Exception Mortgage Loan. A Mortgage Loan which was originated as an exception to the Company's underwriting guidelines in effect at the time of origination, as attached hereto as Exhibit H.
Exception Mortgage Loan. A Mortgage Loan that has been underwritten in accordance with the Company Underwriting Guidelines, but for which one or more exceptions to those guidelines have been allowed. Each Exception Mortgage Loan, along with the applicable exceptions, shall be identified on an exhibit attached to the respective Assignment and Conveyance Agreement.
Exception Mortgage Loan means any Mortgage Loan which is otherwise ineligible for purchase hereunder, or which otherwise becomes ineligible for purchase hereunder and which is approved by Buyer in its sole discretion; provided, however, that Sellers shall pay to Buyer a fee of $25 with respect to any such approval of an Exception Mortgage Loan other than a Wet-Ink Mortgage Loan and $10 with respect to any such approval of an Exception Mortgage Loan which is a Wet-Ink Mortgage Loan; and provided, that upon 30 days' notice to the Sellers, Buyer may change such Exception Mortgage Loan approval fee. Buyer's approval of a Mortgage Loan as an Exception Mortgage Loan shall expire on the earlier of (a) the date set forth by the Buyer in the written notice that such Mortgage Loan is approved as an Exception Mortgage Loan (an "Exception Notice") or (b) the occurrence of any additional event, other than that set forth in the Exception Notice, which would cause the Mortgage Loan to become ineligible for purchase hereunder. The Pricing Rate, Market Value, Purchase Price and Buyer's Margin Percentage with respect to Exception Mortgage Loans shall be set in the sole discretion of Buyer. Buyer may at any time, and in its sole discretion, no longer consider a Mortgage Loan an Exception Mortgage Loan, in which case such Mortgage Loan shall have a Market Value of zero.
Examples of Exception Mortgage Loan in a sentence
In the event of any conflict between this Agreement and, with respect to each Exception Mortgage Loan, a Purchase Confirmation, the terms of the Purchase Confirmation shall control with respect to the related Transaction.
No. on Exhibit C Mortgage Loan and Number as Identified on Exhibit A Description of Exception Mortgage Loan documents provide that any servicing fees will be limited to a maximum amount of $10,000.
Such repurchase will be effected in accordance with the terms of the applicable Mortgage Loan Purchase Agreement and Pooling and Servicing Agreement by payment to each related Trust of the full amount of the purchase price (as defined by the applicable Mortgage Loan Purchase Agreement or other document related to the Trust) in immediately available funds for each related Critical Exception Mortgage Loan.
If, at any time, a Purchased Mortgage Loan causes any Sublimit to be exceeded or otherwise violates the terms of the Repurchase Agreement, Buyer may, in its sole discretion, redesignate the Asset Value of such Mortgage Loan to be zero or redesignate such Purchased Mortgage Loan as an Exception Mortgage Loan.
If, at any time after the Closing Date, the Trustee and MBIA, on the one hand or Purchaser, on the other hand, conclude, in their reasonable judgment, that a Critical Exception identified for cure on the Closing Date is not likely to be cured within the six-month period after the Closing Date, SPFC (or the Liquidating Trust as successor) will repurchase the related Critical Exception Mortgage Loan within 10 business days after notice and demand for repurchase.
More Definitions of Exception Mortgage Loan
Exception Mortgage Loan means any Mortgage Loan which is otherwise ineligible for purchase hereunder, or which otherwise becomes ineligible for purchase hereunder and which is approved by Buyer in its sole discretion; provided, that upon 30 days’ notice to Seller, Buyer may change such Exception Mortgage Loan approval fee. Buyer’s approval of a Mortgage Loan as an Exception Mortgage Loan shall expire on the earlier of (a) the date set forth by Buyer in the written notice that such Mortgage Loan is approved as an Exception Mortgage Loan (an “Exception Notice”) or (b) the occurrence of any additional event, other than that set forth in the Exception Notice, which would cause the Mortgage Loan to become ineligible for purchase hereunder. The Pricing Rate, Market Value, Purchase Price and Buyer’s Margin Percentage with respect to Exception Mortgage Loans shall be set in the sole discretion of Buyer. Buyer may at any time, and in its sole discretion, no longer consider a Mortgage Loan an Exception Mortgage Loan, in which case such Mortgage Loan shall have a Market Value of zero.
Exception Mortgage Loan means any Mortgage Loan which is otherwise ineligible for purchase hereunder, or which otherwise becomes ineligible for purchase hereunder and which is approved by Buyer in its sole discretion; provided, however, that Seller shall pay to Buyer a fee of $25 with respect to any such approval of an Exception Mortgage Loan other than a Wet-Ink Mortgage Loan and $10 with respect to any such approval of an Exception Mortgage Loan which is a Wet-Ink Mortgage Loan; and provided further, that upon 30 days’ notice to the Seller, Buyer may change such Exception Mortgage Loan approval fee. Buyer’s approval of a Mortgage Loan as an Exception Mortgage Loan shall expire on the earlier of (a) the date set forth by the Buyer in the written notice that such Mortgage Loan is approved as an Exception Mortgage Loan (an “Exception Notice”) or (b) the occurrence of any additional event, other than that set forth in the Exception Notice, which would cause the Mortgage Loan to become ineligible for purchase hereunder. The Pricing Rate, Market Value, Purchase Price and Asset Value with respect to Exception Mortgage Loans shall be set in the sole discretion of Buyer. Buyer may at any time, and in its sole discretion, no longer consider a Mortgage Loan an Exception Mortgage Loan, in which case such Mortgage Loan shall have an Asset Value of zero.
Exception Mortgage Loan means any Mortgage Loan which is otherwise ineligible for purchase hereunder, or which otherwise becomes ineligible for purchase hereunder and which is approved by Buyer in its sole discretion. The Pricing Rate, Market Value, Purchase Price and Buyer's Margin Percentage with respect to Exception Mortgage Loans shall be set in the sole discretion of Buyer. Buyer may at any time, and in its sole discretion, no longer consider a Mortgage Loan an Exception Mortgage Loan, in which case such Mortgage Loan shall have a Market Value of zero.
Exception Mortgage Loan means any Mortgage Loan which is otherwise ineligible for purchase hereunder, or which otherwise becomes ineligible for purchase hereunder and which is approved by Buyer in its sole discretion. Buyer’s approval of a Mortgage Loan as an Exception Mortgage Loan shall expire on the earlier of (a) the date set forth by the Buyer in the written notice that such Mortgage Loan is approved as an Exception Mortgage Loan (an “Exception Notice”) or (b) the occurrence of any additional event, other than that set forth in the Exception Notice, which would cause the Mortgage Loan to become ineligible for purchase hereunder. The Pricing Rate, Market Value, Purchase Price and Asset Value with respect to Exception Mortgage Loans shall be set in the sole discretion of Buyer. Buyer may at any time, and in its sole discretion, no longer consider a Mortgage Loan an Exception Mortgage Loan, in which case such Mortgage Loan shall have a Market Value of zero.
Exception Mortgage Loan is defined in Section 6.2(h).
Exception Mortgage Loan shall have the meaning specified in the Schedule of Facility Information.
Exception Mortgage Loan. A Mortgage Loan that has been underwritten in accordance with the Company Underwriting Guidelines, but for which one or more exceptions to those guidelines have been allowed. Exchange Act: The Securities and Exchange Act of 1934, as amended.