Initial Mortgage Assets definition

Initial Mortgage Assets means Mortgage Assets consisting of obligations issued by NB Finance, Ltd., a corporation formed under the laws of Bermuda that is a wholly owned subsidiary of the Bank, that are recourse only to the Initial Mortgage Loans and that are secured by real property that is located in Canada.
Sample 1Sample 2
Initial Mortgage Assets means any Mortgage Asset constituting “Collateral” as defined in the Loan Agreement as of the Initial Delivery Deadline.
Sample 1Sample 2
Initial Mortgage Assets means those Mortgage Assets identified as "Initial Mortgage Assets" on Schedule II hereto and with respect to which all Liens securing Existing Debt encumbering such Mortgage Assets have been satisfied and released in full on the Closing Date.
Sample 1

Examples of Initial Mortgage Assets in a sentence

  • Consideration for Purchase of the Initial Mortgage Assets:In consideration for the assignment of the Initial Mortgage Assets on the Closing Date, the Issuer will pay the Initial Purchase Price to the Originator for the Initial Mortgage Assets to be assigned to the Issuer.

  • Use of Proceeds: On or about the Closing Date, the Issuer will apply the proceeds of theissue of the Mortgage-Backed Floating Rate Notes solely towards the purchase of the Initial Mortgage Assets pursuant to the Mortgage Sale Agreement.

  • On or about the Closing Date the Issuer will apply the net proceeds of the issue of the Mortgage-Backed Floating Rate Notes solely towards the purchase of the Initial Mortgage Assets pursuant to the Mortgage Sale Agreement.

  • The Initial Mortgage Assets (as defined in the Offering Memorandum) conform in all material respects to the descriptions thereof contained in the Offering Memorandum.

  • The Initial Mortgage Assets will be secured by, and will constitute an interest in, the Initial Mortgage Loans and the real property underlying the Initial Mortgage Loans.

  • This procedure was not performed for those Initial Mortgage Assets and Subsequent Mortgage Assets with an Amortization Type of “Balloon.” With respect to Characteristic 25, we recomputed the Original Amortization Term using the Original Principal Balance, the Monthly Debt Service and the Note Rate and a 30/360 Interest Calculation Method.

  • This procedure was not performed for those Initial Mortgage Assets and Subsequent Mortgage Assets with an Amortization Type of “Interest Only.” With respect to Characteristic 28, we recomputed the Remaining Term by subtracting the (i) Seasoning from (ii) Original Loan Term.

  • This procedure was not performed for those Initial Mortgage Assets and Subsequent Mortgage Assets with an Amortization Type of “Interest Only.” With respect to Characteristic 26, we recomputed the Original Loan Term by determining the number of payment dates from and inclusive of the First Payment Date to and inclusive of the Maturity Date.

  • With respect to Characteristic 18, (i) for those Initial Mortgage Assets or Subsequent Mortgage Assets, as applicable, with an Amortization Type of “Interest Only,” we compared the Monthly Debt Service to the Monthly Debt Service (IO) and (ii) for those Initial Mortgage Assets and Subsequent Mortgage Assets with an Amortization Type of “Partial IO” or “Balloon,” we compared the Monthly Debt Service to the corresponding information set forth on the Note.

  • With respect to a cross collateralized Initial Mortgage Asset or Subsequent Mortgage Asset, if any (as set forth on the Loan Agreement or DOT), this procedure was performed with the aggregate Cut-off Balance and the aggregate Number of Units of the related cross collateralized Initial Mortgage Assets or Subsequent Mortgage Assets, as applicable.


More Definitions of Initial Mortgage Assets

Initial Mortgage Assets means the Mortgage Loans and the related Mortgages, Ancillary Mortgage Rights and Receivables specified in the information records identified in Schedule 6 of the Mortgage Sale Agreement which are to be purchased by the Fund from the Originator on the Closing Date in the form of the Initial Mortgage Asset Portfolio;
Sample 1

Related to Initial Mortgage Assets

  • Initial Mortgage Loan A Mortgage Loan conveyed to the Trust Fund on the Closing Date pursuant to this Agreement as identified on the Mortgage Loan Schedule delivered to the Trustee on the Closing Date.

  • Residential mortgage loan means any loan primarily for

  • Mortgage Assets The Mortgage Loans to be included in the Trust Fund are as described in Annex A hereto.

  • Commercial Mortgage Loan means a loan secured by a Lien on improved real estate used for commercial purposes.

  • Original Mortgage Loan The mortgage loan refinanced in connection with the origination of a Refinancing Mortgage Loan.

  • Initial Mortgage Rate As to each Mortgage Loan, the Mortgage Rate in effect prior to the Initial Adjustment Date.

  • Conventional Mortgage Loan Any Mortgage Loan that is not an FHA Loan.

  • Conventional Mortgage means a mortgage for which the principal amount, at the time of commitment, together with all other equal and prior ranking mortgages: (a) in the case of a property purchase, does not exceed the lower of 75% of the purchase price of the underlying real property securing the mortgage and 75% of the appraised value of the underlying real property securing the mortgage as determined by a qualified appraiser; and (b) in the case of a refinancing, does not exceed 75% of the appraised value of the underlying real property securing the mortgage as determined by a qualified appraiser at the time of such refinancing.

  • Mortgage Servicing Rights The rights and responsibilities of Seller with respect to servicing the Mortgage Loans under the Servicing Agreements, including any and all of the following if and to the extent provided therein: (a) all rights to service a Mortgage Loan; (b) all rights to receive servicing fees, Ancillary Income, reimbursements or indemnification for servicing the Mortgage Loan, and any payments received in respect of the foregoing and proceeds thereof; (c) the right to collect, hold and disburse escrow payments or other payments with respect to the Mortgage Loan and any amounts actually collected with respect thereto and to receive interest income on such amounts to the extent permitted by Applicable Law; (d) all accounts and other rights to payment related to any of the property described in this paragraph; (e) possession and use of any and all Credit Files pertaining to the Mortgage Loan or pertaining to the past, present or prospective servicing of the Mortgage Loan; (f) to the extent applicable, all rights and benefits relating to the direct solicitation of the related Mortgagors for refinance or modification of the Mortgage Loans and attendant right, title and interest in and to the list of such Mortgagors and data relating to their respective Mortgage Loans; and (g) all rights, powers and privileges incident to any of the foregoing.

  • Additional Collateral Mortgage Loan Each Mortgage Loan identified as such in the Mortgage Loan Schedule.

  • Additional Mortgage shall have the meaning assigned to such term in Section 5.10(c).

  • Mortgage-backed Securities means securities that are secured or otherwise backed by Mortgage Loans.

  • Class P Mortgage Loan Any of the Class I-P, Class II-P or Class III-P Mortgage Loans.

  • Net Mortgage Pass-Through Rate (a) With respect to any Mortgage Loan (including an REO Mortgage Loan) that accrues interest on a 30/360 Basis, for any Distribution Date, the Net Mortgage Rate in effect for such Mortgage Loan during the one-month accrual period applicable to the Due Date for such Mortgage Loan that occurs in the same month as that Distribution Date; and (b) with respect to any Mortgage Loan (including an REO Mortgage Loan) that accrues interest on an Actual/360 Basis, for any Distribution Date, the annualized rate at which interest would have to accrue in respect of such Mortgage Loan on a 30/360 Basis in order to produce the aggregate amount of interest actually accrued (or, in the event of a voluntary or involuntary principal prepayment affecting same, that otherwise would have accrued) in respect of such Mortgage Loan (adjusted to the related Net Mortgage Rate and, if applicable, exclusive of any Excess Interest) during the one-month accrual period applicable to the Due Date for such Mortgage Loan that occurs in the same month as that Distribution Date. However, with respect to each Mortgage Loan that accrues interest on an Actual/360 Basis, when determining: (i) the related Net Mortgage Pass-Through Rate for the Distribution Date in January (except during a leap year) or February of any year subsequent to 2017 (in any event unless that Distribution Date is the final Distribution Date), the “aggregate amount of interest actually accrued (or, in the event of a voluntary or involuntary principal prepayment affecting same, that otherwise would have accrued)”, as referred to in clause (b) of the preceding sentence, shall be deemed to exclude related Withheld Amounts to be transferred to the Interest Reserve Account in such month; or (ii) the related Net Mortgage Pass-Through Rate for the Distribution Date in March (or in February if the final Distribution Date occurs in such particular month of February) in any year subsequent to 2017, the “aggregate amount of interest actually accrued (or, in the event of a voluntary or involuntary principal prepayment affecting same, that otherwise would have accrued)”, as referred to in clause (b) of the preceding sentence, shall be deemed to include related Withheld Amounts to be deposited in the Lower-Tier REMIC Distribution Account for distribution on such Distribution Date. In addition, the Net Mortgage Pass-Through Rate with respect to any Mortgage Loan for any Distribution Date shall be determined without regard to: (i) any modification, waiver or amendment of the terms of such Mortgage Loan, whether agreed to by the Master Servicer, the Special Servicer, an Outside Servicer or an Outside Special Servicer or resulting from a bankruptcy, insolvency or similar proceeding involving the related borrower; (ii) the occurrence and continuation of a default under such Mortgage Loan; (iii) the passage of the related maturity date or, in the case of an ARD Mortgage Loan, the related Anticipated Repayment Date; and (iv) the related Mortgaged Property becoming an REO Property.

  • Park Monaco Mortgage Loans The Mortgage Loans identified as such on the Mortgage Loan Schedule for which Park Monaco is the applicable Seller.

  • Additional Mortgaged Property has the meaning assigned to that term in subsection 6.9.

  • REAL ESTATE MORTGAGE INVESTMENT CONDUIT (A "REMIC") AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"). [FOR SUBORDINATE CERTIFICATES][THIS CERTIFICATE IS SUBORDINATE TO ONE OR MORE CLASSES OF CERTIFICATES OF THE SAME SERIES AS AND TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.] [FOR PRINCIPAL BALANCE CERTIFICATES][THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.] [FOR CLASS X-1 AND CLASS X-2 CERTIFICATES][THE OUTSTANDING CERTIFICATE NOTIONAL AMOUNT HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE. THIS CERTIFICATE DOES NOT HAVE A CERTIFICATE PRINCIPAL BALANCE AND WILL NOT ENTITLE THE HOLDER HEREOF TO DISTRIBUTIONS OF PRINCIPAL.] [FOR REGULATION S GLOBAL CERTIFICATES][PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE LATER OF (A) THE CLOSING DATE AND (B) THE COMMENCEMENT OF THE INITIAL OFFERING OF THE CERTIFICATES IN RELIANCE ON REGULATION S, THIS CERTIFICATE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OF 1933, AS AMENDED. NO BENEFICIAL OWNERS OF THIS CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENT OF PRINCIPAL OR INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.]

  • Mortgage Sale Agreement means the mortgage sale agreement dated 3 June 2005 as amended and restated on 4 October 2007, 20 May 2008 and as further amended and restated on 25 June 2014 made between Santander UK plc (1) Abbey Covered Bonds LLP (the "LLP") (2) and Deutsche Trustee Company Limited (the "Security Trustee") (3) (as the same may be or have been amended, varied or supplemented from time to time with the consent of those parties).

  • EMC Mortgage Loans Those Mortgage Loans serviced by the Company pursuant to the terms of this Agreement.

  • Group I Mortgage Loans The Mortgage Loans identified on the Mortgage Loan Schedule as Group I Mortgage Loans.

  • Group 3 Mortgage Loan Each Mortgage Loan listed on Exhibit D-3 hereto.