Retitling of Land Home Contracts. If the Contract Seller or the Servicer receives actual notice or knowledge that GreenPoint Bank, the parent of the Contract Seller, is no longer assigned a long-term senior debt rating from ▇▇▇▇▇'▇ of Baa3 or higher, of BBB- or higher from S&P, the Servicer shall promptly provide notice to the Trustee that GreenPoint Bank no longer has such rating. If at any time during the term of this Agreement the Trustee receives written notice from the Servicer or the Contract Seller that GreenPoint Bank does not have a long-term senior debt rating from ▇▇▇▇▇'▇ of Baa3 or higher, of BBB- or higher from S&P, or if the Trustee otherwise becomes aware that the Contract Seller is no longer assigned such rating, the Trustee, at the Contract Seller's expense, shall file promptly in the appropriate recording offices the assignments to the Trustee on behalf of the Trust Fund of each Mortgage securing a Land Home Contract sold by the Contract Seller to the Trust Fund.
Appears in 4 contracts
Sources: Pooling and Servicing Agreement (Greenpoint Financial Corp), Pooling and Servicing Agreement (Greenpoint Financial Corp), Pooling and Servicing Agreement (Greenpoint Credit Corp)