No Negative Amortization. No Mortgage Loan (other than an Option ARM Mortgage Loan) is subject to negative amortization. No Option ARM Mortgage Loan permits negative amortization in excess of 115% (110%, with respect to each Option ARM Mortgage Loan secured by Mortgaged Property located in the State of New York) of the original principal balance of such Option ARM Mortgage Loan; and
Appears in 2 contracts
Sources: Mortgage Loan Purchase and Warranties Agreement (Morgan Stanley Mortgage Loan Trust 2007-15ar), Mortgage Loan Purchase and Warranties Agreement (Morgan Stanley Mortgage Loan Trust 2007-15ar)