Monthly Cut-Off Date definition
Examples of Monthly Cut-Off Date in a sentence
If Mego is required to repurchase any Home Loan on a Monthly Cut-Off Date that is not a Business Day, such repurchase shall be made on the last Business Day preceding such Monthly Cut-Off Date.
If the Servicer elects to purchase a Defaulted Home Loan, the Servicer shall deposit the Purchase Price in the Note Distribution Account on the Monthly Cut-Off Date following the date on which such election is made.
As of any Determination Date and Group I Loans, the aggregate of the Principal Balances of all Credit Support Multiple Defaulted Loans of the Group I Loans (immediately prior to such Loans becoming Credit Support Multiple Defaulted Loans) as of the prior Monthly Cut-Off Date since the Closing Date, divided by the aggregate of the Initial Loan Group I Principal Balance.
If the FHA indicates in writing that the claim is a Rejected Claim due to reasons other than a failure to service the related FHA Loan in accordance with Title I after the Closing Date, Mego shall repurchase the FHA Loan on or before the Monthly Cut-Off Date next following the date of such notice from the Claims Administrator to repurchase such FHA Loan, either directly from FHA or from the Trust, for the Purchase Price.
If the Servicer elects to purchase a Defaulted Loan, the Servicer shall deposit the Purchase Price in the Note Distribution Account on the Monthly Cut-Off Date following the date on which such election is made.
If the FHA Reserve Amount with respect to an FHA Loan has not been transferred to the FHA Insurance Coverage Reserve Account on or before the 150th day after the Closing Date, Mego shall be obligated, on the Monthly Cut-Off Date next succeeding such 150th day, to repurchase such FHA Loan.
As of any Determination Date, the aggregate of the Principal Balances of all Credit Support Multiple Defaulted Loans (immediately prior to such Home Loans becoming Credit Support Multiple Defaulted Loans) as of the prior Monthly Cut-Off Date since the Closing Date, divided by the aggregate of the Initial Pool Principal Balance.
With respect to any Determination Date or related Distribution Date, a Home Loan, other than a Credit Support Multiple Defaulted Loan, with respect to which any portion of a Monthly Payment is, as of the prior Monthly Cut-Off Date, 61 days or more past due (without giving effect to any grace period) and unpaid by the Obligor.
With respect to any Determination Date or related Distribution Date, a Loan, other than a Credit Support Multiple Defaulted Loan, with respect to which any portion of a Monthly Payment is, as of the prior Monthly Cut-Off Date, 61 days or more past due (without giving effect to any grace period) and unpaid by the Obligor.
With respect to any Determination Date or related Distribution Date, a Home Loan, other than a Credit Support Multiple Defaulted Loan, with respect to which any portion of a Monthly Payment is, as of the prior Monthly Cut-Off Date, 31 days or more past due (without giving effect to any grace period) and unpaid by the Obligor.