ORIGINAL ISSUANCE OF CERTIFICATES. Section 2.01 Conveyance of Mortgage Loans. The Company, as of the Closing Date, and concurrently with the execution and delivery hereof, does hereby assign, transfer, sell, set over and otherwise convey to the Trustee without recourse all the right, title and interest of the Company in and to (1) the Mortgage Loans identified on the Mortgage Loan Schedule (including any Prepayment Charges but exclusive of any late payment charges received thereon), (2) the rights with respect to the Servicing Agreement as assigned to the Trustee on behalf the Certificateholders by the Assignment Agreement and (3) all other assets included or to be included in the Trust Fund for the benefit of the Certificateholders. Such assignment includes all principal and interest due and received by the Servicer on or with respect to the Mortgage Loans (other than payment of principal and interest due on or before the Cut-off Date). In addition, on or prior to the Closing Date, the Depositor shall cause the Certificate Insurer to deliver the Class II-A1D2 Policy to the Trustee. The Depositor, the Master Servicer and the Trustee agree that it is not intended that any Mortgage Loan be included in the Trust that is either (i) a “High-Cost Home Loan” as defined in the New Jersey Home Ownership Act effective November 27, 2003, (ii) a “High-Cost Home Loan” as defined in the New Mexico Home Loan Protection Act effective January 1, 2004, (iii) a “High Cost Home Mortgage Loan” as defined in the Massachusetts Predatory Home Practices Act effective November 7, 2004, or (iv) a “High-Cost Home Loan” as defined in the Indiana House Enrolled Act No. 1229, effective as of January 1, 2005. In connection with such transfer and assignment, the Company has caused the Seller to deliver to, and deposit with the Custodian as agent for the Trustee, as described in the Mortgage Loan Purchase Agreement, with respect to each Mortgage Loan, the following documents or instruments:
Appears in 1 contract
ORIGINAL ISSUANCE OF CERTIFICATES. Section 2.01 Conveyance of Mortgage Loans. The Company, as of the Closing Date, and concurrently with the execution and delivery hereof, does hereby assign, transfer, sell, set over and otherwise convey to the Trustee without recourse all the right, title and interest of the Company in and to (1) the Initial Mortgage Loans identified on the Mortgage Loan Schedule (including any Prepayment Charges but exclusive of any late payment charges received thereon), (2) the rights with respect to the Servicing Agreement Agreements as assigned to the Trustee on behalf the Certificateholders by the Assignment Agreement and (3) all other assets included or to be included in the Trust Fund for the benefit of the Certificateholders. Such assignment includes all principal and interest due and received by the Servicer on or with respect to the Mortgage Loans (other than payment of principal and interest due on or before the Cut-off Date). In addition, on or prior to The Securities Administrator hereby acknowledges the Closing Date, receipt by it of the Depositor shall cause Pre-Funded Amounts and the Certificate Insurer to deliver the Class II-A1D2 Policy to the TrusteeInterest Coverage Amounts. The Depositor, the Master Servicer and the Trustee agree that it is not intended that any Mortgage Loan mortgage loan be included in the Trust that is either (i) a “High-Cost Home Loan” as defined in the New Jersey Home Ownership Act effective November 27, 2003, (ii) a “High-Cost Home Loan” as defined in the New Mexico Home Loan Protection Act effective January 1, 2004, (iii) a “High Cost Home Mortgage Loan” as defined in the Massachusetts Predatory Home Practices Act effective November 7, 2004, or (iv) a “High-Cost Home Loan” as defined in the Indiana House Enrolled Act No. 1229, effective as of January 1, 2005. In connection with such transfer and assignment, the Company has caused the Seller with respect to each initial Mortgage Loan, and will cause the Seller with respect to each Subsequent Mortgage Loan, to deliver to, and deposit with the Custodian as agent for the Trustee, as described in the Mortgage Loan Purchase Agreement, with respect to each Mortgage Loan, the following documents or instruments:
Appears in 1 contract