Common use of Ownership and Location of Loans: Existence of Liens Clause in Contracts

Ownership and Location of Loans: Existence of Liens. Seller is the sole owner and holder of title to each Eligible Loan and has full right and authority to sell and assign the same free and clear of all liens, pledges or encumbrances, and upon the endorsement and delivery of promissory notes evidencing such Eligible Loan to Eligible Lender Trustee on behalf of Purchaser pursuant to this Agreement, Eligible Lender Trustee on behalf of Purchaser will acquire full right, title and interest in the Eligible Loan free and clear of all liens, pledges or encumbrances whatsoever. All documentation relating to the Eligible Loans, including the original promissory note for each Eligible Loan, is now in the possession of the servicer thereof.