Common use of Redemption Pursuant to Sale Clause in Contracts

Redemption Pursuant to Sale. So long as no Default or Event of Default is continuing (and, if a Default or Event of Default is continuing, at the Administrative Agent's direction), any one of the following may occur: (x) the Borrower, or the Servicer acting for the Borrower, from time to time may sell or pool Mortgage Loans either to an Approved pursuant to a Take-Out Commitment or Hedge or to one of the Originators under the Repurchase Agreement; (y) the Borrower may provide Mortgage Loans to one of the Originators for sale to an Approved Take-Out Investor pursuant to a Take-Out Commitment or Hedge, provided that payment is directed to the Collection Account and the security interest in the Mortgage Loan will not be released and the Borrower will not be deemed to have sold the Mortgage Loans to any of the Originators until the Purchase Price is received in the Collection Account; and (z) the Borrower, or the Servicer acting for the Borrower, may request the Administrative Agent to permit the Borrower to sell Mortgage Loans, or to pool Mortgage Loans, under such other circumstances as may be described in the request. Upon the receipt by the Collateral Agent of a Shipping Request preliminary to a transaction permitted by this Section 3.4, identifying Collateral to be delivered to an Approved Take-Out Investor or through any of the Originators, and so long as (x) no Default or Event of Default of which a Responsible Officer of the Collateral Agent shall have received written notice shall be in existence or (y) if a Default or Event of Default has occurred, the Administrative Agent has approved the Shipping Request:

Redemption Pursuant to Sale. So long as no Default or Event of Default is continuing (and, if a Default or Event of Default is continuing, at the Administrative Agent's direction), any one of the following may occur: (x) the Borrower, or the Servicer acting for the Borrower, from time to time may sell or pool Mortgage Loans either to an Approved Investor pursuant to a Take-Out Commitment or Hedge or to one of the Originators Originator under the Repurchase Agreement; (y) the Borrower may provide Mortgage Loans to one of the Originators Originator for sale to an Approved Take-Out Investor pursuant to a Take-Out Commitment or HedgeCommitment, provided that payment is directed to the Collection Account and the security interest in the Mortgage Loan will not be released and the Borrower will not be deemed to have sold the Mortgage Loans to any of the Originators Originator until the Purchase Price is received in the Collection Account; and (z) the Borrower, or the Servicer acting for the Borrower, may request the Administrative Agent to permit the Borrower to sell Mortgage Loans, or to pool Mortgage Loans, under such other circumstances as may be described in the request. Upon the receipt by the Collateral Agent of a Shipping Request preliminary to a transaction permitted by this Section 3.43.3, identifying Collateral to be delivered to an Approved Take-Out Investor or through any of the OriginatorsOriginator, and so long as (x) no Default or Event of Default of which a Responsible Officer of the Collateral Agent shall have received written notice shall be in existence or (y) if a Default or Event of Default has occurred, the Administrative Agent has approved the Shipping Requestexistence:

Redemption Pursuant to Sale. So long as no Default or Event of Default is continuing (and, if a Default or Event of Default is continuing, at the Administrative Agent's direction), any one of the following may occur: (x) the Borrower, or the Servicer acting for the Borrower, from time to time may sell or pool Mortgage Loans either to an Approved Investor pursuant to a Take-Out Commitment or Hedge or to one of the Originators Originator under the Repurchase Agreement; (y) the Borrower may provide Mortgage Loans to one of the Originators Originator for sale to an Approved Take-Out Investor pursuant to a Take-Out Commitment or HedgeCommitment, provided that payment is directed to the Collection Account and the security interest in the Mortgage Loan will not be released and the Borrower will not be deemed to have sold the Mortgage Loans to any of the Originators Originator until the Purchase Price purchase price required under a Take-Out Commitment is received in the Collection Account; and (z) the Borrower, or the Servicer acting for the Borrower, may request the Administrative Agent to permit the Borrower to sell Mortgage Loans, or to pool Mortgage Loans, under such other circumstances as may be described in the request. Upon the receipt by the Collateral Agent of a Shipping Request preliminary to a transaction permitted by this Section 3.43.3, identifying Collateral to be delivered to an Approved Take-Out Investor or through any of the OriginatorsOriginator, and so long as (x) no Default or Event of Default of which a Responsible Officer of the Collateral Agent shall have received written notice shall be in existence or (y) if a Default or Event of Default has occurred, the Administrative Agent has approved the Shipping Requestexistence:

Redemption Pursuant to Sale. So long as no Default or Event of Default is continuing (and, if a Default or Event of Default is continuing, at the Administrative Agent's direction), any one of the following may occur: (x) the Borrower, or the Servicer acting for the Borrower, from time to time may sell or pool Mortgage Loans either to an Approved Investor pursuant to a Take-Out Commitment or Hedge or to one of the Originators Originator under the Repurchase Agreement; (y) the Borrower may provide Mortgage Loans to one of the Originators Originator for sale to an Approved Take-Out Investor pursuant to a Take-Out Commitment or HedgeCommitment, provided that payment is directed to the Collection Account and the security interest in the Mortgage Loan will not be released and the Borrower will not be deemed to have sold the Mortgage Loans to any of the Originators Originator until the Purchase Price is received in the Collection Account; and (z) the Borrower, or the Servicer acting for the Borrower, may request the Administrative Agent to permit the Borrower to sell Mortgage Loans, or to pool Mortgage Loans, under such other circumstances as may be described in the request. Upon the receipt by the Collateral Agent of a Shipping Request preliminary to a transaction permitted by this Section 3.4, identifying Collateral to be delivered to an Approved Take-Out Investor or through any of the OriginatorsOriginator, and so long as (x) no Default or Event of Default of which a Responsible Officer of the Collateral Agent shall have received written notice shall be in existence or (y) if a Default or Event of Default has occurred, the Administrative Agent has approved the Shipping Requestexistence:

Redemption Pursuant to Sale. So long as no Default or Event of Default is continuing (and, if a Default or Event of Default is continuing, at the Administrative Agent's direction), any one of the following may occur: (x) the Borrower, or the Servicer acting for the Borrower, from time to time may sell or pool Mortgage Loans either to an Approved Investor pursuant to a Take-Out Commitment or Hedge or to one of the Originators under the Repurchase Agreement; (y) the Borrower may provide Mortgage Loans to one of the Originators for sale to an Approved Take-Out Investor pursuant to a Take-Out Commitment or HedgeCommitment, provided that payment is directed to the Collection Account and the security interest in the Mortgage Loan will not be released and the Borrower will not be deemed to have sold the Mortgage Loans to any of the Originators until the Purchase Price is received in the Collection Account; and (z) the Borrower, or the Servicer acting for the Borrower, may request the Administrative Agent to permit the Borrower to sell Mortgage Loans, or to pool Mortgage Loans, under such other circumstances as may be described in the request. Upon the receipt by the Collateral Agent of a Shipping Request preliminary to a transaction permitted by this Section 3.4, identifying Collateral to be delivered to an Approved Take-Out Investor or through any of the Originators, and so long as (x) no Default or Event of Default of which a Responsible Officer of the Collateral Agent shall have received written notice shall be in existence or (y) if a Default or Event of Default has occurred, the Administrative Agent has approved the Shipping Requestexistence: