Common use of Acceptance by Indenture Trustee Clause in Contracts

Acceptance by Indenture Trustee. (a) The Indenture Trustee hereby acknowledges its receipt of the Insurance Policy and the sale and assignment of the Mortgage Loans and, subject to the review provided for in Section 2.01, declares that, when delivered to the Indenture Trustee, or the Custodian on its behalf, in accordance with Section 2.01(b), the Indenture Trustee, or the Custodian on its behalf will hold the documents constituting the Mortgage Files, and that all amounts received by it under the Indenture in trust, upon the terms herein set forth, for the use and benefit of all present and future Class A Noteholders and the Insurer. (b) If the Seller is given notice under Section 2.01(d) and if the Seller does not correct or cure such omission or defect within the 90-day period specified in Section 2.01(d), the Seller shall purchase such Mortgage Loan from the Trust or substitute an Eligible Substitute Mortgage Loan, as provided in Section 2.06, for such Mortgage Loan. Any such purchase by the Seller shall be at the Purchase Price and in each case shall be accomplished in the manner set forth in Section 2.04. It is understood and agreed that the obligation of the Seller to purchase any Mortgage Loan or substitute an Eligible Substitute Mortgage Loan for such Mortgage Loan as to which a material defect in or omission of a constituent document exists shall constitute the sole remedy against the Seller respecting such defect or omission available to the Insurer, the Class A Noteholders, the Indenture Trustee, the Owner Trustee or the Transferor. The Master Servicer, promptly following the transfer of (i) a Defective Mortgage Loan from or (ii) an Eligible Substitute Mortgage Loan to the Trust pursuant to this Section and Section 2.06, as the case may be, shall amend the Mortgage Loan Schedule and make appropriate entries in its general account records to reflect such transfer and the addition of any Eligible Substitute Mortgage Loan, if applicable.

Acceptance by Indenture Trustee. (a) The Indenture Trustee hereby acknowledges its receipt of the Insurance Policy and the sale and assignment of the Mortgage Loans and, subject to the review provided for in Section 2.01, declares that, when delivered to the Indenture Trustee, or the Custodian on its behalf, in accordance with Section 2.01(b), the Indenture Trustee, or the Custodian on its behalf will hold the documents constituting the Mortgage Files, and that all amounts received by it under the Indenture in trust, upon the terms herein set forth, for the use and benefit of all present and future Class A Noteholders and the Insurer. (b) If the Seller is given notice under Section 2.01(d) and if the Seller does not correct or cure such omission or defect within the 90-day period specified in Section 2.01(d), the Seller shall purchase such Mortgage Loan from the Trust or substitute an Eligible Substitute Mortgage Loan, as provided in Section 2.06, for such Mortgage Loan. Any such purchase by the Seller shall be at the Purchase Price and in each case shall be accomplished in the manner set forth in Section 2.04. It is understood and agreed that the obligation of the Seller to purchase any Mortgage Loan or substitute an Eligible Substitute Mortgage Loan for such Mortgage Loan as to which a material defect in or omission of a constituent document exists shall constitute the sole remedy against the Seller respecting such defect or omission available to the Insurer, the Class A Noteholders, the Indenture Trustee, the Owner Trustee or the Transferor. The Master Servicer, promptly following the transfer of (i) a Defective Mortgage Loan from or (ii) an Eligible Substitute Mortgage Loan to the Trust pursuant to this Section and Section 2.06, as the case may be, shall amend the Mortgage Loan Schedule and make appropriate entries in its general account records to reflect such transfer and the addition of any Eligible Substitute Mortgage Loan, if applicable.

Acceptance by Indenture Trustee. (a) The Indenture Trustee hereby acknowledges its receipt of the Insurance Policy and the sale and assignment of the Mortgage Loans Loans, and, subject to the review provided for in Section 2.01, and declares that, when delivered to the Indenture Trustee, or the Custodian on its behalf, Trustee in accordance with Section 2.01(b), ) the Indenture Trustee, or the Custodian on its behalf Trustee will hold the documents constituting the Mortgage Files, and that all amounts received by it under the Indenture in trust, upon the terms herein set forth, for the use and benefit of all present and future Class A Noteholders and the Insurer. (b) If the Seller is given notice under Section 2.01(d) and if the Seller does not correct or cure such omission or defect within the 90-day period specified in Section 2.01(d), the Seller shall purchase such Mortgage Loan from the Trust or substitute an Eligible Substitute Mortgage Loan, as provided in Section 2.06, for such Mortgage Loan. Any such purchase by the Seller shall be at the Purchase Price and in each case shall be accomplished in the manner set forth in Section 2.04. It is understood and agreed that the obligation of the Seller to purchase any Mortgage Loan or substitute an Eligible Substitute Mortgage Loan for such Mortgage Loan as to which a material defect in or omission of a constituent document exists shall constitute the sole remedy against the Seller respecting such defect or omission available to the Insurer, the Class A Noteholders, the Indenture Trustee, the Owner Trustee or the Transferor. The Master Servicer, promptly following the transfer of (i) a Defective Mortgage Loan from or (ii) an Eligible Substitute Mortgage Loan to the Trust pursuant to this Section and Section 2.06, as the case may be, shall amend the Mortgage Loan Schedule and make appropriate entries in its general account records to reflect such transfer and the addition of any Eligible Substitute Mortgage Loan, if applicable.

Acceptance by Indenture Trustee. (a) The Indenture Trustee hereby acknowledges its receipt of the Insurance Policy and the sale and assignment of the Mortgage Loans and, subject to the review provided for in Section 2.01, declares that, when delivered to the Indenture Trustee, or the Custodian on its behalf, in accordance with Section 2.01(b), the Indenture Trustee, or the Custodian on its behalf will hold the documents constituting the Mortgage Files, and that all amounts received by it under the Indenture in trust, upon the terms herein set forth, for the use and benefit of all present and future Class A Noteholders and the Insurer. (b) Receivables. If the Seller or the Servicer is given notice under Section 2.01(d2.1(b) or 2.2(b) of a breach of a representation as provided therein and if the Seller does not correct or cure such omission or defect within the 9030-day or 60-day period specified in Section 2.01(d2.1(b) or 2.2(b), as the case may be, the Seller shall purchase such Mortgage Loan Receivable from the Trust Issuer as of the Determination Date in the month in which such period expired at the Loan Purchase Price of such Receivable if the failure to so purchase such Receivable would cause a Borrowing Base Deficiency to exist. In addition, pursuant to Section 4.15, the Servicer may, but shall have no obligation to, repurchase certain other Receivables by paying to the Indenture Trustee for deposit to the Note Account the Loan Purchase Price therefor. The Loan Purchase Price for the purchased Receivable shall be deposited in the Note Account no later than the Business Day prior to the succeeding Payment Date after the obligation to purchase such Receivable arises or substitute the Seller elects to repurchase such Receivable; provided that, upon receipt by the Indenture Trustee of written notification of such deposit signed by an Eligible Substitute Mortgage Loanofficer of the Seller or the Servicer, the Indenture Trustee or the Custodian shall release to the Seller or the Servicer, as provided in Section 2.06applicable, for such Mortgage Loan. Any such purchase by the Seller related File and the Indenture Trustee shall be at the Purchase Price execute and in each case shall be accomplished deliver a release of lien in the manner set forth in Section 2.04form of Exhibit D hereto. It is understood and agreed that the obligation of the Seller to purchase any Mortgage Loan or substitute an Eligible Substitute Mortgage Loan for such Mortgage Loan Receivable as to which a material defect in or omission of a constituent document breach exists shall constitute the sole remedy against the Seller respecting such defect or omission available to the InsurerDepositor, the Class A NoteholdersIssuer, the Indenture TrusteeTransferor, the Owner Owners and the Indenture Trustee or the Transferoron behalf of Owners. The Master Servicer, promptly following the transfer of (i) a Defective Mortgage Loan Receivable from or (ii) an Eligible Substitute Mortgage Loan to the Trust Issuer pursuant to this Section 2.4 shall deliver an Amended and Section 2.06, as the case may be, shall amend the Mortgage Loan Restated Schedule of Receivables and make appropriate entries in its general account records to reflect such transfer and the addition of any Eligible Substitute Mortgage Loan, if applicabletransfer.

Acceptance by Indenture Trustee. (a) The Indenture Trustee hereby acknowledges its receipt the issuance of the Insurance Note Policy by the Insurer for the benefit of the Class A Noteholders and the sale and assignment of the Mortgage Loans Loans, and, subject to the review provided for in Section 2.01, and declares that, when delivered to the Indenture Trustee, or the Custodian on its behalf, Trustee in accordance with Section 2.01(b), the Indenture Trustee, or the Custodian on its behalf Trustee will hold the documents constituting the Mortgage Files, Files and that all amounts received by it under the Indenture in trust, upon the terms herein set forth, for the use and benefit of all present and future Class A Noteholders and the Insurer. (b) If the Seller is given notice under Section 2.01(d) and if the Seller does not correct or cure such the omission or defect within the 90-day period specified in Section 2.01(d), the Seller shall purchase such the Mortgage Loan from the Trust or substitute an Eligible Substitute Mortgage Loan, as provided in Section 2.062.05, for such Mortgage Loan. Any such purchase by the Seller shall be at the Purchase Price and in each case shall be accomplished in the manner set forth in Section 2.04. It is understood and agreed that the obligation of the Seller to purchase any Mortgage Loan or substitute an Eligible Substitute Mortgage Loan for such Mortgage Loan as to which a material defect in or omission of a constituent document exists shall constitute the sole remedy against the Seller respecting such defect or omission available to the Insurer, the Class A Noteholders, the Indenture Trustee, the Owner Trustee or the TransferorCertificateholders. The Master Servicer, promptly following the transfer of (i) a Defective Mortgage Loan from or (ii) an Eligible Substitute Mortgage Loan to the Trust Indenture Trustee pursuant to this Section and Section 2.062.05, as the case may be, shall amend the Mortgage Loan Schedule and make appropriate entries in its general account records to reflect such transfer and the addition of any Eligible Substitute Mortgage Loan, if applicable.

Acceptance by Indenture Trustee. (a) The Indenture Trustee hereby acknowledges its receipt of the Insurance Policy and the sale and assignment of the Initial Mortgage Loans and, upon delivery of the Subsequent Mortgage Loans pursuant to each Subsequent Transfer Agreement, shall acknowledge its receipt of such Subsequent Mortgage Loans, and, subject to the review provided for in Section 2.01, declares that, when delivered to the Indenture Trustee, or the Custodian on its behalf, Trustee in accordance with Section 2.01(b), ) the Indenture Trustee, or the Custodian on its behalf Trustee will hold the documents constituting the Mortgage Files, and that all amounts received by it under the Indenture in trust, upon the terms herein set forth, for the use and benefit of all present and future Class A Noteholders and the Insurer. (b) If the Seller is given notice under Section 2.01(d) and if the Seller does not correct or cure such omission or defect within the 90-day period specified in Section 2.01(d), the Seller shall purchase such Mortgage Loan from the Trust or substitute an Eligible Substitute Mortgage Loan, as provided in Section 2.06, for such Mortgage Loan. Any such purchase by the Seller shall be at the Purchase Price and in each case shall be accomplished in the manner set forth in Section 2.04. It is understood and agreed that the obligation of the Seller to purchase any Mortgage Loan or substitute an Eligible Substitute Mortgage Loan for such Mortgage Loan as to which a material defect in or omission of a constituent document exists shall constitute the sole remedy against the Seller respecting such defect or omission available to the Insurer, the Class A Noteholders, the Indenture Trustee, the Owner Trustee or the Transferor. The Master Servicer, promptly following the transfer of (i) a Defective Mortgage Loan from or (ii) an Eligible Substitute Mortgage Loan to the Trust pursuant to this Section and Section 2.06, as the case may be, shall amend the Mortgage Loan Schedule and make appropriate entries in its general account records to reflect such transfer and the addition of any Eligible Substitute Mortgage Loan, if applicable.

Acceptance by Indenture Trustee. (a) The Indenture Trustee hereby acknowledges its receipt of the Insurance Policy and the sale and assignment of the Mortgage Loans and, subject to the review provided for in Section 2.01, declares that, when delivered to the Indenture Trustee, or the Custodian on its behalf, in accordance with Section 2.01(b), the Indenture Trustee, or the Custodian on its behalf will hold the documents constituting the Mortgage Files, and that all amounts received by it under the Indenture in trust, upon the terms herein set forth, for the use and benefit of all present and future Class A Noteholders and the Insurer. (b) Receivables. If the Seller or the Servicer is given notice under Section 2.01(d2.1(b) or 2.2(b) of a breach of a representation as provided therein and if the Seller does not correct or cure such omission or defect within the 9030-day or 60-day period specified in Section 2.01(d2.1(b) or 2.2(b), as the case may be, the Seller shall purchase such Mortgage Loan Receivable from the Trust Issuer as of the Determination Date in the month in which such period expired at the Repurchase Price of such Receivable or substitute such Receivable pursuant to this Section 2.5. In addition, pursuant to Section 4.19, the Servicer may, but shall have no obligation to, repurchase certain other Receivables by paying to the Indenture Trustee for deposit to the Note Account the Repurchase Price therefor. The Repurchase Price for the repurchased Receivable shall be deposited in the Note Account no later than the Business Day prior the date on which such repurchase occurs. Upon receipt by the Indenture Trustee of written notification of such deposit signed by an Eligible Substitute Mortgage Loanofficer of the Seller or the Servicer, the Indenture Trustee or the Custodian shall release to the Seller or the Servicer, as provided in Section 2.06applicable, for such Mortgage Loan. Any such purchase by the Seller related Receivables Document and the Indenture Trustee shall be at the Purchase Price execute and in each case shall be accomplished deliver a release of lien in the manner set forth in Section 2.04form of Exhibit G hereto. It is understood and agreed that the obligation of the Seller to purchase any Mortgage Loan repurchase or substitute an Eligible Substitute Mortgage Loan for such Mortgage Loan any Receivable as to which a material defect in or omission of a constituent document breach exists pursuant to Section 2.2(b) shall constitute the sole remedy hereunder against the Seller respecting such defect or omission available to the InsurerDepositor, the Class A NoteholdersIssuer, the Owners and the Indenture Trustee, the Owner Trustee or the Transferoron behalf of Owners. The Master Servicer (provided that Bluegreen Corporation or its Affiliate is the Servicer, ) promptly following the transfer of (i) a Defective Mortgage Loan repurchased Receivable from or (ii) an Eligible Substitute Mortgage Loan to the Trust Issuer pursuant to this Section and Section 2.06, as the case may be, 2.4 shall amend the Mortgage Loan Schedule and make appropriate entries in its general account records to reflect such transfer and the addition of any Eligible Substitute Mortgage Loan, if applicablerepurchase.

Acceptance by Indenture Trustee. (a) The Indenture Trustee hereby acknowledges its receipt of the Insurance Policy and the sale and assignment of the Mortgage Loans and, subject to the review provided for in Section 2.01, declares that, when delivered to the Indenture Trustee, or the Custodian on its behalf, in accordance with Section 2.01(b), the Indenture Trustee, or the Custodian on its behalf will hold the documents constituting the Mortgage Files, and that all amounts received by it under the Indenture in trust, upon the terms herein set forth, for the use and benefit of all present and future Class A Noteholders and the Insurer. (b) Receivables. If the Seller or the Servicer is given notice under Section 2.01(d2.1(b) or 2.2(b) of a breach of a representation as provided therein and if the Seller does not correct or cure such omission or defect within the 9030-day or 60-day period specified in Section 2.01(d2.1(b) or 2.2(b), as the case may be, the Seller shall purchase such Mortgage Loan Receivable from the Trust Issuer as of the Determination Date in the month in which such period expired at the Repurchase Price of such Receivable or substitute such Receivable pursuant to Section 2.5. In addition, pursuant to and subject to Section 4.11, the Servicer may, but shall have no obligation to, exercise the Servicer Purchase/Substitution Option with respect to Defaulted Receivables. The Repurchase Price for the repurchased Receivable shall be deposited in the Note Account no later than the Business Day prior the date on which such repurchase occurs. Upon receipt by the Indenture Trustee of written notification of such deposit signed by an Eligible Substitute Mortgage Loanofficer of the Seller or the Servicer, the Indenture Trustee or the Custodian shall release to the Seller or the Servicer, as provided in Section 2.06applicable, for such Mortgage Loan. Any such purchase by the Seller related Receivables Document and the Indenture Trustee shall be at the Purchase Price execute and in each case shall be accomplished deliver a release of lien in the manner set forth in Section 2.04form of Exhibit G hereto. It is understood and agreed that the obligation of the Seller to purchase any Mortgage Loan repurchase or substitute an Eligible Substitute Mortgage Loan for such Mortgage Loan any Receivable as to which a material defect in or omission of a constituent document breach exists pursuant to Section 2.2(b) shall constitute the sole remedy hereunder against the Seller respecting such defect or omission available to the InsurerDepositor, the Class A NoteholdersIssuer, the Noteholders and the Indenture Trustee, the Owner Trustee or the Transferoron behalf of Noteholders. The Master Servicer (provided that Bluegreen Corporation or its Affiliate is the Servicer, ) promptly following the transfer of (i) a Defective Mortgage Loan repurchased Receivable from or (ii) an Eligible Substitute Mortgage Loan to the Trust Issuer pursuant to this Section and Section 2.06, as the case may be, 2.4 shall amend the Mortgage Loan Schedule and make appropriate entries in its general account records to reflect such transfer and the addition of any Eligible Substitute Mortgage Loan, if applicablerepurchase.