Common use of Releases of Deleted Mortgage Loans Clause in Contracts

Releases of Deleted Mortgage Loans. Upon notice or discovery by a Responsible Officer of the Indenture Trustee that any of the representations or warranties of the Unaffiliated Seller set forth in Section 3.03 of the Unaffiliated Seller's Agreement was materially incorrect or otherwise misleading with respect to any Mortgage Loan as of the time made, the Indenture Trustee shall direct the Unaffiliated Seller to either cure, repurchase or substitute for such Mortgage Loan as provided in Section 3.05 of the Unaffiliated Seller's Agreement. Upon any purchase of or substitution for a Deleted Mortgage Loan by the Unaffiliated Seller in accordance with Section 3.05 of the Unaffiliated Seller's Agreement, the Indenture Trustee shall cause the Collateral Agent to deliver the Indenture Trustee's Mortgage File relating to such Deleted Mortgage Loan to the Unaffiliated Seller, and the Trust, the Collateral Agent and the Indenture Trustee shall execute such instruments of transfer as are necessary to convey title to such Deleted Mortgage Loan to the Unaffiliated Seller from the lien of this Indenture. Nothing in this Section 8.05 should be construed to obligate the Indenture Trustee to actively monitor the correctness or accuracy of the representations and warranties of the Unaffiliated Seller.

Releases of Deleted Mortgage Loans. Upon notice or discovery by a Responsible Officer of the Indenture Trustee that any of the representations or warranties of the Unaffiliated Seller set forth in Section 3.03 of the Unaffiliated Seller's Agreement was materially incorrect or otherwise misleading with respect to any Mortgage Loan as of the time made, the Indenture Trustee shall direct the Unaffiliated Seller to either cure, repurchase or substitute for such Mortgage Loan as provided in Section 3.05 of the Unaffiliated Seller's Agreement. Upon any purchase of or substitution for a Deleted Mortgage Loan by the Unaffiliated Seller in accordance with Section 3.05 of the Unaffiliated Seller's Agreement, the Indenture Trustee shall cause the Collateral Agent to deliver the Indenture Trustee's Mortgage File relating to such Deleted Mortgage Loan to the Unaffiliated Seller, and the Trust, the Collateral Agent and the Indenture Trustee shall execute such instruments of transfer as are necessary to convey title to such Deleted Mortgage Loan to the Unaffiliated Seller from the lien of this Indenture. Nothing in this Section 8.05 should be construed to obligate the Indenture Trustee to actively monitor the correctness or accuracy of the representations and warranties of the Unaffiliated Seller.

Releases of Deleted Mortgage Loans. Upon notice or discovery by a Responsible Officer of the Indenture Trustee that any of the representations or warranties of the Unaffiliated Seller or any Originator set forth in Section 3.03 of the Unaffiliated Seller's Agreement was materially incorrect or otherwise misleading with respect to any Mortgage Loan as of the time made, the Indenture Trustee shall direct the Unaffiliated Seller and the Originators to either cure, repurchase or substitute for such Mortgage Loan as provided in Section 3.05 of the Unaffiliated Seller's Agreement. Upon any purchase of or substitution for a Deleted Mortgage Loan by the Unaffiliated Seller or an Originator in accordance with Section 3.05 of the Unaffiliated Seller's Agreement, the Indenture Trustee shall cause the Collateral Agent to deliver the Indenture Trustee's Mortgage File relating to such Deleted Mortgage Loan to the Unaffiliated SellerSeller or such Originator, as the case may be, and the Trust, the Collateral Agent and the Indenture Trustee shall execute such instruments of transfer as are necessary to convey title to such Deleted Mortgage Loan to the Unaffiliated Seller or such Originator, as the case may be, free from the lien of this Indenture. Nothing in this Section 8.05 should be construed to obligate the Indenture Trustee to actively monitor the correctness or accuracy of the representations and warranties of the Unaffiliated Seller.

Releases of Deleted Mortgage Loans. Upon notice or discovery by a Responsible Officer of the Indenture Trustee that any of the representations or warranties of the Unaffiliated Seller Originators or the Depositor set forth in Section 3.03 4.01 of the Unaffiliated Seller's Sale and Servicing Agreement was materially incorrect or otherwise misleading with respect to any Mortgage Loan as of the time made, the Indenture Trustee shall direct the Unaffiliated Seller Originators or the Depositor, as applicable, to either cure, repurchase or substitute for such Mortgage Loan as provided in Section 3.05 4.02 of the Unaffiliated Seller's Sale and Servicing Agreement. Upon any purchase of or substitution for a Deleted Mortgage Loan by the Unaffiliated Seller Originators or the Depositor in accordance with Section 3.05 4.02 of the Unaffiliated Seller's Sale and Servicing Agreement, the Indenture Trustee shall cause the Collateral Agent to deliver the Indenture Trustee's Mortgage File relating to such Deleted Mortgage Loan to the Unaffiliated SellerOriginators or the Depositor, as applicable, and the Trust, the Collateral Agent and the Indenture Trustee shall execute such instruments of transfer as are necessary to convey title to such Deleted Mortgage Loan to the Unaffiliated Seller Originators or the Depositor, as applicable, from the lien of this Indenture. Nothing in this Section 8.05 should be construed to obligate the Indenture Trustee to actively monitor the correctness or accuracy of the representations and warranties of the Unaffiliated SellerOriginators or the Depositor.

Releases of Deleted Mortgage Loans. Upon notice or discovery by a Responsible Officer of the Indenture Trustee that any of the representations or warranties of the Unaffiliated Seller Originators or the Depositor set forth in Section 3.03 4.01 of the Unaffiliated Seller's Sale and Servicing Agreement was materially incorrect or otherwise misleading with respect to any Mortgage Loan as of the time made, the Indenture Trustee shall direct the Unaffiliated Seller Originators or the Depositor, as applicable, to either cure, repurchase or substitute for such Mortgage Loan as provided in Section 3.05 4.02 of the Unaffiliated Seller's Sale and Servicing Agreement. In the event that the Originator or the Depositor fail to cure, repurchase or substitute, as required by Section 4.02 of the Sale and Servicing Agreement, the Indenture Trustee shall direct the Sponsor to satisfy its obligations under Section 4.02 of the Sale and Servicing Agreement. Upon any purchase of or substitution for a Deleted Mortgage Loan by the Unaffiliated Seller Originators, the Sponsor or the Depositor in accordance with Section 3.05 4.02 of the Unaffiliated Seller's Sale and Servicing Agreement, the Indenture Trustee shall cause the Collateral Agent to deliver the Indenture Trustee's Mortgage Custodial Loan File relating to such Deleted Mortgage Loan to the Unaffiliated SellerOriginators, the Sponsor or the Depositor, as applicable, and the Trust, the Collateral Agent and the Indenture Trustee shall execute such instruments of transfer as are necessary to convey title to such Deleted Mortgage Loan to the Unaffiliated Seller Originators, Sponsor or the Depositor, as applicable, from the lien of this Indenture. Nothing in this Section 8.05 should be construed to obligate the Indenture Trustee to actively monitor the correctness or accuracy of the representations and warranties of the Unaffiliated SellerOriginators, Sponsor or the Depositor.

Releases of Deleted Mortgage Loans. Upon notice or discovery by a Responsible Officer of the Indenture Trustee that any of the representations or warranties of the Unaffiliated Seller Originators or the Depositor set forth in Section 3.03 4.01 of the Unaffiliated Seller's Sale and Servicing Agreement was materially incorrect or otherwise misleading with respect to any Mortgage Loan as of the time made, the Indenture Trustee shall direct the Unaffiliated Seller Originators or the Depositor, as applicable, to either cure, repurchase or substitute for such Mortgage Loan as provided in Section 3.05 4.02 of the Unaffiliated Seller's Sale and Servicing Agreement. Upon any purchase of or substitution for a Deleted Mortgage Loan by the Unaffiliated Seller Originators or the Depositor in accordance with Section 3.05 4.02 of the Unaffiliated Seller's Sale and Servicing Agreement, the Indenture Trustee shall cause the Collateral Agent to deliver the Indenture Trustee's Mortgage Custodial Loan File relating to such Deleted Mortgage Loan to the Unaffiliated SellerOriginators or the Depositor, as applicable, and the Trust, the Collateral Agent and the Indenture Trustee shall execute such instruments of transfer as are necessary to convey title to such Deleted Mortgage Loan to the Unaffiliated Seller Originators or the Depositor, as applicable, from the lien of this Indenture. Nothing in this Section 8.05 should be construed to obligate the Indenture Trustee to actively monitor the correctness or accuracy of the representations and warranties of the Unaffiliated SellerOriginators or the Depositor.