Delivery of Documents in the Loan File; Recording of Assignments of Mortgage. (a) Subject to the delivery requirements set forth in Section 2.07(b), the Seller shall deliver, on behalf of the Trust Depositor, possession of all the Loan Files to the Trustee (or the Custodian on its behalf) on behalf of and for the account of the Noteholders. The Seller shall also identify on the List of Loans (including any deemed amendment thereof associated with any Substitute Loans or Additional Loans), whether by attached schedule or marking or other effective identifying designation, all Loans that are evidenced by such instruments. (b) With respect to each Loan in the Collateral, at least two (2) Business Days before the Closing Date in the case of the Initial Loans, two (2) Business Days before the related Substitute Loan Cutoff Date in the case of any Substitute Loans and two (2) Business Days before the related Additional Loan Cutoff Date in the case of any Additional Loans (or, in each case, such lesser time as shall be acceptable to the Trustee), the Seller or the Trust Depositor will deliver or cause to be delivered to the Trustee (or to the Custodian on its behalf), to the extent not previously delivered, each of the documents in the Loan File with respect to such Loan, provided, however, that, to the extent required to be delivered pursuant to the Sale and Servicing Agreement as part of the Required Loan Documents with respect to such Loan, the original recorded Mortgage and the originals of all intervening assignments, if any, of the Mortgage, in those instances where a copy thereof, certified as described in clause (b)(iii)(x) of the definition of Required Loan Document, was delivered to the Trustee as a Required Loan Document, will be delivered or caused to be delivered within ten (10) Business Days after receipt thereof, and in any event within one year after the Closing Date in the case of the Initial Loans, the related Substitute Loan Cutoff Date in the case of any Substitute Loans and the related Additional Loan Cutoff Date in the case of any Additional Loans. Notwithstanding the proviso in the immediately preceding sentence, in those instances where the public recording office retains the original Mortgage or any intervening assignments of the Mortgage after it has been recorded, the Seller or the Trust Depositor (as applicable) shall be deemed to have satisfied its obligations hereunder upon delivery to the Trustee of a copy of such Mortgage or intervening assignments of the Mortgage certified by the public recording office to be a true copy of the recorded original thereof.
Appears in 4 contracts
Samples: Sale and Contribution Agreement (Hercules Capital, Inc.), Sale and Contribution Agreement (Hercules Capital, Inc.), Sale and Contribution Agreement (Hercules Capital, Inc.)
Delivery of Documents in the Loan File; Recording of Assignments of Mortgage. (a) Subject to the delivery requirements set forth in Section 2.07(b2.06(b), the Seller shall deliver, on behalf of Issuer hereby authorizes and directs the Originator and the Trust Depositor, Depositor to deliver possession of all the Loan Files to the Indenture Trustee (or with copies to be held by the Custodian on its behalfServicer) on behalf of and for the account of the NoteholdersSecurityholders and the Hedge Counterparties. The Seller Originator and the Trust Depositor shall also identify on the List of Loans (including any deemed amendment thereof associated with any Substitute Loans or Additional Loans), whether by attached schedule or marking or other effective identifying designation, all Loans that are or are evidenced by such instruments.
(b) With respect to each Loan in the Collateral, at least two (2) Business Days before the Closing Date in the case of the Initial Loans, two (2) Business Days Loan Pool on or before the related Substitute Loan Cutoff Date in the case of any Substitute Loans and two (2) Business Days before the related Additional Loan Cutoff Date in the case of any Additional Loans (orTransfer Date, in each case, such lesser time as shall be acceptable to the Trustee), the Seller or the Trust Depositor will deliver or cause to be delivered to the Trustee (or to the Custodian on its behalf)Indenture Trustee, to the extent not previously delivered, each of the documents in the Loan File with respect to such Loan, provided, however, that, to the extent required to be delivered pursuant to the Sale and Servicing Agreement as part of the Required Loan Documents with respect to such Loan, except that (i) the original recorded Mortgage and the originals of all intervening assignments, if any, of the Mortgage, in those instances where a copy thereof, thereof certified as described in clause (b)(iii)(x) by a Responsible Officer of the definition of Required Loan Document, Originator was delivered to the Trustee as a Required Loan DocumentIndenture Trustee, will be delivered or caused to be delivered within ten (10) Business Days after receipt thereof, and in any event within one year after the Closing Date related Transfer Date, and (ii) any intervening Assignments of Mortgage, in those instances where copies thereof certified by the case Originator were delivered to the Indenture Trustee, will be delivered or caused to be delivered within ten Business Days after the receipt thereof, and in any event, within one year of the Initial Loans, the related Substitute Loan Cutoff Date in the case of any Substitute Loans and the related Additional Loan Cutoff Date in the case of any Additional LoansTransfer Date. Notwithstanding the proviso foregoing in the immediately preceding sentenceclauses (i) and (ii) of this Section 2.06(b), in those instances where the public recording office retains the original Mortgage or any the intervening assignments Assignments of the Mortgage after it has been recorded, the Seller or the Trust Depositor (as applicable) shall be deemed to have satisfied its obligations hereunder upon delivery to the Indenture Trustee of a copy of such Mortgage or intervening assignments Assignments of the Mortgage certified by the public recording office to be a true copy of the recorded original thereof.
(c) Prior to the occurrence of an Event of Default or a Servicer Default, the Indenture Trustee shall not record the Assignments of Mortgage delivered pursuant to Section 2.06(b). Upon the occurrence of an Event of Default or a Servicer Default, the Indenture Trustee shall cause to be recorded in the appropriate offices each Assignment of Mortgage delivered to it. Each such recording shall be at the expense of the Servicer; provided, however, to the extent the Servicer does not pay such expense then the Indenture Trustee shall be reimbursed pursuant to the provisions of Section 7.05.
Appears in 3 contracts
Samples: Sale and Servicing Agreement (Capitalsource Inc), Sale and Servicing Agreement (Capitalsource Inc), Sale and Servicing Agreement (Capitalsource Inc)
Delivery of Documents in the Loan File; Recording of Assignments of Mortgage. (a) Subject to the delivery requirements set forth in Section 2.07(b2.06(b), the Seller shall deliver, on behalf of Issuer hereby authorizes and directs the Originator and the Trust Depositor, Depositor to deliver possession of all the Loan Files to the Indenture Trustee (or with copies to be held by the Custodian on its behalfServicer) on behalf of and for the account of the NoteholdersSecurityholders and the Hedge Counterparties. The Seller Originator and the Trust Depositor shall also identify on the List of Loans (including any deemed amendment thereof associated with any Substitute Loans or Additional Loans), whether by attached schedule or marking or other effective identifying designation, all Loans that are or are evidenced by such instruments.
(b) With respect to each Loan in the Collateral, at least two (2) Business Days before the Closing Date in the case of the Initial Loans, two (2) Business Days Loan Pool on or before the related Substitute Loan Cutoff Date in the case of any Substitute Loans and two (2) Business Days before the related Additional Loan Cutoff Date in the case of any Additional Loans (orTransfer Date, in each case, such lesser time as shall be acceptable to the Trustee), the Seller or the Trust Depositor will deliver or cause to be delivered to the Trustee (or to the Custodian on its behalf)Indenture Trustee, to the extent not previously delivered, each of the documents in the Loan File with respect to such Loan, provided, however, that, to the extent required to be delivered pursuant to the Sale and Servicing Agreement as part of the Required Loan Documents with respect to such Loan, except that (i) the original recorded Mortgage and the originals of all intervening assignments, if any, of the Mortgage, in those instances where a copy thereof, thereof certified as described in clause (b)(iii)(x) of by the definition of Required Loan Document, Originator was delivered to the Trustee as a Required Loan DocumentIndenture Trustee, will be delivered or caused to be delivered within ten (10) Business Days after receipt thereof, and in any event within one (1) year after the Closing Date related Transfer Date, and (ii) any intervening Assignments of Mortgage, in those instances where copies thereof certified by the case Originator were delivered to the Indenture Trustee, will be delivered or caused to be delivered within ten (10) Business Days after the receipt thereof, and in any event, within one (1) year of the Initial Loans, the related Substitute Loan Cutoff Date in the case of any Substitute Loans and the related Additional Loan Cutoff Date in the case of any Additional LoansTransfer Date. Notwithstanding the proviso foregoing in the immediately preceding sentenceclauses (i) and (ii) of this Section 2.06(b), in those instances where the public recording office retains the original Mortgage or any the intervening assignments Assignments of the Mortgage after it has been recorded, the Seller or the Trust Depositor (as applicable) shall be deemed to have satisfied its obligations hereunder upon delivery to the Indenture Trustee of a copy of such Mortgage or intervening assignments Assignments of the Mortgage certified by the public recording office to be a true copy of the recorded original thereof.
(c) Prior to the occurrence of an Event of Default or a Servicer Default, the Indenture Trustee shall not record the Assignments of Mortgage delivered pursuant to Section 2.06(b). Upon the occurrence of an Event of Default or a Servicer Default, the Indenture Trustee shall cause to be recorded in the appropriate offices each Assignment of Mortgage delivered to it. Each such recording shall be at the expense of the Servicer; provided, however, to the extent the Servicer does not pay such expense then the Indenture Trustee shall be reimbursed pursuant to the provisions of Section 7.05.
Appears in 2 contracts
Samples: Sale and Servicing Agreement (Capitalsource Inc), Sale and Servicing Agreement (Capitalsource Inc)
Delivery of Documents in the Loan File; Recording of Assignments of Mortgage. (a) Subject to the delivery requirements set forth in Section 2.07(b2.08(b), the Seller shall deliver, on behalf of Issuer hereby authorizes and directs the Originator and the Trust Depositor, Depositor to deliver possession of all the Loan Files to the Trustee (or with copies to be held by the Custodian on its behalfServicer) on behalf of and for the account of the Noteholders. The Seller Originator and the Trust Depositor shall also identify on the List of Loans (including any deemed amendment thereof associated with any Substitute Additional Loans or Additional Substitute Loans), whether by attached schedule or marking or other effective identifying designation, all Loans that are or are evidenced by such instruments.
(b) With respect to each Loan in the Collateral, on at least two (2) Business Days before the Closing Date in the case of the Initial Loans, Loans and two (2) Business Days before the related Substitute Loan Cutoff Date in the case of any Substitute Loans and two (2) Business Days before the related Additional Loan Cutoff Cut-Off Date in the case of any Additional Loans or Substitute Loans (or, in each case, such lesser time as shall be acceptable to the Trustee), the Seller or the Trust Depositor will deliver or cause to be delivered to the Trustee (or to the Custodian on its behalf)Trustee, to the extent not previously delivered, each of the documents in the Loan File with respect to such Loan, provided, however, that, to the extent required to be delivered pursuant to the Sale and Servicing Agreement as part of the Required Loan Documents with respect to such Loan, except that (i) the original recorded Mortgage and the originals of all intervening assignments, if any, of the Mortgage, in those instances where a copy thereof, thereof certified as described in clause (b)(iii)(x) by a Responsible Officer of the definition of Required Loan Document, Originator was delivered to the Trustee as a Required Loan DocumentDocument pursuant to clause (b)(iii)(x) of the definition thereof, will be delivered or caused to be delivered within ten (10) Business Days after receipt thereof, and in any event within one year after the Closing Date in the case of the Initial Loans, the related Substitute Loan Cutoff Date in the case of any Substitute Loans and the related Additional Loan Cutoff Cut-Off Date in the case of any Additional Loans or Substitute Loans, and (ii) any intervening Assignments of Mortgage, in those instances where copies thereof certified by the Originator were delivered to the Trustee as a Required Loan Document pursuant to clause (b)(iii)(x) of the definition thereof, will be delivered or caused to be delivered within ten Business Days after the receipt thereof, and in any event, within one year after the Closing Date in the case of the Initial Loans and the related Cut-Off Date in the case of any Additional Loans or Substitute Loans. Notwithstanding the proviso foregoing in the immediately preceding sentenceclauses (i) and (ii) of this Section 2.08(b), in those instances where the public recording office retains the original Mortgage or any the intervening assignments Assignments of the Mortgage after it has been recorded, the Seller or the Trust Depositor (as applicable) shall be deemed to have satisfied its obligations hereunder upon delivery to the Trustee of a copy of such Mortgage or intervening assignments Assignments of the Mortgage certified by the public recording office to be a true copy of the recorded original thereof.
(c) Prior to the occurrence of an Event of Default or a Servicer Default, the Trustee shall not record any Assignment of Mortgage referenced in clause (b)(iii)(y) of the definition of Required Loan Documents. Upon the occurrence of an Event of Default, the Servicer or, if a Servicer Default has arisen, the Trustee shall cause to be recorded in the appropriate offices each such Assignment of Mortgage delivered to it. Each such recording shall be at the expense of the initial Servicer; provided however that to the extent the initial Servicer does not pay such expense then the Trustee shall be reimbursed as an Administrative Expense pursuant to the provisions of Section 7.05(a).
Appears in 1 contract
Samples: Sale and Servicing Agreement (NewStar Financial, Inc.)
Delivery of Documents in the Loan File; Recording of Assignments of Mortgage. (a) Subject to the delivery requirements set forth in Section 2.07(b2.08(b), the Seller shall deliver, on behalf of Issuer hereby authorizes and directs the Originator and the Trust Depositor, Depositor to deliver possession of all the Loan Files to the Indenture Trustee (or with copies to be held by the Custodian on its behalfServicer) on behalf of and for the account of the Noteholders. The Seller Originator and the Trust Depositor shall also identify on the List of Loans (including any deemed amendment thereof associated with any Substitute Additional Loans or Additional Substitute Loans), whether by attached schedule or marking or other effective identifying designation, all Loans that are or are evidenced by such instruments.
(b) With respect to each Loan in the Collateral, at least two (2) Business Days on or before the Closing Date in the case of the Initial Loans, two (2) Business Days before Loans and the related Substitute Loan Cutoff Date in the case of any Substitute Loans and two (2) Business Days before the related Additional Loan Cutoff Cut-Off Date in the case of any Additional Loans (oror Substitute Loans, in each case, such lesser time as shall be acceptable to the Trustee), the Seller or the Trust Depositor will deliver or cause to be delivered to the Trustee (or to the Custodian on its behalf)Indenture Trustee, to the extent not previously delivered, each of the documents in the Loan File with respect to such Loan, provided, however, that, to the extent required to be delivered pursuant to the Sale and Servicing Agreement as part of the Required Loan Documents with respect to such Loan, except that (i) the original recorded Mortgage and the originals of all intervening assignments, if any, of the Mortgage, in those instances where a copy thereof, thereof certified by a Responsible Officer of the Originator was delivered to the Indenture Trustee as described in a Required Loan Document pursuant to clause (b)(iii)(x) of the definition of Required Loan Document, was delivered to the Trustee as a Required Loan Documentthereof, will be delivered or caused to be delivered within ten (10) Business Days after receipt thereof, and in any event within one year after the Closing Date in the case of the Initial Loans, the related Substitute Loan Cutoff Date in the case of any Substitute Loans and the related Additional Loan Cutoff Cut Off Date in the case of any Additional Loans or Substitute Loans, and (ii) any intervening Assignments of Mortgage, in those instances where copies thereof certified by the Originator were delivered to the Indenture Trustee as a Required Loan Document pursuant to clause (b)(iii)(x) of the definition thereof, will be delivered or caused to be delivered within ten Business Days after the receipt thereof, and in any event, within one year after the Closing Date in the case of the Initial Loans and the related Cut-Off Date in the case of any Additional Loans or Substitute Loans. Notwithstanding the proviso foregoing in the immediately preceding sentenceclauses (i) and (ii) of this Section 2.08(b), in those instances where the public recording office retains the original Mortgage or any the intervening assignments Assignments of the Mortgage after it has been recorded, the Seller or the Trust Depositor (as applicable) shall be deemed to have satisfied its obligations hereunder upon delivery to the Indenture Trustee of a copy of such Mortgage or intervening assignments Assignments of the Mortgage certified by the public recording office to be a true copy of the recorded original thereof.
(c) Prior to the occurrence of an Event of Default or a Servicer Default, the Indenture Trustee shall not record any Assignment of Mortgage referenced in clause (b)(y) of the definition of Required Loan Documents. Upon the occurrence of an Event of Default or a Servicer Default, the Servicer or, if a Servicer Default has arisen, the Indenture Trustee shall cause to be recorded in the appropriate offices each such Assignment of Mortgage delivered to it. Each such recording shall be at the expense of the Servicer; provided, however, to the extent the Servicer does not pay such expense then the Indenture Trustee shall be reimbursed as an Administrative Expense pursuant to the provisions of Section 7.05(a).
Appears in 1 contract
Samples: Sale and Servicing Agreement (NewStar Financial, Inc.)
Delivery of Documents in the Loan File; Recording of Assignments of Mortgage. (a) Subject to the delivery requirements set forth in Section 2.07(b2.08(b), the Seller shall deliver, on behalf of Issuer hereby authorizes and directs the Originator and the Trust Depositor, Depositor to deliver possession of all the Loan Files to the Trustee (or with copies to be held by the Custodian on its behalfServicer) on behalf of and for the account of the Noteholders. The Seller Originator and the Trust Depositor shall also identify on the List of Loans (including any deemed amendment thereof associated with any Substitute Additional Loans or Additional Substitute Loans), whether by attached schedule or marking or other effective identifying designation, all Loans that are or are evidenced by such instruments.
(b) With respect to each Loan in the Collateral, at least two (2) Business Days before the Closing Date in the case of the Initial Loans, Loans and two (2) Business Days before the related Substitute Loan Cutoff Date in the case of any Substitute Loans and two (2) Business Days before the related Additional Loan Cutoff Cut-Off Date in the case of any Additional Loans or Substitute Loans (or, in each case, such lesser time as shall be acceptable to the Trustee), the Seller Trust Depositor or the Trust Depositor Originator will deliver or cause to be delivered to the Trustee (or to the Custodian on its behalf)Trustee, to the extent not previously delivered, each of the documents in the Loan File with respect to such Loan, provided, however, that, to the extent required to be delivered pursuant to the Sale and Servicing Agreement as part of the Required Loan Documents with respect to such Loan, except that (i) the original recorded Mortgage and the originals of all intervening assignments, if any, of the Mortgage, in those instances where a copy thereof, thereof certified as described in clause (b)(iii)(x) by a Responsible Officer of the definition of Required Loan Document, Originator was delivered to the Trustee as a Required Loan DocumentDocument pursuant to clause (b)(iii)(x) of the definition thereof, will be delivered or caused to be delivered within ten (10) Business Days after receipt thereof, and in any event within one year after the Closing Date in the case of the Initial Loans, the related Substitute Loan Cutoff Date in the case of any Substitute Loans and the related Additional Loan Cutoff Cut-Off Date in the case of any Additional Loans or Substitute Loans, and (ii) any intervening Assignments of Mortgage, in those instances where copies thereof certified by the Originator were delivered to the Trustee as a Required Loan Document pursuant to clause (b)(iii)(y) of the definition thereof, will be delivered or caused to be delivered within ten Business Days after the receipt thereof, and in any event within one year after the Closing Date in the case of the Initial Loans and the related Cut-Off Date in the case of any Additional Loans or Substitute Loans. Notwithstanding the proviso in the immediately preceding sentenceforegoing clauses (i) and (ii) of this Section 2.08(b), in those instances where the public recording office retains the original Mortgage or any the intervening assignments Assignments of the Mortgage after it has been recorded, the Seller Trust Depositor or the Trust Depositor Originator (as applicable) shall be deemed to have satisfied its obligations hereunder upon delivery to the Trustee of a copy of such Mortgage or intervening assignments Assignments of the Mortgage certified by the public recording office to be a true copy of the recorded original thereof.
(c) Prior to the occurrence of an Event of Default or a Servicer Default, the Trustee shall not record any Assignment of Mortgage referenced in clause (b)(iii)(y) of the definition of Required Loan Documents. Upon the occurrence of an Event of Default, the Servicer or, if a Servicer Default has arisen, the Trustee shall cause to be recorded in the appropriate offices each such Assignment of Mortgage delivered to it. Each such recording shall be at the expense of the initial Servicer; provided that to the extent the initial Servicer does not pay such expense then the Trustee shall be reimbursed as an Administrative Expense pursuant to the Priority of Payments.
Appears in 1 contract
Samples: Sale and Servicing Agreement (NewStar Financial, Inc.)
Delivery of Documents in the Loan File; Recording of Assignments of Mortgage. (a) Subject to the delivery requirements set forth in Section 2.07(b), the Seller Originator shall deliver, on behalf of the Trust Depositor, possession of all the Loan Files to the Trustee (or the Custodian on its behalf) on behalf of and for the account of the Noteholders. The Seller Originator shall also identify on the List of Loans (including any deemed amendment thereof associated with any Substitute Additional Loans or Additional Substitute Loans), whether by attached schedule or marking or other effective identifying designation, all Loans that are evidenced by such instruments.
(b) With respect to each Loan in the Collateral, at least two (2) Business Days on or before the Closing Date in the case of the Initial Loans, two (2) Business Days before Loans and the related Substitute Loan Cutoff Date in the case of any Substitute Loans and two (2) Business Days before the related Additional Loan Cutoff Cut-Off Date in the case of any Additional Loans (or, in each case, such lesser time as shall be acceptable to the Trustee)or Substitute Loans, the Seller or Originator, on behalf of the Trust Depositor Depositor, will deliver or cause to be delivered to the Trustee (or to the Custodian on its behalf)Trustee, to the extent not previously delivered, each of the documents in the Loan File with respect to such Loan, provided, however, that, except that (i) to the extent required to be delivered pursuant to the Sale and Servicing Agreement as part of the Required Loan Documents with respect to such Loan, the original recorded Mortgage and the originals of all intervening assignments, if any, of the Mortgage, in those instances where a copy thereof, thereof certified as described in clause (b)(iii)(x) of by the definition of Required Loan Document, Originator was delivered to the Trustee as a Required Loan DocumentDocument pursuant to clause (b)(iii)(x) of the definition thereof, will be delivered or caused to be delivered within ten (10) Business Days after receipt thereof, and in any event within one year after the Closing Date in the case of the Initial Loans, the related Substitute Loan Cutoff Date in the case of any Substitute Loans and the related Additional Loan Cutoff Cut-Off Date in the case of any Additional Loans or Substitute Loans, and (ii) to the extent required to be delivered pursuant to the Sale and Servicing Agreement as part of the Required Loan Documents with respect to such Loan, any intervening Assignments of Mortgage, in those instances where copies thereof certified by the Originator were delivered to the Trustee as a Required Loan Document pursuant to clause (b)(iii)(x) of the definition thereof, will be delivered or caused to be delivered within ten Business Days after the receipt thereof, and in any event, within one year after the Closing Date in the case of the Initial Loans and the related Cut-Off Date in the case of any Additional Loans of Substitute Loans. Notwithstanding the proviso foregoing in the immediately preceding sentenceclauses (i) and (ii) of this Section 2.07(b), in those instances where the public recording office retains the original Mortgage or any the intervening assignments Assignments of the Mortgage after it has been recorded, the Seller or the Trust Depositor (as applicable) Originator shall be deemed to have satisfied its obligations hereunder upon delivery to the Trustee of a copy of such Mortgage or intervening assignments Assignments of the Mortgage certified by the public recording office to be a true copy of the recorded original thereof.
Appears in 1 contract
Samples: Commercial Loan Sale Agreement (NewStar Financial, Inc.)
Delivery of Documents in the Loan File; Recording of Assignments of Mortgage. (a) Subject to the delivery requirements set forth in Section 2.07(b), the Seller Originator shall deliver, on behalf of the Trust Depositor, possession of all the Loan Files to the Indenture Trustee (or the Custodian on its behalf) on behalf of and for the account of the Noteholders. The Seller Originator shall also identify on the List of Loans (including any deemed amendment thereof associated with any Substitute Additional Loans or Additional Substitute Loans), whether by attached schedule or marking or other effective identifying designation, all Loans that are evidenced by such instruments.
(b) With respect to each Loan in the Collateral, at least two (2) Business Days on or before the Closing Date in the case of the Initial Loans, two (2) Business Days before Loans and the related Substitute Loan Cutoff Date in the case of any Substitute Loans and two (2) Business Days before the related Additional Loan Cutoff Cut-Off Date in the case of any Additional Loans (or, in each case, such lesser time as shall be acceptable to the Trustee)or Substitute Loans, the Seller or Originator, on behalf of the Trust Depositor Depositor, will deliver or cause to be delivered to the Trustee (or to the Custodian on its behalf)Indenture Trustee, to the extent not previously delivered, each of the documents in the Loan File with respect to such Loan, provided, however, that, except that (i) to the extent required to be delivered pursuant to the Sale and Servicing Agreement as part of the Required Loan Documents with respect to such Loan, the original recorded Mortgage and the originals of all intervening assignments, if any, of the Mortgage, in those instances where a copy thereof, thereof certified by the Originator was delivered to the Indenture Trustee as described in a Required Loan Document pursuant to clause (b)(iii)(x) of the definition of Required Loan Document, was delivered to the Trustee as a Required Loan Documentthereof, will be delivered or caused to be delivered within ten (10) Business Days after receipt thereof, and in any event within one year after the Closing Date in the case of the Initial Loans, the related Substitute Loan Cutoff Date in the case of any Substitute Loans and the related Additional Loan Cutoff Cut-Off Date in the case of any Additional Loans or Substitute Loans, and (ii) to the extent required to be delivered pursuant to the Sale and Servicing Agreement as part of the Required Loan Documents with respect to such Loan, any intervening Assignments of Mortgage, in those instances where copies thereof certified by the Originator were delivered to the Indenture Trustee as a Required Loan Document pursuant to clause (b)(iii)(x) of the definition thereof, will be delivered or caused to be delivered within ten Business Days after the receipt thereof, and in any event, within one year after the Closing Date in the case of the Initial Loans and the related Cut-Off Date in the case of any Additional Loans of Substitute Loans. Notwithstanding the proviso foregoing in the immediately preceding sentenceclauses (i) and (ii) of this Section 2.07(b), in those instances where the public recording office retains the original Mortgage or any the intervening assignments Assignments of the Mortgage after it has been recorded, the Seller or the Trust Depositor (as applicable) Originator shall be deemed to have satisfied its obligations hereunder upon delivery to the Indenture Trustee of a copy of such Mortgage or intervening assignments Assignments of the Mortgage certified by the public recording office to be a true copy of the recorded original thereof.
Appears in 1 contract
Samples: Commercial Loan Sale Agreement (NewStar Financial, Inc.)
Delivery of Documents in the Loan File; Recording of Assignments of Mortgage. (a) Subject to the delivery requirements set forth in Section 2.07(bsubsection 2.06(b), the Seller shall deliver, on behalf of Issuer hereby authorizes and directs the Originator and the Trust Depositor, Depositor to deliver possession of all the Loan Files to the Indenture Trustee (or with copies to be held by the Custodian on its behalfServicer) on behalf of and for the account of the NoteholdersSecurityholders and the Hedge Counterparties. The Seller Originator and the Trust Depositor shall also identify on the List of Loans (including any deemed amendment thereof associated with any Substitute Loans or Additional Loans), whether by attached schedule or marking or other effective identifying designation, all Loans that are or are evidenced by such instruments.
(b) With respect to each Loan in the Collateral, at least two (2) Business Days before the Closing Date in the case of the Initial Loans, two (2) Business Days Loan Pool on or before the related Substitute Loan Cutoff Date in the case of any Substitute Loans and two (2) Business Days before the related Additional Loan Cutoff Date in the case of any Additional Loans (orTransfer Date, in each case, such lesser time as shall be acceptable to the Trustee), the Seller or the Trust Depositor will deliver or cause to be delivered to the Trustee (or to the Custodian on its behalf)Indenture Trustee, to the extent not previously delivered, each of the documents in the Loan File with respect to such Loan, provided, however, that, to the extent required to be delivered pursuant to the Sale and Servicing Agreement as part of the Required Loan Documents with respect to such Loan, except that (i) the original recorded Mortgage and the originals of all intervening assignments, if any, of the Mortgage, in those instances where a copy thereof, thereof certified as described in clause (b)(iii)(x) of by the definition of Required Loan Document, Originator was delivered to the Trustee as a Required Loan DocumentIndenture Trustee, will be delivered or caused to be delivered within ten (10) Business Days after receipt thereof, and in any event within one (1) year after the Closing Date related Transfer Date, and (ii) any intervening Assignments of Mortgage, in those instances where copies thereof certified by the case Originator were delivered to the Indenture Trustee, will be delivered or caused to be delivered within ten (10) Business Days after the receipt thereof, and in any event, within one (1) year of the Initial Loans, the related Substitute Loan Cutoff Date in the case of any Substitute Loans and the related Additional Loan Cutoff Date in the case of any Additional LoansTransfer Date. Notwithstanding the proviso foregoing in the immediately preceding sentenceclauses (i) and (ii) of this subsection 2.06(b), in those instances where the public recording office retains the original Mortgage or any the intervening assignments Assignments of the Mortgage after it has been recorded, the Seller or the Trust Depositor (as applicable) shall be deemed to have satisfied its obligations hereunder upon delivery to the Indenture Trustee of a copy of such Mortgage or intervening assignments Assignments of the Mortgage certified by the public recording office to be a true copy of the recorded original thereof.
(c) Prior to the occurrence of an Event of Default or a Servicer Default, the Indenture Trustee shall not record the Assignments of Mortgage delivered pursuant to subsection 2.06(b). Upon the occurrence of an Event of Default or a Servicer Default, the Indenture Trustee shall cause to be recorded in the appropriate offices each Assignment of Mortgage delivered to it. Each such recording shall be at the expense of the Servicer; provided, however, to the extent the Servicer does not pay such expense then the Indenture Trustee shall be reimbursed pursuant to the provisions of Section 7.05.
Appears in 1 contract
Delivery of Documents in the Loan File; Recording of Assignments of Mortgage. (a) Subject to the delivery requirements set forth in Section 2.07(b2.08(b), the Seller shall deliver, on behalf of Issuer hereby authorizes and directs the Originator and the Trust Depositor, Depositor to deliver possession of all the Loan Files to the Trustee (or with copies to be held by the Custodian on its behalfServicer) on behalf of and for the account of the Noteholders. The Seller Originator and the Trust Depositor shall also identify on the List of Loans (including any deemed amendment thereof associated with any Substitute Additional Loans or Additional Substitute Loans), whether by attached schedule or marking or other effective identifying designation, all Loans that are or are evidenced by such instruments.
(b) With respect to each Loan in the Collateral, at least two (2) Business Days on or before the Closing Date in the case of the Initial Loans, two (2) Business Days before Loans and the related Substitute Loan Cutoff Date in the case of any Substitute Loans and two (2) Business Days before the related Additional Loan Cutoff Cut-Off Date in the case of any Additional Loans (oror Substitute Loans, in each case, such lesser time as shall be acceptable to the Trustee), the Seller or the Trust Depositor will deliver or cause to be delivered to the Trustee (or to the Custodian on its behalf)Trustee, to the extent not previously delivered, each of the documents in the Loan File with respect to such Loan, provided, however, that, to the extent required to be delivered pursuant to the Sale and Servicing Agreement as part of the Required Loan Documents with respect to such Loan, except that (i) the original recorded Mortgage and the originals of all intervening assignments, if any, of the Mortgage, in those instances where a copy thereof, thereof certified as described in clause (b)(iii)(x) by a Responsible Officer of the definition of Required Loan Document, Originator was delivered to the Trustee as a Required Loan DocumentDocument pursuant to clause (b)(iii)(x) of the definition thereof, will be delivered or caused to be delivered within ten (10) Business Days after receipt thereof, and in any event within one year after the Closing Date in the case of the Initial Loans, the related Substitute Loan Cutoff Date in the case of any Substitute Loans and the related Additional Loan Cutoff Cut-Off Date in the case of any Additional Loans or Substitute Loans, and (ii) any intervening Assignments of Mortgage, in those instances where copies thereof certified by the Originator were delivered to the Trustee as a Required Loan Document pursuant to clause (b)(iii)(x) of the definition thereof, will be delivered or caused to be delivered within ten Business Days after the receipt thereof, and in any event, within one year after the Closing Date in the case of the Initial Loans and the related Cut-Off Date in the case of any Additional Loans or Substitute Loans. Notwithstanding the proviso foregoing in the immediately preceding sentenceclauses (i) and (ii) of this Section 2.08(b), in those instances where the public recording office retains the original Mortgage or any the intervening assignments Assignments of the Mortgage after it has been recorded, the Seller or the Trust Depositor (as applicable) shall be deemed to have satisfied its obligations hereunder upon delivery to the Trustee of a copy of such Mortgage or intervening assignments Assignments of the Mortgage certified by the public recording office to be a true copy of the recorded original thereof.
(c) Prior to the occurrence of an Event of Default or a Servicer Default, the Trustee shall not record any Assignment of Mortgage referenced in clause (b)(y) of the definition of Required Loan Documents. Upon the occurrence of an Event of Default or a Servicer Default, the Servicer or, if a Servicer Default has arisen, the Trustee shall cause to be recorded in the appropriate offices each such Assignment of Mortgage delivered to it. Each such recording shall be at the expense of the Servicer; provided however that to the extent the Servicer does not pay such expense then the Trustee shall be reimbursed as an Administrative Expense pursuant to the provisions of Section 7.05(a).
Appears in 1 contract
Samples: Sale and Servicing Agreement (NewStar Financial, Inc.)
Delivery of Documents in the Loan File; Recording of Assignments of Mortgage. (a) Subject to the delivery requirements set forth in Section 2.07(b), the Seller Originator shall deliver, on behalf of the Trust Depositor, possession of all the Loan Files to the Trustee (or the Custodian on its behalf) on behalf of and for the account of the Noteholders. The Seller Originator shall also identify on the List of Loans (including any deemed amendment thereof associated with any Substitute Additional Loans or Additional Substitute Loans), whether by attached schedule or marking or other effective identifying designation, all Loans that are evidenced by such instruments.
(b) With respect to each Loan in the Collateral, at least two (2) Business Days before the Closing Date in the case of the Initial Loans, Loans and two (2) Business Days before the related Substitute Loan Cutoff Date in the case of any Substitute Loans and two (2) Business Days before the related Additional Loan Cutoff Cut-Off Date in the case of any Additional Loans or Substitute Loans (or, in each case, such lesser time as shall be acceptable to the Trustee), the Seller Originator or the Trust Depositor will deliver or cause to be delivered to the Trustee (or to the Custodian on its behalf)Trustee, to the extent not previously delivered, each of the documents in the Loan File with respect to such Loan, provided, however, that, except that (i) to the extent required to be delivered pursuant to the Sale and Servicing Agreement as part of the Required Loan Documents with respect to such Loan, the original recorded Mortgage and the originals of all intervening assignments, if any, of the Mortgage, in those instances where a copy thereof, thereof certified as described in clause (b)(iii)(x) by a Responsible Officer of the definition of Required Loan Document, Originator was delivered to the Trustee as a Required Loan DocumentDocument pursuant to clause (b)(iii)(x) of the definition thereof, will be delivered or caused to be delivered within ten (10) Business Days after receipt thereof, and in any event within one year after the Closing Date in the case of the Initial Loans, the related Substitute Loan Cutoff Date in the case of any Substitute Loans and the related Additional Loan Cutoff Cut-Off Date in the case of any Additional Loans or Substitute Loans, and (ii) to the extent required to be delivered pursuant to the Sale and Servicing Agreement as part of the Required Loan Documents with respect to such Loan, any intervening Assignments of Mortgage, in those instances where copies thereof certified by a Responsible Officer the Originator were delivered to the Trustee as a Required Loan Document pursuant to clause (b)(iii)(y) of the definition thereof, will be delivered or caused to be delivered within ten Business Days after the receipt thereof, and in any event, within one year after the Closing Date in the case of the Initial Loans and the related Cut-Off Date in the case of any Additional Loans of Substitute Loans. Notwithstanding the proviso in the immediately preceding sentenceforegoing clauses (i) and (ii) of this Section 2.07(b), in those instances where the public recording office retains the original Mortgage or any the intervening assignments Assignments of the Mortgage after it has been recorded, the Seller Originator or the Trust Depositor (as applicable) shall be deemed to have satisfied its obligations hereunder upon delivery to the Trustee of a copy of such Mortgage or intervening assignments Assignments of the Mortgage certified by the public recording office to be a true copy of the recorded original thereof.
Appears in 1 contract
Samples: Commercial Loan Sale Agreement (NewStar Financial, Inc.)
Delivery of Documents in the Loan File; Recording of Assignments of Mortgage. (a) Subject to the delivery requirements set forth in Section 2.07(b), the Seller shall deliver, on behalf of the Trust Depositor, possession of all the Loan Files to the Trustee (or the Custodian on its behalf) on behalf of and for the account of the Noteholders. The Seller shall also identify on the List of Loans (including any deemed amendment thereof associated with any Substitute Loans or Additional Loans), whether by attached schedule or marking or other effective identifying designation, all Loans that are evidenced by such instruments.
(b) With respect to each Loan in the Collateral, at least two three (23) Business Days before the Closing Date in the case of the Initial Loans, two 2012-1 Loans and three (23) Business Days before the related Substitute Loan Cutoff Date in the case of any Substitute Loans and two (2) Business Days before the related Additional Loan Cutoff Date in the case of any Additional Loans (or, in each case, such lesser time as shall be acceptable to the Trustee), the Seller or the Trust Depositor will deliver or cause to be delivered to the Trustee (or to the Custodian on its behalf), to the extent not previously delivered, each of the documents in the Loan File with respect to such Loan, provided, however, that, to the extent required to be delivered pursuant to the Sale and Servicing Agreement as part of the Required Loan Documents with respect to such Loan, the original recorded Mortgage and the originals of all intervening assignments, if any, of the Mortgage, in those instances where a copy thereof, certified as described in clause (b)(iii)(x) of the definition of Required Loan Document, was delivered to the Trustee as a Required Loan Document, will be delivered or caused to be delivered within ten (10) Business Days after receipt thereof, and in any event within one year after the Closing Date in the case of the Initial Loans, 2012-1 Loans and the related Substitute Loan Cutoff Date in the case of any Substitute Loans and the related Additional Loan Cutoff Date in the case of any Additional Loans. Notwithstanding the proviso in the immediately preceding sentence, in those instances where the public recording office retains the original Mortgage or any intervening assignments of the Mortgage after it has been recorded, the Seller or the Trust Depositor (as applicable) shall be deemed to have satisfied its obligations hereunder upon delivery to the Trustee of a copy of such Mortgage or intervening assignments of the Mortgage certified by the public recording office to be a true copy of the recorded original thereof.
Appears in 1 contract
Samples: Sale and Contribution Agreement (Hercules Technology Growth Capital Inc)
Delivery of Documents in the Loan File; Recording of Assignments of Mortgage. (a) Subject to the delivery requirements set forth in Section 2.07(b), the Seller shall deliver, on behalf of Issuer hereby authorizes and directs the Originator and the Trust Depositor, Depositor to deliver possession of all the Loan Files to the Indenture Trustee (or with copies to be held by the Custodian on its behalfServicer) on behalf of and for the account of the NoteholdersSecurityholders and the Hedge Counterparties. The Seller Originator and the Trust Depositor shall also identify on the List of Loans (including any deemed amendment thereof associated with any Substitute Loans or Additional Loans), whether by attached schedule or marking or other effective identifying designation, all Loans that are or are evidenced by such instruments.
(b) With respect to each Loan in the Collateral, at least two (2) Business Days before the Closing Date in the case of the Initial Loans, two (2) Business Days Loan Pool on or before the related Substitute Loan Cutoff Date in the case of any Substitute Loans and two (2) Business Days before the related Additional Loan Cutoff Date in the case of any Additional Loans (orTransfer Date, in each case, such lesser time as shall be acceptable to the Trustee), the Seller or the Trust Depositor will deliver or cause to be delivered to the Trustee (or to the Custodian on its behalf)Indenture Trustee, to the extent not previously delivered, each of the documents in the Loan File with respect to such Loan, provided, however, except that, to the extent required to be delivered pursuant to the Sale and Servicing Agreement as part of the Required Loan Documents with respect to such Loan, applicable (i) the original recorded Mortgage and the originals of all intervening assignments, if any, of the Mortgage, in those instances where a copy thereof, thereof certified as described in clause (b)(iii)(x) by a Responsible Officer of the definition of Required Loan Document, Originator was delivered to the Trustee as a Required Loan DocumentIndenture Trustee, will be delivered or caused to be delivered within ten (10) Business Days after receipt thereof, and in any event within one year after the Closing Date related Transfer Date, and (ii) any intervening Assignments of Mortgage, in those instances where copies thereof certified by the case Originator were delivered to the Indenture Trustee, will be delivered or caused to be delivered within ten Business Days after the receipt thereof, and in any event, within one year of the Initial Loans, the related Substitute Loan Cutoff Date in the case of any Substitute Loans and the related Additional Loan Cutoff Date in the case of any Additional LoansTransfer Date. Notwithstanding the proviso foregoing in the immediately preceding sentenceclauses (i) and (ii) of this Section 2.07(b), in those instances where the public recording office retains the original Mortgage or any the intervening assignments Assignments of the Mortgage after it has been recorded, the Seller or the Trust Depositor (as applicable) shall be deemed to have satisfied its obligations hereunder upon delivery to the Indenture Trustee of a copy of such Mortgage or intervening assignments Assignments of the Mortgage certified by the public recording office to be a true copy of the recorded original thereof.
(c) Prior to the occurrence of an Event of Default or a Servicer Default, the Indenture Trustee shall not record the Assignments of Mortgage delivered pursuant to Section 2.07(b). Upon the occurrence of an Event of Default or a Servicer Default, the Indenture Trustee shall cause to be recorded in the appropriate offices each Assignment of Mortgage delivered to it. Each such recording shall be at the expense of the Servicer; provided, however, to the extent the Servicer does not pay such expense then the Indenture Trustee shall be reimbursed pursuant to the provisions of Section 7.05.
Appears in 1 contract
Delivery of Documents in the Loan File; Recording of Assignments of Mortgage. (a) Subject to the delivery requirements set forth in Section 2.07(b), the Seller Originator shall deliver, on behalf of the Trust Depositor, possession of all the Loan Files to the Trustee (or the Custodian on its behalf) on behalf of and for the account of the Noteholders. The Seller Originator shall also identify on the List of Loans (including any deemed amendment thereof associated with any Substitute Additional Loans or Additional Substitute Loans), whether by attached schedule or marking or other effective identifying designation, all Loans that are evidenced by such instruments.
(b) With respect to each Loan in the Collateral, on at least two (2) Business Days before the Closing Date in the case of the Initial Loans, Loans and two (2) Business Days before the related Substitute Loan Cutoff Date in the case of any Substitute Loans and two (2) Business Days before the related Additional Loan Cutoff Cut-Off Date in the case of any Additional Loans or Substitute Loans (or, in each case, such lesser time as shall be acceptable to the Trustee), the Seller or Originator, on behalf of the Trust Depositor Depositor, will deliver or cause to be delivered to the Trustee (or to the Custodian on its behalf)Trustee, to the extent not previously delivered, each of the documents in the Loan File with respect to such Loan, provided, however, that, except that (i) to the extent required to be delivered pursuant to the Sale and Servicing Agreement as part of the Required Loan Documents with respect to such Loan, the original recorded Mortgage and the originals of all intervening assignments, if any, of the Mortgage, in those instances where a copy thereof, thereof certified as described in clause (b)(iii)(x) by a Responsible Officer of the definition of Required Loan Document, Originator was delivered to the Trustee as a Required Loan DocumentDocument pursuant to clause (b)(iii)(x) of the definition thereof, will be delivered or caused to be delivered within ten (10) Business Days after receipt thereof, and in any event within one year after the Closing Date in the case of the Initial Loans, the related Substitute Loan Cutoff Date in the case of any Substitute Loans and the related Additional Loan Cutoff Cut-Off Date in the case of any Additional Loans or Substitute Loans, and (ii) to the extent required to be delivered pursuant to the Sale and Servicing Agreement as part of the Required Loan Documents with respect to such Loan, any intervening Assignments of Mortgage, in those instances where copies thereof certified by a Responsible Officer the Originator were delivered to the Trustee as a Required Loan Document pursuant to clause (b)(iii)(y) of the definition thereof, will be delivered or caused to be delivered within ten Business Days after the receipt thereof, and in any event, within one year after the Closing Date in the case of the Initial Loans and the related Cut-Off Date in the case of any Additional Loans of Substitute Loans. Notwithstanding the proviso foregoing in the immediately preceding sentenceclauses (i) and (ii) of this Section 2.07(b), in those instances where the public recording office retains the original Mortgage or any the intervening assignments Assignments of the Mortgage after it has been recorded, the Seller or the Trust Depositor (as applicable) Originator shall be deemed to have satisfied its obligations hereunder upon delivery to the Trustee of a copy of such Mortgage or intervening assignments Assignments of the Mortgage certified by the public recording office to be a true copy of the recorded original thereof.
Appears in 1 contract
Samples: Commercial Loan Sale Agreement (NewStar Financial, Inc.)
Delivery of Documents in the Loan File; Recording of Assignments of Mortgage. (a) Subject to the delivery requirements set forth in Section 2.07(bsubsection 2.06(b), the Seller shall deliver, on behalf of Issuer hereby authorizes and directs the Originator and the Trust Depositor, Depositor to deliver possession of all the Loan Files to the Indenture Trustee (or with copies to be held by the Custodian on its behalfServicer) on behalf of and for the account of the NoteholdersSecurityholders and the Swap Counterparties. The Seller Originator and the Trust Depositor shall also identify on the List of Loans (including any deemed amendment thereof associated with any Substitute Loans or Additional Loans), whether by attached schedule or marking or other effective identifying designation, all Loans that are or are evidenced by such instruments.
(b) With respect to each Loan in the Collateral, at least two (2) Business Days before the Closing Date in the case of the Initial Loans, two (2) Business Days Loan Pool on or before the related Substitute Loan Cutoff Date in the case of any Substitute Loans and two (2) Business Days before the related Additional Loan Cutoff Date in the case of any Additional Loans (orTransfer Date, in each case, such lesser time as shall be acceptable to the Trustee), the Seller or the Trust Depositor will deliver or cause to be delivered to the Trustee (or to the Custodian on its behalf)Indenture Trustee, to the extent not previously delivered, each of the documents in the Loan File with respect to such Loan, provided, however, that, to the extent required to be delivered pursuant to the Sale and Servicing Agreement as part of the Required Loan Documents with respect to such Loan, except that (i) the original recorded Mortgage and the originals of all intervening assignments, if any, of the Mortgage, in those instances where a copy thereof, thereof certified as described in clause (b)(iii)(x) of by the definition of Required Loan Document, Originator was delivered to the Trustee as a Required Loan DocumentIndenture Trustee, will be delivered or caused to be delivered within ten (10) Business Days after receipt thereof, and in any event within one (1) year after the Closing Date related Transfer Date, and (ii) any intervening Assignments of Mortgage, in those instances where copies thereof certified by the case Originator were delivered to the Indenture Trustee, will be delivered or caused to be delivered within ten (10) Business Days after the receipt thereof, and in any event, within one (1) year of the Initial Loans, the related Substitute Loan Cutoff Date in the case of any Substitute Loans and the related Additional Loan Cutoff Date in the case of any Additional LoansTransfer Date. Notwithstanding the proviso foregoing in the immediately preceding sentenceclauses (i) and (ii) of this subsection 2.06(b), in those instances where the public recording office retains the original Mortgage or any the intervening assignments of the Mortgage after it has been recorded, the Seller or the Trust Depositor (as applicable) shall be deemed to have satisfied its obligations hereunder upon delivery to the Indenture Trustee of a copy of such Mortgage or intervening assignments of the Mortgage certified by the public recording office to be a true copy of the recorded original thereof.
(c) Prior to the occurrence of an Event of Default or a Servicer Default, the Indenture Trustee shall not record the Assignments of Mortgage delivered pursuant to subsection 2.06(b). Upon the occurrence of an Event of Default or a Servicer Default, the Indenture Trustee shall cause to be recorded in the appropriate offices each Assignment of Mortgage delivered to it. Each such recording shall be at the expense of the Servicer; provided, however, to the extent the Servicer does not pay such expense then the Indenture Trustee shall be reimbursed pursuant to the provisions of Section 7.05.
Appears in 1 contract
Delivery of Documents in the Loan File; Recording of Assignments of Mortgage. (a) Subject to the delivery requirements set forth in Section 2.07(b), the Seller Originator shall deliver, on behalf of the Trust Depositor, possession of all the Loan Files to the Trustee (or the Custodian on its behalf) on behalf of and for the account of the Noteholders. The Seller Originator shall also identify on the List of Loans (including any deemed amendment thereof associated with any Substitute Additional Loans or Additional Substitute Loans), whether by attached schedule or marking or other effective identifying designation, all Loans that are evidenced by such instruments.
(b) With respect to each Loan in the Collateral, at least two (2) Business Days on or before the Closing Date in the case of the Initial Loans, two (2) Business Days Loans and on or before the related Substitute Loan Cutoff Date in the case of any Substitute Loans and two (2) Business Days before the related Additional Loan Cutoff Cut-Off Date in the case of any Additional Loans (or, in each case, such lesser time as shall be acceptable to the Trustee)or Substitute Loans, the Seller or Originator, on behalf of the Trust Depositor Depositor, will deliver or cause to be delivered to the Trustee (or to the Custodian on its behalf)Trustee, to the extent not previously delivered, each of the documents in the Loan File with respect to such Loan, provided, however, that, except that (i) to the extent required to be delivered pursuant to the Sale and Servicing Agreement as part of the Required Loan Documents with respect to such Loan, the original recorded Mortgage and the originals of all intervening assignments, if any, of the Mortgage, in those instances where a copy thereof, thereof certified as described in clause (b)(iii)(x) of by the definition of Required Loan Document, Originator was delivered to the Trustee as a Required Loan DocumentDocument pursuant to clause (b)(iii)(x) of the definition thereof, will be delivered or caused to be delivered within ten (10) Business Days after receipt thereof, and in any event within one year after the Closing Date in the case of the Initial Loans, the related Substitute Loan Cutoff Date in the case of any Substitute Loans and the related Additional Loan Cutoff Cut-Off Date in the case of any Additional Loans or Substitute Loans, and (ii) to the extent required to be delivered pursuant to the Sale and Servicing Agreement as part of the Required Loan Documents with respect to such Loan, any intervening Assignments of Mortgage, in those instances where copies thereof certified by the Originator were delivered to the Trustee as a Required Loan Document pursuant to clause (b)(iii)(x) of the definition thereof, will be delivered or caused to be delivered within ten Business Days after the receipt thereof, and in any event, within one year after the Closing Date in the case of the Initial Loans and the related Cut-Off Date in the case of any Additional Loans of Substitute Loans. Notwithstanding the proviso foregoing in the immediately preceding sentenceclauses (i) and (ii) of this Section 2.07(b), in those instances where the public recording office retains the original Mortgage or any the intervening assignments Assignments of the Mortgage after it has been recorded, the Seller or the Trust Depositor (as applicable) Originator shall be deemed to have satisfied its obligations hereunder upon delivery to the Trustee of a copy of such Mortgage or intervening assignments Assignments of the Mortgage certified by the public recording office to be a true copy of the recorded original thereof.
Appears in 1 contract