Common use of Charged-off Loans and Released Mortgage Loans Clause in Contracts

Charged-off Loans and Released Mortgage Loans. Notwithstanding anything to the contrary contained in this Agreement, each Charged-off Loan that becomes a Released Mortgage Loan shall be released from the Trust Fund as soon as practicable after the Trustee has received notice in writing from the Servicer that a Mortgage Loan has become a Released Mortgage Loan. Upon receipt of such notice, the Trustee shall cause the related Custodian to release to the Released Mortgage Transferee the related Trustee Mortgage File and the Trustee shall execute and delivery such instruments of transfer or assignment, in each case without recourse, representation or warranty, as the Released Mortgage Transferee shall furnish to the Trustee and as shall be necessary to vest in such party the Mortgage Loan released pursuant hereto. Thereafter (i) the Released Mortgage Loan shall no longer constitute part of the Trust Fund or be an asset of any REMIC, and the Released Mortgage Transferee shall be entitled to any amounts subsequently received in respect of any such Released Mortgage Loans, (ii) the Released Mortgage Transferee may designate any servicer to service any such Released Mortgage Loan and (iii) the Released Mortgage Transferee may sell any such Released Mortgage Loan to a third party. For purposes of compliance with the REMIC Provisions, any such Released Mortgage Loan transferred to the Released Mortgage Transferee pursuant to this Section 7.04 and having any value as of the date of such transfer shall be treated as having been transferred by the related REMIC as additional compensation for services provided to such REMIC and if no such services were provided, as an additional distribution to the Class OC Certificates.

Charged-off Loans and Released Mortgage Loans. Notwithstanding anything to the contrary contained in this Agreement, each Charged-off Loan that becomes a Released Mortgage Loan shall be released from the Trust Fund as soon as practicable after becoming a Released Mortgage Loan and shall no longer be an asset of any REMIC. Each Released Mortgage Loan shall be transferred to the Trustee has received notice in writing Released Mortgage Transferee, without recourse. The Trustee, upon receipt of certification from the Master Servicer that a Mortgage Charged-off Loan has become a Released Mortgage Loan. Upon receipt of such notice, the Trustee shall cause the related Custodian to release to the Released Mortgage Transferee the related Trustee Mortgage File and the Trustee shall execute and delivery such instruments of transfer transfer, assignment or assignmentrelease, in each case case, without recourse, representation or warranty, as the Released Mortgage Transferee shall furnish to the Trustee and as shall be provided by the Master Servicer and necessary to vest in transfer such party the Released Mortgage Loan released pursuant heretoLoan. Thereafter (i) the Released Mortgage Loan shall no longer constitute part of the Trust Fund or be an asset of any REMIC, and the Released Mortgage Transferee shall be entitled to any amounts subsequently received in respect of any such Released Mortgage Loans, (ii) the Released Mortgage Transferee may designate any servicer Servicer to service any such Released Mortgage Loan and (iii) the Released Mortgage Transferee may sell any such Released Mortgage Loan to a third party. For purposes of compliance with the REMIC Provisions, any such Released Mortgage Loan transferred to the Released Mortgage Transferee pursuant to this Section 7.04 and having any value as of the date of such transfer shall be treated as having been transferred by the related REMIC as additional compensation for services provided to such REMIC and if no such services were provided, as an additional distribution to the Class OC Certificates.REMIC. 117

Charged-off Loans and Released Mortgage Loans. Notwithstanding anything to the contrary contained in this Agreement, each Charged-off Loan that becomes a Released Mortgage Loan shall be released from the Trust Fund as soon as practicable after becoming a Released Mortgage Loan and shall no longer be an asset of any REMIC. Each Released Mortgage Loan shall be transferred to the Trustee has received notice in writing Released Mortgage Transferee, without recourse. The Trustee, upon receipt of certification from the Master Servicer that a Mortgage Charged-off Loan has become a Released Mortgage Loan. Upon receipt of such notice, the Trustee shall cause the related Custodian to release to the Released Mortgage Transferee the related Trustee Mortgage File and the Trustee shall execute and delivery such instruments of transfer transfer, assignment or assignmentrelease, in each case case, without recourse, representation or warranty, as the Released Mortgage Transferee shall furnish to the Trustee and as shall be provided by the Master Servicer and necessary to vest in transfer such party the Released Mortgage Loan released pursuant heretoLoan. Thereafter (i) the Released Mortgage Loan shall no longer constitute part of the Trust Fund or be an asset of any REMIC, and the Released Mortgage Transferee shall be entitled to any amounts subsequently received in respect of any such Released Mortgage Loans, (ii) the Released Mortgage Transferee may designate any servicer Servicer to service any such Released Mortgage Loan and (iii) the Released Mortgage Transferee may sell any such Released Mortgage Loan to a third party. For purposes of compliance with the REMIC Provisions, any such Released Mortgage Loan transferred to the Released Mortgage Transferee pursuant to this Section 7.04 and having any value as of the date of such transfer shall be treated as having been transferred by the related REMIC as additional compensation for services provided to such REMIC and if no such services were provided, as an additional distribution to the Class OC Certificates.REMIC. 123

Charged-off Loans and Released Mortgage Loans. Notwithstanding anything to the contrary contained in this Agreement, each Charged-off Loan that becomes a Released Mortgage Loan shall be released from the Trust Fund as soon as practicable after becoming a Released Mortgage Loan and shall no longer be an asset of any REMIC. Each Released Mortgage Loan shall be transferred to the Trustee has received notice in writing Released Mortgage Transferee, without recourse. The Trustee, upon receipt of certification from the Master Servicer that a Mortgage Charged-off Loan has become a Released Mortgage Loan. Upon receipt of such notice, the Trustee shall cause the related Custodian to release to the Released Mortgage Transferee the related Trustee Mortgage File and the Trustee shall execute and delivery such instruments of transfer transfer, assignment or assignmentrelease, in each case case, without recourse, representation or warranty, as the Released Mortgage Transferee shall furnish to the Trustee and as shall be provided by the Master Servicer and necessary to vest in transfer such party the Released Mortgage Loan released pursuant hereto(as determined by the Master Servicer). Thereafter (i) the Released Mortgage Loan shall no longer constitute part of the Trust Fund or be an asset of any REMIC, and the Released Mortgage Transferee shall be entitled to any amounts subsequently received in respect of any such Released Mortgage Loans, (ii) the Released Mortgage Transferee may designate any servicer Servicer to service any such Released Mortgage Loan and (iii) the Released Mortgage Transferee may sell any such Released Mortgage Loan to a third party. For purposes of compliance with the REMIC Provisions, any such Released Mortgage Loan transferred to the Released Mortgage Transferee pursuant to this Section 7.04 and having any value as of the date of such transfer shall be treated as having been transferred by the related REMIC as additional compensation for services provided to such REMIC and if no such services were provided, as an additional distribution to the Class OC CertificatesREMIC.

Charged-off Loans and Released Mortgage Loans. Notwithstanding anything to the contrary contained in this Agreement, each Charged-off Loan that becomes a Released Mortgage Loan shall be released from the Trust Fund as soon as practicable after the Trustee has received notice in writing from the Servicer that a Mortgage Loan has become a Released Mortgage Loan. Upon receipt of such notice, the Trustee shall cause the related Custodian to release to the Released Mortgage Transferee the related Trustee Mortgage File and the Trustee shall execute and delivery such instruments of transfer or assignment, in each case without recourse, representation or warranty, as the Released Mortgage Transferee shall furnish to the Trustee and as shall be necessary to vest in such party the Mortgage Loan released pursuant hereto. Thereafter (i) the Released Mortgage Loan shall no longer constitute part of the Trust Fund or be an asset of any REMIC, and the Released Mortgage Transferee shall be entitled to any amounts subsequently received in respect of any such Released Mortgage Loans, (ii) the Released Mortgage Transferee may designate any servicer to service any such Released Mortgage Loan and (iii) the Released Mortgage Transferee may sell any such Released Mortgage Loan to a third party. For purposes of compliance with the REMIC Provisions, any such Released Mortgage Loan transferred to the Released Mortgage Transferee pursuant to this Section 7.04 and having any value as of the date of such transfer shall be treated as having been transferred by the related REMIC as additional compensation for services provided to such REMIC and if no such services were provided, as an additional distribution to the Class OC Certificates.

Charged-off Loans and Released Mortgage Loans. Notwithstanding anything to the contrary contained in this Agreement, each Charged-off Loan that becomes a Released Mortgage Loan shall be released from the Trust Fund as soon as practicable after the Trustee has received notice in writing from the Servicer that a Mortgage Loan has become a Released Mortgage Loan. Upon receipt of such notice, the Trustee shall cause the related Custodian to release to the Released Mortgage Transferee the related Trustee Mortgage File and the Trustee shall execute and delivery such instruments of transfer or assignment, in each case without recourse, representation or warranty, as the Released Mortgage Transferee shall furnish to the Trustee and as shall be necessary to vest in such party the Mortgage Loan released pursuant hereto. Thereafter (i) the Released Mortgage Loan shall no longer constitute part of the Trust Fund or be an asset of any REMIC, and the Released Mortgage Transferee shall be entitled to any amounts subsequently received in respect of any such Released Mortgage Loans, (ii) the Released Mortgage Transferee may designate any servicer to service any such Released Mortgage Loan and (iii) the Released Mortgage Transferee may sell any such Released Mortgage Loan to a third party. For purposes of compliance with the REMIC Provisions, any such Released Mortgage Loan transferred to the Released Mortgage Transferee pursuant to this Section 7.04 and having any value as of the date of such transfer shall be treated as having been transferred by the related REMIC as additional compensation for services provided to such REMIC and if no such services were provided, as an additional distribution to the Class OC CertificatesREMIC.

Charged-off Loans and Released Mortgage Loans. Notwithstanding anything to the contrary contained in this Agreement, each Charged-off Loan that becomes a Released Mortgage Loan shall be released from the Trust Fund as soon as practicable after becoming a Released Mortgage Loan and shall no longer be an asset of any REMIC. Each Released Mortgage Loan shall be transferred to the Trustee has received notice in writing Released Mortgage Transferee, without recourse. The Trustee, upon receipt of certification from the Master Servicer that a Mortgage Charged-off Loan has become a Released Mortgage Loan. Upon receipt of such notice, the Trustee shall cause the related Custodian to release to the Released Mortgage Transferee the related Trustee Mortgage File and the Trustee shall execute and delivery such instruments of transfer transfer, assignment or assignmentrelease, in each case case, without recourse, representation or warranty, as the Released Mortgage Transferee shall furnish to the Trustee and as shall be provided by the Master Servicer and necessary to vest in transfer such party the Released Mortgage Loan released pursuant hereto(as determined by the Master Servicer). Thereafter (i) the Released Mortgage Loan shall no longer constitute part of the Trust Fund or be an asset of any REMIC, and the Released Mortgage Transferee shall be entitled to any amounts subsequently received in respect of any such Released Mortgage Loans, (ii) the Released Mortgage Transferee may designate any servicer Servicer to service any such Released Mortgage Loan and (iii) the Released Mortgage Transferee may sell any such Released Mortgage Loan to a third party. For purposes of compliance with the REMIC Provisions, any such Released Mortgage Loan transferred to the Released Mortgage Transferee pursuant to this Section 7.04 and having any value as of the date of such transfer shall be treated as having been transferred by the related REMIC as additional compensation for services provided to such REMIC and if no such services were provided, as an additional distribution to the Class OC Certificates.REMIC. 121

Charged-off Loans and Released Mortgage Loans. Notwithstanding anything to the contrary contained in this Agreement, each Charged-off Loan that becomes a Released Mortgage Loan shall be released from the Trust Fund as soon as practicable after becoming a Released Mortgage Loan and shall no longer be an asset of any REMIC. Each Released Mortgage Loan shall be transferred to the Trustee has received notice in writing Released Mortgage Transferee, without recourse. The Trustee, upon receipt of certification from the Master Servicer that a Mortgage Charged-off Loan has become a Released Mortgage Loan. Upon receipt of such notice, the Trustee shall cause the related Custodian to release to the Released Mortgage Transferee the related Trustee Mortgage File and the Trustee shall execute and delivery such instruments of transfer transfer, assignment or assignmentrelease, in each case case, without recourse, representation or warranty, as the Released Mortgage Transferee shall furnish to the Trustee and as shall be provided by the Master Servicer and necessary to vest in transfer such party the Released Mortgage Loan released pursuant heretoLoan. Thereafter (i) the Released Mortgage Loan shall no longer constitute part of the Trust Fund or be an asset of any REMIC, and the Released Mortgage Transferee shall be entitled to any amounts subsequently received in respect of any such Released Mortgage Loans, (ii) the Released Mortgage Transferee may designate any servicer Servicer to service any such Released Mortgage Loan and (iii) the Released Mortgage Transferee may sell any such Released Mortgage Loan to a third party. For purposes of compliance with the REMIC Provisions, any such Released Mortgage Loan transferred to the Released Mortgage Transferee pursuant to this Section 7.04 and having any value as of the date of such transfer shall be treated as having been transferred by the related REMIC as additional compensation for services provided to such REMIC and if no such services were provided, as an additional distribution to the Class OC CertificatesREMIC.

Charged-off Loans and Released Mortgage Loans. Notwithstanding anything to the contrary contained in this Agreement, each Charged-off Loan that becomes a Released Mortgage Loan shall be released from the Trust Fund as soon as practicable after becoming a Released Mortgage Loan and shall no longer be an asset of any REMIC. Each Released Mortgage Loan shall be transferred to the Trustee has received notice in writing Released Mortgage Transferee, without recourse. The Trustee, upon receipt of certification from the Master Servicer that a Mortgage Charged-off Loan has become a Released Mortgage Loan. Upon receipt of such notice, the Trustee shall cause the related Custodian to release to the Released Mortgage Transferee the related Trustee Mortgage File and the Trustee shall execute and delivery such instruments of transfer transfer, assignment or assignmentrelease, in each case case, without recourse, representation or warranty, as the Released Mortgage Transferee shall furnish to the Trustee and as shall be provided by the Master Servicer and necessary to vest in transfer such party the Released Mortgage Loan released pursuant heretoLoan. Thereafter (i) the Released Mortgage Loan shall no longer constitute part of the Trust Fund or be an asset of any REMIC, and the Released Mortgage Transferee shall be entitled to any amounts subsequently received in respect of any such Released Mortgage Loans, (ii) the Released Mortgage Transferee may designate any servicer Servicer to service any such Released Mortgage Loan and (iii) the Released Mortgage Transferee may sell any such Released Mortgage Loan to a third party. For purposes of compliance with the REMIC Provisions, any such Released Mortgage Loan transferred to the Released Mortgage Transferee pursuant to this Section 7.04 and having any value as of the date of such transfer shall be treated as having been transferred by the related REMIC as additional compensation for services provided to such REMIC and if no such services were provided, as an additional distribution to the Class OC Certificates.REMIC. 122

Charged-off Loans and Released Mortgage Loans. Notwithstanding anything to the contrary contained in this Agreement, each Charged-off Loan that becomes a Released Mortgage Loan shall be released from the Trust Fund as soon as practicable after becoming a Released Mortgage Loan and shall no longer be an asset of any REMIC. Each Released Mortgage Loan shall be transferred to the Trustee has received notice in writing Released Mortgage Transferee, without recourse. The Trustee, upon receipt of certification from the Master Servicer that a Mortgage Charged-off Loan has become a Released Mortgage Loan. Upon receipt of such notice, the Trustee shall cause the related Custodian to release to the Released Mortgage Transferee the related Trustee Mortgage File and the Trustee shall execute and delivery such instruments of transfer transfer, assignment or assignmentrelease, in each case case, without recourse, representation or warranty, as the Released Mortgage Transferee shall furnish to the Trustee and as shall be provided by the Master Servicer and necessary to vest in transfer such party the Released Mortgage Loan released pursuant heretoLoan. Thereafter (i) the Released Mortgage Loan shall no longer constitute part of the Trust Fund or be an asset of any REMIC, and the Released Mortgage Transferee shall be entitled to any amounts subsequently received in respect of any such Released Mortgage Loans, (ii) the Released Mortgage Transferee may designate any servicer Servicer to service any such Released Mortgage Loan and (iii) the Released Mortgage Transferee may sell any such Released Mortgage Loan to a third party. For purposes of compliance with the REMIC Provisions, any such Released Mortgage Loan transferred to the Released Mortgage Transferee pursuant to this Section 7.04 and having any value as of the date of such transfer shall be treated as having been transferred by the related REMIC as additional compensation for services provided to such REMIC and if no such services were provided, as an additional distribution to the Class OC Certificates.REMIC. 116 ARTICLE VIII

Charged-off Loans and Released Mortgage Loans. Notwithstanding anything to the contrary contained in this Agreement, each Charged-off Loan that becomes a Released Mortgage Loan shall be released from the Trust Fund as soon as practicable after becoming a Released Mortgage Loan and shall no longer be an asset of any REMIC. Each Released Mortgage Loan shall be transferred to the Trustee has received notice in writing Released Mortgage Transferee, without recourse. The Trustee, upon receipt of certification from the Master Servicer that a Mortgage Charged-off Loan has become a Released Mortgage Loan. Upon receipt of such notice, the Trustee shall cause the related Custodian to release to the Released Mortgage Transferee the related Trustee Mortgage File and the Trustee shall execute and delivery such instruments of transfer transfer, assignment or assignmentrelease, in each case case, without recourse, representation or warranty, as the Released Mortgage Transferee shall furnish to the Trustee and as shall be provided by the Master Servicer and necessary to vest in transfer such party the Released Mortgage Loan released pursuant heretoLoan. Thereafter (i) the Released Mortgage Loan shall no longer constitute part of the Trust Fund or be an asset of any REMIC, and the Released Mortgage Transferee shall be entitled to any amounts subsequently received in respect of any such Released Mortgage Loans, (ii) the Released Mortgage Transferee may designate any servicer Servicer to service any such Released Mortgage Loan and (iii) the Released Mortgage Transferee may sell any such Released Mortgage Loan to a third party. For purposes of compliance with the REMIC Provisions, any such Released Mortgage Loan transferred to the Released Mortgage Transferee pursuant to this Section 7.04 and having any value as of the date of such transfer shall be treated as having been transferred by the related REMIC as additional compensation for services provided to such REMIC and if no such services were provided, as an additional distribution to the Class OC Certificates.REMIC. 143

Charged-off Loans and Released Mortgage Loans. Notwithstanding anything to the contrary contained in this Agreement, each Charged-off Loan that becomes a Released Mortgage Loan shall be released from the Trust Fund as soon as practicable after becoming a Released Mortgage Loan and shall no longer be an asset of any REMIC. Each Released Mortgage Loan shall be transferred to the Trustee has received notice in writing Released Mortgage Transferee, without recourse. The Trustee, upon receipt of certification from the Master Servicer that a Mortgage Charged-off Loan has become a Released Mortgage Loan. Upon receipt of such notice, the Trustee shall cause the related Custodian to release to the Released Mortgage Transferee the related Trustee Mortgage File and the Trustee shall execute and delivery such instruments of transfer transfer, assignment or assignmentrelease, in each case case, without recourse, representation or warranty, as the Released Mortgage Transferee shall furnish to the Trustee and as shall be provided by the Master Servicer and necessary to vest in transfer such party the Released Mortgage Loan released pursuant heretoLoan. Thereafter (i) the Released Mortgage Loan shall no longer constitute part of the Trust Fund or be an asset of any REMIC, and the Released Mortgage Transferee shall be entitled to any amounts subsequently received in respect of any such Released Mortgage Loans, (ii) the Released Mortgage Transferee may designate any servicer Servicer to service any such Released Mortgage Loan and (iii) the Released Mortgage Transferee may sell any such Released Mortgage Loan to a third party. For purposes of compliance with the REMIC Provisions, any such Released Mortgage Loan transferred to the Released Mortgage Transferee pursuant to this Section 7.04 and having any value as of the date of such transfer shall be treated as having been transferred by the related REMIC as additional compensation for services provided to such REMIC and if no such services were provided, as an additional distribution to the Class OC Certificates.REMIC. 119

Charged-off Loans and Released Mortgage Loans. Notwithstanding anything to the contrary contained in this Agreement, each Charged-off Loan that becomes a Released Mortgage Loan shall be released from the Trust Fund as soon as practicable after becoming a Released Mortgage Loan and shall no longer be an asset of any REMIC. Each Released Mortgage Loan shall be transferred to the Trustee has received notice in writing Released Mortgage Transferee, without recourse. The Trustee, upon receipt of certification from the Master Servicer that a Mortgage Charged-off Loan has become a Released Mortgage Loan. Upon receipt of such notice, the Trustee shall cause the related Custodian to release to the Released Mortgage Transferee the related Trustee Mortgage File and the Trustee shall execute and delivery such instruments of transfer transfer, assignment or assignmentrelease, in each case case, without recourse, representation or warranty, as the Released Mortgage Transferee shall furnish to the Trustee and as shall be provided by the Master Servicer and necessary to vest in transfer such party the Released Mortgage Loan released pursuant heretoLoan. Thereafter (i) the Released Mortgage Loan shall no longer constitute part of the Trust Fund or be an asset of any REMIC, and the Released Mortgage Transferee shall be entitled to any amounts subsequently received in respect of any such Released Mortgage Loans, (ii) the Released Mortgage Transferee may designate any servicer Servicer to service any such Released Mortgage Loan and (iii) the Released Mortgage Transferee may sell any such Released Mortgage Loan to a third party. For purposes of compliance with the REMIC Provisions, any such Released Mortgage Loan transferred to the Released Mortgage Transferee pursuant to this Section 7.04 and having any value as of the date of such transfer shall be treated as having been transferred by the related REMIC as additional compensation for services provided to such REMIC and if no such services were provided, as an additional distribution to the Class OC Certificates.REMIC. 127

Charged-off Loans and Released Mortgage Loans. Notwithstanding anything to the contrary contained in this Agreement, each Charged-off Loan that becomes a Released Mortgage Loan shall be released from the Trust Fund as soon as practicable after becoming a Released Mortgage Loan and shall no longer be an asset of any REMIC. Each Released Mortgage Loan shall be transferred to the Trustee has received notice in writing Released Mortgage Transferee, without recourse. The Trustee, upon receipt of certification from the Master Servicer that a Mortgage Charged-off Loan has become a Released Mortgage Loan. Upon receipt of such notice, the Trustee shall cause the related Custodian to release to the Released Mortgage Transferee the related Trustee Mortgage File and the Trustee shall execute and delivery such instruments of transfer transfer, assignment or assignmentrelease, in each case case, without recourse, representation or warranty, as the Released Mortgage Transferee shall furnish to the Trustee and as shall be provided by the Master Servicer and necessary to vest in transfer such party the Released Mortgage Loan released pursuant heretoLoan. Thereafter (i) the Released Mortgage Loan shall no longer constitute part of the Trust Fund or be an asset of any REMIC, and the Released Mortgage Transferee shall be entitled to any amounts subsequently received in respect of any such Released Mortgage Loans, (ii) the Released Mortgage Transferee may designate any servicer Servicer to service any such Released Mortgage Loan and (iii) the Released Mortgage Transferee may sell any such Released Mortgage Loan to a third party. For purposes of compliance with the REMIC Provisions, any such Released Mortgage Loan transferred to the Released Mortgage Transferee pursuant to this Section 7.04 and having any value as of the date of such transfer shall be treated as having been transferred by the related REMIC as additional compensation for services provided to such REMIC and if no such services were provided, as an additional distribution to the Class OC Certificates.REMIC. ARTICLE VIII RIGHTS OF CERTIFICATEHOLDERS