Purchase and Sale of Subsequent Mortgage Loans. (i) Subject to the satisfaction of the conditions set forth in paragraph (ii) below, and upon the Trustees receipt of a Subsequent Transfer Agreement executed by all other parties thereto, in consideration of the Trustees delivery on the related Subsequent Transfer Dates to or upon the order of the Depositor of all or a portion of the balance of funds in the related Pre-Funding Accounts, the Depositor shall on any Subsequent Transfer Date sell, transfer, assign, set over and convey to the Trustee without recourse but subject to terms and provisions of this Agreement, all of the right, title and interest of the Depositor in and to the Group I Subsequent Mortgage Loans or the Group II Subsequent Mortgage Loans, as applicable, including the outstanding principal of and interest due on such Subsequent Mortgage Loans, and all other related assets included or to be included in the Trust Fund with respect thereto. The amount released from the Group I Pre-Funding Account with respect to a transfer of Group I Subsequent Mortgage Loans, or from the Group II Pre-Funding Account with respect to a transfer of Group II Subsequent Mortgage Loans, shall be one-hundred percent (100%) of the aggregate Stated Principal Balances as of the related Subsequent Cut-off Date of the Subsequent Mortgage Loans so transferred. (ii) The Subsequent Mortgage Loans and the other property and rights related thereto described in paragraph (a) above shall be transferred by the Depositor to the Trust Fund only upon the satisfaction of each of the following conditions on or prior to the related Subsequent Transfer Date: (a) the Unaffiliated Seller shall have provided the Depositor, the Trustee, the Rating Agencies and the Certificate Insurer with a timely Addition Notice, which shall include a Mortgage Loan Schedule, listing the Subsequent Mortgage Loans and shall have provided any other information reasonably requested by any of the foregoing with respect to the Subsequent Mortgage Loans; (b) the Servicer shall have deposited in the Collection Account all collections of (x) principal in respect of the Subsequent Mortgage Loans received and due after the related Subsequent Cut-off Date and (y) interest due on the Subsequent Mortgage Loans after the related Subsequent Cut-off Date; (c) as of each Subsequent Transfer Date, the Unaffiliated Seller was not insolvent nor will be made insolvent by such transfer nor is the Unaffiliated Seller aware of any pending insolvency;
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Abs Capital I Inc)
Purchase and Sale of Subsequent Mortgage Loans. (i) Subject to the satisfaction of the conditions set forth in paragraph (ii) below, and upon the Trustees Securities Administrator's receipt of a Subsequent Transfer Agreement executed by all other parties thereto, in consideration of the Trustees Securities Administrator's delivery on the related Subsequent Transfer Dates to or upon the order of the Depositor of all or a portion of the balance of funds in the related Pre-Funding AccountsAccount, the Depositor shall on any Subsequent Transfer Date sell, transfer, assign, set over and convey to the Trustee without recourse but subject to terms and provisions of this Agreement, all of the right, title and interest of the Depositor in and to the Group I Subsequent Mortgage Loans or the Group II Subsequent Mortgage Loans, as applicable, including the outstanding principal of and interest due on such Subsequent Mortgage Loans, and all other related assets included or to be included in the Trust Fund with respect thereto. The amount released from the Group I Pre-Funding Account with respect to a transfer of Group I Subsequent Mortgage Loans, or from the Group II Pre-Funding Account with respect to a transfer of Group II Subsequent Mortgage Loans, Loans shall be one-hundred percent (100%) of the aggregate Stated Principal Balances as of the related Subsequent Cut-off Date of the Subsequent Mortgage Loans so transferred.
(ii) The Subsequent Mortgage Loans and the other property and rights related thereto described in paragraph (a) above shall be transferred by the Depositor to the Trust Fund only upon the satisfaction of each of the following conditions on or prior to the related Subsequent Transfer Date:
(a) the Unaffiliated Seller shall have provided the Depositor, the Trustee, the Securities Administrator and the Rating Agencies and the Certificate Insurer with a timely Addition Noticeaddition notice, which shall include a Mortgage Loan Schedule, listing the Subsequent Mortgage Loans and shall have provided any other information reasonably requested by any of the foregoing with respect to the Subsequent Mortgage Loans;
(b) the applicable Servicer shall have deposited in the related Collection Account all collections of (x) principal in respect of the Subsequent Mortgage Loans received and due after the related Subsequent Cut-off Date and (y) interest due on the Subsequent Mortgage Loans after the related Subsequent Cut-off Date;
(c) as of each Subsequent Transfer Date, the Unaffiliated Seller was not insolvent nor will be made insolvent by such transfer nor is the Unaffiliated Seller aware of any pending insolvency;
Appears in 1 contract
Purchase and Sale of Subsequent Mortgage Loans. (ia) Subject to the satisfaction of the conditions set forth in paragraph (iiSection 2.14(b) below, and upon of the Trustees receipt of a Subsequent Transfer Agreement executed by all other parties theretoIndenture, in consideration of the Trustees Trust's delivery on the related Subsequent Transfer Dates to or upon the order of the Depositor Sponsor of all or a portion of the balance of funds in the related Pre-Funding AccountsAccount, the Depositor Sponsor shall on any Subsequent Transfer Date sell, transfer, assign, set over and convey to the Trustee Trust without recourse recourse, but subject to terms and provisions of this Agreement, all of the right, title and interest of the Depositor Sponsor in and to the Group I Subsequent Mortgage Loans or in the Group II Subsequent Mortgage Loans, as applicablerelated Loan Group, including the outstanding principal of Cut-Off Date Principal Balance, and interest due on on, such Subsequent Mortgage Loans, and all other related assets included or to be included in the Trust Fund with respect theretoEstate. The amount released from the Group I a Pre-Funding Account with respect to a transfer of Group I Subsequent Mortgage Loans, or from Loans to the related Loan Group II Pre-Funding Account with respect to a transfer of Group II Subsequent Mortgage Loans, shall be one-hundred percent (100%) of the aggregate Stated Cut-Off Date Principal Balances Balance of the Subsequent Mortgage Loans so transferred, as of the related Subsequent Cut-off Date Off Date.
(b) In connection with the transfer and assignment of the Subsequent Mortgage Loans so transferredto the Trust, the Sponsor shall satisfy the document delivery requirements set forth in Section 2.05 hereof.
(iic) The For any Subsequent Mortgage Loans and Loan that has a first Due Date that occurs later than the other property and rights related thereto described in paragraph (a) above shall be transferred by the Depositor to the Trust Fund only upon the satisfaction of each last day of the Due Period following conditions on or prior to the related Subsequent Transfer Date:
(a) the Unaffiliated Seller shall have provided the Depositor, the Trustee, the Rating Agencies and the Certificate Insurer with a timely Addition Notice, Due Period in which shall include a Mortgage Loan Schedule, listing the Subsequent Mortgage Loans and shall have provided any other information reasonably requested by any of the foregoing with respect to the Subsequent Mortgage Loans;
(b) the Servicer shall have deposited in the Collection Account all collections of (x) principal in respect of the Subsequent Mortgage Loans received and due after the related Subsequent Cut-off Off Date and (y) interest due occurs, on the Subsequent Mortgage Loans after the related Subsequent Cut-off Date;
(c) as of each Subsequent Transfer applicable Servicer Payment Date, the Unaffiliated Seller was Master Servicer will deposit into the related Payment Account 30 days' interest at the related Mortgage Interest Rate, net of the Servicing Fee, for each month after the month in which the Subsequent Transfer occurs until, but not insolvent including, the month in which such first Due Date occurs. Notwithstanding anything in Section 7.02 to the contrary, neither the Backup Servicer nor will be made insolvent by the Indenture Trustee is obligated to make such transfer nor is deposit in the Unaffiliated Seller aware of any pending insolvency;event the Master Servicer fails to do so.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Accredited Home Lenders Inc)
Purchase and Sale of Subsequent Mortgage Loans. (i) Subject to the satisfaction of the conditions set forth in paragraph (ii) below, and upon the Trustees Securities Administrator's receipt of a Subsequent Transfer Agreement executed by all other parties thereto, in consideration of the Trustees Securities Administrator's delivery on the related Subsequent Transfer Dates to or upon the order of the Depositor of all or a portion of the balance of funds in the related Pre-Funding AccountsAccount, the Depositor shall on any Subsequent Transfer Date sell, transfer, assign, set over and convey to the Trustee without recourse but subject to terms and provisions of this Agreement, all of the right, title and interest of the Depositor in and to the Group I Subsequent Mortgage Loans or the Group II Subsequent Mortgage Loans, as applicable, including the outstanding principal of and interest due on such Subsequent Mortgage Loans, and all other related assets included or to be included in the Trust Fund with respect thereto. The amount released from the Group I Pre-Funding Account with respect to a transfer of Group I Subsequent Mortgage Loans, or from the Group II Pre-Funding Account with respect to a transfer of Group II Subsequent Mortgage Loans, Loans shall be one-hundred percent (100%) of the aggregate Stated Principal Balances as of the related Subsequent Cut-off Date of the Subsequent Mortgage Loans so transferred.
(ii) The Subsequent Mortgage Loans and the other property and rights related thereto described in paragraph (a) above shall be transferred by the Depositor to the Trust Fund only upon the satisfaction of each of the following conditions on or prior to the related Subsequent Transfer Date:
(a) the Unaffiliated Seller shall have provided the Depositor, the Trustee, the Securities Administrator and the Rating Agencies and the Certificate Insurer with a timely Addition Noticeaddition notice, which shall include a Mortgage Loan Schedule, listing the Subsequent Mortgage Loans and shall have provided any other information reasonably requested by any of the foregoing with respect to the Subsequent Mortgage Loans;
(b) the Servicer shall have deposited in the Collection Account all collections of (x) principal in respect of the Subsequent Mortgage Loans received and due after the related Subsequent Cut-off Date and (y) interest due on the Subsequent Mortgage Loans after the related Subsequent Cut-off Date;
(c) as of each Subsequent Transfer Date, the Unaffiliated Seller was not insolvent nor will be made insolvent by such transfer nor is the Unaffiliated Seller aware of any pending insolvency;
Appears in 1 contract
Purchase and Sale of Subsequent Mortgage Loans. (i) Subject to the satisfaction of the conditions set forth in paragraph (ii) below, and upon the Trustees Trustee's receipt of a Subsequent Transfer Agreement executed by all other parties thereto, in consideration of the Trustees Trustee's delivery on the related Subsequent Transfer Dates to or upon the order of the Depositor of all or a portion of the balance of funds in the related Pre-Funding AccountsAccount, the Depositor shall on any Subsequent Transfer Date sell, transfer, assign, set over and convey to the Trustee without recourse but subject to terms and provisions of this Agreement, all of the right, title and interest of the Depositor in and to the Group I Subsequent Mortgage Loans or the Group II Subsequent Mortgage Loans, as applicable, including the outstanding principal of and interest due on such Subsequent Mortgage Loans, and all other related assets included or to be included in the Trust Fund with respect thereto. The amount released from the Group I Pre-Funding Account with respect to a transfer of Group I Subsequent Mortgage Loans, or from the Group II Pre-Funding Account with respect to a transfer of Group II Subsequent Mortgage Loans, Loans shall be one-hundred percent (100%) of the aggregate Stated Principal Balances as of the related Subsequent Cut-off Off Date of the Subsequent Mortgage Loans so transferred.
(ii) The Subsequent Mortgage Loans and the other property and rights related thereto described in paragraph (a) above shall be transferred by the Depositor to the Trust Fund only upon the satisfaction of each of the following conditions on or prior to the related Subsequent Transfer Date:
(a) the Unaffiliated Seller shall have provided the Depositor, the Trustee, the Rating Agencies and the Class A Certificate Insurer with a timely Addition Notice, which shall include a Mortgage Loan Schedule, listing the Subsequent Mortgage Loans and shall have provided any other information reasonably requested by any of the foregoing with respect to the Subsequent Mortgage Loans;
(b) the Servicer shall have deposited in the Collection Account all collections of (x) principal in respect of the Subsequent Mortgage Loans received and due after the related Subsequent Cut-off Off Date and (y) interest due on the Subsequent Mortgage Loans after the related Subsequent Cut-off Off Date;
(c) as of each Subsequent Transfer Date, the Unaffiliated Seller was not insolvent nor will be made insolvent by such transfer nor is the Unaffiliated Seller aware of any pending insolvency;
(d) such addition will not result in a "prohibited transaction" (as defined in the REMIC Provisions) for any REMIC held by the Trust Fund, and will not cause any REMIC held by the Trust Fund to cease to qualify as a REMIC, as evidenced by an Opinion of Counsel with respect to such matters (which may be a blanket opinion dated the Closing Date);
(e) the Pre-Funding Period shall not have terminated;
(f) the related Responsible Party shall have delivered to the Trustee an Officer's Certificate stating that each Subsequent Mortgage Loan complies with each of the representations and warranties made with respect thereto, as set forth in Schedule III hereto;
(g) the Unaffiliated Seller shall have delivered to the Trustee an Officer's Certificate confirming the satisfaction of each condition precedent specified in this paragraph (ii), and the Opinion of Counsel referenced in clause (d); and
(h) the Unaffiliated Seller, the Responsible Parties and the Depositor shall have delivered to the Trustee an executed copy of a Subsequent Transfer Agreement, substantially in the form of Exhibit L hereto.
(iii) The obligation of the Trust Fund to purchase the Subsequent Mortgage Loans on a Subsequent Transfer Date is subject to the requirements that, following the purchase of such Subsequent Mortgage Loans, and with respect to the entire mortgage loan pool:
(a) no more than 3% may be second liens;
(b) no more than 15% may be Fixed Rate Mortgage Loans;
(c) the weighted average original term to maturity may not exceed 360 months;
(d) the weighted average gross Mortgage Rate must not be less than 9.30%, or more than 9.55%;
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Abs Capital I Inc)
Purchase and Sale of Subsequent Mortgage Loans. (ia) Subject During the last fifteen (15) days of each calendar quarter (but in no event later than September 30, 2000), subject to the satisfaction of the conditions set forth in paragraph (iiSection 2.14(b) below, and upon of the Trustees receipt of a Subsequent Transfer Agreement executed by all other parties theretoIndenture, in consideration of the Trustees Trust's delivery on the related Subsequent Transfer Dates to or upon the order of the Depositor of all or a portion of the balance of funds in the related Pre-Funding AccountsPurchase Price, the Depositor Originators shall on any Subsequent Transfer Date sell, transfer, assign, set over and convey to the Trustee Depositor and the Depositor shall on such Subsequent Transfer Date sell, transfer, assign, set over and convey to the Trust without recourse recourse, but subject to the terms and provisions of this Agreement, all of the their respective right, title and interest of the Depositor in and to the Group I Subsequent Mortgage Loans or the Group II Subsequent Mortgage Loans, as applicable, including the outstanding principal of of, and interest due on or after the related Subsequent Cut-Off Date, such Subsequent Mortgage Loans, and all other related assets included or to be included in the Trust Fund with respect thereto. The amount released from Estate; provided, however, that the Group I Pre-Funding Account Class A Note Principal Balance shall not exceed $150,000,000 (taking into account the outstanding balance on the Existing Warehouse Facility) and provided, further, that the Trust shall not purchase Initial Mortgage Loans or Subsequent Mortgage Loans on the initial Closing Date or any Subsequent Transfer Date unless the Advance Amount with respect to a transfer of Group I Subsequent such Initial Mortgage Loans, Loans or from the Group II Pre-Funding Account with respect to a transfer of Group II Subsequent Mortgage Loans, shall be one-hundred percent (100%) of the aggregate Stated Principal Balances as of the related Subsequent Cut-off Date of the Subsequent Mortgage Loans so transferred.
(ii) The Subsequent Mortgage Loans and the other property and rights related thereto described in paragraph (a) above shall be transferred by the Depositor at least equal to the Trust Fund only upon the satisfaction of each of the following conditions on or prior to the related Subsequent Transfer Date:
(a) the Unaffiliated Seller shall have provided the Depositor, the Trustee, the Rating Agencies and the Certificate Insurer with a timely Addition Notice, which shall include a Mortgage Loan Schedule, listing the Subsequent Mortgage Loans and shall have provided any other information reasonably requested by any of the foregoing with respect to the Subsequent Mortgage Loans;$5,000,000.
(b) For any Subsequent Mortgage Loan that has a first Due Date that occurs later than the Servicer shall have deposited last day of the Due Period following the Due Period in the Collection Account all collections of (x) principal in respect of which the Subsequent Mortgage Loans received and due after Loan was sold to the related Subsequent Cut-off Date and (y) interest due Trust, on the Subsequent Mortgage Loans after the related Subsequent Cut-off Date;
(c) as of each Subsequent Transfer applicable Servicer Payment Date, the Unaffiliated Seller was Servicer will deposit into the Payment Account 30 days' interest at the related Mortgage Interest Rate, net of the Servicing Fee, for each month after the month in which the Subsequent Transfer occurs until, but not insolvent nor will be made insolvent by including, the month in which such transfer nor is the Unaffiliated Seller aware of any pending insolvency;first Due Date occurs.
Appears in 1 contract
Samples: Sale and Servicing Agreement (American Business Financial Services Inc /De/)
Purchase and Sale of Subsequent Mortgage Loans. (i) Subject to the satisfaction of the conditions set forth in paragraph (ii) below, and upon the Trustees Securities Administrator's receipt of a Subsequent Transfer Agreement executed by all other parties thereto, in consideration of the Trustees Securities Administrator's delivery on the related Subsequent Transfer Dates to or upon the order of the Depositor of all or a portion of the balance of funds in the related Pre-Funding AccountsAccount, the Depositor shall on any Subsequent Transfer Date sell, transfer, assign, set over and convey to the Trustee without recourse but subject to terms and provisions of this Agreement, all of the right, title and interest of the Depositor in and to the Group I Subsequent Mortgage Loans or the Group II Subsequent Mortgage Loans, as applicable, including the outstanding principal of and interest due on such Subsequent Mortgage Loans, and all other related assets included or to be included in the Trust Fund with respect thereto. The amount released from the Group I Pre-Funding Account with respect to a transfer of Group I Subsequent Mortgage Loans, or from the Group II Pre-Funding Account with respect to a transfer of Group II Subsequent Mortgage Loans, Loans shall be one-hundred percent (100%) of the aggregate Stated Principal Balances as of the related Subsequent Cut-off Date of the Subsequent Mortgage Loans so transferred.
(ii) The Subsequent Mortgage Loans and the other property and rights related thereto described in paragraph (a) above shall be transferred by the Depositor to the Trust Fund only upon the satisfaction of each of the following conditions on or prior to the related Subsequent Transfer Date:
(a) the Unaffiliated Seller shall have provided the Depositor, the Trustee, the Securities Administrator and the Rating Agencies and the Certificate Insurer with a timely Addition Notice, which shall include a Mortgage Loan Schedule, listing the Subsequent Mortgage Loans and shall have provided any other information reasonably requested by any of the foregoing with respect to the Subsequent Mortgage Loans;
(b) the applicable Servicer shall have deposited in the related Collection Account all collections of (x) principal in respect of the Subsequent Mortgage Loans received and due after the related Subsequent Cut-off Date and (y) interest due on the Subsequent Mortgage Loans after the related Subsequent Cut-off Date;
(c) as of each Subsequent Transfer Date, the Unaffiliated Seller was not insolvent nor will be made insolvent by such transfer nor is the Unaffiliated Seller aware of any pending insolvency;
(d) such addition will not result in a "prohibited transaction" (as defined in the REMIC Provisions) for any REMIC created hereunder, and will not cause any REMIC created hereunder to cease to qualify as a REMIC, as evidenced by an Opinion of Counsel with respect to such matters (which may be a blanket opinion dated the Closing Date);
(e) the Pre-Funding Period shall not have terminated;
(f) the Unaffiliated Seller shall have delivered to the Securities Administrator an executed Assignment and Recognition Agreement with respect to each related Originator of Subsequent Mortgage Loans to be added to the Trust Fund on such Subsequent Transfer Date (which Assignment and Recognition Agreement shall include a representation and warranty from the related Originator that none of the Subsequent Mortgage Loans is a High Cost Loan, none of the Subsequent Mortgage Loans is covered by the Home Ownership and Equity Protection Act of 1994 and none of the Subsequent Mortgage Loans is in violation of any comparable state law);
(g) the Unaffiliated Seller shall have delivered to the Securities Administrator an Officer's Certificate confirming the satisfaction of each condition precedent specified in this paragraph (ii), and the Opinion of Counsel referenced in clause (d);
(h) the Unaffiliated Seller and the Depositor shall have delivered to the Securities Administrator an executed copy of a Subsequent Transfer Agreement, substantially in the form of Exhibit L hereto;
(i) each of the Rating Agencies shall have provided a notice in either written or electronic format acknowledging their respective consents to the transfer of the Subsequent Mortgage Loans to the Trust Fund.
(iii) The obligation of the Trust Fund to purchase the Subsequent Mortgage Loans on a Subsequent Transfer Date is subject to the requirements that, following the purchase of such Subsequent Mortgage Loans, with respect to the entire mortgage loan pool:
(A) no more than 3.25% may be second lien mortgage loans;
(B) no more than 39.00% may be first lien mortgage loans which are secured by Mortgaged Properties which also secure second lien mortgage loans;
(C) no less than 5.00% and no more than 8.00% may be Fixed Rate Mortgage Loans;
(D) the weighted average original term to maturity may not exceed 360 months;
(E) the weighted average gross Mortgage Rate must not be less than 7.70%, or more than 8.00%;
(F) the weighted average original LTV must not exceed 80.00%, and no more than 30.00% of the Mortgage Loans may have LTVs in excess of 80.00%;
(G) at least 75.00% of the Mortgage Loans must have Prepayment Charges;
(H) the weighted average Gross Margin for the Adjustable Rate Mortgage Loans must be at least 6.100%;
(I) the weighted average credit score (FICO Score) must be at least 620, and none of the Mortgage Loans may have credit scores below 500;
(J) the weighted average credit score for the second-lien mortgage loans must be at least 650;
(K) no more than 33.00% may have an interest-only period;
(L) no more than 11.00% of the Mortgage Loans will be 10 year/40 year dual amortization Mortgage Loans;
(M) the weighted average initial periodic rate cap for the Adjustable Rate Mortgage Loans may not exceed 2.850%
(N) no mortgage loan is classified as a "high cost" loan under the Home Ownership and Equity Protection Act of 1994 ("HOEPA") and no mortgage loan is in violation of, or classified as a "high cost," "threshold," "predatory" or similar loan under, any other applicable state, federal or local law; Any of the requirements set forth in clauses (ii) and (iii) above may be waived or modified in any respect with the consent of the Rating Agencies.
(iv) In connection with the transfer and assignment of the Subsequent Mortgage Loans, the Unaffiliated Seller shall satisfy the document delivery requirements set forth in Section 2.01(b).
Appears in 1 contract
Purchase and Sale of Subsequent Mortgage Loans. (i) Subject to the satisfaction of the conditions set forth in paragraph (ii) below, and upon the Trustees Securities Administrator's receipt of a Subsequent Transfer Agreement executed by all other parties thereto, in consideration of the Trustees Securities Administrator's delivery on the related Subsequent Transfer Dates to or upon the order of the Depositor of all or a portion of the balance of funds in the related Pre-Funding Accounts, the Depositor shall on any Subsequent Transfer Date sell, transfer, assign, set over and convey to the Trustee without recourse but subject to terms and provisions of this Agreement, all of the right, title and interest of the Depositor in and to the Group I Subsequent Mortgage Loans or the Group II Subsequent Mortgage Loans, as applicable, including the outstanding principal of and interest due on such Subsequent Mortgage Loans, and all other related assets included or to be included in the Trust Fund with respect thereto. The amount released from the Group I Pre-Funding Account with respect to a transfer of Group I Subsequent Mortgage Loans, or from the Group II Pre-Funding Account with respect to a transfer of the Group II Subsequent Mortgage Loans, shall be one-hundred percent (100%) of the aggregate Stated Principal Balances as of the related Subsequent Cut-off Date of the Subsequent Mortgage Loans so transferred.
(ii) The Subsequent Mortgage Loans and the other property and rights related thereto described in paragraph (a) above shall be transferred by the Depositor to the Trust Fund only upon the satisfaction of each of the following conditions on or prior to the related Subsequent Transfer Date:
(a) the Unaffiliated Seller shall have provided the Depositor, the Trustee, the Securities Administrator, the Rating Agencies and the Class A-1 Certificate Insurer with a timely Addition Notice, which shall include a Mortgage Loan Schedule, listing the Subsequent Mortgage Loans and shall have provided any other information reasonably requested by any of the foregoing with respect to the Subsequent Mortgage Loans;
(b) the applicable Servicer shall have deposited in the related Collection Account all collections of (x) principal in respect of the Subsequent Mortgage Loans received and due after the related Subsequent Cut-off Date and (y) interest due on the Subsequent Mortgage Loans after the related Subsequent Cut-off Date;
(c) as of each Subsequent Transfer Date, the Unaffiliated Seller was not insolvent nor will be made insolvent by such transfer nor is the Unaffiliated Seller aware of any pending insolvency;
(d) such addition will not result in a "prohibited transaction" (as defined in the REMIC Provisions) for any REMIC created hereunder, and will not cause any REMIC created hereunder to cease to qualify as a REMIC, as evidenced by an Opinion of Counsel with respect to such matters (which may be a blanket opinion dated the Closing Date);
(e) the Pre-Funding Period shall not have terminated;
(f) the Unaffiliated Seller shall have delivered to the Securities Administrator an executed Assignment and Recognition Agreement with respect to each related Originator of Subsequent Mortgage Loans to be added to the Trust Fund on such Subsequent Transfer Date (which Assignment and Recognition Agreement shall include a representation and warranty from the related Originator that none of the Subsequent Mortgage Loans is a High Cost Loan, none of the Subsequent Mortgage Loans is covered by the Home Ownership and Equity Protection Act of 1994 and none of the Subsequent Mortgage Loans is in violation of any comparable state law);
(g) the Unaffiliated Seller shall have delivered to the Securities Administrator an Officer's Certificate confirming the satisfaction of each condition precedent specified in this paragraph (ii), and the Opinion of Counsel referenced in clause (d);
(h) the Unaffiliated Seller and the Depositor shall have delivered to the Securities Administrator an executed copy of a Subsequent Transfer Agreement, substantially in the form of Exhibit L hereto;
(i) the Unaffiliated Seller shall have obtained the consent of the Class A-1 Certificate Insurer; and
(j) each of the Rating Agencies shall have provided a notice in either written or electronic format acknowledging their respective consents to the transfer of the Subsequent Mortgage Loans to the Trust Fund.
(iii) The obligation of the Trust Fund to purchase the Subsequent Mortgage Loans on a Subsequent Transfer Date is subject to the requirements that, following the purchase of such Subsequent Mortgage Loans, with respect to the entire mortgage loan pool:
(A) no more than 3.00% may be second lien mortgage loans;
(B) no more than 37.00% may be first lien mortgage loans which are secured by Mortgaged Properties which also secure second lien mortgage loans;
(C) no less than 10.00% and no more than 12.00% may be Fixed Rate Mortgage Loans;
(D) the weighted average original term to maturity may not exceed 360 months;
(E) the weighted average gross Mortgage Rate must not be less than 7.400%, or more than 7.600%;
(F) the weighted average original LTV must not exceed 81.00%, and no more than 36.50% of the Mortgage Loans may have LTVs in excess of 80.00%;
(G) at least 82.50% of the Mortgage Loans must have Prepayment Charges;
(H) the weighted average Gross Margin for the Adjustable Rate Mortgage Loans must be at least 6.33%;
(I) the weighted average credit score (FICO Score) must be at least 625, and none of the Mortgage Loans may have credit scores below 500;
(J) the weighted average credit score for the second-lien mortgage loans must be at least 665;
(K) the weighted average Stated Documentation and No Ratio Documentation percentage must not exceed 53.00%.
(L) no more than 32.00% may have an interest-only period;
(M) all of the Group I Subsequent Mortgage Loans will conform with Xxxxxxx Mac or Xxxxxx Mae Guidelines;
(N) no mortgage loan is classified as a "high cost" loan under the Home Ownership and Equity Protection Act of 1994 ("HOEPA") and no mortgage loan is in violation of, or classified as a "high cost," "threshold," "predatory" or similar loan under, any other applicable state, federal or local law;
(O) no Mortgage Loan originated on or after October 1, 2002 but before or on March 7, 2003 will be secured by property located in the State of Georgia and no mortgage loan originated on or after March 7, 2003 is a "high cost home loan" as defined under the Georgia Fair Lending Act;
(P) Each Mortgage Loan originated on or after November 27, 2003 but prior to July 7, 2004, which is secured by an owner-occupied property located in the State of New Jersey, will be a purchase money home loan and no Mortgage Loan originated on or after November 27, 2003 but prior to July 7, 2004, which is secured by an owner-occupied property located in the State of New Jersey, will be a "covered" loan; and
(Q) No Mortgage Loan originated on or after November 27, 2003 which is secured by an owner-occupied property located in the State of New Jersey, will be a "high cost" loan, a home improvement loan or be secured by manufactured housing. Any of the requirements set forth in clauses (ii) and (iii) above may be waived or modified in any respect with the consent of the Class A-1 Certificate Insurer and Rating Agencies.
(iv) In connection with the transfer and assignment of the Subsequent Mortgage Loans, the Unaffiliated Seller shall satisfy the document delivery requirements set forth in Section 2.01(b).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Abs Capital I Inc)
