Common use of Delivery of Qualified Loan Information Clause in Contracts

Delivery of Qualified Loan Information. (a) Not later than the tenth day of the month following the date of execution of this Commitment, the Seller shall deliver to Xxxxxx Mac a completed Qualified Loan Schedule for the Qualified Loans in the Portfolio. Such Qualified Loan Schedule shall be delivered in magnetic media or electronic format acceptable to Xxxxxx Mac. (b) The Portfolio shall be a fixed pool consisting of only the Qualified Loans identified in the Qualified Loan Schedule. Any additional Qualified Loans not included in the Portfolio with respect to which Seller wishes to obtain credit enhancement from Xxxxxx Mac shall be governed by the terms and conditions of a separate Long Term Standby Commitment to Purchase between the parties. The Seller may not remove a Qualified Loan from the Portfolio without the prior written consent of Xxxxxx Mac which consent shall not be unreasonably withheld; except, that, if the Seller refinances, restructures or modifies any Qualified Loan without the written consent of Xxxxxx Mac (which consent shall not be unreasonably withheld and shall not be required in loan restructurings provided for under the borrower rights provisions of the Farm Credit Act), Xxxxxx Mac shall not be obligated to purchase such restructured or modified Qualified Loan or to deliver XXXX backed by such restructured or modified Qualified Loan. If a Qualified Loan is removed from the Portfolio through a refinancing by the Seller (either with or without the inclusion of additional loan funds), the Seller agrees to add such refinanced Qualified Loan back to the Portfolio, or include such refinanced Qualified Loan in a portfolio under a separate Long Term Standby Commitment to Purchase, within 3 months of the closing of the refinanced Qualified Loan, if such addition or inclusion is permissible under the operative documents.

Delivery of Qualified Loan Information. (a) Not later than the tenth day of the month following the date of execution of this Commitment, the Seller shall deliver to Xxxxxx Mac the information required to complete a completed Qualified Loan Schedule for the Qualified Loans initially to be included in the Portfolio. Such Qualified Loans shall become part of the Portfolio as of the Effective Date upon receipt by Xxxxxx Mac of such Qualified Loan Schedule signed by both Xxxxxx Mac and the Seller. The information required for such Qualified Loan Schedule shall be delivered in magnetic media or an electronic format acceptable to Xxxxxx Mac. (b) The Portfolio shall be a fixed pool consisting of only the Seller may deliver to Xxxxxx Mac information required to complete additional Qualified Loan Schedules for any additional Qualified Loans identified in approved by Xxxxxx Mac that the Seller wishes to add to the Portfolio. The Seller shall follow the same requirements for completion of the initial Qualified Loan Schedule. Any Such additional approved Qualified Loans shall become part of the Portfolio effective on the Effective Date indicated in the related Qualified Loan Schedule upon receipt by Xxxxxx Mac of such Qualified Loan Schedule signed by both Xxxxxx Mac and the Seller. The Standby Purchase Commitment Fee with respect to any such additional Qualified Loans not included shall be due and payable beginning in the Portfolio with respect to month following the month in which Seller wishes to obtain credit enhancement from Xxxxxx Mac shall be governed by the terms and conditions of a separate Long Term Standby Commitment to Purchase between the parties. related Effective Date occurs. (c) The Seller may not remove a Qualified Loan from the Portfolio without the prior written consent of Xxxxxx Mac which consent shall not be unreasonably withheldMac; except, that, if the Seller refinances, restructures or modifies any Qualified Loan without the written consent of Xxxxxx Mac (which consent shall not be unreasonably withheld and shall not be required in loan restructurings provided for under the borrower rights provisions of the Farm Credit Act)) or in a manner that is not authorized under the Servicing Contract, such Qualified Loan shall be removed from the Portfolio and Xxxxxx Mac shall not be obligated to purchase such restructured or modified Qualified Loan. Loan modifications include, but are not limited to, situations where the obligations related to a Qualified Loan are assumed by a new borrower or new guarantor through the acquisition of the original borrower’s or guarantor’s assets and liabilities, whether such acquisition is accomplished via purchase or some other form of corporate merger or consolidation. Xxxxxx Mac shall respond to deliver XXXX backed by such restructured Seller within a reasonable amount of time following Seller’s request for Xxxxxx Mac’s consent regarding any refinancing, restructure or modified Qualified Loanmodification. If a Qualified Loan is removed from the Portfolio through a refinancing by the Seller (either with or without the inclusion of additional loan funds), the Seller agrees to add such refinanced Qualified Loan back to the Portfolio, or include such refinanced Qualified Loan in a portfolio under a separate subsequent Long Term Standby Commitment to Purchase, within 3 months of the closing of the refinanced Qualified Loan, if such addition or inclusion is permissible under the operative documents. Notwithstanding the foregoing, any modification resulting only in a change in interest rate, a reduction in loan amortization resulting from an interest rate change, or a more frequent payment schedule, in each case with respect to a Qualified Loan, shall not require Xxxxxx Mac’s prior written consent in accordance with this Section 4.02(c).

Delivery of Qualified Loan Information. (a) Not later than the tenth day of the month following the date of execution of this Commitment, the Seller shall deliver to Xxxxxx Mac the information required to complete a completed Qualified Loan Schedule for the Qualified Loans initially to be included in the Portfolio. Such Qualified Loans shall become part of the Portfolio as of the Effective Date upon receipt by Xxxxxx Mac of such Qualified Loan Schedule signed by both Xxxxxx Mac and the Seller. The information required for such Qualified Loan Schedule shall be delivered in magnetic media or an electronic format acceptable to Xxxxxx Mac. (b) The Portfolio shall be a fixed pool consisting of only the Seller may deliver to Xxxxxx Mac information required to complete additional Qualified Loan Schedules for any additional Qualified Loans identified in approved by Xxxxxx Mac that the Seller wishes to add to the Portfolio. The Seller shall follow the same requirements for completion of the initial Qualified Loan Schedule. Any Such additional approved Qualified Loans shall become part of the Portfolio effective on the Effective Date indicated in the related Qualified Loan Schedule upon receipt by Xxxxxx Mac of such Qualified Loan Schedule signed by both Xxxxxx Mac and the Seller. The Standby Purchase Commitment Fee with respect to any such additional Qualified Loans not included shall be due and payable beginning in the month following the month in which the related Effective Date occurs. (c) The Seller may deliver to Xxxxxx Mac information required to complete additional Qualified Loan Schedules for any additional Qualified Loans Seller wishes to substitute for any existing Qualified Loan in the Portfolio. Such substitution shall be subject to (i) the substituting Qualified Loan shall have a Facility Rating at the time of substitution equal to or better than the Qualified Loan being substituted or (ii) Xxxxxx Mac’s approval of the new Qualified Loan, which shall not be unreasonably withheld or delayed. The Seller shall follow the same requirements for completion of the initial Qualified Loan Schedule. Such substitute Qualified Loans shall become part of the Portfolio effective on the Effective Date indicated in the related Qualified Loan Schedule upon receipt by Xxxxxx Mac of such Qualified Loan Schedule signed by both Xxxxxx Mac and the Seller. The Standby Purchase Commitment Fee with respect to which Seller wishes to obtain credit enhancement from Xxxxxx Mac any such substitute Qualified Loans shall be governed by due and payable beginning in the terms and conditions of a separate Long Term Standby Commitment to Purchase between month following the partiesmonth in which the related Effective Date occurs. The Seller may not otherwise remove a Qualified Loan from the Portfolio without the prior written consent of Xxxxxx Mac which consent shall not be unreasonably withheldMac; except, that, (I) if, in connection with the refinance of any Qualified Loan in the ordinary course of business, the Borrower elects to have the loan sold to Xxxxxx Mac pursuant to the Servicing Agreement, such Qualified Loan shall be removed from the Portfolio following notice thereof from CFC to Xxxxxx Mac and neither party shall have any obligation with respect thereto hereunder, or (II) if the Seller refinances, restructures or modifies any Qualified Loan without the written consent of Xxxxxx Mac (which consent shall or in a manner that is not be unreasonably withheld and shall not be required in loan restructurings provided for authorized under the borrower rights provisions Section 5.01(d) of the Farm Credit Act)Servicing Agreement (except as to subpart (ii) thereof with respect to interest rate conversions or repricings CFC DOC AA001-G-Xxxxxx(SIGMUNK) 199316-7 12 in the ordinary course of business, and subpart (vii) thereof) , such Qualified Loan shall be removed from the Portfolio and Xxxxxx Mac shall not be obligated to purchase such restructured or modified Qualified Loan. Loan modifications include, but are not limited to, situations where the obligations related to a Qualified Loan are assumed by a new borrower or new guarantor through the acquisition of the original borrower’s or guarantor’s assets and liabilities, whether such acquisition is accomplished via purchase or some other form of corporate merger or consolidation. (d) If the Seller renews a loan that was included in the Portfolio and has matured, such loan may become part of the Portfolio, without Xxxxxx Mac’s prior review and approval, effective on the related Effective Date indicated on a Qualified Loan Schedule delivered by the Seller to deliver XXXX backed by Xxxxxx Mac that contains the required information about the renewed loan; provided that the principal balance of the new loan does not exceed 100% of the unpaid principal balance of the Qualified Loan prior to maturity and renewal. A Qualified Loan may be renewed and added to the Portfolio under this subsection 4.02(d) up to a maximum of two times, after which any such restructured or modified renewed loan may only be added to the Portfolio upon Xxxxxx Mac’s prior review and approval and signing of a Qualified Loan Schedule. With respect to each renewed loan added to the Portfolio pursuant to this subsection 4.02(d), the Seller and Xxxxxx Mac agree that Xxxxxx Mac shall have the right, at any time for a period of 12 months after a loan’s Effective Date, to review the loan files for and conduct due diligence on such loan to determine whether it is a Qualified Loan. If Xxxxxx Mac determines, in its sole discretion, that any such loan was not a Qualified Loan is removed from at the Portfolio through a refinancing by time the Seller (either with or without the inclusion of additional loan funds), the Seller agrees to add such refinanced Qualified Loan back was added to the Portfolio, or include such refinanced the applicable Qualified Loan Schedule shall be revised to reflect that such loan is not in a portfolio the Portfolio, and Xxxxxx Mac shall have no obligation to purchase such loan from the Seller under a separate Long Term Standby Commitment to Purchase, within 3 months of the closing of the refinanced Qualified Loan, if such addition or inclusion is permissible under the operative documentsthis Commitment.

Delivery of Qualified Loan Information. (a) Not later than the tenth day of the month following the date of execution of this Commitment, the Seller shall deliver to Xxxxxx Mac the information required to complete a completed Qualified Loan Schedule for the Qualified Loans initially to be included in the Portfolio. Such Qualified Loans shall become part of the Portfolio as of the Effective Date upon receipt by Xxxxxx Mac of such Qualified Loan Schedule signed by both Xxxxxx Mac and the Seller. The information required for such Qualified Loan Schedule shall be delivered in magnetic media or an electronic format acceptable to Xxxxxx Mac. (b) The Portfolio shall be a fixed pool consisting of only the Seller may deliver to Xxxxxx Mac information required to complete additional Qualified Loan Schedules for any additional Qualified Loans identified in approved by Xxxxxx Mac that the Seller wishes to add to the Portfolio. The Seller shall follow the same requirements for completion of the initial Qualified Loan Schedule. Any Such additional approved Qualified Loans shall become part of the Portfolio effective on the Effective Date indicated in the related Qualified Loan Schedule upon receipt by Xxxxxx Mac of such Qualified Loan Schedule signed by both Xxxxxx Mac and the Seller. The Standby Purchase Commitment Fee with respect to any such additional Qualified Loans not included shall be due and payable beginning in the month following the month in which the related Effective Date occurs. (c) The Seller may deliver to Xxxxxx Mac information required to complete additional Qualified Loan Schedules for any additional Qualified Loans Seller wishes to substitute for any existing Qualified Loan in the Portfolio. Such substitution shall be subject to (i) the substituting Qualified Loan shall have a Facility Rating at the time of substitution equal to or better than the Qualified Loan being substituted or (ii) Xxxxxx Mac’s approval of the new Qualified Loan, which shall not be unreasonably withheld or delayed. The Seller shall follow the same requirements for completion of the initial Qualified Loan Schedule. Such substitute Qualified Loans shall become part of the Portfolio effective on the Effective Date indicated in the related Qualified Loan Schedule upon receipt by Xxxxxx Mac of such Qualified Loan Schedule signed by both Xxxxxx Mac and the Seller. The Standby Purchase Commitment Fee with respect to which Seller wishes to obtain credit enhancement from Xxxxxx Mac any such substitute Qualified Loans shall be governed by due and payable beginning in the terms and conditions of a separate Long Term Standby Commitment to Purchase between month following the partiesmonth in which the related Effective Date occurs. The Seller may not otherwise remove a Qualified Loan from the Portfolio without the prior written consent of Xxxxxx Mac which consent shall not be unreasonably withheldMac; except, that, (I) if, in connection with the refinance of any Qualified Loan in the ordinary course of business, the Borrower elects to have the loan sold to Xxxxxx Mac pursuant to the Servicing Agreement, such Qualified Loan shall be removed from the Portfolio following notice thereof from CFC to Xxxxxx Mac and neither party shall have any obligation with respect thereto hereunder, or (II) if the Seller refinances, restructures or modifies any Qualified Loan without the written consent of Xxxxxx Mac (which consent shall or in a manner that is not be unreasonably withheld and shall not be required in loan restructurings provided for authorized under the borrower rights provisions Section 5.01(d) of the Farm Credit Act)Servicing Agreement (except as to subpart (ii) thereof with respect to interest rate conversions or repricings in the ordinary course of business, and subpart (vii) thereof) , such Qualified Loan shall be removed from the Portfolio and Xxxxxx Mac shall not be obligated to purchase such restructured or modified Qualified Loan. Loan modifications include, but are not limited to, situations where the obligations related to a Qualified Loan are assumed by a new borrower or new guarantor through the acquisition of the original borrower’s or guarantor’s assets and liabilities, whether such acquisition is accomplished via purchase or some other form of corporate merger or consolidation. (d) If the Seller renews a loan that was included in the Portfolio and has matured, such loan may become part of the Portfolio, without Xxxxxx Mac’s prior review and approval, effective on the related Effective Date indicated on a Qualified Loan Schedule delivered by the Seller to deliver XXXX backed by Xxxxxx Mac that contains the required information about the renewed loan; provided that the principal balance of the new loan does not exceed 100% of the unpaid principal balance of the Qualified Loan prior to maturity and renewal. A Qualified Loan may be renewed and added to the Portfolio under this subsection 4.02(d) up to a maximum of two times, after which any such restructured or modified renewed loan may only be added to the Portfolio upon Xxxxxx Mac’s prior review and approval and signing of a Qualified Loan Schedule. With respect to each renewed loan added to the Portfolio pursuant to this subsection 4.02(d), the Seller and Xxxxxx Mac agree that Xxxxxx Mac shall have the right, at any time for a period of 12 months after a loan’s Effective Date, to review the loan files for and conduct due diligence on such loan to determine whether it is a Qualified Loan. If Xxxxxx Mac determines, in its sole discretion, that any such loan was not a Qualified Loan is removed from at the Portfolio through a refinancing by time the Seller (either with or without the inclusion of additional loan funds), the Seller agrees to add such refinanced Qualified Loan back was added to the Portfolio, or include such refinanced the applicable Qualified Loan Schedule shall be revised to reflect that such loan is not in a portfolio the Portfolio, and Xxxxxx Mac shall have no obligation to purchase such loan from the Seller under a separate Long Term Standby Commitment to Purchase, within 3 months of the closing of the refinanced Qualified Loan, if such addition or inclusion is permissible under the operative documentsthis Commitment.

Delivery of Qualified Loan Information. (a) Not later than the tenth day of the month following the date of execution of this Commitment, the Seller shall deliver to Xxxxxx Mac a completed Qualified Loan Schedule for the Qualified Loans in the Portfolio. Such Qualified Loan Schedule shall be delivered in magnetic media or electronic format acceptable to Xxxxxx Mac. (b) The Portfolio shall be At any time prior to December 31, 2006, the Seller may deliver to Xxxxxx Mac a fixed pool consisting of only the completed Qualified Loan Schedule for any additional Qualified Loans identified that the Seller wishes to add to the Portfolio. The Seller shall follow the same identification, delivery and fee requirements for Qualified Loans that are added to the Portfolio that are specified in Section 4.02 of this Commitment for completion of the initial Qualified Loan Schedule. Such Qualified Loans shall become part of the Portfolio, effective on the first day of the month following the month of receipt by Xxxxxx Mac of such additional Qualified Loan Schedule. Any additional Qualified Loans not included in the Portfolio Standby Purchase Commitment Fee with respect to which Seller wishes to obtain credit enhancement from Xxxxxx Mac such additional Qualified Loan shall be governed by due and payable beginning in the terms and conditions of a separate Long Term Standby Commitment month following the month in which the Effective Date with respect to Purchase between the partiessuch additional Qualified Loan occurs. The Seller may not remove a Qualified Loan from the Portfolio without the prior written consent of Xxxxxx Mac which consent shall not be unreasonably withheld; except, that, if the Seller refinances, restructures or modifies any Qualified Loan without the written consent of Xxxxxx Mac (which consent shall not be unreasonably withheld and shall not be required in loan restructurings provided for under the borrower rights provisions of the Farm Credit Act), Xxxxxx Mac shall not be obligated to purchase such restructured or modified Qualified Loan or to deliver XXXX backed by such restructured or modified Qualified Loan. If a Qualified Loan is removed from the Portfolio through a refinancing by the Seller (either with or without the inclusion of additional loan funds), the Seller agrees to add such refinanced Qualified Loan back to the Portfolio, or include such refinanced Qualified Loan in a portfolio under a separate subsequent Long Term Standby Commitment to Purchase, within 3 months of the closing of the refinanced Qualified Loan, if such addition or inclusion is permissible under the operative documents.