Common use of Assignment Event Clause in Contracts

Assignment Event. Immediately upon the occurrence of any Assignment Event, the Representative or the Servicer shall notify the Note Insurer and the Indenture Trustee of such occurrence or the Note Insurer shall notify the Representative, the Servicer and the Indenture Trustee. Thereafter, the Custodian shall (i) begin transferring all Indenture Trustee's Loan Files in its possession to the Indenture Trustee (or such other Person acceptable to the Note Insurer) and (ii) either cause proper assignments of each Pool I and Pool II Mortgage to be recorded in the relevant real property recording office for each such Mortgage or to deliver assignments of the Mortgages, in recordable form, to the Indenture Trustee, together with an opinion of counsel, addressed to and acceptable to the Note Insurer, to the effect that recordation of such assignments is not necessary to perfect the interest of the Indenture Trustee in such Mortgages. The Custodian shall undertake such transfer and recording in a manner that will result in the completion of the transfer of all such Indenture Trustee's Loan Files to the Indenture Trustee and the recording of such assignments of mortgage (or delivery of such opinion of counsel) within 30 days following the occurrence of an Assignment Event. From and after the occurrence of an Assignment Event, and the delivery of the Indenture Trustee's Loan Files to the Indenture Trustee, the Indenture Trustee shall act as custodian or it may engage the services of another Person approved by the Note Insurer to act as Custodian. The Custodian hereby acknowledges that it is bailee of the Indenture Trustee and is holding all of the Indenture Trustee's Loan Files delivered to it solely in trust for the Indenture Trustee. From time to time following delivery of the Indenture Trustee's Loan Files to the Indenture Trustee pursuant to this Section 2.09, the Indenture Trustee may appoint a Custodian who is acceptable to the Note Insurer and the Trust Administrator. The Trust Administrator shall notify the Rating Agencies of any appointment of a successor Custodian.

Assignment Event. Immediately upon the occurrence of any Assignment Event, the Representative Certificate Administrator or the Servicer shall notify the Note Insurer and the Indenture Trustee of such occurrence or the Note Insurer Trustee shall notify the Representative, the Servicer and the Indenture TrusteeCertificate Administrator and the Custodian. Thereafter, the Custodian shall shall, at the expense of the Seller (i) begin transferring all Indenture Trustee's Loan Mortgage Files in its possession relating to the Indenture Trustee (or such other Person acceptable Mortgage Loans to the Note Insurer) Trustee and (ii) either cause proper assignments of each Pool I and Pool II Mortgage to be recorded in the relevant real property recording office for each such Mortgage or to deliver assignments of the Mortgages, in recordable form, to the Indenture Trustee, together with an opinion of counsel, addressed to and acceptable to the Note InsurerTrustee, to the effect that recordation of such assignments is not necessary to perfect the interest of the Indenture Trustee in such Mortgages. The Custodian shall undertake such transfer and recording in a manner that will result in the completion of the transfer of all such Indenture Trustee's Loan Mortgage Files relating to the Indenture Trustee Mortgage Loans to the successor Custodian and the recording of such assignments of mortgage (or delivery of such opinion of counsel) within 30 days following the occurrence of an Assignment Event. Any expenses incurred by the Trustee with respect to clauses (i) and/or (ii) above shall be paid by the Servicer within thirty (30) days of receipt of a request therefor from the Trustee. From and after the occurrence of an Assignment Event, and the delivery of the Indenture Trustee's Loan Mortgage Files relating to the Indenture Mortgage Loans to the Co-Trustee, the Indenture Trustee shall act as custodian or it may engage the services of another Person approved by the Note Insurer to act as Custodian and such successor Custodian shall be entitled to the Custodian Fee. From time to time following delivery of the Trustee's Mortgage Files relating to the Mortgage Loans to the Trustee pursuant to this Section 2.09, the Trustee may appoint a Custodian who is acceptable to the Certificate Administrator. The Servicer shall notify the Rating Agencies of any appointment of a successor Custodian. The Custodian hereby acknowledges that it is bailee of the Indenture Trustee and is holding all of the Indenture Trustee's Loan Mortgage Files relating to the Mortgage Loans delivered to it solely in trust for the Indenture Trustee. From time to time following delivery of the Indenture Trustee's Loan Files to the Indenture Trustee pursuant to this Section 2.09, the Indenture Trustee may appoint a Custodian who is acceptable to the Note Insurer and the Trust Administrator. The Trust Administrator shall notify the Rating Agencies of any appointment of a successor Custodian.

Assignment Event. Immediately upon the occurrence of any Assignment Event, the Representative or the Servicer shall notify the Note Insurer and the Indenture Trustee of such occurrence or occurrence. Thereafter, unless the Note Insurer shall notify the Representative, the Servicer and Rating Agency Condition is satisfied with respect to the Indenture Trustee. Thereafter's Loan Files remaining with the Custodian, the Custodian shall (i) begin transferring all Indenture Trustee's Loan Files in its possession to the Indenture Trustee (or such other Person acceptable to the Note Insurer) and (ii) either cause proper assignments of each Pool I and Pool II Mortgage to be recorded in the relevant real property recording office for each such Mortgage or to deliver assignments of the Mortgages, in recordable form, to the Indenture Trustee, together with an opinion of counsel, addressed to and acceptable to the Note Insurer, to the effect that recordation of such assignments is not necessary to perfect the interest of the Indenture Trustee in such Mortgagesits bailee. The Custodian shall undertake such transfer and recording in a manner that will result in the completion of the transfer of all such Indenture Trustee's Loan Files to the Indenture Trustee and the recording of such assignments of mortgage (or delivery of such opinion of counsel) within 30 days following the occurrence of an Assignment Event. From and after the occurrence of an Assignment Event, and the delivery of the Indenture Trustee's Loan Files to the Indenture Trustee, the Indenture Trustee shall act as custodian Custodian or it may engage the services of another Person approved by the Note Insurer to act as Custodian. The Custodian hereby acknowledges that it is bailee of the Indenture Trustee and is holding all of the Indenture Trustee's Loan Files delivered to it solely in trust for the Indenture Trustee. From time to time following delivery of the Indenture Trustee's Loan Files to the Indenture Trustee pursuant to this Section 2.09, the Indenture Trustee may appoint a Custodian who is acceptable to the Note Insurer and the Trust Administrator. The Trust Administrator shall notify the Rating Agencies of any appointment of a successor Custodian.

Assignment Event. Immediately upon the occurrence of any Assignment Event, the Representative or the Servicer shall notify the Note Certificate Insurer and the Indenture Pool I and Pool II Co-Trustee of such occurrence or the Note Certificate Insurer shall notify the Representative, the Servicer and the Indenture Pool I and Pool II Co-Trustee. Thereafter, the Custodian shall (i) begin transferring all Indenture Trustee's Loan Mortgage Files in its possession relating to the Indenture Pool I and Pool II Mortgage Loans to the Pool I and Pool II Co-Trustee (or such other Person acceptable to the Note Certificate Insurer) and (ii) either cause proper assignments of each Pool I and Pool II Mortgage to be recorded in the relevant real property recording office for each such Mortgage or to deliver assignments of the Mortgages, in recordable form, to the Indenture Pool I and Pool II Co-Trustee, together with an opinion of counsel, addressed to and acceptable to the Note Certificate Insurer, to the effect that recordation of such assignments is not necessary to perfect the interest of the Indenture Pool I and Pool II Co-Trustee in such Mortgages. The Custodian shall undertake such transfer and recording in a manner that will result in the completion of the transfer of all such Indenture Trustee's Loan Mortgage Files relating to the Indenture Trustee Pool I and Pool II Mortgage Loans to the successor Custodian and the recording of such assignments of mortgage (or delivery of such opinion of counsel) within 30 days following the occurrence of an Assignment Event. From and after the occurrence of an Assignment Event, and the delivery of the Indenture Trustee's Loan Mortgage Files relating to the Indenture Pool I and Pool II Mortgage Loans to the Pool I and Pool II Co-Trustee, the Indenture Pool I and Pool II Co- Trustee shall act as custodian or it may engage the services of another Person approved by the Note Certificate Insurer to act as Custodian. The Custodian hereby acknowledges that it is bailee of the Indenture Pool I and Pool II Co-Trustee and is holding all of the Indenture Trustee's Loan Mortgage Files relating to the Pool I and Pool II Mortgage Loans delivered to it solely in trust for the Indenture Pool I and Pool II Co-Trustee. From time to time following delivery of the Indenture Trustee's Loan Mortgage Files relating to the Indenture Pool I and Pool II Mortgage Loans to the Pool I and Pool II Co-Trustee pursuant to this Section 2.092.11, the Indenture Pool I and Pool II Co-Trustee may appoint a Custodian who is acceptable to the Note Certificate Insurer and the Trust Administrator. The Trust Administrator shall notify the Rating Agencies of any appointment of a successor Custodian.