Ink Mortgage Loans definition

Ink Mortgage Loans. With respect to each Mortgage Loan that is a Wet-Ink Mortgage Loan, the Settlement Agent has been instructed in writing by a Seller to hold the related Asset Documents as agent and bailee for Administrative Agent or Administrative Agent’s agent and to promptly forward such Asset Documents in accordance with the provisions of the Custodial Agreement and the Escrow Instruction Letter.

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Ink Mortgage Loans. With respect to each Mortgage Loan that is a Wet-Ink Mortgage Loan, the Escrow Agent has been instructed in writing by the Borrower to hold the related Mortgage Loan Documents as agent and bailee for the Lender or the Lender's agent and to promptly forward such Mortgage Loan Documents in accordance with the provisions of the Escrow Instruction Letter and the Escrow Agent has acknowledged and agreed to such instructions. Notwithstanding the representations and warranties set forth in paragraphs (u)(x) or (mm) hereof, a Mortgage Loan (a) which is an interest only Mortgage Loan, or (b) is a Negative Amortization Mortgage Loan or (c) of which the related Mortgaged Property is improved with a second home or investment property, may be considered an Eligible Mortgage Loan if (i) the Borrower has received the prior written consent of the Lender with respect to the inclusion of such Mortgage Loan, and (ii) the related Mortgage Loan Schedule identifies such Mortgage Loan as being an interest only Mortgage Loan, a second home or investment property, or a Negative Amortization Mortgage Loan.

Ink Mortgage Loans. With respect to each Mortgage Loan that is a Wet-Ink Mortgage Loan, the Settlement Agent has been instructed in writing by the Borrower to hold the related Mortgage Loan Documents as agent and bailee for the Lender and to promptly forward such Mortgage Loan Documents to the Trustee for receipt within a period of time not to exceed ten (10) Business Days following the applicable Funding Date.

Examples of Ink Mortgage Loans in a sentence

• The Mortgage File and any other documents required by Buyer to be delivered for the Mortgage Loan by Seller under this Agreement have been delivered (or with respect to Wet Ink Mortgage Loans, will be delivered within seven Business Days) to the Custodian.

• The Mortgage File and any other documents required by Buyer to be delivered for the Mortgage Loan by Seller under this Agreement have been delivered (or with respect to Wet Ink Mortgage Loans, will be delivered within seven Business Days) to Custodian.

• No more than 10% of all Purchased Mortgage Loans subject to outstanding Transactions on an aggregate Purchase Price basis shall be Wet Ink Mortgage Loans.

• The Purchase Price of a Wet Ink Mortgage Loan together with the Purchase Price of Purchased Mortgage Loans which are Wet Ink Mortgage Loans does not exceed, during the period beginning on the third from last Business Day of each calendar month, through and including the seventh Business Day of next succeeding calendar month, $50,000,000 and, at all other times, $35,000,000.

• The Purchase Price of a Wet Ink Mortgage Loan together with the Purchase Price of Purchased Mortgage Loans which are Wet Ink Mortgage Loans does not exceed, during the first and last week of each month, $70,000,000 and, at all other times, $35,000,000.

• The Purchase Price of a Wet Ink Mortgage Loan together with the Purchase Price of Purchased Mortgage Loans which are Wet Ink Mortgage Loans does not exceed, during the first and last week of each month, 25% of the aggregate Purchase Price for all Mortgage Loans which are subject to then outstanding Transactions and, at all other time, 15% of the aggregate Purchase Price for all Purchased Mortgage Loans subject to then outstanding Transactions.

• The Mortgage Note, the Mortgage, the assignment of Mortgage and any other documents required to be delivered under this Agreement and the Custodial Agreement for the Mortgage Loans have been delivered to the Custodian (other than Wet Ink Mortgage Loans).

• The Repurchase Price of a Wet Ink Mortgage Loan together with the Repurchase Price of other Purchased Mortgage Loans which are Wet Ink Mortgage Loans does not exceed $85,000,000.

• The Mortgage File and any other documents required by Buyer to be delivered for the Mortgage Loan by Seller under this Agreement have been delivered (or with respect to Wet Ink Mortgage Loans, will be delivered within five Business Days) to the Custodian.

• The Mortgage File and any other documents required by Buyer to be delivered for the Purchased Mortgage Loan by Seller under this Agreement have been delivered to the Custodian (other than Wet Ink Mortgage Loans).

More Definitions of Ink Mortgage Loans

Ink Mortgage Loans. With respect to each Mortgage Loan that ---------------------- is a Wet-Ink Mortgage Loan, the Settlement Agent has been instructed in writing by the Borrower to hold the related Mortgage Loan Documents as agent and bailee for the Lender or the Lender's agent and to promptly forward such Mortgage Loan Documents in accordance with the provisions of the Custodial Agreement and the Escrow Instruction Letter. Notwithstanding the representations and warranties set forth in paragraphs (u) (x) or (mm) hereof, a Mortgage Loan (a) which is an interest only Mortgage Loan, or (b) is a Negative Amortization Mortgage Loan may be considered an Eligible Mortgage Loan if (i) the Borrower has received the prior written consent of the Lender with respect to the inclusion of such Mortgage Loan, and (ii) the related Mortgage Loan Schedule identifies such Mortgage Loan as being an interest only Mortgage Loan or a Negative Amortization Mortgage Loan. Schedule 1-11 SCHEDULE 2 ----------