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 Seller, or its designee, of the purchase price for the Mortgage Loans set forth in Section 2.03 hereof, the ownership of each Mortgage Note, each Mortgage and the contents of the Mortgage File related to each 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 SellerSponsor, or its designee, of the purchase price for the Mortgage Loans set forth in Section 2.03 hereof, the ownership of each Mortgage Note, each Mortgage and the contents of the Mortgage File related to each 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 SellerSponsor, or its designee, of the purchase price for the Initial Mortgage Loans set forth in Section 2.03 hereof, 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.