Prior Financing. Other than with respect to a Correspondent Mortgage Loan and unless otherwise agreed to by Buyer, no Mortgage Loan has been subject to any other repurchase agreement or credit facility prior to the initial Purchase Date of such Mortgage Loan.
Prior Financing. The transfer to Buyer of each Mortgage Loan that has been subject to any other repurchase agreement or credit facility prior to the initial Purchase Date of such Mortgage Loan is free and clear of any encumbrance, equity, participation interest, lien, pledge, charge, claim or other security interest relating to such prior repurchase agreement or credit facility. (rrr) Mortgagors; Mortgaged Property. With respect to each Mortgage Loan (i) all requirements as to any improvement and/or repair to the Mortgaged Property and to the disbursement of set-aside amounts for such Mortgage Loan have been complied with; (ii) all Principal Advances secured by the related Mortgage are consolidated and such consolidated principal amount bears a single interest rate as set forth in the Mortgage Loan Schedule; (iii) no portion of any proceeds of such Mortgage Loan received by the related Mortgagor on the closing date of such Mortgage Loan were disbursed at the closing for any purpose prohibited under the Approved Underwriting Guidelines relating to reverse mortgage loans (including, without limitation, for estate planning purposes); (iv) such Mortgage Loan is eligible to be pooled into a mortgage-backed security, but no participation in such Mortgage Loan shall have been pooled into a mortgage-backed securitization; (v) the related Mortgaged Property is lawfully occupied by the Mortgagor as such Xxxxxxxxx’s primary residence; (vi) the related Principal Limit, all scheduled payments and other calculation terms have each been calculated in accordance with and comply with all requirements of the Approved Underwriting Guidelines relating to reverse mortgage loans; (vii) such Mortgage Loan bears interest at a rate of interest permitted in accordance with the provisions of the Approved Underwriting Guidelines; (viii) each Mortgagor is an eligible
Prior Financing. Other than with respect to a Correspondent Mortgage Loan or a Gxxxxx Mxx Modified Loan and unless otherwise agreed to by Buyer, no Mortgage Loan has been subject to any other repurchase agreement or credit facility prior to the initial Purchase Date of such Mortgage Loan.
5.2 adding the following new paragraphs (aaaa) and (bbbb) at the end thereof:
Prior Financing. The transfer to Buyer of each Mortgage Loan that has been subject to any other repurchase agreement or credit facility prior to the initial Purchase Date of such Mortgage Loan is free and clear of any encumbrance, equity, participation interest, lien, pledge, charge, claim or other security interest relating to such prior repurchase agreement or credit facility.
Prior Financing. No Mortgage Loan has been subject to any other repurchase agreement or credit facility prior to the initial Purchase Date of such Mortgage Loan. Any of the persons whose signatures and titles appear below are authorized, acting singly, to act for Seller under this Agreement: Xxxx Xxx CFO Xxxxx X. Xxxxxx EVP XXXXXX XXXXXXX FUNDING MGR XXXXXXXX XXXXXXX SVP Xxxxx Xxxxxx SVP XXXXXX XXXXXX OPERATIONS MANAGER
Prior Financing. (a) Borrower, Pledgor and each Initial LLC Eligible Asset Owner has been fully released from any obligations or security interest in favor of parties under any prior financing transactions (collectively, the “Prior Financing Obligations”) and no Initial LLC Eligible Asset Owner has any continuing liability for the Prior Financing Obligations, and no recourse whatsoever against any Eligible Assets owned by any Initial LLC Eligible Asset Owner is available to satisfy the Prior Financing Obligations under any circumstances.
