Common use of Converted Mortgage Loans Clause in Contracts

Converted Mortgage Loans. (a) The Trustee, as note holder, hereby appoints the Master Servicer to determine the fixed rate for each Converted Mortgage Loan in accordance with the terms of the applicable Mortgage Note and to otherwise determine whether the related Mortgagor has complied with the requirements thereof in order to exercise the conversion option. (b) On or before the Master Servicer Advance Date in the month following the month in which a Mortgage Loan becomes a Converted Mortgage Loan, the Seller shall repurchase such Converted Mortgage Loan for an amount equal to the Purchase Price therefor. The Seller shall cause such Purchase Price to be delivered to the Master Servicer for deposit in the Certificate Account. (c) Upon payment of the Purchase Price, the Trustee shall reconvey the applicable Converted Mortgage Loan, without recourse, to the Seller or its designee and release the related Mortgage File to the order of the Seller. (d) Notwithstanding that a Mortgage Loan becomes a Converted Mortgage Loan in any month, such Converted Mortgage Loan shall remain in the Trust Fund and all payments of principal and interest in respect thereof shall remain in the Trust Fund unless and until such Converted Mortgage Loan is repurchased by the Seller. (e) The obligation of the Seller provided in Section 2.08(b) shall terminate without further action upon the bankruptcy or insolvency of the Seller.

Converted Mortgage Loans. (a) The Trustee, as note Mortgage Note holder, hereby appoints the Master Servicer to determine the fixed rate for each Converted Mortgage Loan in accordance with the terms of the applicable Mortgage Note and to otherwise determine whether the related Mortgagor has complied with the requirements thereof in order to exercise the conversion option. (b) On or before the Master Servicer Advance Date in the month following the month in which a Mortgage Loan becomes a Converted Mortgage Loan, the Seller shall repurchase such Converted Mortgage Loan for an amount equal to the Purchase Price therefor. The Seller shall cause such Purchase Price to be delivered to the Master Servicer for deposit in the Certificate Account. (c) Upon payment of the Purchase Price, the Trustee Custodian, or if applicable the Trustee, shall reconvey the applicable Converted Mortgage Loan, without recourse, to the Seller or its designee and release the related Mortgage File to the order of the Seller. (d) Notwithstanding that a Mortgage Loan becomes a Converted Mortgage Loan in any month, such Converted Mortgage Loan shall remain in the Trust Fund and all payments of principal and interest in respect thereof shall remain in the Trust Fund unless and until such Converted Mortgage Loan is repurchased by the Seller. (e) The obligation of the Seller provided in Section 2.08(b) shall terminate without further action upon the bankruptcy or insolvency of the Seller.

Converted Mortgage Loans. (a) The Trustee, as note Mortgage Note holder, hereby appoints the Master Servicer to determine the fixed rate for each Converted Mortgage Loan in accordance with the terms of the applicable Mortgage Note and to otherwise determine whether the related Mortgagor has complied with the requirements thereof in order to exercise the conversion option. (b) On or before the Master Servicer Advance Date in the month following the month in which a Mortgage Loan becomes a Converted Mortgage Loan, the Seller shall repurchase such Converted Mortgage Loan for an amount equal to the Purchase Price therefor. The Seller shall cause such Purchase Price to be delivered to the Master Servicer for deposit in the Certificate Account. (c) Upon payment of the Purchase Price, the Trustee shall reconvey the applicable Converted Mortgage Loan, without recourse, to the Seller or its designee and release the related Mortgage File to the order of the Seller. (d) Notwithstanding that a Mortgage Loan becomes a Converted Mortgage Loan in any month, such Converted Mortgage Loan shall remain in the Trust Fund and all payments of principal and interest in respect thereof shall remain in the Trust Fund unless and until such Converted Mortgage Loan is repurchased by the Seller. (e) The obligation of the Seller provided in Section 2.08(b) shall terminate without further action upon the bankruptcy or insolvency of the Seller.