Common use of Delivery for Sale of Pledged Mortgage Loans Clause in Contracts

Delivery for Sale of Pledged Mortgage Loans. If no Event of Default or Default exists, the Borrower shall direct the Agent to, and the Agent will, transmit on behalf of the Borrower Pledged Mortgage Loans, accompanied by a duly completed and executed Bailee Letter, to an Investor who has issued a Take-Out Commitment. All sale proceeds transferred to the Agent pursuant to such Bailee Letter and all Mortgage Notes and other documents returned to the Agent pursuant to such Bailee Letter shall remain a part of the Collateral unless and until released pursuant to Section 10.04 of this Pledge and Security Agreement. If required by the applicable Take-Out Commitment, Pledged Mortgage Loans may be duly assigned of record to the issuer of such Take-Out Commitment subject to reassignment if not purchased and with beneficial title to any such assigned Pledged Mortgage Loans being subject to the above-stated escrow condition. All Pledged Mortgage Loans which are so transmitted or otherwise delivered but not paid for shall constitute Collateral and shall, subject to the limits contained herein, be included in determining the Borrowing Base. The Borrower further agrees that the initial certifications and the settlements in connection with Xxxxxx Mae, Xxxxxxx Mac and Xxxxxx Mae pools are to be performed by the Agent or its designated agent. The proceeds received by the Agent from the sale of any Pledged Mortgage Loans pursuant to this Section 10.02 shall be deposited by the Agent in the Funding and Settlement Account and shall be promptly applied to the payment of principal of the Notes; provided, however, that if an Event of Default has occurred and is continuing, such proceeds shall be applied in accordance with Section 17 hereof.

Delivery for Sale of Pledged Mortgage Loans. (a) If no Event of Default or Default exists, the Borrower shall direct the Agent to, and the Agent will, transmit on behalf of the Borrower Pledged Mortgage Loans, accompanied by a duly completed and executed Bailee Letter, to an Investor who has issued a Take-Out Commitment. All sale proceeds transferred to the Agent pursuant to such Bailee Letter and all Mortgage Notes and other documents returned to the Agent pursuant to such Bailee Letter shall remain a part of the Collateral unless and until released pursuant to Section 10.04 of this Pledge and Security Agreement. If required by the applicable Take-Out Commitment, Pledged Mortgage Loans may be duly assigned of record to the issuer of such Take-Out Commitment subject to reassignment if not purchased and with beneficial title to any such assigned Pledged Mortgage Loans being subject to the above-stated escrow condition. All Pledged Mortgage Loans which are so transmitted or otherwise delivered but not paid for shall constitute Collateral and shall, subject to the limits contained herein, be included in determining the Borrowing Base. The Borrower further agrees that the initial certifications and the settlements in connection with Xxxxxx MaeFxxxxx Mxx, Xxxxxxx Fxxxxxx Mac and Xxxxxx Gxxxxx Mae pools are to be performed by the Agent or its designated agent. The proceeds received by the Agent from the sale of any Pledged Mortgage Loans pursuant to this Section 10.02 shall be deposited by the Agent in the Funding and Settlement Account and shall be promptly applied to the payment of principal of the Notes; provided, however, that if an Event of Default has occurred and is continuing, such proceeds shall be applied in accordance with Section 17 hereof. (b) So long as no Default or Event of Default exists, at the request of the Borrower, the Agent will transmit Pledged Mortgage Loans to other lenders for financing under other warehousing facilities allowed under the Credit Agreement; provided, however, that the Agent shall transmit such Pledge Mortgage Loans with a Lender’s Release of Security Interest substantially in the form of Attachment 7 if, after giving effect to such transmittal, there would not be excess Collateral Value for all Pledged Mortgage Loans. The proceeds received by the Agent for such Pledged Mortgage Loans shall be applied under the provisions of Section 10.02(a) above.

Delivery for Sale of Pledged Mortgage Loans. If no Event of Default or Unmatured Event of Default exists, the Borrower shall Pledgor may direct the Collateral Agent to, and the Collateral Agent will, transmit on behalf of the Borrower Pledgor Pledged Mortgage Loans, accompanied by a duly completed and executed Bailee Letter, to an Approved Investor who Pledgor has represented has issued a Loan Specific Take-Out CommitmentCommitment or Hedge or to a document custodian for such documents. All sale proceeds transferred to the Agent pursuant to such Bailee Letter and all Mortgage Notes and other documents returned to the Collateral Agent pursuant to such Bailee Letter shall remain a part of the Collateral unless and until released pursuant to Section 10.04 of this Pledge and Security Agreement. If required by the applicable Take-Out Commitment, Pledged Mortgage Loans may be duly assigned of record to the issuer of such Take-Out Commitment subject to reassignment if not purchased and with beneficial title to any such assigned Pledged Mortgage Loans being subject to the above-stated escrow condition. All Pledged Mortgage Loans which are so transmitted or otherwise delivered but not paid for shall constitute Collateral and shall, subject to the limits conditions and limitations contained hereinin Exhibit A to the Credit Agreement, be included in determining the Borrowing Base. The Borrower further agrees that the initial certifications and the settlements in connection with Xxxxxx Mae, Xxxxxxx Mac and Xxxxxx Mae pools are to be performed by the Agent or its designated agent. The proceeds received by the Agent from the sale of any Pledged Mortgage Loans pursuant to this Section 10.02 shall be deposited by the Collateral Agent in the Funding and Settlement Account and shall be promptly applied to the payment of principal of the Notes; obligations as provided in the Credit Agreement, provided, however, that if an Event of Default has occurred and is continuing, such proceeds shall be applied in accordance with Section 17 hereof.

Delivery for Sale of Pledged Mortgage Loans. If no Event of Default or Unmatured Event of Default exists, the Borrower shall Pledgor may direct the Agent toBank, and the Agent will, Bank will transmit on behalf of the Borrower Pledgor, Pledged Mortgage Loans, accompanied by a duly completed and executed Bailee Letter, to an Investor who has issued a Take-Out Commitment. All sale proceeds transferred to the Agent Bank pursuant to such Bailee Letter and all Mortgage Notes and other documents returned to the Agent Bank pursuant to such Bailee Letter shall remain a part of the Collateral unless and until released pursuant to Section 10.04 of this Pledge and Security Agreement. If required by the applicable Take-Out Commitment, Pledged Mortgage Loans may be duly assigned of record to the issuer of such Take-Out Commitment subject to reassignment if not purchased and with beneficial title to any such assigned Pledged Mortgage Loans being subject to the above-stated escrow condition. All Pledged Mortgage Loans which are so transmitted or otherwise delivered but not paid for shall constitute Collateral and shall, subject to the limits contained herein, be included in determining the Borrowing Base. The Borrower Pledgor further agrees that the -12- initial certifications and the settlements in connection with Xxxxxx Mae, Xxxxxxx Mac FNMA and Xxxxxx Mae GNMA pools are to be performed by the Agent Bank or its designated agent. The proceeds received by the Agent Bank from the sale of any Pledged Mortgage Loans pursuant to this Section 10.02 10.03 shall be deposited by the Agent Bank in the Funding and Settlement Collateral Account and shall be promptly applied to the payment of principal of the NotesNote; provided, however, that if an Event of Default has occurred and is continuing, such proceeds shall be applied in accordance with Section 17 hereof.

Delivery for Sale of Pledged Mortgage Loans. If no Event of Default or Unmatured Event of Default exists, the Borrower shall Company may direct the Agent to, and the Agent will, transmit on behalf of the Borrower Company Pledged Mortgage Loans, accompanied by a duly completed and executed Bailee Letter, to an Investor who has issued a Take-Out CommitmentCommitment or a custodian for such Investor that is acceptable to the Agent. All sale proceeds transferred to the Agent pursuant to such Bailee Letter and all Mortgage Notes and other documents returned to the Agent pursuant to such Bailee Letter shall remain a part of the Collateral unless and until released pursuant to Section 10.04 of this Pledge and Security Agreement. If required by the applicable Take-Out Commitment, Pledged Mortgage Loans may be duly assigned of record to the issuer of such Take-Out Commitment subject to reassignment if not purchased and with beneficial title to any such assigned Pledged Mortgage Loans being subject to the above-stated escrow condition. All Pledged Mortgage Loans which are so transmitted or otherwise delivered but not paid for shall constitute Collateral and shall, subject to the limits contained herein, be included in determining the Borrowing Base. The Borrower further agrees that the initial certifications and the settlements in connection with Xxxxxx Mae, Xxxxxxx Mac and Xxxxxx Mae pools are to be performed by the Agent or its designated agent. The proceeds received by the Agent from the sale of any Pledged Mortgage Loans pursuant to this Section 10.02 shall be deposited by the Agent in the Funding and Settlement Collateral Account and shall be promptly applied to the payment of principal of the Notes; provided, however, that if an Event of Default has occurred and is continuing, such proceeds shall be applied in accordance with Section 17 hereof.

Delivery for Sale of Pledged Mortgage Loans. If no Event ------------------------------------------- of Default or Unmatured Event of Default exists, the Borrower shall Company may direct the Agent to, and the Agent will, transmit on behalf of the Borrower Company Pledged Mortgage Loans, accompanied by a duly completed and executed Bailee Letter, to an Investor who has issued a Take-Out CommitmentCommitment or a custodian for such Investor that is acceptable to the Agent. All sale proceeds transferred to the Agent pursuant to such Bailee Letter and all Mortgage Notes and other documents returned to the Agent pursuant to such Bailee Letter shall remain a part of the Collateral unless and until released pursuant to Section 10.04 of this Pledge and Security Agreement. If required by the applicable Take-Out Commitment, Pledged Mortgage Loans may be duly assigned of record to the issuer of such Take-Out Commitment subject to reassignment if not purchased and with beneficial title to any such assigned Pledged Mortgage Loans being subject to the above-stated escrow condition. All Pledged Mortgage Loans which are so transmitted or otherwise delivered but not paid for shall constitute Collateral and shall, subject to the limits contained herein, be included in determining the Warehousing Borrowing Base. The Borrower further agrees that the initial certifications and the settlements in connection with Xxxxxx Mae, Xxxxxxx Mac and Xxxxxx Mae pools are to be performed by the Agent or its designated agent. The proceeds received by the Agent from the sale of any Pledged Mortgage Loans pursuant to this Section 10.02 shall be deposited by the Agent in the Funding and Settlement Collateral Account and shall be promptly applied to the payment of principal of the NotesWarehousing Note; provided, however, that if an Event of Default has occurred and is continuing, such proceeds shall be applied in accordance with Section 17 hereof.