Common use of Delivery of Collateral Documents Clause in Contracts

Delivery of Collateral Documents. The Lender or its designee exclusively shall deliver Pledged Mortgages or Pledged Securities to (a) an Investor that has issued a Purchase Commitment with respect thereto for its examination and purchase, or (b) an Approved Custodian for purposes of examination or delivery in connection with the issuance of Mortgage-backed Securities. In such cases where the Lender must deliver documents to an Investor or Approved Custodian, the Lender must receive signed shipping instructions (in the form of EXHIBIT "D" attached hereto), no later than 2:00 p.m. Houston, Texas time one (1) Business Day prior to the expiration of the appended Purchase Commitment, in addition to any other documents listed in Section II of EXHIBIT "C" in respect of the issuance of Mortgage-backed Securities. If shipping instructions are received by Lender before 2:00 p.m. Houston, Texas time of any Business Day, Lender will ship the documents together with the Bailee Letter (in form of EXHIBIT "K") to the Investor or Approved Custodian on the same Business Day, otherwise Lender will ship the documents the next Business Day following receipt of shipping instructions. In any case in which an Advance has been made hereunder against Pledged Mortgages, based on the existence of a Purchase Commitment covering such Pledged Mortgages, each Borrower agrees that such Pledged Mortgages will not be placed in any mortgage pool other than an Eligible Mortgage Pool, unless such Pledged Mortgages have been redeemed from pledge as permitted hereunder or other arrangements, satisfactory to the Lender in its sole discretion, have been made for the redemption of such Pledged Mortgages from pledge hereunder. The Lender may deliver any document

Delivery of Collateral Documents. The Lender or its designee exclusively shall deliver Pledged Mortgages or Pledged Securities to (a) an Investor that has issued a Purchase Commitment with respect thereto for its examination and purchase, or (b) an Approved Custodian for purposes of examination or delivery in connection with the issuance of Mortgage-backed Securities. In such cases where the Lender must deliver documents to an Investor or Approved Custodian, the Lender must receive signed shipping instructions (in the form of EXHIBIT "D" attached hereto), no later than 2:00 p.m. Houston, Texas time one (1) Business Day prior to the expiration of the appended Purchase Commitment, in addition to any other documents listed in Section II III of EXHIBIT "C" in respect of the issuance of Mortgage-backed Securities. If shipping instructions are received by Lender before 2:00 p.m. Houston, Texas time of any Business Day, Lender will ship the documents together with the Bailee Letter (in form of EXHIBIT "K") to the Investor or Approved Custodian on the same Business Day, otherwise Lender will ship the documents the next Business Day following receipt of shipping instructions. In any case in which an Advance has been made hereunder against Pledged Mortgages, based on the existence of a Purchase Commitment covering such Pledged Mortgages, each Borrower the Company agrees that such Pledged Mortgages will not be placed in any mortgage pool other than an Eligible Mortgage Pool, unless such Pledged Mortgages have been redeemed from pledge as permitted hereunder or other arrangements, satisfactory to the Lender in its sole discretion, have been made for the redemption of such Pledged Mortgages from pledge hereunder. The Lender may deliver any documentdocument relating to the Collateral to the Company for correction or completion against a trust receipt in the form of EXHIBIT "E" attached hereto executed by the Company. The Company hereby represents and warrants to and agrees with the Lender that any request by the Company for release of the Collateral consisting of or relating to Mortgage Loans to the Company shall be solely for the purposes of correcting clerical or non-substantial documentation problems in preparation for returning such Collateral to the Lender for ultimate sale or exchange and the aggregate Collateral Value of the Collateral released to the Company pursuant to this Section 3.3 will not exceed $500,000.00; the Company shall request such release in compliance with all of the terms and conditions of such release set forth herein; and the Company will return to the Lender such documentation released to the Company pursuant to this Section 3.3 within ten (10) calendar days after such delivery.

Delivery of Collateral Documents. The Lender or its designee exclusively shall deliver Pledged Mortgages or Pledged Securities to (a) an Investor that has issued a Purchase Commitment with respect thereto for its examination and purchase, or (b) an Approved Custodian for purposes of examination or delivery in connection with the issuance of Mortgage-backed Securities. In such cases where the Lender must deliver documents to an Investor or Approved Custodian, the Lender must receive signed shipping instructions (in the form of EXHIBIT Exhibit "D" attached hereto), no later than 2:00 p.m. Houston, Texas time one (1) Business Day prior to the expiration of the appended Purchase Commitment, in addition to any other documents listed in Section II III of EXHIBIT Exhibit "C" in respect of the issuance of Mortgage-backed Securities. If shipping instructions are received by Lender before 2:00 p.m. Houston, Texas time of any Business Day, Lender will ship the documents together with the Bailee Letter (in form of EXHIBIT Exhibit "K") to the Investor or Approved Custodian on the same Business Day, otherwise Lender will ship the documents the next Business Day following receipt of shipping instructions. In any case in which an Advance has been made hereunder against Pledged Mortgages, based on the existence of a Purchase Commitment covering such Pledged Mortgages, each Borrower the Company agrees that such Pledged Mortgages will not be placed in any mortgage pool other than an Eligible Mortgage Pool, unless such Pledged Mortgages have been redeemed from pledge as permitted hereunder or other arrangements, satisfactory to the Lender in its sole discretion, have been made for the redemption of such Pledged Mortgages from pledge hereunder. The Lender may deliver any documentdocument relating to the Collateral to the Company for correction or completion against a trust receipt in the form of Exhibit "E" attached hereto executed by the Company. The Company hereby represents and warrants to and agrees with the Lender that any request by the Company for release of the Collateral consisting of or relating to Mortgage Loans to the Company shall be solely for the purposes of correcting clerical or non-substantial documentation problems in preparation for returning such Collateral to the Lender for ultimate sale or exchange and the aggregate Collateral Value of the Collateral released to the Company pursuant to this Section 3.3 will not exceed $500,000.00; the Company shall request such release in compliance with all of the terms and conditions of such release set forth herein; and the Company will return to the Lender such documentation released to the Company pursuant to this Section 3.3 within ten (10) calendar days after such delivery.

Delivery of Collateral Documents. The Lender Agent or its designee exclusively shall deliver Pledged Mortgages or Pledged Securities to (a) an Investor that has issued a Purchase Commitment with respect thereto for its examination and purchase, or (b) an Approved Custodian for purposes of examination or delivery in connection with the issuance of Mortgage-backed Securities. In such cases where the Lender Agent must deliver documents to an Investor or Approved Custodian, the Lender Agent must receive signed shipping instructions (in the form of EXHIBIT "Exhibit “D" ” attached hereto), no later than 2:00 p.m. Houston, Texas time one (1) Business Day prior to the expiration of the appended Purchase Commitment, in addition to any other documents listed in Section II III of EXHIBIT "Exhibit “C" ” in respect of the issuance of Mortgage-backed Securities. If shipping instructions are received by Lender Agent before 2:00 p.m. Houston, Texas time of any Business Day, Lender Agent will ship the documents together with the Bailee Letter (in form of EXHIBIT "Exhibit “K"”) to the Investor or Approved Custodian on the same Business Day, otherwise Lender Agent will ship the documents the next Business Day following receipt of shipping instructions. In any case in which an Advance has been made hereunder against Pledged Mortgages, based on the existence of a Purchase Commitment covering such Pledged Mortgages, each Borrower the Company agrees that such Pledged Mortgages will not be placed in any mortgage pool other than an Eligible Mortgage Pool, unless such Pledged Mortgages have been redeemed from pledge as permitted hereunder or other arrangements, satisfactory to the Lender Agent in its sole discretion, have been made for the redemption of such Pledged Mortgages from pledge hereunder. The Lender Agent may deliver any documentdocument relating to the Collateral to the Company for correction or completion against a trust receipt in the form of Exhibit “E” attached hereto executed by the Company. The Company hereby represents and warrants to and agrees with the Agent that any request by the Company for release of the Collateral consisting of or relating to Mortgage Loans to the Company shall be solely for the purposes of correcting clerical or non-substantial documentation problems in preparation for returning such Collateral to the Agent for ultimate sale or exchange and the aggregate Collateral Value of the Collateral released to the Company pursuant to this Section 3.3 will not exceed FIVE HUNDRED THOUSAND AND NO/100 DOLLARS ($500,000.00); the Company shall request such release in compliance with all of the terms and conditions of such release set forth herein; and the Company will return to the Agent such documentation released to the Company pursuant to this Section 3.3 within ten (10) calendar days after such delivery.

Delivery of Collateral Documents. The Lender Administrative Agent or its designee exclusively shall deliver Pledged Mortgages Mortgage Loans or Pledged Mortgage-backed Securities included within the Collateral to (a) an Investor that has issued a Purchase Commitment with respect thereto for its examination and purchase, or (b) an Approved Custodian for purposes of examination or delivery in connection with the issuance of Mortgage-backed Securities. In such cases where the Lender Administrative Agent must deliver documents to an Investor or Approved Custodian, the Lender Administrative Agent must receive signed shipping instructions (in the form of EXHIBIT "DE" attached hereto), no later than 2:00 p.m. Houston, Texas time one (1) Business Day prior to the expiration of the appended Purchase Commitment, in addition to any other documents listed in Section II of EXHIBIT "CD" in respect of the issuance of Mortgage-backed Securities. If shipping instructions are received by Lender Administrative Agent before 2:00 p.m. Houston, Texas time of any Business Day, Lender Administrative Agent will ship the documents together with the Bailee Letter (in form of EXHIBIT "KL") to the Investor or Approved Custodian on the same Business Day, otherwise Lender Administrative Agent will ship the documents the next Business Day following receipt of shipping instructions. In any case in which an a Warehouse Advance has been made hereunder against Pledged MortgagesMortgage Loans, based on the existence of a Purchase Commitment covering such Pledged MortgagesMortgage Loans, each Borrower the Company agrees that such Pledged Mortgages Mortgage Loans will not be placed in any mortgage pool other than an Eligible Mortgage Pool, unless such Pledged Mortgages Mortgage Loans have been redeemed from pledge as permitted hereunder or other arrangements, satisfactory to the Lender Administrative Agent in its sole discretion, have been made for the redemption of such Pledged Mortgages Mortgage Loans from pledge hereunder. The Lender Administrative Agent may deliver any documentdocument relating to the Mortgage Loans to the Company for correction or completion against a trust receipt in the form of EXHIBIT "F" attached hereto executed by the Company. The Company hereby represents and warrants to the Administrative Agent that any request by the Company for release of Mortgage Loans included within the Collateral to the Company shall be solely for the purposes of correcting clerical or non-substantial documentation problems in preparation for returning such Collateral to the Administrative Agent for ultimate sale or exchange; the Company shall request such release in compliance with all of the terms and conditions of such release set forth herein; and the Company will return to the Administrative Agent such documentation released to the Company pursuant to this Section 3.3 within ten (10) calendar days after such delivery.

Delivery of Collateral Documents. The Lender or its designee -------------------------------- exclusively shall deliver Pledged Mortgages or Pledged Securities to (a) an Investor that has issued a Purchase Commitment with respect thereto for its examination and purchase, or (b) an Approved Custodian for purposes of examination or delivery in connection with the issuance of Mortgage-backed Securities. In such cases where the Lender must deliver documents to an Investor or Approved Custodian, the Lender must receive signed shipping instructions (in the form of EXHIBIT Exhibit "D" attached hereto), no later than 2:00 p.m. Houston, ----------- Texas time one (1) Business Day prior to the expiration of the appended Purchase Commitment, in addition to any other documents listed in Section II III of EXHIBIT Exhibit "C" in respect of the issuance of Mortgage-backed Securities. If ----------- shipping instructions are received by Lender before 2:00 p.m. Houston, Texas time of any Business Day, Lender will ship the documents together with the Bailee Letter (in form of EXHIBIT Exhibit "K") to the Investor or Approved Custodian on ----------- the same Business Day, otherwise Lender will ship the documents documents, the next Business Day following receipt of shipping instructions. In any case in which an Advance has been made hereunder against Pledged Mortgages, based on the existence of a Purchase Commitment covering such Pledged Mortgages, each Borrower the Company agrees that such Pledged Mortgages will not be placed in any mortgage pool other than an Eligible Mortgage Pool, unless such Pledged Mortgages have been redeemed from pledge as permitted hereunder or other arrangements, satisfactory to the Lender in its sole discretion, have been made for the redemption of such Pledged Mortgages from pledge hereunder. The Lender may deliver any documentdocument relating to the Collateral to the Company for correction or completion against a trust receipt in the form of Exhibit "E" attached hereto executed by the Company. ----------- The Company hereby represents and warrants to and agrees with the Lender that any request by the Company for release of the Collateral consisting of or relating to Mortgage Loans to the Company shall be solely for the purposes of correcting clerical or non-substantial documentation problems in preparation for returning such Collateral to the Lender for ultimate sale or exchange and the aggregate Collateral Value of the Collateral released to the Company pursuant to this Section 3.3 will not exceed [*]; the Company shall request such release in compliance with all of the terms and conditions of such release set forth herein; and the Company will return to the Lender such documentation released to the Company pursuant to this Section 3.3 within ten (10) calendar days after such delivery.

Delivery of Collateral Documents. The Lender or its designee exclusively shall deliver Pledged Mortgages or Pledged Securities to (a) an Investor that has issued a Purchase Commitment with respect thereto for its examination and purchase, or (b) an Approved Custodian for purposes of examination or delivery in connection with the issuance of Mortgage-backed Securities. In such cases where the Lender must deliver documents to an Investor or Approved CustodianInvestor, the Lender must receive signed shipping instructions (in the form of EXHIBIT "D" Exhibit attached hereto), no later than 2:00 p.m. Houston, Texas time one (1) Business Day prior to the expiration of the appended Purchase Commitment, in addition to any other documents listed in Section II of EXHIBIT "C" in respect of the issuance of Mortgage-backed Securities. If shipping instructions are received by Lender before 2:00 p.m. Houston, Texas time of any Business Day, Lender will ship the documents together with the Bailee Letter (in form of EXHIBIT "K"Exhibit) to the Investor or Approved Custodian on the same Business Day, otherwise Lender will ship the documents the next Business Day following receipt of shipping instructions. In any case in which an Advance has been made hereunder against Pledged Mortgages, based on the existence of a Purchase Commitment covering such Pledged Mortgages, each Borrower agrees that such Pledged Mortgages will not be placed in any mortgage pool other than an Eligible Mortgage Pool, unless such Pledged Mortgages have been redeemed from pledge as permitted hereunder or other arrangements, satisfactory to the Lender in its sole discretion, have been made for the redemption of such Pledged Mortgages from pledge hereunder. The Lender may deliver any documentdocument relating to the Collateral to the Company for correction or completion against a trust receipt in the form of Exhibit attached hereto executed by the Company. The Company hereby represents and warrants to and agrees with the Lender that any request by the Company for release of the Collateral consisting of or relating to Mortgage Loans to the Company shall be solely for the purposes of correcting clerical or non-substantial documentation problems in preparation for returning such Collateral to the Lender for ultimate sale or exchange and the aggregate Collateral Value of the Collateral released to the Company pursuant to this Section 3.2 will not exceed Five Hundred Thousand Dollars ($500,000.00) the Company shall request such release in compliance with all of the terms and conditions of such release set forth herein; and the Company will return to the Lender such documentation released to the Company pursuant to this Section 3.2 within ten (10) Business Days after such delivery.

Delivery of Collateral Documents. The Except as specified below or as otherwise provided for in this Agreement, Collateral Custodian shall not deliver any HELOC and its related Collateral Documents to any Person. (i) Unless Lender directs otherwise or its designee exclusively shall a Default or Potential Default has occurred and is continuing, Collateral Custodian may, upon delivery to Collateral Custodian of a Request for Release of Documents, deliver Pledged Mortgages or Pledged Securities to Borrower the Collateral Documents with respect to a HELOC, provided that, the Collateral Documents be required to be returned to Collateral Custodian within ten (10) calendar days after such delivery unless (a) an Investor that has issued a Purchase Commitment with respect thereto such HELOC is the subject of foreclosure proceedings (in which case all Collateral Documents should be returned when no longer necessary for its examination and purchase, the foreclosure proceedings) or (b) an Approved Custodian for purposes such HELOC has been paid off in full and the HELOC line of examination or delivery in connection with the issuance of Mortgage-backed Securities. In such cases where the Lender must deliver documents to an Investor or Approved Custodian, the Lender must receive signed shipping instructions credit has been closed (in which case the form of EXHIBIT "D" attached heretoCollateral Documents need not be returned), no later and provided further that at any one time the aggregate principal amount of all HELOCs which are outstanding on a Request for Release of Documents shall not be more than 2:00 p.m. Houston$500,000.00 unless approved by Lender in writing. (ii) Upon Lender's written notice to Collateral Custodian that a Default or Potential Default has occurred and is continuing under the Loan Agreement, Texas time one Collateral Custodian shall, hold for the exclusive benefit of Lender the Collateral Documents and other documents then held or which may in the future be held by Collateral Custodian pursuant to this Agreement. Upon such notification, Collateral Custodian shall take direction regarding the Collateral Documents and other documents from Lender. (1iii) Business Day prior In the absence of specific written instructions as to the expiration method of shipment of Collateral Documents, Collateral Custodian may choose an overnight carrier of its choice in the appended Purchase Commitment, in addition to any other documents listed in Section II delivery of EXHIBIT "C" in respect of the issuance of Mortgage-backed Securities. If shipping instructions are received by Lender before 2:00 p.m. Houston, Texas time of any Business Day, Lender will ship the documents together with the Bailee Letter (in form of EXHIBIT "K") to the Investor or Approved Custodian on the same Business Day, otherwise Lender will ship the documents the next Business Day following receipt of shipping instructions. In any case in which an Advance has been made hereunder against Pledged Mortgages, based on the existence of a Purchase Commitment covering such Pledged Mortgages, each Borrower agrees that such Pledged Mortgages will not be placed in any mortgage pool other than an Eligible Mortgage Pool, unless such Pledged Mortgages have been redeemed from pledge as permitted hereunder or other arrangements, satisfactory to the Lender in its sole discretion, have been made for the redemption of such Pledged Mortgages from pledge hereunder. The Lender may deliver any documentdocuments.

Delivery of Collateral Documents. The Lender or its designee exclusively shall deliver Pledged Mortgages or Pledged Securities to (a) an Investor that has issued a Purchase Commitment with respect thereto for its examination and purchase, or (b) an Approved Custodian for purposes of examination or delivery in connection with the issuance of Mortgage-backed Securities. In such cases where the Lender must deliver documents to an Investor or Approved Custodian, the Lender must receive signed shipping instructions (in the form of EXHIBIT Exhibit "DI" attached hereto), no later than 2:00 p.m. Houston, Texas time one (1) Business Day prior to the expiration of the appended Purchase Commitment, in addition to any other documents listed in Section II III of EXHIBIT Exhibit "CD" in respect of the issuance of Mortgage-backed Securities. If shipping instructions are received by Lender before 2:00 p.m. Houston, Texas time of any Business Day, Lender will ship the documents together with the Bailee Letter (appropriate bailee letter in form of EXHIBIT Exhibit "KJ-1" or "J-2" ("Bailee Letter") to the Investor or Approved Custodian on the same Business Day, otherwise Lender will ship the documents the next Business Day following receipt of shipping instructions. In any case in which an Advance has been made hereunder against Pledged Mortgages, based on the existence of a Purchase Commitment covering such Pledged Mortgages, each Borrower the Company agrees that such Pledged Mortgages will not be placed in any mortgage pool other than an Eligible Mortgage Pool, unless such Pledged Mortgages have been redeemed from pledge as permitted hereunder or other arrangements, satisfactory to the Lender in its sole discretion, have been made for the redemption of such Pledged Mortgages from pledge hereunder. The Lender may deliver any documentdocument relating to the Collateral to the Company for correction or completion against a Trust Receipt in the form of Exhibit "G" attached hereto executed by the Company. The Company hereby represents and warrants to the Lender that any request by the Company for release of the Collateral consisting of or relating to Mortgage Loans to the Company shall be solely for the purposes of correcting clerical or non-substantial documentation problems in preparation for returning such Collateral to the Lender for ultimate sale or exchange; the Company shall request such release in compliance with all of the terms and conditions of such release set forth herein; and the Company will return to the Lender such documentation released to the Company pursuant to Section 2.18 within ten (10) calendar days after such delivery.

Delivery of Collateral Documents. The Lender or its designee exclusively shall deliver Pledged Mortgages or Pledged Securities to (a) an Investor that has issued a Purchase Commitment with respect thereto for its examination and purchase, or (b) an Approved Custodian for purposes of examination or delivery in connection with the issuance of Mortgage-backed Securities. In such cases where the Lender must deliver documents to an Investor or Approved Custodian, the Lender must receive signed shipping instructions (in the form of EXHIBIT "Exhibit ”D" ” attached hereto), no later than 2:00 p.m. Houston, Texas time one (1) Business Day prior to the expiration of the appended Purchase Commitment, in addition to any other documents listed in Section II III of EXHIBIT "Exhibit “C" ” in respect of the issuance of Mortgage-backed Securities. If shipping instructions are received by Lender before 2:00 p.m. Houston, Texas time of any Business Day, Lender will ship the documents together with the Bailee Letter (in form of EXHIBIT "Exhibit “K"”) to the Investor or Approved Custodian on the same Business Day, otherwise Lender will ship the documents the next Business Day following receipt of shipping instructions. In any case in which an Advance has been made hereunder against Pledged Mortgages, based on the existence of a Purchase Commitment covering such Pledged Mortgages, each Borrower the Company agrees that such Pledged Mortgages will not be placed in any mortgage pool other than an Eligible Mortgage Pool, unless such Pledged Mortgages have been redeemed from pledge as permitted hereunder or other arrangements, satisfactory to the Lender in its sole discretion, have been made for the redemption of such Pledged Mortgages from pledge hereunder. The Lender may deliver any documentdocument relating to the Collateral to the Company for correction or completion against a trust receipt in the form of Exhibit “E” attached hereto executed by the Company. The Company hereby represents and warrants to and agrees with the Lender that any request by the Company for release of the Collateral consisting of or relating to Mortgage Loans to the Company shall be solely for the purposes of correcting clerical or non-substantial documentation problems in preparation for returning such Collateral to the Lender for ultimate sale or exchange and the aggregate Collateral Value of the Collateral released to the Company pursuant to this Section 3.3 will not exceed FIVE HUNDRED THOUSAND AND NO/100 DOLLARS ($500,000.00); the Company shall request such release in compliance with all of the terms and conditions of such release set forth herein; and the Company will return to the Lender such documentation released to the Company pursuant to this Section 3.3 within ten (10) calendar days after such delivery.