Pledged Loans Shipped for Securitization Sample Clauses

Pledged Loans Shipped for Securitization. Upon shipment or delivery of Pledged Loans to be securitized and pending such payment to the Agent on the sale of the resulting MBS, the Companies agree to take all steps necessary to cause the Agent to be identified as the nominal owner of any MBS created from the pool of Mortgage Loans which includes such Pledged Loans in the records of the Federal Reserve Bank or other institution authorized by the issuing agency (Xxxxxx Mae, Xxxxxx Xxx or Xxxxxxx Mac, as the case may be) to maintain ownership records in respect of all such MBS, and to cause such arrangements to remain in effect until the Collateral Value of such securitized Mortgage Loans shall have been paid to the Agent (for deposit in the relevant Note Payment Account and distribution to the Lenders for application on the Loan.) Each Company hereby APPOINTS the Agent as its attorney-in-fact to take all such steps in its name and behalf as are necessary or appropriate to (i) obtain and maintain control of such MBS, (ii) establish, maintain or continue perfection of its security interests in such MBS and/or (as the context requires) (iii) enforce, collect or otherwise realize upon such interests, (iv) request that Xxxxxx Mae servicing rights, Xxxxxxx Mac servicing rights and servicing rights in respect of Mortgage Loans owned by any other Investor be transferred to the Agent or to another servicer approved by Xxxxxx Mae, Xxxxxxx Mac or such other Investor (as the case may be) and perform (without assuming or being deemed to have assumed any of the obligations of the Company thereunder) all aspects of each servicing contract that is Servicing Collateral, (v) request distribution to the Agent of sale proceeds or any applicable contract termination fees arising from the sale or termination of such servicing rights and remaining after satisfaction of the Company’s relevant obligations to Xxxxxx Mae, Xxxxxxx Mac or such other Investor (as the case may be), including costs and expenses related to any such sale or transfer of such servicing rights and other amounts due for unmet obligations of the Company to Xxxxxx Mae, Xxxxxxx Mac or such other Investor (as the case may be) under applicable Xxxxxx Mae Guides, Xxxxxxx Mac Guides or such other Investor’s contract, (vi) deal with Investors and any and all subservicers and master servicers in respect of any of the Servicing Collateral in the same manner and with the same effect as if done by the Company and
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Pledged Loans Shipped for Securitization. Upon shipment or delivery of Pledged Loans to be securitized and pending payment to the Agent of the Redemption Amount therefor on the sale of the resulting MBS, the Company agrees to take all steps necessary to cause the Agent to be identified as the nominal owner of any MBS created from the pool of Mortgage Loans which includes such Pledged Loans in the records of the Federal Reserve Bank or other institution authorized by the issuer (Xxxxxx Xxx, Xxxxxx Xxx, Xxxxxxx Mac or the securities intermediary holding such MBS for the private issuer, as the case may be) to maintain ownership records in respect of all such MBS, and to cause such arrangements to remain in effect until the Collateral Value of such securitized Mortgage Loans shall have been paid to the Agent (for deposit in the Note Payment Account and distribution to the Lenders for application on the Loan.) The Company hereby appoints the Agent as its attorney-in-fact to take all such steps in its name and behalf as are necessary or appropriate to (i) obtain and maintain control of such MBS, (ii) establish, maintain or continue perfection of its security interests in such MBS and/or (as the context requires) (iii) enforce, collect or otherwise realize upon such interests, and such appointment shall be deemed a power coupled with an interest and shall be irrevocable for so long as any of the Obligations shall be unpaid or any of the Lenders shall have any outstanding commitment to lend or to extend any other financial accommodations to or for the account of the Company.
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Pledged Loans Shipped for Securitization. 54 7.10. Right to Request Disbursement of Excess Funds in Note Payment Account............................54 7.11.
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Pledged Loans Shipped for Securitization. Upon shipment or delivery of Pledged Loans to be securitized and pending such payment to the Agent on the sale of the resulting Structured Securities, each Company agrees to take all steps necessary to:
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Pledged Loans Shipped for Securitization. Upon shipment or delivery of Pledged Loans to be securitized and pending payment to the Agent of the Redemption Amount therefor on the sale of the resulting MBS, the Company agrees to take all steps necessary to cause the Agent to be identified as the nominal owner of any MBS created from the pool of Mortgage Loans which includes such Pledged Loans in the records of the Federal Reserve Bank or other institution authorized by the issuer (Xxxxxx Mae, Xxxxxx Xxx, Xxxxxxx Mac or the securities intermediary holding such MBS for the private issuer, as the case may be) to maintain ownership records in respect of all such MBS, and to cause such arrangements to remain in effect until the Collateral Value of such securitized Mortgage Loans shall have been paid to the Agent (for deposit in the Note Payment Account and distribution to the Lenders for application on the Loan.)
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Related to Pledged Loans Shipped for Securitization

  • Sale of Defaulted Mortgage Loans and REO Properties (a) (i) Within thirty (30) days after a Defaulted Mortgage Loan has become a Specially Serviced Mortgage Loan, the Special Servicer shall order (but shall not be required to have received) an Appraisal and within thirty (30) days of receipt of the Appraisal shall determine the fair value of such Defaulted Mortgage Loan in accordance with the Servicing Standard; provided, however, that if the Special Servicer is then in the process of obtaining an Appraisal with respect to the related Mortgaged Property, the Special Servicer shall make its fair value determination as soon as reasonably practicable (but in any event within thirty (30) days) after its receipt of such an Appraisal. The Special Servicer may, from time to time, adjust its fair value determination based upon changed circumstances, new information and other relevant factors, in each instance in accordance with a review of such circumstances and new information in accordance with the Servicing Standard; provided that the Special Servicer shall promptly notify the Master Servicer in writing of the initial fair value determination and any adjustment to its fair value determination.

  • Administration of the Mortgage Loans (a) All of the Serviced Mortgage Loans and Administered REO Properties are to be serviced and administered by the Master Servicer and/or the Special Servicer hereunder. Each of the Master Servicer and the Special Servicer shall service and administer the Serviced Mortgage Loans and Administered REO Properties that it is obligated to service and administer pursuant to this Agreement on behalf of the Trustee, for the benefit of the Certificateholders (or, in the case of a Serviced Loan Combination, for the benefit of the Certificateholders and the related Serviced Non-Trust Mortgage Loan Noteholder(s)), as determined in the good faith and reasonable judgment of the Master Servicer or the Special Servicer, as the case may be, in accordance with: (i) any and all applicable laws; (ii) the express terms of this Agreement; (iii) the express terms of the respective Serviced Mortgage Loans and any and all related intercreditor, co-lender or similar agreements (including with respect to performing the duties of the holders of the respective Serviced Mortgage Loans thereunder (to the extent not inconsistent with this Agreement and to the extent consistent with the Servicing Standard)); and (iv) to the extent consistent with the foregoing, the Servicing Standard. The Master Servicer or the Special Servicer, as applicable in accordance with this Agreement, shall service and administer each Cross-Collateralized Group as a single Serviced Mortgage Loan as and when necessary and appropriate consistent with the Servicing Standard. Without limiting the foregoing and subject to Section 3.21, (i) the Master Servicer shall service and administer all of the Performing Serviced Mortgage Loans and shall render such services with respect to the Specially Serviced Mortgage Loans as are specifically provided for herein, and (ii) the Special Servicer shall service and administer each Specially Serviced Mortgage Loan and Administered REO Property and shall render such services with respect to Performing Serviced Mortgage Loans as are specifically provided for herein. All references herein to the respective duties of the Master Servicer and the Special Servicer, and to the areas in which they may exercise discretion, shall be subject to Section 3.21.

  • Whole Loan; Ownership of Mortgage Loans Except with respect to a Mortgage Loan that is part of a Whole Loan, each Mortgage Loan is a whole loan and not a participation interest in a mortgage loan. At the time of the sale, transfer and assignment to the Depositor, no Mortgage Note or Mortgage was subject to any assignment (other than assignments to the Mortgage Loan Seller or (with respect to any Non-Serviced Mortgage Loan) to the related Non-Serviced Trustee for the related Non-Serviced Trust), participation (it being understood that a Mortgage Loan that is part of a Whole Loan does not constitute a participation) or pledge, and the Mortgage Loan Seller had good title to, and was the sole owner of, each Mortgage Loan free and clear of any and all liens, charges, pledges, encumbrances, participations (other than with respect to agreements among noteholders with respect to a Whole Loan), any other ownership interests and other interests on, in or to such Mortgage Loan other than any servicing rights appointment, subservicing or similar agreement. The Mortgage Loan Seller has full right and authority to sell, assign and transfer each Mortgage Loan, and the assignment to the Depositor constitutes a legal, valid and binding assignment of such Mortgage Loan free and clear of any and all liens, pledges, charges or security interests of any nature encumbering such Mortgage Loan.

  • Sale of Notes and Securitization Borrower acknowledges and agrees that the Lender may sell all or any portion of the Loan and the Loan Documents, or issue one or more participations therein, or consummate one or more private or public securitizations of rated single- or multi-class securities (the “Securities”) secured by or evidencing ownership interests in all or any portion of the Loan and the Loan Documents or a pool of assets that include the Loan and the Loan Documents (such sales, participations and/or securitizations, collectively, a “Securitization”). At the request of Lender, and to the extent not already required to be provided by Borrower under this Agreement, Borrower shall use reasonable efforts to provide information not in the possession of Lender or which may be reasonably required by Lender in order to satisfy the market standards to which Lender customarily adheres or which may be reasonably required by prospective investors and/or the Rating Agencies in connection with any such Securitization including, without limitation, to:

  • Whole Loan Each Mortgage Loan is a whole loan and not a participation interest in a mortgage loan.

  • Liquidation of Mortgage Loans In the event that any payment due under any Mortgage Loan and not postponed pursuant to Section 4.01 is not paid when the same becomes due and payable, or in the event the Mortgagor fails to perform any other covenant or obligation under the Mortgage Loan and such failure continues beyond any applicable grace period, the Servicer shall take such action as (1) the Servicer would take under similar circumstances with respect to a similar mortgage loan held for its own account for investment, (2) shall be consistent with Accepted Servicing Practices, (3) the Servicer shall determine prudently to be in the best interest of the Owner, and (4) is consistent with any related PMI Policy or LPMI Policy. In the event that any payment due under any Mortgage Loan is not postponed pursuant to Section 4.01 and remains delinquent for a period of ninety (90) days or any other default continues for a period of 90 days beyond the expiration of any grace or cure period, the Servicer shall commence foreclosure proceedings, provided that, prior to commencing foreclosure proceedings, the Servicer shall notify the Master Servicer in writing of the Servicer's intention to do so, and the Servicer shall not commence foreclosure proceedings if the Master Servicer objects to such action within 10 Business Days of receiving such notice. In such connection, the Servicer shall from its own funds make all necessary and proper Servicing Advances, provided, however, that the Servicer shall not be required to expend its own funds in connection with any foreclosure or towards the restoration or preservation of any Mortgaged Property, unless it shall determine (a) that such preservation, restoration and/or foreclosure will increase the proceeds of liquidation of the Mortgage Loan to Owner after reimbursement to itself for such expenses and (b) that such expenses will be recoverable by it either through Liquidation Proceeds (respecting which it shall have priority for purposes of withdrawals from the Custodial Account pursuant to Section 4.05) or through Insurance Proceeds (respecting which it shall have similar priority). Notwithstanding anything to the contrary contained herein, in connection with a foreclosure or acceptance of a deed in lieu of foreclosure, in the event the Servicer has reasonable cause to believe that a Mortgaged Property is contaminated by hazardous or toxic substances or wastes, or if the Owner or the Master Servicer otherwise requests an environmental inspection or review of such Mortgaged Property to be conducted by a qualified inspector, the Servicer shall cause such an environmental inspection or review to be made by a qualified inspector. Upon completion of the inspection, the Servicer shall promptly provide the Owner with a written report of the environmental inspection. After reviewing the environmental inspection report, the Master Servicer shall determine how the Servicer shall proceed with respect to the Mortgaged Property. In the event (a) the environmental inspection report indicates that the Mortgaged Property is contaminated by hazardous or toxic substances or wastes and (b) the Master Servicer directs the Servicer to proceed with foreclosure or acceptance of a deed in lieu of foreclosure, the Servicer shall be reimbursed for all reasonable costs associated with such foreclosure or acceptance of a deed in lieu of foreclosure and any related environmental clean up costs, as applicable, from the related Liquidation Proceeds, or if the Liquidation Proceeds are insufficient to fully reimburse the Servicer, the Servicer shall be entitled to be reimbursed from amounts in the Custodial Account pursuant to Section 4.05 hereof. In the event the Master Servicer directs the Servicer not to proceed with foreclosure or acceptance of a deed in lieu of foreclosure, the Servicer shall be reimbursed for all Servicing Advances made with respect to the related Mortgaged Property from the Custodial Account pursuant to Section 4.05 hereof.

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