CONVEYANCE OF MORTGAGE LOANS; TAX TREATMENT Sample Clauses

CONVEYANCE OF MORTGAGE LOANS; TAX TREATMENT. Section 2.01. Conveyance of Mortgage Loans; Retention of Obligation to Fund Advances Under Credit Line Agreements. ..................................................3 Section 2.02.
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CONVEYANCE OF MORTGAGE LOANS; TAX TREATMENT. Section 2.01. Conveyance of Mortgage Loans;
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CONVEYANCE OF MORTGAGE LOANS; TAX TREATMENT. Section 2.01 Conveyance of Mortgage Loans; Retention of Obligation to Fund Advances Under Credit Line Agreements. (a) Concurrently with the execution and delivery of this Agreement, the Depositor hereby transfers to the Trust without recourse (subject to Sections 2.02 and 2.04) all of its right, title, and interest in (1) each Initial Mortgage Loan, including its Asset Balance (including all Additional Balances), the related Mortgage File, all property that secures the Mortgage Loan, and all collections received on it after the Cut-off Date (excluding payments due by the Cut-off Date); (2) property that secured an Initial Mortgage Loan that is acquired by foreclosure or deed in lieu of foreclosure; (3) the Depositor's rights under the Purchase Agreement; (4) the Depositor's rights under the hazard insurance policies; (5) all rights under any guaranty executed in connection with a Mortgage Loan; (6) all other assets included or to be included in the Trust for the benefit of the Secured Parties; and (7) all proceeds of the foregoing. This transfer to the Trust is to the Owner Trustee, on behalf of the Trust, and each reference in this Agreement to this transfer shall be construed accordingly. In addition, by the Closing Date, the Depositor shall cause the Credit Enhancer to deliver the Policy to the Indenture Trustee for the benefit of the Holders of the Insured Notes and shall cause the Loan Insurance Policy Provider to deliver the Loan Insurance Policy to the Co-Trustee.
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CONVEYANCE OF MORTGAGE LOANS; TAX TREATMENT. Section 2.01 ACKNOWLEDGMENT; CONVEYANCE OF MORTGAGE LOANS; CUSTODY OF MORTGAGE FILES. (a) The Depositor, concurrently with the execution and delivery of this Agreement, does hereby irrevocably transfer, assign, sell, set over and otherwise convey to the Trust without recourse (subject to Sections 2.02 and 2.04) (i) all of its right, title and interest in and to the unpaid principal balance of each Mortgage Loan and each Eligible Substitute Mortgage Loan, including all Interest Collections and Principal Collections in respect of any such Mortgage Loan received after the Cut-Off Date with respect to each Initial Mortgage Loan and after the Subsequent Cut-Off Date with respect to each Eligible Substitute Mortgage Loan pursuant to the Mortgage Loan Purchase Agreement; (ii) property which secured such Mortgage Loan and which has been acquired by foreclosure or deed in lieu of foreclosure; (iii) its interest in any insurance policies in respect of the Mortgage Loans (including any Insurance Proceeds); (iv) all other assets included or to be included in the Trust for the benefit of the Class A Noteholders[, the Insurer] and the Transferor; (v) all proceeds of any of the foregoing; and (vi) one share of the Depositor's Preferred Stock. [In addition, on or prior to the Closing Date, the Depositor shall cause the Insurer to deliver the Insurance Policy to the Indenture Trustee.] (b) The Depositor agrees to take, or to cause to be taken, such actions and to execute such documents (including without limitation the filing of all necessary continuation statements for the UCC-1 financing statement filed in the State of Illinois and the State of Delaware, as applicable (which shall have been filed as promptly as practicable, but in no event later than 10 days following the effective date of this Agreement), describing the Mortgage Loans and naming the Depositor as seller and the Trust as buyer, and any amendments or other filings to the UCC-1 financing statement required to reflect a change in the applicable UCC, or a change of the name or corporate structure of the Depositor, or the filing of any additional UCC-1 financing statement due to any change in the principal office of the Depositor) as are necessary to perfect and protect the Class A Noteholders' [and the Insurer's] interests in the Trust created hereunder, including each Mortgage Loan and the proceeds thereof (other than delivering to the Indenture Trustee possession of the Mortgage Files, which possession will...
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CONVEYANCE OF MORTGAGE LOANS; TAX TREATMENT. 30 Section 2.01 Acknowledgment; Conveyance of Mortgage Loans; Custody of Mortgage Files..........30 Section 2.02 Acceptance by Indenture Trustee; Repurchase of Mortgage Loans; Conveyance of Eligible Substitute Mortgage Loans...............................................34 Section 2.03 Representations, Warranties and Covenants of the Servicer........................35 Section 2.04 Representations and Warranties of the Seller Regarding this Agreement and the Mortgage Loans; Repurchases and Substitutions....................................37
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