or the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Loan Sale and Servicing Agreement [or the Receivables Purchase Agreement and the Servicing Agreement, as applicable,] and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Purchase Agreement Sale and the Servicing Agreement [or the Receivables Purchase Agreement] to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the Seller or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller or the Master Servicer of each of their obligations under the Mortgage Loan Sale and Servicing Agreement [or the Receivables Purchase Agreement and Agreement]; provided, however, nothing herein shall in any way impose on the Servicing AgreementIndenture Trustee the duty to monitor the performance of the Seller or the Servicer of any of their liabilities, duties or obligations under any Basic Document.
(b) If an Event of Default has occurred and is continuingoccurred, the Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement Trustee may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)writing) of the Holders of 66-2/3% not less than a majority of the Security Balances Outstanding Amount of the Notes Controlling Class shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or the Master Servicer under or in connection with the Mortgage Loan Purchase Sale and Servicing Agreement [and the Servicing Receivables Purchase Agreement, ] including the right or power to take any action to compel or secure performance or observance by the Seller or the Master Servicer, as the case may be, of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Purchase Sale and Servicing Agreement [and the Servicing Receivables Purchase Agreement, as the case may be, ,] and any right of the Issuer to take such action shall not be suspended.
Appears in 1 contract
Performance and Enforcement of Certain Obligations. (a) Promptly following a written request from the Enhancer or the Indenture Trustee (with the written consent of the Enhancer) to do so and at the Administrator's expenseso, the Issuer Issuer, in its capacity as holder owner of the Mortgage Loans, shall shall, with the written consent of the Enhancer, take all such lawful action as the Indenture Trustee or the Enhancer may request to cause the Issuer to compel or secure the performance and observance by the Seller and the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Loan Purchase Agreement and Servicing Agreements and the Sale and Servicing Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Purchase Agreement and Servicing Agreements, and the Sale and Servicing Agreement Agreement, to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the Seller or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings Proceedings to compel or secure performance by the Seller or the Master Servicer of each of their obligations under the Mortgage Loan Purchase and Servicing Agreement and the Sale and Servicing Agreement.
(b) If an Event of Default has shall have occurred and is be continuing, the Indenture Trustee, as pledgee of the Mortgage Loans, subject to may with the rights consent of the Credit Enhancer under the Servicing Agreement mayEnhancer, and shall at the direction of the Enhancer or at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders of 66-Notes representing not less than 66 2/3% of the Security Balances aggregate Note Balance of the Notes Notes, shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or the Master Servicer under or in connection with the Mortgage Loan Purchase Agreement and Servicing Agreements or the Sale and Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller or the Master Servicer, as the case may be, of each of their respective obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Purchase Agreement and Servicing Agreements or the Sale and Servicing Agreement, as the case may be, and any right of the Issuer to take such action shall not be suspended. In connection therewith, as determined by the Indenture Trustee, the Issuer shall execute all documents provided to it by the Indenture Trustee necessary to effect the transfer of the Mortgage Loans to the Indenture Trustee.
Appears in 1 contract
Sources: Indenture (Bear Stearns Asset Backed Securities Inc)
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so and at the Administrator's expenseso, the Issuer in its capacity as holder of the Mortgage Loans, shall take all such lawful action as the Indenture Trustee or the Bond Insurer may request to cause the Issuer to compel or secure the performance and observance by the Seller and the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Loan Purchase Sale and Contribution Agreement and the Servicing Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Purchase Sale and Contribution Agreement and the Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, with the consent of the Bond Insurer so long as no Bond Insurer Default exists, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the Seller or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller or the Master Servicer of each of their obligations under the Mortgage Loan Purchase Sale and Contribution Agreement and the Servicing Agreement. So long as no Bond Insurer Default exists, the Bond Insurer shall have the right to approve or reject any proposed successor to the Master Servicer (other than the Indenture Trustee) under the Servicing Agreement.
(b) If an Event of Default has occurred and is continuing, the The Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer Bond Insurer under this Agreement and the Servicing Agreement Agreement, may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Bond Insurer or if a Bond Insurer Default exists, of the Holders of 66-2/3% of the Security Bond Principal Balances of the Notes shallBonds, shall exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or the Master Servicer under or in connection with the Mortgage Loan Purchase Sale and Contribution Agreement and the Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller or the Master Servicer, as the case may be, of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Purchase Sale and Contribution Agreement and the Servicing Agreement, as the case may be, and any right of the Issuer to take such action shall not be suspended.
Appears in 1 contract
Sources: Indenture (Imh Assets Corp Impact CMB Trust Series 2002-7)
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so and at the Administrator's expenseso, the Issuer in its capacity as holder of the Mortgage Loans, shall take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by the Seller Seller, NC Capital and the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the Seller Seller, NC Capital or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller Seller, NC Capital or the Master Servicer of each of their obligations under the Mortgage Loan Purchase Agreement and the Servicing Agreement.
(b) If an Event of Default has occurred and is continuing, the The Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders of 66-2/3% of the Security Note Balances of the Notes shallNotes, shall exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller Seller, NC Capital or the Master Servicer under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller Seller, NC Capital or the Master Servicer, as the case may be, of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Purchase Agreement and the Servicing Agreement, as the case may be, and any right ri ght of the Issuer to take such action shall not be suspended.
Appears in 1 contract
Sources: Indenture (New Century Home Equity Loan Trust 2005-3)
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so and at the Administrator's expenseso, the Issuer Issuer, in its capacity as holder of the Mortgage Loans, shall take all such lawful action as the Indenture Trustee or the Bond Insurer may request to cause the Issuer to compel or secure the performance and observance by the Seller and the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, with the consent of the Bond Insurer, so long as no Bond Insurer Default exists, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the Seller or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller or the Master Servicer of each of their obligations under the Mortgage Loan Purchase Agreement and the Servicing Agreement. So long as no Bond Insurer Default exists, the Bond Insurer shall have the right to approve or reject any proposed successor to the Servicer (other than the Indenture Trustee) under the Servicing Agreement.
(b) If an Event of Default has occurred and is continuing, the The Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer Bond Insurer under this Agreement and the Servicing Agreement may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Bond Insurer or, if a Bond Insurer Default exists, the Holders of 66-2/3% of the Security Bond Principal Balances of the Notes shallBonds, shall exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or the Master Servicer under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller or the Master Servicer, as the case may be, of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Purchase Agreement and the Servicing Agreement, as the case may be, and any right of the Issuer to take such action shall not be suspended.
Appears in 1 contract
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so and at the Administrator's ’s expense, the Issuer in its capacity as holder of the Mortgage Loans, Issuing Entity shall take all such lawful action as the Indenture Trustee may may, in its discretion, or, at the direction of the Holders of a majority of the Outstanding Amount of the Controlling Securities, shall request to cause the Issuer to compel or secure the performance and observance by the Seller and Depositor or the Master Servicer, as applicable, of each of their obligations to the Issuer Issuing Entity under or in connection with the Mortgage Loan Sale and Servicing Agreement or by the Depositor or the Servicer, as applicable, of each of their obligations under or in connection with the Receivables Purchase Agreement and the Servicing Agreement, [or by any obligor under any Interest Rate Swap of its obligations under or in accordance with such Interest Rate Swap,] [or by any obligor under any Interest Rate Cap of its obligations under or in accordance with such Interest Rate Cap,] and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer Issuing Entity under or in connection with the Mortgage Loan Purchase Agreement Sale and the Servicing Agreement [and such Interest Rate Swap][and such Interest Rate Cap] to the extent and in the manner directed by the Indenture Trustee, as pledgee in its discretion or at the direction of the Mortgage LoansHolders of a majority of the Outstanding Amount of the Controlling Securities, including the transmission of notices of default under the Sale and Servicing Agreement [or the Interest Rate Swap][or the Interest Rate Cap] on the part of the Seller Depositor or the Master Servicer thereunder [or the Interest Rate Swap obligor][or the Interest Rate Cap obligor] and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller Depositor or the Master Servicer [and the Interest Rate Swap obligor][and the Interest Rate Cap obligor] of each of their obligations under the Mortgage Loan Purchase Sale and Servicing Agreement [and the Servicing AgreementInterest Rate Swap][ the Interest Rate Cap].
(b) If an Event of Default has occurred and is continuing, the Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement Trustee may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)writing) of the Holders of 66-66 2/3% of the Security Balances Outstanding Amount of the Notes Controlling Securities shall, exercise all rights, remedies, powers, privileges and claims of the Issuer Issuing Entity against the Seller Depositor or the Master Servicer [or the Interest Rate Swap][or the Interest Rate Cap] under or in connection with the Mortgage Loan Sale and Servicing Agreement [or the Interest Rate Swap][or the Interest Rate Cap], or against the Depositor under or in connection with the Receivables Purchase Agreement and the Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller Depositor or the Master Servicer, as the case may be, of each of their obligations to the Issuer Issuing Entity thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Sale and Servicing Agreement or the Receivables Purchase Agreement and [or he Interest Rate Swap][or the Servicing AgreementInterest Rate Cap], as the case may be, and any right of the Issuer Issuing Entity to take such action shall not be suspended.
(c) [The Indenture Trustee shall give prompt written notice to the [Swap][Cap] Counterparty of each request for action that is made and direction received pursuant to this Section 5.16.]
Appears in 1 contract
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee The Issuer agrees to do so and at the Administrator's expense, the Issuer in its capacity as holder of the Mortgage Loans, shall take all such lawful action as the Indenture Trustee may request to cause the Issuer is necessary and desirable to compel or secure the performance and observance by the Seller Seller, the Depositor, the Depositor Receivables Trustee, the Parent and the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Loan Purchase Agreement and Transaction Documents in accordance with the Servicing Agreementterms thereof, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage LoansTransaction Documents, including the transmission of notices of default on the part of the Seller Seller, the Depositor, the Depositor Receivables Trustee, the Parent or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings Proceedings to compel or secure performance by the Seller Seller, the Depositor, the Depositor Receivables Trustee, the Parent or the Master Servicer of each of their obligations under the Mortgage Loan Purchase Agreement and the Servicing AgreementTransaction Documents.
(b) If an Event of Default has occurred and is continuing, the Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement Trustee may, and and, at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)writing) of the Holders of 66-2/3% of the Security Balances of the Notes Required Noteholders shall, subject to Section 10.2(b), exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller Seller, the Parent or the Master Servicer under or in connection with the Mortgage Loan Purchase Agreement and the Servicing AgreementTransaction Documents, including the right or power to take any action to compel or secure performance or observance by the Seller Seller, the Parent or the Master Servicer, as the case may be, Servicer of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Purchase Agreement and the Servicing Agreement, as the case may beTransaction Documents, and any right of the Issuer to take such action shall not be suspended.
(c) The Issuer may contract with other Persons, including the Administrator, to assist it in performing its duties under this Indenture, and any performance of such duties by the Administrator or another Person identified to the Indenture Trustee in an Officer’s Certificate of the Administrator shall satisfy the obligations of the Issuer with respect thereto. Initially, the Issuer has contracted with the Administrator, and the Administrator has agreed, to the extent specified in the Trust Agreement, to assist the Issuer in performing its duties under this Indenture.
Appears in 1 contract
Sources: Indenture (Oportun Financial Corp)
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so and at the Administrator's expense, the Issuer in its capacity as holder of the Mortgage Loans, shall take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by the Seller Seller, the Administrator and the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Loan Purchase Sale Agreement in the case of the Seller, the Master Servicing Agreement in the case of the Master Servicer and the Master Servicing Agreement and the Servicing AgreementAdministration Agreement in the case of the Administrator in accordance with the terms thereof, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Purchase Sale Agreement, the Master Servicing Agreement and the Servicing Administration Agreement to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the Seller Seller, the Administrator or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller Seller, the Administrator or the Master Servicer of each of their obligations under the Mortgage Loan Purchase Sale Agreement, Master Servicing Agreement and the Servicing Administration Agreement.
(b) If an Event of Default has occurred and is continuing, the Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement Trustee may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders Noteholders of 66-2/3% of the Security Balances Outstanding Amount of the Notes shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller Seller, the Administrator or the Master Servicer under or in connection with the Mortgage Loan Purchase Sale Agreement, Master Servicing Agreement and the Servicing Administration Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller Seller, the Administrator or the Master Servicer, as the case may be, Servicer of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Purchase Sale Agreement, Master Servicing Agreement and the Servicing Agreement, as the case may be, Administration Agreement and any right of the Issuer to take such action shall not be suspended.
Appears in 1 contract
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so and at the Administrator's ’s expense, the Issuer in its capacity as holder of the Mortgage Loans, shall take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by the Seller and or the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Loan Sale and Servicing Agreement or the Receivables Purchase Agreement and the Servicing Agreement, as applicable, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Sale and Servicing Agreement or the Receivables Purchase Agreement and the Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the either Seller or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller or the Master Servicer of each of their obligations under the Mortgage Loan Sale and Servicing Agreement or the Receivables Purchase Agreement and Agreement; provided, however, nothing herein shall in any way impose on the Servicing AgreementIndenture Trustee the duty to monitor the performance of the Seller or the Servicer of any of their liabilities, duties or obligations under any Basic Document.
(b) If an Event of Default has occurred and is continuingoccurred, the Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement Trustee may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)writing) of the Holders of 66-2/3% not less than a majority of the Security Balances Outstanding Amount of the Notes of the Controlling Class shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or the Master Servicer under or in connection with the Mortgage Loan Purchase Sale and Servicing Agreement and the Servicing Agreement, Receivables Purchase Agreement including the right or power to take any action to compel or secure performance or observance by the Seller or the Master Servicer, as the case may be, of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Purchase Sale and Servicing Agreement and the Servicing Receivables Purchase Agreement, as the case may be, and any right of the Issuer to take such action shall not be suspended.
Appears in 1 contract
Sources: Indenture (BMW Fs Securities LLC)
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so and at the Administrator's expenseso, the Issuer in its capacity as holder of the Mortgage Loans, shall take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by the Seller and the Master RMBS Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the Seller or the Master RMBS Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller or the Master RMBS Servicer of each of their obligations under the Mortgage Loan Purchase Agreement and the Servicing Agreement.
(b) If an Event of Default has occurred and is continuing, the The Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer under Loans and the Servicing Agreement Agreement, may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders of 66-2/3% of the Security Note Principal Balances of the Notes shallNotes, shall exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or the Master RMBS Servicer under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller or the Master RMBS Servicer, as the case may be, of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Purchase Agreement and the Servicing Agreement, as the case may be, and any right of the Issuer to take such action shall not be suspended.
Appears in 1 contract
Sources: Trust Agreement (American Home Mortgage Investment Trust 2005-4)
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee or, prior to the Class A Termination Date, the Class A Insurer, to do so and at the AdministratorIssuer's expense, the Issuer in its capacity as holder of the Mortgage Loans, shall agrees to take all such lawful action as the Indenture Trustee or the Class A Insurer, as the case may be, may request to cause the Issuer to compel or secure the performance and observance by the Seller and the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Loan Purchase Sale and Servicing Agreement and in accordance with the Servicing Agreementterms thereof, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Purchase Agreement Sale and the Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, as pledgee of or prior to the Mortgage LoansClass A Termination Date, the Class A Insurer, including the transmission of notices of default on the part of the Seller or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller or the Master Servicer of each of their obligations under the Mortgage Loan Purchase Agreement Sale and the Servicing Agreement.
(b) If an Indenture Event of Default has occurred and is continuingoccurred, the Indenture TrusteeTrustee may, as pledgee with the prior written consent of the Mortgage Loans, subject to Class A Insurer or at the rights written direction of the Credit Enhancer under the Servicing Agreement mayClass A Insurer, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders of 66-2/3% of the Security Balances of the Notes shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or the Master Servicer under or in connection with the Mortgage Loan Purchase Agreement Sale and the Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller or the Master Servicer, as the case may be, Servicer of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Purchase Agreement Sale and the Servicing Agreement, as the case may be, and any right of the Issuer to take such action shall not be suspended.
Appears in 1 contract
Performance and Enforcement of Certain Obligations. (a) Promptly following a written request from the Credit Enhancer or the Indenture Trustee with the written consent of the Credit Enhancer to do so and at the Administrator's expenseso, the Issuer Issuer, in its capacity as holder of the Mortgage Home Loans, shall shall, with the written consent of the Credit Enhancer, take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by the Seller and the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Home Loan Purchase Agreement and the Servicing Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Home Loan Purchase Agreement and the Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Home Loans, including the transmission of notices of default on the part of the Seller or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller or the Master Servicer of each of their obligations under the Mortgage Home Loan Purchase Agreement and the Servicing Agreement.
(ba) If an Event of Default has occurred and is continuing, the Indenture Trustee, as pledgee of the Mortgage Home Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders of 66-2/3% of the Security Balances aggregate Note Balance (for which purpose the Class A-IO Notes will be deemed to have a Note Balance equal to their Notional Amount) of the Notes shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or the Master Servicer under or in connection with the Mortgage Home Loan Purchase Agreement and the Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller or the Master Servicer, as the case may be, of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Home Loan Purchase Agreement and the Servicing Agreement, as the case may be, and any right of the Issuer to take such action shall not be suspended. In connection therewith, as determined by the Indenture Trustee, the Issuer shall take all actions necessary to effect the transfer of the Home Loans to the Indenture Trustee.
Appears in 1 contract
Sources: Indenture (Residential Funding Mortgage Securities Ii Inc)
Performance and Enforcement of Certain Obligations. (a) Promptly following a written request from the Indenture Trustee to do so and at the Administrator's expenseso, the Issuer Issuer, in its capacity as holder owner of the Mortgage Loans, shall take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by the Seller Transferor and the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Loan Purchase Sale Agreement and the Sale and Servicing Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Mortgage Loan Purchase Sale Agreement and the Sale and Servicing Agreement Agreement, to the extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the Seller Transferor or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings Proceedings to compel or secure performance by the Seller Transferor or the Master Servicer of each of their obligations under the Mortgage Loan Purchase Sale Agreement and the Sale and Servicing Agreement.
(b) If an Event of Default has shall have occurred and is be continuing, the Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Credit Enhancer under the Servicing Agreement may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders of 66-Notes representing not less than 66 2/3% of the Security Balances of the Notes aggregate Note Balance, shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller Transferor or the Master Servicer under or in connection with the Mortgage Loan Purchase Sale Agreement or the Sale and the Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller or Transferor the Master Servicer, as the case may be, of each of their respective obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Purchase Sale Agreement or the Sale and the Servicing Agreement, as the case may be, and any right of the Issuer to take such action shall not be suspended. In connection therewith, as determined by the Indenture Trustee, the Issuer shall execute all documents provided to it by the Indenture Trustee necessary to effect the transfer of the Mortgage Loans to the Indenture Trustee.
Appears in 1 contract
Sources: Indenture (Bear Stearns Asset Backed Sec Inc Irwin Home Eq Lo Tr 1999-2)