Common use of Conveyance of the Subsequent Mortgage Loans Clause in Contracts

Conveyance of the Subsequent Mortgage Loans. (a) Subject to the satisfaction of the conditions set forth in Section 2.01 and paragraph (b) below, in consideration of the Trustee's delivery on a Subsequent Transfer Date to or upon the order of the Transferor of all or a portion of the amount in respect of Principal Collections in the Funding Account the Transferor shall, to the extent of the availability thereof, on the related Subsequent Transfer Date transfer, assign, set over and otherwise convey to the Trust without recourse (subject to Sections 2.02 and 2.04) all of its right, title and interest in and to the Asset Balances of the Subsequent Mortgage Loans and all Interest Collections and Principal Collections in respect thereof received after the Cut-Off Date for the Subsequent Mortgage Loans or, with respect to any Additional Balances with respect thereto, on or after the date of transfer to the Trust. Future advances made to a Mortgagor under a Loan Agreement relating to a Subsequent Mortgage Loan shall be part of the related Asset Balance and transferred to the Trust pursuant to this Section 2.10, and, therefore, part of the Trust property upon the sale thereof to the Transferor under the Purchase Agreement. On each Subsequent Transfer Date, the Trustee shall acknowledge that the Transferor has conveyed its right, title and interest in and to each Subsequent Mortgage Loan and to the corresponding Related Documents and certain other rights to the Trustee pursuant to this Agreement, and the Trustee shall hold such documents hereunder for the benefit of the Certificateholders.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Greenpoint Mortgage Securities Inc/), Greenpoint Mortgage Securities (Greenpoint Mortgage Securities Inc/)

AutoNDA by SimpleDocs

Conveyance of the Subsequent Mortgage Loans. (a) Subject to the satisfaction of the conditions set forth in Section 2.01 3.5 and paragraph paragraphs (b), (c) below, and (d) below (based on the Trustee's review of such conditions) in consideration of the Trustee's delivery on a the relevant Subsequent Transfer Date Dates to or upon the order of the Transferor Company of all or a portion of the amount in respect balance of Principal Collections funds in the Pre-Funding Account Account, the Transferor shall, to the extent of the availability thereof, Company shall on the related any Subsequent Transfer Date sell, transfer, assign, set over and otherwise convey without recourse, to the Trust without recourse (subject to Sections 2.02 and 2.04) Trustee, all of its right, title and interest in and to the Asset Balances of the Subsequent Mortgage Loans and all Interest Collections and Principal Collections in respect thereof received after the Cut-Off Date for the Subsequent Mortgage Loans or, with respect to any Additional Balances with respect thereto, on or after the date of transfer to the Trust. Future advances made to a Mortgagor under a Loan Agreement relating to a Subsequent Mortgage Loan shall be part of the related Asset Balance and transferred to the Trust pursuant to this Section 2.10, and, therefore, part of the Trust property upon the sale thereof to the Transferor under the Purchase Agreement. On each Subsequent Transfer Date, the Trustee shall acknowledge that the Transferor has conveyed its Company's right, title and interest in and to each Subsequent Mortgage Loan listed on the related Schedule of Mortgage Loans (other than any principal and interest payments due thereon on or prior to the corresponding Related Documents and certain other rights relevant Subsequent Cut-Off Date) which the Company is causing to be delivered to the Trustee pursuant to this Agreementherewith (and all substitutions therefor as provided by Sections 3.3, 3.4 and 3.6) together with the related Subsequent Mortgage Loan documents and the Company's interest in any Property which secured a Subsequent Mortgage Loan but which has been acquired by foreclosure or deed in lieu of foreclosure, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing and proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, hazard insurance and title insurance policy relating to the Subsequent Mortgage Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing). The transfer by the Company of the Subsequent Mortgage Loans set forth on the related Schedule of Mortgage Loans to the Trustee shall hold such documents hereunder for be absolute and shall be intended by the benefit Owners and all parties hereto to be treated as a sale by the Company. Any Subsequent Mortgage Loan so transferred will be included in one and only one of either Group I or Group II. The amount released from the Pre-Funding Account shall be one hundred percent (100%) of the Certificateholdersaggregate principal balances of the Subsequent Mortgage Loans so transferred. Upon the transfer by the Company of the Subsequent Mortgage Loans hereunder, such Subsequent Mortgage Loans (and all principal and interest due thereon subsequent to the Subsequent Cut Off Date) and all other rights and interests with respect to such Subsequent Mortgage Loans transferred pursuant to a Subsequent Transfer Agreement shall be deemed for all purposes hereunder to be part of the Trust Estate. The Company hereby covenants and agrees to use its best efforts to ensure that a sufficient amount of Subsequent Mortgage Loans will be transferred to the Trust during the Funding Period to reduce the Pre-Funded Amount to less than $100,000 for each Group.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (First Alliance Mortgage Loan Trust 1996-3), Pooling and Servicing Agreement (First Alliance Mortgage Loan Trust 1997-4)

Conveyance of the Subsequent Mortgage Loans. (a) Subject to the satisfaction of the conditions set forth in Section 2.01 3.5 and paragraph paragraphs (b), (c) below, and (d) below (based on the Trustee's review of such conditions) in consideration of the Trustee's delivery on a the relevant Subsequent Transfer Date Dates to or upon the order of the Transferor Company of all or a portion of the amount in respect balance of Principal Collections funds in the Pre-Funding Account Account, the Transferor shall, to the extent of the availability thereof, Company shall on the related any Subsequent Transfer Date sell, transfer, assign, set over and otherwise convey without recourse, to the Trust without recourse (subject to Sections 2.02 and 2.04) Trustee, all of its right, title and interest in and to the Asset Balances of the Subsequent Mortgage Loans and all Interest Collections and Principal Collections in respect thereof received after the Cut-Off Date for the Subsequent Mortgage Loans or, with respect to any Additional Balances with respect thereto, on or after the date of transfer to the Trust. Future advances made to a Mortgagor under a Loan Agreement relating to a Subsequent Mortgage Loan shall be part of the related Asset Balance and transferred to the Trust pursuant to this Section 2.10, and, therefore, part of the Trust property upon the sale thereof to the Transferor under the Purchase Agreement. On each Subsequent Transfer Date, the Trustee shall acknowledge that the Transferor has conveyed its Company's right, title and interest in and to each Subsequent Mortgage Loan listed on the related Schedule of Mortgage Loans (other than any principal and interest payments due thereon on or prior to the corresponding Related Documents relevant Subsequent Cut-Off Date) which the Company is causing to be delivered to the Custodian, on behalf of the Trustee herewith (and certain all substitutions therefor as provided by Sections 3.3, 3.4 and 3.6) together with the related Subsequent Mortgage Loan documents and the Company's interest in any Property which secured a Subsequent Mortgage Loan but which has been acquired by foreclosure or deed in lieu of foreclosure, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing and proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, hazard insurance and title insurance policy relating to the Subsequent Mortgage Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other rights forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing). The transfer by the Company of the Subsequent Mortgage Loans set forth on the related Schedule of Mortgage Loans to the Trustee shall be absolute and shall be intended by the Owners and all parties hereto to be treated as a sale by the Company. Any Subsequent Mortgage Loan so transferred will be included in one and only one of either Group I or Group II. The amount released from the Pre-Funding Account shall be one hundred percent (100%) of the aggregate principal balances of the Subsequent Mortgage Loans so transferred. Upon the transfer by the Company of the Subsequent Mortgage Loans hereunder, such Subsequent Mortgage Loans (and all principal and interest due thereon subsequent to the Subsequent Cut Off Date) and all other rights and interests with respect to such Subsequent Mortgage Loans transferred pursuant to this Agreement, and the Trustee a Subsequent Transfer Agreement shall hold such documents be deemed for all purposes hereunder for the benefit to be part of the CertificateholdersTrust Estate. The Company hereby covenants and agrees to use its best efforts to ensure that a sufficient amount of Subsequent Mortgage Loans will be transferred to the Trust during the Funding Period to reduce the Pre-Funded Amount to less than $100,000 for each Group.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (First Alliance Mortgage Loan Trust 1997-3), Pooling and Servicing Agreement (First Alliance Mortgage Loan Trust 1996-4)

Conveyance of the Subsequent Mortgage Loans. (a) Subject to the satisfaction of the conditions set forth in Section 2.01 and paragraph (b) below, in consideration of the Indenture Trustee's delivery on a Subsequent Transfer Date to or upon the order of the Transferor Sponsor of all or a portion of the amount in respect of Principal Collections in the Funding Account the Transferor Sponsor shall, to the extent of the availability thereof, on the related Subsequent Transfer Date transfer, assign, set over and otherwise convey to the Trust without recourse (subject to Sections 2.02 2.03 and 2.042.05) all of its right, title and interest in and to the Asset Balances of the Subsequent Mortgage Loans and all Interest Collections and Principal Collections in respect thereof received after the Cut-Cut- Off Date for the Subsequent Mortgage Loans (excluding payments in respect of accrued interest due prior to the related Transfer Date) or, with respect to any Additional Balances with respect thereto, on or after the date of transfer to the Trust. Future advances made to a Mortgagor under a Loan Agreement relating to a Subsequent Mortgage Loan Loans shall be part of the related Asset Balance and transferred to the Trust pursuant to this Section 2.10, and, therefore, part of the Trust property Property upon the sale thereof to the Transferor Sponsor under the Purchase Agreement. On each Subsequent Transfer Date, the Indenture Trustee shall acknowledge that the Transferor Sponsor has conveyed its right, title and interest in and to each Subsequent Mortgage Loan Loans and to the corresponding Related Documents and certain other rights to the Indenture Trustee pursuant to this Agreement, and the Indenture Trustee shall hold such documents hereunder for the benefit of the CertificateholdersNoteholders.

Appears in 1 contract

Samples: Sale and Servicing Agreement (Headlands Mortgage Securities Inc)

Conveyance of the Subsequent Mortgage Loans. (a) Subject to the satisfaction of the conditions set forth in this Section 2.01 2.05 and paragraph (b) belowin Section 2.01, in consideration of the Indenture Trustee's delivery on a Subsequent Transfer Date to or upon the order of the Transferor Depositor of all or a portion amounts in the Pre-Funding Account equal to the applicable Cut-Off Date Principal Balances of the amount in respect of Principal Collections in the Funding Account the Transferor shall, Subsequent Mortgage Loans to be transferred to the extent of the availability thereof, Trust on the related such Subsequent Transfer Date Date, the Depositor shall sell, transfer, assign, set over and otherwise convey to the Trust Issuer without recourse (subject and pursuant to Sections 2.02 and 2.04) the terms of the related Subsequent Transfer Agreement all of its right, title and interest in and to the Asset Balances of the such Subsequent Mortgage Loans (including its Principal Balance and any Additional Balances related thereto) and all Interest Collections and Principal Collections collections in respect thereof received after the Subsequent Cut-Off Date for the such Subsequent Mortgage Loans (excluding payments in respect of accrued interest due prior to the related Subsequent Cut-Off Date) or, with respect to any Additional Balances with respect thereto, on or after the date of transfer to the Trust. Future advances made to a Mortgagor under a Loan Credit Line Agreement relating to a Subsequent Mortgage Loan shall be part of the related Asset Principal Balance and transferred to the Trust pursuant to this Section 2.102.05, and, therefore, part of the Trust property Property upon the sale thereof to the Transferor Depositor under the Purchase Agreement. On each Subsequent Transfer Date, the Trustee shall acknowledge that the Transferor has conveyed its right, title and interest in and to each Subsequent Mortgage Loan and to the corresponding Related Documents and certain other rights to the Trustee pursuant to this Agreement, and the Trustee shall hold such documents hereunder for the benefit of the Certificateholders.

Appears in 1 contract

Samples: Sale and Servicing Agreement (Greenpoint Mortgage Funding Trust 2005-He1)

Conveyance of the Subsequent Mortgage Loans. (a) Subject to the satisfaction of the conditions set forth in Section 2.01 3.5 and paragraph paragraphs (b), (c) below, and (d) below (based on the Trustee's review of such conditions) in consideration of the Trustee's delivery on a the relevant Subsequent Transfer Date Dates to or upon the order of the Transferor Company of all or a portion of the amount in respect balance of Principal Collections funds in the Pre-Funding Account Account, the Transferor shall, to the extent of the availability thereof, Company shall on the related any Subsequent Transfer Date sell, transfer, assign, set over and otherwise convey without recourse, to the Trust without recourse (subject to Sections 2.02 and 2.04) Trustee, all of its right, title and interest in and to the Asset Balances of the Subsequent Mortgage Loans and all Interest Collections and Principal Collections in respect thereof received after the Cut-Off Date for the Subsequent Mortgage Loans or, with respect to any Additional Balances with respect thereto, on or after the date of transfer to the Trust. Future advances made to a Mortgagor under a Loan Agreement relating to a Subsequent Mortgage Loan shall be part of the related Asset Balance and transferred to the Trust pursuant to this Section 2.10, and, therefore, part of the Trust property upon the sale thereof to the Transferor under the Purchase Agreement. On each Subsequent Transfer Date, the Trustee shall acknowledge that the Transferor has conveyed its Company's right, title and interest in and to each Subsequent Mortgage Loan listed on the related Schedule of Mortgage Loans (other than any principal and interest payments due thereon on or prior to the corresponding Related Documents and certain other rights relevant Subsequent Cut-Off Date) which the Company is causing to be delivered to the Trustee pursuant to this Agreementherewith (and all substitutions therefor as provided by Sections 3.3, 3.4 and 3.6) together with the related Subsequent Mortgage Loan documents and the Company's interest in any Property which secured a Subsequent Mortgage Loan but which has been acquired by foreclosure or deed in lieu of foreclosure, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing and proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, hazard insurance and title insurance policy relating to the Subsequent Mortgage Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing). The transfer by the Company of the Subsequent Mortgage Loans set forth on the related Schedule of Mortgage Loans to the Trustee shall hold such documents hereunder for be absolute and shall be intended by the benefit Owners and all parties hereto to be treated as a sale by the Company. Any Subsequent Mortgage Loan so transferred will be included in one and only one of either Group I or Group II. The amount released from the Pre-Funding Account shall be one hundred percent (100%) of the Certificateholders.aggregate principal balances of the Subsequent Mortgage Loans so transferred. Upon the transfer by the Company of the Subsequent Mortgage Loans hereunder, such Subsequent Mortgage Loans (and all principal and interest due thereon subsequent to the Subsequent Cut Off Date) and all other rights and interests with respect to such Subsequent Mortgage Loans transferred pursuant to a Subsequent Transfer Agreement shall be deemed for all purposes hereunder to be part of the Trust Estate. The Company hereby covenants and agrees to use its best efforts to ensure that a sufficient amount of Subsequent Mortgage Loans will be transferred to the Trust during the Funding Period to reduce the Pre-Funded Amount to less than $100,000 for each Group. 42

Appears in 1 contract

Samples: Pooling and Servicing Agreement (First Alliance Mortgage Co /De/)

Conveyance of the Subsequent Mortgage Loans. (a) Subject to the satisfaction of the conditions set forth in this Section 2.01 2.05 and paragraph (b) belowin Section 2.01, in consideration of the Indenture Trustee's ’s delivery on a Subsequent Transfer Date to or upon the order of the Transferor Depositor of all or a portion amounts in the Group I Pre-Funding Account and the Group II Pre-Funding Account equal to aggregate Cut-Off Date Principal Balance of the amount in respect of Principal Collections in Group I Subsequent Mortgage Loans and the Funding Account the Transferor shallGroup II Subsequent Mortgage Loans, respectively, to be transferred to the extent of the availability thereof, Trust on the related such Subsequent Transfer Date Date, the Depositor shall sell, transfer, assign, set over and otherwise convey to the Trust Issuer without recourse (subject and pursuant to Sections 2.02 and 2.04) the terms of the related Subsequent Transfer Agreement all of its right, title and interest in and to the Asset Balances of the such Subsequent Mortgage Loans (including its Principal Balance and any Additional Balances related thereto) and all Interest Collections and Principal Collections collections in respect thereof received after the Subsequent Cut-Off Date for the such Subsequent Mortgage Loans (excluding payments in respect of accrued interest due prior to the related Subsequent Cut-Off Date) or, with respect to any Additional Balances with respect thereto, on or after the date of transfer to the Trust. Future advances made to a Mortgagor under a Loan Credit Line Agreement relating to a Subsequent Mortgage Loan shall be part of the related Asset Principal Balance and transferred to the Trust pursuant to this Section 2.102.05, and, therefore, part of the Trust property Property upon the sale thereof to the Transferor Depositor under the Purchase Agreement. On each Subsequent Transfer Date, the Trustee shall acknowledge that the Transferor has conveyed its right, title and interest in and to each Subsequent Mortgage Loan and to the corresponding Related Documents and certain other rights to the Trustee pursuant to this Agreement, and the Trustee shall hold such documents hereunder for the benefit of the Certificateholders.

Appears in 1 contract

Samples: Servicing Agreement (Greenpoint Mortgage Funding Trust 2005-He4)

AutoNDA by SimpleDocs

Conveyance of the Subsequent Mortgage Loans. (a) Subject to the satisfaction of the conditions set forth in Section 2.01 and paragraph (b2.1(c) belowof the Mortgage Loan Purchase Agreement, in consideration of the Trustee's delivery on a the related Subsequent Transfer Date to or upon Dates, during the order Pre-Funding Period, in accordance with the terms of the Transferor related Subsequent Transfer Agreement, of all or a portion of the amount in respect balance of Principal Collections funds in the Pre-Funding Account the Transferor shall, equal to the extent Purchase Price of each Subsequent Mortgage Loan, the availability thereof, Company shall on the related any Subsequent Transfer Date sell, transfer, assign, set over and otherwise convey without recourse to the Trust without recourse (Trustee but subject to Sections 2.02 the terms and 2.04provisions of this Agreement all of the right, title and interest of the Company in and to (i) the Subsequent Mortgage Loans identified on the related Mortgage Loan Schedule attached to the related Subsequent Transfer Agreement, delivered by the Company on such Subsequent Transfer Date, (ii) principal received and interest due on the Subsequent Mortgage Loans after the related Subsequent Cut-off Date and (iii) all of its items with respect to such Subsequent Mortgage Loans to be delivered pursuant to Section 2.01 above; PROVIDED, HOWEVER, that the Company reserves and retains all right, title and interest in and to principal (including Principal Prepayments) received and interest due on the Asset Balances Subsequent Mortgage Loans on or prior to the related Subsequent Cut-off Date. The transfer to the Trustee by the Company of the Subsequent Mortgage Loans identified on the related Mortgage Loan Schedule shall be absolute and all Interest Collections is intended by the Company, the Master Servicer, the Trustee and Principal Collections in respect thereof received after the Cut-Off Date for Certificateholders to constitute and to be treated as a sale of the Subsequent Mortgage Loans or, with respect to any Additional Balances with respect thereto, on or after by the date of transfer to the Trust. Future advances made to a Mortgagor under a Loan Agreement relating to a Subsequent Mortgage Loan shall be part of the related Asset Balance and transferred Company to the Trust pursuant to this Section 2.10, and, therefore, part of the Trust property upon the sale thereof to the Transferor under the Purchase Agreement. On each Subsequent Transfer Date, the Trustee shall acknowledge that the Transferor has conveyed its right, title and interest in and to each Subsequent Mortgage Loan and to the corresponding Related Documents and certain other rights to the Trustee pursuant to this Agreement, and the Trustee shall hold such documents hereunder for the benefit of the CertificateholdersFund.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (WMC Secured Assets Corp WMC Mort Pass THR Cert Ser 1999-A)

Conveyance of the Subsequent Mortgage Loans. (a) Subject to the satisfaction of the conditions set forth in this Section 2.01 2.05 and paragraph (b) belowin Section 2.01, in consideration of the Indenture Trustee's delivery on a Subsequent Transfer Date to or upon the order of the Transferor Depositor of all or a portion amounts in the Group I Pre-Funding Account and the Group II Pre-Funding Account equal to aggregate Cut-Off Date Principal Balance of the amount in respect of Principal Collections in Group I Subsequent Mortgage Loans and the Funding Account the Transferor shallGroup II Subsequent Mortgage Loans, respectively, to be transferred to the extent of the availability thereof, Trust on the related such Subsequent Transfer Date Date, the Depositor shall sell, transfer, assign, set over and otherwise convey to the Trust Issuing Entity without recourse (subject and pursuant to Sections 2.02 and 2.04) the terms of the related Subsequent Transfer Agreement all of its right, title and interest in and to the Asset Balances of the such Subsequent Mortgage Loans (including its Principal Balance and any Additional Balances related thereto) and all Interest Collections and Principal Collections collections in respect thereof received after the Subsequent Cut-Off Date for the such Subsequent Mortgage Loans (excluding payments in respect of accrued interest due prior to the related Subsequent Cut-Off Date) or, with respect to any Additional Balances with respect thereto, on or after the date of transfer to the Trust. Future advances made to a Mortgagor under a Loan Credit Line Agreement relating to a Subsequent Mortgage Loan shall be part of the related Asset Principal Balance and transferred to the Trust pursuant to this Section 2.102.05, and, therefore, part of the Trust property Property upon the sale thereof to the Transferor Depositor under the Purchase Agreement. On each Subsequent Transfer Date, the Trustee shall acknowledge that the Transferor has conveyed its right, title and interest in and to each Subsequent Mortgage Loan and to the corresponding Related Documents and certain other rights to the Trustee pursuant to this Agreement, and the Trustee shall hold such documents hereunder for the benefit of the Certificateholders.

Appears in 1 contract

Samples: Sale and Servicing Agreement (Financial Asset Securities Corp)

Conveyance of the Subsequent Mortgage Loans. (a) Subject ------------------------------------------- to the satisfaction of the conditions set forth in Section 2.01 and paragraph (b) below, in consideration of the Trustee's delivery on a Subsequent Transfer Date to or upon the order of the Transferor of all or a portion of the amount in respect of Principal Collections in the Funding Account the Transferor shall, to the extent of the availability thereof, on the related Subsequent Transfer Date transfer, assign, set over and otherwise convey to the Trust without recourse (subject to Sections 2.02 and 2.04) all of its right, title and interest in and to the Asset Balances of the Subsequent Mortgage Loans and all Interest Collections and Principal Collections in respect thereof received after the Cut-Cut- Off Date for the Subsequent Mortgage Loans (excluding payments in respect of accrued interest due prior to the related Transfer Date) or, with respect to any Additional Balances with respect thereto, on or after the date of transfer to the Trust. Future advances made to a Mortgagor under a Loan Agreement relating to a Subsequent Mortgage Loan shall be part of the related Asset Balance and transferred to the Trust pursuant to this Section 2.10, and, therefore, part of the Trust property upon the sale thereof to the Transferor under the Purchase Agreement. On each Subsequent Transfer Date, the Trustee shall acknowledge that the Transferor has conveyed its right, title and interest in and to each Subsequent Mortgage Loan and to the corresponding Related Documents and certain other rights to the Trustee pursuant to this Agreement, and the Trustee shall hold such documents hereunder for the benefit of the Certificateholders.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Financial Asset Securities Corp)

Conveyance of the Subsequent Mortgage Loans. (a) Subject to the satisfaction of the conditions set forth in Section 2.01 and paragraph (b) below, in consideration of the Indenture Trustee's delivery on a Subsequent Transfer Date to or upon the order of the Transferor Sponsor of all or a portion amounts in the Pre-Funding Account equal to the aggregate principal balance of the amount in respect of Principal Collections in Subsequent Mortgage Loans the Funding Account the Transferor Sponsor shall, to the extent of the availability thereof, on the related Subsequent Transfer Date transfer, assign, set over and otherwise convey to the Trust without recourse (subject to Sections 2.02 2.03 and 2.042.05) all of its right, title and interest in and to the Asset Balances of the such Subsequent Mortgage Loans and all Interest Collections and Principal Collections in respect thereof received after the Cut-Off Date for the Subsequent Mortgage Loans (excluding payments in respect of accrued interest due prior to the related Subsequent Transfer Date) or, with respect to any Additional Balances with respect thereto, on or after the date of transfer to the Trust. Future advances made to a Mortgagor under a Loan Agreement relating to a Subsequent Mortgage Loan Loans shall be part of the related Asset Principal Balance and transferred to the Trust pursuant to this Section 2.10, and, therefore, part of the Trust property Property upon the sale thereof to the Transferor Sponsor under the Purchase Agreement. On each Subsequent Transfer Date, the Sponsor shall deliver to the Indenture Trustee shall acknowledge a letter which: (i) states the amount to be withdrawn from the Pre-Funding Account on such date to purchase Subsequent Mortgage Loans for addition to Pool I; (ii) states the amount to be withdrawn from the Pre-Funding Account on such date to purchase Subsequent Mortgage Loans for addition to Pool II; (iii) lists each Subsequent Mortgage Loan being conveyed to the Trust on such Subsequent Transfer Date (including a description of the Pool into which each such Subsequent Mortgage Loan is being conveyed); (iv) acknowledges that each of the requirements listed in Section 2.10(b) of this Agreement have been satisfied; (v) attaches as exhibits thereto each of the documents described in Sections 2.10(b)(i), (v), (vii) and (viii) and; (vi) acknowledges that the Transferor Sponsor has conveyed its right, title and interest in and to each Subsequent Mortgage Loan Loans and to the corresponding Related Documents and certain other rights to the Indenture Trustee pursuant to this Agreement, and the Indenture Trustee shall hold such documents hereunder for the benefit of the CertificateholdersNoteholders. The Indenture Trustee shall acknowledge its receipt of such letter by signing it and returning a signed copy to the Sponsor, the Servicer, the Issuer, the Insurer and each of the Rating Agencies.

Appears in 1 contract

Samples: Sale and Servicing Agreement (Greenpoint Home Equity Loan Trust 1999 2)

Time is Money Join Law Insider Premium to draft better contracts faster.