Exception

Exception. Shall mean, with respect to any Mortgage Loan, any of the following: (i) the variances from the requirements of Section 2 hereof with respect to the Mortgage Files (giving effect to the Borrower's right to deliver certified copies in lieu of original documents in certain circumstances), (ii) a Mortgage Loan which has been pledged to the Lender under the Loan Agreement in excess of 120 calendar days, (iii) a Mortgage Loan that has been released to the Borrower... pursuant to Section 5(a) hereof in excess of fifteen (15) calendar days, (iv) an Eligible Mortgage Loan that has been released under any Transmittal Letter in the form of ANNEX 10 AND 11 hereto in excess of the time period stated in such Transmittal Letter for release and (v) any Mortgage Loan with respect to which the Custodian receives written notice or has actual knowledge of a lien subject or security interest in favor of a Person other than the Lender with respect to such Mortgage Loan. View More

Exception. Has the meaning provided by paragraph 4(a)(i) hereof.