Acceptance of Mortgage Loans. The documents delivered pursuant to Section 4(b) hereof shall be reviewed by the Purchaser or any assignee, transferee or designee of the Purchaser at any time before or after the Closing Date (and with respect to each document permitted to be delivered after the Closing Date within seven days of its delivery) to ascertain that all required documents have been executed and received and that such documents relate to the Mortgage Loans identified on the Mortgage Loan Schedule.
Acceptance of Mortgage Loans. Prior to the Closing Date, SFM shall either (i) deliver to SAXON or its designee in escrow, for examination, the Mortgage Loan Documents pertaining to each Mortgage Loan then being sold by it or (ii) make such Mortgage Loan Documents available to SAXON or its designee for examination at SFM’s offices or at such other place as SFM shall specify. SAXON, the Custodian, or a designee of either entity may review the Mortgage Loan Documents to verify that all documents required to be included in each Mortgage File (as such term has been defined in the Pooling and Servicing Agreement) are so included. Prior to the Closing Date, the Custodian shall review the documents delivered pursuant to Section 3(c) hereof to ascertain that, as to each Mortgage Loan listed on Schedule I, (i) all documents required to be delivered by SFM pursuant to Section 3(c) have been received, (ii) such documents appear regular on their face and relate to such Mortgage Loan and (iii) the information on Schedule I accurately reflects the information set forth in the corresponding Mortgage File, to the extent required by Section 2.1 of the Pooling and Servicing Agreement. An additional review shall be conducted by the Custodian or its designee prior to the first anniversary of the Closing Date to determine that all Mortgage Loan Documents required to be included in the Mortgage File are included therein. If at any time SAXON or the Trustee (or its Custodian) discovers or receives notice that any Mortgage Loan Document is missing or defective in any material respect with respect to any Mortgage Loan, SFM shall correct or cure any such omission or defect or, if such omission or defect materially impairs the value of the Mortgage Loan, repurchase the defective Mortgage Loan or substitute for such defective Mortgage Loan a Substitute Mortgage Loan in accordance with and if permitted by the terms of Section 7 hereof. At the time of such repurchase or substitution, the Custodian shall release documents in its possession relating to such Mortgage Loan to SFM. The fact that SAXON, the Trustee or a designee of either entity has conducted or has failed to conduct any partial or complete examination of the Mortgage Loan Documents prior to the Closing Date shall not affect the rights of SAXON (or any assignee or successor thereof) to demand repurchase or other relief as provided herein.
Acceptance of Mortgage Loans. (a) To evidence the transfer of the Mortgage Loans and related Mortgage Files to the Collateral Agent, on behalf of the Indenture Trustee, the Collateral Agent shall deliver the acknowledgement of receipt, the Initial Certification and the Final Certification required to be delivered pursuant to Section 2.06(b) of the Sale and Servicing Agreement.
Acceptance of Mortgage Loans. The documents delivered pursuant to Section 4(b) hereof shall be reviewed by the Purchaser or any assignee, transferee or designee of the Purchaser at any time before or after the Closing Date (and each document permitted to be delivered after the Closing Date within seven (7) days of its delivery) to ascertain that all required documents have been executed and received and that such documents relate to the Mortgage Loans identified on the Mortgage Loan Schedule. If the Purchaser or any assignee, transferee or designee of the Purchaser discovers that any material document is missing or is defective in any material respect, the Seller shall correct or cure any such omission or defect or shall repurchase or substitute for the affected Mortgage Loan in accordance with the terms of Section 7(a) hereof and Section 2.03 of the Pooling and Servicing Agreement. At the time of such repurchase, the Purchaser shall, in exchange for a written receipt therefor, release such documents relating to such Mortgage Loan as are then in its possession to the Seller.
Acceptance of Mortgage Loans. 7 Section 2.07. Transfer of Mortgage Loans; Assignment of Agreement.............................................8 Section 2.08. Examination of Mortgage Files...................................................................8 Section 2.09.
Acceptance of Mortgage Loans. Pursuant to Section 2.02 and 2.03 of the Pooling and Servicing Agreement, if the Purchaser or an assignee thereof, which may include the Trustee or the Custodian on its behalf, discovers or receives notice of a Document Defect or a Breach (each as defined in the Pooling and Servicing Agreement), the Mortgage Loan Seller shall correct or cure any such Document Defect or Breach or repurchase or substitute such Defective Mortgage Loan in accordance with Section 3.3 of this Agreement.
Acceptance of Mortgage Loans. Within 90 days of the Closing Date, the Purchaser or an assignee thereof, which may include the Trustee or a Custodian on its behalf, shall complete a review of each of the Mortgage Loan Documents delivered or caused to be delivered by the Mortgage Loan Seller constituting the Mortgage Files and shall certify, as to each Mortgage Loan, that (i) all documents required to be delivered pursuant to Section 2.4 are in its possession, (ii) such documents appear regular on their face and relate to such Mortgage Loan, and (iii) based on the examinations referred to in this Section 2.5 and only as to the foregoing documents, the information set forth in the Mortgage Loan Schedule with respect to the items specified in clauses (i), (ii)(a), (iv), (v), (vii) and (x)(c) of the definition of "Mortgage Loan Schedule" set forth in the Pooling and Servicing Agreement is correct. If the Purchaser or such assignee discovers or receives notice that any such document described in the first or second preceding sentence is a Defective Document Mortgage Loan, the Mortgage Loan Seller shall correct or cure any such omission or defect or repurchase such Defective Document Mortgage Loan in accordance with Section 3.3 of this Agreement. [End of Article II]
Acceptance of Mortgage Loans. Prior to each sale of Mortgage Loans by Seller to Purchaser hereunder, Seller shall deliver to Purchaser a custodial trust receipt. If at any time Purchaser or the Custodian discovers or receives notice that any Mortgage Loan Document is missing or defective in any material respect with respect to any Mortgage Loan, Seller shall cause the Correspondent to correct or cure any such omission or defect or, if such omission or defect materially impairs the value of the Mortgage Loan, repurchase the defective Mortgage Loan, as set forth in the related Purchase Agreement. At the time of such repurchase, the Custodian shall release documents in its possession relating to such Mortgage Loan to Correspondent. The fact that Purchaser, the Custodian or a designee of any such entity has conducted or has failed to conduct any partial or complete examination of the Mortgage Loan Documents prior to the Closing Date shall not affect the rights of Purchaser (or any assignee or successor thereof) to demand repurchase or other relief a s provided herein.
Acceptance of Mortgage Loans. The documents delivered pursuant to Section 4(b) hereof shall be reviewed by the Purchaser or any assignee, transferee or designee of the Purchaser at any time before, on and after the Closing Date (and with respect to each document permitted to be delivered after the Closing Date within seven days of its delivery) to ascertain that all required documents have been executed and received and that such documents relate to the Mortgage Loans identified on the Mortgage Loan Schedule. (d) Transfer of Interest in Agreements. The Purchaser has the right to assign its interest under this Agreement (other than Section 17 hereof), in whole or in part, to the Trustee, as may be required to effect the purposes of the Pooling and Servicing Agreement, without the consent of the Seller, and the Trustee shall succeed to the rights and obligations hereunder of the Purchaser. Any expense reasonably incurred by or on behalf of the Purchaser, the Trustee, or the NIMS Insurer, if any, in connection with enforcing any obligations of the Seller under this Agreement will be promptly reimbursed by the Seller. (e)
