Common use of Release of Loan Files Clause in Contracts

Release of Loan Files. If with respect to any Loan: (i) the outstanding Principal Balance of such Loan plus all interest accrued thereon shall have been paid; (ii) the Servicer shall have received, in escrow, payment in full of such Loan in a manner customary for such purposes; (iii) such Loan has become a Defective Loan and has been repurchased or a Qualified Substitute Loan has been conveyed to the Trust pursuant to SECTION 3.05 hereof; (iv) such Loan or the related Foreclosure Property has been sold in connection with the termination of the Trust pursuant to SECTION 11.01 hereof; (v) such Loan has been purchased by the Loan Originator in accordance with the terms of SECTION 3.07; (vi) the related Foreclosure Property has been sold pursuant to SECTION 4.11 hereof; or (vii) such Loan has been included in a Securitization and concurrently with such release the Securitization Proceeds associated therewith will be deposited into the Collection Account. In each such case, the Servicer shall deliver a certificate to the effect that the Servicer has complied with all of its obligations under this Agreement with respect to such Loan and requesting that the Indenture Trustee release to the Servicer the related Indenture Trustee's Loan File, and the Indenture Trustee shall, within five Business Days or such shorter period as may be required by applicable law, release, or cause the Custodian to release (unless such Indenture Trustee's Loan File has previously been released), the related Indenture Trustee's Loan File to the Servicer and execute and deliver such instruments of transfer or assignment prepared and delivered to it by the Servicer, in each case without recourse, representation or warranty as shall be necessary to vest ownership of such Loan in the Servicer or such other Person as may be specified in such certificate, the forms of any such instrument to be appended to such certificate.

Release of Loan Files. If with respect to any Loan: (ia) the outstanding Principal Balance of such Loan plus all interest accrued thereon shall have been paid; (ii) Upon receipt from the Servicer shall have received, in escrow, payment in full of such Loan in a manner customary for such purposes; (iii) such Loan has become certification of a Defective Loan and has been repurchased or a Qualified Substitute Loan has been conveyed to the Trust pursuant to SECTION 3.05 hereof; (iv) such Loan or the related Foreclosure Property has been sold Servicing Officer stating that all amounts received in connection with such payment that are required to be deposited in the termination of Certificate Account have been or will be so deposited the Trust pursuant to SECTION 11.01 hereof; (v) such Loan has been purchased by Trustee or the Loan Originator in accordance with the terms of SECTION 3.07; (vi) applicable Custodian, shall promptly release the related Foreclosure Property has been sold pursuant to SECTION 4.11 hereof; or (vii) such Loan has been included in a Securitization and concurrently with such release the Securitization Proceeds associated therewith will be deposited into the Collection Account. In each such case, the Servicer shall deliver a certificate to the effect that the Servicer has complied with all of its obligations under this Agreement with respect to such Loan and requesting that the Indenture Trustee release to the Servicer the related Indenture Trustee's Loan File, and the Indenture Trustee shall, within five Business Days or such shorter period as may be required by applicable law, release, or cause the Custodian to release (unless such Indenture Trustee's Loan File has previously been released), the related Indenture Trustee's Loan File to the Servicer and execute the Trustee shall have no further responsibility with regard to such Loan File. Upon any such payment in full, and deliver such instruments of transfer or assignment prepared and delivered to it by the Servicer, in each case to the extent such authority is delegated to the Servicer under the Servicing Agreement, is authorized, to give, as agent for the Trustee, as the lender under the Mortgage or security agreement that secured the Assistance Loan, an instrument of satisfaction (or assignment of mortgage without recourse) regarding the Mortgaged Property or other collateral subject to the Mortgage or security agreement, representation which instrument of satisfaction or warranty assignment, as the case may be, shall be delivered to the Person or Persons entitled thereto against receipt therefore of such payment, it being understood and agreed that no expenses incurred in connection with such instrument of satisfaction or assignment, as the case may be, shall be chargeable to the Certificate Account. (b) From time to time and as appropriate for the servicing or foreclosure of any Assistance Loan and in accordance with Accepted Servicing Practices and the Servicing Agreement, the Trustee shall execute such documents as shall be prepared and furnished to the Trustee by the Servicer (in form reasonably acceptable to the Trustee) and as are necessary to vest ownership of such Loan in the Servicer or such other Person as may be specified in such certificate, the forms prosecution of any such instrument proceedings. The Trustee or the Custodian, shall, upon request of the Servicer, and delivery to the Trustee or the applicable Custodian, of a trust receipt signed by a Servicing Officer substantially in the form of Exhibit C, release the related Loan File held in its possession or control to the Servicer. Such trust receipt shall obligate the Servicer to return the Loan File to the Trustee or Custodian, as applicable, when the need therefore by the Servicer no longer exists unless the Assistance Loan shall be appended liquidated, in which case, upon receipt of a certificate of a Servicing Officer similar to such certificatethat herein above specified, the trust receipt shall be released by the Trustee or the Custodian, as applicable, to the Servicer.