Representations and Warranties of the Sponsor with Respect to the Mortgage Loans. (a) The Sponsor makes the following representations and warranties as to the Mortgage Loans on which the Trustee relies in accepting the Mortgage Loans in trust and executing and authenticating the Certificates and on which the Certificate Insurer relies in issuing the Certificate Insurance Policy. Such representations and warranties speak as of the Startup Day (unless otherwise specified), but shall survive the sale, transfer and assignment of the Mortgage Loans to the Trustee on behalf of the Trust: (i) The information with respect to each Mortgage Loan set forth in the Schedule of Mortgage Loans is true and correct as of the Cut-Off Date; (ii) All of the original or certified documentation set forth in Section 3.5 (including all material documents related thereto) with respect to each Mortgage Loan has been or will be delivered to the Trustee on the Startup Day, or as otherwise provided in Section 3.5; (iii) Each Mortgage Loan is being serviced by the Servicer or a Person controlling, controlled by or under common control with the Servicer and qualified to service the Mortgage Loans serviced by it; (iv) Each Mortgage Loan conforms, and all such Mortgage Loans in the aggregate conform, in all material respects to the description thereof set forth in the Registration Statement; (v) The credit underwriting guidelines applicable to each Mortgage Loan conform in all material respects to the description thereof set forth in the Prospectus; and (vi) Except as disclosed in the Master Transfer Agreement and the related Conveyance Agreement, none of the Mortgage Loans are subject to Section 32 of the federal Truth-in-Lending Act. (vii) Each Mortgage Loan, as of the Startup Day, satisfies either the test set out in paragraph (1) or the test set out in paragraph (2) below. (1) The fair market value of the interest in real property securing such Mortgage Loan (A) was at least equal to 80 percent of the adjusted issue price of the Mortgage Loan at the time the Mortgage Loan was originated (or, if later, the time the Mortgage Loan was significantly modified); or (B) is at least equal to 80 percent of the adjusted issue price of the Mortgage Loan on the Closing Date. For purposes of this paragraph (1), 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 Mortgage Loan 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 (1)(A) and (1)(B) are determined. The adjusted issue price of a Mortgage Loan is its issue price plus the amount of accrued original issue discount, if any, as of the date of determination; or (2) Substantially all of the proceeds of the Mortgage Loan were used to acquire or to improve or protect an interest in real property that, at the origination date, is the only security for the Mortgage Loan. For purposes of this test, loan guarantees made by the United States or any state (or any political subdivision, agency, or instrumentality of the United States or of any state), or other third-party credit enhancement are not viewed as additional security for a loan. An Mortgage Loan is not considered to be secured by property other than real property solely because the obligor is personally liable on the obligation. For this purpose only, substantially all of the proceeds of the Mortgage Loan means at least 90 percent of the gross proceeds. (b) The Sponsor hereby assigns to the Trustee for the benefit of the Holders of the Certificates and the Certificate Insurer all of its right, title and interest (but none of its obligations, other than those set forth herein) in respect of the Master Transfer Agreement, except for such rights to indemnification thereunder for losses actually incurred only by the Sponsor. Insofar as the Master Transfer Agreement provides for representations and warranties and remedies thereunder for any breach of such representations and warranties, the remedies with respect to such breaches may be enforced by the Servicer or by the Trustee on behalf of the Holders and the Certificate Insurer against the Person making such representation and warranty, and any rights to indemnification for any breaches of such representations and warranties are hereby assigned by the Sponsor to the Trustee for the benefit of the Holders of the Certificates and the Certificate Insurer, except for such rights to indemnification thereunder only for losses actually incurred only by the Sponsor. Upon the discovery by the Sponsor, the Servicer, the Certificate Insurer or the Trustee of a breach of any of the representations and warranties made in the Master Transfer Agreement in respect of any Mortgage Loan that materially and adversely affects the interests of the Holders or of the Certificate Insurer in such Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties and each of Xxxxx'x and S&P. The Servicer shall promptly notify the Originator of such breach and request that the Originator cure such breach or take the actions described in Section 3.4(a) hereof within the time periods required thereby, and (i) if the Originator does not cure such breach in all material respects, the Sponsor shall cure such breach or take such actions and (ii) if the Originator does not purchase such Mortgage Loan, the Sponsor shall purchase such Mortgage Loan. The obligations of the Sponsor or Servicer, as the case may be, set forth herein with respect to any Mortgage Loan as to which such a breach has occurred and is continuing shall constitute the sole obligations of the Sponsor and of the Servicer in respect of such breach.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Equivantage Acceptance Corp), Pooling and Servicing Agreement (Equivantage Acceptance Corp), Pooling and Servicing Agreement (Equivantage Acceptance Corp)
Representations and Warranties of the Sponsor with Respect to the Mortgage Loans. (a) The Sponsor makes the following representations and warranties as to the Mortgage Loans on which the Certificate Insurer relies and the Trustee relies in accepting the Mortgage Loans in trust and executing and authenticating the Certificates and on which the Certificate Insurer relies in issuing the Certificate Insurance PolicyCertificates. Such representations and warranties speak as of the Startup Day (unless otherwise specified)with respect to the Initial Mortgage Loans, as of the Subsequent Transfer Date with respect to any Subsequent Mortgage Loan, or as of the date upon which any Qualified Replacement Mortgage is added to the Trust, but shall survive the sale, transfer transfer, and assignment of the Mortgage Loans to the Trustee on behalf of the TrustTrustee:
(i) The information with respect to each Mortgage Loan set forth in the Schedule of Mortgage Loans is true and correct as of the Initial Cut-Off Date, the Replacement Cut-Off Date or the Subsequent Cut-Off Date, as the case may be;
(ii) All of the original or certified documentation set forth in Section 3.5 (including all material documents related thereto) with respect to each Mortgage Loan has been or will be delivered to the Trustee on no later than the Startup Day, the related Subsequent Transfer Date or the date upon which any Qualified Replacement Mortgage is added to the Trust, as the case may be, or as otherwise provided in Section 3.5;
(iii) Each Mortgage Loan is being serviced by the Master Servicer or a Person controlling, controlled by or under common control with the Master Servicer and qualified to service the Mortgage Loans serviced by itAffiliate;
(iv) Each The Note related to each Mortgage Loan conformsin Group I as of the Initial Cut-Off Date bears a Coupon Rate of at least 6.49% per annum;
(v) As of the Initial Cut-Off Date, and all such no more than 2.91% of the aggregate principal balances of the Initial Mortgage Loans in are 30-59 days Delinquent and no Initial Mortgage Loan is 60 or more days' Delinquent;
(vi) As of the Initial Cut-Off Date, no more than 0.31% of the aggregate principal balances of the Mortgage Loans is secured by Properties located within any single zip code area and less than 13.79% of the aggregate Loan Balance of the Mortgage Loans consists of Date of Payment Loans or simple interest Mortgage Loans;
(vii) All of the Mortgage Loans conform, in all material respects respects, to the description thereof set forth in the Registration Statement;
(vviii) The credit underwriting guidelines applicable to each Mortgage Loan conform in all material respects to the description thereof set forth in the Prospectus; and
(vi) Except as disclosed in the Master Transfer Agreement and the related Conveyance Agreement, none of the Mortgage Loans are subject to Section 32 of the federal Truth-in-Lending Act.
(viiix) Each Mortgage Loan, as of the Startup Day, satisfies either the test set out in paragraph (1) or the test set out in paragraph (2) below.
(1) The fair market value of the interest in real property securing such Mortgage Loan
(A) was at least equal to 80 percent of the adjusted issue price of the Mortgage Loan at the time the Mortgage Loan was originated (or, if later, the time the Mortgage Loan was significantly modified); or
(B) is at least equal to 80 percent of the adjusted issue price of the Mortgage Loan on the Closing Date. For purposes of this paragraph (1), 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 Mortgage Loan 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 (1)(A) and (1)(B) are determined. The adjusted issue price of a Mortgage Loan is its issue price plus the amount of accrued original issue discount, if any, as of the date of determination; or
(2) Substantially all of the proceeds of the Mortgage Loan were used to acquire or to improve or protect an interest in real property that, at the origination date, is the only security for the Mortgage Loan. For purposes of this test, loan guarantees made by the United States or any state (or any political subdivision, agency, or instrumentality of the United States or of any state), or other third-party credit enhancement are not viewed as additional security for a loan. An Mortgage Loan is not considered to be secured by property other than real property solely because the obligor is personally liable on the obligation. For this purpose only, substantially all of the proceeds of the Mortgage Loan means at least 90 percent of the gross proceedsQualified Mortgage.
(b) The Sponsor hereby assigns to the Trustee for the benefit of the Holders Owners of the Certificates and the Certificate Insurer (so long as a Certificate Insurer Default had not occurred and is continuing) all of its right, title and interest (but none of its obligations, other than those set forth herein) in respect of the each Master Transfer Agreement, except for such rights Agreement applicable to indemnification thereunder for losses actually incurred only by the Sponsorrelated Mortgage Loans. Insofar as the such Master Transfer Agreement provides for representations and warranties made by the related Originator in respect of a Mortgage Loan and any remedies provided thereunder for any breach of such representations and warranties, the remedies with respect to such breaches right, title and interest may be enforced by the Master Servicer or by the Trustee on behalf of the Holders and the Certificate Insurer against the Person making such representation and warranty, and any rights to indemnification for any breaches of such representations and warranties are hereby assigned by the Sponsor to the Trustee for the benefit of the Holders of the Certificates Owners and the Certificate Insurer, except for such rights to indemnification thereunder only for losses actually incurred only by the Sponsor. Upon the discovery by the Sponsor, the Master Servicer, the Certificate Insurer or the Trustee of a breach of any of the representations and warranties made in the a Master Transfer Agreement in respect of any Mortgage Loan that which materially and adversely affects the interests of the Holders Owners or of the Certificate Insurer in such Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties and each of Xxxxx'x and S&P. parties. The Master Servicer shall promptly notify the related Originator of such breach and request that the such Originator cure such breach or take the actions described in Section 3.4(a3.4(b) hereof within the time periods required thereby, and (i) if the such Originator does not cure such breach in all material respects, the Sponsor shall cure such breach or take such actions and (ii) if the Originator does not purchase such Mortgage Loan, the Sponsor shall purchase such Mortgage Loanactions. The obligations of the Sponsor or Master Servicer, as the case may be, set forth herein with respect to any Mortgage Loan as to which such a breach has occurred and is continuing shall constitute the sole obligations of the Sponsor Master Servicer and of the Servicer Sponsor in respect of such breach.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Advanta Mortgage Conduit Services Inc)
Representations and Warranties of the Sponsor with Respect to the Mortgage Loans. (a) The Sponsor makes the following representations and warranties as to the Mortgage Loans on which the Trustee relies in accepting the Mortgage Loans in trust and executing and authenticating the Certificates and on which the Certificate Insurer relies in issuing the Certificate Insurance PolicyCertificates. Such representations and warranties speak as of the Startup Day (unless otherwise specified)respective dates indicated below, but shall survive the sale, transfer transfer, and assignment of the Mortgage Loans to the Trustee on behalf of the TrustTrustee:
(i) The information with respect to each Mortgage Loan (including any Unaffiliated Originator Loans) set forth in the Schedule Schedules of Mortgage Loans is true and correct as of the Cut-Off Date;
(ii) All of the original or certified documentation set forth in Section 3.5 (including all material documents related thereto) with respect to each Mortgage Loan (including any Unaffiliated Originator Loans) has been or will be delivered to the Trustee on the Startup Closing Day, or as otherwise provided in Section 3.5;
(iii) Each Except for any Unaffiliated Originator Loans being serviced by a servicer other than the Master Servicer, each Mortgage Loan is being serviced by the Master Servicer or a Person controlling, controlled by or under common control with the Master Servicer and qualified to service the Mortgage Loans serviced by itmortgage loans;
(iv) The Note related to each Mortgage Loan in Group I bears a Coupon Rate of at least 7.50% per annum;
(v) As of the Cut-Off Date, no more than 1.00% of the Original Aggregate Loan Balance of the Mortgage Loans are 30-59 days Delinquent;
(vi) As of the Cut-Off Date, no more than 0.050% of the Original Aggregate Loan Balance of the Mortgage Loans is secured by Properties located within any single zip code area, and no more than 4.00% of the Original Aggregate Loan Balance of the Mortgage Loans consists of Date-of-Payment Loans;
(vii) Each Mortgage Loan conforms, and all such Mortgage Loans in the aggregate conform, in all material respects to the description thereof set forth in the Registration Statement;
(vviii) Except for the Bulk Acquisition Loans and any Unaffiliated Originator Loans, as of the Cut-Off Date, no more than 4.1% of the Loan Balance of the Mortgage Loans relates to Mortgage Loans originated under the Originators' non-income verification program for self-employed borrowers;
(ix) The credit underwriting guidelines applicable to each Mortgage Loan conform in all material respects to the description thereof set forth in the Prospectus; and
(vi) Except as disclosed in the Master Transfer Agreement and the related Conveyance Agreement, none of the Mortgage Loans are subject to Section 32 of the federal Truth-in-Lending Act.
(viix) Each Mortgage Loan, as of the Startup Day, satisfies either the test set out in paragraph (1) or the test set out in paragraph (2) below.
(1) The fair market value of the interest in real property securing such Mortgage Loan
(A) was at least equal to 80 percent of the adjusted issue price of the Mortgage Loan at the time the Mortgage Loan was originated (or, if later, the time the Mortgage Loan was significantly modified); or
(B) is at least equal to 80 percent of the adjusted issue price of the Mortgage Loan on the Closing Date. For purposes of this paragraph (1), 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 Mortgage Loan 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 (1)(A) and (1)(B) are determined. The adjusted issue price of a Mortgage Loan is its issue price plus the amount of accrued original issue discount, if any, as of the date of determination; or
(2) Substantially all of the proceeds of the Mortgage Loan were used to acquire or to improve or protect an interest in real property that, at the origination date, is the only security for the Mortgage Loan. For purposes of this test, loan guarantees made by the United States or any state (or any political subdivision, agency, or instrumentality of the United States or of any state), or other third-party credit enhancement are not viewed as additional security for a loan. An Mortgage Loan is not considered to be secured by property other than real property solely because the obligor is personally liable on the obligation. For this purpose only, substantially all of the proceeds of the Mortgage Loan means at least 90 percent of the gross proceedsQualified Mortgage.
(b) The Sponsor hereby assigns to the Trustee for the benefit of the Holders Owners of the Certificates and the Certificate Insurer all of its right, title and interest (but none of its obligations, other than those set forth herein) in respect of the each Master Transfer Agreement, except for such rights Agreement applicable to indemnification thereunder for losses actually incurred only by the Sponsorrelated Mortgage Loan. Insofar as the such Master Transfer Agreement provides for representations and warranties made by the related Originator in respect of a Mortgage Loan and any remedies provided thereunder for any breach of such representations and warranties, the remedies with respect to such breaches right, title and interest may be enforced by the Master Servicer or by the Trustee on behalf of the Holders and the Certificate Insurer against the Person making such representation and warranty, and any rights to indemnification for any breaches of such representations and warranties are hereby assigned by the Sponsor to the Trustee for the benefit of the Holders of the Certificates Owners and the Certificate Insurer, except for such rights to indemnification thereunder only for losses actually incurred only by the Sponsor. Upon the discovery by the Sponsor, the Master Servicer, the Certificate Insurer or the Trustee of a breach of any of the representations and warranties made in the a Master Transfer Agreement in respect of any Mortgage Loan that which materially and adversely affects the interests of the Holders Owners or of the Certificate Insurer in such Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties and each of Xxxxx'x and S&P. parties. The Master Servicer shall promptly notify the related Originator of such breach and request that the such Originator cure such breach or take the actions described in Section 3.4(a3.4(b) hereof within the time periods required thereby, and (i) if the such Originator does not cure such breach in all material respects, the Sponsor shall cure such breach or take such actions and (ii) if the Originator does not purchase such Mortgage Loan, the Sponsor shall purchase such Mortgage Loanactions. The obligations of the Sponsor or Master Servicer, as the case may be, set forth herein with respect to any Mortgage Loan as to which such a breach has occurred and is continuing shall constitute the sole obligations of the Sponsor Master Servicer and of the Servicer Sponsor in respect of such breach.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Advanta Mortgage Loan Trust 1996-4)
Representations and Warranties of the Sponsor with Respect to the Mortgage Loans. (a) The Sponsor makes the following representations and warranties as to the Mortgage Loans on which the Trustee relies in accepting the Mortgage Loans in trust and executing and authenticating the Certificates and on which the Certificate Insurer relies in issuing the Certificate Insurance Policy. Such representations and warranties speak as of the Startup Day (unless otherwise specified), but shall survive the sale, transfer and assignment of the Mortgage Loans to the Trustee on behalf of the Trust:
(i) The information with respect to each Mortgage Loan set forth in the Schedule of Mortgage Loans is true and correct as of the Cut-Off Date;
(ii) All of the original or certified documentation set forth in Section 3.5 (including all material documents related thereto) with respect to each Mortgage Loan has been or will be delivered to the Trustee on the Startup Day, or as otherwise provided in Section 3.5;
(iii) Each Mortgage Loan is being serviced by the Servicer or a Person controlling, controlled by or under common control with the Servicer and qualified to service the Mortgage Loans serviced by it;
(iv) Each Mortgage Loan conforms, and all such Mortgage Loans in the aggregate conform, in all material respects to the description thereof set forth in the Registration Statement;
(v) The credit underwriting guidelines applicable to each Mortgage Loan conform in all material respects to the description thereof set forth in the Prospectus; and
(vi) Except as disclosed in the Master Transfer Agreement and the related Conveyance Agreement, none of the Mortgage Loans are subject to Section 32 of the federal Truth-in-Lending Act.
(vii) Each Mortgage Loan, as of the Startup Day, satisfies either the test set out in paragraph (1) or the test set out in paragraph (2) below.
(1) The fair market value of the interest in real property securing such Mortgage Loan
(A) was at least equal to 80 percent of the adjusted issue price of the Mortgage Loan at the time the Mortgage Loan was originated (or, if later, the time the Mortgage Loan was significantly modified); or
(B) is at least equal to 80 percent of the adjusted issue price of the Mortgage Loan on the Closing Date. For purposes of this paragraph (1), 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 Mortgage Loan 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 (1)(A) and (1)(B) are determined. The adjusted issue price of a Mortgage Loan is its issue price plus the amount of accrued original issue discount, if any, as of the date of determination; or
(2) Substantially all of the proceeds of the Mortgage Loan were used to acquire or to improve or protect an interest in real property that, at the origination date, is the only security for the Mortgage Loan. For purposes of this test, loan guarantees made by the United States or any state (or any political subdivision, agency, or instrumentality of the United States or of any state), or other third-party credit enhancement are not viewed as additional security for a loan. An Mortgage Loan is not considered to be secured by property other than real property solely because the obligor is personally liable on the obligation. For this purpose only, substantially all of the proceeds of the Mortgage Loan means at least 90 percent of the gross proceeds.
(b) The Sponsor hereby assigns represents and warrants to the Trustee for the benefit of the Holders Certificateholders that as of the Certificates Closing Date or as of such other date specifically provided herein:
(a) The representations and warranties made by the Certificate Insurer all Sponsor pursuant to Section 3.01 of its right, title the Mortgage Loan Purchase Agreement are hereby being made to the Trustee and interest are true and correct as of the Closing Date.
(but none of its obligations, other than those set forth hereinb) Any written agreement between the Mortgagor in respect of a Mortgage Loan and the Master Transfer AgreementServicer modifying such Mortgagor's obligation to make payments under the Mortgage Loan (such modified Mortgage Loan, except for such rights a "Modified Mortgage Loan") involved some assessment of the Mortgagor's ability to indemnification thereunder for losses actually incurred only by repay the SponsorModified Mortgage Loan. Insofar as With respect to the Master Transfer Agreement provides for representations and warranties and remedies thereunder for any breach set forth in this Section 2.04 that are made to the best of such representations and warrantiesthe Sponsor's knowledge or as to which the Sponsor has no knowledge, the remedies with respect to such breaches may be enforced if it is discovered by the Servicer or by the Trustee on behalf of the Holders and the Certificate Insurer against the Person making such representation and warrantyDepositor, and any rights to indemnification for any breaches of such representations and warranties are hereby assigned by the Sponsor to the Trustee for the benefit of the Holders of the Certificates and the Certificate Insurer, except for such rights to indemnification thereunder only for losses actually incurred only by the Sponsor. Upon the discovery by the Sponsor, the ServicerServicer or the Trustee that the substance of such representation and warranty is inaccurate and such inaccuracy materially and adversely affects the value of the related Mortgage Loan or the interest therein of the Certificateholders then, notwithstanding the Sponsor's lack of knowledge with respect to the substance of such representation and warranty being inaccurate at the time the representation or warranty was made, such inaccuracy shall be deemed a breach of the applicable representation or warranty. Upon discovery by the Depositor, the Certificate Insurer Sponsor, the Servicer or the Trustee of a breach of any of the representations and warranties made contained in the Master Transfer Agreement in respect of any Mortgage Loan this Section that materially and adversely affects the interests value of any Mortgage Loan or the interest therein of the Holders or of the Certificate Insurer in such Mortgage LoanCertificateholders, the party discovering such the breach shall give prompt written notice to the other parties others and each in no event later than two Business Days from the date of Xxxxx'x and S&P. The Servicer such discovery. Within ninety days of its discovery or its receipt of notice of any such missing or materially defective documentation or any such breach of a representation or warranty, the Sponsor shall promptly notify the Originator of deliver such breach and request that the Originator missing document or cure such breach defect or take the actions described in Section 3.4(a) hereof within the time periods required thereby, and (i) if the Originator does not cure such breach in all material respects, or in the Sponsor shall cure event such defect or breach or take such actions and (ii) if the Originator does cannot purchase such Mortgage Loanbe cured, the Sponsor shall purchase repurchase the affected Mortgage Loan or cause the removal of such Mortgage LoanLoan from the Trust Fund and substitute for it one or more Eligible Substitute Mortgage Loans, in either case, in accordance with Section 2.03. The It is understood and agreed that the representations and warranties set forth in this Section 2.04 shall survive delivery of the Mortgage Files to the Trustee and shall inure to the benefit of the Certificateholders notwithstanding any restrictive or qualified endorsement or assignment. It is understood and agreed that the obligations of the Sponsor or Servicer, as the case may be, set forth herein with respect in Section 2.03(a) and (c) to any cure, substitute for or repurchase a Mortgage Loan as pursuant to which such a breach has occurred the Mortgage Loan Purchase Agreement and is continuing shall to reimburse the Trust the Reimbursement Amount, constitute the sole obligations remedies available to the Certificateholders or to the Trustee on their behalf respecting a breach of the Sponsor representations and of the Servicer warranties contained in respect of such breachthis Section 2.04.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Ownit Mortgage Loan Trust, Series 2006-1)
Representations and Warranties of the Sponsor with Respect to the Mortgage Loans. (a) The Sponsor makes the following representations and warranties as to the Mortgage Loans on which the Certificate Insurer relies and the Trustee relies in accepting the Mortgage Loans in trust and executing and authenticating the Certificates and on which the Certificate Insurer relies in issuing the Certificate Insurance PolicyCertificates. Such representations and warranties speak as of the Startup Day (unless otherwise specified)with respect to the Initial Mortgage Loans, as of the Subsequent Transfer Date with respect to any Subsequent Mortgage Loan, or as of the date upon which any Qualified Replacement Mortgage is added to the Trust, but shall survive the sale, transfer transfer, and assignment of the Mortgage Loans to the Trustee on behalf of the TrustTrustee:
(i) The information with respect to each Mortgage Loan set forth in the Schedule of Mortgage Loans is true and correct as of the Initial Cut-Off Date, the Replacement Cut-Off Date or the Subsequent Cut-Off Date, as the case may be;
(ii) All of the original or certified documentation set forth in Section 3.5 3.05(c) (including all material documents related thereto) with respect to each Mortgage Loan has been or will be delivered to the Trustee on no later than the Startup Day, the related Subsequent Transfer Date or the date upon which any Qualified Replacement Mortgage is added to the Trust, as the case may be, or as otherwise provided in Section 3.53.05(c);
(iii) Each Mortgage Loan is being serviced by the Master Servicer or a Person controlling, controlled by or under common control with the Master Servicer and qualified to service the Mortgage Loans serviced by itAffiliate;
(iv) Each As of the Initial Cut-Off Date, no more than 1.15% of the aggregate principal balances of the Initial Mortgage Loans are 30-59 days Delinquent and no Initial Mortgage Loan conforms, and all such is 60 or more days' Delinquent;
(v) All of the Mortgage Loans in the aggregate conform, in all material respects respects, to the description thereof set forth in the Registration Statement;
(vvi) The credit underwriting guidelines applicable to each Mortgage Loan conform in all material respects to the description thereof set forth in the Prospectus; and
(vi) Except as disclosed in the Master Transfer Agreement and the related Conveyance Agreement, none of the Mortgage Loans are subject to Section 32 of the federal Truth-in-Lending Act.
(vii) Each Mortgage Loan, as of the Startup Day, satisfies either the test set out in paragraph (1) or the test set out in paragraph (2) below.
(1) The fair market value of the interest in real property securing such Mortgage Loan
(A) was at least equal to 80 percent of the adjusted issue price of the Mortgage Loan at the time the Mortgage Loan was originated (or, if later, the time the Mortgage Loan was significantly modified); or
(B) is at least equal to 80 percent of the adjusted issue price of the Mortgage Loan on the Closing Date. For purposes of this paragraph (1), 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 Mortgage Loan 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 (1)(A) and (1)(B) are determined. The adjusted issue price of a Mortgage Loan is its issue price plus the amount of accrued original issue discount, if any, as of the date of determination; or
(2) Substantially all of the proceeds of the Mortgage Loan were used to acquire or to improve or protect an interest in real property that, at the origination date, is the only security for the Mortgage Loan. For purposes of this test, loan guarantees made by the United States or any state (or any political subdivision, agency, or instrumentality of the United States or of any state), or other third-party credit enhancement are not viewed as additional security for a loan. An Mortgage Loan is not considered to be secured by property other than real property solely because the obligor is personally liable on the obligation. For this purpose only, substantially all of the proceeds of the Mortgage Loan means at least 90 percent of the gross proceedsQualified Mortgage.
(b) The Sponsor hereby assigns to the Trustee for the benefit of the Holders Owners of the Certificates and the Certificate Insurer (so long as a Certificate Insurer Default had not occurred and is continuing) all of its right, title and interest (but none of its obligations, other than those set forth herein) in respect of the Master Mortgage Loan Transfer Agreement, except for such rights to indemnification thereunder for losses actually incurred only by the Sponsor. Insofar as the Master Mortgage Loan Transfer Agreement provides for representations and warranties made by the related Originator in respect of a Mortgage Loan and any remedies provided thereunder for any breach of such representations and warranties, the remedies with respect to such breaches right, title and interest may be enforced by the Master Servicer or by the Trustee on behalf of the Holders and the Certificate Insurer against the Person making such representation and warranty, and any rights to indemnification for any breaches of such representations and warranties are hereby assigned by the Sponsor to the Trustee for the benefit of the Holders of the Certificates Owners and the Certificate Insurer, except for such rights to indemnification thereunder only for losses actually incurred only by the Sponsor. Upon the discovery by the Sponsor, the Master Servicer, the Certificate Insurer or the Trustee of a breach of any of the representations and warranties made in the Master Mortgage Loan Transfer Agreement in respect of any Mortgage Loan that which materially and adversely affects the interests of the Holders Owners or of the Certificate Insurer in such Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties and each of Xxxxx'x and S&P. parties. The Master Servicer shall promptly notify the related Originator of such breach and request that the such Originator cure such breach or take the actions described in Section 3.4(a3.04(b) hereof within the time periods required thereby, and (i) if the such Originator does not cure such breach in all material respects, the Sponsor shall cure such breach or take such actions and (ii) if the Originator does not purchase such Mortgage Loan, the Sponsor shall purchase such Mortgage Loanactions. The obligations of the Sponsor or Master Servicer, as the case may be, set forth herein with respect to any Mortgage Loan as to which such a breach has occurred and is continuing shall constitute the sole obligations of the Sponsor Master Servicer and of the Servicer Sponsor in respect of such breach.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Advanta Mortgage Loan Trust 2000-1)
Representations and Warranties of the Sponsor with Respect to the Mortgage Loans. (a) The Sponsor makes the following representations and warranties as to the Mortgage Loans on which the Note Insurer relies and the Indenture Trustee relies in accepting the Mortgage Loans in trust and executing and authenticating the Certificates and on which the Certificate Insurer relies in issuing the Certificate Insurance PolicyClass C Noteholders. Such representations and warranties speak as of the Startup Day (unless otherwise specified)Closing Date with respect to the Mortgage Loans or as of the Transfer Date upon which any Qualified Replacement Mortgage is added to the Issuer, but shall in each case survive the sale, transfer transfer, and assignment of the Mortgage Loans to the Trustee on behalf of the TrustIndenture Trustee:
(i) The information with respect to each Mortgage Loan set forth in the Schedule Schedules of Mortgage Loans is true and correct as of the Cut-Off DateOff;
(ii) All of the original or certified documentation set forth in Section 3.5 2.1 (including all material documents related thereto) with respect to each Mortgage Loan has been or will be delivered to the Indenture Trustee on the Startup Day, Closing Date or as otherwise provided in Section 3.52.1;
(iii) Each Except for any Unaffiliated Originator Loans being serviced by a servicer other than the Master Servicer, each Mortgage Loan is being serviced by the Master Servicer or a Person controlling, controlled by or under common control with the Master Servicer and qualified to service the Mortgage Loans serviced by itmortgage loans;
(iv) The Note related to each Mortgage Loan in Trust C bears a Coupon Rate of at least 5.99% per annum;
(v) As of the Cut-Off Date, none of the Mortgage Loans are more than 59 days Delinquent;
(vi) As of the Closing Date, no more than 1.0% of the aggregate Loan Balances of the Mortgage Loans is secured by Properties located within any single zip code area;
(vii) Each Mortgage Loan conforms, and all such Mortgage Loans in the aggregate conform, in all material respects to the description thereof set forth in the Registration Statement;; and
(vviii) The credit underwriting guidelines applicable to each Mortgage Loan conform in all material respects to the description thereof set forth in the Prospectus; and
(vi) Except as disclosed in the Master Transfer Agreement and the related Conveyance Agreement, none of the Mortgage Loans are subject to Section 32 of the federal Truth-in-Lending Act.
(vii) Each Mortgage Loan, as of the Startup Day, satisfies either the test set out in paragraph (1) or the test set out in paragraph (2) below.
(1) The fair market value of the interest in real property securing such Mortgage Loan
(A) was at least equal to 80 percent of the adjusted issue price of the Mortgage Loan at the time the Mortgage Loan was originated (or, if later, the time the Mortgage Loan was significantly modified); or
(B) is at least equal to 80 percent of the adjusted issue price of the Mortgage Loan on the Closing Date. For purposes of this paragraph (1), 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 Mortgage Loan 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 (1)(A) and (1)(B) are determined. The adjusted issue price of a Mortgage Loan is its issue price plus the amount of accrued original issue discount, if any, as of the date of determination; or
(2) Substantially all of the proceeds of the Mortgage Loan were used to acquire or to improve or protect an interest in real property that, at the origination date, is the only security for the Mortgage Loan. For purposes of this test, loan guarantees made by the United States or any state (or any political subdivision, agency, or instrumentality of the United States or of any state), or other third-party credit enhancement are not viewed as additional security for a loan. An Mortgage Loan is not considered to be secured by property other than real property solely because the obligor is personally liable on the obligation. For this purpose only, substantially all of the proceeds of the Mortgage Loan means at least 90 percent of the gross proceeds.
(b) The Sponsor hereby assigns to the Trustee for the benefit of the Holders of the Certificates and the Certificate Insurer all of its right, title and interest (but none of its obligations, other than those set forth herein) in respect of the Master Transfer Agreement, except for such rights to indemnification thereunder for losses actually incurred only by the Sponsor. Insofar as the Master Transfer Agreement provides for representations and warranties and remedies thereunder for any breach of such representations and warranties, the remedies with respect to such breaches may be enforced by the Servicer or by the Trustee on behalf of the Holders and the Certificate Insurer against the Person making such representation and warranty, and any rights to indemnification for any breaches of such representations and warranties are hereby assigned by the Sponsor to the Trustee for the benefit of the Holders of the Certificates and the Certificate Insurer, except for such rights to indemnification thereunder only for losses actually incurred only by the Sponsor. Upon the discovery by the Sponsor, the Servicer, the Certificate Insurer or the Trustee of a breach of any of the representations and warranties made in the Master Transfer Agreement in respect of any Mortgage Loan that materially and adversely affects the interests of the Holders or of the Certificate Insurer in such Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties and each of Xxxxx'x and S&P. The Servicer shall promptly notify the Originator of such breach and request that the Originator cure such breach or take the actions described in Section 3.4(a) hereof within the time periods required thereby, and (i) if the Originator does not cure such breach in all material respects, the Sponsor shall cure such breach or take such actions and (ii) if the Originator does not purchase such Mortgage Loan, the Sponsor shall purchase such Mortgage Loan. The obligations of the Sponsor or Servicer, as the case may be, set forth herein with respect to any Mortgage Loan as to which such a breach has occurred and is continuing shall constitute the sole obligations of the Sponsor and of the Servicer in respect of such breach.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Advanta Mortgage Loan Trust 1998-4c)
Representations and Warranties of the Sponsor with Respect to the Mortgage Loans. (a) The Sponsor makes the following representations and warranties as to the Mortgage Loans on which the Group I Insurer relies and the Trustee relies in accepting the Mortgage Loans in trust and executing and authenticating the Certificates and on which the Certificate Insurer relies in issuing the Certificate Insurance PolicyCertificates. Such representations and warranties speak as of the Startup Day (unless otherwise specified)with respect to the Mortgage Loans, or as of the date upon which any Qualified Replacement Mortgage is added to the Trust, but shall survive the sale, transfer transfer, and assignment of the Mortgage Loans to the Trustee on behalf of the TrustTrustee:
(i) The information with respect to each Mortgage Loan set forth in the Schedule Schedules of Mortgage Loans is true and correct as of the Cut-Off Date;
(ii) All of the Notes and other original or certified documentation set forth in Section 3.5 (including all material documents related thereto) with respect to each Mortgage Loan Loan, except the Mortgage Loans listed on Schedule I-a (the "Exception Loans") hereto, has been or will be delivered to the Trustee on the Startup Day, or as otherwise provided in Section 3.5. The Sponsor hereby covenants to deliver, or cause to be delivered, the File (including the original Note) for each Exception Loan to the Trustee on or before April 2, 1998 or shall repurchase such Exception Loan from the Trust (without regard to any cure period) by remitting the Loan Purchase Price therefore to the Trustee on or before April 2, 1998;
(iii) Each Except for any Unaffiliated Originator Loans being serviced by a servicer other than the Master Servicer, each Mortgage Loan is being serviced by the Master Servicer or a Person controlling, controlled by or under common control with the Master Servicer and qualified to service the Mortgage Loans serviced by itmortgage loans;
(iv) The Note related to each Mortgage Loan in Group I bears a Coupon Rate of at least 6.69% per annum;
(v) As of the Cut-Off Date, no more than 0.68% of the aggregate Loan Balance of the Mortgage Loans are 30-59 days Delinquent and no Mortgage Loan is 60 or more days' Delinquent;
(vi) As of the Cut-Off Date, no more than 1.00% of the aggregate Loan Balance of the Mortgage Loans is secured by Properties located within any single zip code area and less than 8.58% of the aggregate Loan Balance of the Mortgage Loans consists of Date of Payment Loans or "simple interest" Mortgage Loans;
(vii) Each Mortgage Loan conforms, and all such Mortgage Loans in the aggregate conform, in all material respects to the description thereof set forth in the Registration Statement;; and
(vviii) The credit underwriting guidelines applicable to each Mortgage Loan conform in all material respects to the description thereof set forth in the Prospectus; and
(vi) Except as disclosed in the Master Transfer Agreement and the related Conveyance Agreement, none of the Mortgage Loans are subject to Section 32 of the federal Truth-in-Lending Act.
(vii) Each Mortgage Loan, as of the Startup Day, satisfies either the test set out in paragraph (1) or the test set out in paragraph (2) below.
(1) The fair market value of the interest in real property securing such Mortgage Loan
(A) was at least equal to 80 percent of the adjusted issue price of the Mortgage Loan at the time the Mortgage Loan was originated (or, if later, the time the Mortgage Loan was significantly modified); or
(B) is at least equal to 80 percent of the adjusted issue price of the Mortgage Loan on the Closing Date. For purposes of this paragraph (1), 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 Mortgage Loan 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 (1)(A) and (1)(B) are determined. The adjusted issue price of a Mortgage Loan is its issue price plus the amount of accrued original issue discount, if any, as of the date of determination; or
(2) Substantially all of the proceeds of the Mortgage Loan were used to acquire or to improve or protect an interest in real property that, at the origination date, is the only security for the Mortgage Loan. For purposes of this test, loan guarantees made by the United States or any state (or any political subdivision, agency, or instrumentality of the United States or of any state), or other third-party credit enhancement are not viewed as additional security for a loan. An Mortgage Loan is not considered to be secured by property other than real property solely because the obligor is personally liable on the obligation. For this purpose only, substantially all of the proceeds of the Mortgage Loan means at least 90 percent of the gross proceeds.
(b) The Sponsor hereby assigns to the Trustee for the benefit of the Holders Owners of the Certificates and the Certificate Group I Insurer (so long as a Group I Insurer Default had not occurred and is continuing) all of its right, title and interest (but none of its obligations, other than those set forth herein) in respect of the each Master Transfer Agreement, except for such rights Agreement applicable to indemnification thereunder for losses actually incurred only by the Sponsorrelated Mortgage Loan. Insofar as the such Master Transfer Agreement provides for representations and warranties made by the related Originator in respect of a Mortgage Loan and any remedies provided thereunder for any breach of such representations and warranties, the remedies with respect to such breaches right, title and interest may be enforced by the Master Servicer or by the Trustee on behalf of the Holders Owners and the Certificate Insurer against the Person making such representation and warranty, and any rights to indemnification for any breaches of such representations and warranties are hereby assigned by the Sponsor to the Trustee for the benefit of the Holders of the Certificates and the Certificate Group I Insurer, except for such rights to indemnification thereunder only for losses actually incurred only by the Sponsor. Upon the discovery by the Sponsor, the Master Servicer, the Certificate Group I Insurer or the Trustee of a breach of any of the representations and warranties made in the a Master Transfer Agreement in respect of any Mortgage Loan that which materially and adversely affects the interests of the Holders Owners or of the Certificate Group I Insurer in such Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties and each of Xxxxx'x and S&P. parties. The Master Servicer shall promptly notify the related Originator of such breach and request that the such Originator cure such breach or take the actions described in Section 3.4(a3.4(b) hereof within the time periods required thereby, and (i) if the Originator does not cure such breach in all material respects, the Sponsor shall cure such breach or take such actions and (ii) if the Originator does not purchase such Mortgage Loan, the Sponsor shall purchase such Mortgage Loan. The obligations of the Sponsor or Servicer, as the case may be, set forth herein with respect to any Mortgage Loan as to which such a breach has occurred and is continuing shall constitute the sole obligations of the Sponsor and of the Servicer in respect of such breach.time
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Advanta Mortgage Loan Trust 1998-1)
Representations and Warranties of the Sponsor with Respect to the Mortgage Loans. (a) The Sponsor makes the following representations and warranties as to the Mortgage Loans on which the Certificate Insurer relies and the Trustee relies in accepting the Mortgage Loans in trust and executing and authenticating the Certificates and on which the Certificate Insurer relies in issuing the Certificate Insurance PolicyCertificates. Such representations and warranties speak as of the Startup Day (unless otherwise specified)with respect to the Initial Mortgage Loans, as of the Subsequent Transfer Date with respect to any Subsequent Mortgage Loan, or as of the date upon which any Qualified Replacement Mortgage is added to the Trust, but shall survive the sale, transfer transfer, and assignment of the Mortgage Loans to the Trustee on behalf of the TrustTrustee:
(i) The information with respect to each Mortgage Loan set forth in the Schedule Schedules of Mortgage Loans is true and correct as of the Initial Cut-Off Date, the Replacement Cut-Off Date or the Subsequent Cut-Off Date, as the case may be;
(ii) All of the original or certified documentation set forth in Section 3.5 (including all material documents related thereto) with respect to each Mortgage Loan has been or will be delivered to the Trustee on no later than the Startup Day, the related Subsequent Transfer Date or the date upon which any Qualified Replacement Mortgage is added to the Trust, as the case may be, or as otherwise provided in Section 3.5;
(iii) Each Except for any Unaffiliated Originator Loans being serviced by a servicer other than the Master Servicer, each Mortgage Loan is being serviced by the Master Servicer or a Person controlling, controlled by or under common control with the Master Servicer and qualified to service the Mortgage Loans serviced by itmortgage loans;
(iv) Each The Note related to each Mortgage Loan conforms, and all such Mortgage Loans in Group I as of the aggregate conform, in all material respects to the description thereof set forth in the Registration StatementInitial Cut-Off Date bears a Coupon Rate of at least 6.49% per annum;
(v) The credit underwriting guidelines applicable to each Mortgage Loan conform in all material respects to the description thereof set forth in the Prospectus; and
(vi) Except as disclosed in the Master Transfer Agreement and the related Conveyance Agreement, none As of the Initial Cut-Off Date, no more than 1.87% of the aggregate principal balances of the Initial Mortgage Loans are subject to Section 32 of the federal Truth30-in-Lending Act.
(vii) Each 59 days Delinquent and no Initial Mortgage Loan, Loan is 60 or more days' Delinquent; as of the Startup Dayrelated Subsequent Cut-Off Date, satisfies either the test set out in paragraph (1) or the test set out in paragraph (2) below.
(1) The fair market value of the interest in real property securing such Mortgage Loan
(A) was at least equal to 80 percent of the adjusted issue price of the no Subsequent Mortgage Loan at the time the Mortgage Loan was originated (or, if later, the time the Mortgage Loan was significantly modified); or
(B) is at least equal to 80 percent of the adjusted issue price of the Mortgage Loan on the Closing Date. For purposes of this paragraph (1), the fair market value of the real property interest must shall be first reduced by the amount of any lien on the real property interest that is senior to the Mortgage Loan 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 (1)(A) and (1)(B) are determined. The adjusted issue price of a Mortgage Loan is its issue price plus the amount of accrued original issue discount, if any, 60 or more days Delinquent as of the date of determination; or
(2) Substantially all of the proceeds of the related Replacement Cut-Off Date, no Qualified Replacement Mortgage Loan were used to acquire shall be 60 or to improve or protect an interest in real property that, at the origination date, is the only security for the Mortgage Loan. For purposes of this test, loan guarantees made by the United States or any state (or any political subdivision, agency, or instrumentality of the United States or of any state), or other third-party credit enhancement are not viewed as additional security for a loan. An Mortgage Loan is not considered to be secured by property other than real property solely because the obligor is personally liable on the obligation. For this purpose only, substantially all of the proceeds of the Mortgage Loan means at least 90 percent of the gross proceeds.
(b) The Sponsor hereby assigns to the Trustee for the benefit of the Holders of the Certificates and the Certificate Insurer all of its right, title and interest (but none of its obligations, other than those set forth herein) in respect of the Master Transfer Agreement, except for such rights to indemnification thereunder for losses actually incurred only by the Sponsor. Insofar as the Master Transfer Agreement provides for representations and warranties and remedies thereunder for any breach of such representations and warranties, the remedies with respect to such breaches may be enforced by the Servicer or by the Trustee on behalf of the Holders and the Certificate Insurer against the Person making such representation and warranty, and any rights to indemnification for any breaches of such representations and warranties are hereby assigned by the Sponsor to the Trustee for the benefit of the Holders of the Certificates and the Certificate Insurer, except for such rights to indemnification thereunder only for losses actually incurred only by the Sponsor. Upon the discovery by the Sponsor, the Servicer, the Certificate Insurer or the Trustee of a breach of any of the representations and warranties made in the Master Transfer Agreement in respect of any Mortgage Loan that materially and adversely affects the interests of the Holders or of the Certificate Insurer in such Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties and each of Xxxxx'x and S&P. The Servicer shall promptly notify the Originator of such breach and request that the Originator cure such breach or take the actions described in Section 3.4(a) hereof within the time periods required thereby, and (i) if the Originator does not cure such breach in all material respects, the Sponsor shall cure such breach or take such actions and (ii) if the Originator does not purchase such Mortgage Loan, the Sponsor shall purchase such Mortgage Loan. The obligations of the Sponsor or Servicer, as the case may be, set forth herein with respect to any Mortgage Loan as to which such a breach has occurred and is continuing shall constitute the sole obligations of the Sponsor and of the Servicer in respect of such breach.more days Delinquent;
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Advanta Mortgage Conduit Services Inc)
Representations and Warranties of the Sponsor with Respect to the Mortgage Loans. (a) The Sponsor makes the following representations and warranties as to the Mortgage Loans on which the Class A-8 and Class A-9 Certificate Insurer relies and the Trustee relies in accepting the Mortgage Loans in trust and executing and authenticating the Certificates and on which the Certificate Insurer relies in issuing the Certificate Insurance PolicyCertificates. Such representations and warranties speak as of the Startup Day (unless otherwise specified)with respect to the Initial Mortgage Loans, as of the related Subsequent Transfer Date with respect to any Subsequent Mortgage Loan, or as of the date upon which any Qualified Replacement Mortgage is added to the Trust, but shall survive the sale, transfer transfer, and assignment of the Mortgage Loans to the Trustee on behalf of the TrustTrustee:
(i) The information with respect to each Mortgage Loan set forth in the Schedule Schedules of Mortgage Loans is true and correct as of the Cut-Off Date or the Subsequent Cut-Off Date, as the case may be;
(ii) All of the original or certified documentation set forth in Section 3.5 (including all material documents related thereto) with respect to each Mortgage Loan has been or will be delivered to the Trustee on the Startup DayDay or the related Subsequent Transfer Date, as the case may be, or as otherwise provided in Section 3.5;
(iii) Each Except for any Unaffiliated Originator Loans being serviced by a servicer other than the Master Servicer, each Mortgage Loan is being serviced by the Master Servicer or a Person controlling, controlled by or under common control with the Master Servicer and qualified to service the Mortgage Loans serviced by itmortgage loans;
(iv) The Note related to each Mortgage Loan in Group I bears a Coupon Rate of at least 7.0% per annum;
(v) As of the Cut-Off Date, no more than 0.62% of the aggregate principal balances of the Initial Mortgage Loans are 30-59 days Delinquent and no Initial Mortgage Loan is 60 or more days' Delinquent; as of the related Subsequent Cut-Off Date, no Subsequent Mortgage Loan with respect to Group I shall be 30 or more days' Delinquent and no Subsequent Mortgage Loan with respect to Group II shall be 60 or more days Delinquent;
(vi) As of the Startup Day and any Subsequent Transfer Date, no more than 1.00% of the aggregate principal balances of the Initial Mortgage Loans or the Subsequent Mortgage Loans, as applicable, is secured by Properties located within any single zip code area;
(vii) Each Mortgage Loan conforms, and all such Mortgage Loans in the aggregate conform, in all material respects to the description thereof set forth in the Registration Statement;; and
(vviii) The credit underwriting guidelines applicable to each Mortgage Loan conform in all material respects to the description thereof set forth in the Prospectus; and
(vi) Except as disclosed in the Master Transfer Agreement and the related Conveyance Agreement, none of the Mortgage Loans are subject to Section 32 of the federal Truth-in-Lending Act.
(vii) Each Mortgage Loan, as of the Startup Day, satisfies either the test set out in paragraph (1) or the test set out in paragraph (2) below.
(1) The fair market value of the interest in real property securing such Mortgage Loan
(A) was at least equal to 80 percent of the adjusted issue price of the Mortgage Loan at the time the Mortgage Loan was originated (or, if later, the time the Mortgage Loan was significantly modified); or
(B) is at least equal to 80 percent of the adjusted issue price of the Mortgage Loan on the Closing Date. For purposes of this paragraph (1), 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 Mortgage Loan 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 (1)(A) and (1)(B) are determined. The adjusted issue price of a Mortgage Loan is its issue price plus the amount of accrued original issue discount, if any, as of the date of determination; or
(2) Substantially all of the proceeds of the Mortgage Loan were used to acquire or to improve or protect an interest in real property that, at the origination date, is the only security for the Mortgage Loan. For purposes of this test, loan guarantees made by the United States or any state (or any political subdivision, agency, or instrumentality of the United States or of any state), or other third-party credit enhancement are not viewed as additional security for a loan. An Mortgage Loan is not considered to be secured by property other than real property solely because the obligor is personally liable on the obligation. For this purpose only, substantially all of the proceeds of the Mortgage Loan means at least 90 percent of the gross proceeds.
(b) The Sponsor hereby assigns to the Trustee for the benefit of the Holders Owners of the Certificates and the Class A-8 and Class A-9 Certificate Insurer (so long as a Class A-8 and Class A-9 Certificate Insurer Default had not occurred and is continuing) all of its right, title and interest (but none of its obligations, other than those set forth herein) in respect of the each Master Transfer Agreement, except for such rights Agreement applicable to indemnification thereunder for losses actually incurred only by the Sponsorrelated Mortgage Loan. Insofar as the such Master Transfer Agreement provides for representations and warranties made by the related Originator in respect of a Mortgage Loan and any remedies provided thereunder for any breach of such representations and warranties, the remedies with respect to such breaches right, title and interest may be enforced by the Master Servicer or by the Trustee on behalf of the Holders Owners and the Certificate Insurer against the Person making such representation Class A-8 and warranty, and any rights to indemnification for any breaches of such representations and warranties are hereby assigned by the Sponsor to the Trustee for the benefit of the Holders of the Certificates and the Class A-9 Certificate Insurer, except for such rights to indemnification thereunder only for losses actually incurred only by the Sponsor. Upon the discovery by the Sponsor, the Master Servicer, the Class A-8 and Class A-9 Certificate Insurer or the Trustee of a breach of any of the representations and warranties made in the a Master Transfer Agreement in respect of any Mortgage Loan that which materially and adversely affects the interests of the Holders Owners or of the Class A-8 and Class A-9 Certificate Insurer in such Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties and each of Xxxxx'x and S&P. parties. The Master Servicer shall promptly notify the related Originator of such breach and request that the such Originator cure such breach or take the actions described in Section 3.4(a3.4(b) hereof within the time periods required thereby, and (i) if the such Originator does not cure such breach in all material respects, the Sponsor shall cure such breach or take such actions and (ii) if the Originator does not purchase such Mortgage Loan, the Sponsor shall purchase such Mortgage Loanactions. The obligations of the Sponsor or Master Servicer, as the case may be, set forth herein with respect to any Mortgage Loan as to which such a breach has occurred and is continuing shall constitute the sole obligations of the Sponsor Master Servicer and of the Servicer Sponsor in respect of such breach.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Advanta Mortgage Conduit Services Inc)
Representations and Warranties of the Sponsor with Respect to the Mortgage Loans. (a) The Sponsor makes the following representations and warranties as to the Mortgage Loans on which the Trustee relies in accepting the Mortgage Loans in trust and executing and authenticating the Certificates and on which the Certificate Insurer relies in issuing the Certificate Insurance Policy. Such representations and warranties speak as of the Startup Day (unless otherwise specified), but shall survive the sale, transfer transfer, and assignment of the Mortgage Loans to the Trustee on behalf of the Trust:
(i) The information with respect to each Mortgage Loan set forth in the Schedule of Mortgage Loans is true and correct as of the Cut-Off Date;
(ii) All of the original or certified documentation set forth in Section 3.5 (including all material documents related thereto) with respect to each Mortgage Loan has been or will be delivered to the Trustee on the Startup Day, or as otherwise provided in Section 3.5;
(iii) Each Mortgage Loan is being serviced by the Servicer or a Person controlling, controlled by or under common control with the Servicer and qualified to service the Mortgage Loans serviced by it;
(iv) Each Mortgage Loan conforms, and all such Mortgage Loans in the aggregate conform, in all material respects to the description thereof set forth in the Registration Statement;
(v) The credit underwriting guidelines applicable to each Mortgage Loan conform in all material respects to the description thereof set forth in the Prospectus; and
(vi) Except as disclosed in the Master Loan Transfer Agreement and the related Conveyance Agreement, none of the Mortgage Loans are subject to Section 32 of the federal Federal Truth-in-Lending Act.
(vii) Each Mortgage Loan, as of the Startup Day, satisfies either the test set out in paragraph (1) or the test set out in paragraph (2) below.
(1) The fair market value of the interest in real property securing such Mortgage Loan
(A) was at least equal to 80 percent of the adjusted issue price of the Mortgage Loan at the time the Mortgage Loan was originated (or, if later, the time the Mortgage Loan was significantly modified); or
(B) is at least equal to 80 percent of the adjusted issue price of the Mortgage Loan on the Closing Date. For purposes of this paragraph (1), 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 Mortgage Loan 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 (1)(A) and (1)(B) are determined. The adjusted issue price of a Mortgage Loan is its issue price plus the amount of accrued original issue discount, if any, as of the date of determination; or
(2) Substantially all of the proceeds of the Mortgage Loan were used to acquire or to improve or protect an interest in real property that, at the origination date, is the only security for the Mortgage Loan. For purposes of this test, loan guarantees made by the United States or any state (or any political subdivision, agency, or instrumentality of the United States or of any state), or other third-third party credit enhancement are not viewed as additional security for a loan. An Mortgage Loan is not considered to be secured by property other than real property solely because the obligor is personally liable on the obligation. For this purpose only, substantially all of the proceeds of the Mortgage Loan means at least 90 percent of the gross proceeds.
(b) The Sponsor hereby assigns to the Trustee for the benefit of the Holders Owners of the Certificates and the Certificate Insurer all of its right, title and interest (but none of its obligations, other than those set forth herein) in respect of the Master Transfer Agreement, except for such rights to indemnification thereunder for losses actually incurred only by the Sponsor. Insofar as the Master Transfer Agreement provides for representations and warranties and remedies thereunder for any breach of such representations and warranties, the remedies with respect to such breaches may be enforced by the Servicer or by the Trustee on behalf of the Holders Owners and the Certificate Insurer against the Person making such representation and warranty, and any rights to indemnification for any breaches of such representations and warranties are hereby assigned by the Sponsor to the Trustee for the benefit of the Holders Owners of the Certificates and the Certificate Insurer, except for such rights to indemnification thereunder only for losses actually incurred only by the Sponsor. Upon the discovery by the Sponsor, the Servicer, the Certificate Insurer or the Trustee of a breach of any of the representations and warranties made in the Master Transfer Agreement in respect of any Mortgage Loan that which materially and adversely affects the interests of the Holders Owners or of the Certificate Insurer in such Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties and each of Xxxxx'x and S&P. The Servicer shall promptly notify the Originator of such breach and request that the Originator cure such breach or take the actions described in Section 3.4(a) hereof within the time periods required thereby, and (i) if the Originator does not cure such breach in all material respects, the Sponsor shall cure such breach or take such actions and (ii) if the Originator does not purchase such Mortgage Loan, the Sponsor shall purchase such Mortgage Loan. The obligations of the Sponsor or Servicer, as the case may be, set forth herein with respect to any Mortgage Loan as to which such a breach has occurred and is continuing shall constitute the sole obligations of the Sponsor and of the Servicer in respect of such breach.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Equivantage Acceptance Corp)
Representations and Warranties of the Sponsor with Respect to the Mortgage Loans. (a) The Sponsor makes the following representations and warranties as to the Mortgage Loans on which the Certificate Insurer relies and the Trustee relies in accepting the Mortgage Loans in trust and executing and authenticating the Certificates and on which the Certificate Insurer relies in issuing the Certificate Insurance PolicyCertificates. Such representations and warranties speak as of the Startup Day (unless otherwise specified)with respect to the Initial Mortgage Loans, as of the Subsequent Transfer Date with respect to any Subsequent Mortgage Loan, or as of the date upon which any Qualified Replacement Mortgage is added to the Trust, but shall survive the sale, transfer transfer, and assignment of the Mortgage Loans to the Trustee on behalf of the TrustTrustee:
(i) The information with respect to each Mortgage Loan set forth in the Schedule of Mortgage Loans is true and correct as of the Initial Cut-Off Date, the Replacement Cut-Off Date or the Subsequent Cut-Off Date, as the case may be;
(ii) All of the original or certified documentation set forth in Section 3.5 3.5(c) (including all material documents related thereto) with respect to each Mortgage Loan 42 49 has been or will be delivered to the Trustee on no later than the Startup Day, the related Subsequent Transfer Date or the date upon which any Qualified Replacement Mortgage is added to the Trust, as the case may be, or as otherwise provided in Section 3.53.5(c);
(iii) Each Mortgage Loan is being serviced by the Master Servicer or a Person controlling, controlled by or under common control with the Master Servicer and qualified to service the Mortgage Loans serviced by itAffiliate;
(iv) Each As of the Initial Cut-Off Date, no more than 1.96% of the aggregate principal balances of the Initial Mortgage Loans are 30-59 days Delinquent and no Initial Mortgage Loan conforms, and all such is 60 or more days' Delinquent;
(v) All of the Mortgage Loans in the aggregate conform, in all material respects respects, to the description thereof set forth in the Registration Statement;
(vvi) The credit underwriting guidelines applicable to each Mortgage Loan conform in all material respects to the description thereof set forth in the Prospectus; and
(vi) Except as disclosed in the Master Transfer Agreement and the related Conveyance Agreement, none of the Mortgage Loans are subject to Section 32 of the federal Truth-in-Lending Act.
(vii) Each Mortgage Loan, as of the Startup Day, satisfies either the test set out in paragraph (1) or the test set out in paragraph (2) below.
(1) The fair market value of the interest in real property securing such Mortgage Loan
(A) was at least equal to 80 percent of the adjusted issue price of the Mortgage Loan at the time the Mortgage Loan was originated (or, if later, the time the Mortgage Loan was significantly modified); or
(B) is at least equal to 80 percent of the adjusted issue price of the Mortgage Loan on the Closing Date. For purposes of this paragraph (1), 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 Mortgage Loan 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 (1)(A) and (1)(B) are determined. The adjusted issue price of a Mortgage Loan is its issue price plus the amount of accrued original issue discount, if any, as of the date of determination; or
(2) Substantially all of the proceeds of the Mortgage Loan were used to acquire or to improve or protect an interest in real property that, at the origination date, is the only security for the Mortgage Loan. For purposes of this test, loan guarantees made by the United States or any state (or any political subdivision, agency, or instrumentality of the United States or of any state), or other third-party credit enhancement are not viewed as additional security for a loan. An Mortgage Loan is not considered to be secured by property other than real property solely because the obligor is personally liable on the obligation. For this purpose only, substantially all of the proceeds of the Mortgage Loan means at least 90 percent of the gross proceedsQualified Mortgage.
(b) The Sponsor hereby assigns to the Trustee for the benefit of the Holders Owners of the Certificates and the Certificate Insurer (so long as a Certificate Insurer Default had not occurred and is continuing) all of its right, title and interest (but none of its obligations, other than those set forth herein) in respect of the Master Mortgage Loan Transfer Agreement, except for such rights to indemnification thereunder for losses actually incurred only by the Sponsor. Insofar as the Master Mortgage Loan Transfer Agreement provides for representations and warranties made by the related Originator in respect of a Mortgage Loan and any remedies provided thereunder for any breach of such representations and warranties, the remedies with respect to such breaches right, title and interest may be enforced by the Master Servicer or by the Trustee on behalf of the Holders and the Certificate Insurer against the Person making such representation and warranty, and any rights to indemnification for any breaches of such representations and warranties are hereby assigned by the Sponsor to the Trustee for the benefit of the Holders of the Certificates Owners and the Certificate Insurer, except for such rights to indemnification thereunder only for losses actually incurred only by the Sponsor. Upon the discovery by the Sponsor, the Master Servicer, the Certificate Insurer or the Trustee of a breach of any of the representations and warranties made in the Master Mortgage Loan Transfer Agreement in respect of any Mortgage Loan that which materially and adversely affects the interests of the Holders Owners or of the Certificate Insurer in such Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties and each of Xxxxx'x and S&P. parties. The Master Servicer shall promptly notify the related Originator of such breach and request that the such Originator cure such breach or take the actions described in Section 3.4(a3.4(b) hereof within the time periods required thereby, and (i) if the such Originator does not cure such breach in all material respects, the Sponsor shall cure such breach or take such actions and (ii) if the Originator does not purchase such Mortgage Loan, the Sponsor shall purchase such Mortgage Loanactions. The obligations of the Sponsor or Master Servicer, as the case may be, set forth herein with respect to any Mortgage Loan as to which such a breach has occurred and is continuing shall constitute the sole obligations of the Sponsor Master Servicer and of the Servicer Sponsor in respect of such breach.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Advanta Mortgage Loan Trust 1999-3)
Representations and Warranties of the Sponsor with Respect to the Mortgage Loans. (a) The Sponsor makes the following representations and warranties to the Master Servicer and the Trustee for the benefit of the Owners and the Certificate Insurer as to the Mortgage Loans on which the Trustee relies in accepting the Mortgage Loans in trust and executing and authenticating the Certificates and on which the Certificate Insurer relies in issuing the Certificate Insurance PolicyCertificates. Such representations and warranties speak as of the Startup Day (unless otherwise specified)Day, but shall survive the sale, transfer transfer, and assignment of the Mortgage Loans to the Trustee on behalf of the TrustTrustee:
(i) The information with respect to each Mortgage Loan set forth in the Schedule Schedules of Mortgage Loans is true and correct as of the Cut-Off Date;.
(ii) Each Mortgage Loan is being serviced either (x) through the Master Servicer, (y) a Person controlling, controlled by or under common control with the Master Servicer and qualified to service mortgage loans or (z) a qualified subservicer.
(iii) Each Mortgage Loan was underwritten or reunderwritten pursuant to the Sponsor's credit underwriting guidelines which conform in all material respects to the description thereof set forth in the Registration Statement.
(iv) All of the original or certified documentation set forth in Section 3.5 required to be delivered to the Trustee pursuant to this Agreement (including all material documents related thereto) with respect to each Mortgage Loan has been or will be delivered to the Trustee on in accordance with the Startup Dayterms of this Agreement. Each of the documents and instruments specified to be included therein has been duly executed and in due and proper form, and each such document or instrument is in a form generally acceptable to prudent mortgage lenders that regularly originate or purchase mortgage loans comparable to the Mortgage Loans for sale to prudent investors in the secondary market that invest in mortgage loans such as otherwise provided in Section 3.5;the Mortgage Loans.
(iiiv) Each Mortgage Loan is being serviced by the Servicer or a Person controlling, controlled by or under common control with the Servicer and qualified to service the Mortgage Loans serviced by it;
(iv) Each Mortgage Loan conforms, and all such Mortgage Loans in the aggregate conform, in all material respects transferred to the description thereof set forth in the Registration Statement;
(v) The credit underwriting guidelines applicable to each Mortgage Loan conform in all material respects to the description thereof set forth in the Prospectus; andSponsor is a Qualified Mortgage.
(vi) Except as disclosed in the Master Transfer Agreement and the related Conveyance Agreement, none of the Mortgage Loans are subject to Section 32 of the federal Truth-in-Lending Act.
(vii) Each Mortgage Loan, as of the Startup Day, satisfies either the test set out in paragraph (1) or the test set out in paragraph (2) below.
(1) The fair market value of the interest in real property securing such Mortgage Loan
(A) was at least equal to 80 percent of the adjusted issue price of the Mortgage Loan at the time the Mortgage Loan was originated (or, if later, the time the Mortgage Loan was significantly modified); or
(B) Property is at least equal to 80 percent of the adjusted issue price of the Mortgage Loan on the Closing Date. For purposes of this paragraph (1), 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 Mortgage Loan being tested, and must be further reduced improved by a proportionate amount of any lien that is in parity with the obligation being testedsingle (one to four) family residential dwelling, in each case before the percentages set forth in (1)(A) which may include condominiums and (1)(B) are determined. The adjusted issue price of a Mortgage Loan is its issue price plus the amount of accrued original issue discount, if any, as of the date of determination; or
(2) Substantially all of the proceeds of the Mortgage Loan were used to acquire or to improve or protect an interest in real property that, at the origination date, is the only security for the Mortgage Loan. For purposes of this test, loan guarantees made by the United States or any state (or any political subdivision, agency, or instrumentality of the United States or of any state), or other third-party credit enhancement are townhouses but shall not viewed as additional security for a loan. An Mortgage Loan is not considered to be secured by property other than real property solely because the obligor is personally liable on the obligation. For this purpose only, substantially all of the proceeds of the Mortgage Loan means at least 90 percent of the gross proceedsinclude cooperatives.
(b) The Sponsor hereby assigns to the Trustee for the benefit of the Holders of the Certificates and the Certificate Insurer all of its right, title and interest (but none of its obligations, other than those set forth herein) in respect of the Master Transfer Agreement, except for such rights to indemnification thereunder for losses actually incurred only by the Sponsor. Insofar as the Master Transfer Agreement provides for representations and warranties and remedies thereunder for any breach of such representations and warranties, the remedies with respect to such breaches may be enforced by the Servicer or by the Trustee on behalf of the Holders and the Certificate Insurer against the Person making such representation and warranty, and any rights to indemnification for any breaches of such representations and warranties are hereby assigned by the Sponsor to the Trustee for the benefit of the Holders of the Certificates and the Certificate Insurer, except for such rights to indemnification thereunder only for losses actually incurred only by the Sponsor. Upon the discovery by the Sponsor, the Servicer, the Certificate Insurer or the Trustee of a breach of any of the representations and warranties made in the Master Transfer Agreement in respect of any Mortgage Loan that materially and adversely affects the interests of the Holders or of the Certificate Insurer in such Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties and each of Xxxxx'x and S&P. The Servicer shall promptly notify the Originator of such breach and request that the Originator cure such breach or take the actions described in Section 3.4(a) hereof within the time periods required thereby, and (i) if the Originator does not cure such breach in all material respects, the Sponsor shall cure such breach or take such actions and (ii) if the Originator does not purchase such Mortgage Loan, the Sponsor shall purchase such Mortgage Loan. The obligations of the Sponsor or Servicer, as the case may be, set forth herein with respect to any Mortgage Loan as to which such a breach has occurred and is continuing shall constitute the sole obligations of the Sponsor and of the Servicer in respect of such breach.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Accredited Home Lenders Inc)
