Common use of Possession of Mortgage Files; Access to Mortgage Files Clause in Contracts

Possession of Mortgage Files; Access to Mortgage Files. (a) Upon the receipt by the Depositor, or its designee, of the purchase price for the Initial Mortgage Loans set forth in Section 2.03 hereof and the issuance of the Notes pursuant to the Indenture, the ownership of each Mortgage Note, each Mortgage and the contents of the Mortgage File related to each Initial Mortgage Loan will be vested in the Trust, and will be pledged to the Indenture Trustee, for the benefit of the Noteholders and the Note Insurer.

Possession of Mortgage Files; Access to Mortgage Files. (a) Upon the receipt by the Depositor, or its designee, of the purchase price for the Initial Mortgage Loans set forth in Section 2.03 hereof and the issuance of the Notes pursuant to the Indenture, the ownership of each Mortgage Note, each Mortgage and the contents of the Mortgage File related to each Initial Mortgage Loan will be vested in the Trust, and will be pledged to the Indenture Trustee, for the benefit of the Noteholders and the Note Insurer.

Possession of Mortgage Files; Access to Mortgage Files. (a) Upon the receipt by the Depositor, or its their designee, of the purchase price for the Initial Mortgage Loans set forth in Section 2.03 hereof and the issuance of the Notes pursuant to the Indenture, the ownership of each Mortgage Note, including principal due and interest accrued thereon after the Initial Cut-Off Date, each Mortgage and the contents of the Mortgage File related to each Initial Mortgage Loan will be vested in the Trust, and will be pledged to the Indenture Trustee, for the benefit of the Noteholders and the Note InsurerNoteholders.