60+ Day Delinquent Mortgage Loan. (i) Each Mortgage Loan with respect to which any portion of a Scheduled Payment is, as of the last day of the prior Due Period, two months or more past due (without giving effect to any grace period), including, without limitation, such Mortgage Loans that are subject to bankruptcy proceedings, (ii) each Mortgage Loan in foreclosure and (iii) all REO Property.
60+ Day Delinquent Mortgage Loan. Each Mortgage Loan with respect to which any portion of a Scheduled Payment is, as of the last day of the prior Due Period (not including a Mortgage Loan that became a Liquidated Mortgage Loan after such last day of the prior Due Period and on or prior to the end of the Prepayment Period in which such Due Period ends), 60 days or more delinquent, each Mortgage Loan in foreclosure, each Mortgage Loan related to REO Property and each Mortgage Loan where the related Mortgagor has filed for bankruptcy.
60+ Day Delinquent Mortgage Loan. Each Mortgage Loan with respect to which any portion of a Scheduled Payment is, as of the last day of the prior Due Period, two months or more past due (without giving effect to any grace period), each Mortgage Loan in foreclosure, all REO Property and each Mortgage Loan for which the Mortgagor has filed for bankruptcy. Specified Overcollateralized Amount: Prior to the Stepdown Date, an amount equal to 1.50% of the Cut-off Date Pool Principal Balance. On and after the Stepdown Date, an amount equal to 3.00% of the aggregate Stated Principal Balance of the Mortgage Loans for such Distribution Date, subject, until the Class Certificate Balance of each Class of LIBOR Certificates has been reduced to zero, to a minimum amount equal to the Overcollateralization Floor; provided, however, that if, on any Distribution Date, a Trigger Event has occurred, the Specified Overcollateralized Amount shall not be reduced to the applicable percentage of the then current aggregate Stated Principal Balance of the Mortgage Loans until the Distribution Date on which a Trigger Event is no longer occurring. On and after the date on which the Class Certificate Balance of each Class of LIBOR Certificates has been reduced to zero, the Specified Overcollateralized Amount shall thereafter equal zero.
Examples of 60+ Day Delinquent Mortgage Loan in a sentence
Pursuant to the Special Servicing Agreement, each such 60+ Day Delinquent Mortgage Loan (even if it subsequently becomes a Mortgage Loan that is not a 60+ Day Delinquent Mortgage Loan) shall be serviced by the Special Servicer in accordance with this Agreement, and the Special Servicer shall agree to be bound by each and every provision of this Agreement as such provisions relate to the "Servicer" to the same extent as if the Special Servicer were a party hereto.
Upon any Mortgage Loan becoming a 60+ Day Delinquent Mortgage Loan, the Majority Class X Certificateholder shall have the option to cause the servicing with respect to such Mortgage Loan to be transferred to a Special Servicer who meets the qualifications set forth in the definition thereof as certified to the Trustee.
More Definitions of 60+ Day Delinquent Mortgage Loan
60+ Day Delinquent Mortgage Loan. Each Mortgage Loan with respect to which any portion of a Scheduled Payment is, as of the last day of the prior Due Period, two months or more past due (without giving effect to any grace period), each Mortgage Loan in foreclosure, all REO Property and each Mortgage Loan for which the Mortgagor has filed for bankruptcy. Specified Overcollateralized Amount: Prior to the Stepdown Date, an amount equal to 2.90% of the Cut-off Date Pool Principal Balance. On and after the Stepdown Date, an amount equal to 5.80% of the aggregate Stated Principal Balance of the Mortgage Loans for such Distribution Date, subject, until the Class Certificate Balance of each Class of LIBOR Certificates has been reduced to zero, to a minimum amount equal to the Overcollateralization Floor; provided, however, that if, on any Distribution Date, a Trigger Event exists, the Specified Overcollateralized Amount shall not be reduced to the applicable percentage of the then current aggregate Stated Principal Balance of the Mortgage Loans until the Distribution Date on which a Trigger Event no longer exists. When the Class Certificate Balance of each Class of LIBOR Certificates has been reduced to zero, the Specified Overcollateralized Amount will thereafter equal zero. Sponsor: Goldman Sachs Mortgage Company, a New York limited partnership, and its xxxxxxsxxx xn interest, as purchaser of the Mortgage Loans under each of the Purchase Agreements.
60+ Day Delinquent Mortgage Loan. With respect to any Mortgage Loan or any date of determination, the excess, if any, of (i) the number of days the most delinquent Monthly Payment for such Mortgage Loan was delinquent as of the close of business on the last day of the related Due Period minus (ii) the number of days the most delinquent Monthly Payment for such Mortgage Loan was delinquent as of the close of business on the Cut-off Date, is greater than or equal to 60.
60+ Day Delinquent Mortgage Loan means a mortgage loan which is 60 or more days, but less than 90 days, delinquent.
60+ Day Delinquent Mortgage Loan. Each Mortgage Loan with respect to which any portion of a Scheduled Payment is, as of the last day of the prior Due Period, two months or more past due (without giving effect to any grace period), each Mortgage Loan in foreclosure, each Mortgage Loan related to REO Property and each Mortgage Loan where the related Mortgagor has filed for bankruptcy. Sponsor: HSBC Bank USA, National Association, a national banking association, and its successors in interest. Standard & Poor’s: Standard & Poor’s Ratings Services, a division of The XxXxxx-Xxxx Companies, Inc. If Standard & Poor’s is designated as a Rating Agency in the Preliminary Statement, for purposes of Section 12.05(c) the address for notices to Standard & Poor’s shall be Standard & Poor’s, 00 Xxxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000, Attention: Residential Mortgage Surveillance Group – HASCO (HSI Asset Securitization Corporation Trust, Series 2006-OPT1, or such other address as Standard & Poor’s may hereafter furnish to the Depositor and the Securities Administrator.
60+ Day Delinquent Mortgage Loan. Each Mortgage Loan with respect to which any portion of a Monthly Payment is, as of the last day of the prior Due Period, two months or more past due (without giving effect to any grace period), each Mortgage Loan in foreclosure, all REO Property and each Mortgage Loan for which the Mortgagor has filed for bankruptcy. Specified Overcollateralized Amount: Prior to the Stepdown Date, an amount equal to 0.60% of the Cut-off Date Pool Principal Balance. On and after the Stepdown Date, an amount equal to 1.20% of the aggregate Stated Principal Balance of the Mortgage Loans for such Distribution Date, subject, until the Class Certificate Balance of each Class of Offered Certificates has been reduced to zero, to a minimum amount equal to 0.50% of the Cut-off Date Pool Principal Balance; provided, however, that if, on any Distribution Date, a Trigger Event has occurred, the Specified Overcollateralized Amount shall not be reduced to the applicable percentage of the then current aggregate Stated Principal Balance of the Mortgage Loans until the Distribution Date on which a Trigger Event is no longer occurring; and provided, further, that the Specified Overcollateralized Amount shall be zero when the Class Certificate Balances of each Class of Offered Certificates have been reduced to zero. Standard & Poor's or S&P: Standard & Poor's Ratings Services, a division of The McGraw-Hill Companies, Inc. If Standard & Poor's is designated as a Ratxxx Xxxxxx in the Preliminary Statement, for purposes of Section 11.05(b) the address for notices to Standard & Poor's shall be Standard & Poor's, 55 Water Street, New York, New York 10041, Attention: Residential Mortgxxx Xxxxxxxxxxxx Xxxxx - XXXX Xxxx Xxxxxx Trust 2005-3, or such other address as Standard & Poor's may hereafter furnish to the Depositor, the Securities Administrator and the Trustee.
60+ Day Delinquent Mortgage Loan. Each Mortgage Loan with respect to which any portion of a Monthly Payment is, as of the last day of the prior Due Period, two months or more past due (without giving effect to any grace period), each Mortgage Loan in foreclosure, all REO Property and each Mortgage Loan for which the Mortgagor has filed for bankruptcy. Specified Overcollateralized Amount: Prior to the Stepdown Date, an amount equal to 0.75% of the Cut-off Date Pool Principal Balance of the Mortgage Loans; on and after the Stepdown Date, an amount equal to 1.50% of the aggregate Stated Principal Balance of the Mortgage Loans for the applicable Distribution Date, subject, until the Class Certificate Balance of each Class of Offered Certificates has been reduced to zero, to a minimum amount equal to 0.50% of the Cut-off Date Pool Principal Balance of the Mortgage Loans as of the Cut-off Date; provided, however, that if, on any Distribution Date, a Trigger Event has occurred, the Specified Overcollateralized Amount shall not be reduced to applicable percentage of the then current aggregate Stated Principal Balance of the Mortgage Loans but instead shall remain the same as the prior period's Specified Overcollateralized Amount until the Distribution Date on which a Trigger Event is no longer occurring.
60+ Day Delinquent Mortgage Loan. Each Mortgage Loan with respect to which any portion of a Monthly Payment is, as of the last day of the prior Due Period, two months or more past due (without giving effect to any grace period), each Mortgage Loan in foreclosure, all REO Property and each Mortgage Loan for which the Mortgagor has filed for bankruptcy. Specified Overcollateralized Amount: Prior to the Stepdown Date, an amount equal to 0.50% of the Cut-off Date Pool Principal Balance. On and after the Stepdown Date, an amount equal to 1.00% of the aggregate Stated Principal Balance of the Mortgage Loans for such Distribution Date, subject, until the Class Certificate Balance of each Class of Offered Certificates has been reduced to zero, to a minimum amount equal to 0.50% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date; provided, however, that if, on any Distribution Date, a Trigger Event has occurred, the Specified Overcollateralized Amount shall not be reduced to the applicable percentage of the then current aggregate Stated Principal Balance of the Mortgage Loans until the Distribution Date on which a Trigger Event is no longer occurring.