MERS Designated Loans. With respect to each MERS Designated Mortgage Loan, the Seller shall, on or prior to the related Closing Date, designate the Purchaser as the Investor and the Custodian as custodian, and no Person shall be listed as Interim Funder on the MERS System. In addition, on or prior to the related Closing Date, Seller shall provide the Custodian and the Purchaser with a MERS Report listing the Purchaser as the Investor, the Custodian as custodian and no Person as Interim Funder with respect to each MERS Designated Mortgage Loan.
MERS Designated Loans. 21 SECTION 7. REPRESENTATIONS, WARRANTIES AND COVENANTS; REMEDIES FOR BREACH.............................21 Subsection 7.01 Representations and Warranties Regarding Individual Mortgage Loans.........................21 Subsection 7.02 Seller Representations.....................................................................32 Subsection 7.03 Remedies for Breach of Representations and Warranties......................................36 Subsection 7.04 Repurchase of Mortgage Loans with Early Payment Defaults...................................38 Subsection 7.05 Premium Recapture..........................................................................39 SECTION 8. CLOSING....................................................................................39
MERS Designated Loans. 20 Section 7 Representations, Warranties and Covenants; Remedies for Breach.............................20
MERS Designated Loans. ARTICLE VII
MERS Designated Loans. With respect to each MERS Designated Mortgage Loan, the Seller shall, no later than two Business Days after the related Closing Date, designate the Purchaser as the Investor and the Custodian as custodian, and no Person shall be listed as Interim Funder on the MERS System. In addition, no later than two Business Days after the related Closing Date, Seller shall provide the Custodian and the Purchaser with a MERS Report listing the Purchaser as the Investor, the Custodian as custodian and no Person as Interim Funder with respect to each MERS Designated Mortgage Loan.
MERS Designated Loans. With respect to each MERS Designated Mortgage Loan, the Seller shall, on or prior to the related Closing Date, designate the Purchaser as the Investor and the Custodian as custodian, and no Person shall be listed as Interim Funder on the MERS System. In addition, on or prior to the related Closing Date, Seller shall provide the Custodian and the Purchaser with a MERS Report listing the Purchaser as the Investor, the Custodian as custodian and no Person as Interim Funder with respect to each MERS Designated Mortgage Loan. Prior to the related servicing transfer date, the Seller shall be designated as the servicer on the MERS System.
MERS Designated Loans. With respect to each MERS Designated Mortgage Loan, the Seller shall, no later than two (2) Business Days following the related Closing Date, designate the Purchaser as the Investor and the Custodian as custodian, and no Person shall be listed as Interim Funder on the MERS System. In addition, on or prior to the related Closing Date, Seller shall provide the Custodian and the Purchaser with a MERS Report listing the Purchaser as the Investor, the Custodian as custodian and no Person listed as Interim Funder with respect to each MERS Designated Mortgage Loan. Notwithstanding the foregoing, the Seller agrees that all Mortgage Loans will be MERS Designated Mortgage Loans as of the related Closing Date.
MERS Designated Loans. With respect to each MERS Designated Mortgage Loan, the Seller shall, no later than two Business Days after the related Closing Date, designate the Purchaser as the Investor and the Custodian as custodian, and no Person shall be listed as Interim Funder on the MERS System. In addition, no later than two Business Days after the related Closing Date, Seller shall provide the Custodian and the Purchaser with a MERS Report listing the Purchaser as the Investor, the Custodian as custodian and no Person as Interim Funder with respect to each MERS Designated Mortgage Loan. -19- SECTION 7. Servicing of the Mortgage Loans. The Mortgage Loans have been sold by the Seller to the Purchaser on a servicing released basis. Subject to and upon the terms and conditions of this Agreement and the Interim Servicing Agreement (with respect to each Mortgage Loan, for an interim period, as specified therein), the Seller hereby sells, transfers, assigns, conveys and delivers to the Purchaser the Servicing Rights. The Purchaser shall retain the Interim Servicer as contract servicer of the Mortgage Loans for an interim period pursuant to and in accordance with the terms and conditions contained in the Interim Servicing Agreement (with respect to each Mortgage Loan, for an interim period, as specified therein). The Seller shall cause the Interim Servicer to execute the Interim Servicing Agreement on the initial Closing Date. The Seller shall cause the Interim Servicer to transfer the servicing of the Mortgage Loans on each Transfer Date in accordance with the terms of the Interim Servicing Agreement. SECTION 8. [RESERVED]. SECTION 9.
MERS Designated Loans. With respect to each MERS Designated Mortgage Loan, the Seller shall, on or prior to the related Closing Date, designate the Purchaser as the Investor, and no Person shall be listed as Interim Funder on the MERS System. In addition, eight (8) to ten (10) days after the related Closing Date, Seller shall provide the Custodian and the Purchaser with a MERS Report listing the Purchaser as the Investor, and no Person listed as Interim Funder with respect to each MERS Designated Mortgage Loan.
MERS Designated Loans. With respect to each MERS Designated Mortgage Loan, the Sellers shall, within one (1) Business Day of the related Closing Date, designate the Purchaser as the Investor, and no Person shall be listed as Interim Funder on the MERS System.
