Subsequent Mortgage Loans Clause Samples
The 'Subsequent Mortgage Loans' clause defines the terms and conditions under which additional mortgage loans may be originated or included after the initial agreement is executed. Typically, this clause outlines the eligibility criteria, documentation requirements, and approval processes for any new loans that are to be added to the existing pool. For example, it may specify that subsequent loans must meet certain credit standards or be originated within a particular timeframe. The core function of this clause is to ensure that any new loans added after the initial closing maintain the quality and risk profile agreed upon by the parties, thereby protecting the interests of investors or stakeholders in the transaction.
Subsequent Mortgage Loans. On each Transfer Date occurring during the Pre-Funding Period, provided that each condition set forth in this Section 2.01(b) is satisfied, the Depositor shall convey to the Trust Fund, and the Trustee shall purchase pursuant to this Section 2.01(b), all Subsequent Mortgage Loans which satisfy the criteria set forth in this Section 2.01(b) then offered for sale by the Depositor; provided, however, that the related aggregate Transfer Price shall not exceed the Pre-Funding Amount. Subject to the conditions set forth in this Section 2.01(b), in consideration of the Trustee’s delivery on the related Transfer Date to the Depositor or its designee, or upon the order of the Depositor, of the Transfer Price for the related Subsequent Mortgage Loans from amounts on deposit in the related Pre-Funding Account, the Depositor shall, on each Transfer Date, sell, transfer, assign, set over and otherwise convey to the Trustee on behalf of the Trust Fund, without recourse, but subject to the other terms and provisions of this Agreement, all of the right, title and interest of the Depositor in and to each Subsequent Mortgage Loan (including all interest and principal thereon received after the related Subsequent Cut-off Date specified in the Transfer Supplement) identified in the Addition Notice delivered by the Depositor on such Transfer Date and all items in the related Mortgage File. In connection therewith, the Depositor shall amend the Mortgage Loan Schedule to reflect the inclusion of such Subsequent Mortgage Loan in the applicable Mortgage Pool as part of the assets of the Trust Fund. The Depositor shall promptly deliver to the Trustee, the Securities Administrator and the Master Servicer a copy of the Mortgage Loan Schedule as so amended. Concurrently with the execution and delivery of each Transfer Supplement, the Depositor does hereby assign to the Trustee all of its rights and interest under the Mortgage Loan Sale Agreement with respect to the Subsequent Mortgage Loans, including all rights of the Seller under each Servicing Agreement and the Transfer Agreements (other than first payment date default or early payment date default rights against the related Transferor unless otherwise specified in the related Transfer Supplement) added to the Mortgage Loan Sale Agreement pursuant to such Transfer Supplement, but only to the extent assigned under the Mortgage Loan Sale Agreement. The Trustee hereby accepts such assignment, and shall be entitled to exercise all the ...
Subsequent Mortgage Loans. The Mortgage Loans which will be acquired by the Trust during the Pre-Funding Period with amounts on deposit in the Pre-Funding Account, which Mortgage Loans will be held as part of the Trust Fund.
Subsequent Mortgage Loans. The Mortgage Loans which will be acquired by the Trust during the Pre-Funding Period pursuant to Section 2.07 with amounts on deposit in the Pre-Funding Account, which Mortgage Loans will be held as part of the Trust Fund, as identified in the Mortgage Loan Schedule (which shall include, without limitation, with respect to each Mortgage Loan, each related Mortgage Note, Mortgage and Mortgage File and all rights appertaining thereto), including a mortgage loan the property securing which has become an REO Property.
Subsequent Mortgage Loans. For purposes of this Agreement:
Subsequent Mortgage Loans. The Mortgage Loan Schedule shall be prepared by the Seller and shall set forth the following information with respect to each Mortgage Loan:
Subsequent Mortgage Loans. (a) The Transferor shall represent and warrant to the Depositor, the Trustee, the Certificate Insurer, the Standby Servicer and the Certificateholders that as of each Subsequent Transfer Date:
(i) No Subsequent Mortgage Loan provides for negative amortization; and
(ii) No Subsequent Mortgage Loan has a Cut-Off Date or a Subsequent Transfer Date later than _______________, 199__ ; and
(iii) No Subsequent Mortgage Loan has a maturity date later than __________, 20__.
(b) The Transferor shall represent and warrant to the Depositor, the Trustee, the Certificate Insurer and the Certificateholders that as of the end of the Funding Period:
(i) The Mortgage Loans have a Mortgage Loan Interest Rate of at least ____%;
(ii) The Mortgage Loans have a weighted average original term to stated maturity of not more than 20 years;
(iii) No Title I Mortgage Loans have a Principal Balance as of the related Cut-Off Date of greater than $__________ and no Conventional Mortgage Loans have a Principal Balance as of the related Cut-Off Date of greater than $__________;
(iv) There is not a concentration of Mortgage Loans in a single zip code in excess of ____% by Pool Principal Balance;
(v) The other quantitative criteria set forth in paragraphs 32 and 33 of that certain Commitment to Issue a Financial Guaranty Insurance Policy (Application No. ___________) dated as of _______________, 199__ issued by the Certificate Insurer, have been satisfied; and
(vi) No more than ten percent (____%) of the Subsequent Mortgage Loans by Principal Balance as of the respective Cut-Off Dates shall be property improvement and home equity loans in which less than fifty percent (50%) of the proceeds from each such loan have been used for the improvement of the related Mortgaged Property.
Subsequent Mortgage Loans. Subject to the conditions set forth in paragraph (b) below and in consideration of the Indenture Trustee's delivery on the applicable Subsequent Transfer Dates, to or upon the written order of the Depositor, of all or a portion of the balance of funds in the Group 1 Pre-Funding Account, the Depositor shall on any Group 1 Subsequent Transfer Date sell, transfer, assign, set over and convey without recourse to the Trust Estate, but subject to the other terms and provisions of this Agreement, all of the right, title and interest of the Depositor in and to (i) the related Group 1 Subsequent Mortgage Loans identified on the Mortgage Loan Schedule attached to the related Group 1 Subsequent Transfer Instrument delivered by the Depositor on such Group 1 Subsequent Transfer Date, (ii) all interest accruing thereon on and after the Subsequent Cut-off Date (with respect to the Group 1 Subsequent Mortgage Loans) and all collections in respect of interest and principal due after the Subsequent Cut-off Date and (iii) all items with respect to such Group 1 Subsequent Mortgage Loans to be delivered pursuant to Section 2.03 and the other items in the related Mortgage Files; provided, however, that the Depositor reserves and retains all right, title and interest in and to principal received and interest accruing on the Group
Subsequent Mortgage Loans. In consideration of the delivery on each Group 2 Subsequent Transfer Date to or upon the order of the Issuer of all or a portion of the amount on deposit in the Group 2 Pre-Funding Account, the Depositor shall, to the extent of the availability thereof, on such Group 2 Subsequent Transfer Date during the Funding Period, grant to the Indenture Trustee all of its rights, title and interest in the Group 2 Subsequent Mortgage Loans and simultaneously with the Grant of the Group 2 Subsequent Mortgage Loans, the Depositor will cause the related Mortgage File to be delivered to the Indenture Trustee.
Subsequent Mortgage Loans. The Seller hereby represents, warrants and covenants that at of the end of the Funding Period, no more than [ ]% of the Mortgage Loans (by aggregate principal balance) will be Interest-Only Mortgage Loans. For purposes of this Agreement, “Interest-Only Mortgage Loan” means a Mortgage Loan that provides for monthly payments of interest at the Mortgage Rate, but no payments of principal for the first two to ten years after its origination.