ADVANCE AGAINST A SPECIFIC MORTGAGE
LOAN UPON THE EARLIEST OCCURRENCE OF ANY OF THE FOLLOWING EVENTS:
(1)
THE EXPIRATION OF NINETY (90) DAYS FROM THE DATE OF ANY ADVANCE
FOR ANY MORTGAGE LOAN (EXCLUDING AGED MORTGAGE LOANS);
(2)
THE EXPIRATION OF THIRTY (30) DAYS FROM THE DATE THE MORTGAGE LOAN
WAS DELIVERED TO AN INVESTOR FOR EXAMINATION AND PURCHASE, WITHOUT THE PURCHASE
BEING MADE, OR UPON REJECTION OF THE MORTGAGE LOAN AS UNSATISFACTORY BY AN
INVESTOR AND WITHOUT SUCH MORTGAGE LOAN BEING REDELIVERED BY SUCH INVESTOR TO
THE LENDER AND CONTINUING THEREAFTER TO QUALIFY AS AN ELIGIBLE MORTGAGE LOAN
HEREUNDER;
(3)
THE EXPIRATION OF FORTY-FIVE (45) DAYS FROM THE DATE MORTGAGE LOAN
IS DELIVERED TO THE CERTIFICATING CUSTODIAN ACCEPTABLE TO THE LENDER FOR THE
ISSUANCE OF A MORTGAGE-BACKED SECURITY;
(4)
THE EXPIRATION OF FIVE (5) BUSINESS DAYS FROM THE DATE A WET
SETTLEMENT ADVANCE WAS MADE WITHOUT RECEIPT OF ALL COLLATERAL DOCUMENTS RELATING
TO SUCH MORTGAGE LOAN, OR SUCH COLLATERAL DOCUMENTS, UPON EXAMINATION BY THE
LENDER, ARE FOUND NOT TO BE IN COMPLIANCE WITH THE REQUIREMENTS OF THIS
AGREEMENT OR THE RELATED PURCHASE COMMITMENT;
(5)
THE EXPIRATION OF TEN (10) CALENDAR DAYS FROM THE DATE A
COLLATERAL DOCUMENT IN CONNECTION WITH SUCH MORTGAGE LOAN WAS DELIVERED TO THE
COMPANY FOR CORRECTION OR COMPLETION, WITHOUT BEING RETURNED TO THE LENDER,
CORRECTED OR COMPLETED;
(6)
THE MORTGAGE LOAN IS NOT OR CEASES TO BE AN ELIGIBLE MORTGAGE
LOAN;
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(7)
THE EXPIRATION OF THREE (3) BUSINESS DAYS AFTER THE DATE ON WHICH
THE RELATED PURCHASE COMMITMENT, IF ANY, EXPIRES, IS TERMINATED OR OTHERWISE
CANCELED OR NO LONGER IN FULL FORCE AND EFFECT AND THE SPECIFIC MORTGAGE LOAN
WAS NOT DELIVERED UNDER THE PURCHASE COMMITMENT PRIOR TO SUCH TERMINATION,
EXPIRATION OR CANCELLATION; AND
(8)
UPON SALE OF THE MORTGAGE LOAN.
Upon receipt of such payment by the Lender, such Mortgage Loans or
Mortgage-backed Securities shall be considered to have been redeemed from
pledge, and the Collateral Documents relating thereto which have not been
delivered to the Investor or the pool custodian or pool trustee shall be
released by the Lender to the Company.
(D)
WITH RESPECT TO AGED MORTGAGE LOANS, THE COMPANY SHALL BE
OBLIGATED TO PAY TO THE LENDER (AND THE COMPANY AUTHORIZES THE LENDER TO CHARGE
THE OPERATING ACCOUNT OR ANY OTHER ACCOUNTS OF THE COMPANY [EXCLUDING MONIES
HELD BY THE COMPANY IN TRUST FOR THIRD PARTIES] IN LENDER'S POSSESSION FOR THE
PAYMENT THEREOF) THE PRINCIPAL PAYMENTS IN THE AMOUNTS AND ON THE DATES
SPECIFIED BELOW:
(1)
ON THE DATE A PLEDGED MORTGAGE BECOMES AN AGED MORTGAGE LOAN, A
PRINCIPAL PAYMENT IN AN AMOUNT NECESSARY TO REDUCE THE OUTSTANDING UNPAID
ADVANCES AGAINST SUCH AGED MORTGAGE LOAN TO AN AMOUNT EQUAL TO NINETY PERCENT
(90%) OF THE COLLATERAL VALUE OF SUCH AGED MORTGAGE LOAN AS OF SUCH DATE;
(2)
THIRTY (30) DAYS FOLLOWING THE DATE A PLEDGE MORTGAGE BECOMES AN
AGED MORTGAGE LOAN, A PRINCIPAL PAYMENT IN AN AMOUNT NECESSARY TO REDUCE THE
OUTSTANDING UNPAID ADVANCES AGAINST SUCH AGED MORTGAGE LOAN