Excluded Loans. Each Receivable is not a Receivable originated by or through a Dealer located in the State of Alabama, Maine or Maryland; and
Excluded Loans. Each Receivable (A) is not a Receivable whose related Obligor resides in the State of Alabama (in the case of a Direct Receivable) or a Receivable originated by or through a Dealer located in the State of Alabama (in the case of a Dealer Receivable), and (B) has not been the subject of a previous securitization; and
Excluded Loans. The Parties agree that Seller is not selling, assigning, transferring, conveying or delivering to Buyer, and the acquired Loan Portfolio shall not include (collectively, the “Excluded Loans”),
(a) Loans which are 60 days or more past due as of the Closing Date and any other loans held by the same or affiliated Obligor or guarantor;
(b) Loans made to any entity where any Affiliate of Buyer is an officer, director or manager of the borrowing entity;
(c) Loans that constitute lines of credit;
(d) Loans for which Seller does not have a perfected first priority security interest in the collateral (except for second loans to the same Obligor which, when the principal balance of the second loan is added to the amount of the first loan, has an aggregate loan to value ratio (“LTV”) of less than 80% at the time of Closing);
(e) Loans for which during the twelve months prior to the Closing Date Seller has granted the Obligor an extension, deferral or modification not in accordance with Seller’s then existing policies and procedures;
(f) Except as set forth on Schedule 2.1.2(f)(i) hereto, loans with a LTV of greater than 80% of the current market value for such loan at the time of Closing, based upon the methodology and accounting principles employed in preparing Schedule 2.1.2(f)(ii) hereto; provided that Buyer and Seller shall execute a joint participation agreement with respect to each such loan set forth on Schedule 2.1.2(f)(i) hereto pursuant to which Buyer shall be entitled to an 80% senior participating percentage interest and Seller shall be entitled to a 20% junior participating percentage interest, each such joint participation agreement to be in the form of Exhibit B hereto;
(g) Loans relating to which there is pending litigation against either Seller or its agents;
(h) Loans for which the Obligor has filed bankruptcy or is the debtor in a voluntary or involuntary bankruptcy proceeding, or is the subject of a comparable receivership or insolvency proceeding prior to the Closing Date;
(i) Loans with corporate entities which were not duly incorporated at the time of origination;
(j) Loans with respect to which any Obligor is, to the Knowledge of Seller, asserting as of the Closing Date a right of rescission, setoff, counterclaim or defense;
(k) Loans for which the (i) original copies of the Loan Agreement, note, security agreement or, if applicable, guaranty or (ii) original filed UCC-1 or certified filed UCC-1, or other proof of UCC filing and evidence of me...
Excluded Loans. Seller represents that as of the date hereof, that the Designated Loans are not (i) loans in non-accrual status on Seller’s books, loans in which the collateral securing the same has been repossessed or as to which collection efforts have been instituted or claim and delivery or foreclosure proceedings have been filed, or loans as to which insurance on the loan collateral has been force-placed; (ii) loans ninety (90) days or more past due as to principal or interest; (iii) loans which have been classified adversely by any governmental authority or regulatory agency or placed by Seller on any internal “watch list” or similar list of loans causing concern; (iv) loans in connection with which the obligor has filed a petition for relief under the United States Bankruptcy Code, or otherwise has indicated an inability or refusal to pay the Designated Loan as it becomes due, as reflected in the Records relating to such loans; (v) letters of credit, or loans in which Seller participates with another lender, except as specifically offered by Seller and accepted by Purchaser; (vi) loans to borrowers known by Seller to be deceased, as reflected in Records relating to such loans; (vii) loans rejected by Purchaser pursuant to Section 2.8; (viii) blocked lines of credit or commitments; (ix) expired lines of credit or commitments; (x) revolving credit tied to inactive Deposits; (xi) revolving credit to borrowers located outside North Carolina or (xii) loans linked to brokerage accounts (collectively, “Excluded Loans”). Seller shall notify Purchaser within five (5) Business Days if any Designated Loan becomes an Excluded Loan, at which time Purchaser shall have the option to reject such Excluded Loan upon notice to Seller, and Purchaser shall have no further obligation with respect thereto.
Excluded Loans. Each Receivable (A) is not a Chase Connecticut Loan, Chase Florida Loan, Chase Lincoln Loan, Chase Maryland Loan, a Receivable whose related Obligor resides in the State of Alabama (in the case of a Direct Receivable) or a Receivable originated by or through a Dealer located in the State of Alabama (in the case of a Dealer Receivable), and (B) has not been the subject of a previous securitization; and
Excluded Loans. Notwithstanding any provision to the contrary contained in this Operating Agreement, it is the intent of this Agreement that on and after the Closing Date, Banc One shall not be obligated to sell to HomeSide Lending any (a) Subprime Mortgage Loan or related Servicing Rights, (b) Home Equity Loans or related Servicing Rights, (c) open-end real estate secured loan or related servicing rights or (d) home improvement or construction loan or related servicing rights; provided, however, that Banc One represents and warrants that as of the Effective Date, substantially all of the New Mortgage Loans are originated by the Affiliate Mortgage Company.
Excluded Loans. Residential mortgage loans that, as of the Cut-off Date, had one or more of the following features:
Excluded Loans. As of the Cut-off Date, none of the Mortgage Loans were Excluded Loans.
Excluded Loans. 2 FDIC......................................................................................................................11 Fiduciary Relationships.....................................................................................53
Excluded Loans. FCBS shall use its commercially reasonably best efforts to sell or otherwise dispose of the loans set forth on Schedule 6.12 attached hereto. CVBF may waive this requirement by written notice delivered to FCBS within 45 days of the execution of this Agreement.
