Unaffiliated Mortgage Loan Seller definition

Unaffiliated Mortgage Loan Seller means any Person (other than LBHI, LUBS or any other Affiliate of the Depositor) that sells one or more Trust Mortgage Loans or portions thereof directly to the Depositor for inclusion in the Subject Securitization Transaction. The only Unaffiliated Mortgage Loan Seller is the UBS Mortgage Loan Seller.

Unaffiliated Mortgage Loan Seller. (in the case of a Non-Xxxxxx Trust Mortgage Loan), as the case may be, has commenced and is diligently proceeding with the cure of such Material Document Defect or Material Breach within such initial 90-day period, and (iii) the Depositor (in the case of a Xxxxxx Trust Mortgage Loan) or the related Unaffiliated Mortgage Loan Seller (in the case of a Non-Xxxxxx Trust Mortgage Loan), as the case may be, delivers an Officer's Certificate to the Special Servicer setting forth the reasons such Material Document Defect or Material Breach is not capable of being cured within the initial 90-day period and what actions such party is pursuing in connection with the cure thereof, then the Seller/Depositor Resolution Period shall mean the 180-day period following the related Mortgage Loan Seller's receipt of a Seller/Depositor Notification with respect to the Material Document Defect or Material Breach that gave rise to the particular repurchase obligation; and provided, further, that, if any such Material Document Defect is still not cured after the 180-day period following the related Mortgage Loan Seller's receipt of a Seller/Depositor Notification with respect to the Material Document Defect or Material Breach that gave rise to the particular repurchase obligation solely due to the failure of the Depositor (in the case of a Xxxxxx Trust Mortgage Loan) or the related Unaffiliated Mortgage Loan Seller (in the case of a Non-Xxxxxx Trust Mortgage Loan), as the case may be, to have received a recorded document, then the Seller/Depositor Resolution Period shall continue for an additional period of time so long as the Depositor or the related Unaffiliated Mortgage Loan Seller, as applicable, certifies to the Special Servicer every six months thereafter that the Document Defect is still in effect solely because of its failure to have received the recorded document and that such party is diligently pursuing the cure of such defect.

Unaffiliated Mortgage Loan Seller. (with respect to a Non-Xxxxxx Trust Mortgage Loan), as applicable, a Seller/Depositor Notification identifying and describing the circumstances identified in the definition of "Seller/Depositor Notification" (unless, in the case of an event described in clauses (iii), (iv) and/or (vi), as applicable, of the definition of "Seller/Depositor Notification", a Seller/Depositor Notification with respect to such event has already been delivered by the Master Servicer or the Special Servicer). Further, in connection with the events in Section 2.03(a), the Master Servicer or the Special Servicer, as applicable, shall prepare and deliver, in each case promptly upon becoming aware of such event, to the other such servicer, the Trustee and either the Depositor (with respect to a Xxxxxx Trust Mortgage Loan) or the related Unaffiliated Mortgage Loan Seller (with respect to a Non-Xxxxxx Trust Mortgage Loan), as applicable, a Seller/Depositor Notification identifying and describing the circumstances identified in clauses (iii), (iv) and/or (vi), as applicable, of the definition of "Seller/Depositor Notification" (unless such notification has already been delivered). A copy of each such Seller/Depositor Notification shall also be delivered to the Controlling Class Representative and, in the case of an event described in clauses (v) and/or (vii) of the definition of "Seller/Depositor Notification", to either internal counsel to the Depositor (with respect to a Xxxxxx Trust Mortgage Loan) or counsel to the related Unaffiliated Mortgage Loan Seller (with respect to a Non-Xxxxxx Trust Mortgage Loan), as applicable, to the extent the Trustee, Master Servicer or Special Servicer, as applicable, knows the identity of such person.

Examples of Unaffiliated Mortgage Loan Seller in a sentence

• In connection with the preceding sentence, the Depositor will, and each related Unaffiliated Mortgage Loan Seller will be obligated under the related UMLS/Depositor Mortgage Loan Purchase Agreement to, pay all reasonable actual out-of-pocket costs and expenses in connection with the applicable servicer's effecting such cure.

• Each Unaffiliated Mortgage Loan Seller shall be a third-party beneficiary to this Agreement with respect to its rights as specifically provided for in the second paragraph of Section 2.01(d), LBHI shall be a third-party beneficiary to this Agreement with respect to its rights as specifically provided for in Section 3.20(k).

• The Trustee shall upon receipt, whether from the related Unaffiliated Mortgage Loan Seller or the Depositor, cause the same to be duly recorded.

• The Master Servicer shall promptly notify the Depositor and/or the related Unaffiliated Mortgage Loan Seller, as applicable, of the foregoing.

• The Master Servicer shall use reasonable efforts to require the Depositor or the related Unaffiliated Mortgage Loan Seller, as applicable, to make any such required repurchase described above.

• Upon payment of such costs, the Depositor (in the case of a Xxxxxx Trust Mortgage Loan) or the related Unaffiliated Mortgage Loan Seller (in the case of a Non-Xxxxxx Trust Mortgage Loan) shall be deemed to have cured such Breach in all respects.

• The Depositor (in the case of a Xxxxxx Trust Mortgage Loan) hereby agrees to pay, and the related Unaffiliated Mortgage Loan Seller pursuant to the related Mortgage Loan Purchase Agreement (in the case of a Non-Xxxxxx Trust Mortgage Loan) is obligated to pay, all reasonable costs and expenses, including the costs of any Opinions of Counsel, in connection with any such "qualified liquidation" of a Loan REMIC in accordance with the REMIC Provisions.

• In the event there is a Loss of Value Payment made by the Depositor or an Unaffiliated Mortgage Loan Seller, as the case may be, in accordance with this Section 2.03(e), the amount of such Loss of Value Payment shall be deposited into the Loss of Value Reserve Fund to be applied in accordance with Section 3.05(e).

• Directors need not be stockholders unless so required by the c e rtificate of incorporation or t h ese bylaws.