Common use of Correction of Mortgage Notes Clause in Contracts

Correction of Mortgage Notes. The Buyer may from time to time request, in writing, that the Collateral Agent deliver a Mortgage Note that constitutes Transferred Mortgage Assets so that such Mortgage Note may be replaced by a corrected Mortgage Note. Upon receipt by the Collateral Agent of such a request, and so long as no Default or Event of Default shall be in existence, the Collateral Agent is permitted to deliver to the Buyer or the Servicer the Mortgage Note to be corrected, such delivery to be conditioned upon the receipt by the Collateral Agent of a corrected Mortgage Note acceptable to it within 14 calendar days after such delivery; provided, that at no time shall the Collateral Value of Mortgage Notes which have been so delivered and have not been replaced with corrected Mortgage Notes hereunder exceed $5,000,000. If the corrected Mortgage Note is not received within such time, then, beginning on the first Business Day following such fourteenth calendar day, the Collateral Agent shall assign such Mortgage Loan a Collateral Value of zero.

Correction of Mortgage Notes. The Buyer Servicer may from time to time request, in writing, that the Collateral Agent deliver a Mortgage Note that constitutes Transferred Mortgage Assets Loan Collateral so that such Mortgage Note may be replaced by a corrected Mortgage Note. Upon receipt by the Collateral Agent of such a requestrequest from the Servicer, and so long as no Default or Event of Default shall be in existence, the Collateral Agent is permitted to shall deliver to the Buyer or Servicer, under the Servicer Collateral Agent's "Trust Receipt and Security Agreement Letter", in the form provided for in the Collateral Agency Agreement, the Mortgage Note to be corrected, such delivery to be conditioned upon the receipt within fourteen (14) calendar days by the Collateral Agent of a corrected Mortgage Note acceptable to it within 14 calendar days after such delivery; provided, that at no time shall the Collateral Value of Mortgage Notes which have been so delivered and have not been replaced with corrected Mortgage Notes hereunder exceed $5,000,000it. If the corrected Mortgage Note is not received within with such time, then, beginning on the first Business Day following such fourteenth calendar day, the Collateral Agent shall assign such Mortgage Loan a Collateral Value of zero.

Correction of Mortgage Notes. The Buyer Servicer may from time to time request, in writing, that the Collateral Agent deliver a Mortgage Note that constitutes Transferred Mortgage Assets Loan Collateral so that such Mortgage Note may be replaced by a corrected Mortgage Note. Upon receipt by the Collateral Agent of such a requestrequest from the Servicer, and so long as no Default or Event of Default shall be in existence, the Collateral Agent is permitted to shall deliver to the Buyer or Servicer, under the Servicer Collateral Agent's "Trust Receipt and Security Agreement Letter", in the form provided for in the Second Restated Collateral Agency Agreement, the Mortgage Note to be corrected, such delivery to be conditioned upon the receipt within fourteen (14) calendar days by the Collateral Agent of a corrected Mortgage Note acceptable to it within 14 calendar days after such delivery; provided, that at no time shall the Collateral Value of Mortgage Notes which have been so delivered and have not been replaced with corrected Mortgage Notes hereunder exceed $5,000,000it. If the corrected Mortgage Note is not received within with such time, then, beginning on the first Business Day following such fourteenth calendar day, the Collateral Agent shall assign such Mortgage Loan a Collateral Value of zero.