Common use of No Material Default; Payment Record Clause in Contracts

No Material Default; Payment Record. As of the Purchase Date and the date of the transfer of any Margin Excess to Seller, no Purchased Loan has been more than 30 days delinquent, without giving effect to any grace or cure period, in making required debt service payments since origination, and no Purchased Loan is more than 30 days delinquent (beyond any applicable grace or cure period) in making required payments. As of the Purchase Date and the date of the transfer of any Margin Excess to Seller, to the Seller’s Actual Knowledge, there is (a) no material default, breach, violation or event of acceleration existing under the related Purchased Loan, or (b) no event (other than payments due but not yet delinquent) which, with the passage of time or with notice and the expiration of any grace or cure period, would constitute a material default, breach, violation or event of acceleration, which default, breach, violation or event of acceleration, in the case of either (a) or (b), materially and adversely affects the value of the Purchased Loan or the value, use or operation of the related Mortgaged Property, provided, however, that this representation and warranty does not cover any default, breach, violation or event of acceleration that specifically pertains to or arises out of an exception scheduled to any other representation and warranty made by the Seller in this Exhibit VI (including, but not limited to, the prior sentence). Solely with respect to a Whole Loan, no person other than the holder of such Purchased Loan may declare any event of default under the Purchased Loan or accelerate any indebtedness under the Purchased Loan Documents.

No Material Default; Payment Record. As of the Purchase Date and the date of the transfer of any Margin Excess to SellerDate, no Purchased Loan Asset has been more than 30 days delinquent, without giving effect to any grace or cure period, in making required debt service payments since origination, and no Purchased Loan Asset is more than 30 days delinquent (beyond any applicable grace or cure period) in making required payments. As of the Purchase Date and the date of the transfer of any Margin Excess to Seller, to the To Seller’s Actual Knowledge, there is (a) no no, and since origination until the Purchase Date there has been no, material default, breach, violation or event of acceleration existing under the related Purchased LoanAsset Documents, or (b) no event (other than payments due but not yet delinquent) which, with the passage of time or with notice and the expiration of any grace or cure period, would constitute a material default, breach, violation or event of acceleration, which default, breach, violation or event of acceleration, in the case of either clause (a) or (b), materially and adversely affects the value of the Purchased Loan Asset, or the value, use or operation of the related Underlying Mortgaged Property, provided, however, that this representation and warranty Paragraph (38) does not cover any default, breach, violation or event of acceleration that specifically pertains to or arises out of an exception scheduled to any other representation and warranty made by the Seller in this Exhibit VI (including, but not limited to, the prior sentence)any Exception Report. Solely with respect to a Whole Loan, no No person other than the holder of such Purchased Loan Asset may declare any event of default under the Purchased Loan Asset or accelerate any indebtedness under the Purchased Loan Asset Documents.

No Material Default; Payment Record. As of the Purchase Date and the date of the transfer of any Margin Excess to SellerDate, no Purchased Loan Asset has been more than 30 days delinquent, without giving effect to any grace or cure period, in making required debt service payments since origination, origination and no Purchased Loan Asset is more than 30 days delinquent (beyond any applicable grace or cure period) in making required payments. As of the Purchase Date and the date of the transfer of any Margin Excess to Seller, to the To Seller’s Actual Knowledge, there is (a) no no, and since origination and until the Purchase Date, there has been no, material default, breach, violation or event of acceleration existing under the related Purchased LoanAsset Documents, or (b) no event (other than payments due but not yet delinquent) which, with the passage of time or with notice and the expiration of any grace or cure period, would constitute a material default, breach, violation or event of acceleration, which default, breach, violation or event of acceleration, in the case of either clause (a) or (b), materially and adversely affects the value of the Purchased Loan Asset, or the value, use or operation of the related Underlying Mortgaged Property, provided, however, that this representation and warranty Paragraph (38) does not cover any default, breach, violation or event of acceleration that specifically pertains to or arises out of an exception scheduled to any other representation and warranty made by the Seller in this Exhibit VI (including, but not limited to, the prior sentence)any Exception Report. Solely with respect to a Whole Loan, no No person other than the holder of such Purchased Loan Asset may declare any event of default under the Purchased Loan Asset or accelerate any indebtedness under the Purchased Loan Asset Documents.

No Material Default; Payment Record. As of To the Purchase Date and the date of the transfer of any Margin Excess to applicable Seller’s Knowledge, no Purchased Loan has been more than 30 days delinquent, without giving effect to any grace or cure period, in making required debt service payments since origination, and no Purchased Loan is more than 30 days delinquent (beyond any applicable grace or cure periodperiod (or if no grace or cure period is specified in the related Loan Documents, more than five (5) Business Days) in making required payments since origination, and as of the Purchase Date, no Purchased Loan is delinquent beyond any applicable grace or cure period (or if no grace or cure period is specified in the related Loan Documents, more than five (5) Business Days) in making required payments. As of To the Purchase Date and the date of the transfer of any Margin Excess to Seller, to the applicable Seller’s Actual Knowledge, there is (a) no material default, breach, violation or event of acceleration existing under the related Purchased Loan, or (b) no event (other than payments due but not yet delinquent) which, with the passage of time or with notice and the expiration of any grace or cure period, would constitute a material default, breach, violation or event of acceleration, which default, breach, violation or event of acceleration, in the case of either clause (a) or clause (b), materially and adversely affects the value of the Purchased Loan or the value, use or operation of the related Mortgaged Property, provided, however, ; provided that this representation and warranty does not cover any default, breach, violation or event of acceleration that specifically pertains to or arises out of an exception scheduled to any other representation and or warranty made by the such Seller in this Exhibit VI (including, but not limited to, the prior sentence). Solely with respect to a Whole Loan, no person other than the holder of such Purchased Loan may declare any event of default under the Purchased Loan or accelerate any indebtedness under the Purchased Loan DocumentsVI.

No Material Default; Payment Record. As of the Purchase Date and the date of the transfer of any Margin Excess to Seller, no Purchased No Mortgage Loan has been more than 30 thirty (30) days delinquent, without giving effect to any grace or cure period, in making required debt service payments under the terms of the related Purchased Asset Documents since origination, and as of its Purchase Date, no Purchased Mortgage Loan is more than 30 thirty (30) days delinquent (beyond any applicable grace or cure period) in making required payments. As payments under the terms of the Purchase Date and the date related Purchased Asset Documents. To Seller’s Knowledge, as of the transfer of any Margin Excess to Seller, to the Seller’s Actual Knowledgerelated Purchase Date, there is (a) no material default, breach, violation or event of acceleration existing under the related Purchased Mortgage Loan, or (b) no event (other than payments due but not yet delinquent) which, with the passage of time or with notice and the expiration of any grace or cure period, would constitute a material default, breach, violation or event of acceleration, which default, breach, violation or event of acceleration, in the case of either (a) or (b), materially and adversely affects the value of the Purchased Mortgage Loan or the value, use or operation of the related Mortgaged Property, provided, however, that this representation and warranty does not cover any default, breach, violation or event of acceleration that specifically pertains to or arises out of an exception scheduled to any other representation and warranty made by the Seller in this Exhibit VI (including, but not limited to, the prior sentence). Solely with respect to a Whole Loan, no V. No person other than the holder of such Purchased Mortgage Loan may declare any event of default under the Purchased Mortgage Loan or accelerate any indebtedness under the Purchased Loan Asset Documents.