qualified mortgages definition
qualified mortgages as defined in Section 860G(a)(3) of the Code and "permitted investments" as defined in Section 860G(a)(5) of the Code.
qualified mortgages as defined in section 860G(a)(3) of the Code and "permitted investments" as defined in section 860G(a)(5) of the Code. The Servicer and the Trustee, upon the direction of the Servicer, also will maintain records that are sufficient to indicate the Trust Fund's compliance with applicable requirements of the Code (and applicable Proposed, Temporary or final Treasury regulations) relating to the assets held by the Trust Fund. Further, the Servicer shall not permit and the Trustee shall not accept the transfer or substitution of any Mortgage Loan other than pursuant to Section 3.03, 5.01 or 5.21 of this Agreement, and the Servicer shall, in any case, not permit substitution later than two years from the Closing Date unless the Servicer and the Trustee have received an Opinion of Counsel, which will not be an expense of the Trust Fund, that such transfer or substitution would not adversely affect the REMIC status of the Trust Fund or would not otherwise be prohibited by this Agreement;
qualified mortgages as defined in Section 860G(a)(3) of the Code and "permitted investments" as defined in Section 860G(a)(5) of the Code. In the event any specified time period or other requirement set forth in this Agreement in respect of compliance with the REMIC Provisions becomes inconsistent with the REMIC Provisions as the same may be amended, such specified time period or other requirement shall also be deemed amended to comply with the requirements of this Section, unless such amended time period or other requirements shall be less protective of the interests of the Certificateholders and the Certificate Insurer, in which case, to the extent consistent with the REMIC Provisions, the former time period or requirement shall continue in force.
More Definitions of qualified mortgages
qualified mortgages as defined in Section 860G(a)(3) of the Code and "permitted investments" as defined in Section 860G(a)(5) of the Code. The Master Servicer shall maintain records that are sufficient to indicate the Trust Fund's compliance with applicable requirements of the Code (or applicable Treasury Regulations) relating to the assets (exclusive of the Mortgage 100 Pledge Agreements, Parent Power Agreements and the Pre-Funding Account (including the funds therein)) held by the Trust Fund. Further, the Master Servicer shall not permit and the Trustee shall not accept the transfer or substitution of any Mortgage Loan two years or more after the Closing Date unless the Master Servicer and the Trustee have received an Opinion of Counsel, which shall be an expense of the Master Servicer, that such transfer or substitution would not adversely affect the REMIC status of the Trust Fund (exclusive of the Mortgage 100 Pledge Agreements, Parent Power Agreements and the Pre-Funding Account (including the funds therein)) or would not otherwise be prohibited by this Agreement;
qualified mortgages. With respect to each Mortgage Loan, where an application for the Mortgage Loan was taken on or after January 10, 2014, such Mortgage Loan: (i) complies with the “ability to repay” standards as set forth in Section 129C(a) of the federal Truth-in-Lending Act, 15 U.S.C. 1639c(a), as further noted in Regulation Z, 12 C.F.R Part 1026.43(c), as may be amended from time to time; and (ii) except with respect to any Non-QM Mortgage Loan, is a “Qualified Mortgage” as defined in Section 129C(b) of the federal Truth-in-Lending Act, 15 U.S.C. 1639c(b) and as further defined in Regulation Z, 12 C.F.R. Part 1026.43(e), as may be amended from time to time, where the annual percentage rate did not exceed the average price offer rate for a comparable transaction as of the date the interest rate was set by 1.5% or more.
(p) The definition of Loan to Value Ratio or LTV Part II of Schedule 1 of the Agreement is hereby amended to read in its entirety as follows:
qualified mortgages or "permitted investments" as defined in Code Sections 860G(a)(3) and (5), respectively, and (ii) no property shall be contributed to the Trust Fund after the start-up day unless such grant would not subject the Pool to the 100% tax on contributions to a REMIC after the start-up day of the REMIC imposed by Code Section 860G(d).
qualified mortgages as defined in Section 860G(a)(3) of the Code and "PERMITTED INVESTMENTS" as defined in Section 860G(a)(5) of the Code.
qualified mortgages as defined in Section 860G(a)(3) of the Code and "permitted investments" as defined in Section 860G(a)(5) of the Code. The Master Servicer shall maintain records that are sufficient to indicate the Trust Fund's compliance with applicable requirements of the Code (or applicable Treasury Regulations) relating to the assets (exclusive of the Mortgage 100(sm) Pledge Agreements, the Parent Power(R)Agreements, the Pre-Funding Account (including the funds therein and Pre-Funding Earnings) and the Carryover Reserve Fund (including the funds therein)) held by the Trust Fund. Further, the Master Servicer shall not permit and the Trustee shall not accept the transfer or substitution of any Mortgage Loan two years or more after the Closing Date unless the Master Servicer and the Trustee have received an Opinion of Counsel, which shall be an expense of the Master Servicer, that such transfer or substitution would not adversely affect the REMIC status of the Trust Fund (exclusive of the Mortgage 100(sm) Pledge Agreements, the Parent Power(R) Agreements, the Pre-Funding Account (including the funds therein and Pre-Funding Earnings) and the Carryover Reserve Fund (including the funds therein)) or would not otherwise be prohibited by this Agreement;
qualified mortgages means individual mortgage loans legally and beneficially owned by the Borrower and/or its Material Subsidiaries, each of which is subject to a first ranking Lien under the Security Documents in favour of the Administrative Agent, and which are:
(a) secured by real estate assets in Canada;
(b) up to a principal amount not exceeding the Borrower’s proportionate ownership interest in the mortgage loan;
(c) up to a principal amount not exceeding 75% of the Appraised Property Value of the real property securing such mortgage loan;
(d) not exceeding a principal amount of Cdn$35,000,000 (without prior Majority Lender consent);
(e) having a term of not greater than 24 months from the date of closing of the mortgage loan;
(f) secured by a first or second charge on the subject real property, with the aggregate principal amount of all loans where the primary security is a second charge to comprise no more than 15% of the aggregate principal amount of all Qualified Mortgages; and
(g) excluding all mortgage loans, where any amounts owing thereunder are greater than ninety (90) days past due.
qualified mortgages as defined in Section 860G(a)(3) of the Code and "permitted investments" as defined in Section 860G(a)(5) of the Code. The Master Servicer shall maintain records that are sufficient to indicate the Trust Fund's compliance with applicable requirements of the Code (or applicable Treasury Regulations) relating to the assets (exclusive of the Mortgage 100 Pledge Agreements and Parent Power Agreements) held by the Trust Fund. Further, the Master Servicer shall not permit and the Trustee shall not accept the transfer or substitution of any Mortgage Loan two years or more after the Closing Date unless the Master Servicer and the Trustee have received an Opinion of Counsel, which shall be an expense of the Master Servicer, that such transfer or substitution would not adversely affect the REMIC status of the Trust Fund (exclusive of the Mortgage 100 Pledge Agreements and Parent Power Agreements) or would not otherwise be prohibited by this Agreement;