Examples of Contributed Mortgage Loan in a sentence
From time to time, Seller may request and Buyer will fund Purchase Price Increases in connection with the acquisition or transfer of Mortgage Loans by or to the Pass-Through Trust Trustee for the Pass-Through Trust and the corresponding increase in value of the Purchased Certificate equal to the Purchase Price for such Contributed Mortgage Loan as of the related Purchase Date.
Each transfer of Contributed Mortgage Loans and Contributed REO Property to a Trust Subsidiary constitutes reasonably equivalent value and fair consideration for such Contributed Mortgage Loan.
Except in accordance with the Custodial Agreement, Seller will not allow any such papers, records or files that are an original or an only copy to leave Custodian’s possession, except for individual items removed in connection with servicing a specific Contributed Mortgage Loan, in which event Seller will obtain or cause to be obtained a receipt from a financially responsible person for any such paper, record or file.
Such obligation to repurchase exists without regard to any prior or intervening liquidation or foreclosure with respect to any Contributed Mortgage Loan (but liquidation or foreclosure proceeds received by Buyer shall be applied to reduce the Repurchase Price for the Purchased Certificate on each Payment Date except as otherwise provided herein).
No Seller Party has assigned, pledged, or otherwise conveyed or encumbered any Purchased Asset or Contributed Mortgage Loan to any other Person, other than as contemplated in the Program Agreements, and immediately prior to the sale of such Purchased Certificate to Buyer, Seller was the sole owner of such Purchased Certificate and had good and marketable title thereto, free and clear of all Liens, in each case except for Liens to be released simultaneously with the sale to Buyer hereunder.
With respect to each Contributed Mortgage Loan, the Asset File has been delivered to the Custodian in accordance with the Custodial Agreement.
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For so long as Buyer has an interest in or lien on any Purchased Asset and Contributed Mortgage Loan, Seller will hold or cause to be held all related Records in trust for Buyer.
In the event that a Margin Deficit exists, Buyer may retain any funds received by it to which the Seller would otherwise be entitled hereunder, which funds (i) shall be held by Buyer against the related Margin Deficit for a Contributed Mortgage Loan and (ii) will be applied by Buyer against the Allocated Purchase Price of the Contributed Mortgage Loan for which the related Margin Deficit remains otherwise unsatisfied.
Seller represents and warrants to Buyer as of the applicable Purchase Date for any Transaction and each date thereafter that each Purchased Asset and Contributed Mortgage Loan complies with the representations and warranties set forth on Schedule 1-A and 1-B and each such representation and warranty is true and correct, as applicable.