Common use of Transfers of Mortgage Loans Clause in Contracts

Transfers of Mortgage Loans. (a) From time to time in connection with the establishment of EquiVantage Trusts, the Originator intends to transfer to the Company, and the Company intends to accept the transfer from the Originator of, Mortgage Loans. Each such transfer will be evidenced by a Conveyance Agreement in substantially the form of Exhibit A hereto. (b) In connection with each such transfer under this Agreement or in connection with any prior transfer pursuant to another instrument of transfer the Company will pay or will have paid to the Originator, in cash, its pro rata portion of the consideration received by the Company for the Pool in connection with the issuance of the Offered Certificates, together with the Originator's pro rata portion of any subordinate certificates, unless otherwise agreed between the Originator and the Company. (c) In connection with each such transfer the Originator and the Company will deliver to the Trustee the documents required by the related Pooling and Servicing Agreement during the time periods required thereby. In the event of any document deficiencies, the Originator and the Company shall take the actions required by the related Pooling and Servicing Agreement during the time periods required thereby. The Originator in addition hereby acknowledges that the Trustee, the Servicer and the Certificate Insurer may enforce directly against the Originator any rights granted to any of them in the related Pooling and Servicing Agreement, and the Originator and the Company agree to comply with their respective duties and obligations set forth in such Pooling and Servicing Agreement.

Transfers of Mortgage Loans. (a) From time to time in connection with the establishment of EquiVantage Trusts, the Originator intends to transfer to the Company, and the Company intends to accept the transfer from the Originator of, Mortgage Loans. Each such transfer will be evidenced by a Conveyance Agreement in substantially the form of Exhibit A hereto. (b) In connection with each such transfer under this Agreement or in connection with any prior transfer pursuant to another instrument of transfer the Company will pay or will have paid to the Originator, in cash, its pro rata portion of the consideration received by the Company for the Pool in connection with the issuance of the Offered Certificates, together with the Originator's pro rata portion of any subordinate certificates, unless otherwise agreed between the Originator and the Company. (c) In connection with each such transfer the Originator and the Company will deliver to the Trustee the documents required by the related EquiVantage Pooling and Servicing Agreement during the time periods required thereby. In the event of any document deficiencies, the Originator and the Company shall take the actions required by the related EquiVantage Pooling and Servicing Agreement during the time periods required thereby. The Originator in addition hereby acknowledges that the Trustee, the Servicer and the Certificate Insurer may enforce directly against the Originator any rights granted to any of them in the related EquiVantage Pooling and Servicing Agreement, and the Originator and the Company agree to comply with their respective duties and obligations set forth in such EquiVantage Pooling and Servicing Agreement.