Common use of Delivery for Sale of Pledged Mortgage Loans Clause in Contracts

Delivery for Sale of Pledged Mortgage Loans. If no Event of Default or Unmatured Event of Default exists, the Pledgor may direct the Collateral Agent to, and the Collateral Agent will, transmit on behalf of the Pledgor Pledged Mortgage Loans, accompanied by a duly completed and executed Bailee Letter, to an Approved Investor who Pledgor has represented has issued a Loan Specific Take-Out Commitment or Hedge or to a document custodian for such documents. All sale proceeds transferred to the Agent pursuant to such Bailee Letter and all Mortgage Notes and other documents returned to the Collateral Agent pursuant to such Bailee Letter shall remain a part of the Collateral unless and until released pursuant to Section 10.04 of this Agreement. All Pledged Mortgage Loans which are so transmitted or otherwise delivered but not paid for shall constitute Collateral and shall, subject to the conditions and limitations contained in Exhibit A to the Credit Agreement, be included in determining the Borrowing Base. The proceeds received by the Agent from the sale of any Pledged Mortgage Loans pursuant to this Section 10.02 shall be deposited by the Collateral Agent in the Settlement Account and shall be promptly applied to the payment of principal of the obligations as provided in the Credit Agreement, provided, however, if an Event of Default has occurred and is continuing, such proceeds shall be applied in accordance with Section 17 hereof.

Delivery for Sale of Pledged Mortgage Loans. If no Event of Default or Unmatured Event of Default exists, the Pledgor Company may direct the Collateral Agent to, and the Collateral Agent will, transmit on behalf of the Pledgor Company Pledged Mortgage Loans, accompanied by a duly completed and executed Bailee Letter, to an Approved Investor who Pledgor has represented has issued a Loan Specific Take-Out Commitment or Hedge or to a document custodian for such documentsInvestor that is acceptable to the Agent. All sale proceeds transferred to the Agent pursuant to such Bailee Letter and all Mortgage Notes and other documents returned to the Collateral Agent pursuant to such Bailee Letter shall remain a part of the Collateral unless and until released pursuant to Section 10.04 of this Security Agreement. If required by the applicable Take-Out Commitment, Pledged Mortgage Loans may be duly assigned of record to the issuer of such Take-Out Commitment subject to reassignment if not purchased and with beneficial title to any such assigned Pledged Mortgage Loans being subject to the above-stated escrow condition. All Pledged Mortgage Loans which are so transmitted or otherwise delivered but not paid for shall constitute Collateral and shall, subject to the conditions and limitations limits contained in Exhibit A to the Credit Agreementherein, be included in determining the Borrowing Base. The proceeds received by the Agent from the sale of any Pledged Mortgage Loans pursuant to this Section 10.02 shall be deposited by the Collateral Agent in the Settlement Collateral Account and shall be promptly applied to the payment of principal of the obligations as provided in the Credit Agreement, Notes; provided, however, that if an Event of Default has occurred and is continuing, such proceeds shall be applied in accordance with Section 17 hereof.

Delivery for Sale of Pledged Mortgage Loans. If no Event of Default or Unmatured Event of Default exists, the Pledgor may direct the Collateral Agent toBank, and the Collateral Agent will, Bank will transmit on behalf of the Pledgor Pledgor, Pledged Mortgage Loans, accompanied by a duly completed and executed Bailee Letter, to an Approved Investor who Pledgor has represented has issued a Loan Specific Take-Out Commitment or Hedge or to a document custodian for such documentsCommitment. All sale proceeds transferred to the Agent Bank pursuant to such Bailee Letter and all Mortgage Notes and other documents returned to the Collateral Agent Bank pursuant to such Bailee Letter shall remain a part of the Collateral unless and until released pursuant to Section 10.04 of this Pledge and Security Agreement. If required by the applicable Take-Out Commitment, Pledged Mortgage Loans may be duly assigned of record to the issuer of such Take-Out Commitment subject to reassignment if not purchased and with beneficial title to any such assigned Pledged Mortgage Loans being subject to the above-stated escrow condition. All Pledged Mortgage Loans which are so transmitted or otherwise delivered but not paid for shall constitute Collateral and shall, subject to the conditions and limitations limits contained in Exhibit A to the Credit Agreementherein, be included in determining the Borrowing Base. The Pledgor further agrees that the -12- initial certifications and the settlements in connection with FNMA and GNMA pools are to be performed by the Bank or its designated agent. The proceeds received by the Agent Bank from the sale of any Pledged Mortgage Loans pursuant to this Section 10.02 10.03 shall be deposited by the Collateral Agent Bank in the Settlement Collateral Account and shall be promptly applied to the payment of principal of the obligations as provided in the Credit Agreement, Note; provided, however, that if an Event of Default has occurred and is continuing, such proceeds shall be applied in accordance with Section 17 hereof.

Delivery for Sale of Pledged Mortgage Loans. If no Event of Default or Unmatured Event of Default exists, the Pledgor may Borrower shall direct the Collateral Agent to, and the Collateral Agent will, transmit on behalf of the Pledgor Borrower Pledged Mortgage Loans, accompanied by a duly completed and executed Bailee Letter, to an Approved Investor who Pledgor has represented has issued a Loan Specific Take-Out Commitment or Hedge or to a document custodian for such documentsCommitment. All sale proceeds transferred to the Agent pursuant to such Bailee Letter and all Mortgage Notes and other documents returned to the Collateral Agent pursuant to such Bailee Letter shall remain a part of the Collateral unless and until released pursuant to Section 10.04 of this Pledge and Security Agreement. If required by the applicable Take-Out Commitment, Pledged Mortgage Loans may be duly assigned of record to the issuer of such Take-Out Commitment subject to reassignment if not purchased and with beneficial title to any such assigned Pledged Mortgage Loans being subject to the above-stated escrow condition. All Pledged Mortgage Loans which are so transmitted or otherwise delivered but not paid for shall constitute Collateral and shall, subject to the conditions and limitations limits contained in Exhibit A to the Credit Agreementherein, be included in determining the Borrowing Base. The Borrower further agrees that the initial certifications and the settlements in connection with Xxxxxx Mae, Xxxxxxx Mac and Xxxxxx Mae pools are to be performed by the Agent or its designated agent. The proceeds received by the Agent from the sale of any Pledged Mortgage Loans pursuant to this Section 10.02 shall be deposited by the Collateral Agent in the Funding and Settlement Account and shall be promptly applied to the payment of principal of the obligations as provided in the Credit Agreement, Notes; provided, however, that if an Event of Default has occurred and is continuing, such proceeds shall be applied in accordance with Section 17 hereof.

Delivery for Sale of Pledged Mortgage Loans. If no Event ------------------------------------------- of Default or Unmatured Event of Default exists, the Pledgor Company may direct the Collateral Agent to, and the Collateral Agent will, transmit on behalf of the Pledgor Company Pledged Mortgage Loans, accompanied by a duly completed and executed Bailee Letter, to an Approved Investor who Pledgor has represented has issued a Loan Specific Take-Out Commitment or Hedge or to a document custodian for such documentsInvestor that is acceptable to the Agent. All sale proceeds transferred to the Agent pursuant to such Bailee Letter and all Mortgage Notes and other documents returned to the Collateral Agent pursuant to such Bailee Letter shall remain a part of the Collateral unless and until released pursuant to Section 10.04 of this Pledge and Security Agreement. If required by the applicable Take-Out Commitment, Pledged Mortgage Loans may be duly assigned of record to the issuer of such Take-Out Commitment subject to reassignment if not purchased and with beneficial title to any such assigned Pledged Mortgage Loans being subject to the above-stated escrow condition. All Pledged Mortgage Loans which are so transmitted or otherwise delivered but not paid for shall constitute Collateral and shall, subject to the conditions and limitations limits contained in Exhibit A to the Credit Agreementherein, be included in determining the Warehousing Borrowing Base. The proceeds received by the Agent from the sale of any Pledged Mortgage Loans pursuant to this Section 10.02 shall be deposited by the Collateral Agent in the Settlement Collateral Account and shall be promptly applied to the payment of principal of the obligations as provided in the Credit Agreement, Warehousing Note; provided, however, that if an Event of Default has occurred and is continuing, such proceeds shall be applied in accordance with Section 17 hereof.

Delivery for Sale of Pledged Mortgage Loans. (a) If no Event of Default or Unmatured Event of Default exists, the Pledgor may Borrower shall direct the Collateral Agent to, and the Collateral Agent will, transmit on behalf of the Pledgor Borrower Pledged Mortgage Loans, accompanied by a duly completed and executed Bailee Letter, to an Approved Investor who Pledgor has represented has issued a Loan Specific Take-Out Commitment or Hedge or to a document custodian for such documentsCommitment. All sale proceeds transferred to the Agent pursuant to such Bailee Letter and all Mortgage Notes and other documents returned to the Collateral Agent pursuant to such Bailee Letter shall remain a part of the Collateral unless and until released pursuant to Section 10.04 of this Pledge and Security Agreement. If required by the applicable Take-Out Commitment, Pledged Mortgage Loans may be duly assigned of record to the issuer of such Take-Out Commitment subject to reassignment if not purchased and with beneficial title to any such assigned Pledged Mortgage Loans being subject to the above-stated escrow condition. All Pledged Mortgage Loans which are so transmitted or otherwise delivered but not paid for shall constitute Collateral and shall, subject to the conditions and limitations limits contained in Exhibit A to the Credit Agreementherein, be included in determining the Borrowing Base. The Borrower further agrees that the initial certifications and the settlements in connection with Fxxxxx Mxx, Fxxxxxx Mac and Gxxxxx Mae pools are to be performed by the Agent or its designated agent. The proceeds received by the Agent from the sale of any Pledged Mortgage Loans pursuant to this Section 10.02 shall be deposited by the Collateral Agent in the Funding and Settlement Account and shall be promptly applied to the payment of principal of the obligations as provided in the Credit Agreement, Notes; provided, however, that if an Event of Default has occurred and is continuing, such proceeds shall be applied in accordance with Section 17 hereof.