Mortgage Pools definition
Examples of Mortgage Pools in a sentence
If (and to the extent that) the limitation in paragraph (c) prevents the distribution of principal to the Class A and Class B Interests of a Mortgage Pool, and if the Mortgage Pool’s Class C Interest has already been reduced to zero, then the excess principal from that Mortgage Pool will be paid to the Class C Interests of the other Mortgage Pools, the aggregate Class A and Class B Interests of which are less than one percent of the Pool Subordinated Amount.
If no Cross-Over Situation exists with respect to any Class of Interests, then principal amounts arising with respect to each such Mortgage Pool will be allocated: first to cause the Mortgage Pool's corresponding Class A and Class B to equal, respectively, 0.9% of the SP and 0.1% of the SP; and second to the Mortgage Pool's corresponding Class C Interest.
The right to purchase all Mortgage Loans and REO Properties pursuant to clause (a) above shall be conditioned upon the Pool Principal Balance for both Mortgage Pools, at the time of any such repurchase, aggregating less than ten percent of the aggregate Cut-off Date Principal Balance of the Mortgage Loans.
The original term to maturity of each Mortgage Loan included in the Mortgage Pool[s] shall be between ___ and ___ years.
Payments described in this Article IX made from the Trust Fund shall be allocated and limited to collections or other recoveries on the related Mortgage Pool or Mortgage Pools and shall be accounted for in such manner.
On any Distribution Date on which the aggregate of the Pool Principal Balances of both Mortgage Pools is less than 10% of the aggregate Cut-off Date Pool Principal Balance of both Mortgage Pools, the Master Servicer will have the option to repurchase, in whole, from the Trust Fund all remaining Mortgage Loans and all property acquired in respect of the Mortgage Loans in the Mortgage Pools at a purchase price determined as provided in the Agreement.
On any Distribution Date on which the aggregate of the Pool Principal Balances of all of the Mortgage Pools is less than 10% of the aggregate of the Cut-off Date Pool Principal Balances of all of the Mortgage Pools, the Master Servicer will have the option to repurchase, in whole, from the Trust Fund all remaining Mortgage Loans and all property acquired in respect of the Mortgage Loans in the Mortgage Pools at a purchase price determined as provided in the Agreement.
Seller acknowledges that it will cause each Mortgage Pool purchased hereunder as evidenced by a Participation Certificate to be converted into an Agency Security relating to such Mortgage Pool, such Agency Security to be backed by and to relate to the Mortgage Loans subject to the Mortgage Pools.
With respect to each Mortgage Pool, if (and to the extent that) the sum of (a) the principal payments comprising the Principal Remittance Amount received during the Due Period and (b) the Realized Losses, are insufficient to make the necessary reductions of principal on the Class A and Class B Interests, then interest will be added to the Mortgage Pool's other Interests that are not receiving Principal Relocation Payments, in proportion to their principal balances.
On any Distribution Date on which the aggregate of the Pool Principal Balances of each Mortgage Pool is less than 10% of the aggregate Cut-off Date Pool Principal Balance of each Mortgage Pool, the Master Servicer will have the option to repurchase, in whole, from the Trust Fund all remaining Mortgage Loans and all property acquired in respect of the Mortgage Loans in the Mortgage Pools at a purchase price determined as provided in the Agreement.