Common use of Qualified Mortgage for REMIC Clause in Contracts

Qualified Mortgage for REMIC. Each Mortgage Loan is a "qualified mortgage" under Section 860G(a)(3) of the Code and the Treasury Regulations thereunder. As of the Cut-off Date, no Mortgage Loan was in foreclosure nor did CIT Consumer Finance consider acceleration and liquidation of any particular Mortgage Loan to be reasonably foreseeable. The fair market value of the interest in real property securing each Mortgage Loan (i) was at least equal to 80 percent of the adjusted issue price of the obligation at the time the obligation was originated (or, if later, but before the Closing Date, the time the obligation was significantly modified, as such term is defined in Treasury Regulations § 1.860G-2(b)(2)); or (ii) is at least equal to 80 percent of the adjusted issue price of the obligation on the Closing Date. For purposes of this Section 3.02(p), the fair market value of the real property interest must be first reduced by the amount of any lien on the real property interest that is senior to the obligation being tested, and must be further reduced by a proportionate amount of any lien that is in parity with the obligation being tested, in each case before the percentages set forth in (i) and (ii) above are determined. The adjusted issue price of an obligation is its issue price plus the amount of accrued original issue discount, if any, as of the date of determination.

Qualified Mortgage for REMIC. Each Mortgage Loan is a "qualified mortgage" under Section 860G(a)(3) of the Code and the Treasury Regulations thereunder. As of the Cut-off Date, no Mortgage Loan was in foreclosure nor did CIT Consumer Finance consider acceleration and liquidation of any particular Mortgage Loan to be reasonably foreseeable. The fair market value of the interest in real property securing each Mortgage Loan (i) was at least equal to 80 percent of the adjusted issue price of the obligation at the time the obligation was originated (or, if later, but before the Closing Date, the time the obligation was significantly modified, as such term is defined in Treasury Regulations § 1.860G-2(b)(2)ss. 1.860G-2.); or (ii) is at least equal to 80 percent of the adjusted issue price of the obligation on the Closing Date. For purposes of this Section 3.02(p), the fair market value of the real property interest must be first reduced by the amount of any lien on the real property interest that is senior to the obligation being tested, and must be further reduced by a proportionate amount of any lien that is in parity with the obligation being tested, in each case before the percentages set forth in (i) and (ii) above are determined. The adjusted issue price of an obligation is its issue price plus the amount of accrued original issue discount, if any, as of the date of determination.

Qualified Mortgage for REMIC. Each Mortgage Loan is a "qualified mortgage" under Section 860G(a)(3) of the Code and the Treasury Regulations thereunder. As of the Cut-off Date, no Mortgage Loan was in foreclosure nor did CIT Consumer Finance consider acceleration and liquidation of any particular Mortgage Loan to be reasonably foreseeable. The fair market value of the interest in real property securing each Mortgage Loan (i) was at least equal to 80 percent of the adjusted issue price of the obligation at the time the obligation was originated (or, if later, but before the Closing Date, the time the obligation was significantly modified, as such term is defined in Treasury Regulations § ss. 1.860G-2(b)(2)); or (ii) is at least equal to 80 percent of the adjusted issue price of the obligation on the Closing Date. For purposes of this Section 3.02(p), the fair market value of the real property interest must be first reduced by the amount of any lien on the real property interest that is senior to the obligation being tested, and must be further reduced by a proportionate amount of any lien that is in parity with the obligation being tested, in each case before the percentages set forth in (i) and (ii) above are determined. The adjusted issue price of an obligation is its issue price plus the amount of accrued original issue discount, if any, as of the date of determination.