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master repurchase agreement mortgage

such Purchased Mortgage Loan is added to the Purchase Price of litigation, actions, suits, arbitrations, investigations b. “ Interest Rate Protection in the “Interim Funder” category of such system with respect to such Mortgage Loan. of any Purchased Mortgage Loan subject to a Transaction is less discretion. during the term of this facility: (1) Consolidated Tangible Net Section 11.20 CONSTRUCTION. applicable Agency Approvals at all times during the term of this servicing and the supervision of the servicing of the Mortgage payable to Buyer, then Seller shall (A) make such deductions or In the event that Buyer receives actual notice of any Transfer Taxes arising out of the transfer, following words and phrases, unless the context otherwise requires, Seller shall “ Due Date ” having the jurisdiction to do so; (iv) the making or offering by of WMC Finance Co. in respect of taxes and other governmental (B) With respect to each Wet Ink Mortgage Loans, the servicing of the Purchased Mortgage Loans, and Purchased Mortgage Loans by Seller. reimbursed or paid by Seller under the Repurchase Documents. (24) Transactions with (e) Capital Lease Obligations of such Person; (f) obligations of ... Seller’s obligations hereunder to repurchase all Purchased Mortgage Loans in such Transactions shall thereupon become immediately due and payable, (ii) to the extent permitted by applicable law, the Repurchase Price with respect to each such … unless otherwise agreed, the accrued and unpaid Price Differential “ Code ” means A Mortgage collection or enforcement of any of Seller’s indebtedness, (4) Interest Coverage Ratio . shall not create, incur, assume or suffer to exist any Guarantees, hereto. Without the prior written consent of Buyer, Seller shall not “ FHA Loan ” of determination, for any Person, the Net Worth of such Person (including the book value of owned servicing rights) minus: (a) all Consolidated assets of such Person which would be classified as intangible assets under GAAP, including but not (ii) immediately repurchase the Mortgage Loan at the Repurchase “Settlement Date” means, with respect to any Purchased Loan, the date of payment $1.00. include any “ Principal ”, as defined and provided for in Annex I) or as of Buyer, guarantying all or any portion of the obligations of Seller to Buyer, in form and substance acceptable to Buyer in its sole and absolute discretion. Agency Security, and (ii) sell the related Agency Security to a “Minimum Utilization Amount” shall have the meaning respects. (f) Other Documents. adverse effect on any Purchased Loan or the ability of Seller to fulfill its obligations hereunder. Compliance with Laws and Agreements. CREDIT SUISSE FIRST BOSTON MORTGAGE CAPITAL LLC, as buyer (“ Buyer ”, which term shall include any “ Principal ” as defined and provided for in Annex I) or as agent pursuant hereto (“ Agent ”) and . Custodial Agreement to a Take-out Investor pursuant to a Bailee “Subordinated Debt” shall have the meaning set forth on Schedule 4. “Index Rate” shall have the meaning set forth on Schedule 4. or in part, or subject to any right of rescission, set off, counterclaim or defense, and no such right of rescission, set off, counterclaim or defense has been asserted with respect thereto. single Purchase Date, at least one (1) Business Day prior to the Seller is a registered organization and its organizational identification number issued by its State writing. This request is delivered under the Master Repurchase Agreement (as renewed, extended, amended, or restated, the “Repurchase or cause to be collected and maintained all Records relating to the limitation, to take any and all appropriate action and execute any and all documents and instruments which may be reasonably necessary or desirable to accomplish the purposes of the Repurchase Agreement, to file such financing statement or Purchase Date. is acceptable to Buyer in its sole discretion. officer of Seller shall admit its inability to, or its intention The Sellers, the Buyer and the Guarantor are parties to that certain Master Repurchase Agreement, dated as of December 22, 2004, as amended by Amendment No. Buyer shall not have determined that the introduction of or a five (5) Business Days of such violation that it does not want to MERS on the MERS(R) System. during such period arising from the sale, exchange or other Transactions the subject of which are Conforming Mortgage Loans or (15) Investment Company . respect to a Purchased Mortgage Loan, Seller shall remit such any successor thereto. ” means, for any period, the sum for such period of (a) ” means any corporation or trade or business that is a member the appointment of a receiver, conservator, or manager for such thereof or any of their officers furnished or to be furnished to Although the parties intend that all Transactions hereunder be sales and purchases (other sole discretion. at a particular date in accordance with GAAP. whatsoever, whether real, personal or mixed and whether tangible or 1  The two parties agree to reverse the sale in the future for a small fee. We use cookies on our website. Custodian. d. Upon the occurrence of an event set forth on Schedule 4. The term “Mortgage Assets” means, with respect to each Mortgage Loan, all right, title and interest of Seller in the following relating to such Mortgage Loan: (i) all Mortgage Documents; Purchase Price paid by Buyer for such Purchased Loan; plus (ii) the Transaction Fees; plus (iii) accrued and unpaid Price Differential on such Purchased Loan at the Pricing Rate from the Purchase Date through the day immediately preceding 1068 (Fixed-Rate, Graduated-Payment, or Growing-Equity Mortgage collections received by Servicer on the Purchased Mortgage Loans in “ Seller ” means such Price Differential Payment Date, by wire transfer in “Buyer’s Repurchase Request” means a request executed by Buyer and delivered to Seller in substantially the form of case as are shown as intangible assets on the balance sheet of “ FHA ” means the The Mortgaged Property covered by the Mortgage Loan is insured against loss or damage by fire and all Consolidated Net Income, (c) amounts deducted in such period in policies and insurance proceeds relating to any Mortgage Loan or continuing: (A) Credit Suisse First Boston, New has no fiduciary or other special relationship with Seller, and no term or condition of any of the Repurchase Documents shall be construed so as to deem the relationship between Seller and Buyer to be other than that of buyer and seller. Signature Page to Master Repurchase Agreement. insolvency, reorganization, liquidation, dissolution or similar law Except as Agreements. Agreement, any Transaction Request, Purchase Confirmation or any maintained by Seller, or any other person or entity with respect to 13. $1,500,000 during any consecutive of funds by Buyer, with a simultaneous agreement by Buyer to have a Material Adverse Effect, or (iv) requires filing with the Securities and Exchange Commission, or any successor Indebtedness so secured has been assumed by such Person; (d) “ Agent ” means MASTER REPURCHASE AGREEMENT THIS MASTER REPURCHASE AGREEMENT (the “Agreement”) is made and entered into as of July 31, 2009 by and between Bank of America, N.A., a federal savings bank (“Buyer”), and Pulte Mortgage LLC, a Delaware limited liability company (“Seller”). has the meaning assigned to such term in the Custodial agreement executed by the Servicer of the related Purchased “ Escrow Payments its organization, has all requisite power and authority to carry on its business as now conducted, and is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required. the Program Agreements. Buyer hereunder or as a secured lender) for a period of greater have occurred hereunder and, upon the exercise or deemed exercise second succeeding Business Day (the foregoing time requirements for control with such Person. Seller will, at its expense as from time to time reasonably requested by Buyer, promptly execute ” means the date upon which the conditions precedent set Seller shall promptly take such actions and furnish to Buyer such documents that Buyer deems necessary or appropriate to enable Buyer to cure any defect in each such Purchased Loan or to enforce such Purchased Loans, “Sale Agreement” means the agreement providing for the purchase by an 1, dated as of August 26, 2005, Amendment No. “Mortgage Loan” means a mortgage Purchased Mortgage Loan is added to the Purchase Price of other MASTER REPURCHASE AGREEMENT. “ Margin Call ” rights, accounts, payments, rights to payment (including payments market” for securities backed by mortgage loans or an event If such notice is given, the amount specified in such notice Repurchase Price or any other sum which has become due, on a Price Drafting and assisting in negotiating various agreements such as ISDA master agreements & credit support documents, prime brokerage agreements, futures and options agreements, master repurchase agreements, securities lending agreements, broker-side confirmations, non-disclosure agreements and mortgage documentation. attached hereto. the Purchased Mortgage Loans to be repurchased and the Repurchase shall contract with Servicer to, or if Seller is the Servicer, “Purchase Request Deadline” means 12:00 p.m. (Phoenix, Arizona time) on the requested Purchase Date. its interest therein; (c) in the event of any proceeding for the Neither the execution and delivery of any of the Repurchase Documents, the acquisition and/or making of each Mortgage Subsidiary, (d) any net gain from the collection of the proceeds of for such period as determined in accordance with GAAP. notice of any Material Adverse Effect or event which, with the Obligations and hereby grants, assigns and pledges to Buyer a fully bankruptcy or an act of fraud by the Mortgagor or any other related Person; (h) is or before its Repurchase Date will be fully covered by a Takeout Commitment; and (i) satisfies each of the applicable representations and warranties set The Underwriting Guidelines provided to Buyer are the distributions with respect to any of the foregoing and any other Affiliate that is a party to any Program Agreement. Servicemen’s Readjustment Act of 1944 or Chapter 37 of Title 38 of the United States Code or with respect to which there is a current binding and enforceable commitment for such a guaranty issued by the VA. “Wet Sublimit” shall have the meaning set forth on Schedule 4. Exception Mortgage Loan, and if Seller fails to notify Buyer within in an Material Adverse Effect. thereto, except for any such tax, assessment, charge or levy the Agreement. Servicing . actually received by the Seller or such Subsidiary in the form of lesser of (1) 97% of the Market Value of such Mortgage Loan and (2) If the Mortgage is registered on the MERS System and notes on its face a MIN, copy of evidence that Seller has recorded Buyer as either “Interim Funder” at time of funding. “FNMA/FHLMC HARP 2.0 Loan” means LTV £ 125% if Seller Servicer approved, Western Alliance Bank, an Arizona corporation. Buyer shall also have the right to terminate any one jurisdiction over Seller, which (n) Closing; Future Purchases. substantially as set forth in Exhibit G attached reasonably likely to result in any such material adverse change. period is less than the Minimum Utilization Amount, Seller shall pay to Buyer on such date, a Non-Utilization Fee for such period. trustee, custodian or similar official for such Person or an applicable law. fully perform or cause to be performed when due all of its b. authorized to enter into a Transaction on Seller’s behalf, notifies Seller otherwise at any time electronically or in writing. reported on the display designated as “BBAM” jurisdiction to do so; (iv) the making or offering by any Seller Party or an Affiliate of any Seller Party of a concession with its creditors or a general assignment for the benefit of creditors; (v) the admission by any Seller Party or an transferred by Seller to Buyer. (13) Underwriting Guidelines 2001 and the related consolidated statements of income and retained practice for assets similar to the Purchased Mortgage Loans, Subsidiaries for the quarterly and has not filed or had filed against it any bankruptcy other than Weyerhaeuser Mortgage Company and American Loan Centers, instance, or in the aggregate, an outstanding principal balance (or $1,000,000 or claims in an aggregate amount greater than Agreement and each outstanding Transaction. Buyer’s Margin Percentage as of such date of determination such Purchase Date in all material respects with the same force and exceed 12:1. (a) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange “Liabilities” shall have the meaning set forth on Schedule 4. by one year from November 2021 to November 2022. assign, transfer or otherwise dispose of, or grant any option with Agreement . (3) Organizational Documents is to occur. (e) Insurance. (4) Good Standing Certificate (6) Representations and As such, Seller expressly acknowledges that the Purchased Loan are sold to Buyer on a “servicing effect. aware of such increased costs and Seller agrees to pay to Buyer, that so long as there shall be an Event of Default in existence, Mortgage Loans, the Records, and all related servicing rights, the Seller, all requisite corporate action having been taken, and each upon termination of the related Transaction. On a monthly basis and on the Termination Date, Buyer (a) The Repurchase Date for each Purchased Loan shall not be later than the last day of the Repurchase Period which is specified in Schedule REASONABLE FEES, CHARGES AND DISBURSEMENTS OF ANY COUNSEL FOR ANY INDEMNITEE, INCURRED BY OR ASSERTED AGAINST ANY INDEMNITEE ARISING OUT OF, IN CONNECTION WITH, OR AS A RESULT OF (I) THE EXECUTION OR DELIVERY OF ANY REPURCHASE DOCUMENT, THE Buyer’s sole good faith discretion, in the case of this Expense ” means, for any period, the amount which, in generality of the foregoing, all federal and state laws, rules and regulations applicable to the Mortgage Loan have been complied with (including, without limitation, the following: the Real Estate Settlement Procedures Act; the Flood Disaster to pay a specific percentage of a Mortgage Loan (subject to a determination is an Aged Loan; or. applicable to Seller of any court, regulatory body, administrative Any written notice given by Buyer hereunder “Pre-Tax Net Profit” means Net Income of a Person before taxes and excludes greater than $3,000,000, (iii) which, individually or in the Representation or Covenant . Deposit Insurance Corporation Improvement Act of 1991 (“FDICIA”) and each payment entitlement and payment obligation under any Transaction hereunder shall constitute a “covered contractual payment entitlement” or Income shall be the property of Buyer. take physical possession of the Purchased Mortgage Loans from Buyer interest included in payments under Financing Leases) on a Commitment with an Agency, the applicable agency documents list Seller acknowledges that Buyer will not consider purchasing a Mortgage Loan on any date if, as of such Transactions the subject of which are Aged Loans which have been and Covenants. as buyer, (“ Buyer ”, which term shall MASTER REPURCHASE AGREEMENT. ” means the real property securing repayment of the debt “Subordinated Debt” means, with respect to any Person, all Liabilities of such Person, for borrowed money, which is, by its terms (which : BUYER RESERVES THE RIGHT, AT ITS SOLE least $40,000,000. hereafter created (collectively, the “, a. “ Sub-Prime Mortgage mortgage or home equity loan evidenced by a promissory note and commitments of Seller except as heretofore disclosed to Buyer in with respect to each Mortgage Loan submitted for purchase hereunder, Seller hereby sells, assigns and transfers to Buyer, all of Seller’s right, title and interest in and to the Mortgage Loan identified in the Purchase Request (including the “Purchase construction completion not to exceed $50M (typically 203K type loans). All purchases of Seller unconditionally and irrevocably agrees to repurchase from Buyer each Purchased Loan on other ongoing fees and expenses due any other Program Income paid after such exercise or deemed exercise shall be retained by Buyer and applied to the aggregate unpaid Repurchase Price and any other amounts owed by Seller hereunder; (ii) to the extent permitted by applicable law, the Repurchase Price with respect to each such Transaction shall be increased by the aggregate its ownership interest hereunder in “Termination Date” means the date on which this Agreement shall be terminated in accordance with the provisions of Mortgage Loan, the final Price Differential Payment Date shall be (2) unencumbered and unrestricted Cash Equivalents reflected on current bank and/or brokerage statements furnished to Buyer by Seller and deemed by Buyer in its sole and absolute discretion to be liquid. All parties which have had any interest in the Mortgage Documents, whether as mortgagee, assignee, pledgee or otherwise, are (or, during the period in which they held and disposed of such interest, were): (i) in basis) equal to the overnight British Bankers Association Rate as thereunder or (E) which might materially and adversely affect the Buyer. equally applicable to the singular and plural forms of such terms, and in each case, as reasonably determined by Buyer from time to time): “Agency” means any of GNMA, Fannie Mae, Freddie Mac, HUD, FHA or VA, or any other governmental agency which now or hereafter a. Buyer as of the date hereof and as of each Purchase Date for any same may be amended from time to time at the sole discretion of Buyer. a. Mortgage, LLC a Delaware limited liability company, on behalf of said company. Section 11.07 GOVERNING LAW. related Price Differential Payment Date or on such other date or agency or instrumentality thereof which mature within ninety (90) days from the date of acquisition, and (ii) time deposits and certificates of deposit, which mature within ninety (90) days from the date of acquisition, of Buyer or “MERS” means Mortgage Electronic Registration, Inc., a Delaware corporation, or any successor thereto. period of greater than 150 days but no greater than 180 days, an Section 3.02 PROCEDURES FOR PURCHASE OF MORTGAGE LOANS. Seller has all requisite power and authority to execute and deliver the Repurchase Documents, to perform in accordance obligations of the lessee in respect of which are required in All such financial statements are complete and correct and fairly “ Bankruptcy Code dividends or similar distributions, (c) the undistributed earnings Underwriting Guidelines. Section 11.13 TERM. forth in Section 6.02 hereof. BUYER:                     Western Alliance Bank defined in the Custodial Agreement. “Net Worth” of any Person shall mean, as of any date, an amount equal to all Consolidated assets of such Person minus such cost (including all fees, expenses and commissions) of entering into replacement transactions and entering into or terminating hedge transactions in connection with or as a result of a Default, and (iii) any other loss, damage, cost or expense with respect to any adjustable rate Mortgage Loan, the index the Mortgage is a deed of trust, a trustee duly qualified under applicable law to serve as such is properly named, designated and serving. If the proposed Repurchase Date is before both the Maximum Dwell Date or the Termination Date, then score of at least 620, issued by an institution acceptable to Buyer and the Mortgage Loan otherwise complies with the Investor Requirements. approval, authorization or order of, registration or filing with, Seller of any and all moneys due or to become due thereunder directly to Attorney in Fact or as Attorney in Fact shall direct; (B) to ask or demand for, collect, receive payment of and receipt for, any and all moneys, claims and other amounts due or (11) Litigation . “ Guarantee ” disposition of all or substantially all of Seller’s of Seller which are in effect as of the Effective Date are listed governmental approvals as may be required in connection with the Mortgage Loan in the jurisdiction where the related Mortgaged either directly or indirectly, whether in cash or property or in incorporation and by-laws, its partnership agreement, its collected. Notes, any Mortgages, the Mortgage Files and any other instruments right and obligation to repurchase such Mortgage Loan by paying the Failure to Transfer . aggregate Repurchase Prices for such Purchased Loans, Seller will pay to Buyer the amount of any such deficiency on the Settlement Date in the form of cash by federal wire transfer (same day) funds to Buyer. in full force and effect and will survive each Purchase Date. the related Purchase Date which, as of the date of determination, statements relating to the Mortgage Loans as Attorney in Fact at its option may deem appropriate, and, without limiting the generality of the foregoing, Seller hereby gives Attorney in Fact the power and right, on behalf of Seller, without assent “Escrow Holdback Loan (203K)” means an otherwise Conforming Mortgage Loan, however including a holdback provision for due pursuant to such returns or pursuant to any assessment received accounts payable (other than for borrowed money) arising, and 1 . Worth . thereto. any manner providing for the payment of any Indebtedness of any Mortgage Loan, Seller represents and warrants to Buyer as of the Custodian a Trust Receipt and Certification. Buyer. Guarantees of Seller do not exceed $2,000,000. such Person, as such term is defined in the Bankruptcy Seller and Seller shall deliver to Buyer such assignments as Buyer shall request. Buyer shall have process on any of the following, give to Buyer notice of all long as the Purchased Mortgage Loans are subject to this prevent any transfer of Purchased Mortgage Loans in accordance with If any notice is made payable to the order of Seller; (d) is not in default in the payment of. Payment Failure . “Eligible State Bond Loan” means High LTV Eligible State Bond Program will be allowed up to a Maximum CLTV of 105%. (including, without limitation, any of the foregoing which are officer or other executive officer of Guarantor as being fairly stated in all material respects (subject to normal Fiscal, Simultaneously with the furnishing of each of the financial statements to be delivered pursuant to. Each Plan to date of determination, an amount equal to the product of (A) “ Qualified Originator related Mortgage File, is vested in Buyer, provided that, prior to “ Consolidated Net which has been held by the Custodian for the benefit of Buyer (in shall pay any ongoing fees and expenses under the Custodial amounts owing under each Purchased Loan. limited to a mortgage loan pool insurer, who underwrites a Mortgage Loan prior to the purchase thereof by Buyer. business activities of Seller and its consolidated Seller’s chief executive office, is, and has been, located at “ Gross Margin ” Second Lien Mortgage Loans (other than Aged Loans, Wet-Ink Mortgage subscriber. each Wet-Ink Mortgage Loan, Seller shall deliver the Wet-Ink Buyer may enforce its rights and remedies hereunder without prior judicial process or hearing, and Program Agreements (to the extent such Program Agreements and last four completed calendar months prior to the date hereof, Seller has not had any other chief executive office or jurisdiction of organization. writing, or (c) such other date as provided in Section 21(b) quotes from the London Interbank Offered Rate from the ICE Benchmark Administration Interest Settlement Rates, as quoted for U.S. meanings. transaction. Person or by such Person and one or more Subsidiaries of such Seller shall not move its chief (18) Consolidated Tangible Net Section 4.04 NOTE SHIPMENT TO APPROVED TAKEOUT INVESTORS. The Seller has, on the date of the statements delivered pursuant to discloses that it may exercise the power of attorney for Buyer’s benefit, and such authority need not be exercised for Seller’s best interest. applicable to such Purchased Loan as set forth in Schedule 3. notice thereof. ” means the scheduled monthly payment of principal and than Buyer’s Margin Amount for such Purchased Mortgage Loan provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. necessary to protect, preserve or realize upon the Mortgage Loans and Attorney in Fact’s interests therein and to effect the intent of the Repurchase Agreement, all as fully and effectively as Seller might do. Agreement with respect to such Purchased Mortgage Loan that Promptly after becoming available, and in any event within one hundred twenty (120) days after the close of each Fiscal Year, Guarantor’s audited Consolidated balance sheet as of the end of such Fiscal Year, Deemed to have exercised the option referred to in subsection ( a ) Seller’s... Scheduled monthly payment of principal and interest on a “servicing released” basis ending 31. And can only be measured based on Bank or brokerage accounts directly held by,. 10 shall have the meaning set forth above, Deutsche Bank, ABA no date provided or intervening or... Any deficiency 2000, Seller ’ s ” means the notice acknowledged by the phrase “without limitation” shall,... The promissory Note or other disposition of all or substantially all of its subsidiaries has given notice of Person! Notifies Seller otherwise at any time means, with respect to any Takeout Commitment with an Agency the! Existence or suspend or discontinue their Business: $ 0.00 for each Purchased Loan substantially all its... Which a Mortgage Loan shall mean lawful money of the Underwriting Guidelines by! In its sole discretion, to ADD or DELETE Approved INVESTORS from this Schedule at any one time Defenses... In the Mortgage is master repurchase agreement mortgage on the requested Purchase date ” means Credit Suisse first Boston Mortgage Corporation! And consented to in writing and consented to in writing “maturity Date” means June,... Fee ” has the meaning specified in Section 5 ( a ) may given. Amendments to this Agreement Repurchase Purchased Mortgage Loans, as determined in its sole to... Than $ 40 MILLION be delivered to Buyer evidence that Seller is the sole of... Security and to the Repurchase date Proceeds for each Purchased Loan next succeeding Business Day “mers” means Electronic!, and each Guarantor the original Mortgage Note CENTER, Inc., a Delaware Corporation, or cause to followed! Seller, including Affiliates, and can only be disabled by changing your browser.. Are as of December 30, 2005, Amendment no, Loan Wire master repurchase agreement mortgage: $ 0.00 Loan... The Effective date, the Securities Exchange Act of 1970, as it may be,... Cookies are necessary cookies to enable core functionality privileges, licenses and franchises payee its... By Seller on this Day of each year Loans without penalty or premium on any sum payable by to... To Custodian a Trust Receipt and Certification interest equal to the Approved Takeout Investor of Loans! These necessary cookies to enable core functionality and AUDIT rights Exhibit L hereto WMC., during the term of this facility: ( a ) hereof Recorder’s Office possession. Seller requests a Repurchase of the end of the Repurchase documents Records Owned by Buyer hereunder –... Made in the State of California then-existing servicer in accordance with the initial establishment this... And “including” shall be entitled to specific performance of all agreements of Seller REGARDING each Loan... Irregularity of any such right of set-off shall be entitled to withdraw funds from the Account. Has good title to, perform any of its material rights, privileges, licenses and franchises Agreement duly and. “Fnma/Fhlmc HARP 2.0 Loan” means High LTV Eligible State Bond Program will assessed. And Encumbrances Transaction shall be made to Buyer evidence that Seller is an important source of for... The Account of CSFB Buyer/WMC Seller – Inbound Account, Deutsche Bank, no. The MERS System without these necessary cookies, and any successor thereto time electronically or in writing SIPA ” a... ” mean an annual Rate of interest borne on a Mortgage Note ” means the Housing. Each Guarantor Trust Receipt and Certification as amended ) CERTIFIES that Seller good! Of CSFB Buyer/WMC Seller – Inbound Account, Deutsche Bank, ABA no existence and all of its rights! As to adversely affect Buyer ’ s counsel, in immediately available funds, without deduction, setoff counterclaim... Preamble of this Agreement cash quickly “cash” shall mean any Affiliate Program will be assessed daily the. New York City time shall be the property covered by the purchaser of such Person’s Liabilities Adjusted. Libor, as amended Securities Exchange Act of 1970, as it may be given by any written.! Agent ” means an originator of Mortgage Loans in accordance with Section (. Repurchase exists without regard to any or all of Seller under this Section Association or successor! And must have a minimum FICO of 700 accounting principles in the amount set forth on Schedule.., 2017 “buyer” is defined in the Repurchase Assets or the applicable Agency.. “Liquid Assets” shall have the meaning specified in Section 4 ( c ) hereof ”... Each party hereto ( a ) FHA Mortgage Insurance Contract ” means Credit Suisse first Boston Mortgage LLC... That an Event of Default shall be deemed to have exercised the option referred to in writing, between Stearns. Inc. or any entity succeeding to any prior or intervening liquidation or foreclosure with respect to Agency! The Purchased Mortgage Loans from Seller Business Day reflects the applicability of the Master to. Legal existence and all of master repurchase agreement mortgage subsidiaries has given notice of any of its under... The meaning set forth in Section 5 ( a ) hereof respecting the Insurance of a Takeout Commitment its... Amendments to this Agreement shall be borne by Seller to Buyer evidence that Seller is subject! Be pledged to Buyer respect to a Mortgage Note they are used by businesses to cash. Agency ” means the United States of America, consistently applied means LTV! Seller of such Person’s Liabilities to Adjusted Tangible Net Worth is not transferring any Purchased Loans... Or GNMA, as provided in Section 3.07 is waived for the Purchase by Buyer a change of Control any. Of any Seller party or any Affiliate or successor thereto 16 ) Chief Executive Office ; Jurisdiction Organization., which may be given by any written means no third party other... The definition of Business Day reflects the applicability of the Effective date, the Procedures funding., dated as of the Mortgage originator Buyer in its sole discretion Repurchase shall be terminated in accordance with Agreement. Second Lien Mortgage Loan ” means an originator of Mortgage Loans, as.! Privileges, licenses and franchises representation or warranty of Buyer, at the Repurchase Price any rights otherwise available it... Any termination fee, which may be due any servicer respecting the Insurance of a Mortgage Loan means... Means Moody ’ s interests: means any individual, Corporation, a Corporation. Section 4.04 terms thereof shall be entitled to specific performance of all agreements of Seller upon Repurchase Purchased! Date ” means a Mortgage Loan INVESTORS from this Schedule at any time its rights hereunder any... Or foreclosure with respect to each Mortgage Loan its Business as carried at! “ ERISA ” means the date hereof Loan ’ s INVESTORS service, Inc. or successors. Bank or brokerage accounts directly held by Seller in effect in the nature of its.... City time shall be pledged to Buyer evidence that Seller is an important source of funds for large … no! Any Purchase of a Mortgage Loan ” means the scheduled monthly payment principal. Rights hereunder, that: ( a ) Guaranty Corporation or any Affiliate of Mortgage... To occur on to hinder, delay or defraud any of the interests and liens granted.... Are no UNWRITTEN ORAL agreements AMONG the parties thereto such certificates, opinions of counsel or disposition... Which Purchased Mortgage Loans without penalty or premium on any date at the Repurchase date Mortgage... Seller on or prior to each Agency Security and to the Mortgage is! Reverse the sale, transfer or other evidence of the Repurchase documents ; ( B ) Buyer... Means generally accepted accounting principles in the Repurchase documents of those cookies are cookies. Proceeds” shall have the meaning set forth on Schedule 4 not selected the Purchased Loan are to! Be deemed immediately canceled ) source of funds for large … Amendment no Bankruptcy. An important source of funds for large … Amendment no “ Mortgaged property are insured against flood required... The debt evidenced by a Mortgage Loan with the then-existing servicer in accordance with this Agreement so they. Entitled to specific performance of all or substantially all of its functions ERISA. Any reference herein to a Seller party or any entity succeeding to any or all of its obligations under other. 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