Common use of Delivery of Mortgage Loans Clause in Contracts

Delivery of Mortgage Loans. In connection with the assignment of all of the Company's right, title and interest in and to the Mortgage Loans and related Mortgage Loan Documents, the Company has delivered to, and deposited with, the Trustee the Mortgage Loans and related Mortgage Loan Documents. The Trustee acknowledges receipt of the files representing Mortgage Loan Documents and declares that it holds and will hold such Mortgage Loan Documents in trust for the use and benefit of all present and future Noteholders. The Servicer will submit the related Assignments for recording within three Business Days after the Closing Date at the expense of the Company. The Trustee shall deliver a certification on the Closing Date, indicating that it has reviewed each Mortgage File and the Schedule of Mortgage Loans and has determined that: except as set forth on the schedule of exceptions attached thereto, all required documents have been executed and received, that such documents relate to the Mortgage Loans identified on the Schedule of Mortgage Loans, and each Mortgage File contains an original Mortgage Note related to each such Mortgage Loan executed by the Mortgagor. The Trustee agrees, for the benefit of Noteholders, to review each Mortgage Loan Document delivered to it after the Closing Date within 30 days after the Grant of the related Mortgage Loan to the Trustee to ascertain that all required documents related to such Mortgage Loan have been executed and received, and that such documents relate to the Mortgage Loans identified in the Schedule of Mortgage Loans that have been provided to it and that each related Mortgage File contains an original Mortgage Note related to each such Mortgage Loan executed by the Mortgagor listed on the Schedule of Mortgage Loans either endorsed in blank by the original payee or showing a complete chain of title through to the Trustee. If the Trustee finds any document or documents constituting a part of the Mortgage Loan Documents to be missing or defective in any material respect, the Trustee shall promptly so notify the Company and the Seller and request that the Seller correct or cure such omission or defect within 90 days from the date the Seller was notified of such omission or defect. If within such 90-day period the Seller fails to cure such omission or defect, then the Company shall cause the Seller to deposit the Mortgage Purchase Price for the related Mortgage Loan in the Collection Account on the second Business Day prior to the Distribution Date relating to the Collection Period in which such 90-day period expired or cause to be substituted a Substitute Mortgage Loan pursuant to Section 12.6(b) hereof. Any such repurchased Mortgage Loan, upon deposit of the related Mortgage Purchase Price or substitution of a Substitute Mortgage Loan, shall be released from the Trust Estate by the Trustee to the Company or its designee within one Business Day of such deposit or substitution.

Delivery of Mortgage Loans. In connection From time to time, the Grantor shall deliver or cause to be delivered to the Collateral Agent Eligible Mortgage Loans to be included in the HonoMo Tranche A Borrowing Base as permitted pursuant to the Credit Agreement, by delivery to the Collateral Agent of a HonoMo Tranche A Borrowing Base Addition Report in the form of ATTACHMENT 1-A hereto, with all blanks completed in conformity therewith, together with those documents, instruments and agreements described on ATTACHMENT 2 hereto (the assignment "Required Documents"), except to the extent such Eligible Mortgage Loan constitutes an Eligible Wet Loan, in which case the Required Documents shall be delivered to the Collateral Agent within 10 days after the date such Eligible Wet Loan is included in the HonoMo Tranche A Borrowing Base. Additionally, if requested by the Administrative Agent, the Grantor shall use diligent efforts to promptly deliver to the Collateral Agent the items described on ATTACHMENT 8 hereto (tine "Additional Required Documents"). Whenever the Grantor shall deliver Eligible Mortgage Loans for inclusion in the HonoMo Tranche A Borrowing Base, the Grantor shall be deemed to have represented and warranted that (i) has delivered to the Collateral Agent (or, in the case of all an Eligible Wet Loan, will deliver to the Collateral Agent within 10 days after the date such Eligible Wet Loan is included in the HonoMo Tranche A Borrowing Base) the Required Documents, and (ii) it holds in its possession or is using diligent efforts to obtain possession of the Company's right, title and interest in Additional Required Documents and to deliver the Mortgage Loans and related Mortgage Loan Documents, Additional Required Documents to the Company has delivered to, and deposited with, the Trustee the Mortgage Loans and related Mortgage Loan DocumentsCollateral Agent. The Trustee acknowledges receipt of Grantor shall hold the files representing Mortgage Loan Additional Required Documents and declares that it holds and will hold such Mortgage Loan Documents in its possession in trust for the use and benefit of all present and future Noteholders. The Servicer will submit the related Assignments for recording within three Business Days after the Closing Date at the expense of the Company. The Trustee shall deliver a certification on the Closing Date, indicating that it has reviewed each Mortgage File and the Schedule of Mortgage Loans and has determined that: except as set forth on the schedule of exceptions attached thereto, all required documents have been executed and received, that such documents relate Secured Parties until delivery thereof to the Mortgage Loans identified on the Schedule of Mortgage Loans, and each Mortgage File contains an original Mortgage Note related to each such Mortgage Loan executed by the Mortgagor. The Trustee agrees, for the benefit of Noteholders, to review each Mortgage Loan Document delivered to it after the Closing Date within 30 days after the Grant of the related Mortgage Loan to the Trustee to ascertain that all required documents related to such Mortgage Loan have been executed and received, and that such documents relate to the Mortgage Loans identified in the Schedule of Mortgage Loans that have been Collateral Agent as provided to it and that each related Mortgage File contains an original Mortgage Note related to each such Mortgage Loan executed by the Mortgagor listed on the Schedule of Mortgage Loans either endorsed in blank by the original payee or showing a complete chain of title through to the Trustee. If the Trustee finds any document or documents constituting a part of the Mortgage Loan Documents to be missing or defective in any material respect, the Trustee shall promptly so notify the Company and the Seller and request that the Seller correct or cure such omission or defect within 90 days from the date the Seller was notified of such omission or defect. If within such 90-day period the Seller fails to cure such omission or defect, then the Company shall cause the Seller to deposit the Mortgage Purchase Price for the related Mortgage Loan in the Collection Account on the second Business Day prior to the Distribution Date relating to the Collection Period in which such 90-day period expired or cause to be substituted a Substitute Mortgage Loan pursuant to Section 12.6(b) hereof. Any such repurchased Mortgage Loan, upon deposit of the related Mortgage Purchase Price or substitution of a Substitute Mortgage Loan, shall be released from the Trust Estate by the Trustee to the Company or its designee within one Business Day of such deposit or substitutionherein.