Common use of Release of Accounts Clause in Contracts

Release of Accounts. In the case of a final Monthly Payment, Full Prepayment or liquidation of any Account, the Servicer shall deliver to the Trustee and the Issuer an Officers' Certificate (i) identifying the Account that was the subject of such final payment, Full Prepayment or liquidation, (ii) stating with respect to a Full Prepayment that all prepayment proceeds received in connection therewith are in an amount necessary to effect a Full Prepayment (after taking into account amounts representing reimbursement for advances by the Servicer for taxes and insurance premiums) and have been deposited in the Holding Account, (iii) stating with respect to a liquidation of an Account, that all Liquidation Proceeds which have been determined by the Servicer in its reasonable judgment to be finally recoverable have been received and the Net Liquidation Proceeds have been deposited in the Holding Account, (iv) stating that with respect to a final Monthly Payment, all amounts due under such Account have been paid (after taking into account amounts representing reimbursement for advances by the Servicer for taxes and insurance premiums) and such amounts have been deposited in the Holding Account and (v) identifying such documents as the Servicer or the Obligor may request to evidence satisfaction and discharge of such Account. In connection with any prepaid Account with respect to which the related Mortgage is a deed of trust, the Servicer is authorized to procure from the trustee under such deed of trust a deed of full reconveyance covering the property encumbered by such deed of trust, which deed of reconveyance shall be delivered by the Servicer to the person or persons entitled thereto, but no expenses incurred in connection with such deed of reconveyance shall be payable out of the proceeds received in respect of such Account. If from time to time and as appropriate for the servicing or foreclosure of any Account the Servicer requests the Trustee to release the related Account Documents and delivers to the Trustee a trust receipt reasonably satisfactory to the Trustee and signed by a Servicing Officer, the Trustee shall release the related Account Documents to the Servicer. Such trust receipt shall obligate the Servicer to return the related Account Documents to the Trustee when the need therefor by the Servicer no longer exists. If such Account shall be liquidated and the Trustee receives a certificate from the Servicer as provided above, then, upon request of the Issuer, the Trustee shall release the trust receipt to or upon the order of the Issuer.

Release of Accounts. In the case of a final Monthly Payment, Full Prepayment or liquidation of any Account, the Servicer shall deliver to the Indenture Trustee and the Issuer an Officers' Certificate (i) identifying the Account that was the subject of such final payment, Full Prepayment or liquidation, (ii) stating with respect to a Full Prepayment that all prepayment proceeds received in connection therewith are in an amount necessary to effect a Full Prepayment (after taking into account amounts representing reimbursement for advances by the Servicer for taxes and insurance premiums) and have been deposited in the Holding Account, (iii) stating with respect to a liquidation of an Account, that all Liquidation Proceeds which have been determined by the Servicer in its reasonable judgment to be finally recoverable have been received and the Net Liquidation Proceeds have been deposited in the Holding Account, (iv) stating that with respect to a final Monthly Payment, all amounts due under such Account have been paid (after taking into account amounts representing reimbursement for advances by the Servicer for taxes and insurance premiums) and such amounts have been deposited in the Holding Account and (v) identifying such documents as the Servicer or the Obligor may request to evidence satisfaction and discharge of such Account. In connection with any prepaid Account with respect to which the related Mortgage is a deed of trust, the Servicer is authorized to procure from the trustee under such deed of trust a deed of full reconveyance covering the property encumbered by such deed of trust, which deed of reconveyance shall be delivered by the Servicer to the person or persons entitled thereto, but no expenses incurred in connection with such deed of reconveyance shall be payable out of the proceeds received in respect of such Account. If from time to time and as appropriate for the servicing or foreclosure of any Account the Servicer requests the Indenture Trustee to release the related Account Mortgage Asset Documents and delivers to the Indenture Trustee a trust receipt reasonably satisfactory to the Indenture Trustee and signed by a Servicing Officer, the Indenture Trustee shall release the related Account Mortgage Asset Documents to the Servicer. Such trust receipt shall obligate the Servicer to return the related Account Mortgage Asset Documents to the Indenture Trustee when the need therefor by the Servicer no longer exists. If such Account shall be liquidated and the Indenture Trustee receives a certificate from the Servicer as provided above, then, upon request of the Issuer, the Indenture Trustee shall release the trust receipt to or upon the order of the Issuer.