Pledged Asset Mortgage Loan definition

Pledged Asset Mortgage Loan. A Mortgage Loan as to which, at the time of origination, a Letter of Credit was issued in favor of the initial holder of such Mortgage Loan.
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Pledged Asset Mortgage Loan. A Mortgage Loan for which the Mortgagor has pledged financial assets as partial collateral for the Mortgage Loan, in lieu of a cash down payment.
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Pledged Asset Mortgage Loan. Each Mortgage Loan as to which Pledged Assets, in the form of a security interest in the Securities Account and the financial assets held therein and having a value, as of the date of origination of such Mortgage Loan, of at least equal to the related Original Pledged Asset Requirement, were required to be provided at the closing thereof, which is subject to the terms of this Agreement from time to time.
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Examples of Pledged Asset Mortgage Loan in a sentence

  • Upon a default under the Letter of Credit by the Pledge Holder, the Company shall take possession of the assets securing the Letter of Credit and shall deposit such assets or the proceeds thereof in the Custodial Account and apply them as a prepayment of the related Pledged Asset Mortgage Loan.

  • If such default described in the prior sentence occurs at any time that the Company is no longer the servicer of the related Pledged Asset Mortgage Loan, the <PAGE> Company shall, upon knowledge of such default or notice from the successor servicer of such default with respect to any Non-Assigned Letter of Credit forward such proceeds to the successor servicer for deposit into the Custodial Account.

  • Upon receipt of any amounts as a result of a draw on a Letter of Credit because of the non-renewal of such Letter of Credit or as a result of the Pledged Asset Mortgage Loan continuing in default for ninety (90) or more days, the Company shall deposit such amounts in the Custodial Account and such amount shall be treated as a payment of principal.


More Definitions of Pledged Asset Mortgage Loan

Pledged Asset Mortgage Loan. Each Mortgage 100SM Loan and Parent PowerSM Loan purchased from MLCC that is supported by Additional Collateral and identified on Exhibit N hereto.
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Pledged Asset Mortgage Loan. Not applicable.
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Pledged Asset Mortgage Loan. Each Mortgage 100(SM) Loan and Parent Power(SM) Loan that is supported by Additional Collateral and identified on Schedule D hereto.
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Pledged Asset Mortgage Loan. Each Mortgage Loan identified as such in the Mortgage Loan Schedule.
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Pledged Asset Mortgage Loan. Each Mortgage Loan identified as such in the Mortgage Loan Schedule. Pool [ ]: The aggregate of Mortgage Loans identified on the Mortgage Loan Schedule as being included in Pool [ ].
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Related to Pledged Asset Mortgage Loan

  • MERS Mortgage Loan Any Mortgage Loan registered with MERS on the MERS System.

  • Lender PMI Mortgage Loan Certain Mortgage Loans as to which the lender (rather than the borrower) acquires the Primary Insurance Policy and charges the related borrower an interest premium.

  • PMI Mortgage Loans The list of Mortgage Loans insured by the PMI Insurer attached hereto as Schedule II.

  • First Mortgage Loan A Home Equity Loan which constitutes a first priority mortgage lien with respect to any Property.

  • ARM Mortgage Loan A Mortgage Loan pursuant to which the interest rate shall be adjusted from time to time in accordance with the related Mortgage Note.

  • Second Lien Mortgage Loan A Mortgage Loan secured by a second lien Mortgage on the related Mortgaged Property.

  • First Lien Mortgage Loan A Mortgage Loan secured by a first lien Mortgage on the related Mortgaged Property.

  • Additional Collateral Mortgage Loan Each Mortgage Loan identified as such in the Mortgage Loan Schedule.

  • EMC Mortgage Loans Those Mortgage Loans serviced by the Company pursuant to the terms of this Agreement.

  • Mortgage Collateral the “Collateral” as defined in the Mortgage Loan Agreement.

  • Original Mortgage Loan The mortgage loan refinanced in connection with the origination of a Refinancing Mortgage Loan.

  • Mortgage Loan shall have the meaning assigned to such term in the recitals.

  • Wet-Ink Mortgage Loan means a Mortgage Loan which any Seller is selling to Buyer simultaneously with the origination thereof and for which the Mortgage Loan Documents have not been delivered to the Custodian.

  • Group II Mortgage Loan A Mortgage Loan assigned to Loan Group II with a principal balance at origination that may or may not conform to Freddie Mac and Fannie Mae loxx xxxxts.

  • Group I Mortgage Loan A Mortgage Loan assigned to Loan Group I. All Group I Mortgage Loans have a principal balance at origination that conforms to Xxxxxxx Mac loan limits.

  • Group II Mortgage Loans The Mortgage Loans identified on the Mortgage Loan Schedule as Group II Mortgage Loans.

  • Subsequent Mortgage Loan A Mortgage Loan sold by the Depositor to the Trust Fund pursuant to Section 2.08, such Mortgage Loan being identified on the Mortgage Loan Schedule attached to a Subsequent Transfer Instrument.

  • Mortgage Servicing Rights The rights and responsibilities of Seller with respect to servicing the Mortgage Loans under the Servicing Agreements, including any and all of the following if and to the extent provided therein: (a) all rights to service a Mortgage Loan; (b) all rights to receive servicing fees, Ancillary Income, reimbursements or indemnification for servicing the Mortgage Loan, and any payments received in respect of the foregoing and proceeds thereof; (c) the right to collect, hold and disburse escrow payments or other payments with respect to the Mortgage Loan and any amounts actually collected with respect thereto and to receive interest income on such amounts to the extent permitted by Applicable Law; (d) all accounts and other rights to payment related to any of the property described in this paragraph; (e) possession and use of any and all Credit Files pertaining to the Mortgage Loan or pertaining to the past, present or prospective servicing of the Mortgage Loan; (f) to the extent applicable, all rights and benefits relating to the direct solicitation of the related Mortgagors for refinance or modification of the Mortgage Loans and attendant right, title and interest in and to the list of such Mortgagors and data relating to their respective Mortgage Loans; and (g) all rights, powers and privileges incident to any of the foregoing.

  • Mortgage Receivable means a promissory note secured by a Mortgage of which the Borrower or a Subsidiary is the holder and retains the rights of collection of all payments thereunder.