Common use of Release and Reconveyance of Home Loans Clause in Contracts

Release and Reconveyance of Home Loans. (a) A Home Loan shall be released by the Grantor Trustee and reconveyed to the Transferor at any time (i) after a repurchase or substitution pursuant to Section 3.05 of the Sale and Servicing Agreement, (ii) after liquidation of the Home Loan in accordance with Section 4.02 of the Sale and Servicing Agreement and the deposit of all Recoveries thereon in the Collection Account, or (iii) upon the termination of a Home Loan (due to, among other causes, a prepayment in full of the Home Loan and sale or other disposition of the related Mortgaged Property), if the Transferor delivers to the Grantor Trustee a written request (A) identifying the Home Loan and the related Mortgaged Property to be released and reconveyed, (B) requesting the release and reconveyance thereof, (C) setting forth the amount deposited in the Collection Account with respect thereto, and (D) certifying that the amount deposited in the Collection Account (x) equals the Substitution Adjustment related to the Qualified Substitute Home Loan and the Deleted Home Loan released from the Grantor Trust Agreement pursuant to item (i) above, or (y) equals the entire amount of recoveries received with respect to such Home Loan and the related Mortgaged Property in the event of a release from the Grantor Trust Agreement pursuant to items (ii) or (iii) above. (b) The Grantor Trustee shall, if requested by the Servicer, temporarily release or cause the Custodian to temporarily release to the Servicer the Grantor Trustee's Home Loan File held by the Custodian pursuant to the provisions of Section 7.02 of the Sale and Servicing Agreement upon compliance by the Servicer with the provisions thereof.

Release and Reconveyance of Home Loans. (a) A Home Loan shall be released by the Grantor Trustee and reconveyed to the Transferor at any time (i) after a repurchase or substitution pursuant to Section 3.05 of the Sale and Servicing Agreement, (ii) after liquidation of the Home Loan in accordance with Section 4.02 4.10 or 4.11 of the Sale and Servicing Agreement and the deposit of all Recoveries thereon in the Collection AccountAccount of all proceeds recovered therefrom (net of any costs and expenses relating thereto), or (iii) upon the termination of a Home Loan (due to, among other causes, a prepayment in full of the Home Loan and sale or other disposition of the related Mortgaged Property), if the Transferor delivers to the Grantor Trustee a written request (A) identifying the Home Loan and the related Mortgaged Property to be released and reconveyed, (B) requesting the release and reconveyance thereof, (C) setting forth the amount deposited in the Collection Account with respect thereto, and (D) certifying that the amount deposited in the Collection Account (x) equals the Substitution Adjustment related to the Qualified Substitute Home Loan and the Deleted Home Loan released from the this Grantor Trust Agreement pursuant to item (i) above, or (y) equals the entire amount of recoveries net proceeds recovered and received with respect to such Home Loan and the related Mortgaged Property in the event of a release from the this Grantor Trust Agreement pursuant to items (ii) or (iii) above. (b) The Grantor Trustee shall, if requested by the Servicer, temporarily release or cause the either Custodian to temporarily to release to the Servicer the Grantor Trustee's Home Loan File held by the such Custodian pursuant to the provisions of Section 7.02 of the Sale and Servicing Agreement upon compliance by the Servicer with the provisions thereof.

Release and Reconveyance of Home Loans. (a) A Home Loan shall be released by the Grantor Trustee and reconveyed to the Transferor at any time (i) after a repurchase or substitution pursuant to Section 3.05 Qualified Substitute Home Loan is substituted for such Home Loan and payment of the Sale and Servicing AgreementSubstitution Adjustment, if any, (ii) after liquidation of the Home Loan in accordance with Section 4.02 4.11 of the Sale and Servicing Agreement and the deposit of all Recoveries thereon in the Collection Account, or (iii) upon the termination of a Home Loan (due to, among other causes, a prepayment in full of the Home Loan and sale or other disposition of the related Mortgaged Property), if the Transferor delivers to the Grantor Trustee a written request (A) identifying the Home Loan and the related Mortgaged Property to be released and reconveyed, (B) requesting the release and reconveyance thereof, (C) setting forth the amount deposited in the Collection Account with respect thereto, and (D) certifying that the amount deposited in the Collection Account (x) equals the Substitution Adjustment related to the Qualified Substitute Home Loan and the Deleted Home Loan released from the Grantor Trust Agreement lien of the Indenture pursuant to item (i) above, or (y) equals the entire amount of recoveries Recoveries received with respect to such Home Loan and the related Mortgaged Property property in the event of a release from the Grantor Trust Agreement lien of this Indenture pursuant to items (ii) or (iii) above. (b) The Grantor Trustee shall, if requested by the Servicer, temporarily release or cause the Custodian temporarily to temporarily release to the Servicer the Grantor Trustee's Home Loan File held by the Custodian pursuant to the provisions of Section 7.02 of the Sale and Servicing Agreement upon compliance by the Servicer with the provisions thereof.

Release and Reconveyance of Home Loans. (a) A Home Loan shall be released by the Grantor Trustee and reconveyed to the Transferor at any time (i) after a repurchase or substitution pursuant to Section 3.05 of the Sale and Servicing Agreement, (ii) after liquidation of the Home Loan in accordance with Section 4.02 4.10 or 4.11 of the Sale and Servicing Agreement and the deposit of all Recoveries thereon in the Collection AccountAccount of all proceeds recovered therefrom (net of any costs and expenses relating thereto), or (iii) upon the termination of a Home Loan (due to, among other causes, a prepayment in full of the Home Loan and sale or other disposition of the related Mortgaged Property), if the Transferor delivers to the Grantor Trustee a written request (A) identifying the Home Loan and the related Mortgaged Property to be released and reconveyed, (B) requesting the release and reconveyance thereof, (C) setting forth the amount deposited in the Collection Account with respect thereto, and (D) certifying that the amount deposited in the Collection Account (x) equals the Substitution Adjustment related to the Qualified Substitute Home Loan and the Deleted Home Loan released from the this Grantor Trust Agreement pursuant to item (i) above, or (y) equals the entire amount of recoveries net proceeds recovered and received with respect to such Home Loan and the related Mortgaged Property in the event of a release from the this Grantor Trust Agreement pursuant to items (ii) or (iii) above, or (z) equals the Purchase Price related to a Defective Home Loan pursuant to item (i) above. (b) The Grantor Trustee shall, if requested by the Servicer, temporarily release or cause the either Custodian to temporarily release to the Servicer the Grantor Trustee's Home Loan File held by the such Custodian pursuant to the provisions of Section 7.02 or Section 4.10(g) of the Sale and Servicing Agreement upon compliance by the Servicer with the provisions thereof.

Release and Reconveyance of Home Loans. (a) A Home Loan shall be released by the Grantor Trustee and reconveyed to the Transferor at any time (i) after a repurchase or substitution pursuant to Section 3.05 of the Sale and Servicing Agreement, (ii) after liquidation of the Home Loan in accordance with Section 4.02 4.11 of the Sale and Servicing Agreement and the deposit of all Recoveries thereon in the Collection Account, or (iii) upon the termination of a Home Loan (due to, among other causes, a prepayment in full of the Home Loan and sale or other disposition of the related Mortgaged Property), if the Transferor delivers to the Grantor Trustee a written request (A) identifying the Home Loan and the related Mortgaged Property to be released and reconveyed, (B) requesting the release and reconveyance thereof, (C) setting forth the amount deposited in the Collection Account with respect thereto, and (D) certifying that the amount deposited in the Collection Account (x) equals the Substitution Adjustment related to the Qualified Substitute Home Loan and the Deleted Home Loan released from the Grantor Trust Agreement lien of the Indenture pursuant to item (i) above, or (y) equals the entire amount of recoveries Recoveries received with respect to such Home Loan and the related Mortgaged Property property in the event of a release from the Grantor Trust Agreement lien of this Indenture pursuant to items (ii) or (iii) above. (b) The Grantor Trustee shall, if requested by the Servicer, temporarily release or cause the either Custodian to temporarily to release to the Servicer the Grantor Trustee's Home Loan File held by the such Custodian pursuant to the provisions of Section 7.02 of the Sale and Servicing Agreement upon compliance by the Servicer with the provisions thereof. (c) The Grantor Trustee shall assign to the Transferor all its rights under the applicable Preferred Transaction Documents with respect to each Defective Home Loan repurchased or substituted for by the Transferor. (d) The Grantor Trustee shall assign to the Majority Residual Interestholders who effected the termination of the Owner Trust and the Grantor Trust pursuant to Section 11.02 of the Sale and Servicing Agreement, all its rights under the applicable Preferred Transaction Documents with respect to each Home Loan purchased by such Majority Residual Interestholders in connection with such termination.

Release and Reconveyance of Home Loans. (a) A Home Loan shall be released by the Grantor Trustee and reconveyed to the Transferor at any time (i) after a repurchase or substitution pursuant to Section 3.05 of the Sale and Servicing Agreement, (ii) after liquidation of the Home Loan in accordance with Section 4.02 4.11 of the Sale and Servicing Agreement and the deposit of all Recoveries thereon in the Collection Account, or (iii) upon the termination of a Home Loan (due to, among other causes, a prepayment in full of the Home Loan and sale or other disposition of the related Mortgaged Property), if the Transferor delivers to the Grantor Trustee a written request (A) identifying the Home Loan and the related Mortgaged Property to be released and reconveyed, (B) requesting the release and reconveyance thereof, (C) setting forth the amount deposited in the Collection Account with respect thereto, and (D) certifying that the amount deposited in the Collection Account (x) equals the Substitution Adjustment related to the Qualified Substitute Home Loan and the Deleted Home Loan released from the this Grantor Trust Agreement pursuant to item (i) above, or (y) equals the entire amount of recoveries net proceeds recovered and received with respect to such Home Loan and the related Mortgaged Property in the event of a release from the this Grantor Trust Agreement pursuant to items (ii) or (iii) above. (b) The Grantor Trustee shall, if requested by the Servicer, temporarily release or cause the Custodian to temporarily release to the Servicer the Grantor Trustee's Home Loan File held by the Custodian pursuant to the provisions of Section 7.02 of the Sale and Servicing Agreement upon compliance by the Servicer with the provisions thereof.

Release and Reconveyance of Home Loans. (a) A Home Loan shall be released by the Grantor Trustee and reconveyed to the applicable Transferor at any time (i) after a repurchase or substitution pursuant to Section 3.05 of the Sale and Servicing Agreement, (ii) after liquidation of the Home Loan in accordance with Section 4.02 4.10 or 4.11 of the Sale and Servicing Agreement and the deposit of all Recoveries thereon in the Collection AccountAccount of all proceeds recovered therefrom (net of any costs and expenses relating thereto), or (iii) upon the termination of a Home Loan (due to, among other causes, a prepayment in full of the Home Loan and sale or other disposition of the related Mortgaged Property), if the applicable Transferor delivers to the Grantor Trustee a written request (A) identifying the Home Loan and the related Mortgaged Property to be released and reconveyed, (B) requesting the release and reconveyance thereof, (C) setting forth the amount deposited in the Collection Account with respect thereto, and (D) certifying that the amount deposited in the Collection Account (x) equals the Substitution Adjustment related to the Qualified Substitute Home Loan and the Deleted Home Loan released from the this Grantor Trust Agreement pursuant to item (i) above, or (y) equals the entire amount of recoveries net proceeds recovered and received with respect to such Home Loan and the related Mortgaged Property in the event of a release from the this Grantor Trust Agreement pursuant to items (ii) or (iii) above, or (z) equals the Purchase Price related to a Defective Home Loan pursuant to item (i) above. (b) The Grantor Trustee shall, if requested by the ServicerServicer or any designated Subservicer, temporarily release or cause the Custodian to temporarily release to the Servicer or the Subservicer, as applicable, the Grantor Trustee's Home Loan File held by the such Custodian pursuant to the provisions of Section 7.02 or Section 4.10(g) of the Sale and Servicing Agreement upon compliance by the Servicer or such Subservicer, as applicable, with the provisions thereof.