Common use of Trust Release Letters Clause in Contracts

Trust Release Letters. If Seller believes that a Mortgage Note contains one or more aspects that are correctable and necessary to facilitate the purchase or enforceability of that Mortgage Note, then Seller may deliver a Trust Release Letter to Buyer to request the release of the Mortgage Note to Seller for the purpose of making that correction. If Buyer, in its reasonable discretion, deems the reason stated by Seller in the Trust Release Letter to be sufficient to cause the Mortgage Note to be returned to Seller for correction, then Buyer will deliver the Mortgage Note to Seller at its earliest convenience. Seller shall return the corrected Mortgage Note to Buyer no later than the twenty-one (21) days after the date of the related Trust Release Letter. At all times any Mortgage Note is in the possession Seller pursuant to a Trust Release Letter, Seller shall hold such Mortgage Note in trust for the benefit of Buyer. At no time shall the aggregate original Outstanding Principal Balance of all Mortgage Notes released to Seller pursuant to this paragraph exceed Five Million Dollars ($5,000,000).

Trust Release Letters. If Seller believes that a Mortgage Note contains one or more aspects that are correctable and necessary to facilitate the purchase or enforceability of that Mortgage Note, then Seller may deliver a Trust Release Letter to Buyer to request the release of the Mortgage Note to Seller for the purpose of making that correction. If Buyer, in its reasonable sole discretion, deems the reason stated by Seller in the Trust Release Letter to be sufficient to cause the Mortgage Note to be returned to Seller for correction, then Buyer will deliver the Mortgage Note to Seller at its earliest convenience. Seller shall return the corrected Mortgage Note to Buyer no later than the twenty-one fifth (215th) days Business Day after the date of the related Trust Release Letter. At all times any Mortgage Note is in the possession Seller pursuant to a Trust Release Letter, Seller shall hold such Mortgage Note in trust for the benefit of Buyer. At no time shall the aggregate original Outstanding Principal Balance of all Mortgage Notes released to Seller pursuant to this paragraph exceed Five Million Dollars ($5,000,000)10,000,000.

Trust Release Letters. If a Seller believes that a Mortgage Note contains one or more aspects errors or omissions that are correctable and necessary to facilitate the purchase or enforceability of that Mortgage Note, then a Seller may deliver a Trust Release Letter to Buyer to request the release of the Mortgage Note to a Seller for the purpose of making that correction. If Buyer, in its reasonable sole discretion, deems the reason stated by a Seller in the Trust Release Letter to be sufficient to cause warrant return of the Mortgage Note to be returned to a Seller for correction, then Buyer will deliver the Mortgage Note to such Seller at its earliest convenience. The related Seller shall return the corrected Mortgage Note to Buyer no later than the twenty-one fifth (215th) days Business Day after the date of the related Trust Release Letter. At all times any Mortgage Note is in the possession Seller Sellers pursuant to a Trust Release LetterLetter or otherwise, Seller Sellers shall hold such Mortgage Note in trust for the benefit of Buyer. At no time shall the aggregate original Outstanding Principal Balance of all Mortgage Notes released to Seller all Sellers pursuant to this paragraph Paragraph exceed Five Million Dollars ($5,000,000).