DECLARATION OF TRUST; ISSUANCE OF CERTIFICATES Clause Samples
DECLARATION OF TRUST; ISSUANCE OF CERTIFICATES. Section 2.01 Creation and Declaration of Trust Fund; Conveyance of Mortgage Loans. Concurrently with the execution and delivery of this Agreement, the Depositor does hereby sell, transfer, assign, set over, deposit with and otherwise convey to the Trustee, without recourse, subject to Sections 2.02 and 2.04, in trust, all right, title and interest of the Depositor in and to the Trust Fund consisting of: (i) the Mortgage Loans, including the Mortgage Notes, the Mortgages, and the right to all payments of principal and interest received on or with respect to the Mortgage Loans after the Cut-off Date (other than Scheduled Payments due on or before such date), and all such payments due after such date but received on or prior to such date and intended by the related Mortgagors to be applied after such date; (ii) all of the Depositor’s right, title and interest, if any, in and to all amounts from time to time credited to and the proceeds of the Distribution Account, the Master Servicer Collection Account, any Custodial Accounts or any Escrow Account established with respect to the Mortgage Loans; (iii) with respect to the Mortgage Loans, to the extent set forth in the Acknowledgements, the Depositor’s rights under the Purchase Agreements and the Servicing Agreements and all of the Depositor’s rights under the Mortgage Loan Purchase and Sale Agreement; (iv) all of the Depositor’s right, title and interest, if any, in REO Property and the proceeds thereof; (v) all of the Depositor’s rights under any Insurance Policies related to the Mortgage Loans; and (vi) the Depositor’s security interest in any collateral pledged to secure the Mortgage Loans, including the Mortgaged Properties (collectively, the “Trust Fund”); and the Trustee declares that, subject to the Custodian’s review provided for in Section 2.02, it has received and shall hold the Trust Fund, as trustee, in trust, for the benefit and use of the Holders of the Certificates and for the purposes and subject to the terms and conditions set forth in this Agreement, and, concurrently with such receipt, has caused to be executed, authenticated and delivered to or upon the order of the Depositor, in exchange for the Trust Fund, all of the Certificates in the authorized denominations specified by the Depositor pursuant to Section 3.01(b). The foregoing sale, transfer, assignment, set-over, deposit and conveyance does not and is not intended to result in the creation or assumption by the Trustee of any obligation...
DECLARATION OF TRUST; ISSUANCE OF CERTIFICATES. Section 2.01 Creation and Declaration of Trust Fund; Conveyance of Mortgage Loans.
(a) Concurrently with the execution and delivery of this Agreement, the Depositor does hereby transfer, assign, set over, deposit with and otherwise convey to the Trustee, without recourse, subject to Sections 2.02, 2.04, 2.05 and 2.06, in trust, all the right, title and interest of the Depositor in and to the Mortgage Loans. Such conveyance includes, without limitation, the right to all payments of principal and interest received on or with respect to the Mortgage Loans on and after the Cut-off Date (other than payments of principal and interest due on or before such date), and all such payments due after such date but received prior to such date and intended by the related Mortgagors to be applied after such date together with all of the Depositor’s right, title and interest in and to the Collection Account and all amounts from time to time credited to and the proceeds of the Collection Account, the Certificate Account and all amounts from time to time credited to and the proceeds of the Certificate Account, the Securities Administration Account and all amounts from time to time credited to and the proceeds of the Securities Administration Account (exclusive of investment earnings thereon), any Custodial Accounts and all amounts from time to time credited to and the proceeds of the Custodial Accounts, any Escrow Account established pursuant to Section 9.06 and any Basis Risk Reserve Fund established pursuant to Section 5.06 and all amounts from time to time credited to and the proceeds of each such account, any REO Property and the proceeds thereof, the Depositor’s rights under any Insurance Policies related to the Mortgage Loans, the Depositor’s security interest in any collateral pledged to secure the Mortgage Loans, including the Mortgaged Properties and any Additional Collateral, and any proceeds of the foregoing, to have and to hold, in trust; and the Trustee declares that, subject to the review provided for in Section 2.02, it has received and shall hold the Trust Fund, as trustee, in trust, for the benefit and use of the Holders of the Certificates (except that each Certificate Insurance Policy and the Policy Payments Account shall be held in trust for the benefit of the Holders of the related Insured Certificates) and for the purposes and subject to the terms and conditions set forth in this Agreement, and, concurrently with such receipt, has caused to be executed,...
DECLARATION OF TRUST; ISSUANCE OF CERTIFICATES. Section 2.01 Creation and Declaration of Trust Fund; Conveyance of Mortgage Loans. Section 2.02 Acceptance of Trust Fund by Trustee: Review of Documentation for Trust Fund.
DECLARATION OF TRUST; ISSUANCE OF CERTIFICATES. Section 2.01 Creation and Declaration of Trust Fund; Conveyance of Mortgage Loans.
Section 2.02 Acceptance of Trust Fund by Trustee: Review of Documentation for Trust Fund. Section 2.03 Representations and Warranties of the Depositor. 57 Section 2.04 Discovery of Breach. Section 2.05 Repurchase, Purchase or Substitution of Mortgage Loans. Section 2.06 Grant Clause. 61 Section 3.01 The Certificates. 62 Section 3.02 Registration. 62 Section 3.03 Transfer and Exchange of Certificates. 63 Section 3.04 Cancellation of Certificates. 66 Section 3.05 Replacement of Certificates. 66 Section 3.06 Persons Deemed Owners. 66 Section 3.07 Temporary Certificates. 67 Section 3.08 Appointment of Paying Agent. 67 Section 3.09 Book-Entry Certificates.
DECLARATION OF TRUST; ISSUANCE OF CERTIFICATES. Section 2.01. Creation and Declaration of Trust Fund; Conveyance of Mortgage Loans.......................35 Section 2.02. Acceptance of Trust Fund by Trustee: Review of Documentation for Trust Fund................38 Section 2.03. Representations and Warranties of the Depositor............................................40 Section 2.04. Discovery of Breach........................................................................41 Section 2.05. Repurchase, Purchase or Substitution of Mortgage Loans.....................................42 Section 2.06. Grant Clause...............................................................................43 Section 2.07.
DECLARATION OF TRUST; ISSUANCE OF CERTIFICATES. Creation and Declaration of Trust Fund; Conveyance of Mortgage Loans.
DECLARATION OF TRUST; ISSUANCE OF CERTIFICATES. Section 2.01. Creation and Declaration of Trust Fund; Conveyance of Mortgage Loans..................................
DECLARATION OF TRUST; ISSUANCE OF CERTIFICATES. Section 2.01. Creation and Declaration of Trust Fund; Conveyance of Mortgage Loans. 58 Section 2.02. Acceptance of Trust Fund by Trustee: Review of Documentation for Trust Fund. 63 Section 2.03. Representations and Warranties of the Depositor. 64 Section 2.04. Discovery of Breach. 66 Section 2.05. Repurchase, Purchase or Substitution of Mortgage Loans. 67 Section 2.06. Grant Clause. 68 Section 3.01. The Certificates. 69 Section 3.02. Registration. 70 Section 3.03. Transfer and Exchange of Certificates. 71 Section 3.04. Cancellation of Certificates. 77 Section 3.05. Replacement of Certificates. 77 Section 3.06. Persons Deemed Owners. 77 Section 3.07. Temporary Certificates. 78 Section 3.08. Appointment of Paying Agent. 78 Section 3.09. Book-Entry Certificates. 79 Section 4.01. Collection Account. 81 Section 4.02. Application of Funds in the Collection Account. 83 Section 4.03. Reports to Certificateholders. 85 Section 4.04. Certificate Account. 89 Section 4.05. [Reserved] 90 Section 5.01. Distributions Generally. 90 Section 5.02. Distributions from the Certificate Account. 91 Section 5.03. Allocation of Losses. 105 Section 5.04. Advances by Master Servicer, Servicer and Trustee. 105 Section 5.05. Compensating Interest Payments. 106 Section 5.06. Basis Risk Reserve Fund. 106 Section 5.07. Supplemental Interest Trust. 107 Section 5.08. Rights of Swap Counterparty. 109 Section 5.09. Termination Receipts. 109
DECLARATION OF TRUST; ISSUANCE OF CERTIFICATES. Section 2.01. Creation and Declaration of Trust Fund;
DECLARATION OF TRUST; ISSUANCE OF CERTIFICATES. Section 2.01 Creation and Declaration of Trust Fund; Conveyance of Mortgage Loans. Section 2.02 Acceptance of Trust Fund by Trustee: Review of Documentation for Trust Fund. Section 2.03 Representations and Warranties of the Depositor. Section 2.04 Discovery of Breach. 55 Section 2.05 Repurchase, Purchase or Substitution of Mortgage Loans. 56 Section 2.06 Grant Clause. 57 ARTICLE III THE CERTIFICATES 58 Section 3.01 The Certificates. 58 Section 3.02 Registration. Section 3.03 Transfer and Exchange of Certificates. Section 3.04 Cancellation of Certificates. 62 Section 3.05 Replacement of Certificates. 62 Section 3.06 Persons Deemed Owners. 63 Section 3.07 Temporary Certificates. 63 Section 3.08 Appointment of Paying Agent. 63 Section 3.09 Book-Entry Certificates. 64 ARTICLE IV ADMINISTRATION OF THE TRUST FUND 65 Section 4.01 Collection Account. Section 4.02 Application of Funds in the Collection Account. 67 Section 4.03 Reports to Certificateholders. 69 Section 4.04 Certificate Account. 73 ARTICLE V DISTRIBUTIONS TO HOLDERS OF CERTIFICATES 74 Section 5.01 Distributions Generally. 74 Section 5.02 Distributions from the Certificate Account. Section 5.03 Allocation of Losses. 83 Section 5.04 Advances by Master Servicer, Servicers and Trustee. 84 Section 5.05 Compensating Interest Payments. 85 Section 5.06 The Certificate Insurance Policy. 85 Section 5.07 Reserve Fund. 87 ARTICLE VI CONCERNING THE TRUSTEE EVENTS OF DEFAULT Section 6.01 Duties of Trustee. Section 6.02 Certain Matters Affecting the Trustee. 90 Section 6.03 Trustee Not Liable for Certificates. 92 Section 6.04 Trustee May Own Certificates. 92 Section 6.05 Eligibility Requirements for Trustee. 92 Section 6.06 Resignation and Removal of Trustee. 93 Section 6.07 Successor Trustee. Section 6.08 Merger or Consolidation of Trustee.