MERS Event definition

MERS Event. The occurrence of any of the following events: (i) a monthly payment on a MERS Mortgage Loan that has not been received within 60 days of its Due Date; (ii) a court of competent jurisdiction in a particular state rules that MERS is not an appropriate, permissible or authorized system for transferring ownership of Mortgage Loans in that state; or (iii) (A) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against MERS, and such decree or order shall have remained in force undischarged or unstayed for a period of 60 days; or (B) MERS shall consent to the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities, voluntary liquidation or similar proceedings of or relating to MERS or of or relating to all or substantially all of its property; or (C) MERS shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors or voluntarily suspend payment of its obligations. With respect to the event described in clause (ii), a MERS Event will be deemed to have occurred with respect to all Mortgage Loans in the related state, and with respect to any of the events described in clause (iii), a MERS Event will be deemed to have occurred with respect to all of the Mortgage Loans.
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MERS Event. The occurrence of any of the following events:
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MERS Event. The occurrence of any of the following events: (a) an appellate court of competent jurisdiction in a particular state rules that MERS is not an appropriate, permissible or authorized system for transferring ownership of Mortgage Loans in that state; or (b) (i) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against MERS, and such decree or order shall have remained in force undischarged or unstayed for a period of sixty (60) days; or (ii) MERS shall consent to the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities, voluntary liquidation or similar proceedings of or relating to MERS or of or relating to all or substantially all of its property; or (iii) MERS shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors or voluntarily suspend payment of its obligations. With respect to the event described in clause (a), a MERS Event will be deemed to have occurred with respect to all Mortgage Loans in the related state, and with respect to any of the events described in clause (b), a MERS Event will be deemed to have occurred with respect to all of the Mortgage Loans.
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Examples of MERS Event in a sentence

  • The Servicer shall prepare and submit an assignment to remove from the MERS System each MERS Mortgage Loan that is subject to a MERS Event within 15 Business Days of the occurrence of such MERS Event.

  • The Servicer shall provide the Owner with prompt written notice regarding the occurrence of a MERS Event.

  • With respect to the event described in clause (ii), a MERS Event will be deemed to have occurred with respect to all Seller Mortgage Loans that are MERS Designated Mortgage Loans in the related state, and with respect to any of the events described in clause (iii), a MERS Event will be deemed to have occurred with respect to all of the Seller Mortgage Loans that are MERS Designated Mortgage Loans.

  • The Servicer shall, upon receipt of Owner’s written instructions and at the Owner’s expense, promptly deregister and prepare and submit an assignment to remove from the MERS System each MERS Designated Mortgage Loan that is subject to a MERS Event within fifteen (15) Business Days of the Servicer’s receipt of the Owner’s consent.

  • Servicer shall, upon receipt of Owner’s written instructions and at Owner’s expense, promptly deregister and prepare and submit an assignment to remove from the MERS System each MERS Designated Mortgage Loan that is subject to a MERS Event within fifteen (15) Business Days of Servicer’s receipt of Owner’s consent.

  • Upon the occurrence of a MERS Event with respect to any or all of the Mortgage Loans, SPS shall deregister such Mortgage Loans from MERS and cause MERS to prepare an Assignment of Mortgage within 15 Business Days with respect to each such Mortgage Loan in the name of the Trustee on behalf of the Certificateholders, and any other notice, document or instrument as may be necessary to effect or evidence the transfer of each such related Mortgage to the Trustee on behalf of the Certificateholders.


More Definitions of MERS Event

MERS Event means the occurrence of any of the following events: (i) a Monthly Payment on a Seller Mortgage Loan has not been received within 60 days of its Due Date; (ii) a court of competent jurisdiction in a particular state rules that MERS is not an appropriate, permissible or authorized system for transferring ownership of a Seller Mortgage Loan in that state; or (iii) (A) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against MERS, and such decree or order shall have remained in force undischarged or unstayed for a period of 60 days; or (B) MERS shall consent to the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities, voluntary liquidation or similar proceedings of or relating to MERS or of or relating to all or substantially all of its property; or (C) MERS shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors or voluntarily suspend payment of its obligations. With respect to the event described in clause (ii), a MERS Event will be deemed to have occurred with respect to all Seller Mortgage Loans that are MERS Designated Mortgage Loans in the related state, and with respect to any of the events described in clause (iii), a MERS Event will be deemed to have occurred with respect to all of the Seller Mortgage Loans that are MERS Designated Mortgage Loans. Upon removal of a Seller Mortgage Loan from MERS as described in the preceding paragraph, Seller or its Subservicer shall deliver to the Custodian (on behalf of the Trust) an Assignment of Mortgage to the Trust in recordable form and in substance acceptable to the Custodian and, upon the reasonable request of the Custodian, such further instruments as are necessary or proper to effect the removal from registration on the MERS System. Seller hereby agrees that, from and after the date hereof, it shall not designate, and it shall not cause any other person to designate, any Seller Mortgage Loan as a MERS Designated Mortgage Loan.
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Related to MERS Event

  • ii) Event means any event described in Section 11(a)(ii) hereof.

  • ▇▇▇▇ Event means if there are any Mortgaged Properties at such time, any increase, extension or renewal of any of the Commitments or Loans (but excluding (i) any continuation or conversion of borrowings, (ii) the making of any Loan or (iii) the issuance, renewal or extension of Letters of Credit).

  • Step Up Event means a failure to meet the Minimum Rating Requirement at any time, unless:

  • Removal Event has the meaning set forth in Section 12.12 hereof.

  • Change of Control Repurchase Event means the occurrence of both a Change of Control and a Ratings Event.