Common use of Whole Loan; Ownership of Mortgage Loans Clause in Contracts

Whole Loan; Ownership of Mortgage Loans. Except with respect to each participation, each Mortgage Loan is a whole loan and not a participation interest in a Mortgage Loan. Each participation is a senior portion (or a pari passu portion of a senior portion) of a whole mortgage loan evidenced by a senior note. Immediately prior to the sale, transfer and assignment to depositor, no Mortgage Note or Mortgage was subject to any assignment (other than assignments to the Seller), participation (other than with respect to participations) or pledge, and the Seller had good title to, and was the sole owner of, each Mortgage Loan free and clear of any and all liens, charges, pledges, encumbrances, participations (other than with respect to participations), any other ownership interests and other interests on, in or to such Mortgage Loan other than any servicing rights appointment, subservicing or similar agreement. The Seller has full right and authority to sell, assign and transfer each Mortgage Loan, and the assignment to depositor constitutes a legal, valid and binding assignment of such Mortgage Loan free and clear of any and all liens, pledges, charges or security interests of any nature encumbering such Mortgage Loan.

Whole Loan; Ownership of Mortgage Loans. Except with respect to each participation, each Each Mortgage Loan is a whole loan and not a participation interest in a Mortgage Loan. Each participation Participation is a senior portion (or a fully funded pari passu portion participation interest (with no existing more-senior participation interest) in a Mortgage Loan. At the time of a senior portion) of a whole mortgage loan evidenced by a senior note. Immediately prior to the sale, transfer and assignment to depositorthe Issuer, no Mortgage Note Note, Mortgage or Mortgage Participation was subject to any assignment (other than assignments to the Seller), participation (other than with respect to participationsa Participation) or pledge, and the Seller had good title to, and was the sole owner of, each Mortgage Loan free and clear of any and all liens, charges, pledges, encumbrances, participations (other than with respect to participationsa Participation), any other ownership interests and other interests on, in or to such Mortgage Loan other than any servicing rights appointment, subservicing appointment or similar agreement. The Seller has full right and authority to sell, assign and transfer each Mortgage Loan, and the assignment to depositor the Issuer constitutes a legal, valid and binding assignment of such Mortgage Loan free and clear of any and all liens, pledges, charges or security interests of any nature encumbering such Mortgage Loan.

Whole Loan; Ownership of Mortgage Loans. Except with respect to each participation, each Each Closing Date Mortgage Loan is a whole loan and not a participation interest in a Mortgage Loan. Each participation Additional Mortgage Loan and Reinvestment Mortgage Loan that is a Senior Participation is a senior portion (or a pari passu portion of interest in a senior portion) of a whole mortgage loan evidenced by a senior noteloan. Immediately prior to At the time of the sale, transfer and assignment to depositorPurchaser, no Note, Mortgage Note or Mortgage Senior Participation was subject to any assignment (other than assignments to the Seller), participation (other than with respect to participationsthe Senior Participations) or pledge, and the Seller had good title to, and was the sole owner of, each Mortgage Loan free and clear of any and all liens, charges, pledges, encumbrances, participations (other than with respect to participationsthe Senior Participations), any other ownership interests and other interests on, in or to such Mortgage Loan other than any servicing rights appointment, subservicing appointment or similar agreement. The Seller has full right and authority to sell, assign and transfer each Mortgage Loan, and the assignment to depositor Purchaser constitutes a legal, valid and binding assignment of such Mortgage Loan free and clear of any and all liens, pledges, charges or security interests of any nature encumbering such Mortgage Loan.