Security Issuance Failure definition
Security Issuance Failure means the failure of a pool of Pooled Mortgage Loans to back the issuance of an Agency Security.
Security Issuance Failure. Failure (a) of the Security to be issued for any reason including but not limited to Seller’s failure to perform any of its obligations under this Agreement or any other Program Document or failure to perform in Strict Compliance with the related Agency Program or (b) to cause Delivery of the Security to Purchaser or its designee (and designee has been properly notified it is holding for Purchaser).
Security Issuance Failure. The Failure of the Security (a) to be issued for any reason within the reasonable control of the Seller (as determined by Purchaser in its sole good faith discretion), including but not limited to Seller’s failure to perform any of its obligations under this Agreement or any other Program Document or failure to perform in Strict Compliance with the related Agency Program, (b) to be issued for any reason outside of the reasonable control of the Seller (as determined by Purchaser in its sole good faith discretion), including, but not limited to, third party systems failures, or (c) to be Delivered to Purchaser or its designee (such designee being properly notified it is holding such Security for Purchaser); provided, that solely with respect to clauses (b) and (c) a Security Issuance Failure shall not have occurred to the extent (i) Seller has performed its obligations under this Agreement and each other Program Document; (ii) Seller has performed in Strict Compliance with the related Agency Program; (iii) such failure to be issued or Delivered arises solely from the acts or omissions of a party other than the Seller (as determined by Purchaser in its sole good faith discretion) and (iv) such failure is cured within one (1) Business Day of Seller’s notice or knowledge of such failure.
Examples of Security Issuance Failure in a sentence
With respect to each Pooled Mortgage Loan being placed in an Agency Security, no Security Issuance Failure shall have occurred.
More Definitions of Security Issuance Failure
Security Issuance Failure means failure of the Security to be issued for any reason whatsoever by the Anticipated Delivery Date.
Security Issuance Failure. Failure of the Security to be issued for any reason whatsoever on or before the Security Issuance Deadline.
Security Issuance Failure means failure of the Security to be issued for any reason whatsoever by the Anticipated Delivery Date. “Security Settlement Fee” shall have the meaning assigned thereto in the Pricing Side Letter. “Selling System” means the ▇▇▇▇▇▇▇ Mac automated system by which sellers and servicers of mortgage loans to ▇▇▇▇▇▇▇ Mac transfer mortgage summary and record data or mortgage accounting and servicing information from their computer system or service bureau to ▇▇▇▇▇▇▇ Mac, as more fully described in the ▇▇▇▇▇▇▇ Mac Guide. “Servicer Side Letter” has the meaning assigned thereto in the Master Repurchase Agreement. “Servicing File” means with respect to each Mortgage Loan, the file retained by Seller or its designee consisting of all documents that are customarily retained by servicers that service mortgage loans substantially similar to such Mortgage Loan, which would include copies of the Mortgage File, all documents necessary to document and service the Mortgage Loans and 27 The definition of “Sanctions List” was added by Amendment No. 2, dated as of April 28, 2022.
Security Issuance Failure and “Subsidiary” in their entirety and replacing them with the following:
Security Issuance Failure means the failure of a pool of Pooled Mortgage Loans to back the issuance of an Agency Security. “Security Release Certification” shall have the meaning set forth in Section 3(b)(xxi) hereof.