Common use of Power to Act; Procedures Clause in Contracts

Power to Act; Procedures. 47 Section 3.06. DUE-ON-SALE CLAUSES; ASSUMPTION AGREEMENTS............................................48 Section 3.07. RELEASE OF MORTGAGE FILES.............................................................48 Section 3.08. DOCUMENTS, RECORDS AND FUNDS IN POSSESSION OF MASTER SERVICER TO BE HELD FOR TRUSTEE...............................................................................49 Section 3.09. STANDARD HAZARD INSURANCE AND FLOOD INSURANCE POLICIES................................50 Section 3.10. PRESENTMENT OF CLAIMS AND COLLECTION OF PROCEEDS......................................50 Section 3.11. MAINTENANCE OF THE PRIMARY MORTGAGE INSURANCE POLICIES................................51 Section 3.12. TRUSTEE TO RETAIN POSSESSION OF CERTAIN INSURANCE POLICIES AND DOCUMENTS..............51 Section 3.13. REALIZATION UPON DEFAULTED MORTGAGE LOANS.............................................52 Section 3.14. COMPENSATION FOR THE MASTER SERVICER..................................................52 Section 3.15. REO PROPERTY..........................................................................53 Section 3.16. ANNUAL OFFICER'S CERTIFICATE AS TO COMPLIANCE.........................................53 Section 3.17. ANNUAL INDEPENDENT ACCOUNTANT'S SERVICING REPORT......................................54 Section 3.18. REPORTS FILED WITH SECURITIES AND EXCHANGE COMMISSION.................................54 Section 3.19. EMC...................................................................................55 Section 3.20. UCC...................................................................................55 Section 3.21. OPTIONAL PURCHASE OF DEFAULTED MORTGAGE LOANS.........................................55

Power to Act; Procedures. 47 62 Section 3.06. 3.06 DUE-ON-SALE CLAUSES; ASSUMPTION AGREEMENTS............................................48 63 Section 3.07. 3.07 RELEASE OF MORTGAGE FILES.............................................................48 63 Section 3.08. 3.08 DOCUMENTS, RECORDS AND FUNDS IN POSSESSION OF MASTER SERVICER TO BE HELD FOR TRUSTEE...............................................................................49 ......................................................................................................64 Section 3.09. 3.09 STANDARD HAZARD INSURANCE AND FLOOD INSURANCE POLICIES................................50 65 Section 3.10. 3.10 PRESENTMENT OF CLAIMS AND COLLECTION OF PROCEEDS......................................50 65 Section 3.11. 3.11 MAINTENANCE OF THE PRIMARY MORTGAGE INSURANCE POLICIES................................51 66 Section 3.12. 3.12 TRUSTEE TO RETAIN POSSESSION OF CERTAIN INSURANCE POLICIES AND DOCUMENTS..............51 DOCUMENTS ..................................................................................................................66 Section 3.13. 3.13 REALIZATION UPON DEFAULTED MORTGAGE LOANS.............................................52 66 Section 3.14. 3.14 COMPENSATION FOR THE MASTER SERVICER..................................................52 67 Section 3.15. 3.15 REO PROPERTY..........................................................................53 67 Section 3.16. 3.16 ANNUAL OFFICER'S CERTIFICATE AS TO COMPLIANCE.........................................53 68 Section 3.17. 3.17 ANNUAL INDEPENDENT ACCOUNTANT'S SERVICING REPORT......................................54 68 Section 3.18. 3.18 REPORTS FILED WITH SECURITIES AND EXCHANGE COMMISSION.................................54 69 Section 3.19. EMC...................................................................................55 3.19 THE COMPANY...........................................................................69 Section 3.20. 3.20 UCC...................................................................................55 69 Section 3.21. 3.21 OPTIONAL PURCHASE OF DEFAULTED MORTGAGE LOANS.........................................5570 Section 3.22 SURETY BOND...........................................................................70

Power to Act; Procedures. 47 37 Section 3.06. 3.06 DUE-ON-SALE CLAUSES; ASSUMPTION AGREEMENTS............................................48 ....................................38 Section 3.07. 3.07 RELEASE OF MORTGAGE FILES.............................................................48 .....................................................38 Section 3.08. 3.08 DOCUMENTS, RECORDS AND FUNDS IN POSSESSION OF MASTER SERVICER TO BE HELD FOR TRUSTEE...............................................................................49 ........................................39 Section 3.09. 3.09 STANDARD HAZARD INSURANCE AND FLOOD INSURANCE POLICIES................................50 ........................40 Section 3.10. 3.10 PRESENTMENT OF CLAIMS AND COLLECTION OF PROCEEDS......................................50 ..............................40 Section 3.11. 3.11 MAINTENANCE OF THE PRIMARY MORTGAGE INSURANCE POLICIES................................51 ........................40 Section 3.12. 3.12 TRUSTEE TO RETAIN POSSESSION OF CERTAIN INSURANCE POLICIES AND DOCUMENTS..............51 ........................................................41 Section 3.13. 3.13 REALIZATION UPON DEFAULTED MORTGAGE LOANS.............................................52 .....................................41 Section 3.14. 3.14 COMPENSATION FOR THE MASTER SERVICER..................................................52 ..........................................41 Section 3.15. 3.15 REO PROPERTY..........................................................................53 ..................................................................42 Section 3.16. 3.16 ANNUAL OFFICER'S CERTIFICATE AS TO COMPLIANCE.........................................53 .................................42 Section 3.17. 3.17 ANNUAL INDEPENDENT ACCOUNTANT'S SERVICING REPORT......................................54 ..............................43 Section 3.18. 3.18 REPORTS FILED WITH SECURITIES AND EXCHANGE COMMISSION.................................54 .........................43 Section 3.19. 3.19 EMC...................................................................................55 ...........................................................................44 Section 3.20. 3.20 UCC...................................................................................55 Section 3.21. OPTIONAL PURCHASE OF DEFAULTED MORTGAGE LOANS.........................................55...........................................................................44

Power to Act; Procedures. 47 53 Section 3.06. DUE-ON-SALE CLAUSES; ASSUMPTION AGREEMENTS............................................48 54 Section 3.07. RELEASE OF MORTGAGE FILES.............................................................48 54 Section 3.08. DOCUMENTS, RECORDS AND FUNDS IN POSSESSION OF MASTER SERVICER TO BE HELD FOR TRUSTEE...............................................................................49 ..........................................................................................................55 Section 3.09. STANDARD HAZARD INSURANCE AND FLOOD INSURANCE POLICIES................................50 56 Section 3.10. PRESENTMENT OF CLAIMS AND COLLECTION OF PROCEEDS......................................50 56 Section 3.11. MAINTENANCE OF THE PRIMARY MORTGAGE INSURANCE POLICIES................................51 57 Section 3.12. TRUSTEE TO RETAIN POSSESSION OF CERTAIN INSURANCE POLICIES AND DOCUMENTS..............51 57 Section 3.13. REALIZATION UPON DEFAULTED MORTGAGE LOANS.............................................52 58 Section 3.14. COMPENSATION FOR THE MASTER SERVICER..................................................52 58 Section 3.15. REO PROPERTY..........................................................................53 59 Section 3.16. ANNUAL OFFICER'S CERTIFICATE AS TO COMPLIANCE.........................................53 59 Section 3.17. ANNUAL INDEPENDENT ACCOUNTANT'S SERVICING REPORT......................................54 60 Section 3.18. REPORTS FILED WITH SECURITIES AND EXCHANGE COMMISSION.................................54 60 Section 3.19. EMC...................................................................................55 61 Section 3.20. UCC...................................................................................55 61 Section 3.21. OPTIONAL PURCHASE OF DEFAULTED MORTGAGE LOANS.........................................5561

Power to Act; Procedures. 47 14 Section 3.06. 3.06 DUE-ON-SALE CLAUSES; ASSUMPTION AGREEMENTS............................................48 14 Section 3.07. 3.07 RELEASE OF MORTGAGE FILES.............................................................48 15 Section 3.08. 3.08 DOCUMENTS, RECORDS AND FUNDS IN POSSESSION OF MASTER SERVICER TO BE HELD FOR ISSUER AND INDENTURE TRUSTEE...............................................................................49 ...........................................15 Section 3.09. 3.09 STANDARD HAZARD INSURANCE AND FLOOD INSURANCE POLICIES................................50 16 Section 3.10. 3.10 PRESENTMENT OF CLAIMS AND COLLECTION OF PROCEEDS......................................50 17 Section 3.11. 3.11 MAINTENANCE OF THE PRIMARY MORTGAGE INSURANCE POLICIES................................51 17 Section 3.12. 3.12 INDENTURE TRUSTEE TO RETAIN POSSESSION OF CERTAIN INSURANCE POLICIES AND DOCUMENTS..............51 .........................................................................17 Section 3.13. 3.13 REALIZATION UPON DEFAULTED MORTGAGE LOANS.............................................52 18 Section 3.14. 3.14 COMPENSATION FOR THE MASTER SERVICER..................................................52 18 Section 3.15. 3.15 REO PROPERTY..........................................................................53 18 Section 3.16. 3.16 ANNUAL OFFICER'S CERTIFICATE AS TO COMPLIANCE.........................................53 19 Section 3.17. 3.17 ANNUAL INDEPENDENT ACCOUNTANT'S SERVICING REPORT......................................54 19 Section 3.18. 3.18 REPORTS FILED WITH SECURITIES AND EXCHANGE COMMISSION.................................54 20 Section 3.19. EMC...................................................................................55 Section 3.20. UCC...................................................................................55 Section 3.21. OPTIONAL PURCHASE OF DEFAULTED MORTGAGE LOANS.........................................55

Power to Act; Procedures. 47 60 Section 3.06. 3.06 DUE-ON-SALE CLAUSES; ASSUMPTION AGREEMENTS............................................48 61 Section 3.07. 3.07 RELEASE OF MORTGAGE FILES.............................................................48 61 Section 3.08. 3.08 DOCUMENTS, RECORDS AND FUNDS IN POSSESSION OF MASTER SERVICER TO BE HELD FOR TRUSTEE...............................................................................49 ...................................................................62 Section 3.09. 3.09 STANDARD HAZARD INSURANCE AND FLOOD INSURANCE POLICIES................................50 63 Section 3.10. 3.10 PRESENTMENT OF CLAIMS AND COLLECTION OF PROCEEDS......................................50 63 Section 3.11. 3.11 MAINTENANCE OF THE PRIMARY MORTGAGE INSURANCE POLICIES................................51 63 Section 3.12. 3.12 TRUSTEE TO RETAIN POSSESSION OF CERTAIN INSURANCE POLICIES AND DOCUMENTS..............51 .............................................................................64 Section 3.13. 3.13 REALIZATION UPON DEFAULTED MORTGAGE LOANS.............................................52 64 Section 3.14. 3.14 COMPENSATION FOR THE MASTER SERVICER..................................................52 65 Section 3.15. 3.15 REO PROPERTY..........................................................................53 66 Section 3.16. 3.16 ANNUAL OFFICER'S CERTIFICATE AS TO COMPLIANCE.........................................53 66 Section 3.17. 3.17 ANNUAL INDEPENDENT ACCOUNTANT'S SERVICING REPORT......................................54 67 Section 3.18. 3.18 REPORTS FILED WITH SECURITIES AND EXCHANGE COMMISSION.................................54 68 Section 3.19. 3.19 EMC...................................................................................55 69 Section 3.20. 3.20 UCC...................................................................................55 69 Section 3.21. 3.21 OPTIONAL PURCHASE OF DEFAULTED MORTGAGE LOANS.........................................5569

Power to Act; Procedures. 47 48 Section 3.06. 3.06 DUE-ON-SALE CLAUSES; ASSUMPTION AGREEMENTS............................................48 49 Section 3.07. 3.07 RELEASE OF MORTGAGE FILES.............................................................48 49 Section 3.08. 3.08 DOCUMENTS, RECORDS AND FUNDS IN POSSESSION OF MASTER SERVICER TO BE HELD FOR TRUSTEE...............................................................................49 ..........................................................................................................50 Section 3.09. 3.09 STANDARD HAZARD INSURANCE AND FLOOD INSURANCE POLICIES................................50 51 Section 3.10. 3.10 PRESENTMENT OF CLAIMS AND COLLECTION OF PROCEEDS......................................50 51 Section 3.11. 3.11 MAINTENANCE OF THE PRIMARY MORTGAGE INSURANCE POLICIES................................51 52 Section 3.12. 3.12 TRUSTEE TO RETAIN POSSESSION OF CERTAIN INSURANCE POLICIES AND DOCUMENTS..............51 52 Section 3.13. 3.13 REALIZATION UPON DEFAULTED MORTGAGE LOANS.............................................52 53 Section 3.14. 3.14 COMPENSATION FOR THE MASTER SERVICER..................................................52 53 Section 3.15. 3.15 REO PROPERTY..........................................................................53 Section 3.16. 3.16 ANNUAL OFFICER'S CERTIFICATE AS TO COMPLIANCE.........................................53 54 Section 3.17. 3.17 ANNUAL INDEPENDENT ACCOUNTANT'S SERVICING REPORT......................................54 Section 3.18. 3.18 REPORTS FILED WITH SECURITIES AND EXCHANGE COMMISSION.................................54 55 Section 3.19. 3.19 EMC...................................................................................55 Section 3.20. 3.20 UCC...................................................................................55 56 Section 3.21. 3.21 OPTIONAL PURCHASE OF DEFAULTED MORTGAGE LOANS.........................................5556

Power to Act; Procedures. 47 49 Section 3.06. DUE-ON-SALE CLAUSES; ASSUMPTION AGREEMENTS............................................48 ................................................50 Section 3.07. RELEASE OF MORTGAGE FILES.............................................................48 .................................................................51 Section 3.08. DOCUMENTS, RECORDS AND FUNDS IN POSSESSION OF MASTER SERVICER TO BE HELD FOR TRUSTEE...............................................................................49 ...................................................................................52 Section 3.09. STANDARD HAZARD INSURANCE AND FLOOD INSURANCE POLICIES................................50 ....................................52 Section 3.10. PRESENTMENT OF CLAIMS AND COLLECTION OF PROCEEDS......................................50 ..........................................53 Section 3.11. MAINTENANCE OF THE PRIMARY MORTGAGE INSURANCE POLICIES................................51 ....................................53 Section 3.12. TRUSTEE TO RETAIN POSSESSION OF CERTAIN INSURANCE POLICIES AND DOCUMENTS..............51 ..................54 Section 3.13. REALIZATION UPON DEFAULTED MORTGAGE LOANS.............................................52 .................................................54 Section 3.14. COMPENSATION FOR THE MASTER SERVICER..................................................52 ......................................................55 Section 3.15. REO PROPERTY..........................................................................53 ..............................................................................55 Section 3.16. ANNUAL OFFICER'S CERTIFICATE AS TO COMPLIANCE.........................................53 .............................................56 Section 3.17. ANNUAL INDEPENDENT ACCOUNTANT'S SERVICING REPORT......................................54 ..........................................56 Section 3.18. REPORTS FILED WITH SECURITIES AND EXCHANGE COMMISSION.................................54 .....................................57 Section 3.19. EMC...................................................................................55 .......................................................................................57 Section 3.20. UCC...................................................................................55 .......................................................................................58 Section 3.21. OPTIONAL PURCHASE OF DEFAULTED MORTGAGE LOANS.........................................55.............................................58

Power to Act; Procedures. 47 Section 64- SECTION 3.06. DUE-ON-SALE CLAUSES; ASSUMPTION AGREEMENTS............................................48 Section ...................................................-65- SECTION 3.07. RELEASE OF MORTGAGE FILES.............................................................48 Section ....................................................................-65- SECTION 3.08. DOCUMENTS, RECORDS AND FUNDS IN POSSESSION OF MASTER SERVICER TO BE HELD FOR TRUSTEE...............................................................................49 Section ....................................................................................................-66- SECTION 3.09. STANDARD HAZARD INSURANCE AND FLOOD INSURANCE POLICIES................................50 Section .......................................-67- SECTION 3.10. PRESENTMENT OF CLAIMS AND COLLECTION OF PROCEEDS......................................50 Section .............................................-67- SECTION 3.11. MAINTENANCE OF THE PRIMARY MORTGAGE INSURANCE POLICIES................................51 Section .......................................-68- SECTION 3.12. TRUSTEE TO RETAIN POSSESSION OF CERTAIN INSURANCE POLICIES AND DOCUMENTS..............51 Section DOCUMENTS ................................................................................................................-68- SECTION 3.13. REALIZATION UPON DEFAULTED MORTGAGE LOANS.............................................52 Section ....................................................-69- SECTION 3.14. COMPENSATION FOR THE MASTER SERVICER..................................................52 Section .........................................................-69- SECTION 3.15. REO PROPERTY..........................................................................53 Section .................................................................................-69- SECTION 3.16. ANNUAL OFFICER'S CERTIFICATE AS TO COMPLIANCE.........................................53 Section ................................................-70- SECTION 3.17. ANNUAL INDEPENDENT ACCOUNTANT'S SERVICING REPORT......................................54 Section .............................................-71- SECTION 3.18. REPORTS FILED WITH SECURITIES AND EXCHANGE COMMISSION.................................54 Section ........................................-71- SECTION 3.19. EMC...................................................................................55 Section 3.20. UCC...................................................................................55 Section ..........................................................................................-72- OBLIGATION OF THE MASTER SERVICER IN RESPECT OF PREPAYMENT INTEREST SHORTFALLS.................................-72- SECTION 3.21. OPTIONAL PURCHASE OF DEFAULTED MORTGAGE LOANS.........................................55RESERVED.....................................................................................-72- SECTION 3.22. PROTECTED ACCOUNTS...........................................................................-72- SECTION 3.23. MASTER SERVICER COLLECTION ACCOUNT...........................................................-74- SECTION 3.24. PERMITTED WITHDRAWALS AND TRANSFERS FROM THE MASTER SERVICER COLLECTION ACCOUNT........................................................................................................-75- SECTION 3.25. DISTRIBUTION ACCOUNT.........................................................................-75- SECTION 3.26. PERMITTED WITHDRAWALS AND TRANSFERS FROM THE DISTRIBUTION ACCOUNT ................................................................................................................-76- SECTION 3.27

Power to Act; Procedures. 47 Section 59- SECTION 3.06. DUE-ON-SALE CLAUSES; ASSUMPTION AGREEMENTS............................................48 Section ...................-60- SECTION 3.07. RELEASE OF MORTGAGE FILES.............................................................48 Section ....................................-60- SECTION 3.08. DOCUMENTS, RECORDS AND FUNDS IN POSSESSION OF MASTER SERVICER TO BE HELD FOR TRUSTEE...............................................................................49 Section .......................................-61- SECTION 3.09. STANDARD HAZARD INSURANCE AND FLOOD INSURANCE POLICIES................................50 Section .......-62- SECTION 3.10. PRESENTMENT OF CLAIMS AND COLLECTION OF PROCEEDS......................................50 Section .............-62- SECTION 3.11. MAINTENANCE OF THE PRIMARY MORTGAGE INSURANCE POLICIES................................51 Section .......-63- SECTION 3.12. TRUSTEE TO RETAIN POSSESSION OF CERTAIN INSURANCE POLICIES AND DOCUMENTS..............51 Section ................................................-63- SECTION 3.13. REALIZATION UPON DEFAULTED MORTGAGE LOANS.............................................52 Section ....................-64- SECTION 3.14. COMPENSATION FOR THE MASTER SERVICER..................................................52 Section .........................-64- SECTION 3.15. REO PROPERTY..........................................................................53 Section .................................................-64- SECTION 3.16. ANNUAL OFFICER'S CERTIFICATE AS TO COMPLIANCE.........................................53 Section ................-65- SECTION 3.17. ANNUAL INDEPENDENT ACCOUNTANT'S SERVICING REPORT......................................54 Section .............-66- SECTION 3.18. REPORTS FILED WITH SECURITIES AND EXCHANGE COMMISSION.................................54 Section ........-66- SECTION 3.19. EMC...................................................................................55 Section UCC..........................................................-67- SECTION 3.20. UCC...................................................................................55 Section OBLIGATION OF THE MASTER SERVICER IN RESPECT OF PREPAYMENT INTEREST SHORTFALLS..........................................-67- SECTION 3.21. OPTIONAL PURCHASE OF DEFAULTED MORTGAGE LOANS[______________] PMI POLICY; CLAIMS UNDER THE [____________] PMI POLICY...................................................-67- SECTION 3.22. PROTECTED ACCOUNTS...........................................-67- SECTION 3.23. MASTER SERVICER COLLECTION ACCOUNT...........................-68- SECTION 3.24. PERMITTED WITHDRAWALS AND TRANSFERS FROM THE MASTER SERVICER COLLECTION ACCOUNT..................................-69- SECTION 3.25. DISTRIBUTION ACCOUNT.........................................55-70- SECTION 3.26. PERMITTED WITHDRAWALS AND TRANSFERS FROM THE DISTRIBUTION ACCOUNT......................................................-71- SECTION 3.27

Power to Act; Procedures. 47 51 Section 3.06. 3.06 DUE-ON-SALE CLAUSES; ASSUMPTION AGREEMENTS............................................48 ...................................52 Section 3.07. 3.07 RELEASE OF MORTGAGE FILES.............................................................48 ....................................................52 Section 3.08. 3.08 DOCUMENTS, RECORDS AND FUNDS IN POSSESSION OF MASTER SERVICER TO BE HELD FOR TRUSTEE...............................................................................49 ............................................................................53 Section 3.09. 3.09 STANDARD HAZARD INSURANCE AND FLOOD INSURANCE POLICIES................................50 .......................54 Section 3.10. 3.10 PRESENTMENT OF CLAIMS AND COLLECTION OF PROCEEDS......................................50 .............................54 Section 3.11. 3.11 MAINTENANCE OF THE PRIMARY MORTGAGE INSURANCE POLICIES................................51 .......................54 Section 3.12. 3.12 TRUSTEE TO RETAIN POSSESSION OF CERTAIN INSURANCE POLICIES AND DOCUMENTS..............51 ......................................................................................55 Section 3.13. 3.13 REALIZATION UPON DEFAULTED MORTGAGE LOANS.............................................52 ....................................55 Section 3.14. 3.14 COMPENSATION FOR THE MASTER SERVICER..................................................52 .........................................55 Section 3.15. 3.15 REO PROPERTY..........................................................................53 .................................................................56 Section 3.16. 3.16 ANNUAL OFFICER'S CERTIFICATE AS TO COMPLIANCE.........................................53 ................................56 Section 3.17. 3.17 ANNUAL INDEPENDENT ACCOUNTANT'S SERVICING REPORT......................................54 .............................57 Section 3.18. 3.18 REPORTS FILED WITH SECURITIES AND EXCHANGE COMMISSION.................................54 ........................57 Section 3.19. 3.19 EMC...................................................................................55 ..........................................................................58 Section 3.20. 3.20 UCC...................................................................................55 ..........................................................................58 Section 3.21. 3.21 OPTIONAL PURCHASE OF DEFAULTED MORTGAGE LOANS.........................................55................................58

Power to Act; Procedures. 47 Section 3.06. DUE93- SECTION 4.06 Due-ONon-SALE CLAUSESSale Clauses; ASSUMPTION AGREEMENTS............................................48 Section 3.07. RELEASE OF MORTGAGE FILES.............................................................48 Section 3.08. DOCUMENTSAssumption Agreements...................................................-94- SECTION 4.07 Reserved.....................................................................................-94- SECTION 4.08 Documents, RECORDS Records and Funds in Possession of Master Servicer To Be Held for Trustee..................................................................................-94- SECTION 4.09 Standard Hazard Insurance and Flood Insurance Policies.......................................-95- SECTION 4.10 Presentment of Claims and Collection of Proceeds.............................................-95- SECTION 4.11 Maintenance of Primary Mortgage Insurance Policies...........................................-95- SECTION 4.12 Trustee to Retain Possession of Certain Insurance Policies and Documents ............................................................................................-96- SECTION 4.13 Realization Upon Defaulted Mortgage Loans....................................................-96- SECTION 4.14 Compensation for the Master Servicer.........................................................-96- SECTION 4.15 REO Property.................................................................................-96- SECTION 4.16 Annual Officer's Certificate as to Compliance................................................-97- SECTION 4.17 Annual Independent Accountant's Servicing Report.............................................-97- SECTION 4.18 UCC..........................................................................................-98- SECTION 4.19 Obligation of the Master Servicer in Respect of Prepayment Interest Shortfalls...................................................................................-98- SECTION 4.20 Reserved.....................................................................................-98- SECTION 4.21 Prepayment Penalty Verification..............................................................-98- ARTICLE V PAYMENTS TO CERTIFICATEHOLDERS SECTION 5.01 Distributions...............................................................................-100- SECTION 5.02 Statements to Certificateholders............................................................-115- SECTION 5.03 Servicer Reports; P&I Advances..............................................................-118- SECTION 5.04 Allocation of Realized Losses...............................................................-120- SECTION 5.05 Compliance with Withholding Requirements....................................................-122- SECTION 5.06 Reports Filed with Securities and Exchange Commission.......................................-122- ARTICLE VI THE CERTIFICATES SECTION 6.01 The Certificates............................................................................-124- SECTION 6.02 Registration of Transfer and Exchange of Certificates.......................................-126- SECTION 6.03 Mutilated, Destroyed, Lost or Stolen Certificates...........................................-131- SECTION 6.04 Persons Deemed Owners.......................................................................-131- SECTION 6.05 Certain Available Information...............................................................-131- ARTICLE VII THE DEPOSITOR, THE SERVICER AND FUNDS IN POSSESSION OF MASTER SERVICER TO BE HELD FOR TRUSTEE...............................................................................49 Section 3.09. STANDARD HAZARD INSURANCE AND FLOOD INSURANCE POLICIES................................50 Section 3.10. PRESENTMENT OF CLAIMS AND COLLECTION OF PROCEEDS......................................50 Section 3.11. MAINTENANCE OF THE PRIMARY MORTGAGE INSURANCE POLICIES................................51 Section 3.12. TRUSTEE TO RETAIN POSSESSION OF CERTAIN INSURANCE POLICIES AND DOCUMENTS..............51 Section 3.13. REALIZATION UPON DEFAULTED MORTGAGE LOANS.............................................52 Section 3.14. COMPENSATION FOR THE MASTER SERVICER..................................................52 Section 3.15 SECTION 7.01 Liability of the Depositor, the Servicer and the Master Servicer............................-133- SECTION 7.02 Merger or Consolidation of the Depositor, the Servicer or the Master Servicer....................................................................................-133- SECTION 7.03 Limitation on Liability of the Depositor, the Servicer, the Master Servicer and Others......................................................................................-133- SECTION 7.04 Limitation on Resignation of the Servicer...................................................-134- SECTION 7.05 Limitation on Resignation of the Master Servicer............................................-135- SECTION 7.06 Assignment of Master Servicing..............................................................-136- SECTION 7.07 Rights of the Depositor in Respect of the Servicer and the Master Servicer ...........................................................................................-136- SECTION 7.08. REO PROPERTY..........................................................................53 Section 3.16Duties of the Credit Risk Manager...........................................................-137- SECTION 7.09. ANNUAL OFFICER'S CERTIFICATE AS TO COMPLIANCE.........................................53 Section 3.17Limitation Upon Liability of the Credit Risk Manager........................................-137- SECTION 7.10. ANNUAL INDEPENDENT ACCOUNTANT'S SERVICING REPORT......................................54 Section 3.18. REPORTS FILED WITH SECURITIES AND EXCHANGE COMMISSION.................................54 Section 3.19. EMC...................................................................................55 Section 3.20. UCC...................................................................................55 Section 3.21. OPTIONAL PURCHASE OF DEFAULTED MORTGAGE LOANS.........................................55Removal of the Credit Risk Manager..........................................................-138- ARTICLE VIII DEFAULT SECTION 8.01