Assignment of PHH Loans Sample Clauses

Assignment of PHH Loans. (a) When MLCC receives the Purchase Price from PHH for a particular PHH Loan, PHH shall, at its sole cost and expense and on behalf of MLCC, and MLCC hereby authorizes PHH to, on its behalf, endorse the related Mortgage Note and assign the related security instrument (sometimes referred to hereafter as the “Mortgage”) to PHH, or a secondary market investor specified by PHH, as soon as reasonably possible, and shall in similar manner execute all such other documents necessary to make PHH the mortgagee or other secured party of record. Any recording fees or similar expenses due and payable on account of the assignments contemplated in this section shall be paid by PHH. To the extent MLCC shall have in its possession any original PHH Loan documents at the time of the assignment of the PHH Loan to PHH, MLCC shall thereupon deliver the original of same to PHH. (b) On the closing date of each Additional Collateral Mortgage Loan, MLCC shall cause to be delivered to PHH: (i) an assignment of MLCC’s interest under the Surety Bond with respect to such Additional Collateral Mortgage Loan sold on such date; and (ii) a certificate [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. Loan Purchase and Sale Agreement of the Surety Bond Issuer confirming the insurance of such Additional Collateral Mortgage Loan sold on such date pursuant to the provisions of the Surety Bond. On a quarterly basis, MLCC shall submit to PHH a statement (an “AMBAC Statement”) specifying the amounts of premiums paid by MLCC to AMBAC with respect to the Surety Bond for all Additional Collateral Mortgage Loans sold to PHH during the prior quarterly period. Each AMBAC Statement shall include documentation evidencing the amounts invoiced to PHH. Upon receipt of each AMBAC Statement, PHH shall, within [* * *], pay to MLCC an amount equal to the aggregate of all amounts invoiced on the respective AMBAC Statement. From time to time. PHH may make reasonable requests from MLCC with respect to Additional Collateral Mortgage Loans to the extent that such information is necessary in relation to the subsequent sale of such Mortgage Loan, and MLCC hereby agrees to comply with such reasonable requests, to the extent such compliance does not violate the Applicable Requirements.
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