Common use of MERS Covenants Clause in Contracts

MERS Covenants. The Seller will: (a) be a “Member” (as defined in the MERS Agreements) of MERSCORP; (b) maintain the Electronic Tracking Agreement in full force and effect and timely perform all of its obligations thereunder; (c) provide the Administrative Agent with copies of any new MERS Agreement or any amendment, supplement or other modification of any MERS Agreement (other than the Electronic Tracking Agreement); (d) not amend, terminate or revoke, or enter into any agreement that is inconsistent with or contradicts any provision of the Electronic Tracking Agreement; (e) register each Purchased Loan in the MERS System and designate the Administrative Agent as “interim funder” of such Purchased Loan no later than three Business Days after it is purchased or deemed purchased hereunder; (f) at the request of the Administrative Agent, take such actions as may be requested by the Administrative Agent to: (1) transfer beneficial ownership of any Purchased Loan to the Administrative Agent on behalf of the Buyers on the MERS System; or (2) de-register or re-register any Purchased Loan on, or withdraw any Purchased Loan from, the MERS System; (g) provide the Administrative Agent with copies of any or all of the following reports with respect to the Purchased Loans registered on the MERS System at the request of the Administrative Agent: (1) Co-existing Security Interest (MERS form IA); (2) Release of Security Interest by Interim Funder (MERS form IB); (3) Interim Funder Rejects (MERS form IC); (4) Paid in Full Verification (MERS form DK); and (5) such other reports as the Administrative Agent may reasonably request to verify the status of any Purchased Loan on the MERS System; (h) notify the Administrative Agent of any withdrawal or deemed withdrawal of the Seller’s membership in the MERS System or any deregistration of any Purchased Loan previously registered on the MERS System; and (i) obtain the prior written consent of the Administrative Agent before entering into an electronic tracking agreement (other than the Electronic Tracking Agreement and electronic tracking agreements in place in connection with its other outstanding warehouse facilities) with any other Person.

MERS Covenants. The Seller will: So long as this Agreement shall remain in effect, the Borrower will (a) be a “"Member” " (as defined in the MERS Agreements) of MERSCORP; , (b) maintain the Electronic Tracking Agreement in full force and effect and timely perform all of its obligations thereunder; , (c) provide the Administrative Agent with copies of any new MERS Agreement or any amendment, supplement or other modification of any MERS Agreement (other than the Electronic Tracking Agreement); , (d) not amend, terminate or revoke, or enter into any agreement that is inconsistent with or contradicts any provision of contradicts, the Electronic Tracking Agreement; , (e) register identify to the Agent each Purchased Pledged Mortgage Loan that is registered in the MERS System and designate System, at the Administrative Agent as “interim funder” earlier of such Purchased Loan no later than three Business Days after the time it is purchased so registered or the time it is pledged or deemed purchased pledged hereunder; , as so registered, (f) at any time at the request of the Agent, take such actions as may be necessary to register the pledge of any Pledged Mortgage Loan to the Agent on the MERS System, (g) at the request of the Administrative Agent, take such actions as may be requested by the Administrative Agent to: to (1i) transfer beneficial ownership of any Purchased Pledged Mortgage Loan to the Administrative Agent on behalf of the Buyers on the MERS System; or , or (2ii) de-register or re-register any Purchased Pledged Mortgage Loan on, or withdraw any Purchased Pledged Mortgage Loan from, the MERS System; , (gh) provide the Administrative Agent with copies of any or all of the following reports with respect to the Purchased Pledged Mortgage Loans registered on the MERS System System, at the request of the Administrative Agent: : (1v) Co-existing Security Interest Reports, (MERS form IA); (2w) Release of Security Interest by Interim Funder Funding Reports, (MERS form IB); (3) Interim Funder Rejects (MERS form IC); (4x) Paid in Full Verification Reports, (MERS form DK); and y) Interim Funding Rejects Reports, and (5z) such other reports as the Administrative Agent may reasonably request to verify the status of any Purchased Pledged Mortgage Loan on the MERS System; , (hi) notify the Administrative Agent of any withdrawal or deemed withdrawal of the Seller’s Borrower's membership in the MERS System or any deregistration of any Purchased Pledged Mortgage Loan previously registered on the MERS System; and , and (ij) obtain the prior written consent of the Administrative Agent Majority Lenders before entering into an electronic tracking agreement (other than the Electronic Tracking Agreement and electronic tracking agreements in place in connection with its other outstanding warehouse facilitiesAgreement) with any other Person.

MERS Covenants. The Seller will: So long as this Agreement shall remain in effect, the Borrower will (a) be a “Member” (as defined in the MERS Agreements) of MERSCORP; , (b) maintain the Electronic Tracking Agreement in full force and effect and timely perform all of its obligations thereunder; , (c) provide the Administrative Agent with copies of any new MERS Agreement or any amendment, supplement or other modification of any MERS Agreement (other than the Electronic Tracking Agreement); , (d) not amend, terminate or revoke, or enter into any agreement that is inconsistent with or contradicts any provision of contradicts, the Electronic Tracking Agreement; , (e) register identify to the Agent each Purchased Pledged Mortgage Loan that is registered in the MERS System and designate System, at the Administrative Agent as “interim funder” earlier of such Purchased Loan no later than three Business Days after the time it is purchased so registered or the time it is pledged or deemed purchased pledged hereunder; , as so registered, (f) at any time at the request of the Agent, take such actions as may be necessary to register the pledge of any Pledged Mortgage Loan to the Agent on the MERS System, (g) at the request of the Administrative Agent, take such actions as may be requested by the Administrative Agent to: to (1i) transfer beneficial ownership of any Purchased Pledged Mortgage Loan to the Administrative Agent on behalf of the Buyers on the MERS System; or , or (2ii) de-register or re-register any Purchased Pledged Mortgage Loan on, or withdraw any Purchased Pledged Mortgage Loan from, the MERS System; , (gh) provide the Administrative Agent with copies of any or all of the following reports with respect to the Purchased Pledged Mortgage Loans registered on the MERS System System, at the request of the Administrative Agent: : (1v) Co-existing Security Interest Reports, (MERS form IA); (2w) Release of Security Interest by Interim Funder Funding Reports, (MERS form IB); (3) Interim Funder Rejects (MERS form IC); (4x) Paid in Full Verification Reports, (MERS form DK); and y) Interim Funding Rejects Reports, and (5z) such other reports as the Administrative Agent may reasonably request to verify the status of any Purchased Pledged Mortgage Loan on the MERS System; , (hi) notify the Administrative Agent of any withdrawal or deemed withdrawal of the SellerBorrower’s membership in the MERS System or any deregistration of any Purchased Pledged Mortgage Loan previously registered on the MERS System; and , and (ij) obtain the prior written consent of the Administrative Agent Majority Lenders before entering into an electronic tracking agreement (other than the Electronic Tracking Agreement and electronic tracking agreements in place in connection with its other outstanding warehouse facilitiesAgreement) with any other Person.

MERS Covenants. The Seller willOn and after entry into the Electronic Tracking Agreement, so long as this Pledge and Security Agreement shall remain in effect, the Borrower shall: (a) be a “"Member” " (as defined in the MERS Agreements) of MERSCORPMERSCORP and will pay all fees required under the MERS Agreements; (b) maintain the Electronic Tracking Agreement in full force and effect and timely perform all of its obligations thereunder; (c) not, unless the Bank shall otherwise consent in writing, enter into any additional agreement equivalent to the Electronic Tracking Agreement with MERS, MERSCORP and any creditor other than the Bank; (d) provide the Administrative Agent Bank with copies of any new MERS Agreement or any amendment, supplement or other modification of any MERS Agreement (other than the Electronic Tracking Agreement); (de) take all steps necessary to cause the Bank to be designated as an "Associated Member" on the MERS System and otherwise enter into all MERS Agreements necessary to permit the Bank to have access to information on the Pledged Loans held on the MERS System; (f) not amend, terminate or revoke, or enter into any agreement that is inconsistent with or contradicts any provision of contradicts, the Electronic Tracking Agreement; (eg) register identify to the Bank each Purchased Pledged Loan that is registered in the MERS System and designate System, at the Administrative Agent as “interim funder” earlier of such Purchased Loan no later than three Business Days after the time it is purchased so registered or the time it is pledged or deemed purchased pledged hereunder, as so registered; (fh) at any time at the request of the Bank, take such actions as may be necessary to register the pledge of any Pledged Loan to the Bank on the MERS System; (i) at the request of the Administrative AgentBank, take such actions as may be requested by the Administrative Agent to: Bank to (1i) transfer beneficial ownership of any Purchased Mortgage securing a Pledged Loan to the Administrative Agent on behalf of the Buyers Bank on the MERS System; or , or (2ii) de-register or re-register any Purchased Pledged Loan on, or withdraw any Purchased Pledged Loan from, the MERS System; (gj) unless the Bank shall otherwise agree in writing, take all actions necessary to assure that the Bank is listed as Interim Funder in respect of each Pledged Loan on the MERS System until the conditions for release of such Pledged Loan under Section 10 hereof are satisfied; (k) provide the Administrative Agent Bank with copies of any or all of the following reports with respect to the Purchased Pledged Loans registered on the MERS System System, at the request of the Administrative Agent: Bank: (1i) Co-existing Security Interest Reports, (MERS form IA); (2ii) Release of Security Interest by Interim Funder Funding Reports, (MERS form IB); (3) Interim Funder Rejects (MERS form IC); (4iii) Paid in Full Verification Reports, (MERS form DK); and iv) Interim Funding Rejects Reports, and (5v) such other reports as the Administrative Agent Bank may reasonably request to verify the status of any Purchased Pledged Loan on the MERS System;; and (hl) notify the Administrative Agent Bank of any withdrawal or deemed withdrawal of the Seller’s Borrower's membership in the MERS System or any deregistration of any Purchased Pledged Loan previously registered on the MERS System; and (i) obtain the prior written consent of the Administrative Agent before entering into an electronic tracking agreement (other than the Electronic Tracking Agreement and electronic tracking agreements in place in connection with its other outstanding warehouse facilities) with any other Person.

MERS Covenants. The Seller willSo long as this Agreement shall remain in effect, the Sellers shall: (a) be a “Member” (as defined in the MERS Agreements) of MERSCORPMERSCORP and will pay all fees required under the MERS Agreements; (b) maintain the Electronic Tracking Agreement in full force and effect and timely perform all of its obligations thereunder; (c) not, unless the Buyer shall otherwise consent in writing, enter into any additional agreement equivalent to the Electronic Tracking Agreement with MERS, MERSCORP and any creditor other than the Buyer; (d) provide the Administrative Agent Buyer with copies of any new MERS Agreement or any amendment, supplement or other modification of any MERS Agreement (other than the Electronic Tracking Agreement); (de) take all steps necessary to cause the Buyer to be designated as an “Associated Member” on the MERS System and otherwise enter into all MERS Agreements necessary to permit the Buyer to have access to information on the Purchased Mortgage Loans held on the MERS System; (f) not amend, terminate or revoke, or enter into any agreement that is inconsistent with or contradicts any provision of contradicts, the Electronic Tracking Agreement; (eg) register identify to the Buyer each Purchased Mortgage Loan that is registered in the MERS System and designate System, at the Administrative Agent as “interim funder” earlier of such Purchased Loan no later than three Business Days after the time it is purchased so registered or deemed purchased the time it is Purchased hereunder, as so registered; (fh) at any time at the request of the Buyer, take such actions as may be necessary to register the ownership of any Purchased Mortgage Loan to the Buyer on the MERS System; (i) at the request of the Administrative AgentBuyer, take such actions as may be requested by the Administrative Agent to: Buyer to (1i) transfer beneficial ownership of any Purchased Mortgage Loan and related Mortgage Loan to the Administrative Agent on behalf of the Buyers Buyer on the MERS System; or , or (2ii) de-register or re-register any Purchased Mortgage Loan on, or withdraw any Purchased Mortgage Loan from, the MERS System; (gj) unless the Buyer shall otherwise agree in writing, take all actions necessary to assure that the Buyer is listed as Interim Funder in respect of each Purchased Mortgage Loan on the MERS System within three (3) Business Days after the Purchase of such Purchased Mortgage Loan until such Purchased Mortgage Loan is Repurchased; (k) upon request of the Buyer, provide the Administrative Agent Buyer with copies of any or all of the following reports with respect to the Purchased Loans Mortgage Loan registered on the MERS System System, at the request of the Administrative Agent: Buyer: (1i) Co-existing Security Interest Reports, (MERS form IA); (2ii) Release of Security Interest by Interim Funder Funding Reports, (MERS form IB); (3) Interim Funder Rejects (MERS form IC); (4iii) Paid in Full Verification Reports, (MERS form DK); and iv) Interim Funding Rejects Reports, and (5v) such other reports as the Administrative Agent Buyer may reasonably request to verify the status of any Purchased Mortgage Loan on the MERS System;; and (hl) notify the Administrative Agent Buyer of any withdrawal or deemed withdrawal of the Seller’s Sellers’ membership in the MERS System or any deregistration of any Purchased Mortgage Loan previously registered on the MERS System; and (i) obtain . ARTICLE IX NEGATIVE COVENANTS From the prior written consent date of this Agreement and thereafter until the Purchase Commitment is terminated or expires and all Purchased Mortgage Loans are Repurchased, and all Obligations of the Administrative Agent before entering into an electronic tracking agreement (other than Sellers to the Electronic Tracking Agreement Buyer have been paid in full, unless the Buyer shall otherwise expressly consent in writing, the Sellers will not, and electronic tracking agreements in place in connection with its other outstanding warehouse facilities) with will not permit any other Person.Subsidiary to, do any of the following: