Application of Principal and Interest. In the event that Net Liquidation Proceeds on a Liquidated Mortgage Loan are less than the Principal Balance of such Mortgage Loan plus accrued interest thereon, or any Mortgagor makes a partial payment of any Monthly Payment due on a Mortgage Loan, such Net Liquidation Proceeds or partial payment shall be applied to payment of the related Mortgage Note as provided therein, and if not so provided or if the related Mortgaged Property has become an REO Property, first to interest accrued at the Mortgage Interest Rate and then to principal; provided, however, the Net Liquidation Proceeds with respect to a Bankruptcy Loan shall be applied first, to unpaid accrued interest with respect to the period after the date of the related Plan, second, to principal and third, to Pre-Plan Interest.
Appears in 6 contracts
Samples: Pooling and Servicing Agreement (Eqcc Receivables Corp), Pooling and Servicing Agreement (Eqcc Asset Backed Corp), Pooling and Servicing Agreement (Eqcc Asset Backed Corp)
Application of Principal and Interest. In the event that Net Liquidation Proceeds on a Liquidated Mortgage Loan are less than the Principal Balance of such Mortgage Loan plus accrued interest thereon, or any Mortgagor makes a partial payment of any Monthly Payment due on a Mortgage Loan, such Net Liquidation Proceeds or partial payment shall be applied to payment of the related Mortgage Note as provided therein, and if not so provided or if the related Mortgaged Property has become an REO Property, first to interest accrued at the Mortgage Interest Rate and then to principal; providedPROVIDED, howeverHOWEVER, the Net Liquidation Proceeds with respect to a Bankruptcy Loan shall be applied first, to unpaid accrued interest with respect to the period after the date of the related Plan, second, to principal and third, to Pre-Plan Interest.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Eqcc Home Equity Loan Trust 1999-3), Pooling and Servicing Agreement (Eqcc Home Equity Loan Trust 1999-1)
Application of Principal and Interest. In the event that Net Liquidation Proceeds on a Liquidated Mortgage Loan are less than the Principal Balance of such Mortgage Loan plus accrued interest thereon, or any Mortgagor makes a partial payment of any Monthly Payment due on a Mortgage Loan, such Net Liquidation Proceeds or partial payment shall be applied to payment of the related Mortgage Note as provided therein, and if not so provided or if the related Mortgaged Property has become an REO Property, first to interest accrued at the Mortgage Interest Rate and then to principal; provided, however, the Net Liquidation Proceeds with respect to a Bankruptcy Loan shall be applied first, to unpaid accrued interest with respect to the period after the date of the related Plan, second, to principal and third, to Pre-Plan Interest.. ARTICLE III
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Eqcc Asset Backed Corp)
