Delinquent Mortgage Loans Sample Clauses

Delinquent Mortgage Loans. Saxon may, but is not obligated to, purchase any Mortgage Loan that is delinquent in payment by 90 days or more for a price equal to the greater of the Purchase Price for such Mortgage Loan or the fair market value thereof at the time of purchase.
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Delinquent Mortgage Loans. If 7.50% or more of the Mortgage Loans, by aggregate Stated Principal Balance, are at any time 90+ Day Delinquent Mortgage Loans, the Majority Class X Certificateholder shall have the option to cause the servicing with respect to any 60+ Day Delinquent Mortgage Loans to be transferred to a Special Servicer who meets the qualifications set forth in the definition thereof. In the event that such exercise occurs on or before the first anniversary of the Cut-off Date, the Majority Class X Certificateholder will be required to pay to the Servicer upon such servicing transfer a fee equal to the product of (i) 75% multiplied by the PMSR Fee and (ii) the aggregate Stated Principal Balance of the 60+ Day Delinquent Mortgage Loans being transferred. In the event that such exercise occurs on or before the second anniversary of the Cut-off Date, the Majority Class X Certificateholder will be required to pay to the Servicer upon such servicing transfer a fee equal to the product of (i) 50% multiplied by the PMSR Fee and (ii) the aggregate Stated Principal Balance of the 60+ Day Delinquent Mortgage Loans being transferred. In the event that such exercise occurs after the second anniversary of the Cut-off Date, the Majority Class X Certificateholder will be not be required to pay to the Servicer any fee. Immediately upon the transfer of servicing to the Special Servicer with respect to such 60+ Day Delinquent Mortgage Loans, the Special Servicer shall, pursuant to the Special Servicing Agreement, service such 60+ Day Delinquent Mortgage Loans in accordance with all provisions of this Agreement which were applicable to the Servicer prior to such transfer of servicing. Upon the exercise of such option, servicing of such Mortgage Loans will transfer to the Special Servicer, upon prior written notice to the Servicer, without any further action by the Majority Class X Certificateholder. No Special Servicing Agreement shall be inconsistent with the servicing provisions of this Agreement, or modify any material term of this Agreement, including but not limited to, the Servicing Fee payable to the Special Servicer under this Agreement. Upon any such transfer of servicing to the Special Servicer, the Special Servicer shall reimburse the Servicer for all unreimbursed Advances with respect to the transferred Mortgage Loans, and the Special Servicer will thereafter have the right to reimbursement therefor from the Trust Fund (and the Servicer shall have no further right to such reim...
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Delinquent Mortgage Loans. The product of (a) a fraction equal to the Collateral Value of all Delinquent Mortgage Loans divided by the Collateral Value of all Eligible Mortgage Loans, multiplied by (b) 150 basis points; or
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Delinquent Mortgage Loans. The Existing Repurchase Agreement is hereby amended by deleting all references to the term “Delinquent Mortgage Loan.”
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Delinquent Mortgage Loans. The product of (a) a fraction equal to the Collateral Value of all Delinquent Mortgage Loans divided by the Collateral Value of all Eligible Mortgage Loans, multiplied by (b) 175 basis points. "Appropriate Federal Banking Agency" shall have the meaning ascribed to it by Section 1813(q) of Title 12 of the United States Code, as amended from time to time.
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Delinquent Mortgage Loans. Section 2.01
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Delinquent Mortgage Loans. The Servicer's Delinquent Mortgage Loan collection efforts will be made in accordance with the standard of care described in SECTION 2 above. The Servicer will provide standard mortgage servicing package delinquency reports to the Mortgagee once each month during the term of this Servicing Agreement.
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Delinquent Mortgage Loans. If after the Closing Date with respect to any Mortgage Loan and before the related Pool Closing Date any Mortgage Loan sold by Seller to Purchaser shall, due to delinquent payments, become ineligible to be included in the related Aames Mortgage Trust for that Quarterly Commitment Period, Seller will have no obligation to repurchase such Mortgage Loan and Seller shall have no right to any Excess Spread, Supplemental Purchase Price or
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Delinquent Mortgage Loans 
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Related to Delinquent Mortgage Loans

  • The Mortgage Loans Concurrently with the execution and delivery of this Agreement, the Seller hereby transfers to the Purchaser, without recourse, all of its right, title and interest existing now or in the future in,

  • Mortgage Loans As of the Closing Date, in consideration of the Issuer’s delivery of the Notes and the Ownership Certificate to the Depositor or its designee, and concurrently with the execution and delivery of this Agreement, the Depositor does hereby transfer, assign, set over, deposit with and otherwise convey to the Issuer, without recourse, subject to Section 3.01, in trust, all the right, title and interest of the Depositor in and to all accounts, accounts receivable, contract rights, general intangibles, chattel paper, instruments, documents, money, deposit accounts, certificates of deposit, goods, notes, drafts, letters of credit, advices of credit, investment property, uncertificated securities claims and rights to payment of any and every kind consisting of, arising from or relating to any of the following: (a) the Mortgage Loans listed in the Mortgage Loan Schedule, and principal due and payable after the Cut-off Date, but not including interest and principal due and payable on any Mortgage Loans on or before the Cut-off Date, together with the Mortgage Files relating to such Mortgage Loans, (b) any Insurance Proceeds, REO Property, Liquidation Proceeds and other recoveries (in each case, subject to clause (a) above), (c) all Escrow Payments, (d) any Insurance Policies, (e) the rights of the Depositor under the Mortgage Loan Purchase Agreement, (f) the Depositor’s security interest in any collateral pledged to secure the Mortgage Loans, including the Mortgaged Properties, and (g) all income, revenues, issues, products, revisions, substitutions, replacements, profits, rents and all cash and non-cash proceeds of the foregoing to have and to hold, in trust; and the Indenture Trustee declares that, subject to the review provided for in Section 2.02, it has received and shall hold the Trust Estate, as Indenture Trustee, in trust, for the benefit and use of the Noteholders and for the purposes and subject to the terms and conditions set forth in this Agreement, and, concurrently with such receipt, the Issuer has issued and delivered the Notes and the Ownership Certificate to or upon the order of the Depositor, in exchange for the Mortgage Loans and the other property of the Trust Estate. Concurrently with the execution and delivery of this Agreement, the Depositor does hereby assign to the Issuer all of its rights and interest under the Mortgage Loan Purchase Agreement but without delegation of any of its obligations thereunder. The Issuer hereby accepts such assignment, and shall be entitled to exercise all the rights of the Depositor under the Mortgage Loan Purchase Agreement as if, for such purpose, it were the Depositor. Upon the issuance of the Notes, ownership in the Trust Estate shall be vested in the Issuer, subject to the lien created by the Indenture in favor of the Indenture Trustee, for the benefit of the Noteholders. The foregoing sale, transfer, assignment, set-over, deposit and conveyance does not and is not intended to result in creation or assumption by the Indenture Trustee of any obligation of the Depositor, the Seller, or any other Person in connection with the Mortgage Loans or any other agreement or instrument relating thereto except as specifically set forth herein. It is agreed and understood by the Seller, the Depositor and the Issuer (and the Depositor so represents and recognizes) that it is not intended that any Mortgage Loan to be included in the Trust Estate be (i) a "High-Cost Home Loan" as defined in the New Jersey Home Ownership Act effective November 27, 2003, (ii) a "High-Cost Home Loan" as defined in the New Mexico Home Loan Protection Act effective January 1, 2004, (iii) a "High-Cost Home Mortgage Loan" as defined in the Massachusetts Predatory Home Loan Practices Act effective November 7, 2004 or (iv) a "High Cost Home Loan" as defined in the Indiana Home Loan Practices Act effective January 1, 2005.

  • Simple Interest Mortgage Loans None of the Mortgage Loans are simple interest Mortgage Loans.

  • Mortgage Loan The appraisal was conducted by an appraiser who had no interest, direct or indirect, in the Mortgaged Property or in any loan made on the security thereof; and whose compensation is not affected by the approval or disapproval of the Mortgage Loan, and the appraisal and the appraiser both satisfy the applicable requirements of Title XI of the Financial Institution Reform, Recovery, and Enforcement Act of 1989 and the regulations promulgated thereunder, all as in effect on the date the Mortgage Loan was originated;

  • Servicing of the Mortgage Loans Section 3.01.

  • Servicing of the Mortgage Loan (a) Each Note Holder acknowledges and agrees that, subject in each case to this Agreement, the Mortgage Loan shall be serviced from and after the Lead Securitization Date by the Master Servicer and the Special Servicer pursuant to the terms of this Agreement and the Lead Securitization Servicing Agreement; provided that the Master Servicer shall not be obligated to advance monthly payments of principal or interest in respect of any Note other than the Lead Securitization Note(s) if such principal or interest is not paid by the Mortgage Loan Borrower but shall be obligated to advance delinquent real estate taxes, insurance premiums and other expenses related to the maintenance of the Mortgaged Property and maintenance and enforcement of the lien of the Mortgage thereon, subject to the terms of the Lead Securitization Servicing Agreement; provided, further, that, when appointed, the Special Servicer has the required Special Servicer Rating from each Rating Agency then rating a Securitization. Each Note Holder acknowledges that any other Note Holder may elect, in its sole discretion, to include its Note in a Securitization and agrees that it will, subject to Section 26, reasonably cooperate with such other Note Holder, at such other Note Holder’s expense, to effect such Securitization. Subject to the terms and conditions of this Agreement, each Note Holder hereby irrevocably and unconditionally consents to the appointment of the Master Servicer and the Trustee under the Lead Securitization Servicing Agreement by the Depositor and the appointment of the Special Servicer by the Controlling Note Holder and agrees to reasonably cooperate with the Master Servicer and the Special Servicer with respect to the servicing of the Mortgage Loan in accordance with the Lead Securitization Servicing Agreement. Each Note Holder hereby appoints the Master Servicer, the Special Servicer and the Trustee in the Lead Securitization as such Note Holder’s attorney-in-fact to sign any documents reasonably required with respect to the administration and servicing of the Mortgage Loan on its behalf under the Lead Securitization Servicing Agreement (subject at all times to the rights of such Note Holder set forth herein and in the Lead Securitization Servicing Agreement). The Lead Securitization Servicing Agreement shall not limit the Servicer in enforcing the rights of one Note Holder against any other Note Holder as may be required in order to service the Mortgage Loan as contemplated by this Agreement and the Lead Securitization Servicing Agreement; provided, that it is also understood and agreed that nothing in this sentence shall be construed to otherwise limit the rights of one Note Holder with respect to any other Note Holder. Each Servicer shall be required pursuant to the Lead Securitization Servicing Agreement (i) to service the Mortgage Loan in accordance with the Servicing Standard, the terms of the Mortgage Loan Documents, the Lead Securitization Servicing Agreement and applicable law, (ii) to provide information to each servicer under each Non-Lead Securitization Servicing Agreement necessary to enable each such servicer to perform its servicing duties under such Non-Lead Securitization Servicing Agreement, and (iii) to not take any action or refrain from taking any action or follow any direction inconsistent with the foregoing.

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