Common use of Remittance delinquencies Clause in Contracts

Remittance delinquencies. For each distribution day, a remittance delinquency: · on an affiliated loan is the originally scheduled interest at the pass-through rate, and principal installment (as adjusted for any principal prepayments), on the mortgage loan due from the mortgagor on (but not before) the first day of the month but not received in the certificate account by close of business on the third business day before the distribution day. · on a third-party loan is the originally scheduled interest at the pass-through rate, and principal installment (as adjusted for any principal prepayments), on the mortgage loan due from the mortgagor on (but not before) the first day of the month but not received in the certificate account by close of business on the determination date for the distribution day. · on a buydown mortgage loan is the accrued and unpaid interest at the related pass-through rate, and the principal installment (as adjusted for any principal prepayments) on the mortgage loan due from the related buydown account on (but not before) the first day of the month but not received in the certificate account by close of business on (a) the third business day before the distribution day (for a buydown mortgage loan that is an affiliated loan) or (b) the determination date (for a buydown mortgage loan that is a third-party mortgage loan). A remittance delinquency does not include · a reduction in principal or interest payments received from a mortgagor due to a mortgage loan modification pursuant to section 3.19, or · an apparent remittance delinquency that is determined by CitiMortgage to be the result of the occurrence of an extraordinary event (but not including a remittance delinquency determined to be eligible for an advance pursuant to this section 3.5).