Common use of Releases of Mortgage Notes for Servicing Clause in Contracts

Releases of Mortgage Notes for Servicing. The Servicer may from time to time request, in writing in the form of Exhibit D-7 hereto, that the Collateral Agent deliver a Mortgage Note that constitutes Mortgage Loan Collateral so that (a) such Mortgage Note may be replaced by a corrected Mortgage Note, or (b) any servicing action may take place with respect to such Mortgage Note. Upon receipt by the Collateral Agent of such a request from the Servicer, and so long as the Collateral Agent has not received written notice that a Default or Event of Default shall be in existence, the Collateral Agent shall deliver to the Servicer, under the "Trust Receipt and Security Agreement Letter," substantially in the form of Exhibit D-7, hereto, or such other form as may be approved by the Administrative Agent, the Mortgage Note to be corrected or serviced, such delivery to be conditioned upon the receipt by the Collateral Agent within fourteen (14) calendar days of either a corrected Mortgage Note, in the case of Mortgage Notes delivered for correction, or the Mortgage Note originally delivered to the Servicer by the Collateral Agent, in the case of a Mortgage Note delivered for a servicing action; provided, that (as certified to the Collateral Agent by the Servicer): (i) at no time shall Mortgage Notes having an aggregate Collateral Value in excess of $5,000,000 be so delivered to the Servicer pursuant to this Section 3.5 (the Collateral Value assigned to each such Mortgage Notes delivered for correction shall be determined utilizing as the principal amount of such Mortgage Note the lesser of the uncorrected face value of such Mortgage Note and the correct face value of such Mortgage Note known to the Borrower or the Servicer; provided, however, that if the correct face value of such Mortgage Note is not known to the Collateral Agent, the Collateral Agent may use the uncorrected face value of such Mortgage Note in determining the Collateral Value); (ii) with respect to Mortgage Notes delivered for correction, until such time as a corrected Mortgage Note shall have been delivered to the Collateral Agent, the Collateral Value attributed to each Mortgage Note delivered to the Servicer to be corrected in accordance with this Section 3.5 shall be the lesser of the uncorrected face value of such Mortgage Note and the corrected face value of such Mortgage Note known to the Borrower and communicated in writing by the Borrower to the Collateral Agent; provided, however, that if the correct face value of such Mortgage Note is not known to the Collateral Agent, the Collateral Agent may use the uncorrected face value of such Mortgage Note in determining the Collateral Value; and (iii) notwithstanding the preceding clause (ii), unless, (A) in the case of Mortgage Notes delivered for correction, the corrected Mortgage Note is endorsed in blank (without recourse) and re-delivered to the Collateral Agent within 14 calendar days of the date of delivery by the Collateral Agent of the Mortgage Note to be corrected, or (B) in the case of Mortgage Notes delivered for servicing actions, the original Mortgage Note is re-delivered to the Collateral Agent within 14 calendar days of the date of delivery by the Collateral Agent of the Mortgage Note to be serviced, the Collateral Value attributed to either the Mortgage Note to be delivered and the corrected Mortgage Note, or the Mortgage Note delivered for servicing, shall be zero beginning on the 15th calendar day; provided, however, that the Collateral Value attributable to the corrected Mortgage Note or the Mortgage Note delivered for correction or servicing will be reinstated promptly upon the subsequent delivery thereof to the Collateral Agent.

Releases of Mortgage Notes for Servicing. The Servicer may from time to time request, in writing in the form of Exhibit D-7 hereto, that the Collateral Agent deliver a Mortgage Note that constitutes Mortgage Loan Collateral so that (a) such Mortgage Note may be replaced by a corrected Mortgage Note, or (b) any servicing action may take place with respect to such Mortgage Note. Upon receipt by the Collateral Agent of such a request from the Servicer, and so long as the Collateral Agent has not received written notice that a Default or Event of Default shall be in existence, the Collateral Agent shall deliver to the Servicer, under the "Trust Receipt and Security Agreement Letter," substantially in the form of Exhibit D-7, hereto, or such other form as may be approved by the Administrative Agent, the Mortgage Note to be corrected or serviced, such delivery to be conditioned upon the receipt by the Collateral Agent within fourteen (14) calendar days of either a corrected Mortgage Note, in the case of Mortgage Notes delivered for correction, or the Mortgage Note originally delivered to the Servicer by the Collateral Agent, in the case of a Mortgage Note delivered for a servicing action; provided, that (as certified to the Collateral Agent by the Servicer): (i) at no time shall Mortgage Notes having an aggregate Collateral Value in excess of $5,000,000 2.5% of the Maximum Facility Amount be so delivered to the Servicer pursuant to this Section 3.5 (the Collateral Value assigned to each such Mortgage Notes delivered for correction shall be determined utilizing as the principal amount of such Mortgage Note the lesser of the uncorrected face value of such Mortgage Note and the correct face value of such Mortgage Note known to the Borrower or the Servicer; provided, however, that if the correct face value of such Mortgage Note is not known to the Collateral Agent, the Collateral Agent may use the uncorrected face value of such Mortgage Note in determining the Collateral Value); (ii) with respect to Mortgage Notes delivered for correction, until such time as a corrected Mortgage Note shall have been delivered to the Collateral Agent, the Collateral Value attributed to each Mortgage Note delivered to the Servicer to be corrected in accordance with this Section 3.5 shall be the lesser of the uncorrected face value of such Mortgage Note and the corrected face value of such Mortgage Note known to the Borrower and communicated in writing by the Borrower to the Collateral Agent; provided, however, that if the correct face value of such Mortgage Note is not known to the Collateral Agent, the Collateral Agent may use the uncorrected face value of such Mortgage Note in determining the Collateral Value; and (iii) notwithstanding the preceding clause (ii), unless, (A) in the case of Mortgage Notes delivered for correction, the corrected Mortgage Note is endorsed in blank (without recourse) and re-delivered to the Collateral Agent within 14 calendar days of the date of delivery by the Collateral Agent of the Mortgage Note to be corrected, or (B) in the case of Mortgage Notes delivered for servicing actions, the original Mortgage Note is re-delivered to the Collateral Agent within 14 calendar days of the date of delivery by the Collateral Agent of the Mortgage Note to be serviced, the Collateral Value attributed to either the Mortgage Note to be delivered and the corrected Mortgage Note, or the Mortgage Note delivered for servicing, shall be zero beginning on the 15th calendar day; provided, however, that the Collateral Value attributable to the corrected Mortgage Note or the Mortgage Note delivered for correction or servicing will be reinstated promptly upon the subsequent delivery thereof to the Collateral Agent.

Releases of Mortgage Notes for Servicing. The Servicer may from time to time request, in writing in the form of Exhibit D-7 hereto, that the Collateral Agent Custodian deliver a Mortgage Note that constitutes Mortgage Loan Collateral so that (a) such Mortgage Note may be replaced by a corrected Mortgage Note, or (b) any servicing action may take place with respect to such Mortgage Note. Upon receipt by the Collateral Agent Custodian of such a request from the Servicer, and so long as the Collateral Agent Custodian has not received written notice that a Default or Event of Default shall be in existence, the Collateral Agent Custodian shall deliver to the Servicer, under the "“Trust Receipt and Security Agreement Letter," ” substantially in the form of Exhibit D-7, hereto, or such other form as may be approved by the Administrative Agent, the Mortgage Note to be corrected or serviced, such delivery to be conditioned upon the receipt by the Collateral Agent Custodian within fourteen (14) calendar days of either a corrected Mortgage Note, in the case of Mortgage Notes delivered for correction, or the Mortgage Note originally delivered to the Servicer by the Collateral AgentCustodian, in the case of a Mortgage Note delivered for a servicing action; provided, that (as certified to the Collateral Agent Custodian by the Servicer): (i) at no time shall Mortgage Notes having an aggregate Collateral Recognized Value in excess of $5,000,000 2.5% of the Maximum Facility Amount be so delivered to the Servicer pursuant to this Section 3.5 (the Collateral Recognized Value assigned to each such Mortgage Notes delivered for correction shall be determined utilizing as the principal amount of such Mortgage Note the lesser of the uncorrected face value of such Mortgage Note and the correct face value of such Mortgage Note known to the Borrower Sellers or the Servicer; provided, however, that if the correct face value of such Mortgage Note is not known to the Collateral AgentCustodian, the Collateral Agent Custodian may use the uncorrected face value of such Mortgage Note in determining the Collateral Recognized Value); (ii) with respect to Mortgage Notes delivered for correction, until such time as a corrected Mortgage Note shall have been delivered to the Collateral AgentCustodian, the Collateral Recognized Value attributed to each Mortgage Note delivered to the Servicer to be corrected in accordance with this Section 3.5 shall be the lesser of the uncorrected face value of such Mortgage Note and the corrected face value of such Mortgage Note known to the Borrower Sellers and communicated in writing by the Borrower Sellers to the Collateral AgentCustodian; provided, however, that if the correct face value of such Mortgage Note is not known to the Collateral AgentCustodian, the Collateral Agent Custodian may use the uncorrected face value of such Mortgage Note in determining the Collateral Recognized Value; and (iii) notwithstanding the preceding clause (ii), unless, (A) in the case of Mortgage Notes delivered for correction, the corrected Mortgage Note is endorsed in blank (without recourse) and re-delivered to the Collateral Agent Custodian within 14 calendar days of the date of delivery by the Collateral Agent Custodian of the Mortgage Note to be corrected, or (B) in the case of Mortgage Notes delivered for servicing actions, the original Mortgage Note is re-delivered to the Collateral Agent Custodian within 14 calendar days of the date of delivery by the Collateral Agent Custodian of the Mortgage Note to be serviced, the Collateral Recognized Value attributed to either the Mortgage Note to be delivered and the corrected Mortgage Note, or the Mortgage Note delivered for servicing, shall be zero beginning on the 15th calendar day; provided, however, that the Collateral Recognized Value attributable to the corrected Mortgage Note or the Mortgage Note delivered for correction or servicing will be reinstated promptly upon the subsequent delivery thereof to the Collateral AgentCustodian.

Releases of Mortgage Notes for Servicing. The Servicer may from time to time request, in writing in the form of Exhibit D-7 hereto, that the Collateral Agent Custodian deliver a Mortgage Note that constitutes Mortgage Loan Collateral so that (a) such Mortgage Note may be replaced by a corrected Mortgage Note, or (b) any servicing action may take place with respect to such Mortgage Note. Upon receipt by the Collateral Agent Custodian of such a request from the Servicer, and so long as the Collateral Agent Custodian has not received written notice that a Default or Event of Default shall be in existence, the Collateral Agent Custodian shall deliver to the Servicer, under the "Trust Receipt and Security Agreement Letter," substantially in the form of Exhibit D-7, hereto, or such other form as may be approved by the Administrative Agent, the Mortgage Note to be corrected or serviced, such delivery to be conditioned upon the receipt by the Collateral Agent Custodian within fourteen (14) calendar days of either a corrected Mortgage Note, in the case of Mortgage Notes delivered for correction, or the Mortgage Note originally delivered to the Servicer by the Collateral AgentCustodian, in the case of a Mortgage Note delivered for a servicing action; provided, that (as certified to the Collateral Agent Custodian by the Servicer): (i) at no time shall Mortgage Notes having an aggregate Collateral Recognized Value in excess of $5,000,000 2.5% of the Maximum Facility Amount be so delivered to the Servicer pursuant to this Section 3.5 (the Collateral Recognized Value assigned to each such Mortgage Notes delivered for correction shall be determined utilizing as the principal amount of such Mortgage Note the lesser of the uncorrected face value of such Mortgage Note and the correct face value of such Mortgage Note known to the Borrower Sellers or the Servicer; provided, however, that if the correct face value of such Mortgage Note is not known to the Collateral AgentCustodian, the Collateral Agent Custodian may use the uncorrected face value of such Mortgage Note in determining the Collateral Recognized Value); (ii) with respect to Mortgage Notes delivered for correction, until such time as a corrected Mortgage Note shall have been delivered to the Collateral AgentCustodian, the Collateral Recognized Value attributed to each Mortgage Note delivered to the Servicer to be corrected in accordance with this Section 3.5 shall be the lesser of the uncorrected face value of such Mortgage Note and the corrected face value of such Mortgage Note known to the Borrower Sellers and communicated in writing by the Borrower Sellers to the Collateral AgentCustodian; provided, however, that if the correct face value of such Mortgage Note is not known to the Collateral AgentCustodian, the Collateral Agent Custodian may use the uncorrected face value of such Mortgage Note in determining the Collateral Recognized Value; and (iii) notwithstanding the preceding clause (ii), unless, (A) in the case of Mortgage Notes delivered for correction, the corrected Mortgage Note is endorsed in blank (without recourse) and re-delivered to the Collateral Agent Custodian within 14 calendar days of the date of delivery by the Collateral Agent Custodian of the Mortgage Note to be corrected, or (B) in the case of Mortgage Notes delivered for servicing actions, the original Mortgage Note is re-delivered to the Collateral Agent Custodian within 14 calendar days of the date of delivery by the Collateral Agent Custodian of the Mortgage Note to be serviced, the Collateral Recognized Value attributed to either the Mortgage Note to be delivered and the corrected Mortgage Note, or the Mortgage Note delivered for servicing, shall be zero beginning on the 15th calendar 15thcalendar day; provided, however, that the Collateral Recognized Value attributable to the corrected Mortgage Note or the Mortgage Note delivered for correction or servicing will be reinstated promptly upon the subsequent delivery thereof to the Collateral AgentCustodian.