Common use of Assignment Failure Clause in Contracts

Assignment Failure. If an Assignment of a Security Instrument to the related Servicer, the Trustee, or the Custodian, as applicable, as required pursuant to the definition of Trustee Mortgage Loan File has not been recorded within one year of the Closing Date, the Master Servicer shall enforce the related Servicer's obligation set forth in the related Servicing Agreement either to (i) purchase the related Mortgage Loan from the Trustee on behalf of the Certificateholders or (ii) if there have been no defaults in the Monthly Payments on such Mortgage Loan, deposit an amount equal to the Purchase Price of such Mortgage Loan into an escrow account maintained by the Paying Agent (which account shall not be an asset of the Trust or any REMIC) as required by the related Servicing Agreement. Any such amounts deposited to an escrow account, plus any earnings thereon, shall (i) be released to the related Servicer upon receipt by the Trustee of satisfactory evidence that an Assignment has been recorded in the name of such Servicer, the Trustee, or the Custodian, as applicable, as required pursuant to the definition of Trustee Mortgage Loan File (and, if the Assignment has been recorded in the name of the Servicer, satisfactory evidence that an original Assignment from such Servicer in blank or to the Trustee or the Custodian in recordable form has been deposited into the Trustee Mortgage Loan File) or (ii) be applied to purchase the related Mortgage Loan if the Master Servicer notifies the Trustee that there has been a default thereon. Any amounts in the escrow account may be invested in Permitted Investments at the written direction of the Master Servicer.

Assignment Failure. If an Assignment of a Security Instrument to the related Servicer, Trustee on behalf of the Trustee, or Trust of the Custodian, as applicable, as required pursuant to the definition of Trustee Seller's interest in a Mortgage securing a Mortgage Loan File has not been recorded within one year after the Closing Date for the related Series of Certificates (or in the case of Mortgage Loans for which recordation of an Assignment was initially waived but subsequently required pursuant to Section 2.03(a) hereof, within one year after the Trustee's delivery of the Closing DateAssignment to the Servicer for recordation), (1) the Master Servicer Seller shall enforce the related Servicer's obligation set forth in the related Servicing Agreement either to (i) purchase the related Mortgage Loan from the Trustee on behalf of the Certificateholders or (ii2) if there have been no defaults in the Monthly Payments on such Mortgage Loan, the Seller shall deposit an amount equal to the Purchase Repurchase Price of such Mortgage Loan therefor into an escrow account maintained by the Paying Agent Trustee (which account shall not be an asset of the Trust or any REMIC) as required by ), or shall enforce the related Servicing AgreementSeller's obligation under its Sales Agreement to make such purchase or deposit. Any such amounts deposited to an escrow account, plus any earnings thereon, shall (iA) be released to the related Servicer Seller, as the case may be, upon receipt by the Trustee of satisfactory evidence that an Assignment has been recorded in the name of such Servicer, the Trustee, or the Custodian, as applicable, as required pursuant to the definition of Trustee Mortgage Loan File (and, if the Assignment has been recorded in the name of the Servicer, satisfactory evidence that an original Assignment from such Servicer in blank or to the Trustee or the Custodian in recordable form has been deposited into the Trustee Mortgage Loan File) or (iiB) be applied to purchase the related Mortgage Loan if in the Master event that the Servicer notifies the Trustee that there has been a default thereon. Any amounts in the escrow account may be invested in Permitted Eligible Investments at the written direction of the Master ServicerSeller.

Assignment Failure. If an Assignment of a Security Instrument to the related Servicer, Trustee of the Trustee, or the Custodian, as applicable, as required pursuant to the definition of Trustee Seller's interest in a Mortgage securing a Mortgage Loan File has not been recorded within one year after the Closing Date for the related Series of Certificates (or in the case of Mortgage Loans for which recordation of an Assignment was initially waived but subsequently required pursuant to Section 2.03(a) hereof, within one year after the Trustee's delivery of the Closing DateAssignment to the Servicer for recordation), the Master Servicer shall enforce the related Servicer's obligation set forth in the related Servicing Agreement either to (i1) purchase the related Mortgage Loan from the Trustee on behalf of the Certificateholders or (ii2) if there have been no defaults in the Monthly Payments on such Mortgage Loan, deposit an amount equal to the Purchase Repurchase Price of such Mortgage Loan therefor into an escrow account maintained by the Paying Agent Trustee (which account shall not be an asset of the Trust or any REMIC) as required by ), or shall enforce the related Servicing AgreementSeller's obligation under its Sales Agreement to make such purchase or deposit. Any such amounts deposited to an escrow account, plus any earnings thereon, shall (iA) be released to the related Servicer or Seller, as the case may be, upon receipt by the Trustee of satisfactory evidence that an Assignment has been recorded in the name of such Servicer, the Trustee, or the Custodian, as applicable, as required pursuant to the definition of Trustee Mortgage Loan File (and, if the Assignment has been recorded in the name of the Servicer, satisfactory evidence that an original Assignment from such Servicer in blank or to the Trustee or the Custodian in recordable form has been deposited into the Trustee Mortgage Loan File) or (iiB) be applied to purchase the related Mortgage Loan if in the Master event that the Servicer notifies the Trustee that there has been a default thereon. Any amounts in the escrow account may be invested in Permitted Eligible Investments at the written direction of the Master Servicer.

Assignment Failure. If an Assignment of a Security Instrument to the related Servicer, Trustee of the Trustee, or the Custodian, as applicable, as required pursuant to the definition of Trustee Seller's interest in a Mortgage securing a Mortgage Loan File has not been recorded within one year after the Closing Date for the related Series of Certificates (or in the case of Mortgage Loans for which recordation of an Assignment was initially waived but subsequently required pursuant to Section 2.03(a) hereof, within one year after the Trustee's delivery of the Closing DateAssignment to the Servicer for recordation), (1) the Master Servicer Seller shall enforce the related Servicer's obligation set forth in the related Servicing Agreement either to (i) purchase the related Mortgage Loan from the Trustee on behalf of the Certificateholders or (ii2) if there have been no defaults in the Monthly Payments on such Mortgage Loan, the Seller shall deposit an amount equal to the Purchase Repurchase Price of such Mortgage Loan therefor into an escrow account maintained by the Paying Agent Trustee (which account shall not be an asset of the Trust or any REMIC) as required by ), or shall enforce the related Servicing AgreementSeller's obligation under its Sales Agreement to make such purchase or deposit. Any such amounts deposited to an escrow account, plus any earnings thereon, shall (iA) be released to the related Servicer Seller, as the case may be, upon receipt by the Trustee of satisfactory evidence that an Assignment has been recorded in the name of such Servicer, the Trustee, or the Custodian, as applicable, as required pursuant to the definition of Trustee Mortgage Loan File (and, if the Assignment has been recorded in the name of the Servicer, satisfactory evidence that an original Assignment from such Servicer in blank or to the Trustee or the Custodian in recordable form has been deposited into the Trustee Mortgage Loan File) or (iiB) be applied to purchase the related Mortgage Loan if in the Master event that the Servicer notifies the Trustee that there has been a default thereon. Any amounts in the escrow account may be invested in Permitted Eligible Investments at the written direction of the Master ServicerSeller.

Assignment Failure. If an Assignment to the Trustee of the Seller's ------------------ interest in a Security Instrument to the related Servicer, the Trustee, or the Custodian, as applicable, as required pursuant to the definition of Trustee Mortgage Loan File has not been recorded within one year of the Closing DateDate of the related Securities, the Master Servicer shall enforce the related Servicer's obligation set forth in the related Servicing Agreement or the Seller's obligation under the Sales Agreement either to (i) purchase the related Mortgage Loan Asset from the Trustee on behalf of the Certificateholders Securityholders or (ii) if there have been no defaults in the Monthly Payments on such Mortgage LoanAsset, deposit an amount equal to the Purchase Price of such Mortgage Loan into an escrow account maintained by the Paying Agent Trustee (which account shall not be an asset of the Trust or any REMIC) ), as required by the related applicable Servicing Agreement or Sales Agreement. Any such amounts deposited to an escrow account, plus any earnings thereon, shall (iA) be released to the related Servicer or Seller, as the case may be, upon receipt by the Trustee of satisfactory evidence that an Assignment has been recorded in the name of such Servicer, the Trustee, or the Custodian, as applicable, as required pursuant to the definition of Trustee Mortgage Loan File (and, if the Assignment has been recorded in the name of the Servicer, satisfactory evidence that an original Assignment from such Servicer in blank or to the Trustee or the Custodian in recordable form has been deposited into the Trustee Mortgage Loan File) or (iiB) be applied to purchase the related Mortgage Loan if Asset in the event that the Master Servicer notifies the Trustee that there has been a default thereon. Any amounts in the escrow account may be invested in Permitted Investments at the written direction of the Master Servicer.

Assignment Failure. If an Assignment of a Security Instrument to the related Servicer, Trustee of the Trustee, or the Custodian, as applicable, as required pursuant to the definition of Trustee Seller's ------------------ interest in a Mortgage securing a Mortgage Loan File has not been recorded within one year after the Closing Date for the related Series of Certificates (or in the case of Mortgage Loans for which recordation of an Assignment was initially waived but subsequently required pursuant to Section 2.03(a) hereof, within one year after the Trustee's delivery of the Closing DateAssignment to the Servicer for recordation), the Master Servicer shall enforce the related Servicer's obligation set forth in the related Servicing Agreement either to (i1) purchase the related Mortgage Loan from the Trustee on behalf of the Certificateholders or (ii2) if there have been no defaults in the Monthly Payments on such Mortgage Loan, deposit an amount equal to the Purchase Repurchase Price of such Mortgage Loan therefor into an escrow account maintained by the Paying Agent Trustee (which account shall not be an asset of the Trust or any REMIC) as required by ), or shall enforce the related Servicing AgreementSeller's obligation under its Sales Agreement to make such purchase or deposit. Any such amounts deposited to an escrow account, plus any earnings thereon, shall (iA) be released to the related Servicer or Seller, as the case may be, upon receipt by the Trustee of satisfactory evidence that an Assignment has been recorded in the name of such Servicer, the Trustee, or the Custodian, as applicable, as required pursuant to the definition of Trustee Mortgage Loan File (and, if the Assignment has been recorded in the name of the Servicer, satisfactory evidence that an original Assignment from such Servicer in blank or to the Trustee or the Custodian in recordable form has been deposited into the Trustee Mortgage Loan File) or (iiB) be applied to purchase the related Mortgage Loan if in the Master event that the Servicer notifies the Trustee that there has been a default thereon. Any amounts in the escrow account may be invested in Permitted Eligible Investments at the written direction of the Master Servicer.

Assignment Failure. If an Assignment of a Security Instrument to the related Servicer, Trustee on behalf of the Trustee, or Trust of the Custodian, as applicable, as required pursuant to the definition of Trustee Seller's interest in a Mortgage securing a Mortgage Loan File has not been recorded within one year after the Closing Date for the related Series of Certificates (or in the case of Mortgage Loans for which recordation of an Assignment was initially not required due to the delivery of an Opinion of Counsel pursuant to Section 2.3(a) but subsequently required pursuant to Section 2.03(a) hereof, within one year after the Trustee's delivery of the Closing DateAssignment to the Servicer or other provision has been arranged for recordation), (1) the Master Servicer Seller shall enforce the related Servicer's obligation set forth in the related Servicing Agreement either to (i) purchase the related Mortgage Loan from the Trustee on behalf of the Certificateholders or (ii2) if there have been no defaults in the Monthly Payments on such Mortgage Loan, the Seller shall deposit an amount equal to the Purchase Repurchase Price of such Mortgage Loan therefor into an escrow account maintained by the Paying Agent Trustee (which account shall not be an asset of the Trust or any REMIC) as required by ), or shall enforce the related Servicing AgreementSeller's obligation under its Sales Agreement to make such purchase or deposit. Any such amounts deposited to an escrow account, plus any earnings thereon, shall (iA) be released to the related Servicer Seller, as the case may be, upon receipt by the Trustee of satisfactory evidence that an Assignment has been recorded in the name of such Servicer, the Trustee, or the Custodian, as applicable, as required pursuant to the definition of Trustee Mortgage Loan File (and, if the Assignment has been recorded in the name of the Servicer, satisfactory evidence that an original Assignment from such Servicer in blank or to the Trustee or the Custodian in recordable form has been deposited into the Trustee Mortgage Loan File) or (iiB) be applied to purchase the related Mortgage Loan if in the Master event that the Servicer notifies the Trustee that there has been a default thereon. Any amounts in the escrow account may be invested in Permitted Eligible Investments at the written direction of the Master ServicerSeller.

Assignment Failure. If an Assignment of a Security Instrument to the related Servicer, Trustee of the Trustee, or the Custodian, as applicable, as required pursuant to the definition of Trustee Seller's interest in a Mortgage securing a Mortgage Loan File has not been recorded within one year after the Closing Date for the related Series of Certificates (or in the case of Mortgage Loans for which recordation of an Assignment was initially waived but subsequently required pursuant to Section 2.02(a) hereof, within one year after the Trustee's delivery of the Closing DateAssignment to the Master Servicer for recordation), the Master Servicer shall enforce the related Servicer's obligation set forth in the related Servicing Agreement either to (i1) purchase the related Mortgage Loan from the Trustee on behalf of the Certificateholders or (ii2) if there have been no defaults in the Monthly Payments on such Mortgage Loan, deposit an amount equal to the Purchase Repurchase Price of such Mortgage Loan therefor into an escrow account maintained by the Paying Agent Trustee (which account shall not be an asset of the Trust or any REMIC) as required by ), or shall enforce the related Servicing AgreementSeller's obligation under its Sales Agreement to make such purchase or deposit. Any such amounts deposited to an escrow account, plus any earnings thereon, shall (iA) be released to the related Master Servicer or Seller, as the case may be, upon receipt by the Trustee of satisfactory evidence that an Assignment has been recorded in the name of such Servicer, the Trustee, or the Custodian, as applicable, as required pursuant to the definition of Trustee Mortgage Loan File (and, if the Assignment has been recorded in the name of the Servicer, satisfactory evidence that an original Assignment from such Servicer in blank or to the Trustee or the Custodian in recordable form has been deposited into the Trustee Mortgage Loan File) or (iiB) be applied to purchase the related Mortgage Loan if in the event that the Master Servicer notifies the Trustee that there has been a default thereon. Any amounts in the escrow account may be invested in Permitted Eligible Investments at the written direction of the Master Servicer.

Assignment Failure. If an Assignment of a Security Instrument to the related Servicer, Trustee of the Trustee, or the Custodian, as applicable, as required pursuant to the definition of Trustee Seller’s interest in a Mortgage securing a Mortgage Loan File has not been recorded within one year after the Closing Date for the related Series of Certificates (or in the case of Mortgage Loans for which recordation of an Assignment was initially waived but subsequently required pursuant to Section 2.02(a) hereof, within one year after the Trustee’s delivery of the Closing DateAssignment to the Master Servicer for recordation), the Master Servicer shall enforce the related Servicer's obligation set forth in the related Servicing Agreement either to (i1) purchase the related Mortgage Loan from the Trustee on behalf of the Certificateholders or (ii2) if there have been no defaults in the Monthly Payments on such Mortgage Loan, deposit an amount equal to the Purchase Repurchase Price of such Mortgage Loan therefore into an escrow account maintained by the Paying Agent Trustee (which account shall not be an asset of the Trust or any REMIC) as required by ), or shall enforce the related Servicing AgreementSeller’s obligation under its Sales Agreement to make such purchase or deposit. Any such amounts deposited to an escrow account, plus any earnings thereon, shall (iA) be released to the related Master Servicer or Seller, as the case may be, upon receipt by the Trustee of satisfactory evidence that an Assignment has been recorded in the name of such Servicer, the Trustee, or the Custodian, as applicable, as required pursuant to the definition of Trustee Mortgage Loan File (and, if the Assignment has been recorded in the name of the Servicer, satisfactory evidence that an original Assignment from such Servicer in blank or to the Trustee or the Custodian in recordable form has been deposited into the Trustee Mortgage Loan File) or (iiB) be applied to purchase the related Mortgage Loan if in the event that the Master Servicer notifies the Trustee that there has been a default thereon. Any amounts in the escrow account may be invested in Permitted Eligible Investments at the written direction of the Master Servicer.