Underlying POP Repurchase Documents Sample Clauses

Underlying POP Repurchase Documents. The Underlying POP Repurchase Documents contain the following characteristics: (a) The Underlying POP Repurchase Agreement contains broad repledge, assignment and rehypothecation provisions in favor of POP permitting POP to sell, transfer and assign to the Buyer hereunder, without restriction or rights to consent by PennyMac Corp. or any other Person, all of POP's right, title and interest in any Mortgage Loans purchased by POP pursuant to such Underlying POP Repurchase Agreement; (b) The Underlying POP Repurchase Agreement contains a backup grant of security interest in each related Mortgage Loan to POP, similar in form and substance to the security interest granted to the Buyer hereunder, and the Underlying POP Repurchase Agreement or an ancillary document thereto provides for a provision or instruction that, (i) unless such Mortgage Loan is a Wet-Ink Mortgage Loan, the Mortgage File in respect of such Mortgage Loan be delivered by PennyMac Corp. directly to the Buyer or the Buyer’s designee and (ii) if such Mortgage Loan is a Wet-Ink Mortgage Loan, the Settlement Agent has been instructed to hold the Mortgage File for the benefit of the Buyer or the Buyer’s designee and has agreed to deliver the related Mortgage File directly to the Buyer or the Buyer’s designee; (c) The Underlying POP Repurchase Agreement contains a broad grant of a power of attorney to POP and POP's attorneys-in-fact, including the Buyer; (d) The Underlying POP Repurchase Agreement grants to POP and the Buyer the right to immediately terminate PennyMac Corp.’s right or any third party servicer’s right to service or manage Mortgage Loans; (e) The Underlying POP Repurchase Agreement requires that each Servicer has adequate financial standing, servicing facilities, procedures and experienced personnel necessary for the sound servicing or managing, as applicable, of mortgage loans and real property of the same types as may from time to time constitute Mortgage Loans and in accordance with Accepted Servicing Practices; (f) The Underlying POP Electronic Tracking Agreement or other Underlying POP Repurchase Documents provides that PennyMac Corp. (i) gives the Buyer the authority to change fields in the MERS System as appropriate, including, without limitation, changing the “interim funder” field to insert parties with which a Seller enters into financing arrangements including repurchase agreements with respect to such Mortgage Loans and (ii) authorizes a Seller to enter into an electronic t...