MERS Designated Mortgage Loan. Mortgage Loans for which (a) the Seller has designated or will designate MERS as, and has taken or will take such action as is necessary to cause MERS to be, the mortgagee of record, as nominee for the Seller, in accordance with MERS Procedures Manual and (b) the Seller has designated or will designate the Purchaser as the Investor on the MERS System.

MERS Designated Mortgage Loan means a Mortgage Loan that satisfies the definition of the term “MERS Designated Mortgage Loan” contained in the Electronic Tracking Agreement.

MERS Designated Mortgage Loan. Mortgage Loans for which (a) the Responsible Party has designated or will designate MERS as, and has taken or will take such action as is necessary to cause MERS to be, the mortgagee of record, as nominee for the Responsible Party, in accordance with the MERS Procedures Manual and (b) the Responsible Party has designated or will designate the Trust as the Investor on the MERS(R) System.

Examples of MERS Designated Mortgage Loan in a sentence

With respect to each MERS Designated Mortgage Loan, the Seller shall, on or prior to the related Closing Date, designate the Purchaser as the Investor and the Custodian as custodian, and no Person shall be listed as Interim Funder on the MERS System.
In addition, on or prior to the related Closing Date, Seller shall provide the Custodian and the Purchaser with a MERS Report listing the Purchaser as the Investor, the Custodian as custodian and no Person as Interim Funder with respect to each MERS Designated Mortgage Loan.
The Assignment of Mortgage is in recordable form and is acceptable for recording under the laws of the jurisdiction in which the Mortgaged Property is located (except with respect to each MERS Designated Mortgage Loan).
With respect to each MERS Designated Mortgage Loan, the Seller has designated the Purchaser as the Investor and no Person is listed as Interim Funder on the MERS® System.
With respect to each MERS Designated Mortgage Loan, the Seller shall, on or before the Transfer Date, designate, as directed by the Purchaser, the Purchaser, or its designee, as the servicer on the MERS(R) System.

More Definitions of MERS Designated Mortgage Loan

MERS Designated Mortgage Loan means any Mortgage Loan registered with MERS on the MERS System.

MERS Designated Mortgage Loan. Any Mortgage Loan as to which the related Mortgage, or an Assignment of Mortgage, has been or will be recorded in the name of MERS, as nominee for the holder from time to time of the Mortgage Note.

MERS Designated Mortgage Loan shall have the meaning assigned to such term in Section 3 of the Electronic Tracking Agreement.

MERS Designated Mortgage Loan. Each Mortgage Loan that has been originated in the name of, or assigned to, MERS and registered under the MERS System.

MERS Designated Mortgage Loan shall have the meaning assigned thereto in the Custodial Agreement.

MERS Designated Mortgage Loan shall have the meaning assigned to such term in Section 3.

MERS Designated Mortgage Loan. Any Mortgage Loans for which (a) the applicable Seller has designated or will designate MERS as, and has taken or will take such action as is necessary to cause MERS to be, the mortgagee of record, as nominee for such Seller, in accordance with MERS Procedure Manual, (b) such Seller has designated or will designate the Purchaser as the Investor on the MERS(R) System, and (c) such Seller has designated or will designate the Custodian as the Custodian on the MERS(R) System. The Purchaser or its designee will advise the Custodian in writing of any MERS Designated Mortgage Loans being delivered on any Delivery Date.