MERS Designated Mortgage Loan definition

MERS Designated Mortgage Loan. Mortgage Loans for which (a) the Seller has designated or will designate MERS as, and has taken or will take such action as is necessary to cause MERS to be, the mortgagee of record, as nominee for the Seller, in accordance with MERS Procedures Manual and (b) the Seller has designated or will designate the Purchaser as the Investor on the MERS System.

MERS Designated Mortgage Loan means a Mortgage Loan that satisfies the definition of the term “MERS Designated Mortgage Loan” contained in the Electronic Tracking Agreement.

MERS Designated Mortgage Loan. Mortgage Loans for which (a) the Responsible Party has designated or will designate MERS as, and has taken or will take such action as is necessary to cause MERS to be, the mortgagee of record, as nominee for the Responsible Party, in accordance with the MERS Procedures Manual and (b) the Responsible Party has designated or will designate the Trust as the Investor on the MERS(R) System.

Examples of MERS Designated Mortgage Loan in a sentence

• By execution of this Agreement, the Electronic Agent and MERS each represents and warrants that it currently holds, and during the existence of this Agreement shall hold, no adverse interest, by way of security or otherwise, in any MERS Designated Mortgage Loan.

• The Manager covenants that if it causes the Company to be designated as the “investor” with respect to any MERS Designated Mortgage Loan as provided in Section 3, it shall cause the Company to become a member of MERS in good standing and remain a member of MERS in good standing so long it is designated as the “investor” with respect to such MERS Designated Mortgage Loans.

• MERS agrees that in no event shall MERS’ status as mortgagee of record with respect to any MERS Designated Mortgage Loan confer upon MERS any rights or obligations as an owner of any MERS Designated Mortgage Loan or the servicing rights related thereto, and MERS will not exercise such rights unless directed to do so by the Purchaser.

• As to any Deleted Mortgage Loan for which the Seller substitutes one or more Substitute Mortgage Loans, the Seller shall effect such substitution by delivering to the Purchaser for each Substitute Mortgage Loan the Mortgage Note, the Mortgage, the Assignment of Mortgage (except with respect to each MERS Designated Mortgage Loan) and such other documents and agreements as are required by Subsection 6.03.

• XXXX agrees that in no event shall MERS’ status as mortgagee of record with respect to any MERS Designated Mortgage Loan confer upon MERS any rights or obligations as an owner of any MERS Designated Mortgage Loan or the servicing rights related thereto, and MERS will not exercise such rights unless directed to do so by the Purchaser.

More Definitions of MERS Designated Mortgage Loan

MERS Designated Mortgage Loan. Any Mortgage Loan as to which the related Mortgage, or an Assignment of Mortgage, has been or will be recorded in the name of MERS, as nominee for the holder from time to time of the Mortgage Note.

MERS Designated Mortgage Loan. Each Mortgage Loan that has been originated in the name of, or assigned to, MERS and registered under the MERS System.

MERS Designated Mortgage Loan shall have the meaning assigned to such term in Section 3 of the Electronic Tracking Agreement.

MERS Designated Mortgage Loan shall have the meaning assigned thereto in the Custodial Agreement.

MERS Designated Mortgage Loan means any Mortgage Loan registered with MERS on the MERS System.

MERS Designated Mortgage Loan shall have the meaning assigned to such term in Section 3.

MERS Designated Mortgage Loan. Any Mortgage Loans for which (a) the applicable Seller has designated or will designate MERS as, and has taken or will take such action as is necessary to cause MERS to be, the mortgagee of record, as nominee for such Seller, in accordance with MERS Procedure Manual, (b) such Seller has designated or will designate the Purchaser as the Investor on the MERS(R) System, and (c) such Seller has designated or will designate the Custodian as the Custodian on the MERS(R) System. The Purchaser or its designee will advise the Custodian in writing of any MERS Designated Mortgage Loans being delivered on any Delivery Date.