Common use of Loan Files Clause in Contracts

Loan Files. The related Loan File contains the following Loan Documents (which may include microfiche or other electronic copies of the Loan Documents to the extent provided in the Custodial Agreement): (A) for Loans other than Loans described in clause (B) below, at least one original of each Loan (or, if the Loan and promissory note are contained in separate documents, an original of the promissory note); provided, however, that the original Loan may have been removed from the Loan File in accordance with the Custodial Agreement for the performance of collection services and other routine servicing requirements; and (B) for Loans relating to Timeshare Properties located in Resorts in North Carolina or South Carolina with respect to which two originals of such Loans have been executed, each original Loan is in the Loan File, and each contains the following legend (whether by stamp or otherwise) on its face: “THIS COPY IS ONE OF TWO ORIGINALS, AND WAS EXECUTED SOLELY FOR RECORDATION. TO THE EXTENT THAT POSSESSION OF THIS CONTRACT IS REQUIRED TO TRANSFER OR PERFECT A TRANSFER OF ANY INTEREST IN OR TO THIS CONTRACT, POSSESSION OF THE OTHER ORIGINAL HEREOF IS REQUIRED”; and (C) for Loans with respect to which the related Timeshare Property has been deeded out to the related Obligor: (1) a copy of the deed for such Timeshare Property; and (2) the original recorded Mortgage (or a copy thereof, if applicable, for Mortgages that have been submitted for recording as set forth herein) and Assignments of Mortgages in favor of the Collateral Agent (or a copy of such recorded Mortgage or Assignment of Mortgage, as the case may be, certified to be a true and complete copy thereof, if the original of the recorded Mortgage or Assignment of Mortgage is lost or destroyed), provided that, in the case of any Loan with respect to which the related Mortgage and/or deed has been removed from the Loan File for review and recording in the local real property recording office: (x) the original Mortgage shall have been returned to the Loan File no later than (1) 180 days from the related loan closing date (in the case of Loans (other than Green Loans) relating to Timeshare Properties located in the State of Florida), (2) 180 days from the date on which the related Timeshare Property is required to be deeded to an Obligor in the case of Green Loans relating to Timeshare Properties located in the State of Florida or Loans relating to Timeshare Properties located in any state other than Florida, Nevada, North Carolina, South Carolina or Virginia or (3) 210 days from the date on which the related Timeshare Property is required to be deeded to an Obligor with respect to Timeshare Properties located in Nevada, North Carolina, South Carolina or Virginia and (y) in the case of any Loan (other than a Green Loan) relating to a Timeshare Property located in the State of Florida, the Loan File shall contain one or more certificates from FRI’s applicable title agents in Florida to the effect that the related Mortgage has been delivered for purposes of recordation to the appropriate local real property recording office.

Loan Files. The related (a) Notwithstanding anything to the contrary contained in this Agreement, (i) for the purpose of ascertaining the existence of Loan File contains Files (or portions thereof) in the following Loan Documents (which may include microfiche or other electronic copies actual possession of the ▇▇▇▇▇▇ Parties, the ▇▇▇▇▇▇ Parties shall only be obligated to make commercially reasonable inquiry of those current employees of the commercial real estate group of the ▇▇▇▇▇▇ Parties that the ▇▇▇▇▇▇ Parties reasonably determine would be likely to possess such Loan Documents Files or portions thereof, and (ii) on the Closing Date, the ▇▇▇▇▇▇ Parties shall only be obligated to deliver to Swedbank those Loan Files in the extent actual possession of the ▇▇▇▇▇▇ Parties that were found as the result of the commercially reasonable inquiry set forth in clause (i) above. From time to time, upon written request of Swedbank (setting forth with reasonable specificity documents that would constitute Loan Files that Swedbank has reason to believe were not included in the delivery of Loan Files at Closing), the ▇▇▇▇▇▇ Parties shall make commercially reasonable inquiries and shall promptly deliver to Swedbank any such requested additional Loan Files discovered by the ▇▇▇▇▇▇ Parties through such process. Provided that the ▇▇▇▇▇▇ Parties use commercially reasonable efforts to locate any requested additional Loan Files as provided in the Custodial preceding sentence and promptly delivers any such later discovered Loan Files to Swedbank as provided herein, the ▇▇▇▇▇▇ Parties shall have no obligation or liability for the failure to discover and deliver any such missing documents held by the ▇▇▇▇▇▇ Parties to Swedbank. Notwithstanding anything to the contrary contained in this Agreement):, while electronic mail correspondence shall be considered a writing for purposes of this Agreement, electronic mail correspondence shall not be considered a Loan File or be subject to search or delivery by the ▇▇▇▇▇▇ Parties as provided in this Section. (Ab) Notwithstanding anything to the contrary contained in this Agreement, (i) for Loans other than Loans described the purpose of ascertaining the existence of Loan Files (or portions thereof) in the actual possession of Swedbank, Swedbank shall only be obligated to make commercially reasonable inquiry of those current employees of Swedbank that Swedbank reasonably determines would be likely to possess such Loan Files or portions thereof, and (ii) on the Closing Date, Swedbank shall only be obligated to deliver to LBHI those Loan Files in the actual possession of Swedbank that were found as the result of the commercially reasonable inquiry set forth in clause (Bi) belowabove. From time to time, upon written request of LBHI (setting forth with reasonable specificity documents that would constitute Loan Files that LBHI has reason to believe were not included in the delivery of Loan Files at least one original of each Closing), Swedbank shall make commercially reasonable inquiries and shall promptly deliver to LBHI any such requested additional Loan (orFiles discovered by Swedbank through such process. Provided that Swedbank uses commercially reasonable efforts to locate any requested additional Loan Files as provided in the preceding sentence and promptly delivers any such later discovered Loan Files to LBHI as provided herein, if Swedbank shall have no obligation or liability for the Loan failure to discover and promissory note are deliver any such missing documents held by Swedbank to LBHI. Notwithstanding anything to the contrary contained in separate documentsthis Agreement, an original of the promissory note); provided, however, that the original Loan may have been removed from the Loan File in accordance with the Custodial Agreement for the performance of collection services and other routine servicing requirements; and (B) for Loans relating to Timeshare Properties located in Resorts in North Carolina or South Carolina with respect to which two originals of such Loans have been executed, each original Loan is in the Loan File, and each contains the following legend (whether by stamp or otherwise) on its face: “THIS COPY IS ONE OF TWO ORIGINALS, AND WAS EXECUTED SOLELY FOR RECORDATION. TO THE EXTENT THAT POSSESSION OF THIS CONTRACT IS REQUIRED TO TRANSFER OR PERFECT A TRANSFER OF ANY INTEREST IN OR TO THIS CONTRACT, POSSESSION OF THE OTHER ORIGINAL HEREOF IS REQUIRED”; and (C) for Loans with respect to which the related Timeshare Property has been deeded out to the related Obligor: (1) while electronic mail correspondence shall be considered a copy of the deed for such Timeshare Property; and (2) the original recorded Mortgage (or a copy thereof, if applicable, for Mortgages that have been submitted for recording as set forth herein) and Assignments of Mortgages in favor of the Collateral Agent (or a copy of such recorded Mortgage or Assignment of Mortgage, as the case may be, certified to be a true and complete copy thereof, if the original of the recorded Mortgage or Assignment of Mortgage is lost or destroyed), provided that, in the case of any Loan with respect to which the related Mortgage and/or deed has been removed from the Loan File for review and recording in the local real property recording office: (x) the original Mortgage shall have been returned to the Loan File no later than (1) 180 days from the related loan closing date (in the case of Loans (other than Green Loans) relating to Timeshare Properties located in the State of Florida), (2) 180 days from the date on which the related Timeshare Property is required to be deeded to an Obligor in the case of Green Loans relating to Timeshare Properties located in the State of Florida or Loans relating to Timeshare Properties located in any state other than Florida, Nevada, North Carolina, South Carolina or Virginia or (3) 210 days from the date on which the related Timeshare Property is required to be deeded to an Obligor with respect to Timeshare Properties located in Nevada, North Carolina, South Carolina or Virginia and (y) in the case of any Loan (other than a Green Loan) relating to a Timeshare Property located in the State of Florida, the Loan File shall contain one or more certificates from FRI’s applicable title agents in Florida to the effect that the related Mortgage has been delivered writing for purposes of recordation this Agreement, electronic mail correspondence shall not be considered a Loan File or be subject to the appropriate local real property recording officesearch or delivery by Swedbank as provided in this Section.

Loan Files. The related Loan File contains the following Loan Documents (which may include microfiche or other electronic copies of the Loan Documents to the extent provided in the Custodial Agreement): (A) for Loans other than Loans described in clause (B) below, at least one original of each Loan (or, if the Loan and promissory note are contained in separate documents, an original of the promissory note); providedPROVIDED, howeverHOWEVER, that the original Loan may have been removed from the Loan File in accordance with the Custodial Agreement for the performance of collection services and other routine servicing requirements; and (B) for Loans relating to Timeshare Properties located in Resorts in North Carolina or South Carolina with respect to which two originals of such Loans have been executed, each original Loan is in the Loan File, and each contains the following legend (whether by stamp or otherwise) on its face: “"THIS COPY IS ONE OF TWO ORIGINALS, AND WAS EXECUTED SOLELY FOR RECORDATION. TO THE EXTENT THAT POSSESSION OF THIS CONTRACT IS REQUIRED TO TRANSFER OR PERFECT A TRANSFER OF ANY INTEREST IN OR TO THIS CONTRACT, POSSESSION OF THE OTHER ORIGINAL HEREOF IS REQUIRED”"; and (C) for Loans with respect to which the related Timeshare Property has been deeded out to the related Obligor: (1) a copy of the deed for such Timeshare Property; and (2) the original recorded Mortgage (or a copy thereof, if applicable, for Mortgages that have been submitted for recording as set forth herein) and Assignments of Mortgages in favor of the Collateral Agent (or a copy of such 26 recorded Mortgage or Assignment of Mortgage, as the case may be, certified to be a true and complete copy thereof, if the original of the recorded Mortgage or Assignment of Mortgage is lost or destroyed), provided that, PROVIDED that in the case of any Loan with respect to which the related Mortgage and/or deed has been removed from the Loan File for review and recording in the local real property recording office: (x) the original Mortgage shall not have been returned to the Loan File no later at such real property recording office more than (1) 180 days from the related loan closing date (in the case of Loans (other than Green Loans) relating to Timeshare Properties located in the State of Florida), ) or (2) 180 days from the date on which the related Timeshare Property is required to be deeded to an Obligor (in the case of Green Loans relating to Timeshare Properties located in the State of Florida or Loans relating to Timeshare Properties located in any state other than Florida, Nevada, North Carolina, South Carolina or Virginia or (3State) 210 days from the date on which the related Timeshare Property is required to be deeded to an Obligor with respect to Timeshare Properties located in Nevada, North Carolina, South Carolina or Virginia and (y) in the case of any Loan (other than a Green Loan) relating to a Timeshare Property located in the State of Florida, the Loan File shall contain one or more certificates from FRI’s 's applicable title agents in Florida to the effect that the related Mortgage has been delivered for purposes of recordation to the appropriate local real property recording office.

Loan Files. In connection with each sale, transfer, assignment and ---------- conveyance pursuant to Section 2.1(a) or 2.1(b) by the Seller, the Seller shall deliver, or cause to be delivered, to the Trustee on or prior to the Closing Date or the Subsequent Transfer Date, as applicable, the following documents or instruments with respect to each Home Equity Loan conveyed on such date: (i) The original Mortgage Note endorsed "The First National Bank of Chicago, as Trustee, without recourse" by the Seller (which endorsement may be manual or facsimile signature); (ii) The related Loan File contains original Mortgage with evidence of recording indicated thereon; (iii) All original intervening assignments with evidence of recording thereon (other than such assignments not required to be recorded pursuant to Section 2.4(k)); (iv) an Assignment from the following Loan Documents (which may include microfiche or other electronic copies of the Loan Documents Seller to the extent provided Trustee, which Assignment shall be in the Custodial Agreement):form and substance for recording, but shall not be recorded except as required below; (Av) for Loans other than Loans described in clause (B) below, at least one the original of each Loan any guarantee executed in connection with the Mortgage Note; (orvi) Originals of all assumption, if modification and substitution agreements in those instances where the Loan and promissory note are contained in separate documents, an original terms or provisions of the promissory note); provided, however, that the original Loan may a Mortgage or Mortgage Note have been removed from the Loan File in accordance with the Custodial Agreement for the performance of collection services and other routine servicing requirementsmodified or such Mortgage or Mortgage Note has been assumed; and (Bvii) for Loans relating to Timeshare Properties located in Resorts in North Carolina or South Carolina with respect to which two originals The original policy of such Loans have been executed, each original Loan is in the Loan File, and each contains the following legend (whether by stamp or otherwise) on its face: “THIS COPY IS ONE OF TWO ORIGINALS, AND WAS EXECUTED SOLELY FOR RECORDATION. TO THE EXTENT THAT POSSESSION OF THIS CONTRACT IS REQUIRED TO TRANSFER OR PERFECT A TRANSFER OF ANY INTEREST IN OR TO THIS CONTRACT, POSSESSION OF THE OTHER ORIGINAL HEREOF IS REQUIRED”; and (C) for Loans with respect to which the related Timeshare Property has been deeded out to the related Obligor: (1) a copy of the deed for such Timeshare Property; and (2) the original recorded Mortgage title insurance (or a copy thereofpreliminary title report, binder or commitment if applicablethe original title insurance policy has not been received from the insurance company). Notwithstanding anything to the contrary contained in this Section 2.1(d), for Mortgages that have been submitted for in those instances where the public recording as set forth herein) and office retains the original Mortgage, the Assignment of the Mortgage or the intervening Assignments of Mortgages in favor the Mortgage after it has been recorded, the Seller shall be deemed to have satisfied its obligations hereunder upon delivery to the Trustee of the Collateral Agent (or a copy of such recorded Mortgage or Assignment of Mortgage, as such Assignment or Assignments of Mortgage certified by the case may be, certified public recording office to be a true and complete copy thereof, if the original of the recorded original thereof. As promptly as practicable, but in no event more than 45 days following the Downgrade Date, (i) the Seller shall, at the Master Servicer's expense, deliver to the Trustee, the Insurer and the Rating Agencies an Opinion of Counsel satisfactory to the Rating Agencies, as evidenced in writing, and the Insurer to the effect that recording is not required and no other action on the part of the Seller is required (other than such actions as have been taken) to protect the Trustee's right, title and interest in and to the related Mortgage and Mortgage Note or (ii) the Trustee shall (if the requirements of clause (i) have not been satisfied by the Seller), at the Master Servicer's expense, record within such 45-day period the Assignments (which may be a blanket assignment if permitted by applicable law), with respect to the Home Equity Loans in its possession, in the appropriate real property or other records. In the event that the Trustee is required record such Assignments pursuant to clause (ii) in the preceding sentence, it shall so record such Assignments whether or not the Master Servicer has provided amounts to the Trustee to cover the costs of such recording, provided that nothing herein shall be deemed to relieve the Master Servicer of its obligation to bear the costs of such recordation. Within 60 days following the Closing Date, with respect to the Initial Loans, and following the related Subsequent Transfer Date, with respect to each Subsequent Loan, the Trustee shall review each Loan File to determine that all required documents set forth in each item of the first paragraph of this Section 2.1(d) have been executed and received and that such documents relate to the Home Equity Loans identified on the applicable Loan Schedule. For purposes of this determination, the Trustee may rely on the purported due execution and genuineness of any signature thereon. If within such 60 day period the Trustee finds that any document constituting a part of a Loan File was not executed, defective or received or is unrelated to the Home Equity Loans identified in the applicable Loan Schedule (in this Section 2.1(d), a "defect"), the Trustee shall promptly upon the conclusion of its review notify the Seller and the Insurer. The Seller shall have a period of 90 days from receipt of such notice within which to correct or cure any such defect after the Seller has been notified of such. If the Seller cannot correct or cure any such defect with respect to a Home Equity Loan within such 90 day period, it shall comply with the provisions of Section 2.2(b) hereof. If recordation of any Assignment of Mortgage is lost or destroyed)required hereunder, provided that, in the case of any Loan with respect to which the related Mortgage and/or deed has been removed from the Loan File for review and recording in the local real property recording office: (x) the original Mortgage of each such recorded Assignment shall have been returned be delivered to the Loan File no later than (1) 180 Trustee within 10 days from the related loan closing date (in the case of Loans (other than Green Loans) relating to Timeshare Properties located in the State of Florida), (2) 180 days from following the date on which it is returned to the related Timeshare Property is required to be deeded to an Obligor in Seller by the case office with which such Assignment was filed for recordation. Upon receipt by the Trustee of Green Loans relating to Timeshare Properties located in the State recorded Assignment, such recorded Assignment shall become part of Florida or Loans relating to Timeshare Properties located in any state other than Florida, Nevada, North Carolina, South Carolina or Virginia or (3) 210 days from the date on which the related Timeshare Property is required to be deeded to an Obligor with respect to Timeshare Properties located in Nevada, North Carolina, South Carolina or Virginia and (y) in the case of any Loan (other than a Green Loan) relating to a Timeshare Property located in the State of Florida, the Loan File shall contain one or more certificates from FRI’s applicable title agents in Florida to the effect that the related Mortgage has been delivered for purposes of recordation to the appropriate local real property recording officeFile.

Loan Files. The related Loan File contains the following Loan Documents (which may include microfiche or other electronic copies of the Loan Documents to the extent provided in the Custodial Agreement): (A) for Loans other than Loans described in clause (B) below, at least one original of each Loan (or, if the Loan and promissory note are contained in separate documents, an original of the promissory note); provided, however, that the original Loan may have been removed from the Loan File in accordance with the Custodial Agreement for the performance of collection services and other routine servicing requirements; and (B) for Loans relating to Timeshare Properties located in Resorts in North Carolina or South Carolina with respect to which two originals of such Loans have been executed, each original Loan is in the Loan File, and each contains the following legend (whether by stamp or otherwise) on its face: “THIS COPY IS ONE OF TWO ORIGINALS, AND WAS EXECUTED SOLELY FOR RECORDATION. TO THE EXTENT THAT POSSESSION OF THIS CONTRACT IS REQUIRED TO TRANSFER OR PERFECT A TRANSFER OF ANY INTEREST IN OR TO THIS CONTRACT, POSSESSION OF THE OTHER ORIGINAL HEREOF IS REQUIRED”; and (C) for Loans with respect to which the related Timeshare Property has been deeded out to the related Obligor: (1) a copy of the deed for such Timeshare Property; and (2) the original recorded Mortgage (or a copy thereof, if applicable, for Mortgages that have been submitted for recording as set forth herein) and Assignments of Mortgages in favor of the Collateral Agent (or a copy of such recorded Mortgage or Assignment of Mortgage, as the case may be, certified to be a true and complete copy thereof, if the original of the recorded Mortgage or Assignment of Mortgage is lost or destroyed), provided that, in the case of any Loan with respect to which the related Mortgage and/or deed has been removed from the Loan File for review and recording in the local real property recording office: (x) the original Mortgage document shall have been returned to the Loan File no later than (1) 180 210 days from the related loan closing date (in the case of Loans (other than Green Loans) relating to Timeshare Properties located in the State of Florida), (2) 180 210 days from the date on which the related Timeshare Property is required to be deeded to an Obligor in the case of Green Loans relating to Timeshare Properties located in the State of Florida or Loans relating to Timeshare Properties located in any state other than Florida, Nevada, North Carolina, South Carolina or Virginia or ; (3) 210 days from the date on which the related Timeshare Property is required to be deeded to an Obligor with respect in the state of Hawaii, Nevada or New Jersey and (4) in all other states 180 days from the date on which the related Timeshare Property is required to Timeshare Properties located in Nevada, North Carolina, South Carolina or Virginia be deeded to an Obligor and (y) in the case of any Loan (other than a Green Loan) relating to a Timeshare Property located in the State of Florida, the Loan File shall contain one or more certificates from FRIWVRI’s applicable title agents in Florida to the effect that the related Mortgage has been delivered for purposes of recordation to the appropriate local real property recording office.

Loan Files. The related Loan File contains the following Loan Documents (which may include microfiche or other electronic copies of the Loan Documents to the extent provided in the Custodial Agreement): (A) for Loans other than Loans described in clause (B) below, at least one original of each Loan (or, if the Loan and promissory note are contained in separate documents, an original of the promissory note); providedPROVIDED, howeverHOWEVER, that the original Loan may have been removed from the Loan File in accordance with the Custodial Agreement for the performance of collection services and other routine servicing requirements; and (B) for Loans relating to Timeshare Properties located in Resorts in North Carolina or South Carolina with respect to which two originals of such Loans have been executed, each original Loan is in the Loan File, File and each contains the following legend (whether by stamp or otherwise) on its face: “"THIS COPY IS ONE OF TWO ORIGINALS, AND WAS EXECUTED SOLELY FOR RECORDATION. TO THE EXTENT THAT POSSESSION OF THIS CONTRACT IS REQUIRED TO TRANSFER OR PERFECT A TRANSFER OF ANY INTEREST IN OR TO THIS CONTRACT, POSSESSION OF THE OTHER ORIGINAL HEREOF IS REQUIRED”"; and (C) for Loans with respect to which the related Timeshare Property has been deeded out to the related Obligor: (1) a copy of the deed for such Timeshare Property; and (2) the original recorded Mortgage (or a copy thereof, if applicable, for Mortgages that have been submitted for recording as set forth herein) and Assignments of Mortgages in favor of the Collateral Agent (or a copy of such recorded Mortgage or Assignment of Mortgage, as the case may be, certified to be a true and complete copy thereof, if the original of the recorded Mortgage or Assignment of Mortgage is lost or destroyed), provided that, PROVIDED that in the case of any Loan with respect to which the related Mortgage and/or deed has been removed from the Loan File for review and recording in the local real property recording office: (x) the original Mortgage shall not have been returned to the Loan File no later at such real property recording office more than (1) 180 days from the related loan closing date (in the case of Loans (other than Green Loans) relating to Timeshare Properties located in the State of Florida), ) or (2) 180 days from the date on which the related Timeshare Property is required to be deeded to an Obligor (in the case of Green Loans relating to Timeshare Properties located in the State of Florida or Loans relating to Timeshare Properties located in any state other than Florida, Nevada, North Carolina, South Carolina or Virginia or (3State) 210 days from the date on which the related Timeshare Property is required to be deeded to an Obligor with respect to Timeshare Properties located in Nevada, North Carolina, South Carolina or Virginia and (y) in the case of any Loan (other than a Green Loan) relating to a Timeshare Property located in the State of Florida, the Loan File shall contain one or more certificates from FRI’s the Seller's applicable title agents in Florida to the effect that the related Mortgage has been delivered for purposes of recordation to the appropriate local real property recording office.

Loan Files. In connection with such sale, transfer, assignment and ---------- conveyance by the Seller, the Seller shall deliver, or cause to be delivered, to the Trustee on or prior to the Closing Date the following documents or instruments with respect to each Home Equity Loan: (i) The original Mortgage Note endorsed "The First National of Chicago, as Trustee, without recourse" by the Seller (which endorsement may be manual or facsimile signature); (ii) The related Loan File contains original Mortgage with evidence of recording indicated thereon; (iii) All original intervening assignments with evidence of recording thereon (other than such assignments not required to be recorded pursuant to Section 2.4(k)); (iv) an Assignment from the following Loan Documents (which may include microfiche or other electronic copies of the Loan Documents Seller to the extent provided Trustee, which Assignment shall be in the Custodial Agreement):form and substance for recording, but shall not be recorded except as required below; (Av) for Loans other than Loans described in clause (B) below, at least one the original of each Loan any guarantee executed in connection with the Mortgage Note; (orvi) Originals of all assumption, if modification and substitution agreements in those instances where the Loan and promissory note are contained in separate documents, an original terms or provisions of the promissory note); provided, however, that the original Loan may a Mortgage or Mortgage Note have been removed from the Loan File in accordance with the Custodial Agreement for the performance of collection services and other routine servicing requirementsmodified or such Mortgage or Mortgage Note has been assumed; and (Bvii) for Loans relating to Timeshare Properties located in Resorts in North Carolina or South Carolina with respect to which two originals The original policy of such Loans have been executed, each original Loan is in the Loan File, and each contains the following legend (whether by stamp or otherwise) on its face: “THIS COPY IS ONE OF TWO ORIGINALS, AND WAS EXECUTED SOLELY FOR RECORDATION. TO THE EXTENT THAT POSSESSION OF THIS CONTRACT IS REQUIRED TO TRANSFER OR PERFECT A TRANSFER OF ANY INTEREST IN OR TO THIS CONTRACT, POSSESSION OF THE OTHER ORIGINAL HEREOF IS REQUIRED”; and (C) for Loans with respect to which the related Timeshare Property has been deeded out to the related Obligor: (1) a copy of the deed for such Timeshare Property; and (2) the original recorded Mortgage title insurance (or a copy thereofpreliminary title report, binder or commitment if applicablethe original title insurance policy has not been received from the insurance company). Notwithstanding anything to the contrary contained in this Section 2.1(b), for Mortgages that have been submitted for in those instances where the public recording as set forth herein) and office retains the original Mortgage, the Assignment of the Mortgage or the intervening Assignments of Mortgages in favor the Mortgage after it has been recorded, the Seller shall be deemed to have satisfied its obligations hereunder upon delivery to the Trustee of the Collateral Agent (or a copy of such recorded Mortgage or Assignment of Mortgage, as such Assignment or Assignments of Mortgage certified by the case may be, certified public recording office to be a true and complete copy thereof, if the original of the recorded original thereof. As promptly as practicable, but in no event more than 45 days following the Downgrade Date, the (i) the Seller shall, at the Master Servicer's expense, deliver to the Trustee, the Insurer and the Rating Agencies an Opinion of Counsel satisfactory to the Rating Agencies, as evidenced in writing, and the Insurer to the effect that recording is not required and no other action on the part of the Seller is required (other than such actions as have been taken) to protect the Trustee's right, title and interest in and to the related Mortgage and Mortgage Note or (ii) the Trustee shall (if the requirements of clause (i) have not been satisfied by the Seller), at the Master Servicer's expense, record within such 45-day period the Assignments (which may be a blanket assignment if permitted by applicable law), with respect to the Home Equity Loans in its possession, in the appropriate real property or other records. In the event that the Trustee is required record such Assignments pursuant to clause (ii) in the preceding sentence, it shall so record such Assignments whether or not the Master Servicer has provided amounts to the Trustee to cover the costs of such recording, provided that nothing herein shall be deemed to relieve the Master Servicer of its obligation to bear the costs of such recordation. Within 60 days following the Closing Date, the Trustee shall review each Loan File to determine that all required documents set forth in each item of the first paragraph of this Section 2.1(b) have been executed and received and that such documents relate to the Home Equity Loans identified on the Loan Schedule. For purposes of this determination, the Trustee may rely on the purported due execution and genuineness of any signature thereon. If within such 60 day period the Trustee finds that any document constituting a part of a Loan File was not executed, defective or received or is unrelated to the Home Equity Loans identified in the Loan Schedule (in this Section 2.2(b), a "defect"), the Trustee shall promptly upon the conclusion of its review notify the Seller and the Insurer. The Seller shall have a period of 90 days from receipt of such notice within which to correct or cure any such defect after the Seller has been notified of such. If the Seller cannot correct or cure any such defect with respect to a Home Equity Loan within such 90 day period, it shall comply with the provisions of Section 2.2(b) hereof. If recordation of any Assignment of Mortgage is lost or destroyed)required hereunder, provided that, in the case of any Loan with respect to which the related Mortgage and/or deed has been removed from the Loan File for review and recording in the local real property recording office: (x) the original Mortgage of each such recorded Assignment shall have been returned be delivered to the Loan File no later than (1) 180 Trustee within 10 days from the related loan closing date (in the case of Loans (other than Green Loans) relating to Timeshare Properties located in the State of Florida), (2) 180 days from following the date on which it is returned to the related Timeshare Property is required to be deeded to an Obligor in Seller by the case office with which such Assignment was filed for recordation. Upon receipt by the Trustee of Green Loans relating to Timeshare Properties located in the State recorded Assignment, such recorded Assignment shall become part of Florida or Loans relating to Timeshare Properties located in any state other than Florida, Nevada, North Carolina, South Carolina or Virginia or (3) 210 days from the date on which the related Timeshare Property is required to be deeded to an Obligor with respect to Timeshare Properties located in Nevada, North Carolina, South Carolina or Virginia and (y) in the case of any Loan (other than a Green Loan) relating to a Timeshare Property located in the State of Florida, the Loan File shall contain one or more certificates from FRI’s applicable title agents in Florida to the effect that the related Mortgage has been delivered for purposes of recordation to the appropriate local real property recording officeFile.