Transfer of Loans. The Assignment of Mortgage is in recordable form and is acceptable for recording under the laws of the jurisdiction in which the Mortgaged Property is located.
Transfer of Loans. Except with respect to Loans registered with MERS and Cooperative Loans, the Assignment of Mortgage is in recordable form and is acceptable for recording under the laws of the jurisdiction in which the Mortgaged Property is located. With respect to each Cooperative Mortgage Loan, the UCC-3 assignment is in a form suitable for filing in the jurisdiction in which the Mortgaged Property is located.
Transfer of Loans. (a) On or prior to the Closing Date, or the Subsequent Transfer Date in the case of Subsequent Loans, CFC shall deliver the Loan Files to CFSC. CFC has filed a form UCC-1 financing statement regarding the sale of the Loans to CFSC, and shall file continuation statements in respect of such UCC-1 financing statement as if such financing statement were necessary to perfect such sale. CFC shall take any other actions necessary to maintain the perfection of the sale of the Loans to CFSC.
(b) If at any time during the term of this Agreement CFC does not have a long-term senior debt rating of A- or higher from S&P, Xxxxx'x (if rated by Xxxxx'x) and Duff & Xxxxxx (if rated by Duff & Xxxxxx), (i) CFC shall within 30 days execute and deliver to CFSC (if it has not previously done so) endorsements of each Loan and assignments in recordable form of each mortgage, deed of trust or security deed securing a Loan, and (ii) CFSC, at CFC's expense, shall within 60 days file in the appropriate recording offices the assignments to CFSC of each mortgage, deed of trust or security deed securing a Loan; provided, however, that such execution and filing of the assignments with respect to the Loans shall not be required if CFSC receives written confirmation from each of S&P, Xxxxx'x and Xxxx & Xxxxxx that the ratings of the Certificates would not be reduced or withdrawn by the failure to execute and file such assignments; provided, however, that such execution and filing shall not be required if CFC delivers an Opinion of Counsel to the effect that such assignment and recordation is not necessary to effect the assignment to CFSC of CFC's lien on the real property securing each Loan.
(c) If, as of the Post-Funding Payment Date, the aggregate Scheduled Principal Balance of Loans secured by real property located in Maryland ("Maryland Loans") exceeds 10% of the Pool Scheduled Principal Balance, CFC shall, within sixty (60) days, submit to the appropriate recording offices the assignments to CFSC on behalf of the Trust of the number of mortgages, deeds of trust or security deeds required to reduce to less than 10% of the Pool Scheduled Principal Balance the aggregate Scheduled Principal Balance of Maryland Loans as to which such assignments are not recorded.
Transfer of Loans. 8 SECTION 4.2. Costs and Expenses...............................................8 SECTION 4.3. Indemnification..................................................9 ARTICLE V REPURCHASES.........................................................9 SECTION 5.1. Repurchase of Loans Upon Breach of Warranty......................9 SECTION 5.2. Reassignment of Purchased Loans ................................10 SECTION 5.3. Waivers.........................................................10 ARTICLE VI MISCELLANEOUS.....................................................10
Transfer of Loans a. On or prior to the Closing Date, or the related Subsequent Transfer Date in the case of Subsequent Loans, the Originator shall deliver the Loan Files to the Trustee. The Trustee shall maintain the Loan Files at its office or with a duly appointed Xxxxxxxxx, who shall act as the agent of the Trustee on behalf of the Certificateholders. The Trustee may release a Loan File to the Servicer pursuant to Section 5.07. The Originator has filed a form UCC-1 financing statement regarding the sale of the Loans to the Seller, and shall file continuation statements in respect of such UCC-1 financing statement as if such financing statement were necessary to perfect the security interest granted pursuant to Section 2.01. The Originator shall take any other actions necessary to maintain the perfection of such security interest.
b. The Originator has delivered to the Trustee an Opinion of Counsel to the effect that the execution and recording of the assignments of the mortgages, deeds of trust and security deeds securing the Loans is not necessary, in any jurisdiction other than the State of Maryland, to effect the assignment to the Trustee of the Originator's lien on the real property securing each Loan. The Originator will, or will cause the Trustee, at the Originator's expense, to file in the appropriate recording offices within 60 days of the Closing Date, each mortgage, deed of trust and security deed that encumbers real property located in Maryland.
Transfer of Loans. All Series 2002-1 Loans conveyed to the Company hereunder shall be held by the Custodian pursuant to the terms of the Custodial Agreement for the benefit of the Company, the respective Issuers, the respective Trustees and the Collateral Agent. Upon each Purchase hereunder, the Custodian shall execute and deliver to the Company a certificate acknowledging receipt of the applicable Series 2002-1 Loans pursuant to the Custodial Agreement; provided that, with respect to a Series 2002-1 Loan purchased on a Purchase Date, receipt shall be timely delivered if it is delivered to the Company no later than 30 days after the Purchase Date for that Loan. The Seller acknowledges that the Company will convey the Series 2002-1 Loans and the other related Transferred Assets to the Initial Issuer or an Additional Issuer and that the Initial Issuer or Additional Issuer will grant a security interest in the Series 2002-1 Loans and other related Transferred Assets to the Collateral Agent pursuant to the applicable Indenture and Servicing Agreement. The Seller agrees that, upon such grant, the Initial Issuer or the Additional Issuer and the Collateral Agent may enforce all of the Seller’s obligations hereunder and under the Agreement directly, including without limitation the repurchase obligations of the Seller set forth in Section 7.
Transfer of Loans. Subject to the limitations and conditions specified in this Section 5.1, the Issuer may from time to time, identify additional Eligible Loans and related Pledged Assets to be granted to the Trustee and transferred to the Collateral Agent for the benefit of the Trustee on behalf of the Noteholders and such Loans and related assets shall be included as Collateral hereunder as provided herein.
Transfer of Loans. (a) On or prior to the Closing Date, or the Subsequent Transfer Date in the case of Subsequent Loans, CFC shall deliver the Loan Files to CFSC. CFC has filed a form UCC-1 financing statement regarding the sale of the Loans to CFSC, and shall file continuation statements in respect of such UCC-1 financing statement as if such financing statement were necessary to perfect such sale. CFC shall take any other actions necessary to maintain the perfection of the sale of the Loans to CFSC.
(b) CFC shall file promptly in the appropriate recording offices the assignments to the Trustee on behalf of the Trust of the mortgage, deed of trust or security deed securing each Loan relating to real estate located in Maryland, and shall deliver to the Trustee an Opinion of Counsel to the effect that the recordation of assignments of the mortgages, deeds of trust and security deeds, securing Loans relating to real estate located in any state other than Maryland, is not necessary to effect the assignment to the Trustee on behalf of the Trust of CFC's lien on the real property securing such Loans.
Transfer of Loans. On or prior to the Closing Date, or the Subsequent Transfer Date in the case of Subsequent Loans, CFC shall deliver the Loan Files to CFSC. CFC has filed a form UCC-1 financing statement regarding the sale of the Loans to CFSC, and shall file continuation statements in respect of such UCC-1 financing statement as if such financing statement were necessary to perfect such sale. CFC shall take any other actions necessary to maintain the perfection of the sale of the Loans to CFSC.
Transfer of Loans. (a) Seller hereby sells, transfers, assigns and otherwise conveys to Purchaser (A) the Initial Loans, including the Mortgage Notes, the Mortgages, any related insurance policies and all other documents in the related Loan Files and including any Eligible Substitute Loans; (B) all pool insurance policies, hazard insurance policies, and bankruptcy bonds relating to the foregoing, and (C) all amounts payable after the Cut-off Date to the holders of the Initial Loans in accordance with the terms thereof. In addition, Seller has delivered to the Purchaser or the Custodian, as directed by the Purchaser, the Loan Schedule and the documents listed on Exhibit C.
(b) Based on the Initial Certification of the Custodian, the Indenture Trustee acknowledges receipt by the Custodian of the documents identified in the Initial Certification and declares that the Custodian holds such documents and the other documents delivered to the Custodian constituting the applicable Loan Files, in trust for the exclusive use and benefit of all present and future Noteholders. The Indenture Trustee acknowledges that it or the Custodian will maintain possession of the Loans and the Loan Files in the State of Illinois, as directed by the Purchaser, unless otherwise permitted by the Rating Agencies.
(c) The Indenture Trustee agrees to deliver on the Closing Date to the Purchaser and the Servicer an Initial Certification from the Custodian (to the extent received by the Indenture Trustee from the Custodian). Based on its review and examination, and only as to the documents identified in such Initial Certification, the Custodian, pursuant to the terms of the Custodial Agreement, will acknowledge that such documents appear regular on their face and relate to such Loan. Neither the Indenture Trustee nor the Custodian shall be under any duty or obligation to inspect, review or examine said documents, instruments, certificates or other papers to determine that the same are genuine, enforceable, recordable or appropriate for the represented purpose or that they have actually been recorded in the real estate records or that they are other than what they purport to be on their face; provided, however, that neither the Indenture Trustee nor the Custodian shall make any determination as to whether (i) any endorsement is sufficient to transfer all right, title and interest of the party so endorsing, as noteholder or assignee thereof, in and to that Mortgage Note or (ii) any assignment is in recordable ...
