Day Delinquent Mortgage Loan definition

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 (x) the sum of (1) 7.80% and (2) the Class M-7 Overcollateralization Factor times (y) the Cut-off Date Pool Principal Balance. On and after the Stepdown Date, an amount equal to (x) the sum of (1) 15.60% and (2) the Class M-7 Overcollateralization Factor times (y) 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 and the Class M-6 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 but instead will remain the same as the prior period’s Specified Overcollateralized Amount until the Distribution Date on which a Trigger Event is no longer occurring. Sponsor: Xxxxxxx Xxxxx Mortgage Company, a New York limited partnership, and its successors in interest. Standard & Poor’s: Standard & Poor’s Ratings Services, a division of The XxXxxx-Xxxx Companies, Inc., and its successors in interest. If Standard & Poor’s is designated as a Rating Agency in the Preliminary Statement, for purposes of Section 10.05(b) 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 - FFMLT 2007-FFB-SS, or such other address as Standard & Poor’s may hereafter furnish to the Depositor, the Servicer, the Trustee and the Certificate Insurer. Standard & Poor’s Glossary: The Standard & Poor’s LEVELS® Glossary, in effect as of the Closing Date.

Examples of Day Delinquent Mortgage Loan in a sentence

The Depositor, in its sole discretion, shall have the option, but shall not be obligated, to purchase any such 90+ Day Delinquent Mortgage Loan from the Trust Fund.
Any such 90-Day Delinquent Mortgage Loan shall only be eligible for purchase pursuant to this Section during the period beginning on the first Business Day of the Calendar Quarter following the Calendar Quarter in which such Mortgage Loan became a 90- Day Delinquent Mortgage Loan, and ending at the close of business on the second-to-last Business Day of such following Calendar Quarter.
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.
Pursuant to the Special Servicing Agreement, each such 90+ Day Delinquent Mortgage Loan (even if it subsequently becomes a Mortgage Loan that is not a 90+ 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.
The Depositor (or its assignee), in its sole discretion, shall have the option, but shall not be obligated, to purchase any such 90+ Day Delinquent Mortgage Loan from the Trust Fund.

More Definitions of Day Delinquent Mortgage Loan

Day Delinquent Mortgage Loan. For any Due Period, any Mortgage Loan that is (i) 60 or more days delinquent, (ii) for which the related borrower has filed for bankruptcy protection, (iii) that is in foreclosure, or (iv) with respect to which the related Mortgaged Property is characterized as REO Property as of the end of such Due Period.

Day Delinquent Mortgage Loan. With respect to any Distribution Date, any Mortgage Loan that is 60 days or more delinquent (including all Mortgage Loans in foreclosure and REO Properties) plus any Mortgage Loan modified within 12 months of the related Distribution Date.

Day Delinquent Mortgage Loan means a Mortgage Loan made by the Borrower to a Mortgagor or acquired by the Borrower and underwritten substantially in accordance with the Underwriting Guidelines, a copy of the current version of which is attached hereto as Exhibit E, and which is at least 60 days, but not more than 89 days, delinquent with respect to the payment of principal or interest (without regard to any applicable grace period).

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 (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.

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 delinquent, each Mortgage Loan in foreclosure, each 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 2.15% of the Cut-off Date Pool Principal Balance. On and after the Stepdown Date, an amount equal to 4.30% 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 but will instead remain the same as the prior period's Specified Overcollateralized Amount until the Distribution Date on which a Trigger Event is no longer in effect. 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.

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, three 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. Nonrecoverable P&I Advance: Any P&I Advance previously made or proposed to be made in respect of a Mortgage Loan or REO Property that, in the good faith business judgment of the related Servicer, the Group I Master Servicer or any successor Group I Master Servicer, as applicable, will not or, in the case of a proposed P&I Advance, would not be ultimately recoverable from related late payments, Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds on such Mortgage Loan or REO Property as provided herein.

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