Common use of Assignment of Mortgage Loans Clause in Contracts

Assignment of Mortgage Loans. (a) Each Seller shall cause an Assignment of Mortgage with respect to each Mortgage Loan (other than a MOM Loan) to be completed in the form and substance acceptable for recording in the relevant jurisdiction, such assignment being either (A) in blank, without recourse, or (B) or endorsed to “ , as Indenture Trustee of the First NLC Securitization Trust 200 - , Asset-Backed Notes, Series 200 - , without recourse,” within 30 days following the Closing Date; provided, however, that such Assignment of Mortgage need not be recorded unless and until the Indenture Trustee determines, in its good faith business judgment, that such Assignment of Mortgage is required to be recorded to protect the Indenture Trustee’s interest in the related Mortgage Loans. Any such recordation of an Assignment of Mortgage shall be effected at the expense of the applicable Seller. (b) In connection with the assignment of any Mortgage Loan registered on the MERS® System, the applicable Seller agrees that it will cause, within 30 Business Days after the Closing Date, the Originator to cause the MERS® System to indicate that such Mortgage Loans have been assigned by the applicable Seller to the Depositor which has assigned such Mortgage Loans to the Trust, which has collaterally assigned such Mortgage Loans to the Indenture Trustee in accordance with this Agreement for the benefit of the Noteholders and the Ownership Certificateholder by including (or deleting, in the case of Mortgage Loans which are repurchased in accordance with this Agreement) in such computer files the code in the field that identifies the specific Indenture Trustee and the code in the field “Pool Field” that identifies the series of the Notes for which such Mortgage Loans serve as collateral. The applicable Seller further agrees that it will not, and will not permit the Servicer to, and each of the Servicer and the Master Servicer agree that it will not, alter the codes referenced in this paragraph with respect to any MOM Loan during the term of this Agreement unless and until such MOM Loan is repurchased in accordance with the terms of this Agreement.

Assignment of Mortgage Loans. (a) Each The Seller shall cause an Assignment of Mortgage with respect to each Mortgage Loan (other than a MOM MERS Designated Mortgage Loan) to be completed in the form and substance acceptable for recording in the relevant jurisdiction, such assignment being shall either (A) be in blank, without recourse, blank or (B) or be endorsed to “ "HSBC Bank USA, National Association, as Indenture Trustee of the First NLC Securitization Luminent Mortgage Trust 200 - 2007-2, AssetMortgage Pass-Backed NotesThrough Certificates, Series 200 - , 2007-2," without recourse,” within 30 days following " on or prior to the Closing Date; provided. Except upon request of the applicable Servicer, however, that such Assignment the Assignments of Mortgage need not be recorded unless and until the Indenture Trustee determines, in its good faith business judgment, that such Assignment of Mortgage is required to be recorded to protect the Indenture Trustee’s interest in the related Mortgage Loans. Any such recordation of an Assignment of Mortgage shall be effected at the expense of the applicable Sellerrecorded. (b) In connection with the assignment of any MERS Designated Mortgage Loan registered on the MERS® SystemLoan, the applicable Seller agrees that it will causethat, within 30 Business Days after on or prior to the Closing Date, the Originator to Seller will cause the MERS® MERS(R) System to indicate that such Mortgage Loans have been assigned by the applicable Seller to the Depositor which has assigned such Mortgage Loans to the Trust, which has collaterally assigned such Mortgage Loans to the Indenture Trustee in accordance with this Agreement for the benefit of the Noteholders and the Ownership Certificateholder Certificateholders by including (or deleting, in the case of Mortgage Loans which are repurchased in accordance with this Agreement) in such computer files the code in the field that identifies the specific Indenture Trustee and the code in the field “"Pool Field” " that identifies the series of the Notes Certificates for which such Mortgage Loans serve as collateral. The applicable Seller further agrees that it will not, and will not permit the any Servicer to, and each of the Servicer Servicers and the Master Servicer agree agrees that it will not, alter the codes referenced in this paragraph with respect to any MOM MERS Designated Mortgage Loan during the term of this Agreement unless and until such MOM MERS Designated Mortgage Loan is repurchased in accordance with the terms of this Agreement.

Assignment of Mortgage Loans. (a) Each The Seller shall cause an Assignment of Mortgage with respect to each Mortgage Loan (other than a MOM MERS Designated Mortgage Loan) to be completed in the form and substance acceptable for recording in the relevant jurisdiction, such assignment being shall either (A) be in blank, without recourse, blank or (B) or be endorsed to “ "HSBC Bank USA, National Association, as Indenture Trustee of the First NLC Securitization Luminent Mortgage Trust 200 - 2006-7, AssetMortgage Pass-Backed NotesThrough Certificates, Series 200 - , 2006-7," without recourse,” within 30 days following " on or prior to the Closing Date; provided. Except upon request of the applicable Servicer, however, that such Assignment the Assignments of Mortgage need not be recorded unless and until the Indenture Trustee determines, in its good faith business judgment, that such Assignment of Mortgage is required to be recorded to protect the Indenture Trustee’s interest in the related Mortgage Loans. Any such recordation of an Assignment of Mortgage shall be effected at the expense of the applicable Sellerrecorded. (b) In connection with the assignment of any MERS Designated Mortgage Loan registered on the MERS® SystemLoan, the applicable Seller agrees that it will causethat, within 30 Business Days after on or prior to the Closing Date, the Originator to Seller will cause the MERS® MERS(R) System to indicate that such Mortgage Loans have been assigned by the applicable Seller to the Depositor which has assigned such Mortgage Loans to the Trust, which has collaterally assigned such Mortgage Loans to the Indenture Trustee in accordance with this Agreement for the benefit of the Noteholders and the Ownership Certificateholder Certificateholders by including (or deleting, in the case of Mortgage Loans which are repurchased in accordance with this Agreement) in such computer files the code in the field that identifies the specific Indenture Trustee and the code in the field “"Pool Field” " that identifies the series of the Notes Certificates for which such Mortgage Loans serve as collateral. The applicable Seller further agrees that it will not, and will not permit the any Servicer to, and each of the Servicer Servicers and the Master Servicer agree agrees that it will not, alter the codes referenced in this paragraph with respect to any MOM MERS Designated Mortgage Loan during the term of this Agreement unless and until such MOM MERS Designated Mortgage Loan is repurchased in accordance with the terms of this Agreement.

Assignment of Mortgage Loans. (a) Each The Seller shall cause an Assignment of Mortgage with respect to each Mortgage Loan (other than a MOM MERS Designated Mortgage Loan) to be completed in the form and substance acceptable for recording in the relevant jurisdiction, such assignment being shall either (A) be in blank, without recourse, blank or (B) or be endorsed to “ “[ - ], as Indenture Trustee of the First NLC Securitization Trust 200 - , AssetMortgage-Backed NotesCertificates, Series 200 - , without recourse,” within 30 days following on or prior to the Closing Date; provided, however, that such Assignment Assignments of Mortgage Loans need not be recorded unless and until the Indenture Trustee determines, in its good faith business judgment, is advised by a Rating Agency that such Assignment of Mortgage is required to be recorded to protect the Indenture Trustee’s interest in the related Mortgage Loans. Any such recordation of an Assignment of Mortgage shall be effected at the expense of the applicable Seller. (b) In connection with the assignment of any MERS Designated Mortgage Loan registered on the MERS® SystemLoan, the applicable Seller agrees that it will causethat, within 30 Business Days after on or prior to the Closing Date, the Originator to Seller will cause the MERS® System to indicate that such Mortgage Loans have been assigned by the applicable Seller to the Depositor which has assigned such Mortgage Loans to the Trust, which has collaterally assigned such Mortgage Loans to the Indenture Trustee in accordance with this Agreement for the benefit of the Noteholders and the Ownership Certificateholder Certificateholders by including (or deleting, in the case of Mortgage Loans which are repurchased in accordance with this Agreement) in such computer files the code in the field that identifies the specific Indenture Trustee and the code in the field “Pool Field” that identifies the series of the Notes Certificates for which such Mortgage Loans serve as collateral. The applicable Seller further agrees that it will not, and will not permit the Servicer to, and each of the Servicer and the Master Servicer agree agrees that it will not, alter the codes referenced in this paragraph with respect to any MOM MERS Designated Mortgage Loan during the term of this Agreement unless and until such MOM MERS Designated Mortgage Loan is repurchased in accordance with the terms of this Agreement.

Assignment of Mortgage Loans. (a) Each Seller shall cause an Assignment of Mortgage with respect to each Mortgage Loan (other than a MOM Loan) to be completed in the form and substance acceptable for recording in the relevant jurisdiction, such assignment being shall either (A) be in blank, without recourse, blank or (B) or be endorsed to “ , as Indenture Trustee of the First NLC Securitization Trust 200 - , Asset-Backed NotesPass-Through Certificates, Series 200 - 200_-_, without recourse,” within 30 days following the Closing Date; provided, however, that such Assignment of Mortgage need not be recorded unless and until the Indenture Trustee determines, in its good faith business judgment, that such Assignment of Mortgage is required to be recorded to protect the Indenture Trustee’s interest in the related Mortgage Loans. Any such recordation of an Assignment of Mortgage shall be effected at the expense of the applicable Seller. (b) In the event that the Servicer is required to record an Assignment of Mortgage, the related Seller shall pay all costs, fees and expenses in connection with such recordation. (c) In connection with the assignment of any Mortgage Loan registered on the MERS® System, the applicable Seller agrees that it will cause, within 30 Business Days after the Closing Date, the Originator to cause the MERS® System to indicate that such Mortgage Loans have been assigned by the applicable Seller to the Depositor which has assigned such Mortgage Loans to the Trust, which has collaterally assigned such Mortgage Loans to the Indenture Trustee in accordance with this Agreement for the benefit of the Noteholders and the Ownership Certificateholder Certificateholders by including (or deleting, in the case of Mortgage Loans which are repurchased in accordance with this Agreement) in such computer files the code in the field that identifies the specific Indenture Trustee and the code in the field “Pool Field” that identifies the series of the Notes Certificates for which such Mortgage Loans serve as collateral. The applicable Seller further agrees that it will not, and will not permit the Servicer to, and each of the Servicer and the Master Servicer agree agrees that it will not, alter the codes referenced in this paragraph with respect to any MOM Loan during the term of this Agreement unless and until such MOM Loan is repurchased in accordance with the terms of this Agreement. (d) In the event that any Assignment of Mortgage is not recorded or is improperly recorded, neither the Trustee, the Master Servicer nor the Servicer shall have any liability for any failure to receive or act on notices related to such Assignments of Mortgage.

Assignment of Mortgage Loans. (a) Each The Seller shall cause an Assignment of Mortgage with respect to each Mortgage Loan (other than a MOM MERS Designated Mortgage Loan) to be completed in the form and substance acceptable for recording in the relevant jurisdiction, such assignment being either (A) in blank, without recourse, or (B) or endorsed to “ "[ - ], as Indenture Trustee of the First NLC Securitization Luminent Mortgage Trust 200 - 200_-_, AssetMortgage-Backed Notes, Series 200 - 200_-_, without recourse,” within 30 days following " on or prior to the Closing Date; provided, however, that such Assignment Assignments of Mortgage need not be recorded unless and until the Indenture Trustee determines, in its good faith business judgment, is advised by a Rating Agency that such Assignment of Mortgage is required to be recorded to protect the Indenture Trustee’s 's security interest in the related Mortgage Loans. Any such recordation of an Assignment of Mortgage shall be effected at the expense of the applicable Seller. (b) In connection with the assignment of any MERS Designated Mortgage Loan registered on the MERS® SystemLoan, the applicable Seller agrees that it will causethat, within 30 Business Days after on or prior to the Closing Date, it will cause the Originator Seller to cause the MERS® MERS(R) System to indicate that such Mortgage Loans have been assigned by the applicable Seller to the Depositor Depositor, which has assigned such Mortgage Loans to the TrustIssuing Entity, which has collaterally assigned such Mortgage Loans to the Indenture Trustee Trustee, in accordance with this Agreement for the benefit of the Noteholders and the Ownership Certificateholder by including (or deleting, in the case of Mortgage Loans which are repurchased in accordance with this Agreement) in such computer files the code in the field that identifies the specific Indenture Trustee and the code in the field “"Pool Field” " that identifies the series of the Notes for which such Mortgage Loans serve as collateral. The applicable Seller further agrees that it will not, and will not permit the Servicer to, and each of the Servicer and the Master Servicer agree agrees that it will not, alter the codes referenced in this paragraph with respect to any MOM MERS Designated Mortgage Loan during the term of this Agreement unless and until such MOM MERS Designated Mortgage Loan is repurchased in accordance with the terms of this Agreement.

Assignment of Mortgage Loans. (a) Each Seller shall cause an Assignment of Mortgage with respect to each Mortgage Loan (other than a MOM Loan) to be completed in the form and substance acceptable for recording in the relevant jurisdiction, such assignment being either (A) in blank, without recourse, or (B) or endorsed to “ “HSBC Bank USA, National Association, as Indenture Trustee of the First NLC Securitization Trust 200 - 2005-1, AssetCallable Mortgage-Backed Notes, Series 200 - 2005-1, without recourse,” within 30 days following the Closing Date; provided, however, that such Assignment of Mortgage need needs not be recorded unless and until the Indenture Trustee determines, in its good faith business judgment, that such Assignment of Mortgage is required to be recorded to protect the Indenture Trustee’s interest in the related Mortgage Loans. Any such recordation of an Assignment of Mortgage shall be effected at the expense of the applicable Seller. (b) In connection with the assignment of any Mortgage Loan registered on the MERS® System, the applicable Seller agrees that it will cause, within 30 Business Days after the Closing Date, the Originator to cause the MERS® System to indicate that such Mortgage Loans have been assigned by the applicable Seller to the Depositor which has assigned such Mortgage Loans to the Trust, which has collaterally assigned such Mortgage Loans to the Indenture Trustee in accordance with this Agreement for the benefit of the Noteholders and the Ownership Certificateholder by including (or deleting, in the case of Mortgage Loans which are repurchased in accordance with this Agreement) in such computer files the code in the field that identifies the specific Indenture Trustee and the code in the field “Pool Field” that identifies the series of the Notes for which such Mortgage Loans serve as collateral. The applicable Seller further agrees that it will not, and will not permit the Servicer Subservicer to, and each of the Servicer Subservicer and the Master Servicer agree that it will not, alter the codes referenced in this paragraph with respect to any MOM Loan during the term of this Agreement unless and until such MOM Loan is repurchased in accordance with the terms of this Agreement.

Assignment of Mortgage Loans. (a) Each The Seller shall cause an Assignment of Mortgage with respect to each Mortgage Loan (other than a MOM MERS Designated Mortgage Loan) to be completed in the form and substance acceptable for recording in the relevant jurisdiction, such assignment being shall either (A) be in blank, without recourse, blank or (B) or be endorsed to “ "HSBC Bank USA, National Association, as Indenture Trustee of the First NLC Securitization Luminent Mortgage Trust 200 - 2007-1, AssetMortgage Pass-Backed NotesThrough Certificates, Series 200 - , 2007-1," without recourse,” within 30 days following " on or prior to the Closing Date; provided. Except upon request of the applicable Servicer, however, that such Assignment the Assignments of Mortgage need not be recorded unless and until the Indenture Trustee determines, in its good faith business judgment, that such Assignment of Mortgage is required to be recorded to protect the Indenture Trustee’s interest in the related Mortgage Loans. Any such recordation of an Assignment of Mortgage shall be effected at the expense of the applicable Sellerrecorded. (b) In connection with the assignment of any MERS Designated Mortgage Loan registered on the MERS® SystemLoan, the applicable Seller agrees that it will causethat, within 30 Business Days after on or prior to the Closing Date, the Originator to Seller will cause the MERS® MERS(R) System to indicate that such Mortgage Loans have been assigned by the applicable Seller to the Depositor which has assigned such Mortgage Loans to the Trust, which has collaterally assigned such Mortgage Loans to the Indenture Trustee in accordance with this Agreement for the benefit of the Noteholders and the Ownership Certificateholder Certificateholders by including (or deleting, in the case of Mortgage Loans which are repurchased in accordance with this Agreement) in such computer files the code in the field that identifies the specific Indenture Trustee and the code in the field “"Pool Field” " that identifies the series of the Notes Certificates for which such Mortgage Loans serve as collateral. The applicable Seller further agrees that it will not, and will not permit the any Servicer to, and each of the Servicer Servicers and the Master Servicer agree agrees that it will not, alter the codes referenced in this paragraph with respect to any MOM MERS Designated Mortgage Loan during the term of this Agreement unless and until such MOM MERS Designated Mortgage Loan is repurchased in accordance with the terms of this Agreement.

Assignment of Mortgage Loans. (a) Each Seller shall cause an Assignment of Mortgage with respect to each Mortgage Loan (other than a MOM Loan) to be completed in the form and substance acceptable for recording in the relevant jurisdiction, such assignment being shall either (A) be in blank, without recourse, blank or (B) or be endorsed to “ “JPMorgan Chase Bank, National Association, as Indenture Trustee of the First NLC Securitization Trust 200 - 2005-2, AssetMortgage-Backed NotesCertificates, Series 200 - 2005-2, without recourse,” within 30 days following the Closing Date; provided, however, that such Assignment of Mortgage need not be recorded unless and until the Indenture Trustee determines, in its good faith business judgment, that such Assignment of Mortgage is required to be recorded to protect the Indenture Trustee’s interest in the related Mortgage Loans. Any such recordation of an Assignment of Mortgage shall be effected at the expense of the applicable Seller. (b) In the event that the Servicer is required to record an Assignment of Mortgage, the related Seller shall pay all costs, fees and expenses in connection with such recordation. (c) In connection with the assignment of any Mortgage Loan registered on the MERS® System, the applicable Seller agrees that it will cause, within 30 Business Days after the Closing Date, the Originator to cause the MERS® System to indicate that such Mortgage Loans have been assigned by the applicable Seller to the Depositor which has assigned such Mortgage Loans to the Trust, which has collaterally assigned such Mortgage Loans to the Indenture Trustee in accordance with this Agreement for the benefit of the Noteholders and the Ownership Certificateholder Certificateholders by including (or deleting, in the case of Mortgage Loans which are repurchased in accordance with this Agreement) in such computer files the code in the field that identifies the specific Indenture Trustee and the code in the field “Pool Field” that identifies the series of the Notes Certificates for which such Mortgage Loans serve as collateral. The applicable Seller further agrees that it will not, and will not permit the Servicer to, and each of the Servicer and the Master Servicer agree agrees that it will not, alter the codes referenced in this paragraph with respect to any MOM Loan during the term of this Agreement unless and until such MOM Loan is repurchased in accordance with the terms of this Agreement. (d) In the event that any Assignment of Mortgage is not recorded or is improperly recorded, neither the Trustee nor the Servicer shall have any liability for any failure to receive or act on notices related to such Assignments of Mortgage.

Assignment of Mortgage Loans. (a) Each The Seller shall cause an Assignment of Mortgage with respect to each Mortgage Loan (other than a MOM MERS Designated Mortgage Loan) to be completed in the form and substance acceptable for recording in the relevant jurisdiction, such assignment being shall either (A) be in blank, without recourse, blank or (B) or be endorsed to “ "[ - ], as Indenture Trustee of the First NLC Securitization Luminent Mortgage Trust 200 - 200_-_, AssetMortgage Pass-Backed NotesThrough Certificates, Series 200 - 200_-_, without recourse,” within 30 days following " on or prior to the Closing Date; provided, however, that such Assignment Assignments of Mortgage Loans need not be recorded unless and until the Indenture Trustee determines, in its good faith business judgment, is advised by a Rating Agency that such Assignment of Mortgage is required to be recorded to protect the Indenture Trustee’s 's interest in the related Mortgage Loans. Any such recordation of an Assignment of Mortgage shall be effected at the expense of the applicable Seller. (b) In connection with the assignment of any MERS Designated Mortgage Loan registered on the MERS® SystemLoan, the applicable Seller agrees that it will causethat, within 30 Business Days after on or prior to the Closing Date, the Originator to Seller will cause the MERS® MERS(R) System to indicate that such Mortgage Loans have been assigned by the applicable Seller to the Depositor which has assigned such Mortgage Loans to the Trust, which has collaterally assigned such Mortgage Loans to the Indenture Trustee in accordance with this Agreement for the benefit of the Noteholders and the Ownership Certificateholder Certificateholders by including (or deleting, in the case of Mortgage Loans which are repurchased in accordance with this Agreement) in such computer files the code in the field that identifies the specific Indenture Trustee and the code in the field “"Pool Field” " that identifies the series of the Notes Certificates for which such Mortgage Loans serve as collateral. The applicable Seller further agrees that it will not, and will not permit the Servicer to, and each of the Servicer and the Master Servicer agree agrees that it will not, alter the codes referenced in this paragraph with respect to any MOM MERS Designated Mortgage Loan during the term of this Agreement unless and until such MOM MERS Designated Mortgage Loan is repurchased in accordance with the terms of this Agreement.