Common use of Mandatory Redemption of Collateral Due to Low Weighted Average FICO Scores Clause in Contracts

Mandatory Redemption of Collateral Due to Low Weighted Average FICO Scores. If the Agent shall determine on any day that: (i) the weighted average FICO score of all Construction/Permanent Loans then Pledged to the Agent is less than 700; or (ii) the weighted average FICO score of all Alt-A Loans then Pledged to the Agent is less than 690 (or, in the Agent’s discretion, as low as 685); and make a Redemption Call, then and in that event the Companies shall immediately (by no later than the next Business Day after the Agent’s request) redeem (either by making cash paydowns of outstanding Advances or substituting higher quality Collateral) a sufficient number of lower FICO score Pledged Loans as shall be required to correct such deficiency.

Mandatory Redemption of Collateral Due to Low Weighted Average FICO Scores. If the Agent shall determine on any day that: (i) the weighted average FICO score of all Construction/Permanent Loans then Pledged to the Agent is less than 700; or (ii) the weighted average FICO score of all Alt-A Loans then Pledged to the Agent is less than 690 680 (or, in the Agent’s discretion, as low as 685675); and make a Redemption Call, then and in that event the Companies shall immediately (by no later than the next Business Day after the Agent’s request) redeem (either by making cash paydowns of outstanding Advances or substituting higher quality Collateral) a sufficient number of lower FICO score Pledged Loans as shall be required to correct such deficiency.

Mandatory Redemption of Collateral Due to Low Weighted Average FICO Scores. If the Agent shall determine on any day that: (i) the weighted average FICO score of all Construction/Construction to Permanent Loans then Pledged to the Agent is less than 700; or (ii) the weighted average FICO score of all Alt-A Loans then Pledged to the Agent is less than 690 680 (or, in the Agent’s discretion, as low as 685675); and make a Redemption Call, then and in that event the Companies Company shall immediately (by no later than the next Business Day after the Agent’s request) redeem (either by making cash paydowns of outstanding Advances or substituting higher quality Collateral) a sufficient number of lower FICO score Pledged Loans as shall be required to correct such deficiency.