Examples of Contributed Mortgage Loan in a sentence
Each transfer of Contributed Mortgage Loans and Contributed REO Property to a Trust Subsidiary constitutes reasonably equivalent value and fair consideration for such Contributed Mortgage Loan.
With respect to each Contributed Mortgage Loan, the Asset File has been delivered to the Custodian in accordance with the Custodial Agreement.
For the avoidance of doubt, to the extent that a Contributed Mortgage Loan owned by a Trust Subsidiary is converted to a Contributed REO Property, a Purchase Price Increase shall be deemed to occur and shall be offset against the current outstanding Purchase Price for the related Contributed Mortgage Loan, which shall be deemed reduced.
No Seller Party has assigned, pledged, or otherwise conveyed or encumbered any Purchased Asset or Contributed Mortgage Loan to any other Person, other than as contemplated in the Program Agreements, and immediately prior to the sale of such Purchased Certificate to Buyer, Seller was the sole owner of such Purchased Certificate and had good and marketable title thereto, free and clear of all Liens, in each case except for Liens to be released simultaneously with the sale to Buyer hereunder.
With respect to each Contributed Mortgage Loan and Contributed REO Property, the applicable Seller shall have delivered to Buyer a BPO valuation and valuation date, and such other information as may be required by Buyer pursuant to Section 3(b) for such Purchased Asset.
From time to time, Seller may request and Buyer will fund Purchase Price Increases in connection with the acquisition or transfer of Mortgage Loans by or to the Pass-Through Trust Trustee for the Pass-Through Trust and the corresponding increase in value of the Purchased Certificate equal to the Purchase Price for such Contributed Mortgage Loan as of the related Purchase Date.
For so long as a Seller Party Subsidiary has an interest in or lien on any Contributed REO Property, Contributed Rental Property or Contributed Mortgage Loan, such Seller shall cause such Seller Party Subsidiary to hold or cause to be held all related Records in trust for Buyer.
Provided that no Default shall have occurred and be continuing, and Buyer has received the applicable Optional Prepayment and Exit Fee, if any, Buyer agrees to permit the release from a Seller Party Subsidiary of the related Contributed REO Property, the related Contributed Rental Property or the related Contributed Mortgage Loan, as applicable, attributable to such Optional Prepayment (including, the Repurchase Assets related thereto) at the request of the related Seller.
Such obligation to repurchase exists without regard to any prior or intervening liquidation or foreclosure with respect to any Purchased Asset or Contributed Mortgage Loan (but foreclosure proceeds received by Administrative Agent shall be applied to reduce the Repurchase Price for such Purchased Asset or Contributed Mortgage Loan on each Price Differential Payment Date except as otherwise provided herein).
Except in accordance with the Custodial Agreement, no Seller will allow any such papers, records or files that are an original or an only copy to leave Custodian’s possession, except for individual items removed in connection with servicing a specific Contributed Mortgage Loan.