Common use of Participation Certificates Clause in Contracts

Participation Certificates. (a) The Ownership Interest for each Mortgage Loan shall be evidenced by one or more certificates substantially in the form attached hereto as Exhibit B (each a “Participation Certificate”). (b) A Participation Certificate shall set forth for the Mortgage Loan (i) the name of the mortgagor; (ii) description and address of mortgaged property and any improvement thereon (“Mortgaged Property”); (iii) the outstanding principal balance of the related promissory note (“Note”); (iv) the interest rate borne by such Note; and (v) such other data as Participant may from time to time request. (c) Seller shall maintain at its office a certificate register (the “Certificate Register”) showing all pertinent information with respect to each Participation Certificate. (d) Seller shall provide a copy of the Certificate Register to Participant upon request. (e) Any Participation Certificate may be re-issued in the event of a transfer by Participant. Prior to due presentation of a Participation Certificate for registration of transfer, Seller shall treat Participant as the owner of such Participation Certificate and the Ownership Interest relating thereto. (f) In the event of any mutilated, lost, destroyed, or stolen Participation Certificate, Seller shall execute and deliver a replacement Participation Certificate of like tenor and interest, upon Participant: (i) either surrendering any mutilated Participation Certificate to Seller, or (ii) providing evidence to Seller’s satisfaction of the loss, destruction, or theft of any Participation Certificate, as applicable and delivering a representation regarding such loss, destruction or theft, together with such indemnity as may be required by Seller, Seller shall issue a replacement Participation Certificate. Any replacement Participation Certificate issued as provided herein shall constitute, absent fraud, complete and indisputable evidence of ownership of the Ownership Interest as if originally issued, whether or not the mutilated, destroyed, lost, or stolen Participation Certificate shall be subsequently found at any time.

Participation Certificates. (a) The Ownership Interest for each Mortgage Loan shall be evidenced by one or more certificates substantially in the form attached hereto as Exhibit B (each a “Participation Certificate”). (b) A Participation Certificate shall set forth for the Mortgage Loan (i) the name of the mortgagor; (ii) description and address of mortgaged property and any improvement thereon (“Mortgaged Property”); (iii) the outstanding principal balance of the related promissory note (“Note”); (iv) the interest rate borne by such Note; and (v) such other data as Participant may from time to time request. (c) Seller shall maintain at its office a certificate register (the “Certificate Register”) showing all pertinent information with respect to each Participation Certificate. (d) Seller shall provide a copy of the Certificate Register to Participant upon request. (e) Any Participation Certificate may be re-re- issued in the event of a transfer by Participant. Prior to due presentation of a Participation Certificate for registration of transfer, Seller shall treat Participant as the owner of such Participation Certificate and the Ownership Interest relating thereto. (f) In the event of any mutilated, lost, destroyed, or stolen Participation Certificate, Seller shall execute and deliver a replacement Participation Certificate of like tenor and interest, upon Participant: (i) either surrendering any mutilated Participation Certificate to Seller, or (ii) providing evidence to Seller’s satisfaction of the loss, destruction, or theft of any Participation Certificate, as applicable and delivering a representation regarding such loss, destruction or theft, together with such indemnity as may be required by Seller, Seller shall issue a replacement Participation Certificate. Any replacement Participation Certificate issued as provided herein shall constitute, absent fraud, complete and indisputable evidence of ownership of the Ownership Interest as if originally issued, whether or not the mutilated, destroyed, lost, or stolen Participation Certificate shall be subsequently found at any time.

Participation Certificates. (a) The Immediately upon the purchase by Participant of an Ownership Interest for each Mortgage Loan in a Warehouse Loan, Seller shall be evidenced by one or more certificates deliver to Participant an original certificate evidencing such Ownership Interest, substantially in the form attached hereto as Exhibit B A (each a “Participation Certificate”). (b) A Participation Certificate shall set forth for the Mortgage Loan , setting forth: (i) the name principal amount of the mortgagorapplicable Warehouse Loan; (ii) description and address of mortgaged property and any improvement thereon (“Mortgaged Property”)Participant’s Ownership Interest in such Warehouse Loan; (iii) the outstanding principal balance purchase price of the related promissory note (“Note”); Ownership Interest, and (iv) the interest rate borne by such Note; and (v) such other data as Participant may from time to time request. (cb) Seller shall maintain at its office a certificate register (the “Certificate Register”) showing all pertinent information with respect to each the Participation Certificate. (dc) Seller shall provide a copy of the Certificate Register to Participant upon request. (ed) Any The Participation Certificate may be re-issued in the event of a transfer by Participant. Prior to due presentation of a the Participation Certificate for registration of transfer, Seller shall treat Participant as the owner of such Participation Certificate and the Ownership Interest relating thereto. (fe) In the event of any mutilated, lost, destroyed, or stolen Participation Certificate, Seller shall execute and deliver to Participant a replacement Participation Certificate of like tenor and interest, in the absence of notice that such Participation Interest has been acquired by a bona fide purchaser, upon Participant: (i) either surrendering any mutilated Participation Certificate to Seller, or (ii) providing evidence to Seller’s satisfaction of the loss, destruction, or theft of any Participation Certificate, as applicable applicable, and delivering a representation regarding such loss, destruction or theft, together with such indemnity as may be required by Seller, Seller shall issue a replacement Participation Certificate. Any replacement Participation Certificate issued as provided herein shall constitute, absent fraud, complete and indisputable evidence of ownership of the Ownership Interest as if originally issued, whether or not the mutilated, destroyed, lost, or stolen Participation Certificate shall be subsequently found at any time. Seller may assess a reasonable charge for the re-issuance of a Participation Certificate as provided herein.

Participation Certificates. (a) The Ownership Interest for each Mortgage Loan shall be evidenced by one or more certificates substantially in the form attached hereto as Exhibit B B, (each a “Participation Certificate”). (b) A The Participation Certificate shall set forth for the Mortgage Loan (i) the name of the mortgagor; (ii) description and address of mortgaged property and any improvement thereon (“Mortgaged Property”); (iii) the outstanding principal balance of the related promissory note (“Note”); (iv) the interest rate borne by such Note; (v) the appraised value of the Mortgaged Property, (vi) the mortgagor’s FICO score; and (vvii) such other data as Participant may from time to time request. (c) Seller shall maintain at its office a certificate register (the “Certificate Register”) showing all pertinent information with respect to each Participation Certificate. (d) Seller shall provide a copy of the Certificate Register to Participant upon request. (e) Any Participation Certificate may be re-issued in the event of transfer or, at the option of Participant, exchanged for other Participation Certificates of a transfer by Participantlike aggregate Ownership Interest. Prior to due presentation of a Participation Certificate for registration of transfertransfer by Participant, Seller shall treat Participant as the owner of such Participation Certificate and the Ownership Interest relating thereto. (f) In the event of any mutilated, lost, destroyed, or stolen Participation Certificate, Seller shall execute and deliver a replacement Participation Certificate of like tenor and interest, in the absence of notice that such Participation Certificate has been acquired by a bona fide purchaser, upon Participant: (i) either surrendering any mutilated Participation Certificate to Seller, or (ii) providing evidence to Seller’s satisfaction of the loss, destruction, or theft of any Participation Certificate, as applicable and delivering a representation regarding such loss, destruction or theft, together with such indemnity as may be required by Seller, Seller shall issue a replacement Participation Certificate. Any replacement Participation Certificate issued as provided herein shall constitute, absent fraud, complete and indisputable evidence of ownership of the Ownership Interest as if originally issued, whether or not the mutilated, destroyed, lost, or stolen Participation Certificate shall be subsequently found at any time. (g) Seller, at its option, may assess reasonable charge for the re-issuance of a Participation Certificate as provided herein.