Specified Mortgage Loan definition
Examples of Specified Mortgage Loan in a sentence
In addition, each Seller hereby represents and warrants that (i) each Specified Mortgage Loan sold by it under the Agreement is a “qualified mortgage” within the meaning of 860G(a)(3) of the Code and (ii) each Specified Mortgage Loan sold by it under the Agreement that is a Cooperative Loan is secured by stock in a “cooperative housing corporation” within the meaning of Section 216(b) of the Code.
In connection with the transfer of the Servicing Rights, the Servicer agrees that, from and after the applicable Servicing Transfer Date as specified on Schedule 1 attached hereto (each, a "Servicing Transfer Date"), each Specified Mortgage Loan will be subject to, and serviced by the Servicer under, the Wells Servicing Agreement.
In connection with the transfer of the Servicing Rights, the Servicer agrees that, from and after the applicable Servicing Transfer Date as specified on Schedule 1 attached hereto (each, a "Servicing Transfer Date"), each Specified Mortgage Loan will be subject to, and serviced by the Servicer under, the GMAC Servicing Agreement.
RWT Holdings has previously sold, assigned and transferred all of its right, title and interest in certain of the Mortgage Loans (the "Specified Mortgage Loans") which are listed on the mortgage loan schedule attached as Exhibit I hereto (the "Specified Mortgage Loan Schedule") and certain rights under the Master Purchase Agreement with respect to the Specified Mortgage Loans to Sequoia Residential Funding, Inc.
In connection with the transfer of the Servicing Rights, the Servicer agrees that, from and after the applicable Servicing Transfer Date as specified on Schedule 1 attached hereto (each, a “Servicing Transfer Date”), each Specified Mortgage Loan will be subject to, and serviced by the Servicer under, the Saxon Servicing Agreement.
RWT Holdings has previously sold, assigned and transferred all of its right, title and interest in the Specified Mortgage Loans listed on the Specified Mortgage Loan Schedule and its rights under the Agreements with respect to the Specified Mortgage Loans to Sequoia Residential Funding, Inc.
In addition, the Servicer hereby represents and warrants that (i) each Specified Mortgage Loan sold by it under the Agreement is a “qualified mortgage” within the meaning of 860G(a)(3) of the Code and (ii) each Specified Mortgage Loan sold by it under the Agreement that is a Cooperative Loan is secured by stock in a “cooperative housing corporation” within the meaning of Section 216(b) of the Code.
In connection with the tr▇▇▇▇▇r of the Servicing Rights, the Servicer agrees that, from and after the applicable Servicing Transfer Date as specified on Schedue 1 attached hereto (each, a "Servicing Transfer Date"), each Specified Mortgage Loan will be subject to, and serviced by the Servicer under, the Wells Servicing Agreement.
For this purpose, such weighted average shall be computed by first subtracting 1.31% from the Net Rate on any such Mortgage Loan that is a Specified Mortgage Loan for any Due Period before the Conversion Date for such Specified Mortgage Loan.
For each of the first three Distribution Dates, the Class LT1-CIO Interest shall be entitled to (i) 100% of the interest payable at the Net Rate for the related Due Period for each Subsequent Mortgage Loan that is not a Specified Mortgage Loan, and (ii) 100% of the difference between (a) the Net Rate for the related Due Period for any Subsequent Mortgage Loan that is a Specified Mortgage Loan, and (b) 1.31% for any Due Period beginning before the Conversion Date for such Specified Mortgage Loan.