Common use of No Segregation of Assets Clause in Contracts

No Segregation of Assets. Paragraph 8 of the Master Repurchase Agreement is amended by deleting Paragraph 8 in its entirety and replacing it with the following: Upon transfer of the Mortgage Loans to Buyer as set forth in Paragraph 3(a) of this Master Repurchase Agreement and until termination of any related Transactions as set forth in Paragraphs 3(c) or 11 of this Master Repurchase Agreement, ownership of each Mortgage Loan, including each document in the related Mortgage File, is vested in Buyer. Upon transfer of the Mortgage Loans to Buyer as set forth in Paragraph 3(a) of this Master Repurchase Agreement and until termination of any Transactions as set forth in paragraphs 3(c) or 11 of this Master Repurchase Agreement and prior to the recordation of the assignments of mortgage by the Collateral Agent as provided for in the Second Restated Collateral Agency Agreement, record title in the name of the Seller or in the case of a MERS Designated Mortgage Loan MERS as nominee for the beneficial owner to each Mortgage shall be retained thereby in trust, for the benefit of Buyer, for the sole purpose of facilitating the servicing and the supervision of the servicing of the Mortgage Loans. Nothing in this Master Repurchase Agreement shall preclude Buyer from engaging in repurchase transactions with the Purchased Mortgage Assets or otherwise pledging or hypothecating the Purchased Mortgage Assets without the prior consent of the Seller, but no such transaction or provision hereof or provision of the Second Restated Collateral Agency Agreement shall relieve Buyer of its obligations to transfer Purchased Mortgage Assets (and, with respect to the Mortgage Loans, the same Mortgage Loans and not substitutes therefor) to Seller pursuant and subject to Paragraphs 3, 4 or 11 hereof. Upon termination of any Transactions as set forth in Paragraph 3(c) of this Master Repurchase Agreement, Buyer agrees to execute promptly endorsements of the mortgage notes, assignments of the mortgages and UCC-3 assignments, releases or terminations related to such Transactions, to the extent that such documents are prepared by the Seller for Buyer's execution, are delivered to Buyer by the Seller and are necessary and appropriate, as reasonably determined by the Seller, to reconvey, without recourse, to the Seller and perfect title of like tenor to that conveyed to Buyer to the related Mortgage Loans. Buyer shall provide cooperation in assisting and directing the Collateral Agent to facilitate such preparation (without expense to Buyer). Notwithstanding anything to the contrary set forth in this Master Repurchase Agreement, in no event shall Purchased Mortgage Assets remain in the custody of the Seller or any affiliate of the Seller, except as permitted under the Second Restated Collateral Agency Agreement.

No Segregation of Assets. Paragraph 8 of the Master Repurchase Agreement is amended by deleting Paragraph 8 in its entirety and replacing it with the following: Upon transfer of the Mortgage Loans to Buyer as set forth in Paragraph 3(a) of this Master Repurchase Agreement and until termination of any related Transactions as set forth in Paragraphs 3(c) or 11 of this Master Repurchase Agreement, ownership of each Mortgage Loan, including each document in the related Mortgage File, is vested in Buyer. Upon transfer of the Mortgage Loans to Buyer as set forth in Paragraph 3(a) of this Master Repurchase Agreement and until termination of any Transactions as set forth in paragraphs 3(c) or 11 of this Master Repurchase Agreement and prior to the recordation of the assignments of mortgage by the Collateral Agent as provided for in the Second Restated Collateral Agency Agreement, record title in the name of the Seller or in the case of a MERS Designated Mortgage Loan MERS as nominee for the beneficial owner to each Mortgage shall be retained thereby in trust, for the benefit of Buyer, for the sole purpose of facilitating the servicing and the supervision of the servicing of the Mortgage Loans. Nothing in this Master Repurchase Agreement shall preclude Buyer from engaging in repurchase transactions with the Purchased Mortgage Assets or otherwise pledging or hypothecating the Purchased Mortgage Assets without the prior consent of the Seller, but no such transaction or provision hereof or provision of the Second Restated Collateral Agency Agreement shall relieve Buyer of its obligations to transfer Purchased Mortgage Assets (and, with respect to the Mortgage Loans, the same Mortgage Loans and not substitutes therefor) to Seller pursuant and subject to Paragraphs 3, 4 or 11 hereof. Upon termination of any Transactions as set forth in Paragraph 3(c) of this Master Repurchase Agreement, Buyer agrees to execute promptly endorsements of the mortgage notes, assignments of the mortgages and UCC-3 assignments, releases or terminations related to such Transactions, to the extent that such documents are prepared by the Seller for Buyer's execution, are delivered to Buyer by the Seller and are necessary and appropriate, as reasonably determined by the Seller, to reconvey, without recourse, to the Seller and perfect title of like tenor to that conveyed to Buyer to the related Mortgage Loans. Buyer shall provide cooperation in assisting and directing the Collateral Agent to facilitate such preparation (without expense to Buyer). Notwithstanding anything to the contrary set forth in this Master Repurchase Agreement, in no event shall Purchased Mortgage Assets remain in the custody of the Seller or any affiliate of the Seller, except as permitted under the Second Restated Collateral Agency Agreement.Xxxxxxxxxx

No Segregation of Assets. Paragraph 8 of the Master Repurchase Agreement is amended by deleting Paragraph 8 in its entirety and replacing it with the following: Upon transfer of the Mortgage Loans to Buyer Purchasers as set forth in Paragraph 3(a) of this Master Repurchase Agreement and until termination of any related Transactions as set forth in Paragraphs 3(c) or 11 of this Master Repurchase AgreementSection 2.3, ownership of each Mortgage Loan, including each document in the related Mortgage File, is vested in Buyerthe Purchasers. Upon transfer of the Mortgage Loans to Buyer Purchasers as set forth in Paragraph 3(a) of this Master Repurchase Agreement Section 2.3 and until termination of any Transactions as set forth in paragraphs 3(c) or 11 of this Master Repurchase Agreement Sections 2.5 and 8.1 and prior to the recordation of the assignments of mortgage by the Collateral Agent Custodian as provided for in the Second Restated Collateral Agency Custodial Agreement, record title in the name of the Seller applicable Seller, or in the case of a MERS Designated Mortgage Loan MERS as nominee for the beneficial owner to each Mortgage Mortgage, shall be retained thereby in trust, for the benefit of Buyerthe Purchasers, for the sole purpose of facilitating the servicing and the supervision of the servicing of the Mortgage Loans. Nothing in this Master Repurchase Agreement shall preclude Buyer the Purchasers from engaging in repurchase transactions with the Purchased Mortgage Assets or otherwise pledging pledging, selling, assigning or hypothecating the Purchased Mortgage Assets without the prior consent of the applicable Seller, but no such transaction or provision hereof or provision of the Second Restated Collateral Agency Custodial Agreement shall relieve Buyer the Purchasers of its their obligations to transfer Purchased Mortgage Assets (and, and with respect to the Mortgage Loans, the same Mortgage Loans and not substitutes therefor) to such Seller pursuant and subject to Paragraphs 3Sections 2.3, 4 2.5, or 11 8.1 hereof. Upon termination of any Transactions as set forth in Paragraph 3(c) of this Master Repurchase AgreementSection 2.5 or 8.1, Buyer agrees the Purchasers agree to execute promptly endorsements of the mortgage notes, assignments of the mortgages and UCC-3 assignments, releases release or terminations termination related to such Transactions, to the extent that such documents are prepared by the applicable Seller for Buyer's executionexecution by the Purchasers, are delivered to Buyer the Purchasers by the such Seller and are necessary and appropriate, as reasonably determined by the such Seller, to reconvey, without recourse, to the such Seller and perfect title of like tenor to that conveyed to Buyer the Purchasers to the related Mortgage Loans. Buyer The Purchasers shall provide cooperation in assisting and directing the Collateral Agent Custodian to facilitate such preparation (without expense to Buyerthe Purchasers). Notwithstanding anything to the contrary set forth in this Master Repurchase Agreement, in no event shall Purchased Mortgage Assets remain in the custody of any of the Seller Sellers or any affiliate of any of the SellerSellers, except as permitted under the Second Restated Collateral Agency Custodial Agreement.

No Segregation of Assets. Paragraph 8 of the Master Repurchase Agreement is amended by deleting Paragraph 8 in its entirety and replacing it with the following: Upon transfer of the Mortgage Loans to Buyer as set forth in Paragraph 3(a) of this Master Repurchase Agreement and until termination of any related Transactions as set forth in Paragraphs 3(c) or 11 of this Master Repurchase Agreement, ownership of each Mortgage Loan, including each document in the related Mortgage File, is vested in Buyer. Upon transfer of the Mortgage Loans to Buyer as set forth in Paragraph 3(a) of this Master Repurchase Agreement and until termination of any Transactions as set forth in paragraphs 3(c) or 11 of this Master Repurchase Agreement and prior to the recordation of the assignments of mortgage by the Collateral Agent as provided for in the Second Restated Collateral Agency Agreement, record title in the name of the applicable Seller or in the case of a MERS Designated Mortgage Loan MERS as nominee for the beneficial owner to each Mortgage shall be retained thereby in trust, for the benefit of Buyer, for the sole purpose of facilitating the servicing and the supervision of the servicing of the Mortgage Loans. Nothing in this Master Repurchase Agreement shall preclude Buyer from engaging in repurchase transactions with the Purchased Mortgage Assets or otherwise pledging pledging, selling, assigning or hypothecating the Purchased Mortgage Assets without the prior consent of the applicable Seller, but no such transaction or provision hereof or provision of the Second Restated Collateral Agency Agreement shall relieve Buyer of its obligations to transfer Purchased Mortgage Assets (and, and with respect to the Mortgage Loans, the same Mortgage Loans and not substitutes therefor) to such Seller pursuant and subject to Paragraphs 3, 4 or 11 hereof. Upon termination of any Transactions as set forth in Paragraph 3(c) of this Master Repurchase Agreement, Buyer agrees to execute promptly endorsements of the mortgage notes, assignments of the mortgages and UCC-3 assignments, releases or terminations related to such Transactions, to the extent that such documents are prepared by the applicable Seller for Buyer's execution, are delivered to Buyer by the such Seller and are necessary and appropriate, as reasonably determined by the such Seller, to reconvey, without recourse, to the such Seller and perfect title of like tenor to that conveyed to Buyer to the related Mortgage Loans. Buyer shall provide cooperation in assisting and directing the Collateral Agent to facilitate such preparation (without expense to Buyer). Notwithstanding anything to the contrary set forth in this Master Repurchase Agreement, in no event shall Purchased Mortgage Assets remain in the custody of the Seller or any affiliate of the Seller, except as permitted under the Second Restated Collateral Agency Agreement.related