Common use of Assignment Failure Clause in Contracts

Assignment Failure. If an Assignment to the Trustee of the Seller’s interest in a Mortgage securing a Mortgage Loan has not been recorded within one year after the Closing Date for the related Series of Certificates (or in the case of Mortgage Loans for which recordation of an Assignment was initially waived but subsequently required pursuant to Section 2.02(a) hereof, within one year after the Trustee’s delivery of the Assignment to the Master Servicer for recordation), the Master Servicer shall either (1) purchase the related Mortgage Loan from the Trustee or (2) if there have been no defaults in the Monthly Payments on such Mortgage Loan, deposit an amount equal to the Repurchase Price therefore into an escrow account maintained by the Trustee (which account shall not be an asset of the Trust or any REMIC), or shall enforce the related Seller’s obligation under its Sales Agreement to make such purchase or deposit. Any such amounts deposited to an escrow account, plus any earnings thereon, shall (A) be released to the Master Servicer or Seller, as the case may be, upon receipt by the Trustee of satisfactory evidence that the Assignment has been recorded in the name of the Trustee or (B) be applied to purchase the related Mortgage Loan in the event that the Master Servicer notifies the Trustee that there has been a default thereon. Any amounts in the escrow account may be invested in Eligible Investments at the written direction of the Master Servicer.

Assignment Failure. If an Assignment to the Trustee of the Seller’s 's interest in a Mortgage securing a Mortgage Loan has not been recorded within one year after the Closing Date for the related Series of Certificates (or in the case of Mortgage Loans for which recordation of an Assignment was initially waived but subsequently required pursuant to Section 2.02(a) hereof, within one year after the Trustee’s 's delivery of the Assignment to the Master Servicer for recordation), the Master Servicer shall either (1) purchase the related Mortgage Loan from the Trustee or (2) if there have been no defaults in the Monthly Payments on such Mortgage Loan, deposit an amount equal to the Repurchase Price therefore therefor into an escrow account maintained by the Trustee (which account shall not be an asset of the Trust or any REMIC), or shall enforce the related Seller’s 's obligation under its Sales Agreement to make such purchase or deposit. Any such amounts deposited to an escrow account, plus any earnings thereon, shall (A) be released to the Master Servicer or Seller, as the case may be, upon receipt by the Trustee of satisfactory evidence that the Assignment has been recorded in the name of the Trustee or (B) be applied to purchase the related Mortgage Loan in the event that the Master Servicer notifies the Trustee that there has been a default thereon. Any amounts in the escrow account may be invested in Eligible Investments at the written direction of the Master Servicer.

Assignment Failure. If an Assignment to the Trustee of the Seller’s 's ------------------ interest in a Mortgage securing a Mortgage Loan has not been recorded within one year after the Closing Date for the related Series of Certificates (or in the case of Mortgage Loans for which recordation of an Assignment was initially waived but subsequently required pursuant to Section 2.02(a2.03(a) hereof, within one year after the Trustee’s 's delivery of the Assignment to the Master Servicer for recordation), the Master Servicer shall either (1) purchase the related Mortgage Loan from the Trustee or (2) if there have been no defaults in the Monthly Payments on such Mortgage Loan, deposit an amount equal to the Repurchase Price therefore therefor into an escrow account maintained by the Trustee (which account shall not be an asset of the Trust or any REMIC), or shall enforce the related Seller’s 's obligation under its Sales Agreement to make such purchase or deposit. Any such amounts deposited to an escrow account, plus any earnings thereon, shall (A) be released to the Master Servicer or Seller, as the case may be, upon receipt by the Trustee of satisfactory evidence that the Assignment has been recorded in the name of the Trustee or (B) be applied to purchase the related Mortgage Loan in the event that the Master Servicer notifies the Trustee that there has been a default thereon. Any amounts in the escrow account may be invested in Eligible Investments at the written direction of the Master Servicer.

Assignment Failure. If an Assignment to the Trustee on behalf of the Trust of the Seller’s 's interest in a Mortgage securing a Mortgage Loan has not been recorded within one year after the Closing Date for the related Series of Certificates (or in the case of Mortgage Loans for which recordation of an Assignment was initially waived but subsequently required pursuant to Section 2.02(a2.03(a) hereof, within one year after the Trustee’s 's delivery of the Assignment to the Master Servicer for recordation), the Master Servicer shall either (1) the Seller shall purchase the related Mortgage Loan from the Trustee or (2) if there have been no defaults in the Monthly Payments on such Mortgage Loan, the Seller shall deposit an amount equal to the Repurchase Price therefore therefor into an escrow account maintained by the Trustee (which account shall not be an asset of the Trust or any REMIC), or shall enforce the related Seller’s 's obligation under its Sales Agreement to make such purchase or deposit. Any such amounts deposited to an escrow account, plus any earnings thereon, shall (A) be released to the Master Servicer or Seller, as the case may be, upon receipt by the Trustee of satisfactory evidence that the Assignment has been recorded in the name of the Trustee or (B) be applied to purchase the related Mortgage Loan in the event that the Master Servicer notifies the Trustee that there has been a default thereon. Any amounts in the escrow account may be invested in Eligible Investments at the written direction of the Master Servicer.been