Examples of Relevant Mortgage in a sentence
No relevant Mortgage Loan has been entered into as a consequence of any conduct constituting fraud of the relevant seller and, to the best of the relevant seller’s knowledge, no Relevant Mortgage Loan has been entered into fraudulently by the relevant Borrower.
To the extent legally possible and required, the Transferor herewith assigns and, as the case may be, assigns in advance (bij voorbaat) to the CBC, and the CBC accepts and, as the case may be, accepts in advance (bij voorbaat) from the Transferor, the Beneficiary Rights relating to the Relevant Mortgage Receivables listed in Annex 1 hereto.
The Administrator will notify the Servicer after the deed of repurchase and reassignment has been signed by the relevant parties which Relevant Mortgage Receivables have been reassigned by the CBC to the relevant Transferor.
Pursuant to the Guarantee Support Agreement, the Transferor will sell and assign to the CBC the Relevant Mortgage Receivables and the Beneficiary Rights relating thereto.
If the relevant Seller agrees with a Borrower to make a Mortgage Loan Further Advance prior to the occurrence of an Assignment Notification Event and partial termination of the relevant mortgage right (see Assignment Notification Events below), the relevant Seller shall repurchase and accept re- assignment of the Relevant Mortgage Receivable at the immediately succeeding Mortgage Payment Date.
The Issuer has undertaken in the Mortgage Receivables Purchase Agreement to sell and assign the Relevant Mortgage Receivables to the relevant Seller, or any third party appointed by the relevant Seller at its sole discretion, in case the Sellers, acting jointly, exercise the Clean-Up Call Option.
The Servicer shall procure that if at any time the Transferor receives moneys from a Borrower and it is unsure as to whether such moneys have been paid in respect of the Relevant Mortgage Receivable or a mortgage loan secured by the lower-ranking mortgage, the Transferor shall promptly pay such amount into the CBC Account in satisfaction of the Relevant Mortgage Receivable.
The CBC has been advised that, in the absence of circumstances giving an indication to the contrary, the inclusion of these provisions in the Mortgage Loans makes clear that the Bank Security Right (partially) follows the Relevant Mortgage Receivable as accessory and ancillary right upon its assignment, but that there is no case law explicitly supporting this advice.
No repurchase and re-assignment of the Relevant Mortgage Receivable is required if the relevant Seller agrees with a Borrower to grant (i) a new mortgage loan secured by a new mortgage right which is lower-ranking than the mortgage right which secures the Mortgage Receivable or (ii) a loan or credit to a Borrower other than a mortgage loan, including, without limitation, by means of a personal loan, a home improvement loan or a current account facility.
Although the CBC and the Transferors have agreed in the Guarantee Support Agreement that the CBC will be entitled to withhold from the relevant Initial Purchase Price an amount equal to the aggregate Construction Deposits, which amount is deposited on the Construction Account, the Transferor could be unable to pay the relevant amount to the relevant Borrower, and such Borrower may invoke defences or set-off such amounts with its payment obligations under the Relevant Mortgage Loan.