Qualified Replacement Mortgage Loan. A Mortgage Loan that is substituted for a Deleted Mortgage Loan pursuant to Section 2.03 or Section 2.05 that must, at the end of the Collection Period preceding the date of such substitution, (i) have an outstanding principal balance (when taken together with any other Qualified Replacement Mortgage Loan being substituted for such Deleted Mortgage Loan), not in excess of and not substantially less than the unpaid principal balance of the Deleted Mortgage Loan at the end of the Collection Period preceding the date of substitution, (ii) if the Deleted Mortgage Loan is an Adjustable Rate Mortgage Loan, have the Mortgage Loan Rate computed on the same basis as the Mortgage Loan Rate on the related Mortgage Loan, utilizing the same Index and having a Gross Margin or Minimum Rate not less than (and not more than one percentage point in excess of) the Gross Margin and Minimum Rate applicable to the Deleted Mortgage Loan and if the Deleted Mortgage Loan is a Fixed Rate Mortgage Loan, have a Mortgage Loan Rate not less than (and not more than one percentage point in excess of) the Mortgage Loan Rate of the Deleted Mortgage Loan, (iii) have a remaining term to maturity not greater than (and not more than one year less than) that of the Deleted Mortgage Loan, (iv) have a Combined Loan-to-Value Ratio equal to or lower than the Combined Loan-to-Value Ratio of the Deleted Mortgage Loan, (v) satisfy the criteria set forth from time to time in the definition "qualified replacement mortgage" at Section 860G(a)(4) of the Code, (vi) have the same or a superior lien priority as the Deleted Mortgage Loan, (vii) comply as of the date of substitution with each representation and warranty set forth in Section 2.05, (viii) have the same or better property type as the Deleted Mortgage Loan and (ix) have the same or better occupancy status. In the event that one or more mortgage loans are proposed to be substituted for one or more Deleted Mortgage Loans, the foregoing tests may be met on a weighted average basis or other aggregate basis, except that the requirements of clauses (iv) through (viii) hereof must be satisfied as to each Qualified Replacement Mortgage Loan.
Qualified Replacement Mortgage Loan. As defined in the Indenture.
Qualified Replacement Mortgage Loan. As defined in Section 2.3 of the Sale and Servicing Agreement.
Examples of Qualified Replacement Mortgage Loan in a sentence
In the case of a Qualified Replacement Mortgage Loan, the Mortgage File relating thereto shall be delivered to the Trustee and the amount, if any, by which the Principal Balance of the related Deleted Mortgage Loan as of the related Deposit Date exceeds the Principal Balance of the Qualified Replacement Mortgage Loan as of the first day of the related Collection Period shall be remitted by the Seller to the Trustee for deposit in the Certificate Account on the Deposit Date on which the substitution occurs.
Notwithstanding the foregoing, a substitution by the Seller for a defect in a constituent document will not be made unless the Trustee receives an Officer's Certificate certifying that the Qualified Replacement Mortgage Loan conforms to the requirements of this Agreement and an Opinion of Counsel that such substitution will not be a "prohibited transaction" as defined in Section 860F(a)(2) of the Code.
It is understood and agreed that the obligation of the Seller to substitute a Qualified Replacement Mortgage Loan for or repurchase any Defective Mortgage Loan (or any property acquired in respect thereof or insurance policy or current or future insurance proceeds with respect thereto) shall constitute the sole remedy against it respecting such defect available to the Certificateholders, the Depositor or the Trustee.
Notwithstanding the foregoing, a substitution by the Seller for a defect in a constituent document will not be made unless the Trustee and the Certificate Insurer receive an Officer's Certificate certifying that the Qualified Replacement Mortgage Loan conforms to the requirements of this Agreement and an Opinion of Counsel that such substitution will not be a "prohibited transaction" as defined in Section 860F(a)(2) of the Code.
On or before the tenth Business Day after the Closing Date, any Subsequent Transfer Date, and any date on which a Qualified Replacement Mortgage Loan is conveyed to the Trust, the Indenture Trustee shall execute and deliver to the Note Insurer and the Master Servicer an acknowledgement of receipt of the original Mortgage Notes for each Mortgage Loan.
More Definitions of Qualified Replacement Mortgage Loan
Qualified Replacement Mortgage Loan is a Mortgage Loan that substitutes for another pursuant to Section 2.2(c), 3.3 or 3.4 hereof, which with respect to the Mortgage Loan being replaced and as of the Replacement Cut-Off Date (i) has the same interest rate index as, and a margin over such index and a maximum interest rate at least equal to, the Mortgage Loan being replaced, (ii) is secured by property of the same or better type and with the same or better occupancy status as the replaced Mortgage Loan, (iii) is of the same or better credit quality classification (determined in accordance with the related Originator's credit underwriting guidelines), (iv) shall mature no later than the Payment Date occurring in September, 2023, (v) has a Combined Loan-to-Value Ratio no higher than that of the replaced Mortgage Loan, (vi) has a Principal Balance equal to or less than that of the replaced Mortgage Loan, (vii) is in the same lien position or better, (viii) is not more than 30 days delinquent, and (ix) complies with the representations and warranties set forth in Section 3.3(a). Except with respect to clause (ix) above, in the event that one or more mortgage loans are proposed to be substituted for one or more Mortgage Loans, the Insurer may allow the foregoing tests to be met on a weighted average basis or other aggregate basis acceptable to the Insurer, as evidenced by a written approval delivered to the Indenture Trustee and the Sponsor by the Insurer.
Qualified Replacement Mortgage Loan. A Mortgage Loan substituted for another pursuant to Section 3.03 hereof, which (i) has a Coupon Rate at least equal to the Coupon Rate of the Mortgage Loan being replaced, (ii) is of the same property type as (or is a single family dwelling) and the same occupancy status as (or is a primary residence) the replaced Mortgage Loan, (iii) has a remaining term to maturity not greater than (and not more than one year less than) that of the Deleted Mortgage Loan, (iv) has a Loan-to-Value Ratio as of the Replacement Cut-Off Date no higher than the Loan-to-Value Ratio of the replaced Mortgage Loan at such time, (v) shall be of the same or higher credit quality classification (determined in accordance with the Seller's credit underwriting guidelines) as the Mortgage Loan which such Qualified Replacement Mortgage Loan replaces, (vi) has a Loan Balance as of the related Replacement Cut-Off Date equal to or less than the Loan Balance of the replaced Mortgage Loan as of such Replacement Cut-Off Date, (vii) shall be a first lien adjustable rate Mortgage Loan and (viii) satisfies the criteria set forth from time to time in the definition thereof at Section 860G(a)(3) of the Code (or any successor statute thereto) and applicable to the Trust Fund.
Qualified Replacement Mortgage Loan. A Mortgage Loan that is substituted for a Deleted Mortgage Loan pursuant to Section 2.03 or Section 2.05 that must, at the end of the Collection Period preceding the date of such substitution, (i) have an outstanding principal balance (when taken together with any other Qualified Replacement Mortgage Loan being substituted for such Deleted Mortgage Loan), not in excess of and not substantially less than the unpaid principal balance of the Deleted Mortgage Loan at the end of the Collection Period preceding the date of substitution, (ii) have a remaining term to maturity not greater than (and not more than one year less than) that of the Deleted Mortgage Loan, (iii) have a Combined Loan-to-Value Ratio equal to or lower than the Combined Loan-to-Value Ratio of the Deleted Mortgage Loan, (iv) satisfy the criteria set forth from time to time in the definition "qualified replacement mortgage" at Section 860G(a)(4) of the Code, (v) have the same or a superior lien priority as the Deleted Mortgage Loan, (vi) comply as of the date of substitution with each representation and warranty set forth in Section 2.05, (vii) have the same or better property type as the Deleted Mortgage Loan and (viii) have the same or better occupancy status. In the event that one or more mortgage loans are proposed to be substituted for one or more Deleted Mortgage Loans, the foregoing tests may be met on a weighted average basis or other aggregate basis acceptable to the
Qualified Replacement Mortgage Loan. A Mortgage Loan substituted by Bluegreen for a Defective Mortgage Loan which must, on the date of such substitution, (i) have a Cut-off Date Principal Balance (or in the case of a substitution of more than one Mortgage Loan for a Defective Mortgage Loan, an aggregate Cut-off Date Principal Balance), not in excess of the principal balance of the Defective Mortgage Loan; (ii) have a Mortgage Interest Rate not less than the Mortgage Interest Rate of the Defective Mortgage Loan; (iii) have a remaining term to maturity not more than 15 years after the second Remittance Date and not more than two years less or one year more than the remaining term of the Defective Mortgage Loan; (iv) comply with each representation and warranty set forth in Section 2.3(a); (v) have an original Loan-to-Value Ratio not greater than that of the Defective Mortgage Loan; (vi) have a Periodic Rate Cap no lower than the Defective Mortgage Loan, if any; (vii) have a Lifetime Rate Cap and an Interest Rate Floor no lower than that of the Defective Mortgage Loan, if any; (viii) have a Gross Margin no smaller than that of the Defective Mortgage Loan, if any; and (ix) have a Mortgage Interest Rate that is based on the same Index as that of the Defective Mortgage Loan, if any.
Qualified Replacement Mortgage Loan after the applicable Replacement Cut-Off Date; provided, however, that the Seller shall reserve and retain all right, title and interest in and to (i) payments of principal and interest received on such Qualified Replacement Mortgage Loan on or prior to the applicable Replacement Cut-Off Date (other than, with respect to Actuarial Loans, scheduled monthly payments collected on or prior to the applicable Replacement Cut-Off Date and due after the applicable Replacement Cut-Off Date) and (ii) with respect to Actuarial Loans, scheduled monthly payments due on or prior to the applicable Replacement Cut-Off Date.
Qualified Replacement Mortgage Loan. Any Mortgage Loan substituted for another Mortgage Loan pursuant to Sections 3.03(b), 3.04(b) or 2.02(b) of the Sale and Servicing Agreement.
Qualified Replacement Mortgage Loan. A Mortgage Loan that is substituted for a Deleted Mortgage Loan pursuant to Section 2.03 or Section 2.05 that must, at the end of the Collection Period preceding the date of such substitution, (i) have an outstanding principal balance (when taken together with any other Qualified Replacement Mortgage Loan being substituted for such Deleted Mortgage Loan), not in excess of and not substantially less than the unpaid principal balance of the Deleted Mortgage Loan at the end of the Collection Period preceding the date of substitution, (ii) if the Deleted Mortgage Loan is an Adjustable Rate Mortgage Loan, have the Mortgage Loan Rate computed on substantially the same basis as the Mortgage Loan Rate on the related Mortgage Loan,