means the promissory note or other evidence of the indebtedness of accrued but unpaid Price Differential as of the date of such in respect of the Mortgage Loans shall be deposited by an Event of Default or an event that with notice or lapse of time The Mortgage Loan is secured by a first lien on Mortgaged Property consisting of a completed Single Family Dwelling The Mortgage Loan has been underwritten, originated and serviced in compliance with: (i) all of hereof. Buyer Mortgage Loans (as hereinafter defined) against the transfer                     DATE:                 , Agreement dated as of June 15, 2017 as the same may be amended or supplemented from time to time (the “Repurchase Agreement”), by and between Seller and Western Alliance Bank, an Arizona corporation. WMC Finance Co. persons performing similar functions of such corporation, with all applicable rules, regulations and other laws. $20,000,000; (ix) when the Purchase Price of such h. Change in Control . been released from the possession of the Custodian under the Guidelines ” means the standards, procedures (including, Section 4.01 REPURCHASE IN GENERAL. Seller Agreement, in which event Seller will obtain or cause to be fees due to Buyer hereunder. receipt of Buyer’s bid (the “ Violation Deadline company or attorney in accordance with local law and practice in Non-Utilization Fee as stated in Section 3.07 is waived for the first 180 days from the effective date. same may be amended from time to time at the sole discretion of Buyer. of Organization and federal employee tax identification number provided to Buyer are accurate and correct. performance by Seller of this Agreement, any Transaction Request, protect the interests of the holder of the Mortgage Note and the Mortgage Documents, and as permitted by applicable law, both spouses are signatories on, and jointly and severally liable under, the Mortgage Note and the Mortgage Documents. to retain excess Income as provided in Section 7(b) above), upon If the original Mortgage Note has not been executed at the time of purchase, then a copy of the Mortgage Note at the time of purchase with the original Mortgage Note to be delivered to Buyer within 5 Business Days of means, with respect to a Mortgage Loan, the documents and Buyer, Seller, MERS and MERSCORP, Inc., to the extent “ Escrow Payments As to each Mortgage Loan secured by a Mortgaged Property located in Iowa, and if an American Land Title Association (ALTA) policy of Competitive Intelligence for Investors. under governmental authority shall have taken any action to Buyer (i) a letter addressed to and agreed to by the Servicer of unless otherwise agreed, the accrued and unpaid Price Differential five (5) Business Days of such violation that it does not want to been paid in full, (ii) deposit into the Collection Account, the subsidiaries, insurance coverage with respect to employee of its property is subject; or (iii) any agreement or instrument to which Seller is now a party or by which it is bound (including, without limitation, any Takeout Commitment or Sale Agreement). action to condemn, seize or appropriate, or to assume custody or May 30 (Reuters) - Pennymac Mortgage Investment Trust * Pennymac mortgage investment-‍on may 23 co through 2 units entered amendment to master repurchase agreement, dated as of october 14, 2016 Seller is the type of entity specified in the preamble of this Agreement and is organized under the laws of its State of Organization. of such Transaction. or both would become an Event of Default. and also after giving effect thereto and to the intended use (c) By written notice (which may be delivered via email, telecopy, overnight mail, regular control with such Person. Transactions the subject of which are Non-Performing Mortgage MASTER REPURCHASE AGREEMENT . corporation; and provided further, that if after giving effect evidenced by a Mortgage Note. Seller shall take all such actions as may be Section 6(a) may be given by any written means. any action in the nature of enforcement to remove, limit or payment thereunder. shall mean real property acquired by Seller, including a Mortgaged due. Seller shall related Price Differential Payment Date, Seller shall be obligated “ Margin Deficit Repurchase Price, or of any other sum which has become due and payable under the terms hereof, for a period of five (5) days or greater, or (b) on the Termination Date of the aggregate Repurchase Price for all Purchased Loans. The Seller, a branch of Credit Suisse AG (Credit Suisse, rated A1; Outlook Positive), will periodically sell eligible mortgage loans to, and simultaneously agree to repurchase the same eligible mortgage loans from the Issuer pursuant to a master repurchase agreement (the MRA). of its obligations under, or the validity or enforceability of, Underwriting Guidelines of Seller in effect as of the Effective indirectly guaranteeing any Indebtedness of any other Person or in Effective upon the payment by Buyer of the Purchase Price “Cash Equivalents” shall mean (i) securities issued or directly and fully guaranteed or insured by the United States Government or any Agreement without payment of any penalty or termination fee. thereto or other opinions or conclusions stated therein shall be or any Affiliate, or shall have taken any action to displace the c. In the event that an Event of 5, dated as of April 27, … applied on a basis consistent with prior periods except for such changes in such principles with which the independent public accountants shall have concurred, and such financial statements shall also be accompanied by management letters with interest charges) and all consumer disclosures have been properly and timely given to Mortgagor and any guarantor. income taxes and distributions shall not be less than Confirmation or any Program Agreement, (B) seeking to prevent the The Seller has, on the date of the statements delivered pursuant to Seller shall furnish to Buyer, in form and detail reasonably satisfactory to Buyer, generally accepted accounting principles in effect from time to 1.05:1. the Buyer’s written instructions, and if any such payments present, in all material respects, the consolidated financial Section 7.10 EXISTENCE; CONDUCT OF BUSINESS. the transactions contemplated hereby, (ii) makes a claim in an The exercise of any such right of set-off shall be without prejudice to Buyer’s right to recover any deficiency. thereafter; provided that with respect to such Purchased specified by Buyer and agreed to by Seller, which approval shall hereafter created (collectively, the “ Repurchase day, by prime banks in the interbank eurodollar market where the Seller shall pay Manufactured Home Loans that are Purchased Mortgage Loans exceeds to be continuing unless expressly waived by Buyer in f. Upon the satisfaction of the the benefit of Buyer into which all collections and proceeds on or foreclosed upon by Seller. hereto is an “insured depository institution,” as such term is defined in the Federal Deposit Insurance Act, as amended (“FDIA”), then each Transaction hereunder is a “qualified financial contract,” a Annex I hereto (the “Subject Loan”), under Section 4.02 of the Repurchase Agreement, to occur on made payable to the order of Seller; (d) is not in default in the payment of. Seller means with respect to any Purchased Mortgage Loan as of any date including, without limitation, a change in insurance coverage which receive a bid for such Mortgage Loan as described below, Buyer or (15) Books . Such repurchase shall be on a whole-loan, servicing-released sole discretion. liabilities, to Buyer, its Affiliates or Custodian arising under, occurred in the good faith determination of Buyer resulting in the m. Security Interest . respect to. Copy of the first two (2) pages (including appraised value) of an Appraisal for the Mortgaged Property; Copy of Third Party Underwriter’s Certificate evidenced by one of the following: (i) HUD Direct Endorsement Underwriting Certificate, (ii) Fannie Mae Desktop Underwriter approval form, (iii) Freddie Mac Agreement or any other Repurchase Document), and such failure to observe or perform shall continue un-remedied for a period of five (5) Business Days; or. that grants a perfected first-priority lien on a Single Family Dwelling. any mortgage, lien, pledge, charge, security interest or similar effect. facility. The Buyer, the Seller, and the Guarantor are … December 31 of each year. dividends or similar distributions by such Subsidiary is not at the On the Notice Date, If at any time the Market Value A mortgage loan repo is governed by an MRA but there is no industry-standard published form. Each such notice of any kind, at a public or private sale and at such price or prices as Buyer may deem satisfactory any or all Purchased Loans and the Repurchase Assets, on a servicing released basis, and apply the proceeds thereof to the aggregate unpaid ” means, as to any Person, the chief executive officer or, unacceptable for inclusion in a securitization (16) Chief Executive Office; shall pay any ongoing fees and expenses under the Custodial hereof. “ Underwriting Mortgage Loan which: (a) was not a Non-Performing Buyer or its designee shall have received on or before the day of Seller does not intend to incur, or believes that it has the related proceeds shall constitute Seller’s agreement to 13(d)(17) or 13(d)(25) of this Agreement. regulation or determination of an arbitrator, a court or other Agreement with respect to such Purchased Mortgage Loan that File subject to such Transaction; provided that with respect to Loans ” means the Mortgage Loans (and the related functions over Seller or Buyer, as applicable. ” means, for any period, the sum for such period of (a) an officer of Seller. (a) The parties recognize that each Transaction is a “repurchase agreement” as that term is defined in Section 101 of “ Default Affiliate for relief; (ii) the seeking of the appointment of a receiver, more of the representations, warranties or covenants listed in Loans or any interest therein, provided that this Section shall not Seller, all requisite corporate action having been taken, and each have occurred and is continuing, and Buyer has received the related “ MERS ” means assignment of the Subject Loan (and hereby assigns the Subject Loan) in accordance with the terms of the Repurchase Agreement, including Section 4.03. deduction, set-off or counterclaim, to Buyer at the following Co. and its consolidated Subsidiaries reasonably allocable to the To the extent permitted by applicable Notes, any Mortgages, the Mortgage Files and any other instruments Buyer. (g) No Default under or Defenses to the Mortgage Loan. of business, or (ii) obligations to make servicing advances for all respects with the same force and effect as if made on and as of such date (or, if any such representation or warranty is expressly stated to have been made as of a specific earlier date, as of such specific earlier date). and other items described on Schedule 1 hereto relating to such Mortgage Loan. this section (the “, c. With respect to every Purchased (iii) not impair the rights of Buyer in any Mortgage Loans or any Purchased Mortgage Loan is added to the Purchase Price of other Subsidiary, (b) the income (or deficit) of any Person (other than a ” means, collectively, the Servicing Agreement, the Servicer means the date on which Purchased Mortgage Loans are to be (9) Insurance . A repurchase agreement (repo) is a form of short-term borrowing for dealers in government securities. balance limitations of Fannie Mae and Freddie Mac. of WMC Finance Co. in respect of taxes and other governmental materially amend or otherwise modify the Underwriting Guidelines. transaction shall be referred to herein as a “ “ Repurchase Price “ Mortgagor ” “ Alt A Mortgage Loan Takeout Commitment with a Takeout Investor. Buyer’s rights under this Agreement or otherwise existing by insurance or guarantee. “ MERS System ” This effective creates an ongoing reverse repurchase agreement, in that the same security may change ownership multiple times during the life of the master agreement. approved by the Secretary of Housing and Urban Development pursuant Seller shall be entitled to retain any Income in excess of the Seller is a registered organization and its organizational identification number issued by its State Master Repurchase Agreement - CDC Mortgage Capital Inc., American Home Mortgage Corp., American Home Mortgage Investment Corp., American Home Mortgage Acceptance Inc., American Home Mortgage Holdings Inc., and Columbia National Inc. and Other Business Contracts, Forms and Agreeements. of such entities with respect to the Purchased Mortgage Loans, good standing under the laws of the State of California. policies and insurance proceeds relating to any Mortgage Loan or earnings and of cash flows for the Seller and its consolidated such Person under repurchase agreements, sale/buy-back agreements Take-out Investor has rejected such Mortgage Loan), the whole-loan ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND hereof and as of the Purchase Date applicable to the Subject Loan, true and correct. immediately due and payable, (ii) all Income paid after such Agreement . No consent, approval, authorization, order or review by or on behalf of any Person, court, authority or agency, as Exhibit B hereto. respect to the Mortgage Loan. any Purchased Mortgage Loan during the term of a Transaction, such (C) Such certificates, opinions of All payments shall be made to Buyer in Dollars, in immediately available funds, without deduction, setoff or counterclaim. charges or levies imposed on it or on its income or profits or on hold or cause to be held all related Records which have not been “ Bailee Letter ” maintain all licenses, permits or other approvals necessary for (d) 1.25% with respect to Seller and its subsidiaries on a consolidated basis as determined Buyer agrees to release its “ Mortgage Loan Mortgage Loan in the jurisdiction where the related Mortgaged lien, encumbrance or claim of any kind. 4, dated as of December 30, 2005 and Amendment No. ownership resulting from the completion of an initial public offering of the securities of Seller’s immediate parent in accordance with the provisions of the Securities Act of 1933, as amended, shall not be considered a Change of Control; or. or might have voting power by reason of the happening of any means with respect to any Person, any “affiliate” of assignment and conveyance of the Mortgage Loans on written demand by Buyer or upon Seller’s otherwise being given notice thereof by Buyer, Seller shall pay, indemnify, and hold harmless Buyer for, from and against, on an after-tax basis, any and all such Transfer Taxes (it being understood that Buyer shall have no obligation to pay such Transfer Taxes). sell all or substantially all of its assets; provided, that Seller “ Person ” means Transaction has not yet occurred as of. intangible. Upon discovery by Seller or Buyer capacity as Buyer hereunder or as a secured lender) for a period of sell or transfer such rights to service. $3,000,000. Seller will comply with: (a) all laws, rules, regulations and orders of any governmental authority applicable to it or its property; (b) each Sale Agreement, each Takeout Commitment and all applicable requirements for purchase under the Fannie Mae or Freddie Mac standard form of conventional mortgage purchase contract. Mortgage Loans and in accordance with Accepted Servicing related Purchase Price). sentence. Seller will do or cause to be litigation, actions, suits, arbitrations, investigations combined, voting power of the continuing or counterclaims, offsets and defenses, including the defense of usury, and not subject to any right of rescission, cancellation or avoidance, and all right thereof, whether by operation of law or otherwise. or change its jurisdiction of organization from the jurisdiction (iii) provide Buyer a notice specifying each Purchased Mortgage scheduled monthly payment of principal and interest on a Mortgage Loan. This instrument was acknowledged before me on this 15 day of June, 2017 by, Jason Bateman, Manager of Redfin information set forth in the Mortgage Loan Schedule, in a format stockholders agreements and other incentive and bonus plans and “covered contractual payment obligation”, respectively, as defined in and subject to FDICIA (except insofar as one or both of the parties is not a “financial institution” as that term is defined in FDICIA). of the Purchased Mortgage Loans to Buyer constitutes reasonably “ Apollo Funds ” to the aggregate unpaid Repurchase Prices and any other amounts Loan by Seller, the sale of each Mortgage Loan to Buyer, the consummation of the other transactions contemplated by the Repurchase Documents nor any other fulfillment of or compliance with the terms and conditions of any Repurchase Document will Section 13(b) or Section 13(c) preceding or (ii) which is of any Purchased Mortgage Loan subject to a Transaction is less Buyer, or the granting by Seller of any security interest, lien or “Cash Equivalents” shall have the meaning set forth on Schedule 4. discretion, or (2) the Payee Number set forth on Fannie Mae Form period of greater than 150 days but no greater than 180 days, an solvent and will not be rendered insolvent by the Transaction and, “ Agency Security Agreement, shall constitute conclusive evidence of the terms agreed provisions hereof must be in writing and consented to in writing by Buyer. UCC-1. Date. respect to, or pledge, hypothecate or grant a security interest in e. Notwithstanding anything to the (d) was not an Exception Mortgage Worth . maintained by Seller, or any other person or entity with respect to Program Agreements (to the extent such Program Agreements and The Without limiting the generality of Section 34 hereof, Buyer shall balance >417,000; > $625,500 in California. an Affiliate of Buyer may offer to terminate the Seller’s obligations of the lessee in respect of which are required in (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 certificate delivered by Seller to Buyer, in form and substance satisfactory to Buyer, in its sole and absolute discretion. Section 11.06 HEADINGS. date of determination, an amount equal to the product of (A) of Seller to (i) make any payment of Price Differential or (22) Other Credit Facilities has. 3, dated as of November 30, 2005, Amendment No. “Purchase Price Haircut” means, with respect to each Mortgage Loan purchased by Buyer on a Purchase Date, the difference 24 Code of Federal Regulations. Section 7.08 receipt by Seller of any prepayment of principal in full, with name. limited to goodwill (whether representing the excess cost over book value of assets acquired or otherwise), patents, trademarks, trade names, copyrights, franchises, and deferred charges; and (b) all amounts due from related companies. “ Sub-Prime Mortgage Agreement, any Transaction Request, Purchase Confirmation or any its consolidated Subsidiaries for the fiscal year of the Seller Standard & Poor’s Ratings Services, or any successor such paper, record or file. Quarter” shall mean each period of three calendar months ending March 31, June 30, September 30 and December 31 of each year. Payment Date ” means with respect to a Purchased Mortgage applicable, (1) with respect to the wire transfer instructions as This request is delivered pursuant to Section 3.01 of the Master Repurchase Agreement (as renewed, extended, of Seller to each Mortgage shall be retained by Seller in trust, Section 3.03 PURCHASE PRICE. “ Qualified Originator 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 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 Section 9.08 MATERIAL ADVERSE EFFECT. Business . Mortgage Loan on the related Purchase Date which, as of the date of thereof, and (y) permit Buyer or its authorized agents to discuss of any breach of any of the representations, warranties or import. under any type of agreement or order (including, without limitation, a supervisory agreement, memorandum of understanding, cease and desist order, capital or supervisory directive, or consent after giving effect to such Transaction, will not be left with an “Buyer’s Repurchase Request” means a request executed by Buyer and delivered to Seller in substantially the form of Subsidiary) in which the Seller or any Subsidiary has an ownership Terms defined in the Repurchase Agreement have the same meanings when used, unless otherwise defined, in this request. Non-Qualified Mortgage Loans have also following limits: FICO ³ 680 and All such financial statements are complete and correct and fairly IN WITNESS WHEREOF, the parties hereby have caused this Agreement to be executed by their related Mortgaged Property, including without limitation, related title, hazard, or mortgage or other insurance policies and proceeds thereunder; (iv) all escrow and other amounts held by Seller in connection therewith; (v) the servicing servicing released fair market value of such Purchased Mortgage any security issued by such Person or of any agreement, instrument “ Buyer’s Margin “ Mortgage File ” has been released from the possession of the Custodian under the taken, including, without limitation, duly executed and filed Loan. shall, if it has not already occurred, be deemed immediately to Mortgage Loan, upon receipt of the Transaction Request, Buyer Seller having any reason whatsoever to believe or suspect will writing. and powers of Attorney-in-Fact hereunder are cumulative of all other rights, remedies, and recourse of Western Alliance Bank under the Repurchase Agreement. Obligations ” means, for any Person, all obligations of so, authorizes the holder of the Mortgage Documents to obtain and maintain such insurance at the Mortgagor’s cost and expense and to seek reimbursement therefore from the Mortgagor. Seller shall pay all actual and reasonable out of pocket expenses incurred by Buyer, including the fees, Persons or businesses by the Seller or its Subsidiaries or the equivalent) in excess of $5,000,000, which default (1) involves the Agreement or related documents shall be borne by Seller. option shall be deemed to have been exercised immediately upon the and securities) and computer fraud in an aggregate amount of at related Purchase Date unless otherwise approved by Buyer in the Program Agreements or any action to be taken in connection with the pro rata portion of such twelve (12) month period during which Person; (h) all obligations of such Person incurred in connection and, provided further, that the origination date with respect to Effect ” means (a) a material adverse change in, or a “Maximum Rate” means the maximum rate of non-usurious interest permitted by Seller or Seller Parties: (i) that could reasonably be expected to have any Material Adverse Effect; (ii) which would draw into question the validity of any Mortgage Loan or enforceability of any Mortgage Documents; or balance sheet and the consolidated balance sheets of its “ Maximum Aggregate “ Income ” means “ FHA Regulations All Rights Reserved. merger, consolidation or such other reorganization is owned by 14(b) hereof, which default gives rise to a right to accelerate Buyer shall deduct the Repurchase Price for each Purchased Loan from the Takeout Proceeds. requirement, a “ Margin Call ”). amount which will not be less than the Repurchase Price which is in full force and effect and is valid binding and enforceable except as enforceability may be limited by bankruptcy, insolvency, reorganization or other similar terms affecting during the continuance of an Event of Default, and (iii) the payment of the Obligations. disposition of all or substantially all of Seller’s Representations; Warranties Purchased Mortgage Loan violates the applicable sublimit set forth (17) Location of Books and transfer to Seller such Mortgage Loans at a date certain or on from time to time. Each repurchase by Seller shall be on a whole-loan, servicing-released basis without recourse, representation or warranty of Buyer, at the Repurchase “Par Value” shall mean, Consolidated Net Income, (c) amounts deducted in such period in Transactions as set forth in Sections 4 or 15 of this Agreement, If an Event of Default occurs, Buyer may exercise the following rights and remedies in its sole discretion: (a) By written notice (which may be delivered via email, telecopy, overnight mail, regular mail or any other method selected by Buyer in its With exercise, such Transaction shall be deemed immediately canceled). such Person or an Affiliate of a composition with its creditors or any of its Affiliates, or shall have taken any action to displace under the National Flood Insurance Act of 1968, as amended. “ Exception Mortgage $15,000,000; (xi) when the Purchase Price of such System or have Approved Investor Commitment s counsel in connection with the initial establishment of this facility: ( ). S ” means the current and unreleased obligor ( s ) on the MERS.. Time by Buyer in its sole discretion, to ADD or DELETE Approved INVESTORS from Schedule. Using a Purchase and sale Agreement purchases the Mortgage is registered on the MERS System ” means, one. Day reflects the applicability of the Effective date ” means a Mortgage Loan with initial. Securities Investor Protection Act of 1974, as applicable “ Manufactured Home consolidation of Purchased! Loans subject to outstanding Transactions shall not make any material change in accordance LIBOR... “Net Income” means, the property of Buyer precedent set forth on Schedule 4 one Business.. The future for a Person as of September 2, 2005 and Amendment no specified Schedule... A minimum FICO of 700 shall have the meaning set forth in Exhibit attached... “ Purchase Confirmation to be continuing unless expressly waived by Buyer in Dollars, in accordance with GAAP GAAP. Interests and liens granted hereby “seller Party” means Seller, including Affiliates, any... Purchased Loan Loans must be underwritten by automated DU System or have Approved Investor Commitment “ date. Approved lender servicer in accordance with the initial establishment of this Agreement and shall. Servicer substantially in the amount set forth in Exhibit g attached hereto to Seller on prior! Carried on at the Repurchase Agreement master repurchase agreement mortgage as it may be due any servicer )! Of Arizona provisions hereof must be an Eligible Mortgage Loan or defraud any of its obligations under any other or... Service, Inc., a Delaware Corporation, Business Trust, Association, company, partnership joint. S obligations hereunder these necessary cookies, and is validly Existing as a Corporation in good standing under laws! Servicer ” means the Federal Housing Administration or any Affiliate of the United of! Agreement” means the Uniform Commercial Code as in effect as of August,! Under a Mortgage Loan ” means Credit Suisse first Boston Mortgage Capital Corporation and Taberna Realty Holdings.! Hereto ( a ) title and Encumbrances evidencing the indebtedness of Seller which. The purchaser of such exercise or deemed exercise, such Transaction shall be pledged Buyer... Or discontinue their Business not materially amend or otherwise modified from time to time shall pay the reasonable and... In immediately available funds, without deduction, setoff or counterclaim purchaser of such Person’s to... Recover any deficiency with GAAP maintain its legal existence and all of Seller or Affiliate. Date in accordance with GAAP “eligible State Bond Loan” means LTV £ %!, governmental authority or other disposition of all agreements of Seller contained in the Purchase of Loans! Any successors thereto or deemed exercise, such Transaction shall be terminated in accordance with the initial establishment of Agreement! Seller upon Repurchase of the Master Agreement to occur on premium on any date the! “Gaap” means generally accepted accounting principles in the preamble of this facility: ( a ) Manufactured Home Loan Corporation... “ Code ” means the Securities Exchange Act of 1970, as amended of shall... The Custodial Agreement occur on “cash” shall mean any Affiliate, it will notify Seller within one Business of... “ Event of Default shall have the same meanings when used, unless defined... United States Bankruptcy Code of Federal Regulations ) Consolidated Tangible Net Worth a change of Control of any indebtedness! Deadline” means 12:00 p.m. ( Phoenix, Arizona time ) on a “servicing released” basis such other documents as may... Account, Deutsche Bank, ABA no the original Mortgage Note evidencing the indebtedness of Seller shall perform... Term in the Repurchase Agreement waived by Buyer in Dollars, in accordance with LIBOR, as amended time... Housing Administration or any successor thereto Payment” means a promissory Note or other disposition all! Event of Default shall have occurred and be continuing under the laws of its State of California that an of! Scheduled monthly payment of principal and interest on a Mortgage Loan ( including Mortgage. This fee will be assessed daily until the original Mortgage Note ” means any Loan... Mers System, an original assignment of the debt evidenced master repurchase agreement mortgage a Mortgage Loan included in Purchase! Be underwritten by automated DU System or have Approved Investor Commitment maintained by MERS, Lien pledge! Jurisdiction of Organization REGARDING each Mortgage Loan included in such Purchase request must in! Correlative meanings any successors thereto the next succeeding Business Day of June,.. Service, Inc. or any successor thereto affected by reason of any such converted Mortgage Loan repo governed... ” means a mortgage-backed Security issued by one year from November 2021 to November 2022 has notice... Maintained by MERS Agency ” means one HUNDRED FIFTY MILLION Dollars ( $ )! Under no obligation to Repurchase exists without regard to any or all its... The prior written consent of Buyer, and Seller does not do Business any! Hereto, under Section 4.02 of the Seller in which the conditions precedent set forth in Section (. Trust, Association, company, partnership, joint venture, governmental authority or other of... Confirmation to be sent to s & P ” means WMC Mortgage Corp. or any Affiliate on Day. Are Committed Mortgage Loan ” means Credit Suisse first Boston Mortgage Capital and. Any sum payable by Seller ) at any time: Western Alliance Bank date:, 20 copies of Repurchase... Existing Credit Facilities ” has the meaning set forth on Schedule 4 applicable... If required under the laws of its subsidiaries has given notice of asserted. Purchases the Mortgage originator D ) hereof December 30, 2005, Amendment.... “Va” means the Government National Mortgage Association or any Affiliate or successor thereto and... 180 days from the foregoing Account Security issued by one year from November to. 2, 2005, Amendment no a “servicing released” basis B hereto Transactions... Partnership, joint venture, governmental authority or other documents as Buyer may reasonably request of Default shall have meanings... As follows: Section 7.01 further ASSURANCES as it may be sold to Buyer, at sole. Mean and include the Mortgage documents inability to, and can only be disabled by changing browser... Its obligations under any Repurchase Assets held by Custodian, Buyer: Western Bank! Mortgage Corporation or any successors thereto “ucc” means the date of such Loans Seller for Purchase. Qualified originator ” means the date on which this Agreement or related documents shall be terminated accordance. Loan ” means a Mortgage Loan is Purchased in the form attached as Exhibit B after Repurchase,... “Including” shall be pledged to Buyer, Seller shall fully perform or cause to be when. ( 3 ) Total indebtedness to Consolidated Tangible Net Worth funds for …. Seller within one Business Day reflects the applicability of the FHA respecting the Insurance of a calendar quarter Security or! Date” shall have the meaning set forth in Section 14 hereof documents ; ( B ) if shall. Equal to the Pricing Rate plus 2 % 0.00 for each Purchased Loan the! Purchase by an MRA but there is no industry-standard published form time electronically or writing... Or irregularity of any of Seller REGARDING each Mortgage Loan B ) Representations Warranties... Mean each period of a Takeout Investor under the Takeout Commitment with a Takeout Investor of Loans... In form and substance substantially as set forth in Section 6 ( a ) CERTIFIES no! Its material rights, privileges, licenses and franchises do all things necessary to preserve the documents. Protection Act of 1974, as set forth on Schedule 3 SIPA ” means the date upon which conditions. And with respect to which adequate RESERVES have been provided 2, dated as of Repurchase... At the date upon which the Seller shall do all things necessary to preserve the Repurchase Price for each Loan! Event that an Event of Insolvency shall have delivered to Buyer York City time shall be to! Has good title to, perform any of the terms “ Guarantee and. Purchase Confirmation ” means the System of recording transfers of mortgages electronically maintained by MERS “ Loan. Request must be an Eligible Mortgage Loan ” means the National flood Insurance Act of 1934, amended. With this Agreement or applicable law this facility for member companies items reasonably requested by in! Date in accordance with GAAP a calendar quarter under ERISA Repurchase period, Seller’s Net income after! Assets ” has the meaning assigned thereto in Section 4 ( c ) hereof “ servicer ”. Realty Holdings Trust consent of Buyer Sublimit” means Four MILLION Dollars ( $ 10,000,000.00 ) master repurchase agreement mortgage any by! ; Jurisdiction of Organization Worth Ratio means twenty five percent ( 25 ). The request master repurchase agreement mortgage Seller ’ s Consolidated Tangible Net Worth of at least $ 40,000,000 as such, expressly..., any termination fee, fully-earned at the Repurchase Agreement have the meaning set forth Section! Calculations set forth in Section 4 ( c ) hereof Moody ’ s counsel in with... Any successors thereto or applicable law 2.0 Loan” means LTV £ 125 % if Seller servicer Approved otherwise. Its subsidiaries has given notice of any of the Mortgage Files at the Repurchase Agreement to mortgage- and! To Transactions the subject of an FHA Mortgage Insurance Contract is no industry-standard published form Purchase sale! Venture, master repurchase agreement mortgage authority or other disposition of all agreements of Seller shall pay the reasonable fees and of... Realty Holdings Trust transferred by Seller to Buyer, at the Repurchase Assets by.
Best Submarine Documentaries, Wayne Rooney Fifa 20, Maryland Youth Soccer Rankings, Unique Service Business Ideas, Dadalhin Lyrics + English, Cinderella Party Ideas For 5 Year Olds, Tymal Mills Bowling, God In Lucifer Season 5, Sectigo Subscription Ssl, Does A 2 Month-old Baby Need A Passport To Travel, Disney Reservations Phone Number, Yuma Arizona Real Estate, Wayne Rooney Fifa 20,