Required Surety Payment definition

Required Surety Payment. With respect to any Additional Collateral Loan that becomes a Liquidated Mortgage Loan, the lesser of (i) the principal portion of the Realized Loss with respect to such Mortgage Loan and (ii) the excess, if any, of (a) the amount of Additional Collateral required at origination with respect to such Mortgage Loan over (b) the net proceeds realized by the Subservicer from the related Additional Collateral.

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Required Surety Payment. With respect to any Additional Collateral Loan that becomes a Liquidated Mortgage Loan, the lesser of (i) the principal portion of the Realized Loss with respect to such Mortgage Loan and (ii) the excess, if any, of (a) the amount of Additional Collateral required at origination with respect to such Mortgage Loan over (b) the net proceeds realized by the Subservicer from the related Additional Collateral. Residential Funding: Residential Funding Company, LLC, a Delaware limited liability company, in its capacity as seller of the Mortgage Loans to the Company and any successor thereto.

Required Surety Payment. With respect to any defaulted Pledged Asset Mortgage Loan for which a claim is payable under the related Surety Bond under the procedures referred to herein, the lesser of (i) the principal portion of the realized loss with respect to such Mortgage Loan and (ii) the excess, if any, of (a) the amount of Pledged Assets required at origination with respect to such Mortgage Loan (but not more than 30% of the original principal balance of such Mortgage Loan) over (b) the net proceeds realized by the related Pledged Asset Servicer from the related Pledged Assets.

Examples of Required Surety Payment in a sentence

• Upon receipt of a Required Surety Payment from the surety on behalf of the Certificateholders, the Trustee shall deposit such Required Surety Payment in the Distribution Account and shall distribute such Required Surety Payment, or the proceeds thereof, in accordance with the provisions of Section 4.01.

• The Trustee shall (i) receive as attorney-in-fact of each Holder of a Certificate any Required Surety Payment from the surety and (ii) disburse the same to the Holders of such Certificates as set forth in Section 4.01.

• If a Required Surety Payment is payable pursuant to the Limited Purpose Surety Bond with respect to any Additional Collateral Mortgage Loans, as determined by the Master Servicer and the Additional Collateral Servicer, the Master Servicer shall so notify the Trustee as soon as reasonably practicable and the Trustee shall promptly complete the notice in the form of Attachment 1 to the Limited Purpose Surety Bond and shall promptly submit such notice to the surety as a claim for a Required Surety Payment.

• If a Required Surety Payment is payable pursuant to the Limited Purpose Surety Bond with respect to any Pledged Asset Loans, as determined by the Master Servicer and the Pledged Asset Servicer, the Master Servicer shall so notify the Trustee as soon as reasonably practicable and the Trustee shall promptly complete the notice in the form of Attachment 1 to the Limited Purpose Surety Bond and shall promptly submit such notice to the surety as a claim for a Required Surety Payment.

• Any Required Surety Payment received by the Trustee shall be remitted to the Master Servicer.

• If the Additional Collateral Servicer informs the Trustee that a Required Surety Payment is payable pursuant to the Surety Bond, with respect to any Additional Collateral Mortgage Loan, the Trustee shall promptly complete the notice in the form of Attachment 1 to the Surety Bond and shall return such notice to the Additional Collateral Servicer for submission to the Surety Bond Issuer.

• The Trustee hereby agrees to cooperate with the Additional Collateral Servicer in taking all necessary action to realize on the Surety Bond, including, without limitation, executing any documents or notices prepared by the Additional Collateral Servicer, necessary to collect any Required Surety Payment.

• The Trustee shall (i) receive as attorney-in-fact of each Holder of a Certificate any Required Surety Payment from the surety and (ii) disburse the same to the Holders of such Certificates as set forth in Section 6.01.

• The Master Servicer shall deposit such Required Surety Payment in the Master Servicer Collection Account and shall distribute such Required Surety Payment, or the proceeds thereof, in accordance with the provisions of Section 4.

• Upon receipt of a Required Surety Payment from the Surety on behalf of the Certificateholders, the Trustee shall deposit such Required Surety Payment in the Master Servicer Collection Account and shall distribute such Required Surety Payment, or the proceeds thereof, in accordance with the provisions of Section 6.01.

More Definitions of Required Surety Payment

Required Surety Payment. With respect to any defaulted Additional Collateral Mortgage Loan for which a claim is payable under the Surety Bond under the procedures referred to herein, the lesser of (i) the principal portion of the realized loss with respect to such Mortgage Loan and (ii) the excess, if any, of (a) the amount of Additional Collateral required at origination with respect to such Mortgage Loan (but not more than 30% of the original principal balance of such Mortgage Loan) over (b) the net proceeds realized by the Additional Collateral Servicer from the related Additional Collateral.

Required Surety Payment. With respect to any Pledged Asset Loan that becomes a Liquidated Mortgage Loan, the lesser of (i) the principal portion of the Realized Loss with respect to such Mortgage Loan and (ii) the excess, if any, of (a) the Original Pledged Asset Requirement with respect to such Mortgage Loan over (b) the net proceeds realized by the Pledged Asset Servicer from the related Pledged Assets as set forth in Section 3.16.

Required Surety Payment. With respect to any Additional Collateral ----------------------- Mortgage Loan that becomes a Liquidated Mortgage Loan, the lesser of (i) related Additional Collateral Mortgage Loan Liquidation Shortfall and (ii) the excess, if any, of (a) the Original Additional Collateral Requirement with respect to such Mortgage Loan over (b) the net proceeds realized by MLCC from the related Additional Collateral as set forth in Section 5.21.

Required Surety Payment means, with respect to any defaulted Additional Collateral Loan for which a claim is payable under the related Surety Bond under the procedures referred to herein, the lesser of (i) the principal portion of the realized loss with respect to such Loan as determined by the Servicer and (ii) the excess, if any, of (a) the amount of Additional Collateral required at origination with respect to such Loan (but for this purpose, not more than 30% of the original principal balance of the related Additional Collateral Loan) over (b) the net proceeds realized by the Additional Collateral Servicer from the related Additional Collateral.