Qualified Mortgage for REMIC. Each Contract is secured by a "single family residence" within the meaning of Section 25(e)(10) of the Code and is a "qualified mortgage" under Section 860G(a)(3) of the Code.
Qualified Mortgage for REMIC. Each Contract is secured by a "single ---------------------------- family residence" within the meaning of Section 25(e)(10) of the Code. The fair market value of the Manufactured Home securing each Contract was at least equal to 80% of the adjusted issue price of the Contract at either (i) the time the Contract was originated (determined pursuant to the REMIC Provisions) or (ii) the time the Contract is transferred to the Trust Fund. Each Contract is a "qualified mortgage" under Section 860G(a)(3) of the Code.
Qualified Mortgage for REMIC. Each Mortgage Loan is a “qualified mortgage” under Section 860G(a)(3) of the Code and Treasury Regulation Section 1.860G-2(a)(1); and
Qualified Mortgage for REMIC. Each Mortgage Loan is a "qualified mortgage" under Section 860G(a)(3) of the Code and the Treasury Regulations thereunder. As of the Cut-off Date, no Mortgage Loan was in foreclosure nor did CIT Consumer Finance consider acceleration and liquidation of any particular Mortgage Loan to be reasonably foreseeable. The fair market value of the interest in real property securing each Mortgage Loan (i) was at least equal to 80 percent of the adjusted issue price of the obligation at the time the obligation was originated (or, if later, but before the Closing Date, the time the obligation was significantly modified, as such term is defined in Treasury Regulations § 1.860G-2(b)(2)); or (ii) is at least equal to 80 percent of the adjusted issue price of the obligation on the Closing Date. For purposes of this Section 3.02(p), the fair market value of the real property interest must be first reduced by the amount of any lien on the real property interest that is senior to the obligation being tested, and must be further reduced by a proportionate amount of any lien that is in parity with the obligation being tested, in each case before the percentages set forth in (i) and (ii) above are determined. The adjusted issue price of an obligation is its issue price plus the amount of accrued original issue discount, if any, as of the date of determination.
Qualified Mortgage for REMIC. Each Contract constitutes a "qualified mortgage" under Section 860G(a)(3)(A) of the Code and Treasury Regulations Section 1.860G-2(a)(1). The fair market value of the Manufactured Home securing each Contract was at least 80% of the adjusted issue price of the Contract at (i) the time the Contract was originated (determined pursuant to the REMIC Provisions) or (ii) the time the Contracts is transferred to the Depositor. Each Contract is secured by a "single family residence" within the meaning of Section 25(e)(10) of the Code; and
Qualified Mortgage for REMIC. Each Home Improvement Loan that is secured by a Mortgage on the property described therein is a "qualified mortgage" under Section 860G(a)(3) of the Code.
Qualified Mortgage for REMIC. Each Contract is a "qualified mortgage" under Section 860G(a)(3) of the Code, and the related Manufactured Home is a "single family residence" within the meaning of Section 25(e)(10) of the Code. Each Manufactured Home (i) has a minimum of 400 square feet of living space, (ii) has a minimum width in excess of 102 inches and (iii) is of a kind customarily used at a fixed location. As of the Cut-off Date, no Contract was in repossession nor did CITSF consider acceleration and liquidation of any particular Contract to be reasonably foreseeable.
Qualified Mortgage for REMIC. Each Mortgage Loan is a "qualified mortgage" under Section 860G(a)(3) of the Code and the Treasury Regulations thereunder. As of the Initial Cut-Off Date, in the case of the Initial Mortgage Loans, and as of the related Subsequent Cut-Off Date, in the case of each Subsequent Mortgage Loan, the Mortgage Loan was 59 days or less delinquent, was not in foreclosure nor did CIT Consumer Finance consider acceleration and liquidation of such Mortgage Loan to be reasonably foreseeable. As of the Closing Date, with respect to the Initial Mortgage Loans, the fair market value of the interest in real property securing each Initial Mortgage Loan (i) was at least equal to 80 percent of the adjusted issue price of the obligation at the time the obligation was originated (or, if later, but before the Closing Date, the time the obligation was significantly modified, as such term is defined in Treasury Regulations ss. 1.860G-2(b)(2)); or (ii) is at least equal to 80 percent of the adjusted issue price of the obligation on the Closing Date. As of the related Subsequent Transfer Date, with respect to the Subsequent Mortgage Loans, the fair market value of the interest in real property securing each Subsequent Mortgage Loan (i) was at least equal to 80 percent of the adjusted issue price of the obligation at the time the obligation was originated (or, if later, but before the Subsequent Transfer Date, the time the obligation was significantly modified, as such term is defined in Treasury Regulations ss. 1.860G-2(b)(2)); or (ii) is at least equal to 80 percent of the adjusted issue price of the obligation on the Subsequent Transfer Date. For purposes of this Section 3.02(p), the fair market value of the real property interest must be first reduced by the amount of any lien on the real property interest that is senior to the obligation being tested, and must be further reduced by a proportionate amount of any lien that is in parity with the obligation being tested, in each case before the percentages set forth in (i) and (ii) above are determined. The adjusted issue price of an obligation is its issue price plus the amount of accrued original issue discount, if any, as of the date of determination.
Qualified Mortgage for REMIC. Each MH Contract represents a “qualified mortgage” within the meaning of Section 860G(a)(3) of the Code. Each Manufactured Home related to an MH Contract is a “single-family residence” which has a minimum of 400 square feet of living space and a minimum width in excess of 102 inches and which is of a kind which is customarily used at a fixed location, pursuant to the requirements of Section 25(e)(10) of the Code. Each Manufactured Home related to an MH Contract is (i) affixed to the ground with its wheels and axles (if any) removed, (ii) connected to utilities such as gas, water and electric service and (iii) not able to be moved without difficulty and expense once sited.
Qualified Mortgage for REMIC. Each MH Contract is a "qualified mortgage" under Section 860G(a)(3) of the Code, and the related manufactured home is "manufactured housing" within the meaning of Section 25(e)(10) of the Code.
