Acquisition of Loans. Except in the ordinary course of business and consistent with current policies and guidelines in effect as previously disclosed to Bingxxx, xxrchase any loan, loan participation or other interest in any loan.
Acquisition of Loans. Except in the ordinary course of business and consistent with current policies and guidelines in effect as previously disclosed to Bank, purchase any loan, loan participation or other interest in any loan.
Acquisition of Loans. Purchaser has had the opportunity to make an extensive examination of the credit files containing documentation with respect to all of the Loans. At least ten (10) Business Days prior to the Determination Date, Seller shall provide Purchaser with a list of all Loans and Purchaser shall xxxx on such list all Loans which Purchaser desires to exclude from the purchase on the Closing Date. All Loans so included in the purchase are referred to herein as the “Transferred Loans” and each is referred to herein as a “Transferred Loan.” Thirty days after the Closing Date Purchaser may request Seller to repurchase any Transferred Loan. Seller agrees to make such repurchase, by wire transfer within two (2) business days following receipt of Seller’s request. The repurchase price for each such repurchased Transferred Loan shall be equal to the Transferred Loan Purchase Price for the Transferred Loan in question.
Acquisition of Loans. Purchase any loan, loan participation or other interest in any loan, except for the purchase by St. Paul Xxxk of adjustable rate first mortgage whole loans in an aggregate amount not to exceed $750 million through December 31, 1999 (and $100 million per month thereafter) on owner occupied one-to-four single family principal residences (and non-owner occupied rental property to the extent provided below) with each individual loan having a principal amount not in excess of $1.5 million consistent with
Acquisition of Loans. Purchase any loan, loan participation or other interest in any loan, except for the purchase by St. Paul Xxxk of adjustable rate first mortgage whole loans in an aggregate amount not to exceed $750 million through December 31, 1999 (and $100 million per month thereafter) on owner occupied one-to-four single family principal residences (and non-owner occupied rental property to the extent provided below) with each individual loan having a principal amount not in excess of $1.5 million consistent with current policies and guidelines in effect on the date hereof as Previously Disclosed, such purchases are to be from existing servicers only with each purchased pool of mortgages not exceeding $100 million with whole loans secured by one-to-four single family non-owner occupied property representing not more than 15% of the dollar value of any mortgage pool.
Acquisition of Loans. Purchaser has had the opportunity to make an extensive examination of the credit files containing documentation with respect to all of the
Acquisition of Loans. The Sub-Service may service other Loans (other than the Loans acquired or to be acquired pursuant to the Loan Sale Agreement or from a purchaser under the Loan Sale Agreement, or Loans originated by or on behalf of Nova Southeastern University, Inc., which are the subject of this Agreement at the date of execution and delivery of this Agreement) that an eligible lender trustee may acquire on behalf of the Customer pursuant to the terms of this Agreement subject to prior review and approval by Sub-Servicer and the Customer. The Customer shall notify the Sub-Servicer thirty (30) days in advance of a purchase of any Loan Which the Customer desires to have serviced under this Agreement, and shall furnish to the Sub-Servicer information about such Loans including the approximate number of such Loans, approximate outstanding principal balance, insurer, status, and anticipated dates of purchase and delivery of Loans to the Sub-Servicer. The Sub-Servicer shall provide the Customer with the proposed terms and conditions for such servicing within five (5) Business Days of the receipt of such information. If the Sub-Servicer and the Customer are unable to agree upon the terms and conditions of servicing of such Loans within five (5) Business days after the delivery of the terms and conditions of servicing by the Sub-Servicer to the Customer, then the Sub-Servicer shall be under no obligation to provide servicing with respect to such Loans. If the Sub-Servicer and the Customer agree to proceed, both parties hereby agree to schedule delivery within a timely basis to service the Loans. Conversion procedures for each Loan or group of Loans shall be in accordance with mutually agreed provisions identified in Schedule B, Loan Conversion Procedures. Such Loans upon delivery will, without further action, become Loans subject to this Agreement. Loans purchased pursuant to the Loan Sale Agreement are not subject to this Section 4.4 or any conversion fees related thereto.
Acquisition of Loans. Section V.01 CRIIMI MAE's Option to Purchase Mortgage Loans. PSCC hereby grants to CRIIMI MAE an option (the "Option") to purchase all (but not less than all) of the Mortgage Loans acquired through the Facility from PSCC in accordance with the terms hereof. The Option shall be exercisable for a 30-day period commencing upon the earlier to occur of: (i) the last day of the Aggregation Period referred to in Section 4.01 or (ii) a date mutually agreeable to the parties to this Agreement (the "Exercise Period"), provided, however, that (a) the Option may be exercised only if CRIIMI MAE contemporaneously exercises the option to purchase the PMCC Loans contained in the PMCC Agreement; and (b) except as may otherwise be agreed by PSI and PSCC, the Option may be exercised only in connection with a Securitization, the closing date of which shall also be the closing date of CRIIMI MAE's purchase of the Pooled Loans. The foregoing notwithstanding, if (x) the Option shall become exercisable pursuant to the operation of clause (ii) of Section 4.01 and (y) PSI, PSCC and CRIIMI MAE agree that conditions in the CMBS market are unfavorable for the Securitization, the Exercise Period may be extended for a mutually agreeable period (but not later than the expiration of the Term of this Agreement). In the event CRIIMI MAE elects to extend the Term of this Agreement pursuant to Section 8.01, the commencement date of the Exercise Period shall be similarly extended. The purchase price of the Mortgage Loans (the "Purchase Price") shall be equal to the sum of: (i) the outstanding principal balance of and accrued interest on the Mortgage Loans (or, for any Section 1.06 Loan, the purchase price paid by PSCC, reduced by any amortization of the principal balance of such Section 1.06 Loan after the date of acquisition), (ii) the costs incurred by PSI and PSCC in connection with the establishment and maintenance of hedge positions with respect to the Mortgage Loans, net of any gains and including any losses associated with the hedge positions or in connection with rate locks of the Mortgage Loans and (iii) any other amounts due PSI or PSCC hereunder or under the Servicing Agreement, including, without limitation, unreimbursed servicing advances and servicing advances reimbursed to the Servicer by PSI or PSCC during the Aggregation Period. The Purchase Price for the Mortgage Loans and the PMCC Loans shall be paid, (i) to the extent available, by the payment to PSCC or PMCC, as the case m...
Acquisition of Loans. 30 Section 5.01 CRIIMI MAE's Option to Purchase Mortgage Loans. . . . . . . . . . . . . . . . . . . . 30 Section 5.02 Securitization . . . . . . . . . . . . . . . . 31 Section 5.03 Purchase Without Securitization through PSI. . . . . . . . . . . . . . . . . . . . . 33 Section 5.04 Failure to Exercise Option . . . . . . . . . . 34 Section 5.05 Other Securitizations. . . . . . . . . . . . . 34 ARTICLE VI.
Acquisition of Loans. The Servicer agrees to Service pursuant to the terms of this Agreement, on behalf of Lender and subject to Servicer’s prior review and approval, those Loans that Lender may subsequently acquire and offer to Servicer for Servicing. The Lender shall notify the Servicer thirty (30) days in advance of a purchase of any Loan which the Lender intends to have Serviced under this Agreement, and shall furnish to the Servicer information about such Loans including the approximate number of such Loans, approximate outstanding principal balance, insurer, status, and anticipated dates of purchase and delivery of Loans to the Servicer. Servicer shall be entitled to reject certain portfolios of loans that in Servicer’s reasonable determination pose a risk of financial hardship for Servicer, including but not limited to, portfolios containing a high percentage of Proprietary School loans or having high delinquency or default rates. If the Servicer does not communicate otherwise to the Lender within five (5) Business Days of the receipt of such information, the Servicer agrees to proceed with the schedule as proposed by the Lender or such other mutually agreeable schedule; provided, however, that both parties hereby agree to schedule delivery within a timely basis to Service the Loans. Conversion procedures for each Loan or group of Loans shall be as set forth on Schedule B. Such Loans upon delivery will, without further action, become Eligible Loans subject to this Agreement, and will be sold to Nelnet, Inc. pursuant to the Forward Purchase Agreement.
