Common use of Wet Mortgage Loans Clause in Contracts

Wet Mortgage Loans. In connection with the funding of each Wet Mortgage Loan, Seller shall provide to the applicable Closing Agent (with a copy to Administrative Agent), (i) the Irrevocable Closing Instructions and (ii) final closing instructions which shall, without limitation, make reference to the Irrevocable Closing Instructions and stipulate the title insurance company that will be issuing the applicable title insurance policy and Closing Protection Letter, which title insurance company shall be an Acceptable Title Insurance Company. In no event shall Seller use such final closing instructions to modify or attempt to modify the terms of the Irrevocable Closing Instructions unless such modifications are agreed to in advance and in writing by Administrative Agent. Seller shall not otherwise modify or attempt to modify the terms of the Irrevocable Closing Instructions without Administrative Agent’s prior written approval. If the Closing Agent is not an Acceptable Title Insurance Company, except as otherwise permitted pursuant to Section 3.7(a)(i)(1), Seller shall also (a) confirm that the closing is covered by a blanket Closing Protection Letter issued to Administrative Agent by the title insurance company stipulated in the final closing instructions, and shall provide a copy of such Closing Protection Letter to Administrative Agent; or (b) provide to Administrative Agent (1) a Closing Protection Letter covering the closing issued to Seller by the title insurance company stipulated in the final closing instructions and (2) a duly executed Assignment of Closing Protection Letter relating to the above referenced Closing Protection Letter naming Administrative Agent as the assignee.

Wet Mortgage Loans. In connection with the funding of each Wet Mortgage LoanLoan to a Closing Agent, Guarantor or Seller shall provide to the applicable Closing Agent (with a copy to Administrative Agent), (ia) the Irrevocable Closing Instructions and (iib) final closing instructions which shall, without limitation, make reference to the Irrevocable Closing Instructions and stipulate the title insurance company that will be issuing the applicable title insurance policy and Closing Protection Letter, which title insurance company shall be an Acceptable Title Insurance Company. In no event shall Guarantor or Seller use such final closing instructions to modify or attempt to modify the terms of the Irrevocable Closing Instructions unless such modifications are agreed to in advance and in writing by Administrative AgentBuyer. Neither Guarantor nor Seller shall not otherwise modify or attempt to modify the terms of the Irrevocable Closing Instructions without Administrative AgentBuyer’s prior written approval. If the Closing Agent is not an Acceptable Title Insurance Company, except as otherwise permitted pursuant to Section 3.7(a)(i)(13.6(a)(i), Guarantor or Seller shall also (ai) confirm that the closing is covered by a blanket Closing Protection Letter issued to Administrative Agent Guarantor or Seller, and assignable to Buyer, by the title insurance company stipulated in the final closing instructions, and shall provide a copy be in possession of such Closing Protection Letter to Administrative Agentin accordance with Section 3.6(a); or (bii) provide to Administrative Agent be in possession of the following documents in accordance with Section 3.6(a): (1) a Closing Protection Letter covering the closing issued to Seller by the title insurance company stipulated in the final closing instructions and (2) a duly executed Assignment of Closing Protection Letter relating to the above referenced Closing Protection Letter naming Administrative Agent as the assigneeSeller and assignable to Buyer.

Wet Mortgage Loans. In connection with the funding of each Wet Mortgage Loan, Seller shall and shall cause Underlying Repurchase Counterparty to provide to the applicable Closing Agent (with a copy to Administrative AgentBuyer), (i) the Irrevocable Closing Instructions and (ii) final closing instructions which shall, without limitation, make reference to the Irrevocable Closing Instructions and stipulate the title insurance company that will be issuing the applicable title insurance policy and Closing Protection Letter, which title insurance company shall be an Acceptable Title Insurance Company. In no event shall Seller or shall Seller permit Underlying Repurchase Counterparty to use such final closing instructions to modify or attempt to modify the terms of the Irrevocable Closing Instructions unless such modifications are agreed to in advance and in writing by Administrative AgentBuyer. Seller shall not and shall not permit Underlying Repurchase Counterparty to otherwise modify or attempt to modify the terms of the Irrevocable Closing Instructions without Administrative AgentBuyer’s prior written approval. If the Closing Agent is not an Acceptable Title Insurance Company, except as otherwise permitted pursuant to Section 3.7(a)(i)(13(k)(1)(i), Seller shall and shall cause Underlying Repurchase Counterparty to also (a) confirm that the closing is covered by a blanket Closing Protection Letter issued to Administrative Agent Buyer by the title insurance company stipulated in the final closing instructions, and shall provide a copy of such Closing Protection Letter to Administrative AgentBuyer; or (b) provide to Administrative Agent Buyer (1) a Closing Protection Letter covering the closing issued to Seller and/or Underlying Repurchase Counterparty by the title insurance company stipulated in the final closing instructions and (2) a duly executed Assignment of Closing Protection Letter relating to the above referenced Closing Protection Letter naming Administrative Agent Buyer as the assignee.

Wet Mortgage Loans. In connection with the funding of each Wet Mortgage LoanLoan to a Closing Agent, Seller shall provide to the applicable Closing Agent (with a copy to Administrative Agent), (i) the Irrevocable Closing Instructions and (ii) final closing instructions which shall, without limitation, make reference to the Irrevocable Closing Instructions and stipulate the title insurance company that will be issuing the applicable title insurance policy and Closing Protection Letter, which title insurance company shall be an Acceptable Title Insurance Company. In no event shall Seller use such final closing instructions to modify or attempt to modify the terms of the Irrevocable Closing Instructions unless such modifications are agreed to in advance and in writing by Administrative Agent, on behalf of Buyers. Seller shall not otherwise modify or attempt to modify the terms of the Irrevocable Closing Instructions without Administrative Agent’s prior written approval. If the Closing Agent is not an Acceptable Title Insurance Company, except as otherwise permitted pursuant to Section 3.7(a)(i)(1), Seller shall also (a) confirm that the closing is covered by a blanket Closing Protection Letter issued to Seller, and assignable to Administrative Agent Agent, by the title insurance company stipulated in the final closing instructions, and shall provide a copy be in possession of such Closing Protection Letter to Administrative AgentLetter; or (b) provide to Administrative Agent be in possession of the following documents: (1) a Closing Protection Letter covering the closing issued to Seller by the title insurance company stipulated in the final closing instructions and (2) a duly executed Assignment of Closing Protection Letter relating to the above referenced Closing Protection Letter naming Seller and assignable to Administrative Agent as the assignee.Agent, on behalf of Buyers. ​