Mortgage Secured Notes definition

Mortgage Secured Notes means the Company’s mortgage secured notes (also referred to herein as “MSN’s”) issued or issuable by the Company as special limited obligations on a pass-through basis. The Company is required to make payments on MSNs only to the extent that payments are received from borrowers. The Company forwards borrower payments that it receives to MSN noteholders less a Company service fee.
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Mortgage Secured Notes or “MSN’s” shall mean the Corporation’s mortgage secured notes issued or issuable by the Corporation as special limited obligations on a pass-through basis. The Corporation is required to make payments on MSN’s only to the extent that payments are received from borrowers. The Corporation forwards borrower payments that it receives to MSN noteholders less a Servicing Fee.
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Examples of Mortgage Secured Notes in a sentence

  • The Company has duly authorized the execution and delivery of this Indenture to provide for the issuance from time-to- time of special limited obligations of the Company referred to as Mortgage Secured Notes (herein called the “Notes”) to be issued in series and individually secured by a specific mortgage CM Loan as provided in Section 3.8 of this Indenture.

  • The Company has duly authorized the execution and delivery of this Indenture to provide for the issuance from time-to-time of special limited obligations of the Company referred to as Mortgage Secured Notes (herein called the “Notes”) to be issued in series and individually secured by one or more CM Loans, as provided in Section 3.8 of this Indenture.

  • The Company has duly authorized the execution and delivery of this Indenture to provide for the issuance from time-to-time of special limited obligations of the Company referred to as Mortgage Secured Notes (herein called the “Notes”) to be issued in series and individually secured by a specific mortgage CM Loan as provided in Section 3.8 of this Indenture.