Concentration Limit. As of a Funding Date: ------------------- 1. the aggregate unpaid principal balance of the Second Lien Mortgage Loans shall not exceed $40,000,000; 2. the aggregate unpaid principal balance of the 30+ Delinquent Mortgage Loans shall not exceed $15,000,000; 3. the aggregate unpaid principal balance of the 60+ Delinquent Mortgage Loans shall not exceed $10,000,000; 4. the aggregate unpaid principal balance of the Mortgage Loans that are secured by Mortgaged Properties consisting of Qualified Manufactured Housing shall not exceed $40,000,000; 5. the aggregate unpaid principal balance of the Mortgage Loans that are secured by Mortgaged Properties consisting of condominiums shall not exceed $25,000,000; 6. the aggregate unpaid principal balance of the Mortgage Loans that are secured by Mortgaged Properties which are non-owner occupied shall not exceed $25,000,000; 7. the aggregate unpaid Principal Balance of the Sub-prime Mortgage Loans shall not exceed 18% of the outstanding principal balance of the Loan. 8. the aggregate unpaid principal balance of the Defaulted Mortgage Loans shall not exceed $10,000,000. 9. the aggregate unpaid principal balance of the Discretionary Mortgage Loans shall not exceed 10% of the aggregate outstanding principal balance of the Loans.
Appears in 1 contract
Sources: Master Loan and Security Agreement (New Century Financial Corp)
Concentration Limit. As of a Funding Date: -------------------:
1. the aggregate unpaid principal balance of the Second Lien Mortgage Loans shall not exceed $40,000,000;
2. the aggregate unpaid principal balance of the 30+ Delinquent Mortgage Loans shall not exceed $15,000,000;
3. the aggregate unpaid principal balance of the 60+ Delinquent Mortgage Loans shall not exceed $10,000,000;
4. the aggregate unpaid principal balance of the Mortgage Loans that are secured by Mortgaged Properties consisting of Qualified Manufactured Housing shall not exceed $40,000,00010,000,000;
5. the aggregate unpaid principal balance of the Mortgage Loans that are secured by Mortgaged Properties consisting of condominiums shall not exceed $25,000,000;
6. the aggregate unpaid principal balance of the Mortgage Loans that are secured by Mortgaged Properties which are non-owner occupied shall not exceed $25,000,000;
7. the aggregate unpaid Principal Balance of the Sub-prime Mortgage Loans shall not exceed 18% of the outstanding principal balance of the Loan.
8. the aggregate unpaid principal balance of the Defaulted Mortgage Loans shall not exceed $10,000,000.
9. the aggregate unpaid principal balance of the Discretionary Mortgage Loans shall not exceed 10% of the aggregate outstanding principal balance of the Loans.
Appears in 1 contract
Sources: Master Loan and Security Agreement (New Century Financial Corp)