Common use of Indenture Trustee to Cooperate Clause in Contracts

Indenture Trustee to Cooperate. By each Payment Date, the Master Servicer will notify the Indenture Trustee whenever the Asset Balance of any Mortgage Loan has been paid in full during the preceding Collection Period. A Servicing Officer shall certify that the Mortgage Loan has been paid in full and that all amounts received in connection with the payment that are required to be deposited in the Collection Account pursuant to Section 3.02 have been so deposited or credited. Upon payment in full pursuant to Section 3.01, the Master Servicer is authorized to execute an instrument of satisfaction regarding the related mortgage, which instrument of satisfaction shall be recorded by the Master Servicer if required by applicable law and be delivered to the person entitled to it. If the mortgage has been registered on the MERS(R) System, the Master Servicer shall cause the removal of the mortgage from registration on the MERS(R) System and execute and deliver, on behalf of the Indenture Trustee and the Noteholders, any instruments of satisfaction or cancellation or of partial or full release. No expenses incurred in connection with the instrument of satisfaction or transfer shall be reimbursed from amounts deposited in the Collection Account or the Payment Account. As appropriate for the servicing or foreclosure of any Mortgage Loan, or in connection with the payment in full of the Asset Balance of any Mortgage Loan, upon request of the Master Servicer and delivery to the Indenture Trustee of a Request for Release substantially in the form of Exhibit C signed by a Servicing Officer, the Indenture Trustee shall release the related Mortgage File to the Master Servicer and the Indenture Trustee shall execute any documents provided by the Master Servicer necessary to the prosecution of any proceedings or the taking of other servicing actions. The Request for Release by a Servicing Officer may be delivered to the Indenture Trustee electronically, and if it is, its form may differ from Exhibit C so long as it contains the information required by Exhibit C (that is, the relevant loan number, at least one of the five reasons for requesting file as found in Exhibit C, and the acknowledgment that the Mortgage File will be held in accordance with this Agreement and will promptly be returned to the Indenture Trustee when the need for it by the Master Servicer no longer exists unless the Mortgage Loan has been liquidated or retransferred), and to the extent the transmission originates on its face from a Servicing Officer, need not be manually signed. The Master Servicer shall return the Mortgage File to the Indenture Trustee when the need for it by the Master Servicer no longer exists, unless the Mortgage Loan is liquidated, in which case, upon receipt of a certificate of a Servicing Officer similar to that specified above, the Request for Release shall be released by the Indenture Trustee to the Master Servicer. To facilitate the foreclosure of the mortgage securing any Mortgage Loan that is in default following recordation of the assignments of mortgage in accordance with this Agreement, if so requested by the Master Servicer, the Indenture Trustee shall execute an appropriate assignment in the form provided to the Indenture Trustee by the Master Servicer to assign the Mortgage Loan for the purpose of collection to the Master Servicer or a subservicer. The assignment shall unambiguously indicate that the assignment is for the purpose of collection only. The Master Servicer will then bring all required actions in its own name and otherwise enforce the terms of the Mortgage Loan and deposit the Net Liquidation Proceeds, exclusive of Foreclosure Profits, in the Collection Account. If all delinquent payments due under the Mortgage Loan are paid by the mortgagor and any other defaults are cured, then the Master Servicer shall promptly reassign the Mortgage Loan to the Indenture Trustee and return the related Mortgage File to the place where it was being maintained.

Appears in 32 contracts

Samples: Sale and Servicing Agreement (CWHEQ Revolving Home Equity Loan Trust, Series 2007-C), Sale and Servicing Agreement (CWHEQ Revolving Home Equity Loan Trust, Series 2007-B), Sale and Servicing Agreement (CWHEQ Revolving Home Equity Loan Trust, Series 2006-H)

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Indenture Trustee to Cooperate. By each Payment Date, the Master Servicer will notify the Indenture Trustee whenever the Asset Balance of any Mortgage Loan has been paid in full during the preceding Collection Period. A Servicing Officer shall certify that the Mortgage Loan has been paid in full and that all amounts received in connection with the payment that are required to be deposited in the Collection Account pursuant to Section 3.02 have been so deposited or credited. Upon payment in full pursuant to Section 3.01, the Master Servicer is authorized to execute an instrument of satisfaction regarding the related mortgage, which instrument of satisfaction shall be recorded by the Master Servicer if required by applicable law and be delivered to the person entitled to it. If the mortgage has been registered on the MERS(R) System, the Master Servicer shall cause the removal of the mortgage from registration on the MERS(R) System and execute and deliver, on behalf of the Indenture Trustee and the Noteholders, any instruments of satisfaction or cancellation or of partial or full release. No expenses incurred in connection with the instrument of satisfaction or transfer shall be reimbursed from amounts deposited in the Collection Account or the Payment Account. As appropriate for the servicing or foreclosure of any Mortgage Loan, or in connection with the payment in full of the Asset Balance of any Mortgage Loan, upon request of the Master Servicer and delivery to the Indenture Trustee of a Request for Release substantially in the form of Exhibit C D signed by a Servicing Officer, the Indenture Trustee shall release the related Mortgage File to the Master Servicer and the Indenture Trustee shall execute any documents provided by the Master Servicer necessary to the prosecution of any proceedings or the taking of other servicing actions. The Request for Release by a Servicing Officer may be delivered to the Indenture Trustee electronically, and if it is, its form may differ from Exhibit C so long as it contains the information required by Exhibit C (that is, the relevant loan number, at least one of the five reasons for requesting file as found in Exhibit C, and the acknowledgment that the Mortgage File will be held in accordance with this Agreement and will promptly be returned to the Indenture Trustee when the need for it by the Master Servicer no longer exists unless the Mortgage Loan has been liquidated or retransferred), and to the extent the transmission originates on its face from a Servicing Officer, need not be manually signed. The Master Servicer shall return the Mortgage File to the Indenture Trustee when the need for it by the Master Servicer no longer exists, unless the Mortgage Loan is liquidated, in which case, upon receipt of a certificate of a Servicing Officer similar to that specified above, the Request for Release shall be released by the Indenture Trustee to the Master Servicer. To facilitate the foreclosure of the mortgage securing any Mortgage Loan that is in default following recordation of the assignments of mortgage in accordance with this Agreement, if so requested by the Master Servicer, the Indenture Trustee shall execute an appropriate assignment in the form provided to the Indenture Trustee by the Master Servicer to assign the Mortgage Loan for the purpose of collection to the Master Servicer or a subservicer. The assignment shall unambiguously indicate that the assignment is for the purpose of collection only. The Master Servicer will then bring all required actions in its own name and otherwise enforce the terms of the Mortgage Loan and deposit the Net Liquidation Proceeds, exclusive of Foreclosure Profits, in the Collection Account. If all delinquent payments due under the Mortgage Loan are paid by the mortgagor and any other defaults are cured, then the Master Servicer shall promptly reassign the Mortgage Loan to the Indenture Trustee and return the related Mortgage File to the place where it was being maintained.

Appears in 19 contracts

Samples: Sale and Servicing Agreement (Cwabs Revolving Home Equity Ln Asset Backed Notes Ser 2003-E), Sale and Servicing Agreement (Cwabs Inc), Sale and Servicing Agreement (Cwabs Inc)

Indenture Trustee to Cooperate. By each Payment DateUpon any Principal Prepayment, the Master Servicer will notify the Indenture Trustee whenever the Asset Balance of any Mortgage Loan has been paid in full during the preceding Collection Period. A Servicing Officer shall certify that the Mortgage Loan has been paid in full and that all amounts received in connection with the payment that are required to be deposited in the Collection Account pursuant to Section 3.02 have been so deposited or credited. Upon payment in full pursuant to Section 3.01, the Master Servicer is authorized to execute execute, pursuant to the authorization contained in Section 3.01(e), if the related Assignment of Mortgage has been recorded as required hereunder, an instrument of satisfaction regarding the related mortgageMortgage, which instrument of satisfaction shall be recorded by the Master Servicer if required by applicable law and be delivered to the person Person entitled thereto. The Servicer is also authorized to it. If the mortgage has been registered on the MERS(R) System, the Master Servicer shall cause the removal of from the mortgage from registration on the MERS(R) MERS System of such Mortgage and to execute and deliver, on behalf of the Indenture Trustee and the NoteholdersNoteholders or any of them, any and all instruments of satisfaction or cancellation or of partial or full release. No It is understood and agreed that no expenses incurred in connection with the such instrument of satisfaction or transfer shall be reimbursed from amounts deposited in the Collection Account or the Payment Account. As If the Indenture Trustee or Custodian is holding the Mortgage Files, from time to time and as appropriate for the servicing or foreclosure of any Mortgage Loan, the Indenture Trustee or in connection with the payment in full of the Asset Balance of any Mortgage LoanCustodian shall, upon request of the Servicer or the Master Servicer and delivery to the Indenture Trustee Custodian of two (2) copies of a Request for Release substantially Release, one of which will be returned to the Servicer or the Master Servicer with the Mortgage File, in the form of annexed hereto as Exhibit C B, signed by a Servicing Officer or a Master Servicing Officer or in a mutually agreeable electronic format which originates from a Servicing Officer or a Master Servicing Officer, the Indenture Trustee shall release the related Mortgage File to the Servicer or the Master Servicer Servicer, and the Indenture Trustee or Custodian shall execute any documents such documents, in the forms provided by the Servicer or the Master Servicer Servicer, as shall be necessary to for the prosecution of any such proceedings or the taking of other servicing or master servicing actions. The Such Request for Release by a Servicing Officer may be delivered shall obligate the Servicer or the Master Servicer to return the Mortgage File to the Indenture Trustee electronicallyor the Custodian, and if it isas the case may be, its form may differ from Exhibit C so long as it contains the information required by Exhibit C (that is, the relevant loan number, at least one of the five reasons for requesting file as found in Exhibit C, and the acknowledgment that the Mortgage File will be held in accordance with this Agreement and will promptly be returned to the Indenture Trustee when the need for it therefor by the Servicer or the Master Servicer no longer exists unless the Mortgage Loan has been liquidated or retransferred), and to the extent the transmission originates on its face from a Servicing Officer, need not shall be manually signed. The Master Servicer shall return the Mortgage File to the Indenture Trustee when the need for it by the Master Servicer no longer exists, unless the Mortgage Loan is liquidated, in which case, upon receipt of a certificate of a Servicing Officer or Master Servicing Officer similar to that specified abovehereinabove specified, the Request for Release Mortgage File shall be released by the Indenture Trustee or Custodian to the Servicer or the Master Servicer. To facilitate In addition to the foreclosure foregoing, the Indenture Trustee or Custodian shall release to the Seller, any Mortgage File for which the Seller has repurchased or substituted for the related Mortgage Loan pursuant to the Mortgage Loan Sale and Contribution Agreement and the Indenture Trustee or the Custodian shall execute and deliver such instruments of transfer or assignment, in each case without recourse, as shall be necessary to vest in the Seller or its designee any Mortgage Loan released pursuant hereto. If, pursuant to Section 2.1(f) of the mortgage securing any Mortgage Loan Sale and Contribution Agreement, the Seller repurchases a Mortgage Loan that is a MERS Mortgage Loan, the Servicer shall, at the Seller’s expense, either (i) cause MERS to execute and deliver an Assignment of Mortgage in default following recordation of recordable form to transfer the assignments of mortgage Mortgage from MERS to the Seller and shall cause such Mortgage to be removed from registration on the MERS® System in accordance with this Agreement, if so requested by MERS’ rules and regulations or (ii) cause MERS to designate on the Master Servicer, MERS® System the Indenture Trustee shall execute an appropriate assignment in Seller as the form provided to the Indenture Trustee by the Master Servicer to assign the beneficial holder of such Mortgage Loan for the purpose of collection to the Master Servicer or a subservicer. The assignment shall unambiguously indicate that the assignment is for the purpose of collection only. The Master Servicer will then bring all required actions in its own name and otherwise enforce the terms of the Mortgage Loan and deposit the Net Liquidation Proceeds, exclusive of Foreclosure Profits, in the Collection Account. If all delinquent payments due under the Mortgage Loan are paid by the mortgagor and any other defaults are cured, then the Master Servicer shall promptly reassign the Mortgage Loan to the Indenture Trustee and return the related Mortgage File to the place where it was being maintainedLoan.

Appears in 9 contracts

Samples: Wells Fargo (Renaissance Home Equity Loan Trust 2006-1, Home Equity Loan Asset-Backed Notes, Series 2006-1), Servicing Agreement (Renaissance Home Equity Loan Trust 2007-2), Servicing Agreement (Renaissance Home Equity Loan Trust 2006-3)

Indenture Trustee to Cooperate. By each Payment Date, the Master Servicer will notify the Indenture Trustee whenever the Asset Balance of any Mortgage Loan has been paid in full during the preceding Collection Period. A Servicing Officer shall certify that the Mortgage Loan has been paid in full and that all amounts received in connection with the payment that are required to be deposited in the Collection Account pursuant to Section 3.02 have been so deposited or credited. Upon payment in full pursuant to Section 3.01, the Master Servicer is authorized to execute an instrument of satisfaction regarding the related mortgage, which instrument of satisfaction shall be recorded by the Master Servicer if required by applicable law and be delivered to the person entitled to it. If the mortgage has been registered on the MERS(R) System, the Master Servicer shall cause the removal of the mortgage from registration on the MERS(R) System and execute and deliver, on behalf of the Indenture Trustee and the Noteholders, any instruments of satisfaction or cancellation or of partial or full release. No expenses incurred in connection with the instrument of satisfaction or transfer shall be reimbursed from amounts deposited in the Collection Account or the Payment Account. As appropriate for the servicing or foreclosure of any Mortgage Loan, or in connection with the payment in full of the Asset Balance of any Mortgage Loan, upon request of the Master Servicer and delivery to the Indenture Trustee of a Request for Release substantially in the form of Exhibit C D signed by a Servicing Officer, the Indenture Trustee shall release the related Mortgage File to the Master Servicer and the Indenture Trustee shall execute any documents provided by the Master Servicer necessary to the prosecution of any proceedings or the taking of other servicing actions. The Request for Release by a Servicing Officer may be delivered to the Indenture Trustee electronically, and if it is, its form may differ from Exhibit C D so long as it contains the information required by Exhibit C D (that is, the relevant loan number, at least one of the five reasons for requesting file as found in Exhibit CD, and the acknowledgment that the Mortgage File will be held in accordance with this the Sale and Servicing Agreement and will promptly be returned to the Indenture Trustee when the need for it by the Master Servicer no longer exists unless the Mortgage Loan has been liquidated or retransferred), and to the extent the transmission originates on its face from a Servicing Officer, need not be manually signed. The Master Servicer shall return the Mortgage File to the Indenture Trustee when the need for it by the Master Servicer no longer exists, unless the Mortgage Loan is liquidated, in which case, upon receipt of a certificate of a Servicing Officer similar to that specified above, the Request for Release shall be released by the Indenture Trustee to the Master Servicer. To facilitate the foreclosure of the mortgage securing any Mortgage Loan that is in default following recordation of the assignments of mortgage in accordance with this Agreement, if so requested by the Master Servicer, the Indenture Trustee shall execute an appropriate assignment in the form provided to the Indenture Trustee by the Master Servicer to assign the Mortgage Loan for the purpose of collection to the Master Servicer or a subservicer. The assignment shall unambiguously indicate that the assignment is for the purpose of collection only. The Master Servicer will then bring all required actions in its own name and otherwise enforce the terms of the Mortgage Loan and deposit the Net Liquidation Proceeds, exclusive of Foreclosure Profits, in the Collection Account. If all delinquent payments due under the Mortgage Loan are paid by the mortgagor and any other defaults are cured, then the Master Servicer shall promptly reassign the Mortgage Loan to the Indenture Trustee and return the related Mortgage File to the place where it was being maintained.

Appears in 6 contracts

Samples: Sale and Servicing Agreement (CWABS Revolving Home Equity Loan Trust, Series 2004-N), Sale and Servicing Agreement (CWABS Revolving Home Equity Loan Trust, Series 2004-I), Sale and Servicing Agreement (CWABS Revolving Home Equity Loan Trust, Series 2004-J)

Indenture Trustee to Cooperate. By each Payment Date, the Master Servicer will notify the Indenture Trustee whenever the Asset Balance Upon any principal prepayment in full of any a Mortgage Loan has been paid in full during following the preceding Collection end of the related Draw Period. A Servicing Officer shall certify that the Mortgage Loan has been paid in full and that all amounts received in connection with the payment that are required to be deposited in the Collection Account pursuant to Section 3.02 have been so deposited or credited. Upon payment in full pursuant to Section 3.01, the Master Servicer is authorized to execute execute, pursuant to the authorization contained in Section 3.01(e), if the related Assignment of Mortgage has been recorded as required hereunder, an instrument of satisfaction regarding the related mortgageMortgage, which instrument of satisfaction shall be recorded by the Master Servicer if required by applicable law and be delivered to the person Person entitled to itthereto. If the mortgage has been registered on the MERS(R) System, the Master Servicer shall cause the removal of the mortgage from registration on the MERS(R) System It is understood and execute and deliver, on behalf of the Indenture Trustee and the Noteholders, any instruments of satisfaction or cancellation or of partial or full release. No agreed that no expenses incurred in connection with the such instrument of satisfaction or transfer shall be reimbursed from amounts deposited in the Collection Account or the Payment Account. As If the Indenture Trustee is holding any portion of the Mortgage Files, from time to time and as appropriate for the servicing or foreclosure of any Mortgage Loan, or in connection with the payment in full of the Asset Balance of any Mortgage LoanIndenture Trustee shall, upon request of the Master Servicer and delivery to the Indenture Trustee of a Request request for Release substantially release, in the form of attached hereto as Exhibit C H (a “Request for Release”), signed by a Servicing Officer, the Indenture Trustee shall release the related portion of the Mortgage File to the Master Servicer Servicer, and the Indenture Trustee shall execute any documents such documents, at the expense of and in the forms provided by the Master Servicer Servicer, as shall be necessary to for the prosecution of any such proceedings or the taking of other servicing actions. The Request Such request for Release by a Servicing Officer may be delivered release shall obligate the Master Servicer to return the Indenture Trustee electronically, and if it is, its form may differ from Exhibit C so long as it contains the information required by Exhibit C (that is, the relevant loan number, at least one portion of the five reasons for requesting file as found in Exhibit C, and the acknowledgment that the Mortgage File will be held in accordance with this Agreement and will promptly be returned released to it to the Indenture Trustee when the need for it therefor by the Master Servicer no longer exists unless the Mortgage Loan has been liquidated or retransferred), and to the extent the transmission originates on its face from a Servicing Officer, need not shall be manually signed. The Master Servicer shall return the Mortgage File to the Indenture Trustee when the need for it by the Master Servicer no longer exists, unless the Mortgage Loan is liquidated, in which case, upon receipt of a certificate of a Servicing Officer similar to that specified abovehereinabove specified, a copy of the Request for Release shall be released by the Indenture Trustee to the Master Servicer. To In order to facilitate the foreclosure of the mortgage Mortgage securing any Mortgage Loan that is in default following recordation of the assignments related Assignment of mortgage Mortgage in accordance with this Agreementthe provisions hereof, the Indenture Trustee shall, if so requested in writing by the Master Servicer, the Indenture Trustee shall Servicer execute an appropriate assignment in the form provided to the Trust and the Indenture Trustee by the Master Servicer to assign the such Mortgage Loan for the purpose of collection to the Master Servicer or a subservicer. The (any such assignment shall unambiguously indicate that the assignment is for the purpose of collection only. The Master Servicer ) and, upon such assignment, such assignee for collection will then thereupon bring all required actions in its own name and otherwise enforce the terms of the Mortgage Loan and deposit or credit the Net Liquidation Proceeds, exclusive of Foreclosure Profits, Recoveries received with respect thereto in the Collection Account. If In the event that all delinquent payments due under the any such Mortgage Loan are paid by the mortgagor Mortgagor and any other defaults are cured, cured then the Master Servicer assignee for collection shall promptly reassign the such Mortgage Loan to the Indenture Trustee and return it to the place where the related Mortgage File to the place where it was being maintained.

Appears in 6 contracts

Samples: Sale and Servicing Agreement (First Horizon Asset Sec HELOC Notes Ser 2006-He1), Sale and Servicing Agreement (First Horizon Asset Sec HELOC Notes Ser 2007-He1), Sale and Servicing Agreement (First Horizon Asset Sec HELOC Notes Ser 2006-He2)

Indenture Trustee to Cooperate. By each Payment Date, Upon the Master Servicer will notify the Indenture Trustee whenever the Asset Balance payment in full of any Mortgage Loan has been paid in full during the preceding Collection Period. A Servicing Officer shall certify that the Mortgage Loan has been paid in full and that all amounts received in connection with the payment that are required to be deposited in the Collection Account pursuant to Section 3.02 have been so deposited or credited. Upon payment in full pursuant to Section 3.01Loan, the Master Servicer is authorized to execute (on behalf of the Indenture Trustee pursuant to the authorization contained in Section 3.01(f) if the related Assignment of Mortgage has been recorded) an instrument of satisfaction regarding the related mortgageMortgage, which instrument of satisfaction shall be recorded by the Master Servicer if required by applicable law and be delivered to the person Person entitled to itthereto. If the mortgage has been registered on the MERS(R) System, the Master Servicer shall cause the removal of the mortgage from registration on the MERS(R) System It is understood and execute and deliver, on behalf of the Indenture Trustee and the Noteholders, any instruments of satisfaction or cancellation or of partial or full release. No agreed that no expenses incurred in connection with the such instrument of satisfaction or transfer shall be reimbursed from amounts deposited in the Collection Account or the Payment Account. As If the Indenture Trustee is holding any portion of the Mortgage Files, from time to time and as appropriate for the servicing or foreclosure of any Mortgage Loan, or in connection with the payment in full of the Asset Balance of any Mortgage LoanIndenture Trustee shall, upon request of the Master Servicer and delivery to the Indenture Trustee of a Request request for Release substantially release, in the form of attached hereto as Exhibit C I, signed by a Servicing Officer, the Indenture Trustee shall release the related portion of the Mortgage File to the Master Servicer Servicer, and the Indenture Trustee shall execute any documents such documents, at the expense of and in the forms provided by the Master Servicer Servicer, as shall be necessary to for the prosecution of any such proceedings or the taking of other servicing actions. The Such Request for Release by a Servicing Officer may be delivered shall obligate the Servicer to return the Indenture Trustee electronically, and if it is, its form may differ from Exhibit C so long as it contains the information required by Exhibit C (that is, the relevant loan number, at least one portion of the five reasons for requesting file as found in Exhibit C, and the acknowledgment that the Mortgage File will be held in accordance with this Agreement and will promptly be returned released to it to the Indenture Trustee when the need for it therefor by the Master Servicer no longer exists unless the Mortgage Loan has been liquidated or retransferred), and to the extent the transmission originates on its face from a Servicing Officer, need not shall be manually signed. The Master Servicer shall return the Mortgage File to the Indenture Trustee when the need for it by the Master Servicer no longer exists, unless the Mortgage Loan is liquidated, in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specified above(including a certification that the Servicer has deposited the proceeds of such liquidated Mortgage Loan in the Collection Account), a copy of the Request for Release shall be released by the Indenture Trustee to the Master Servicer. To In order to facilitate the foreclosure of the mortgage Mortgage securing any Mortgage Loan that is in default following recordation of the assignments related Assignment of mortgage Mortgage in accordance with this Agreementthe provisions hereof, the Indenture Trustee shall, if so requested in writing by the Master Servicer, the Indenture Trustee shall Servicer execute an appropriate assignment in the form provided to the Trust and the Indenture Trustee by the Master Servicer to assign the such Mortgage Loan for the purpose of collection to the Master Servicer or a subservicer. The (any such assignment shall unambiguously indicate that the assignment is for the purpose of collection only. The Master Servicer ) and, upon such assignment, such assignee for collection will then thereupon bring all required actions in its own name and otherwise enforce the terms of the Mortgage Loan and deposit or credit the Net Liquidation Proceeds, exclusive of Foreclosure Profits, Recoveries received with respect thereto in the Collection Account. If In the event that all delinquent payments due under the any such Mortgage Loan are paid by the mortgagor Mortgagor and any other defaults are cured, cured then the Master Servicer assignee for collection shall promptly reassign the such Mortgage Loan to the Indenture Trustee and return it to the place where the related Mortgage File to the place where it was being maintained.

Appears in 5 contracts

Samples: Sale and Servicing Agreement (IndyMac Home Equity Mortgage Loan Asset-Backed Trust, Series 2006-H2), Sale and Servicing Agreement (IndyMac Home Equity Mortgage Loan Asset-Backed Trust, Series 2006-H4), Sale and Servicing Agreement (Indymac MBS Inc)

Indenture Trustee to Cooperate. By On or before each Payment Date, the Master Servicer will notify the Indenture Trustee whenever of the Asset payment in full of the Principal Balance of any Mortgage Loan has been paid in full during the preceding Collection Period. A Servicing Officer , which notification shall certify that be by a certification (which certification shall include a statement to the Mortgage Loan has been paid in full and effect that all amounts received in connection with the such payment that which are required to be deposited in the Collection Account pursuant to Section 3.02 have been so deposited or credited) of a Servicing Officer. Upon any such payment in full pursuant to Section 3.01full, the Master Servicer is authorized to execute execute, pursuant to the authorization contained in Section 3.01, if the assignments of Mortgage have been recorded as required hereunder, an instrument of satisfaction regarding the related mortgageMortgage, which instrument of satisfaction shall be recorded by the Master Servicer if required by applicable law and be delivered to the person Person entitled to itthereto. If the mortgage has been registered on the MERS(R) System, the Master Servicer shall cause the removal of the mortgage from registration on the MERS(R) System It is understood and execute and deliver, on behalf of the Indenture Trustee and the Noteholders, any instruments of satisfaction or cancellation or of partial or full release. No agreed that no expenses incurred in connection with the such instrument of satisfaction or transfer shall be reimbursed from amounts deposited in the Collection Account or the Payment Account. As If the Indenture Trustee is holding the Mortgage Files, from time to time and as appropriate for the servicing or foreclosure of any Mortgage Loan, or in connection with the payment in full of the Asset Principal Balance of any Mortgage Loan, the Indenture Trustee shall, upon request of the Master Servicer and delivery to the Indenture Trustee of a Request for Release substantially in the form of attached hereto as Exhibit C signed by a Servicing Officer, the Indenture Trustee shall release the related Mortgage File to the Master Servicer and the Indenture Trustee shall execute any documents such documents, in the forms provided by the Master Servicer Servicer, as shall be necessary to the prosecution of any such proceedings or the taking of other servicing actions. The Request for Release by a Servicing Officer may be delivered Such trust receipt shall obligate the Servicer to the Indenture Trustee electronically, and if it is, its form may differ from Exhibit C so long as it contains the information required by Exhibit C (that is, the relevant loan number, at least one of the five reasons for requesting file as found in Exhibit C, and the acknowledgment that the Mortgage File will be held in accordance with this Agreement and will promptly be returned to the Indenture Trustee when the need for it by the Master Servicer no longer exists unless the Mortgage Loan has been liquidated or retransferred), and to the extent the transmission originates on its face from a Servicing Officer, need not be manually signed. The Master Servicer shall return the Mortgage File to the Indenture Trustee when the need for it therefor by the Master Servicer no longer exists, exists unless the Mortgage Loan is shall be liquidated, in which case, upon receipt of a certificate of a Servicing Officer similar to that specified abovehereinabove specified, the Request for Release trust receipt shall be released by the Indenture Trustee Trustee. In order to the Master Servicer. To facilitate the foreclosure of the mortgage Mortgage securing any Mortgage Loan that is in default following recordation of the assignments Assignment of mortgage Mortgage in accordance with this Agreementthe provisions hereof, the Indenture Trustee shall, if so requested in writing by the Master Servicer, the Indenture Trustee shall execute an appropriate assignment in the form provided to the Indenture Trustee by the Master Servicer to assign the such Mortgage Loan for the purpose of collection to the Master Servicer or a subservicer. The to the related subservicer (any such assignment shall unambiguously indicate that the assignment is for the purpose of collection only. The Master ), and, upon such assignment, the Servicer will then thereupon bring all required actions in its own name and otherwise enforce the terms of the Mortgage Loan and deposit the Net Liquidation Proceeds, exclusive of Foreclosure Profits, received with respect thereto in the Collection Account. If In the event that all delinquent payments due under the any such Mortgage Loan are paid by the mortgagor Mortgagor and any other defaults are cured, then the Master Servicer shall promptly shall, within two Business Days, reassign the such Mortgage Loan to the Indenture Trustee and return the related Mortgage File to the place where it was being maintained. After such reassignment, the Servicer, if requested by such Residual Certificateholders and if offered suitable indemnification and reimbursement for expenses, is authorized to seek a deficiency judgment if permitted by law against the Mortgagor under such Liquidated Mortgage Loan on behalf of the Residual Certificateholders to the extent of any losses on liquidation of any Mortgage Loan.

Appears in 5 contracts

Samples: Sale and Servicing Agreement (Sequoia Mortgage Funding Corp), Sale and Servicing Agreement (Greenpoint Mortgage Securities Inc/), Sale and Servicing Agreement (Greenpoint Mortgage Securities Inc/)

Indenture Trustee to Cooperate. By each Payment Date, the Master Servicer will notify the Indenture Trustee whenever the Asset Balance of any Mortgage Loan has been paid in full during the preceding Collection Period. A Servicing Officer shall certify that the Mortgage Loan has been paid in full and that all amounts received in connection with the payment that are required to be deposited in the Collection Account pursuant to Section 3.02 have been so deposited or credited. Upon payment in full pursuant to Section 3.01, the Master Servicer is authorized to execute an instrument of satisfaction regarding the related mortgage, which instrument of satisfaction shall be recorded by the Master Servicer if required by applicable law and be delivered to the person entitled to it. If the mortgage has been registered on the MERS(R) System, the Master Servicer shall cause the removal of the mortgage from registration on the MERS(R) System and execute and deliver, on behalf of the Indenture Trustee and the Noteholders, any instruments of satisfaction or cancellation or of partial or full release. No expenses incurred in connection with the instrument of satisfaction or transfer shall be reimbursed from amounts deposited in the Collection Account or the Payment Account. As appropriate for the servicing or foreclosure of any Mortgage Loan, or in connection with the payment in full of the Asset Balance of any Mortgage Loan, upon request of the Master Servicer and delivery to the Indenture Trustee of a Request for Release substantially in the form of Exhibit C D signed by a Servicing Officer, the Indenture Trustee shall release the related Mortgage File to the Master Servicer and the Indenture Trustee shall execute any documents provided by the Master Servicer necessary to the prosecution of any proceedings or the taking of other servicing actions. The Request for Release by a Servicing Officer may be delivered to the Indenture Trustee electronically, and if it is, its form may differ from Exhibit C so long as it contains the information required by Exhibit C (that is, the relevant loan number, at least one of the five reasons for requesting file as found in Exhibit C, and the acknowledgment that the Mortgage File will be held in accordance with this Agreement and will promptly be returned to the Indenture Trustee when the need for it by the Master Servicer no longer exists unless the Mortgage Loan has been liquidated or retransferred), and to the extent the transmission originates on its face from a Servicing Officer, need not be manually signed. The Master Servicer shall return the Mortgage File to the Indenture Trustee when the need for it by the Master Servicer no longer exists, unless the Mortgage Loan is liquidated, in which case, upon receipt of a certificate of a Servicing Officer similar to that specified above, the Request for Release shall be released by the Indenture Trustee to the Master Servicer. To facilitate the foreclosure of the mortgage securing any Mortgage Loan that is in default following recordation of the assignments of mortgage in accordance with this Agreement, if so requested by the Master Servicer, the Indenture Trustee shall execute an appropriate assignment in the form provided to the Indenture Trustee by the Master Servicer to assign the Mortgage Loan for the purpose of collection to the Master Servicer or a subservicer. The assignment shall unambiguously indicate that the assignment is for the purpose of collection only. The Master Servicer will then bring all required actions in its own name and otherwise enforce the terms of the Mortgage Loan and deposit the Net Liquidation Proceeds, exclusive of Foreclosure Profits, in the Collection Account. If all delinquent payments due under the Mortgage Loan are paid by the mortgagor and any other defaults are cured, then the Master Servicer shall promptly reassign the Mortgage Loan to the Indenture Trustee and return the related Mortgage File to the place where it was being maintained.

Appears in 4 contracts

Samples: Sale and Servicing Agreement (CWABS Revolving Home Equity Loan Trust, Series 2004-E), Sale and Servicing Agreement (CWABS Revolving Home Equity Loan Trust, Series 2004-D), Sale and Servicing Agreement (CWABS Revolving Home Equity Loan Trust, Series 2004-G)

Indenture Trustee to Cooperate. By On or before each Payment Date, the Master Servicer will notify the Indenture Trustee whenever Trustee, on behalf of the Asset Trust, of the payment in full of the Principal Balance of any Mortgage Loan has been paid in full during the preceding Collection Period. A Servicing Officer , which notification shall certify that be by a certification (which certification shall include a statement to the Mortgage Loan has been paid in full and effect that all amounts received in connection with the such payment that which are required to be deposited in the Collection Account pursuant to Section 3.02 have been so deposited or credited) of a Servicing Officer. Upon any such payment in full pursuant to Section 3.01full, the Master Servicer is authorized to execute execute, pursuant to the authorization contained in Section 3.01, if the assignments of Mortgage have been recorded as required hereunder, an instrument of satisfaction regarding the related mortgageMortgage, which instrument of satisfaction shall be recorded by the Master Servicer if required by applicable law and be delivered to the person Person entitled to itthereto. If the mortgage has been registered on the MERS(R) System, the Master Servicer shall cause the removal of the mortgage from registration on the MERS(R) System It is understood and execute and deliver, on behalf of the Indenture Trustee and the Noteholders, any instruments of satisfaction or cancellation or of partial or full release. No agreed that no expenses incurred in connection with the such instrument of satisfaction or transfer shall be reimbursed from amounts deposited in the Collection Account Account. If the Indenture Trustee or the Payment Account. As Custodian is holding the Mortgage Files, from time to time and as appropriate for the servicing or foreclosure of any Mortgage Loan, or in connection with the payment in full of the Asset Principal Balance of any Mortgage Loan, the Indenture Trustee or the Custodian, as appropriate, shall, upon request of the Master Servicer and delivery to the Indenture Trustee and, if applicable, the Custodian of a Request for Release substantially in the form of attached hereto as Exhibit C C-1 or Exhibit C-2, as applicable, signed by a Servicing Officer, the Indenture Trustee shall release the related Mortgage File to the Master Servicer and the Indenture Trustee Trustee, on behalf of the Trust, shall execute any documents such documents, in the forms provided by the Master Servicer Servicer, as shall be necessary to the prosecution of any such proceedings or the taking of other servicing actions. The Request for Release by a Servicing Officer may be delivered Such trust receipt shall obligate the Servicer to return the Mortgage File to the Indenture Trustee electronicallyor the Custodian, and if it isas appropriate, its form may differ from Exhibit C so long as it contains the information required by Exhibit C (that is, the relevant loan number, at least one of the five reasons for requesting file as found in Exhibit C, and the acknowledgment that the Mortgage File will be held in accordance with this Agreement and will promptly be returned to the Indenture Trustee when the need for it therefor by the Master Servicer no longer exists unless the Mortgage Loan has been liquidated or retransferred), and to the extent the transmission originates on its face from a Servicing Officer, need not shall be manually signed. The Master Servicer shall return the Mortgage File to the Indenture Trustee when the need for it by the Master Servicer no longer exists, unless the Mortgage Loan is liquidated, in which case, upon receipt of a certificate of a Servicing Officer similar to that specified abovehereinabove specified, the Request for Release trust receipt shall be released by the Indenture Trustee or the Custodian, as the case may be. In order to the Master Servicer. To facilitate the foreclosure of the mortgage Mortgage securing any Mortgage Loan that is in default following recordation of the assignments Assignment of mortgage Mortgage in accordance with this Agreementthe provisions hereof, the Indenture Trustee, on behalf of the Trust, shall, if so requested in writing by the Master Servicer, the Indenture Trustee shall execute an appropriate assignment in the form provided to the Indenture Trustee Trustee, on behalf of the Trust, by the Master Servicer to assign the such Mortgage Loan for the purpose of collection to the Master Servicer or a subservicer. The to the related subservicer (any such assignment shall unambiguously indicate that the assignment is for the purpose of collection only. The Master ), and, upon such assignment, the Servicer will then thereupon bring all required actions in its own name and otherwise enforce the terms of the Mortgage Loan and deposit the Net Liquidation Proceeds, exclusive of Foreclosure Profits, received with respect thereto in the Collection Account. If In the event that all delinquent payments due under the any such Mortgage Loan are paid by the mortgagor Mortgagor and any other defaults are cured, then the Master Servicer shall promptly shall, within two Business Days, reassign the such Mortgage Loan to the Indenture Trustee Trustee, on behalf of the Trust, and return the related Mortgage File to the place where it was being maintained. After such reassignment, the Servicer, if requested by such Residual Certificateholders and if offered suitable indemnification and reimbursement for expenses, is authorized to seek a deficiency judgment if permitted by law against the Mortgagor under such Liquidated Mortgage Loan on behalf of the Residual Certificateholders to the extent of any losses on liquidation of any Mortgage Loan.

Appears in 4 contracts

Samples: Sale and Servicing Agreement (Greenpoint Mortgage Securities LLC), Sale and Servicing Agreement (GreenPoint Home Equity Loan Trust 2004-3), Sale and Servicing Agreement (GreenPoint Home Equity Loan Trust 2004-4)

Indenture Trustee to Cooperate. By On or before each Payment Date, the Master Servicer will notify the Indenture Trustee whenever of the Asset payment in full of the Principal Balance of any Mortgage Loan has been paid in full during the preceding Collection Period. A Servicing Officer , which notification shall certify that be by a certification (which certification shall include a statement to the Mortgage Loan has been paid in full and effect that all amounts received in connection with the such payment that which are required to be deposited in the Collection Account pursuant to Section 3.02 have been so deposited or credited) of a Servicing Officer. Upon any such payment in full pursuant to Section 3.01full, the Master Servicer is authorized to execute execute, pursuant to the authorization contained in Section 3.01, if the assignments of Mortgage have been recorded as required hereunder, an instrument of satisfaction regarding the related mortgageMortgage, which instrument of satisfaction shall be recorded by the Master Servicer if required by applicable law and be delivered to the person Person entitled to itthereto. If the mortgage has been registered on the MERS(R) System, the Master Servicer shall cause the removal of the mortgage from registration on the MERS(R) System It is understood and execute and deliver, on behalf of the Indenture Trustee and the Noteholders, any instruments of satisfaction or cancellation or of partial or full release. No agreed that no expenses incurred in connection with the such instrument of satisfaction or transfer shall be reimbursed from amounts deposited in the Collection Account or the Payment Account. As If the Indenture Trustee is holding the Mortgage Files, from time to time and as appropriate for the servicing or foreclosure of any Mortgage Loan, or in connection with the payment in full of the Asset Principal Balance of any Mortgage Loan, the Indenture Trustee shall, upon request of the Master Servicer and delivery to the Indenture Trustee of a Request for Release substantially in the form of attached hereto as Exhibit C signed by a Servicing Officer, the Indenture Trustee shall release the related Mortgage File to the Master Servicer and the Indenture Trustee shall execute any documents such documents, in the forms provided by the Master Servicer Servicer, as shall be necessary to the prosecution of any such proceedings or the taking of other servicing actions. The Request for Release by a Servicing Officer may be delivered Such trust receipt shall obligate the Servicer to the Indenture Trustee electronically, and if it is, its form may differ from Exhibit C so long as it contains the information required by Exhibit C (that is, the relevant loan number, at least one of the five reasons for requesting file as found in Exhibit C, and the acknowledgment that the Mortgage File will be held in accordance with this Agreement and will promptly be returned to the Indenture Trustee when the need for it by the Master Servicer no longer exists unless the Mortgage Loan has been liquidated or retransferred), and to the extent the transmission originates on its face from a Servicing Officer, need not be manually signed. The Master Servicer shall return the Mortgage File to the Indenture Trustee when the need for it therefor by the Master Servicer no longer exists, exists unless the Mortgage Loan is shall be liquidated, in which case, upon receipt of a certificate of a Servicing Officer similar to that specified abovehereinabove specified, the Request for Release trust receipt shall be released by the Indenture Trustee Trustee. In order to the Master Servicer. To facilitate the foreclosure of the mortgage Mortgage securing any Mortgage Loan that is in default following recordation of the assignments Assignments of mortgage Mortgage in accordance with this Agreementthe provisions hereof, the Indenture Trustee shall, if so requested in writing by the Master Servicer, the Indenture Trustee shall execute an appropriate assignment in the form provided to the Indenture Trustee by the Master Servicer to assign the such Mortgage Loan for the purpose of collection to the Master Servicer or a subservicer. The to the related subservicer (any such assignment shall unambiguously indicate that the assignment is for the purpose of collection only. The Master ), and, upon such assignment, the Servicer will then thereupon bring all required actions in its own name and otherwise enforce the terms of the Mortgage Loan and deposit the Net Liquidation Proceeds, exclusive of Foreclosure Profits, received with respect thereto in the Collection Account. If In the event that all delinquent payments due under the any such Mortgage Loan are paid by the mortgagor Mortgagor and any other defaults are cured, then the Master Servicer shall promptly shall, within two Business Days, reassign the such Mortgage Loan to the Indenture Trustee and return the related Mortgage File to the place where it was being maintained. The Residual Certificateholders shall be deemed to have repurchased the ownership interest in any Liquidated Mortgage Loan in Pool I beneficially held by Holders of the Class A-1 Certificates. After such repurchase, the Servicer, if requested by such Residual Certificateholders and if offered suitable indemnification and reimbursement for expenses, is authorized to seek a deficiency judgment if permitted by law against the Mortgagor under such Liquidated Mortgage Loan on behalf of the Residual Certificateholders to the extent of any Liquidation Loss Amount.

Appears in 3 contracts

Samples: Sale and Servicing Agreement (Greenpoint Mortgage Securities Inc/), Sale and Servicing Agreement (Greenpoint Mortgage Securities Inc/), Sale and Servicing Agreement (Greenpoint Mortgage Securities Inc/)

Indenture Trustee to Cooperate. By each Payment Date, the Master Servicer will notify the Indenture Trustee whenever the Asset Balance of any Mortgage Loan has been paid in full during the preceding Collection Period. A Servicing Officer shall certify that the Mortgage Loan has been paid in full and that all amounts received in connection with the payment that are required to be deposited in the Collection Account pursuant to Section 3.02 have been so deposited or credited. Upon payment in full pursuant to Section 3.01, the Master Servicer is authorized to execute an instrument of satisfaction regarding the related mortgage, which instrument of satisfaction shall be recorded by the Master Servicer if required by applicable law and be delivered to the person entitled to it. If the mortgage has been registered on the MERS(R) MERS® System, the Master Servicer shall cause the removal of the mortgage from registration on the MERS(R) MERS® System and execute and deliver, on behalf of the Indenture Trustee and the Noteholders, any instruments of satisfaction or cancellation or of partial or full release. No expenses incurred in connection with the instrument of satisfaction or transfer shall be reimbursed from amounts deposited in the Collection Account or the Payment Account. As appropriate for the servicing or foreclosure of any Mortgage Loan, or in connection with the payment in full of the Asset Balance of any Mortgage Loan, upon request of the Master Servicer and delivery to the Indenture Trustee of a Request for Release substantially in the form of Exhibit C signed by a Servicing Officer, the Indenture Trustee shall release the related Mortgage File to the Master Servicer and the Indenture Trustee shall execute any documents provided by the Master Servicer necessary to the prosecution of any proceedings or the taking of other servicing actions. The Request for Release by a Servicing Officer may be delivered to the Indenture Trustee electronically, and if it is, its form may differ from Exhibit C so long as it contains the information required by Exhibit C (that is, the relevant loan number, at least one of the five reasons for requesting file as found in Exhibit C, and the acknowledgment that the Mortgage File will be held in accordance with this Agreement and will promptly be returned to the Indenture Trustee when the need for it by the Master Servicer no longer exists unless the Mortgage Loan has been liquidated or retransferred), and to the extent the transmission originates on its face from a Servicing Officer, need not be manually signed. The Master Servicer shall return the Mortgage File to the Indenture Trustee when the need for it by the Master Servicer no longer exists, unless the Mortgage Loan is liquidated, in which case, upon receipt of a certificate of a Servicing Officer similar to that specified above, the Request for Release shall be released by the Indenture Trustee to the Master Servicer. To facilitate the foreclosure of the mortgage securing any Mortgage Loan that is in default following recordation of the assignments of mortgage in accordance with this Agreement, if so requested by the Master Servicer, the Indenture Trustee shall execute an appropriate assignment in the form provided to the Indenture Trustee by the Master Servicer to assign the Mortgage Loan for the purpose of collection to the Master Servicer or a subservicer. The assignment shall unambiguously indicate that the assignment is for the purpose of collection only. The Master Servicer will then bring all required actions in its own name and otherwise enforce the terms of the Mortgage Loan and deposit the Net Liquidation Proceeds, exclusive of Foreclosure Profits, in the Collection Account. If all delinquent payments due under the Mortgage Loan are paid by the mortgagor and any other defaults are cured, then the Master Servicer shall promptly reassign the Mortgage Loan to the Indenture Trustee and return the related Mortgage File to the place where it was being maintained.

Appears in 3 contracts

Samples: Sale and Servicing Agreement (CWHEQ Revolving Home Equity Loan Trust, Series 2007-D), Sale and Servicing Agreement (CWHEQ Revolving Home Equity Loan Trust, Series 2007-E), Sale and Servicing Agreement (CWHEQ Revolving Home Equity Loan Trust, Series 2007-G)

Indenture Trustee to Cooperate. By each Payment DateUpon any Principal Prepayment, the Master Servicer will notify the Indenture Trustee whenever the Asset Balance of any Mortgage Loan has been paid in full during the preceding Collection Period. A Servicing Officer shall certify that the Mortgage Loan has been paid in full and that all amounts received in connection with the payment that are required to be deposited in the Collection Account pursuant to Section 3.02 have been so deposited or credited. Upon payment in full pursuant to Section 3.01, the Master Servicer is authorized to execute execute, pursuant to the authorization contained in Section 3.01(e), if the related Assignment of Mortgage has been recorded as required hereunder, an instrument of satisfaction regarding the related mortgageMortgage, which instrument of satisfaction shall be recorded by the Master Servicer if required by applicable law and be delivered to the person Person entitled thereto. The Servicer is also authorized to it. If the mortgage has been registered on the MERS(R) System, the Master Servicer shall cause the removal of from the mortgage from registration on the MERS(R) MERS System of such Mortgage and to execute and deliver, on behalf of the Indenture Trustee and the NoteholdersNoteholders or any of them, any and all instruments of satisfaction or cancellation or of partial or full release. No It is understood and agreed that no expenses incurred in connection with the such instrument of satisfaction or transfer shall be reimbursed from amounts deposited in the Collection Account or the Payment Account. As If the Indenture Trustee or Custodian is holding the Mortgage Files, from time to time and as appropriate for the servicing or foreclosure of any Mortgage Loan, the Indenture Trustee or in connection with the payment in full of the Asset Balance of any Mortgage LoanCustodian shall, upon request of the Servicer or the Master Servicer and delivery to the Indenture Trustee Custodian of two (2) copies of a Request for Release substantially Release, one of which will be returned to the Servicer or the Master Servicer with the Mortgage File, in the form of annexed hereto as Exhibit C B, signed by a Servicing Officer or a Master Servicing Officer or in a mutually agreeable electronic format which originates from a Servicing Officer or a Master Servicing Officer, the Indenture Trustee shall release the related Mortgage File to the Servicer or the Master Servicer Servicer, and the Indenture Trustee or Custodian shall execute any documents such documents, in the forms provided by the Servicer or the Master Servicer Servicer, as shall be necessary to for the prosecution of any such proceedings or the taking of other servicing or master servicing actions. The Such Request for Release by a Servicing Officer may be delivered shall obligate the Servicer or the Master Servicer to return the Mortgage File to the Indenture Trustee electronicallyor the Custodian, and if it isas the case may be, its form may differ from Exhibit C so long as it contains the information required by Exhibit C (that is, the relevant loan number, at least one of the five reasons for requesting file as found in Exhibit C, and the acknowledgment that the Mortgage File will be held in accordance with this Agreement and will promptly be returned to the Indenture Trustee when the need for it therefor by the Servicer or the Master Servicer no longer exists unless the Mortgage Loan has been liquidated or retransferred), and to the extent the transmission originates on its face from a Servicing Officer, need not shall be manually signed. The Master Servicer shall return the Mortgage File to the Indenture Trustee when the need for it by the Master Servicer no longer exists, unless the Mortgage Loan is liquidated, in which case, upon receipt of a certificate of a Servicing Officer or Master Servicing Officer similar to that specified abovehereinabove specified, the Request for Release Mortgage File shall be released by the Indenture Trustee or Custodian to the Servicer or the Master Servicer. To facilitate In addition to the foreclosure foregoing, the Indenture Trustee or Custodian shall release to the Seller, any Mortgage File for which the Seller has repurchased or substituted for the related Mortgage Loan pursuant to the Mortgage Loan Sale and Contribution Agreement and the Indenture Trustee or the Custodian shall execute and deliver such instruments of transfer or assignment, in each case without recourse, as shall be necessary to vest in the Seller or its designee any Mortgage Loan released pursuant hereto. If, pursuant to Section 2.1(f) of the mortgage securing any Mortgage Loan Sale and Contribution Agreement, the Seller repurchases a Mortgage Loan that is a MERS Mortgage Loan, the Servicer shall, at the Seller's expense, either (i) cause MERS to execute and deliver an Assignment of Mortgage in default following recordation of recordable form to transfer the assignments of mortgage Mortgage from MERS to the Seller and shall cause such Mortgage to be removed from registration on the MERS(R) System in accordance with this Agreement, if so requested by MERS' rules and regulations or (ii) cause MERS to designate on the Master Servicer, MERS(R) System the Indenture Trustee shall execute an appropriate assignment in Seller as the form provided to the Indenture Trustee by the Master Servicer to assign the beneficial holder of such Mortgage Loan for the purpose of collection to the Master Servicer or a subservicer. The assignment shall unambiguously indicate that the assignment is for the purpose of collection only. The Master Servicer will then bring all required actions in its own name and otherwise enforce the terms of the Mortgage Loan and deposit the Net Liquidation Proceeds, exclusive of Foreclosure Profits, in the Collection Account. If all delinquent payments due under the Mortgage Loan are paid by the mortgagor and any other defaults are cured, then the Master Servicer shall promptly reassign the Mortgage Loan to the Indenture Trustee and return the related Mortgage File to the place where it was being maintainedLoan.

Appears in 2 contracts

Samples: Servicing Agreement (Renaissance Home Equity Loan Trust 2005-1), Servicing Agreement (Renaissance Mortgage Acceptance Corp)

Indenture Trustee to Cooperate. By On or before each Payment Date, the Master Servicer will notify the Indenture Trustee whenever of the Asset payment in full of the Principal Balance of any Mortgage Loan has been paid in full during the preceding Collection Period. A Servicing Officer , which notification shall certify that be by a certification (which certification shall include a statement to the Mortgage Loan has been paid in full and effect that all amounts received in connection with the such payment that which are required to be deposited in the Collection Account pursuant to Section 3.02 have been so deposited or credited) of a Servicing Officer. Upon any such payment in full pursuant to Section 3.01full, the Master Servicer is authorized to execute execute, pursuant to the authorization contained in Section 3.01, if the assignments of Mortgage have been recorded as required hereunder, an instrument of satisfaction regarding the related mortgageMortgage, which instrument of satisfaction shall be recorded by the Master Servicer if required by applicable law and be delivered to the person Person entitled to itthereto. If the mortgage has been registered on the MERS(R) System, the Master Servicer shall cause the removal of the mortgage from registration on the MERS(R) System It is understood and execute and deliver, on behalf of the Indenture Trustee and the Noteholders, any instruments of satisfaction or cancellation or of partial or full release. No agreed that no expenses incurred in connection with the such instrument of satisfaction or transfer shall be reimbursed from amounts deposited in the Collection Account or the Payment Account. As If the Indenture Trustee is holding the Mortgage Files, from time to time and as appropriate for the servicing or foreclosure of any Mortgage Loan, or in connection with the payment in full of the Asset Principal Balance of any Mortgage LoanLoan shall, upon request of the Master Servicer and delivery to the Indenture Trustee of a Request for Release substantially in the form of attached hereto as Exhibit C signed by a Servicing Officer, the Indenture Trustee shall release the related Mortgage File to the Master Servicer and the Indenture Trustee shall execute any documents such documents, in the forms provided by the Master Servicer Servicer, as shall be necessary to the prosecution of any such proceedings or the taking of other servicing actions. The Request for Release by a Servicing Officer may be delivered Such trust receipt shall obligate the Servicer to the Indenture Trustee electronically, and if it is, its form may differ from Exhibit C so long as it contains the information required by Exhibit C (that is, the relevant loan number, at least one of the five reasons for requesting file as found in Exhibit C, and the acknowledgment that the Mortgage File will be held in accordance with this Agreement and will promptly be returned to the Indenture Trustee when the need for it by the Master Servicer no longer exists unless the Mortgage Loan has been liquidated or retransferred), and to the extent the transmission originates on its face from a Servicing Officer, need not be manually signed. The Master Servicer shall return the Mortgage File to the Indenture Trustee when the need for it therefor by the Master Servicer no longer exists, exists unless the Mortgage Loan is shall be liquidated, in which case, upon receipt of a certificate of a Servicing Officer similar to that specified abovehereinabove specified, the Request for Release trust receipt shall be released by the Indenture Trustee Trustee. In order to the Master Servicer. To facilitate the foreclosure of the mortgage Mortgage securing any Mortgage Loan that is in default following recordation of the assignments Assignments of mortgage Mortgage in accordance with this Agreementthe provisions hereof, the Indenture Trustee shall, if so requested in writing by the Master Servicer, the Indenture Trustee shall execute an appropriate assignment in the form provided to the Indenture Trustee by the Master Servicer to assign the such Mortgage Loan for the purpose of collection to the Master Servicer or a subservicer. The to the related subservicer (any such assignment shall unambiguously indicate that the assignment is for the purpose of collection only. The Master ), and, upon such assignment, the Servicer will then thereupon bring all required actions in its own name and otherwise enforce the terms of the Mortgage Loan and deposit the Net Liquidation Proceeds, exclusive of Foreclosure Profits, received with respect thereto in the Collection Account. If In the event that all delinquent payments due under the any such Mortgage Loan are paid by the mortgagor Mortgagor and any other defaults are cured, then the Master Servicer shall promptly reassign the such Mortgage Loan to the Indenture Trustee and return the related Mortgage File to the place where it was being maintained.

Appears in 2 contracts

Samples: Sale and Servicing Agreement (Headlands Mortgage Securities Inc), Sale and Servicing Agreement (Greenpoint Home Equity Loan Trust 1999 2)

Indenture Trustee to Cooperate. By On or before each Payment Date, the Master Servicer will notify the Indenture Trustee whenever Trustee, on behalf of the Asset Trust, of the payment in full of the Principal Balance of any Mortgage Loan has been paid in full during the preceding Collection Period. A Servicing Officer , which notification shall certify that be by a certification (which certification shall include a statement to the Mortgage Loan has been paid in full and effect that all amounts received in connection with the such payment that which are required to be deposited in the Collection Account pursuant to Section 3.02 4.02 have been so deposited or credited) of a Servicing Officer. Upon any such payment in full pursuant to Section 3.01full, the Master Servicer is authorized to execute execute, pursuant to the authorization contained in Section 4.01, if the assignments of Mortgage have been recorded as required hereunder, an instrument of satisfaction regarding the related mortgageMortgage, which instrument of satisfaction shall be recorded by the Master Servicer if required by applicable law and be delivered to the person Person entitled to itthereto. If the mortgage has been registered on the MERS(R) System, the Master Servicer shall cause the removal of the mortgage from registration on the MERS(R) System It is understood and execute and deliver, on behalf of the Indenture Trustee and the Noteholders, any instruments of satisfaction or cancellation or of partial or full release. No agreed that no expenses incurred in connection with the such instrument of satisfaction or transfer shall be reimbursed from amounts deposited in the Collection Account Account. If the Indenture Trustee or the Payment Account. As Custodian is holding the Mortgage Files, from time to time and as appropriate for the servicing or foreclosure of any Mortgage Loan, or in connection with the payment in full of the Asset Principal Balance of any Mortgage Loan, the Indenture Trustee or the Custodian, as appropriate, shall, upon request of the Master Servicer and delivery to the Indenture Trustee and, if applicable, the Custodian of a Request for Release substantially in the form of attached hereto as Exhibit C C-1 or Exhibit C-2, as applicable, signed by a Servicing Officer, the Indenture Trustee shall release the related Mortgage File to the Master Servicer (at the Servicer's expense) and the Indenture Trustee Trustee, on behalf of the Trust, shall execute any documents such documents, in the forms provided by the Master Servicer Servicer, as shall be necessary to the prosecution of any such proceedings or the taking of other servicing actions. The Request for Release by a Servicing Officer may be delivered Such trust receipt shall obligate the Servicer to return the Mortgage File to the Indenture Trustee electronicallyor the Custodian, and if it isas appropriate, its form may differ from Exhibit C so long as it contains the information required by Exhibit C (that is, the relevant loan number, at least one of the five reasons for requesting file as found in Exhibit C, and the acknowledgment that the Mortgage File will be held in accordance with this Agreement and will promptly be returned to the Indenture Trustee when the need for it therefor by the Master Servicer no longer exists unless the Mortgage Loan has been liquidated or retransferred), and to the extent the transmission originates on its face from a Servicing Officer, need not shall be manually signed. The Master Servicer shall return the Mortgage File to the Indenture Trustee when the need for it by the Master Servicer no longer exists, unless the Mortgage Loan is liquidated, in which case, upon receipt of a certificate of a Servicing Officer similar to that specified abovehereinabove specified, the Request for Release trust receipt shall be released by the Indenture Trustee or the Custodian, as the case may be. In order to the Master Servicer. To facilitate the foreclosure of the mortgage Mortgage securing any Mortgage Loan that is in default following recordation of the assignments Assignment of mortgage Mortgage in accordance with this Agreementthe provisions hereof, the Indenture Trustee, on behalf of the Trust, shall, if so requested in writing by the Master Servicer, the Indenture Trustee shall execute an appropriate assignment in the form provided to the Indenture Trustee Trustee, on behalf of the Trust, by the Master Servicer to assign the such Mortgage Loan for the purpose of collection to the Master Servicer or a subservicer. The to the related subservicer (any such assignment shall unambiguously indicate that the assignment is for the purpose of collection only. The Master ), and, upon such assignment, the Servicer will then thereupon bring all required actions in its own name and otherwise enforce the terms of the Mortgage Loan and deposit the Net Liquidation Proceeds, exclusive of Foreclosure Profits, received with respect thereto in the Collection Account. If In the event that all delinquent payments due under the any such Mortgage Loan are paid by the mortgagor Mortgagor and any other defaults are cured, then the Master Servicer shall promptly shall, within two Business Days, reassign the such Mortgage Loan to the Indenture Trustee Trustee, on behalf of the Trust, and return the related Mortgage File to the place where it was being maintained. After such reassignment, the Servicer, if requested by such Residual Certificateholders and if offered suitable indemnification and reimbursement for expenses, is authorized to seek a deficiency judgment if permitted by law against the Mortgagor under such Liquidated Mortgage Loan on behalf of the Residual Certificateholders to the extent of any losses on liquidation of any Mortgage Loan.

Appears in 2 contracts

Samples: Sale and Servicing Agreement (Greenpoint Mortgage Funding Trust 2005-He1), Sale and Servicing Agreement (Financial Asset Securities Corp)

Indenture Trustee to Cooperate. By each Payment Date, the Master Servicer will notify the Indenture Trustee whenever the Asset Balance of any Mortgage Loan has been paid in full during the preceding Collection Period. A Servicing Officer shall certify that the Mortgage Loan has been paid in full and that all amounts received in connection with the payment that are required to be deposited in the Collection Account pursuant to Section 3.02 have been so deposited or credited. Upon payment in full pursuant to Section 3.01, the Master Servicer is authorized to execute an instrument of satisfaction regarding the related mortgage, which instrument of satisfaction shall be recorded by the Master Servicer if required by applicable law and be delivered to the person entitled to it. If the mortgage has been registered on the MERS(R) System, the Master Servicer shall cause the removal of the mortgage from registration on the MERS(R) System and execute and deliver, on behalf of the Indenture Trustee and the Noteholders, any instruments of satisfaction or cancellation or of partial or full release. No expenses incurred in connection with the instrument of satisfaction or transfer shall be reimbursed from amounts deposited in the Collection Account or the Payment Account. As appropriate for the servicing or foreclosure of any Mortgage Loan, or in connection with the payment in full of the Asset Balance of any Mortgage Loan, upon request of the Master Servicer and delivery to the Indenture Trustee of a Request for Release substantially in the form of Exhibit C D signed by a Servicing Officer, the Indenture Trustee shall release the related Mortgage File to the Master Servicer and the Indenture Trustee shall execute any documents provided by the Master Servicer necessary to the prosecution of any proceedings or the taking of other servicing actions. The Request for Release by a Servicing Officer may be delivered to the Indenture Trustee electronically, and if it is, its form may differ from Exhibit C D so long as it it contains the information required by Exhibit C D (that is, the relevant loan number, at least one of the five reasons for requesting file as found in Exhibit CD, and the acknowledgment that the Mortgage File will be held in accordance with this the Sale and Servicing Agreement and will promptly be returned to the Indenture Trustee when the need for it by the Master Servicer no longer exists unless the Mortgage Loan has been liquidated or retransferred), and to the extent the transmission originates on its face from a Servicing Officer, need not be manually signed. The Master Servicer shall return the Mortgage File to the Indenture Trustee when the need for it by the Master Servicer no longer exists, unless the Mortgage Loan is liquidated, in which case, upon receipt of a certificate of a Servicing Officer similar to that specified above, the Request for Release shall be released by the Indenture Trustee to the Master Servicer. To facilitate the foreclosure of the mortgage securing any Mortgage Loan that is in default following recordation of the assignments of mortgage in accordance with this Agreement, if so requested by the Master Servicer, the Indenture Trustee shall execute an appropriate assignment in the form provided to the Indenture Trustee by the Master Servicer to assign the Mortgage Loan for the purpose of collection to the Master Servicer or a subservicer. The assignment shall unambiguously indicate that the assignment is for the purpose of collection only. The Master Servicer will then bring all required actions in its own name and otherwise enforce the terms of the Mortgage Loan and deposit the Net Liquidation Proceeds, exclusive of Foreclosure Profits, in the Collection Account. If all delinquent payments due under the Mortgage Loan are paid by the mortgagor and any other defaults are cured, then the Master Servicer shall promptly reassign the Mortgage Loan to the Indenture Trustee and return the related Mortgage File to the place where it was being maintained.

Appears in 1 contract

Samples: Sale and Servicing Agreement (CWABS Revolving Home Equity Loan Trust, Series 2004-O)

Indenture Trustee to Cooperate. By each Payment Date, the Master Servicer will notify the Indenture Trustee whenever the Asset Balance of any Mortgage Loan has been paid in full during the preceding Collection Period. A Servicing Officer shall certify that the Mortgage Loan has been paid in full and that all amounts received in connection with the payment that are required to be deposited in the Collection Account pursuant to Section 3.02 have been so deposited or credited. Upon payment in full pursuant to Section 3.01, the Master Servicer is authorized to execute an instrument of satisfaction regarding the related mortgage, which instrument of satisfaction shall be recorded by the Master Servicer if required by applicable law and be delivered to the person entitled to it. If the mortgage has been registered on the MERS(R) System, the Master Servicer shall cause the removal of the mortgage from registration on the MERS(R) System and execute and deliver, on behalf of the Indenture Trustee and the Noteholders, any instruments of satisfaction or cancellation or of partial or full release. No expenses incurred in connection with the instrument of satisfaction or satisfactionor transfer shall be reimbursed from amounts deposited in the Collection Account or the Payment Account. As appropriate for the servicing or foreclosure of any Mortgage Loan, or in connection with the payment in full of the Asset Balance of any Mortgage Loan, upon request of the Master Servicer and delivery to the Indenture Trustee of a Request for Release substantially in the form of Exhibit C signed by a Servicing Officer, the Indenture Trustee shall release the related Mortgage File to the Master Servicer and the Indenture Trustee shall execute any documents provided by the Master Servicer necessary to the prosecution of any proceedings or the taking of other servicing actions. The Request for Release by a Servicing Officer may be delivered to the Indenture Trustee electronically, and if it is, its form may differ from Exhibit C so long as it contains the information required by Exhibit C (that is, the relevant loan number, at least one of the five reasons for requesting file as found in Exhibit C, and the acknowledgment that the Mortgage File will be held in accordance with this Agreement and will promptly be returned to the Indenture Trustee when the need for it by the Master Servicer no longer exists unless the Mortgage Loan has been liquidated or retransferred), and to the extent the transmission originates on its face from a Servicing Officer, need not be manually signed. The Master Servicer shall return the Mortgage File to the Indenture Trustee when the need for it by the Master Servicer no longer exists, unless the Mortgage Loan is liquidated, in which case, upon receipt of a certificate of a Servicing Officer similar to that specified above, the Request for Release shall be released by the Indenture Trustee to the Master Servicer. To facilitate the foreclosure of the mortgage securing any Mortgage Loan that is in default following recordation of the assignments of mortgage in accordance with this Agreement, if so requested by the Master Servicer, the Indenture Trustee shall execute an appropriate assignment in the form provided to the Indenture Trustee by the Master Servicer to assign the Mortgage Loan for the purpose of collection to the Master Servicer or a subservicer. The assignment shall unambiguously indicate that the assignment is for the purpose of collection only. The Master Servicer will then bring all required actions in its own name and otherwise enforce the terms of the Mortgage Loan and deposit the Net Liquidation Proceeds, exclusive of Foreclosure Profits, in the Collection Account. If all delinquent payments due under the Mortgage Loan are paid by the mortgagor and any other defaults are cured, then the Master Servicer shall promptly reassign the Mortgage Loan to the Indenture Trustee and return the related Mortgage File to the place where it was being maintained.

Appears in 1 contract

Samples: Sale and Servicing Agreement (CWHEQ Revolving Home Equity Loan Trust, Series 2005-J)

Indenture Trustee to Cooperate. By each Payment DateUpon any principal prepayment in full, the Master Servicer will notify the Indenture Trustee whenever the Asset Balance of any Mortgage Loan has been paid in full during the preceding Collection Period. A Servicing Officer shall certify that the Mortgage Loan has been paid in full and that all amounts received in connection with the payment that are required to be deposited in the Collection Account pursuant to Section 3.02 have been so deposited or credited. Upon payment in full pursuant to Section 3.01, the Master Servicer is authorized to execute execute, pursuant to the authorization contained in Section 3.01(e), if the related Assignment of Mortgage has been recorded as required hereunder, an instrument of satisfaction regarding the related mortgageMortgage, which instrument of satisfaction shall be recorded by the Master Servicer if required by applicable law and be delivered to the person Person entitled to itthereto. If the mortgage has been registered on the MERS(R) System, the Master Servicer shall cause the removal of the mortgage from registration on the MERS(R) System It is understood and execute and deliver, on behalf of the Indenture Trustee and the Noteholders, any instruments of satisfaction or cancellation or of partial or full release. No agreed that no expenses incurred in connection with the such instrument of satisfaction or transfer shall be reimbursed from amounts deposited in the Collection Account or the Payment Account. As If the Indenture Trustee is holding the Mortgage Files, from time to time and as appropriate for the servicing or foreclosure of any Mortgage Loan, or in connection with the payment in full of the Asset Balance of any Mortgage LoanIndenture Trustee shall, upon request of the Master Servicer and delivery to the Indenture Trustee of a Request for Release substantially Release, in the form of attached hereto as Exhibit C J, signed by a Servicing Officer, the Indenture Trustee shall release the related Mortgage File to the Master Servicer Servicer, and the Indenture Trustee shall execute any documents such documents, at the expense of and in the forms provided by the Master Servicer Servicer, as shall be necessary to for the prosecution of any such proceedings or the taking of other servicing actions. The Such Request for Release by a Servicing Officer may be delivered shall obligate the Servicer to the Indenture Trustee electronically, and if it is, its form may differ from Exhibit C so long as it contains the information required by Exhibit C (that is, the relevant loan number, at least one of the five reasons for requesting file as found in Exhibit C, and the acknowledgment that the Mortgage File will be held in accordance with this Agreement and will promptly be returned to the Indenture Trustee when the need for it by the Master Servicer no longer exists unless the Mortgage Loan has been liquidated or retransferred), and to the extent the transmission originates on its face from a Servicing Officer, need not be manually signed. The Master Servicer shall return the Mortgage File to the Indenture Trustee when the need for it therefor by the Master Servicer no longer exists, exists unless the Mortgage Loan is shall be liquidated, in which case, upon receipt of a certificate of a Servicing Officer similar to that specified abovehereinabove specified, a copy of the Request for Release shall be released by the Indenture Trustee to the Master Servicer. To In order to facilitate the foreclosure of the mortgage Mortgage securing any Mortgage Loan that is in default following recordation of the assignments related Assignment of mortgage Mortgage in accordance with this Agreementthe provisions hereof, the Indenture Trustee shall, if so requested in writing by the Master Servicer, the Indenture Trustee shall Servicer execute an appropriate assignment in the form provided to the Indenture Trustee by the Master Servicer to assign the such Mortgage Loan for the purpose of collection to the Master Servicer or a subservicer. The (any such assignment shall unambiguously indicate that the assignment is for the purpose of collection only. The Master Servicer ) and, upon such assignment, such assignee for collection will then thereupon bring all required actions in its own name and otherwise enforce the terms of the Mortgage Loan and deposit or credit the Net Liquidation Proceeds, exclusive of Foreclosure Profits, received with respect thereto in the Collection Account. If In the event that all delinquent payments due under the any such Mortgage Loan are paid by the mortgagor Mortgagor and any other defaults are cured, cured then the Master Servicer assignee for collection 42 47 shall promptly reassign the such Mortgage Loan to the Indenture Trustee and return it to the place where the related Mortgage File to the place where it was being maintained.

Appears in 1 contract

Samples: Sale and Servicing Agreement (Fleet Home Equity Loan Corp)

Indenture Trustee to Cooperate. By On or before each Payment Date, the Master Servicer will notify the Indenture Trustee whenever Trustee, on behalf of the Asset Trust, of the payment in full of the Stated Principal Balance of any Mortgage Loan has been paid in full HELOC during the preceding Collection Due Period. A Servicing Officer , which notification shall certify that be by a certification (which certification shall include a statement to the Mortgage Loan has been paid in full and effect that all amounts received in connection with the such payment that which are required to be deposited in the Collection Account pursuant to Section 3.02 have been so deposited or credited) of a Servicing Officer. Upon any such payment in full pursuant to Section 3.01full, the Master Servicer is authorized to execute execute, pursuant to the authorization contained in Section 3.01, if the assignments of Mortgage have been recorded as required hereunder, an instrument of satisfaction regarding the related mortgageMortgage, which instrument of satisfaction shall be recorded by the Master Servicer if required by applicable law and be delivered to the person Person entitled to itthereto. If the mortgage has been registered on the MERS(R) System, the Master Servicer shall cause the removal of the mortgage from registration on the MERS(R) System It is understood and execute and deliver, on behalf of the Indenture Trustee and the Noteholders, any instruments of satisfaction or cancellation or of partial or full release. No agreed that no expenses incurred in connection with the such instrument of satisfaction or transfer shall be reimbursed from amounts deposited in the Collection Account Account. If the Indenture Trustee or the Payment Account. As Custodian is holding the Mortgage Files, from time to time and as appropriate for the servicing or foreclosure of any Mortgage LoanHELOC, or in connection with the payment in full of the Asset Stated Principal Balance of any Mortgage LoanHELOC, the Indenture Trustee or the Custodian, as appropriate, shall, upon request of the Master Servicer and delivery to the Indenture Trustee and, if applicable, the Custodian of a Request for Release substantially in the form of attached hereto as Exhibit C B signed by a Servicing Officer, the Indenture Trustee shall release the related Mortgage File to the Master Servicer (at the Servicer’s expense) and the Indenture Trustee Trustee, on behalf of the Trust, shall execute any documents such documents, in the forms provided by the Master Servicer Servicer, as shall be necessary to the prosecution of any such proceedings or the taking of other servicing actions. The Request for Release by a Servicing Officer may be delivered Such trust receipt shall obligate the Servicer to the Indenture Trustee electronically, and if it is, its form may differ from Exhibit C so long as it contains the information required by Exhibit C (that is, the relevant loan number, at least one of the five reasons for requesting file as found in Exhibit C, and the acknowledgment that the Mortgage File will be held in accordance with this Agreement and will promptly be returned to the Indenture Trustee when the need for it by the Master Servicer no longer exists unless the Mortgage Loan has been liquidated or retransferred), and to the extent the transmission originates on its face from a Servicing Officer, need not be manually signed. The Master Servicer shall return the Mortgage File to the Indenture Trustee or the Custodian, as appropriate, when the need for it therefor by the Master Servicer no longer exists, exists unless the Mortgage Loan is HELOC shall be liquidated, in which case, upon receipt of a certificate of a Servicing Officer similar to that specified abovehereinabove specified, the Request for Release trust receipt shall be released by the Indenture Trustee or the Custodian, as the case may be. In order to the Master Servicer. To facilitate the foreclosure of the mortgage Mortgage securing any Mortgage Loan HELOC that is in default following recordation of the assignments Assignment of mortgage Mortgage in accordance with this Agreementthe provisions hereof, the Indenture Trustee, on behalf of the Trust, shall, if so requested in writing by the Master Servicer, the Indenture Trustee shall execute an appropriate assignment in the form provided to the Indenture Trustee Trustee, on behalf of the Trust, by the Master Servicer to assign the Mortgage Loan such HELOC for the purpose of collection to the Master Servicer or a subservicer. The to the related subservicer (any such assignment shall unambiguously indicate that the assignment is for the purpose of collection only. The Master ), and, upon such assignment, the Servicer will then thereupon bring all required actions in its own name and otherwise enforce the terms of the Mortgage Loan HELOC and deposit the Net Liquidation Proceeds, exclusive of Foreclosure Profitsforeclosure profits, received with respect thereto in the Collection Account. If In the event that all delinquent payments due under the Mortgage Loan any such HELOC are paid by the mortgagor Mortgagor and any other defaults are cured, then the Master Servicer shall promptly shall, within two Business Days, reassign the Mortgage Loan such HELOC to the Indenture Trustee Trustee, on behalf of the Trust, and return the related Mortgage File to the place where it was being maintained. After such reassignment, the Servicer, if requested by such Certificateholders and if offered suitable indemnification and reimbursement for expenses, is authorized to seek a deficiency judgment if permitted by law against the Mortgagor under such liquidated HELOC on behalf of the Certificateholders to the extent of any losses on liquidation of any HELOC.

Appears in 1 contract

Samples: Sale and Servicing Agreement (GSR Trust 2005-Hel1)

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Indenture Trustee to Cooperate. By each Payment DateUpon any Principal Prepayment in full, the Master Servicer will notify the Indenture Trustee whenever the Asset Balance of any Mortgage Loan has been paid in full during the preceding Collection Period. A Servicing Officer shall certify that the Mortgage Loan has been paid in full and that all amounts received in connection with the payment that are required to be deposited in the Collection Account pursuant to Section 3.02 have been so deposited or credited. Upon payment in full pursuant to Section 3.01, the Master Servicer is authorized to execute execute, pursuant to the authorization contained in Section 3.01(e), if the related Assignment of Mortgage has been recorded as required hereunder, an instrument of satisfaction regarding the related mortgageMortgage, which instrument of satisfaction shall be recorded by the Master Servicer if required by applicable law and be delivered to the person Person entitled to itthereto. If the mortgage has been registered on the MERS(R) System, the Master Servicer shall cause the removal of the mortgage from registration on the MERS(R) System It is understood and execute and deliver, on behalf of the Indenture Trustee and the Noteholders, any instruments of satisfaction or cancellation or of partial or full release. No agreed that no expenses incurred in connection with the such instrument of satisfaction or transfer shall be reimbursed from amounts deposited in the Collection Account or the Payment Account. As If the Indenture Trustee is holding the Mortgage Files, from time to time and as appropriate for the servicing or foreclosure of any Mortgage Loan, or in connection with the payment in full of the Asset Balance of any Mortgage LoanIndenture Trustee shall, upon request of by the Master Servicer and delivery to the Indenture Trustee of a Request for Release substantially Release, in the form of annexed hereto as Exhibit C B, signed by a Servicing Officer, the Indenture Trustee shall release the related Mortgage File to the Master Servicer Servicer, and the Indenture Trustee shall execute any such documents at the direction of and in the forms provided by the Master Servicer Servicer, as shall be necessary to the prosecution of any such proceedings or the taking of other servicing actions. The Such Request for Release by a Servicing Officer may be delivered shall obligate the Servicer to the Indenture Trustee electronically, and if it is, its form may differ from Exhibit C so long as it contains the information required by Exhibit C (that is, the relevant loan number, at least one of the five reasons for requesting file as found in Exhibit C, and the acknowledgment that the Mortgage File will be held in accordance with this Agreement and will promptly be returned to the Indenture Trustee when the need for it by the Master Servicer no longer exists unless the Mortgage Loan has been liquidated or retransferred), and to the extent the transmission originates on its face from a Servicing Officer, need not be manually signed. The Master Servicer shall return the Mortgage File to the Indenture Trustee when the need for it therefor by the Master Servicer no longer exists, exists unless the Mortgage Loan is shall be liquidated, in which case, upon receipt of a certificate of a Servicing Officer similar to that specified abovehereinabove specified, the Request for Release shall be released by the Indenture Trustee to the Master Servicer. To In order to facilitate the foreclosure of the mortgage Mortgage securing any Mortgage Loan that is in default following recordation of the assignments related Assignment of mortgage Mortgage in accordance with this Agreementthe provisions hereof, the Indenture Trustee shall, if so requested in writing by the Master Servicer, the Indenture Trustee shall execute an appropriate assignment in the form provided to the Indenture Trustee by the Master Servicer to assign the such Mortgage Loan for the purpose of collection collection, to the Master Servicer or a subservicer. The (any such assignment shall unambiguously indicate that the assignment is for the purpose purposes of collection only. The Master Servicer ), and, upon such assignment, such assignee for collection will then thereupon bring all required actions in its own name and otherwise enforce the terms of the Mortgage Loan and deposit or credit the Net Liquidation Proceeds, exclusive of Foreclosure Profits, received with respect thereto in the Collection Account. If In the event that all delinquent payments due under the any such Mortgage Loan are paid by the mortgagor Mortgagor and any other defaults are cured, then the Master Servicer assignee for collection shall promptly reassign the such Mortgage Loan to the Indenture Trustee and return it to the place where the related Mortgage File to the place where it was previously being maintained.

Appears in 1 contract

Samples: Servicing Agreement (Home Loan Mortgage Loan Trust 2004-2)

Indenture Trustee to Cooperate. By On or before each Payment Date, the Master Servicer will notify the Indenture Trustee whenever of the Asset payment in full of the Principal Balance of any Mortgage Loan has been paid in full during the preceding Collection Period. A Servicing Officer , which notification shall certify that be by a certification (which certification shall include a statement to the Mortgage Loan has been paid in full and effect that all amounts received in connection with the such payment that which are required to be deposited in the Collection Account pursuant to Section 3.02 have been so deposited or credited) of a Servicing Officer. Upon any such payment in full pursuant to Section 3.01full, the Master Servicer is authorized to execute execute, pursuant to the authorization contained in Section 3.01, if the assignments of Mortgage have been recorded as required hereunder, an instrument of satisfaction regarding the related mortgageMortgage, which instrument of satisfaction shall be recorded by the Master Servicer if required by applicable law and be delivered to the person Person entitled to itthereto. If the mortgage has been registered on the MERS(R) System, the Master Servicer shall cause the removal of the mortgage from registration on the MERS(R) System It is understood and execute and deliver, on behalf of the Indenture Trustee and the Noteholders, any instruments of satisfaction or cancellation or of partial or full release. No agreed that no expenses incurred in connection with the such instrument of satisfaction or transfer shall be reimbursed from amounts deposited in the Collection Account or the Payment Account. As If the Indenture Trustee is holding the Mortgage Files, from time to time and as appropriate for the servicing or foreclosure of any Mortgage Loan, or in connection with the payment in full of the Asset Principal Balance of any Mortgage Loan, the Indenture Trustee shall, upon request of the Master Servicer and delivery to the Indenture Trustee of a Request for Release substantially in the form of attached hereto as Exhibit C C-1 or Exhibit C-2, as applicable, signed by a Servicing Officer, the Indenture Trustee shall release the related Mortgage File to the Master Servicer and the Indenture Trustee shall execute any documents such documents, in the forms provided by the Master Servicer Servicer, as shall be necessary to the prosecution of any such proceedings or the taking of other servicing actions. The Request for Release by a Servicing Officer may be delivered Such trust receipt shall obligate the Servicer to the Indenture Trustee electronically, and if it is, its form may differ from Exhibit C so long as it contains the information required by Exhibit C (that is, the relevant loan number, at least one of the five reasons for requesting file as found in Exhibit C, and the acknowledgment that the Mortgage File will be held in accordance with this Agreement and will promptly be returned to the Indenture Trustee when the need for it by the Master Servicer no longer exists unless the Mortgage Loan has been liquidated or retransferred), and to the extent the transmission originates on its face from a Servicing Officer, need not be manually signed. The Master Servicer shall return the Mortgage File to the Indenture Trustee when the need for it therefor by the Master Servicer no longer exists, exists unless the Mortgage Loan is shall be liquidated, in which case, upon receipt of a certificate of a Servicing Officer similar to that specified abovehereinabove specified, the Request for Release trust receipt shall be released by the Indenture Trustee Trustee. In order to the Master Servicer. To facilitate the foreclosure of the mortgage Mortgage securing any Mortgage Loan that is in default following recordation of the assignments Assignment of mortgage Mortgage in accordance with this Agreementthe provisions hereof, the Indenture Trustee shall, if so requested in writing by the Master Servicer, the Indenture Trustee shall execute an appropriate assignment in the form provided to the Indenture Trustee by the Master Servicer to assign the such Mortgage Loan for the purpose of collection to the Master Servicer or a subservicer. The to the related subservicer (any such assignment shall unambiguously indicate that the assignment is for the purpose of collection only. The Master ), and, upon such assignment, the Servicer will then thereupon bring all required actions in its own name and otherwise enforce the terms of the Mortgage Loan and deposit the Net Liquidation Proceeds, exclusive of Foreclosure Profits, received with respect thereto in the Collection Account. If In the event that all delinquent payments due under the any such Mortgage Loan are paid by the mortgagor Mortgagor and any other defaults are cured, then the Master Servicer shall promptly shall, within two Business Days, reassign the such Mortgage Loan to the Indenture Trustee and return the related Mortgage File to the place where it was being maintained. After such reassignment, the Servicer, if requested by such Residual Certificateholders and if offered suitable indemnification and reimbursement for expenses, is authorized to seek a deficiency judgment if permitted by law against the Mortgagor under such Liquidated Mortgage Loan on behalf of the Residual Certificateholders to the extent of any losses on liquidation of any Mortgage Loan.

Appears in 1 contract

Samples: Sale and Servicing Agreement (Greenpoint Mortgage Securities LLC)

Indenture Trustee to Cooperate. By each Payment Date, the Master Servicer will notify the Indenture Trustee whenever the Asset Balance of any Mortgage Loan has been paid in full during the preceding Collection Period. A Servicing Officer shall certify that the Mortgage Loan has been paid in full and that all amounts received in connection with the payment that are required to be deposited in the Collection Account pursuant to Section 3.02 have been so deposited or credited. Upon payment in full pursuant to Section 3.01, the Master Servicer is authorized to execute an instrument of satisfaction regarding the related mortgage, which instrument of satisfaction shall be recorded by the Master Servicer if required by applicable law and be delivered to the person entitled to it. If the mortgage has been registered on the MERS(R) System, the Master Servicer shall cause the removal of the mortgage from registration on the MERS(R) System and execute and deliver, on behalf of the Indenture Trustee and the Noteholders, any instruments of satisfaction or cancellation or of partial or full release. No expenses incurred in connection with the instrument of satisfaction or transfer shall be reimbursed from amounts deposited in the Collection Account or the Payment Account. As appropriate for the servicing or foreclosure of any Mortgage Loan, or in connection with the payment in full of the Asset Balance of any Mortgage Loan, upon request of the Master Servicer and delivery to the Indenture Trustee of a Request for Release substantially in the form of Exhibit C D signed by a Servicing Officer, the Indenture Trustee shall release the related Mortgage File to the Master Servicer and the Indenture Trustee shall execute any documents provided by the Master Servicer necessary to the prosecution of any proceedings or the taking of other servicing actions. The Request for Release by a Servicing Officer may be delivered to the Indenture Trustee electronically, and if it is, its form may differ from Exhibit C D so long as it contains the information required by Exhibit C D (that is, the relevant loan number, at least one of the five reasons for requesting file as found in Exhibit CD, and the acknowledgment that the Mortgage File will be held in accordance with this the Sale and Servicing Agreement and will promptly be returned to the Indenture Trustee when the need for it by the Master Servicer no longer exists unless the Mortgage Loan has been liquidated or retransferred), and to the extent the transmission originates on its face from a Servicing Officer, need not be manually signed. The Master Servicer shall return the Mortgage File to the Indenture Trustee when the need for it by the Master Servicer no longer exists, unless the Mortgage Loan is liquidated, in which case, upon receipt of a certificate of a Servicing Officer similar to that specified above, the Request for Release shall be released by the Indenture Trustee to the Master Servicer. To facilitate the foreclosure of the mortgage securing any Mortgage Loan that is in default following recordation of the assignments of mortgage in accordance with this Agreement, if so requested by the Master Servicer, the Indenture Trustee shall execute an appropriate assignment in the form provided to the Indenture Trustee by the Master Servicer to assign the Mortgage Loan for the purpose of collection to the Master Servicer or a subservicer. The assignment shall unambiguously indicate that the assignment is for the purpose of collection to the Master Servicer or a subservicer. The assignment shall unambiguously indicate that the assignment is for the purpose of collection only. The Master Servicer will then bring all required actions in its own name and otherwise enforce the terms of the Mortgage Loan and deposit the Net Liquidation Proceeds, exclusive of Foreclosure Profits, in the Collection Account. If all delinquent payments due under the Mortgage Loan are paid by the mortgagor and any other defaults are cured, then the Master Servicer shall promptly reassign the Mortgage Loan to the Indenture Trustee and return the related Mortgage File to the place where it was being maintained.

Appears in 1 contract

Samples: Sale and Servicing Agreement (CWABS Revolving Home Equity Loan Trust Series, 2004-P)

Indenture Trustee to Cooperate. By On or before each Payment ------------------------------ Distribution Date, the Master Servicer will notify the Indenture Trustee whenever of the payment in full of the Asset Balance of any Mortgage Loan has been paid in full during the preceding Collection Period. A Servicing Officer , which notification shall certify that be by a certification (which certification shall include a statement to the Mortgage Loan has been paid in full and effect that all amounts received in connection with the such payment that which are required to be deposited in the Collection Account 45 pursuant to Section 3.02 have been so deposited or credited) of a Servicing Officer. Upon any such payment in full pursuant to Section 3.01full, the Master Servicer is authorized to execute execute, pursuant to the authorization contained in Section 3.01, if the assignments of Mortgage have been recorded as required hereunder, an instrument of satisfaction regarding the related mortgageMortgage, which instrument of satisfaction shall be recorded by the Master Servicer if required by applicable law and be delivered to the person Person entitled to itthereto. If the mortgage has been registered on the MERS(R) System, the Master Servicer shall cause the removal of the mortgage from registration on the MERS(R) System It is understood and execute and deliver, on behalf of the Indenture Trustee and the Noteholders, any instruments of satisfaction or cancellation or of partial or full release. No agreed that no expenses incurred in connection with the such instrument of satisfaction or transfer shall be reimbursed from amounts deposited in the Collection Account or the Payment Account. As If the Indenture Trustee is holding the Mortgage Files, from time to time and as appropriate for the servicing or foreclosure of any Mortgage Loan, or in connection with the payment in full of the Asset Balance of any Mortgage LoanLoan shall, upon request of the Master Servicer and delivery to the Indenture Trustee of a Request for Release substantially in the form of attached hereto as Exhibit C signed by a Servicing Officer, the Indenture Trustee shall release the related Mortgage File to the Master Servicer and the Indenture Trustee shall execute any documents such documents, in the forms provided by the Master Servicer Servicer, as shall be necessary to the prosecution of any such proceedings or the taking of other servicing actions. The Request for Release by a Servicing Officer may be delivered Such trust receipt shall obligate the Servicer to the Indenture Trustee electronically, and if it is, its form may differ from Exhibit C so long as it contains the information required by Exhibit C (that is, the relevant loan number, at least one of the five reasons for requesting file as found in Exhibit C, and the acknowledgment that the Mortgage File will be held in accordance with this Agreement and will promptly be returned to the Indenture Trustee when the need for it by the Master Servicer no longer exists unless the Mortgage Loan has been liquidated or retransferred), and to the extent the transmission originates on its face from a Servicing Officer, need not be manually signed. The Master Servicer shall return the Mortgage File to the Indenture Trustee when the need for it therefor by the Master Servicer no longer exists, exists unless the Mortgage Loan is shall be liquidated, in which case, upon receipt of a certificate of a Servicing Officer similar to that specified abovehereinabove specified, the Request for Release trust receipt shall be released by the Indenture Trustee or such Custodian to the Master Servicer. To In order to facilitate the foreclosure of the mortgage Mortgage securing any Mortgage Loan that is in default following recordation of the assignments Assignments of mortgage Mortgage in accordance with this Agreementthe provisions hereof, the Indenture Trustee shall, if so requested in writing by the Master Servicer, the Indenture Trustee shall execute an appropriate assignment in the form provided to the Indenture Trustee by the Master Servicer to assign the such Mortgage Loan for the purpose of collection to the Master Servicer or a subservicer. The to the related subservicer (any such assignment shall unambiguously indicate that the assignment is for the purpose of collection only. The Master ), and, upon such assignment, the Servicer will then thereupon bring all required actions in its own name and otherwise enforce the terms of the Mortgage Loan and deposit the Net Liquidation Proceeds, exclusive of Foreclosure Profits, received with respect thereto in the Collection Account. If In the event that all delinquent payments due under the any such Mortgage Loan are paid by the mortgagor Mortgagor and any other defaults are cured, then the Master Servicer shall promptly reassign the such Mortgage Loan to the Indenture Trustee and return the related Mortgage File to the place where it was being maintained.

Appears in 1 contract

Samples: Sale and Servicing Agreement (Headlands Mortgage Securities Inc)

Indenture Trustee to Cooperate. By each Payment Date, the Master Servicer will notify the Indenture Trustee whenever the Asset Balance of any Mortgage Loan has been paid in full during the preceding Collection Period. A Servicing Officer shall certify that the Mortgage Loan has been paid in full and that all amounts received in connection with the payment that are required to be deposited in the Collection Account pursuant to Section 3.02 have been so deposited or credited. Upon payment in full pursuant to Section 3.01, the Master Servicer is authorized to execute an instrument of satisfaction regarding the related mortgage, which instrument of satisfaction shall be recorded by the Master Servicer if required by applicable law and be delivered to the person entitled to it. [If the mortgage has been registered on the MERS(R) System, the Master Servicer shall cause the removal of the mortgage from registration on the MERS(R) System and execute and deliver, on behalf of the Indenture Trustee and the Noteholders, any instruments of satisfaction or cancellation or of partial or full release. No expenses incurred in connection with the instrument of satisfaction or transfer shall be reimbursed from amounts deposited in the Collection Account or the Payment Account. .] As appropriate for the servicing or foreclosure of any Mortgage Loan, or in connection with the payment in full of the Asset Balance of any Mortgage Loan, upon request of the Master Servicer and delivery to the Indenture Trustee of a Request for Release substantially in the form of Exhibit C D signed by a Servicing Officer, the Indenture Trustee shall release the related Mortgage File to the Master Servicer and the Indenture Trustee shall execute any documents provided by the Master Servicer necessary to the prosecution of any proceedings or the taking of other servicing actions. The Request for Release by a Servicing Officer may be delivered to the Indenture Trustee electronically, and if it is, its form may differ from Exhibit C so long as it contains the information required by Exhibit C (that is, the relevant loan number, at least one of the five reasons for requesting file as found in Exhibit C, and the acknowledgment that the Mortgage File will be held in accordance with this Agreement and will promptly be returned to the Indenture Trustee when the need for it by the Master Servicer no longer exists unless the Mortgage Loan has been liquidated or retransferred), and to the extent the transmission originates on its face from a Servicing Officer, need not be manually signed. The Master Servicer shall return the Mortgage File to the Indenture Trustee when the need for it by the Master Servicer no longer exists, unless the Mortgage Loan is liquidated, in which case, upon receipt of a certificate of a Servicing Officer similar to that specified above, the Request for Release shall be released by the Indenture Trustee to the Master Servicer. To facilitate the foreclosure of the mortgage securing any Mortgage Loan that is in default following recordation of the assignments of mortgage in accordance with this Agreement, if so requested by the Master Servicer, the Indenture Trustee shall execute an appropriate assignment in the form provided to the Indenture Trustee by the Master Servicer to assign the Mortgage Loan for the purpose of collection to the Master Servicer or a subservicer. The assignment shall unambiguously indicate that the assignment is for the purpose of collection only. The Master Servicer will then bring all required actions in its own name and otherwise enforce the terms of the Mortgage Loan and deposit the Net Liquidation Proceeds, exclusive of Foreclosure Profits, in the Collection Account. If all delinquent payments due under the Mortgage Loan are paid by the mortgagor and any other defaults are cured, then the Master Servicer shall promptly reassign the Mortgage Loan to the Indenture Trustee and return the related Mortgage File to the place where it was being maintained.

Appears in 1 contract

Samples: Sale and Servicing Agreement (Indymac Abs Inc)

Indenture Trustee to Cooperate. By On or before each Payment Date, the Master Servicer will notify the Indenture Trustee whenever of the Asset payment in full of the Principal Balance of any Mortgage Loan has been paid in full during the preceding Collection Remittance Period. A , which notification shall be by a certification of a Servicing Officer (which certification shall certify that include a statement to the Mortgage Loan has been paid in full and effect that all amounts received in connection with the such payment that which are required to be deposited in the Collection Principal and Interest Account pursuant pursuant, to Section 3.02 4.2 have been so deposited or crediteddeposited). Upon any such payment in full pursuant to Section 3.01full, the Master Servicer is authorized to execute pursuant to the authorization contained in Section 4.1 an instrument of satisfaction regarding the related mortgageMortgage, which instrument of satisfaction shall be recorded by the Master Servicer if required by applicable law and be delivered to the person Person entitled to itthereto. If the mortgage has been registered on the MERS(R) System, the Master Servicer shall cause the removal of the mortgage from registration on the MERS(R) System It is understood and execute and deliver, on behalf of the Indenture Trustee and the Noteholders, any instruments of satisfaction or cancellation or of partial or full release. No agreed that no expenses incurred in connection with the such instrument of satisfaction or transfer shall be reimbursed from amounts deposited in the Collection Account or the Payment Principal and Interest Account. As If the Indenture Trustee is holding the Mortgage Files, from time to time and as appropriate for the servicing or foreclosure of any Mortgage Loan, or in connection with the payment in full of the Asset Balance of any Mortgage LoanIndenture Trustee shall, upon request of the Master Servicer and delivery to the Indenture Trustee of two copies of a Request for Release substantially Release, in the form of annexed hereto as Exhibit C F, signed by a Servicing Officer (or in a mutually agreed upon electronic format that, in lieu of a signature, will originate from a Servicing Officer), the Indenture Trustee shall release the related Mortgage File to the Master Servicer and the Indenture Trustee shall execute any documents such documents, in the forms provided by the Master Servicer Servicer, as shall be necessary to the prosecution of any such proceedings or the taking of other servicing actions. The Such Request for Release by a Servicing Officer may be delivered shall obligate the Servicer to return the Mortgage File to the Indenture Trustee electronically, and if it is, its form may differ from Exhibit C so long as it contains the information required by Exhibit C (that is, the relevant loan number, at least one of the five reasons for requesting file as found in Exhibit C, and the acknowledgment that the Mortgage File will be held in accordance with this Agreement and will promptly be returned to the Indenture Trustee extent required pursuant to Section 2.1(g) when the need for it therefor by the Master Servicer no longer exists unless the Mortgage Loan has been liquidated or retransferred), and to the extent the transmission originates on its face from a Servicing Officer, need not shall be manually signed. The Master Servicer shall return the Mortgage File to the Indenture Trustee when the need for it by the Master Servicer no longer exists, unless the Mortgage Loan is liquidated, in which case, upon receipt of the Servicer shall deliver two copies a certificate of a Servicing Officer similar to that hereinabove specified above, the Request for Release shall be released by the Indenture Trustee so stating. In order to the Master Servicer. To facilitate the foreclosure of the mortgage Mortgage securing any Mortgage Loan that is in default following and as to which recordation of the assignments Assignments of mortgage Mortgage in accordance with the provisions of this AgreementAgreement has occurred, the Indenture Trustee shall, if so requested in writing by the Master Servicer, the Indenture Trustee shall execute an appropriate assignment in the form provided to the Indenture Trustee by the Master Servicer to assign the such Mortgage Loan to the Servicer for the purpose of collection to the Master Servicer or a subservicer. The (any such assignment shall unambiguously indicate that the assignment is for the purpose of collection only. The Master ), and, upon such assignment, the Servicer will then shall thereupon bring all required actions in its own name and otherwise enforce the terms of the Mortgage Loan loan and deposit or credit the Net Liquidation Proceeds, exclusive of Foreclosure Profits, received with respect thereto in the Collection Principal and Interest Account. If In the event that all delinquent payments due under the any such Mortgage Loan are paid by the mortgagor Mortgagor and any other defaults are cured, cured then the Master Servicer shall promptly reassign the such Mortgage Loan to the Indenture Trustee to the extent required in accordance with Section 2.1(h) and return the related Mortgage File to the place where it was being maintained.

Appears in 1 contract

Samples: Sale and Servicing Agreement (J P Morgan Acceptance Corp I)

Indenture Trustee to Cooperate. By each Payment Date, the Master Servicer will notify the Indenture Trustee whenever the Asset Balance of any Mortgage Loan has been paid in full during the preceding Collection Period. A Servicing Officer shall certify that the Mortgage Loan has been paid in full and that all amounts received in connection with the payment that are required to be deposited in the Collection Account pursuant to Section 3.02 have been so deposited or credited. Upon payment in full pursuant to Section 3.01, the Master Servicer is authorized to execute an instrument of satisfaction regarding the related mortgage, which instrument of satisfaction shall be recorded by the Master Servicer if required by applicable law and be delivered to the person entitled to it. If the mortgage has been registered on the MERS(R) System, the Master Servicer shall cause the removal of the mortgage from registration on the MERS(R) System and execute and deliver, on behalf of the Indenture Trustee and the Noteholders, any instruments of satisfaction or cancellation or of partial or full release. No expenses incurred in connection with the instrument of satisfaction or transfer shall be reimbursed from amounts deposited in the Collection Account or the Payment Account. As appropriate for the servicing or foreclosure of any Mortgage Loan, or in connection with the payment in full of the Asset Balance of any Mortgage Loan, upon request of the Master Servicer and delivery to the Indenture Trustee of a Request for Release substantially in the form of Exhibit C D signed by a Servicing Officer, the Indenture Trustee shall release the related Mortgage File to the Master Servicer and the Indenture Trustee shall execute any documents provided by the Master Servicer necessary to the prosecution of any proceedings or the taking of other servicing actions. The Request for Release by a Servicing Officer may be delivered to the Indenture Trustee electronically, and if it is, its form may differ from Exhibit C D so long as it contains the information required by Exhibit C D (that is, the relevant loan number, at least one of the five reasons for requesting file as found in Exhibit CD, and the acknowledgment that the Mortgage File will be held in accordance with this Agreement and will promptly be returned to the Indenture Trustee when the need for it by the Master Servicer no longer exists unless the Mortgage Loan has been liquidated or retransferred), and to the extent the transmission originates on its face from a Servicing Officer, need not be manually signed. The Master Servicer shall return the Mortgage File to the Indenture Trustee when the need for it by the Master Servicer no longer exists, unless the Mortgage Loan is liquidated, in which case, upon receipt of a certificate of a Servicing Officer similar to that specified above, the Request for Release shall be released by the Indenture Trustee to the Master Servicer. To facilitate the foreclosure of the mortgage securing any Mortgage Loan that is in default following recordation of the assignments of mortgage in accordance with this Agreement, if so requested by the Master Servicer, the Indenture Trustee shall execute an appropriate assignment in the form provided to the Indenture Trustee by the Master Servicer to assign the Mortgage Loan for the purpose of collection to the Master Servicer or a subservicer. The assignment shall unambiguously indicate that the assignment is for the purpose of collection only. The Master Servicer will then bring all required actions in its own name and otherwise enforce the terms of the Mortgage Loan and deposit the Net Liquidation Proceeds, exclusive of Foreclosure Profits, in the Collection Account. If all delinquent payments due under the Mortgage Loan are paid by the mortgagor and any other defaults are cured, then the Master Servicer shall promptly reassign the Mortgage Loan to the Indenture Trustee and return the related Mortgage File to the place where it was being maintained.

Appears in 1 contract

Samples: Sale and Servicing Agreement (CWABS Revolving Home Equity Loan Trust Series, 2004-Q)

Indenture Trustee to Cooperate. By each Payment DateUpon any principal prepayment in full, the Master Servicer will notify the Indenture Trustee whenever the Asset Balance of any Mortgage Loan has been paid in full during the preceding Collection Period. A Servicing Officer shall certify that the Mortgage Loan has been paid in full and that all amounts received in connection with the payment that are required to be deposited in the Collection Account pursuant to Section 3.02 have been so deposited or credited. Upon payment in full pursuant to Section 3.01, the Master Servicer is authorized to execute execute, pursuant to the authorization contained in Section 3.01(e), if the related Assignment of Mortgage has been recorded as required hereunder, an instrument of satisfaction regarding the related mortgageMortgage, which instrument of satisfaction shall be recorded by the Master Servicer if required by applicable law and be delivered to the person Person entitled to itthereto. If the mortgage has been registered on the MERS(R) System, the Master Servicer shall cause the removal of the mortgage from registration on the MERS(R) System It is understood and execute and deliver, on behalf of the Indenture Trustee and the Noteholders, any instruments of satisfaction or cancellation or of partial or full release. No agreed that no expenses incurred in connection with the such instrument of satisfaction or transfer shall be reimbursed from amounts deposited in the Collection Account or the Payment Account. As If the Indenture Trustee is holding the Mortgage Files, from time to time and as appropriate for the servicing or foreclosure of any Mortgage Loan, or in connection with the payment in full of the Asset Balance of any Mortgage LoanIndenture Trustee shall, upon request of the Master Servicer and delivery to the Indenture Trustee of a Request for Release substantially Release, in the form of attached hereto as Exhibit C J, signed by a Servicing Officer, the Indenture Trustee shall release the related Mortgage File to the Master Servicer Servicer, and the Indenture Trustee shall execute any documents such documents, at the expense of and in the forms provided by the Master Servicer Servicer, as shall be necessary to for the prosecution of any such proceedings or the taking of other servicing actions. The Such Request for Release by a Servicing Officer may be delivered shall obligate the Servicer to the Indenture Trustee electronically, and if it is, its form may differ from Exhibit C so long as it contains the information required by Exhibit C (that is, the relevant loan number, at least one of the five reasons for requesting file as found in Exhibit C, and the acknowledgment that the Mortgage File will be held in accordance with this Agreement and will promptly be returned to the Indenture Trustee when the need for it by the Master Servicer no longer exists unless the Mortgage Loan has been liquidated or retransferred), and to the extent the transmission originates on its face from a Servicing Officer, need not be manually signed. The Master Servicer shall return the Mortgage File to the Indenture Trustee when the need for it therefor by the Master Servicer no longer exists, exists unless the Mortgage Loan is shall be liquidated, in which case, upon receipt of a certificate of a Servicing Officer similar to that specified abovehereinabove specified, a copy of the Request for Release shall be released by the Indenture Trustee to the Master Servicer. To In order to facilitate the foreclosure of the mortgage Mortgage securing any Mortgage Loan that is in default following recordation of the assignments related Assignment of mortgage Mortgage in accordance with this Agreementthe provisions hereof, the Indenture Trustee shall, if so requested in writing by the Master Servicer, the Indenture Trustee shall Servicer execute an appropriate assignment in the form provided to the Indenture Trustee by the Master Servicer to assign the such Mortgage Loan for the purpose of collection to the Master Servicer or a subservicer. The (any such assignment shall unambiguously indicate that the assignment is for the purpose of collection only. The Master Servicer ) and, upon such assignment, such assignee for collection will then thereupon bring all required actions in its own name and otherwise enforce the terms of the Mortgage Loan and deposit or credit the Net Liquidation Proceeds, exclusive of Foreclosure Profits, received with respect thereto in the Collection Account. If In the event that all delinquent payments due under the any such Mortgage Loan are paid by the mortgagor Mortgagor and any other defaults are cured, cured then the Master Servicer assignee for collection shall promptly reassign the such Mortgage Loan to the Indenture Trustee and return it to the place where the related Mortgage File to the place where it was being maintained.

Appears in 1 contract

Samples: Sale and Servicing Agreement (Bond Securitization LLC)

Indenture Trustee to Cooperate. By On or before each Payment Date, the Master Servicer will notify the Indenture Trustee whenever Trustee, on behalf of the Asset Trust, of the payment in full of the Principal Balance of any Mortgage Loan has been paid in full during the preceding Collection Period. A Servicing Officer , which notification shall certify that be by a certification (which certification shall include a statement to the Mortgage Loan has been paid in full and effect that all amounts received in connection with the such payment that which are required to be deposited in the Collection Account pursuant to Section 3.02 4.02 have been so deposited or credited) of a Servicing Officer. Upon any such payment in full pursuant to Section 3.01full, the Master Servicer is authorized to execute execute, pursuant to the authorization contained in Section 4.01, if the assignments of Mortgage have been recorded as required hereunder, an instrument of satisfaction regarding the related mortgageMortgage, which instrument of satisfaction shall be recorded by the Master Servicer if required by applicable law and be delivered to the person Person entitled to itthereto. If the mortgage has been registered on the MERS(R) System, the Master Servicer shall cause the removal of the mortgage from registration on the MERS(R) System It is understood and execute and deliver, on behalf of the Indenture Trustee and the Noteholders, any instruments of satisfaction or cancellation or of partial or full release. No agreed that no expenses incurred in connection with the such instrument of satisfaction or transfer shall be reimbursed from amounts deposited in the Collection Account Account. If the Indenture Trustee or the Payment Account. As Custodian is holding the Mortgage Files, from time to time and as appropriate for the servicing or foreclosure of any Mortgage Loan, or in connection with the payment in full of the Asset Principal Balance of any Mortgage Loan, the Indenture Trustee or the Custodian, as appropriate, shall, upon request of the Master Servicer and delivery to the Indenture Trustee and, if applicable, the Custodian of a Request for Release substantially in the form of attached hereto as Exhibit C C-1 or Exhibit C-2, as applicable, signed by a Servicing Officer, the Indenture Trustee shall release the related Mortgage File to the Master Servicer (at the Servicer’s expense) and the Indenture Trustee Trustee, on behalf of the Trust, shall execute any documents such documents, in the forms provided by the Master Servicer Servicer, as shall be necessary to the prosecution of any such proceedings or the taking of other servicing actions. The Request for Release by a Servicing Officer may be delivered Such trust receipt shall obligate the Servicer to return the Mortgage File to the Indenture Trustee electronicallyor the Custodian, and if it isas appropriate, its form may differ from Exhibit C so long as it contains the information required by Exhibit C (that is, the relevant loan number, at least one of the five reasons for requesting file as found in Exhibit C, and the acknowledgment that the Mortgage File will be held in accordance with this Agreement and will promptly be returned to the Indenture Trustee when the need for it therefor by the Master Servicer no longer exists unless the Mortgage Loan has been liquidated or retransferred), and to the extent the transmission originates on its face from a Servicing Officer, need not shall be manually signed. The Master Servicer shall return the Mortgage File to the Indenture Trustee when the need for it by the Master Servicer no longer exists, unless the Mortgage Loan is liquidated, in which case, upon receipt of a certificate of a Servicing Officer similar to that specified abovehereinabove specified, the Request for Release trust receipt shall be released by the Indenture Trustee or the Custodian, as the case may be. In order to the Master Servicer. To facilitate the foreclosure of the mortgage Mortgage securing any Mortgage Loan that is in default following recordation of the assignments Assignment of mortgage Mortgage in accordance with this Agreementthe provisions hereof, the Indenture Trustee, on behalf of the Trust, shall, if so requested in writing by the Master Servicer, the Indenture Trustee shall execute an appropriate assignment in the form provided to the Indenture Trustee Trustee, on behalf of the Trust, by the Master Servicer to assign the such Mortgage Loan for the purpose of collection to the Master Servicer or a subservicer. The to the related subservicer (any such assignment shall unambiguously indicate that the assignment is for the purpose of collection only. The Master ), and, upon such assignment, the Servicer will then thereupon bring all required actions in its own name and otherwise enforce the terms of the Mortgage Loan and deposit the Net Liquidation Proceeds, exclusive of Foreclosure Profits, received with respect thereto in the Collection Account. If In the event that all delinquent payments due under the any such Mortgage Loan are paid by the mortgagor Mortgagor and any other defaults are cured, then the Master Servicer shall promptly shall, within two Business Days, reassign the such Mortgage Loan to the Indenture Trustee Trustee, on behalf of the Trust, and return the related Mortgage File to the place where it was being maintained. After such reassignment, the Servicer, if requested by such Residual Certificateholders and if offered suitable indemnification and reimbursement for expenses, is authorized to seek a deficiency judgment if permitted by law against the Mortgagor under such Liquidated Mortgage Loan on behalf of the Residual Certificateholders to the extent of any losses on liquidation of any Mortgage Loan.

Appears in 1 contract

Samples: Servicing Agreement (Greenpoint Mortgage Funding Trust 2005-He4)

Indenture Trustee to Cooperate. By On or before each Payment Date, the Master Servicer will notify the Indenture Trustee whenever and the Asset Custodian, on behalf of the Issuing Entity, of the payment in full of the Stated Principal Balance of any Mortgage Loan has been paid in full HELOC during the preceding Collection Due Period. A Servicing Officer , which notification shall certify that be by a certification (which certification shall include a statement to the Mortgage Loan has been paid in full and effect that all amounts received in connection with the such payment that which are required to be deposited in the Collection Custodial Account pursuant to Section 3.02 have been so deposited or credited) of a Servicing Officer. Upon any such payment in full pursuant to Section 3.01full, the Master Servicer is authorized to execute execute, pursuant to the authorization contained in Section 3.01, if the assignments of Mortgage have been recorded as required hereunder, an instrument of satisfaction regarding the related mortgageMortgage, which instrument of satisfaction shall be recorded by the Master Servicer if required by applicable law and be delivered to the person Person entitled to itthereto. If the mortgage has been registered on the MERS(R) System, the Master Servicer shall cause the removal of the mortgage from registration on the MERS(R) System It is understood and execute and deliver, on behalf of the Indenture Trustee and the Noteholders, any instruments of satisfaction or cancellation or of partial or full release. No agreed that no expenses incurred in connection with the such instrument of satisfaction or transfer shall be reimbursed from amounts deposited in the Collection Account Custodial Account. If the Indenture Trustee or the Payment Account. As Custodian is holding the Mortgage Files, from time to time and as appropriate for the servicing or foreclosure of any Mortgage LoanHELOC, or in connection with the payment in full of the Asset Stated Principal Balance of any Mortgage LoanHELOC, the Indenture Trustee or the Custodian, as appropriate, shall, upon request of the Master Servicer and delivery to the Indenture Trustee and, if applicable, the Custodian of a Request for Release substantially in the form of attached hereto as Exhibit C B signed by a Servicing Officer, the Indenture Trustee shall release the related Mortgage File to the Master Servicer (at the Servicer’s expense), and the Indenture Trustee Trustee, on behalf of the Issuing Entity, shall execute any documents such documents, in the forms provided by the Master Servicer Servicer, as shall be necessary to the prosecution of any such proceedings or the taking of other servicing actions. The Request for Release by a Servicing Officer may be delivered Such trust receipt shall obligate the Servicer to the Indenture Trustee electronically, and if it is, its form may differ from Exhibit C so long as it contains the information required by Exhibit C (that is, the relevant loan number, at least one of the five reasons for requesting file as found in Exhibit C, and the acknowledgment that the Mortgage File will be held in accordance with this Agreement and will promptly be returned to the Indenture Trustee when the need for it by the Master Servicer no longer exists unless the Mortgage Loan has been liquidated or retransferred), and to the extent the transmission originates on its face from a Servicing Officer, need not be manually signed. The Master Servicer shall return the Mortgage File to the Indenture Trustee or the Custodian, as appropriate, when the need for it therefor by the Master Servicer no longer exists, exists unless the Mortgage Loan is HELOC shall be liquidated, in which case, upon receipt of a certificate of a Servicing Officer similar to that specified abovehereinabove specified, the Request for Release trust receipt shall be released by the Indenture Trustee or the Custodian, as the case may be. In order to the Master Servicer. To facilitate the foreclosure of the mortgage Mortgage securing any Mortgage Loan HELOC that is in default following recordation of the assignments Assignment of mortgage Mortgage in accordance with this Agreementthe provisions hereof, the Indenture Trustee, on behalf of the Issuing Entity, shall, if so requested in writing by the Master Servicer, the Indenture Trustee shall execute an appropriate assignment in the form provided to the Indenture Trustee Trustee, on behalf of the Issuing Entity, by the Master Servicer to assign the Mortgage Loan such HELOC for the purpose of collection to the Master Servicer or a subservicer. The to the related subservicer (any such assignment shall unambiguously indicate that the assignment is for the purpose of collection only. The Master ), and, upon such assignment, the Servicer will then thereupon bring all required actions in its own name and otherwise enforce the terms of the Mortgage Loan HELOC and deposit the Net Liquidation Proceeds, exclusive of Foreclosure Profitsforeclosure profits, received with respect thereto in the Collection Custodial Account. If In the event that all delinquent payments due under the Mortgage Loan any such HELOC are paid by the mortgagor Mortgagor and any other defaults are cured, then the Master Servicer shall promptly shall, within two Business Days, reassign the Mortgage Loan such HELOC to the Indenture Trustee Trustee, on behalf of the Issuing Entity, and return the related Mortgage File to the place where it was being maintained. After such reassignment, the Servicer, if requested by such Certificateholders and if offered suitable indemnification and reimbursement for expenses, is authorized to seek a deficiency judgment if permitted by law against the Mortgagor under such liquidated HELOC on behalf of the Certificateholders to the extent of any losses on liquidation of any HELOC.

Appears in 1 contract

Samples: Sale and Servicing Agreement (GSR Trust 2007-Hel1)

Indenture Trustee to Cooperate. By each Payment Date, the Master Servicer will notify the Indenture Trustee whenever the Asset Balance of any Mortgage Loan has been paid in full during the preceding Collection Period. A Servicing Officer shall certify that the Mortgage Loan has been paid in full and that all amounts received in connection with the payment that are required to be deposited in the Collection Account pursuant to Section 3.02 have been so deposited or credited. Upon payment in full pursuant to Section 3.01, the Master Servicer is authorized to execute an instrument of satisfaction regarding the related mortgage, which instrument of satisfaction shall be recorded by the Master Servicer if required by applicable law and be delivered to the person entitled to it. If the mortgage has been registered on the MERS(R) System, the Master Servicer shall cause the removal of the mortgage from registration on the MERS(R) System and execute and deliver, on behalf of the Indenture Trustee and the Noteholders, any instruments of satisfaction or cancellation or of partial or full release. No expenses incurred in connection with the instrument of satisfaction or transfer shall be reimbursed from amounts deposited in the Collection Account or the Payment Account. As appropriate for the servicing or foreclosure of any Mortgage Loan, or in connection with the payment in full of the Asset Balance of any Mortgage Loan, upon request of the Master Servicer and delivery to the Indenture Trustee of a Request for Release substantially in the form of Exhibit C signed by a Servicing Officer, the Indenture Trustee shall release the related Mortgage File to the Master Servicer and the Indenture Trustee shall execute any documents provided by the Master Servicer necessary to the prosecution of any proceedings or the taking of other servicing actions. The Request for Release by a Servicing Officer may be delivered to the Indenture Trustee electronically, and if it is, its form may differ from Exhibit C so long as it contains the information required by Exhibit C (that is, the relevant loan number, at least one of the five reasons for requesting file as found in Exhibit C, and the acknowledgment that the Mortgage File will be held in accordance with this the Sale and Servicing Agreement and will promptly be returned to the Indenture Trustee when the need for it by the Master Servicer no longer exists unless the Mortgage Loan has been liquidated or retransferred), and to the extent the transmission originates on its face from a Servicing Officer, need not be manually signed. The Master Servicer shall return the Mortgage File to the Indenture Trustee when the need for it by the Master Servicer no longer exists, unless the Mortgage Loan is liquidated, in which case, upon receipt of a certificate of a Servicing Officer similar to that specified above, the Request for Release shall be released by the Indenture Trustee to the Master Servicer. To facilitate the foreclosure of the mortgage securing any Mortgage Loan that is in default following recordation of the assignments of mortgage in accordance with this Agreement, if so requested by the Master Servicer, the Indenture Trustee shall execute an appropriate assignment in the form provided to the Indenture Trustee by the Master Servicer to assign the Mortgage Loan for the purpose of collection to the Master Servicer or a subservicer. The assignment shall unambiguously indicate that the assignment is for the purpose of collection only. The Master Servicer will then bring all required actions in its own name and otherwise enforce the terms of the Mortgage Loan and deposit the Net Liquidation Proceeds, exclusive of Foreclosure Profits, in the Collection Account. If all delinquent payments due under the Mortgage Loan are paid by the mortgagor and any other defaults are cured, then the Master Servicer shall promptly reassign the Mortgage Loan to the Indenture Trustee and return the related Mortgage File to the place where it was being maintained.

Appears in 1 contract

Samples: Sale and Servicing Agreement (CWHEQ, Inc.)

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