Defective Mortgage Loan. The Mortgage Loan is defective, which defect arises from the origination, closing or the assignment of the Mortgage Loan, including, but not limited to, any false statement, misstatement, or act of omission of material fact contained in the Mortgage Loan documentation resulting from Participant’s negligence or failure to exercise due diligence as disclosed by actual inspection by Agency, Servicer, their respective representatives or otherwise disclosed.
Defective Mortgage Loan. Any Mortgage Loan subject to repurchase or substitution by the Seller pursuant to Section 2.02 or 2.05.
Defective Mortgage Loan. I-6 Deficient Valuation . . . . . . . . . . . . . . . . . . . . . . . . . . . I-6 Definitive Certificates . . . . . . . . . . . . . . . . . . . . . . . . . I-6 Delay Certificates . . . . . . . . . . . . . . . . . . . . . . . . . . . I-6 Deleted Mortgage Loan . . . . . . . . . . . . . . . . . . . . . . . . . .
Defective Mortgage Loan. I-6 Deficient Valuation . . . . . . . . . . . . . . . . . . . . . . . . I-6 Definitive Certificates . . . . . . . . . . . . . . . . . . . . . . I-6 Delay Certificates . . . . . . . . . . . . . . . . . . . . . . . . . I-6 Deleted Mortgage Loan . . . . . . . . . . . . . . . . . . . . . . . I-6 Denomination . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-6 Depositor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-6 Depository . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-6 Depository Participant . . . . . . . . . . . . . . . . . . . . . . . I-6 Determination Date . . . . . . . . . . . . . . . . . . . . . . . . . I-6 Discount Mortgage Loan . . . . . . . . . . . . . . . . . . . . . . .
Defective Mortgage Loan. Any Mortgage Loan which is required to be ----------------------- repurchased pursuant to Section 2.02 or 2.03.
Defective Mortgage Loan. I-13 Deficient Valuation..............................................I-13 Deficient Valuation Mortgage Loan................................I-13 Definitive Certificates..........................................I-13 Delinquent Installments..........................................I-13 Denomination.....................................................I-13 Depository.......................................................I-14 Depository Participant...........................................I-14 Determination Date...............................................I-14 Distribution Date................................................I-14 Due Date ........................................................I-14 Duff & Xxxxxx....................................................I-14 Eligible Account.................................................I-14 ERISA ........................................................I-15 Escrow Account...................................................I-15 Event of Default.................................................
Defective Mortgage Loan. A Purchased Mortgage Loan:
Defective Mortgage Loan. The Seller shall give or cause to be given written notice to the Certificateholders that such substitution has taken place, shall amend the Mortgage Loan Schedule to reflect the removal of such Defective Mortgage Loan from the terms of this Agreement and the substitution of the Eligible Substitute Mortgage Loan or Loans and shall deliver a copy of such amended Mortgage Loan Schedule to the Trustee. Upon such substitution, such Eligible Substitute Mortgage Loan or Loans shall constitute part of the Mortgage Pool and shall be subject in all respects to the terms of this Agreement and, in the case of a substitution effected by the Seller, the Mortgage Loan Purchase Agreement, including, in the case of a substitution effected by the Seller all applicable representations and warranties thereof included in the Mortgage Loan Purchase Agreement and all applicable representations and warranties thereof set forth in Section 2.04, in each case as of the date of substitution. For any month in which the Seller substitutes one or more Eligible Substitute Mortgage Loans for one or more Defective Mortgage Loans, the Servicer will determine the amount (the "Substitution Adjustment Amount"), if any, by which the aggregate Purchase Price of all such Defective Mortgage Loans exceeds the aggregate, as to each such Eligible Substitute Mortgage Loan, of the principal balance thereof as of the date of substitution, together with one month's interest on such principal balance at the applicable Net Mortgage Interest Rate. On the date of such substitution, the Seller will deliver or cause to be delivered to the Servicer for deposit in the Collection Account an amount equal to the Substitution Adjustment Amount, if any, and the Trustee, upon receipt of the related Eligible Substitute Mortgage Loan or Loans and certification by the Servicer of such deposit, shall release to the Seller the related Mortgage File or Files and shall execute and deliver such instruments of transfer or assignment, in each case without recourse, as the Seller shall deliver to it and as shall be necessary to vest therein any Defective Mortgage Loan released pursuant hereto. In addition, the Seller shall obtain at its own expense and deliver to the Trustee an Opinion of Counsel to the effect that such substitution will not cause (a) any federal tax to be imposed on the Trust Fund, including without limitation, any federal tax imposed on "prohibited transactions" under Section 860F(a)(l) of the Code or on "cont...
Defective Mortgage Loan. I-6 Deficient Valuation.....................................................I-6 Definitive Certificates.................................................I-7 Delay Certificates......................................................I-7 Delay Delivery Mortgage Loans...........................................I-7 Deleted Mortgage Loan...................................................I-7 Denomination............................................................I-7 Depositor...............................................................I-7 Depository..............................................................I-7 Depository Participant..................................................I-7 Determination Date......................................................I-7 Discount Mortgage Loan..................................................I-7 Distribution Account....................................................I-7 Distribution Account Deposit Date.......................................I-7 Distribution Date.......................................................I-7 Due Date................................................................I-8 Duff & Xxxxxx...........................................................I-8 Eligible Account........................................................I-8 ERISA...................................................................I-8 ERISA-Restricted Certificate............................................I-8 Escrow Account..........................................................I-8 Event of Default........................................................I-8 Excess Loss.............................................................I-8 Excess Proceeds.........................................................I-8 Expense Rate............................................................I-9 FDIC....................................................................I-9 FHLMC...................................................................I-9 FIRREA..................................................................I-9 Fitch...................................................................I-9 FNMA....................................................................I-9 Fraud Loan..............................................................I-9 Fraud Losses............................................................I-9 Fraud Loss Coverage Amount..............................................I-9 Fraud Loss Coverage Termination Date...............................
Defective Mortgage Loan. The following definition set forth in Section 1 of the Agreement is hereby amended and restated to read as follows:
