Proceeds of Mortgage Loan. The proceeds of the Mortgage Loan have not been and shall not be used to satisfy, in whole or in part, any debt owed or owing by the Mortgagor to Seller or any Affiliate or correspondent thereof unless such debt was originated more than 12 months prior to the origination of such Mortgage Loan;
Appears in 4 contracts
Samples: Master Repurchase Agreement (ECC Capital CORP), Master Repurchase Agreement (ECC Capital CORP), Master Repurchase Agreement (WMC Finance Co)
Proceeds of Mortgage Loan. The proceeds of the Mortgage Loan have not been and shall Shall not be used to satisfy, in whole or in part, any debt owed or owing by the Mortgagor to Seller or any Affiliate or correspondent thereof unless such debt was originated more than 12 months prior to the origination of such Mortgage Loan;
Appears in 1 contract
Samples: Master Repurchase Agreement (Hanover Capital Mortgage Holdings Inc)
