Transfer Deficiency definition

Transfer Deficiency means that the Transferor Principal Balance after a retransfer of a Mortgage Loan pursuant to Section 2.02(b) would be less than the greater of the Minimum Transferor Interest and the Required Transferor Subordinated Amount.

Transfer Deficiency. As defined in Section 2.02.

Transfer Deficiency means that the Transferor Principal Balance for each Loan Group after a retransfer of a Mortgage Loan in the related Loan Group pursuant to Section 2.02(b) would be less than the sum of (i) the greater of the related Minimum Transferor Interest and the related Required Transferor Subordinated Amount and (ii) in the case of any Mortgage Loan required to be purchased by a Seller because of, or that arises out of, a violation of any predatory or abusive lending law with respect to the related Mortgage Loan, any costs and damages incurred by the Trust Fund relating to such violation of any predatory or abusive lending law with respect to the related Mortgage Loan.

Examples of Transfer Deficiency in a sentence

• If a Transfer Deficiency results, the Sponsor shall substitute an Eligible Substitute Mortgage Loan for the related Mortgage Loan within five Business Days of notification of the Transfer Deficiency by the Indenture Trustee or, if unable to effect this substitution, deposit into the Collection Account the Transfer Deposit Amount in immediately available funds equal to the Transfer Deficiency (or effect a combination of substitution and deposit).

• The Indenture Trustee shall determine if reducing the relevant Loan Balance by the Asset Balance of the retransferred Mortgage Loan would cause a Transfer Deficiency.

• The Indenture Trustee shall determine if reducing the relevant Loan Group Balance by the Asset Balance of the retransferred Mortgage Loan would cause a Transfer Deficiency for the related Loan Group.

• If so, the Indenture Trustee shall notify the Sponsor of the deficiency, and the Sponsor shall transfer to the Trust within five Business Days (but only if the transfer occurs within two years of the Closing Date) Eligible Substitute Mortgage Loans or deposit into the Collection Account an amount in immediately available funds equal to the amount of the Transfer Deficiency reduced by the Asset Balance of any Eligible Substitute Mortgage Loans transferred to the Trust (the "Transfer Deposit Amount").

• If so, the Indenture Trustee shall notify the Sponsor of the deficiency, and the Sponsor shall transfer to the Trust within five Business Days Eligible Substitute Mortgage Loans or deposit into the Collection Account an amount in immediately available funds equal to the amount of the Transfer Deficiency reduced by the Asset Balance of any Eligible Substitute Mortgage Loans transferred to the Trust (the "Transfer Deposit Amount").

More Definitions of Transfer Deficiency

Transfer Deficiency means that the excess of the Loan Pool Balance (minus Net Draws) over the Note Principal Balance of the Principal Amount Notes after a retransfer of a Mortgage Loan pursuant to Section 2.02(b) or 2.04(d) of the Sale and Servicing Agreement would be less than the Required Transferor Subordinated Amount. The amount of any Transfer Deficiency is the lesser of o the Asset Balance of the Defective Mortgage Loan and o the excess of o the Required Transferor Subordinated Amount over

Transfer Deficiency with respect to a Loan Group means that the excess of the Loan Group Balance of that Loan Group over the Note Principal Balance of the related Class of Notes after a retransfer of a Mortgage Loan in the related Loan Group pursuant to Section 2.02(b) or 2.04(d) would be less than the related Required Transferor Subordinated Amount. The amount of any Transfer Deficiency with respect to a Loan Group is the lesser of o the Asset Balance of the Defective Mortgage Loan and o the excess of o the related Required Transferor Subordinated Amount over o the excess of the Loan Group Balance of that Loan Group over the Note Principal Balance of the related Class of Notes after a retransfer of a Mortgage Loan pursuant to Section 2.02(b) or 2.04(d), without taking into account the Asset Balance of any Eligible Substitute Mortgage Loans transferred to the Trust in connection with the Transfer Deficiency. In any computation involving a Mortgage Loan required to be purchased by the Sponsor because of, or arising out of, a violation of any predatory or abusive lending law with respect to the Mortgage Loan, the Transferor Interest shall be reduced for any costs and damages incurred by the Trust relating to the violation of any predatory or abusive lending law with respect to the Mortgage Loan.

Transfer Deficiency means that the Transferor Interest for each Loan Group after a retransfer of a Mortgage Loan in the related Loan Group pursuant to Section 2.02(b) would be less than the sum of (i) the greater of the related Minimum Transferor Interest and the related Required Transferor Subordinated Amount and (ii) in the case of any Mortgage Loan required to be purchased by a Seller because of, or that arises out of, a violation of any predatory or abusive lending law with respect to the related Mortgage Loan, any costs and damages incurred Ann-1-5 by the Trust Fund relating to such violation of any prxxxtory or abusive lending law with respect to the related Mortgage Loan.

Transfer Deficiency means the amount by which the commuted value of a benefit determined in accordance with subsection 19 (1) exceeds the transfer value of that benefit determined in accordance with subsection 19 (2); (“déficit de transfert”)

Transfer Deficiency means that the Transferor Principal Balance after a retransfer of a Mortgage Loan pursuant to Section 2.02(b) would be less than the sum of (i) the greater of the Minimum Transferor Interest and the Required Transferor Subordinated Amount and (ii) in the case of any Mortgage Loan required to be purchased by a Seller because of, or that arises out of, a violation of any predatory or abusive lending law with respect to the related Mortgage Loan, any costs and damages incurred by the Trust Fund relating to such violation of any predatory or abusive lending law with respect to the related Mortgage Loan.

Transfer Deficiency means that the excess of the Loan Pool Balance (minus Net Draws) over the aggregate Note Principal Balance of each Class of Principal Amount Notes after a retransfer of a Mortgage Loan pursuant to Section 2.02(b) or 2.04(d) of the Sale and Servicing Agreement would be less than the Required Transferor Subordinated Amount for both Loan Groups. The amount of any Transfer Deficiency is the lesser of o the Asset Balance of the Defective Mortgage Loan and o the excess of o the Required Transferor Subordinated Amount for both Loan Groups over o the Transferor Interest. In any computation involving a Mortgage Loan required to be purchased by the Sponsor because of, or arising out of, a violation of any predatory or abusive lending law with respect to the Mortgage Loan, the Transferor Interest shall be reduced for any costs and damages incurred by the Trust relating to the violation of any predatory or abusive lending law with respect to the Mortgage Loan.

Transfer Deficiency with respect to a Loan Group means that the excess of the Loan Group Balance of that Loan Group over the Note Principal Balance of the related Class of Notes after a retransfer of a Mortgage Loan in the related Loan Group pursuant to Section 2.02(b) or 2.04(d) would be less than the related Required Transferor Subordinated Amount. The amount of any Transfer Deficiency with respect to a Loan Group is the lesser of o the Asset Balance of the Defective Mortgage Loan and o the excess of o the related Required Transferor Subordinated Amount over o the related Allocated Transferor Interest. In any computation involving a Mortgage Loan required to be purchased by the Sponsor because of, or arising out of, a violation of any predatory or abusive lending law with respect to the Mortgage Loan, the Transferor Interest shall be reduced for any costs and damages incurred by the Trust relating to the violation of any predatory or abusive lending law with respect to the Mortgage Loan.