Common use of Retitling of Land Home Contracts Clause in Contracts

Retitling of Land Home Contracts. (a) If the Contract Seller or the Servicer receives actual notice or knowledge that GreenPoint Bank, the parent of the Contract Seller, is no longer assigned a long-term senior debt rating from Xxxxx'x of Baa3 or higher, of BBB- or higher from S&P, the Servicer shall promptly provide notice to the Trustee that GreenPoint Bank no longer has such rating. If at any time during the term of this Agreement the Trustee receives written notice from the Servicer or the Contract Seller that GreenPoint Bank does not have a long-term senior debt rating from Xxxxx'x of Baa3 or higher, of BBB- or higher from S&P, or if the Trustee otherwise becomes aware that the Contract Seller is no longer assigned such rating, the Trustee, at the Contract Seller's expense, shall file promptly in the appropriate recording offices the assignments to the Trustee on behalf of the Trust Fund of each Mortgage securing a Land Home Contract sold by the Contract Seller to the Trust Fund. (b) If at any time GreenPoint Bank does not own, directly or indirectly, at least 51% of the membership interests of GreenPoint, GreenPoint shall promptly provide notice to the Trustee that GreenPoint Bank no longer has such ownership interest. If at any time during the term of this Agreement the Trustee receives written notice from GreenPoint that GreenPoint Bank does not own, directly or indirectly, at least 51% of the membership interests of GreenPoint, or if the Trustee otherwise becomes aware that GreenPoint Bank no longer has such ownership interest, the Trustee, at the Contract Seller's expense, shall file promptly in the appropriate recording offices the assignments to the Trustee on behalf of the Trust Fund of each Mortgage securing a Land Home Contract.

Retitling of Land Home Contracts. (a) If the Contract Seller or the Servicer receives actual notice or knowledge that GreenPoint Bank, the parent of the Contract SellerOriginator and the Servicer, is no longer assigned a long-term senior debt rating from Xxxxx'x Moody's of Baa3 or higher, of BBB- or higher xx xxxher from S&P, the Servicer shall promptly provide notice to the Trustee Trustee, the Certificate Insurer and the Depositor that GreenPoint Bank no longer has such rating. If at any time during the term of this Agreement the Trustee receives written notice from the Servicer or the Contract Seller that GreenPoint Bank does not have a long-term senior debt rating from Xxxxx'x Moody's of Baa3 or higher, of BBB- or higher xx xxxher from S&P, or if the Trustee otherwise becomes aware that the Contract Seller Servicer is no longer assigned such rating, the Trustee, at the Contract SellerServicer's expense, shall file promptly in the appropriate recording offices the assignments to the Trustee on behalf of the Trust Fund of each Mortgage securing a Land Home Contract sold by the Contract Seller Depositor to the Trust Fund; provided, however, if the Servicer is unable or unwilling to bear such expense of recordation of assignments, then the Trustee shall be entitled to record such Assignments or engage a third-party vendor to record such Assignment and, in any event, any expense incurred by the Trustee hereunder shall be reimbursable as an Extraordinary Trust Fund Expense. (b) If at any time GreenPoint Bank does not own, directly or indirectly, at least 51% of the membership interests of GreenPoint, GreenPoint shall promptly provide notice to the Trustee Trustee, the Certificate Insurer and the Depositor that GreenPoint Bank no longer has such ownership interest. If at any time during the term of this Agreement the Trustee receives written notice from GreenPoint that GreenPoint Bank does not own, directly or indirectly, at least 51% of the membership interests of GreenPoint, or if the Trustee otherwise becomes aware that GreenPoint Bank no longer has such ownership interest, the Trustee, at the Contract SellerServicer's expense, shall file promptly in the appropriate recording offices the assignments to the Trustee on behalf of the Trust Fund of each Mortgage securing a Land Home Contract.

Retitling of Land Home Contracts. (a) If the Contract Seller or the Servicer receives actual notice or knowledge that GreenPoint Bank, the parent of the Contract Seller, is no longer assigned a long-term senior debt rating from (i) Xxxxx'x of Baa3 or higher, higher and from S&P of BBB- BBB or higher from S&Pwhile the Group II Certificates are outstanding or (ii) S&P and Fitch of BBB (or, in the case of Fitch, investment grade by Duff and Xxxxxx) or higher while the Group I Certificates are outstanding, the Servicer shall promptly provide notice to the Trustee that GreenPoint Bank no longer has such rating. If at any time during the term of this Agreement the Trustee receives written notice from the Servicer or the Contract Seller that GreenPoint Bank does not have a long-term senior debt rating from (i) Xxxxx'x of Baa3 or higher, higher and from S&P of BBB- BBB or higher from S&Pwhile the Group II Certificates are outstanding or (ii) S&P and Fitch of BBB (or, in the case of Fitch, investment grade by Duff and Xxxxxx) or higher while the Group I Certificates are outstanding, or if the Trustee otherwise becomes aware that the Contract Seller is no longer assigned such rating, the Trustee, at the Contract Seller's expense, shall file promptly in the appropriate recording offices the assignments to the Trustee on behalf of the Trust Fund of each Mortgage securing a Land Home Contract sold by the Contract Seller with respect to the Trust FundGroup I or Group II, as applicable. (b) If at any time GreenPoint Bank does not own, directly or indirectly, at least 51% of the membership interests of GreenPoint, GreenPoint shall promptly provide notice to the Trustee that GreenPoint Bank no longer has such ownership interest. If at any time during the term of this Agreement the Trustee receives written notice from GreenPoint that GreenPoint Bank does not own, directly or indirectly, at least 51% of the membership interests of GreenPoint, or if the Trustee otherwise becomes aware that GreenPoint Bank no longer has such ownership interest, the Trustee, at the Contract Seller's expense, shall file promptly in the appropriate recording offices the assignments to the Trustee on behalf of the Trust Fund of each Mortgage securing a Land Home Contract.

Retitling of Land Home Contracts. (a) If the Contract Seller or the Servicer receives actual notice or knowledge that GreenPoint Bank, the parent of the Contract Seller, is no longer assigned a long-term senior debt rating from Xxxxx'x of Baa3 or higher, of BBB- or higher from S&P, the Servicer shall promptly provide notice to the Trustee and Fitch that GreenPoint Bank no longer has such rating. If at any time during the term of this Agreement the Trustee receives written notice from the Servicer or the Contract Seller that GreenPoint Bank does not have a long-term senior debt rating from Xxxxx'x of Baa3 or higher, of BBB- or higher from S&P, or if the Trustee otherwise becomes aware that the Contract Seller is no longer assigned such rating, the Trustee, at the Contract Seller's expense, shall file promptly in the appropriate recording offices the assignments to the Trustee on behalf of the Trust Fund of each Mortgage securing a Land Home Contract sold by the Contract Seller to the Trust FundContract. (b) If at any time GreenPoint Bank does not own, directly or indirectly, at least 51% of the membership interests of GreenPoint, GreenPoint shall promptly provide notice to the Trustee that GreenPoint Bank no longer has such ownership interest. If at any time during the term of this Agreement the Trustee receives written notice from GreenPoint that GreenPoint Bank does not own, directly or indirectly, at least 51% of the membership interests of GreenPoint, or if the Trustee otherwise becomes aware that GreenPoint Bank no longer has such ownership interest, the Trustee, at the Contract Seller's expense, shall file promptly in the appropriate recording offices the assignments to the Trustee on behalf of the Trust Fund of each Mortgage securing a Land Home Contract.

Retitling of Land Home Contracts. (a) If the Contract Seller or the Servicer receives actual notice or knowledge that GreenPoint Bank, the parent of the Contract Seller, is no longer assigned a long-term senior debt rating from Xxxxx'x Moody's of Baa3 or higher, of BBB- or higher from S&P, the Servicer xx xxx Contract Seller shall promptly provide notice to the Trustee that GreenPoint Bank no longer has such rating. If at any time during the term of this Agreement the Trustee receives written notice from the Servicer or the Contract Seller that GreenPoint Bank does not have a long-term senior debt rating from Xxxxx'x Moody's of Baa3 or higher, of BBB- or higher from S&P, or if the Trustee otherwise Trxxxxx xtherwise becomes aware that the Contract Seller is no longer assigned such rating, the Trustee, at the Contract Seller's expense, shall file promptly in the appropriate recording offices the assignments to the Trustee on behalf of the Trust Fund of each Mortgage securing a Land Home Contract sold by the Contract Seller to the Trust Fund. (b) If at any time GreenPoint Bank does not own, directly or indirectly, at least 51% of the membership interests of GreenPoint, GreenPoint shall promptly provide notice to the Trustee that GreenPoint Bank no longer has such ownership interest. If at any time during the term of this Agreement the Trustee receives written notice from GreenPoint that GreenPoint Bank does not own, directly or indirectly, at least 51% of the membership interests of GreenPoint, or if the Trustee otherwise becomes aware that GreenPoint Bank no longer has such ownership interest, the Trustee, at the Contract Seller's expense, shall file promptly in the appropriate recording offices the assignments to the Trustee on behalf of the Trust Fund of each Mortgage securing a Land Home Contract.

Retitling of Land Home Contracts. (a) If the Contract Seller or the Servicer receives actual notice or knowledge that GreenPoint Bank, the parent of the Contract Seller, is no longer assigned a long-term senior debt rating from Xxxxx'x of Baa3 or higher, of BBB- or higher from S&P, the Servicer shall promptly provide notice to the Purchaser and the Indenture Trustee that GreenPoint Bank no longer has such rating. If at any time during the term of this Agreement the Indenture Trustee receives written notice from the Servicer or the Contract Seller that GreenPoint Bank does not have a long-term senior debt rating from Xxxxx'x of Baa3 or higher, of BBB- or higher from S&P, or if the Indenture Trustee otherwise becomes aware that the Contract Seller is no longer assigned such rating, the Indenture Trustee, at the Contract Seller's expense, shall file promptly in the appropriate recording offices the assignments to the Indenture Trustee on behalf of the Trust Fund of each Mortgage securing a Land Home Contract sold by the Contract Seller to the Purchaser and pledged to the Trust Fund. (b) If at any time GreenPoint Bank does not own, directly or indirectly, at least 51% of the membership interests of GreenPoint, GreenPoint shall promptly provide notice to the Purchaser and the Indenture Trustee that GreenPoint Bank no longer has such ownership interest. If at any time during the term of this Agreement the Indenture Trustee receives written notice from GreenPoint that GreenPoint Bank does not own, directly or indirectly, at least 51% of the membership interests of GreenPoint, or if the Indenture Trustee otherwise becomes aware that GreenPoint Bank no longer has such ownership interest, the Indenture Trustee, at the Contract Seller's expense, shall file promptly in the appropriate recording offices the assignments to the Indenture Trustee on behalf of the Trust Fund of each Mortgage securing a Land Home Contract.

Retitling of Land Home Contracts. (a) If the Contract Seller or the Servicer receives actual notice or knowledge that GreenPoint Bank, the parent of the Contract Seller, is no longer assigned a long-term senior debt rating from Xxxxx'x Moody's of Baa3 or higher, of BBB- or higher from S&P, the Servicer Servicex xx xxe Contract Seller shall promptly provide notice to the Trustee that GreenPoint Bank no longer has such rating. If at any time during the term of this Agreement the Trustee receives written notice from the Servicer or the Contract Seller that GreenPoint Bank does not have a long-term senior debt rating from Xxxxx'x Moody's of Baa3 or higher, of BBB- or higher from S&P, or if the Trustee Txxxxxx otherwise becomes aware that the Contract Seller is no longer assigned such rating, the Trustee, at the Contract Seller's expense, shall file promptly in the appropriate recording offices the assignments to the Trustee on behalf of the Trust Fund of each Mortgage securing a Land Home Contract sold by the Contract Seller to the Trust Fund. (b) If at any time GreenPoint Bank does not own, directly or indirectly, at least 51% of the membership interests of GreenPoint, GreenPoint shall promptly provide notice to the Trustee that GreenPoint Bank no longer has such ownership interest. If at any time during the term of this Agreement the Trustee receives written notice from GreenPoint that GreenPoint Bank does not own, directly or indirectly, at least 51% of the membership interests of GreenPoint, or if the Trustee otherwise becomes aware that GreenPoint Bank no longer has such ownership interest, the Trustee, at the Contract Seller's expense, shall file promptly in the appropriate recording offices the assignments to the Trustee on behalf of the Trust Fund of each Mortgage securing a Land Home Contract.