Delinquent Loans. For all purposes in this Agreement and the Exhibits and Schedules attached hereto, the determination as to whether a Loan is delinquent shall be based on the number of days that payments on such Loan are contractually past due, assuming 30-day months. For example, a payment due on the first day of a month is not 30 days delinquent until the first day of the following month.
Delinquent Loans. Any Loan constitutes a Delinquent Loan for a period of more than three (3) successive Business Days;
Delinquent Loans. The lender will service delinquent loans in accordance with the Lender’s Agreement and rea- sonable and prudent lending standards.
Delinquent Loans. 61 ARTICLE IIIA RESERVE FUNDS AND net wac cap account..............................................................62 SECTION 3A.01 CAP RESERVE FUND AND CAP AGREEMENT............................................................62 SECTION 3A.02 CORRIDOR RESERVE FUND AND CORRIDOR AGREEMENT..................................................63 SECTION 3A.03. NET WAC CAP ACCOUNT..........................................................................64
Delinquent Loans. 61 ARTICLE IIIA RESERVE FUND AND NET WAC CAP ACCOUNT...............................................................61 SECTION 3A.01 RESERVED......................................................................................61 SECTION 3A.02 RESERVE FUND AND YIELD MAINTENANCE AGREEMENT..................................................61 SECTION 3A.03. NET WAC CAP ACCOUNT..........................................................................62
Delinquent Loans. 52 ARTICLE IIIA RESERVE FUND; AND net wac cap account.............................................................53
Delinquent Loans. The following table shows the delinquencies in our loan portfolio as of the dates indicated. Residential 1-4 family 1 $ 143 4 $ 678 2 $ 39 3 $ 678 Commercial 1 9 - - - - - - Multi-family - - - - - - - - Agricultural - - - - - - - - Land 1 27 - - - - - - Residential construction - - - - 1 28 - - Home equity lines of credit - - - - - - - - Totals by loans secured by real estate 3 179 4 678 3 67 3 678 Commercial loans 2 556 - - - - 2 27 Agricultural loans - - - - - - - - Consumer loans 4 27 2 8 4 19 5 85 Total delinquent loans 9 $ 762 6 $ 686 7 $ 86 10 $ 790 Delinquent loans to total net loans 0.32 % 0.29 % 0.04 % 0.39 % Non-performing Assets. The following table shows the amounts of our non-performing assets, which include non-accruing loans, accruing loans 90 days or more past due, and other foreclosed assets at the dates indicated. We did not have any troubled debt restructurings at any of the dates indicated. Residential 1-4 family real estate $ 269 $ 879 $ 829 $ 570 $ 52 Commercial real estate - - - 9 - Multi-family real estate - - - - - Agricultural real estate - - - - - Land - - 18 20 - Residential construction real estate - - - - - Home equity lines of credit 30 - - - - Commercial loans - 35 11 49 - Agricultural - - - - - Total 307 999 880 653 58 Residential 1-4 family real estate $ 442 $ - $ - $ - $ - Commercial real estate - - - - - Multi-family real estate - - - - - Agricultural real estate - - - - - Land - - 29 - - Residential construction real estate - - - - - Home equity lines of credit - - - - - Commercial loans - - - 21 23 Agricultural - - - - - Consumer loans - - - 7 18 Total 442 - 29 28 41 Total non-performing loans $ 749 $ 999 $ 909 $ 681 $ 99 Other foreclosed assets(1) - 48 109 20 - Total non-performing assets $ 749 $ 1,047 $ 1,018 $ 701 $ 99 Total non-performing loans as a percentage of net loans 0.32 % 0.50 % 0.53 % 0.48 % 0.09 % Total non-performing loans as a percentage of total assets 0.26 % 0.42 % 0.43 % 0.40 % 0.07 % Total non-performing assets as a percentage of total assets 0.26 % 0.44 % 0.48 % 0.41 % 0.07 % ___________________
Delinquent Loans. Borrower shall pay to Agent, for the benefit of Lenders to be applied against the outstanding principal balance on the Receivables Loan, an amount equal to 85% of the then unpaid principal balance of any Timeshare Loan (or 60% of the then unpaid principal balance of such Timeshare Loan if it is a Non-Conforming Qualified Timeshare Loan) comprising part of the Lender Portfolio Timeshare Loans (without prepayment penalty or premium) in the event that: (a) such Timeshare Loan becomes a Delinquent Loan, (b) any applicable representation or warranty set forth at Sections 9 or 10 or elsewhere herein proves false with respect to such Timeshare Loan, or (c) Borrower shall fail to deliver a Title Insurance Policy, as required by Section 23.2 with respect to such Timeshare Loan. With respect to a Delinquent Loan, such payment shall be made on or before the thirtieth (30th) day after such Timeshare Loan has become a Delinquent Loan, computed without reference to any notice or grace period. With respect to a Timeshare Loan in respect of which a representation or warranty proves or becomes false or which Borrower is obligated to pay under subsection 12.1(c), such payment shall be made within thirty (30) days after Borrower becomes aware of such false representation or warranty, failure to confirm or failure to deliver, by receipt of notice from Agent or otherwise. Other than in connection with Permitted Modifications, Borrower may not cure any actual or anticipated delinquency of any Lender Portfolio Timeshare Loan by revising, rewriting or recasting the payment terms of such Timeshare Loan unless otherwise agreed to by Lender in writing in its sole discretion. If a Qualified Timeshare Loan or Non-Conforming Qualified Timeshare Loan is amended to cure a delinquency without Lender’s agreement, such Timeshare Loan shall be deemed a Delinquent Loan. In the event that the then outstanding principal balance of the Receivables Loan is less than 85% of the aggregate outstanding principal balances of the Timeshare Loans (or 60% of the aggregate outstanding principal balances of Timeshare Loans constituting Non-Conforming Qualified Timeshare Loans, as applicable) then comprising the Lender Portfolio Timeshare Loans (after removal of the applicable Delinquent Loans and Timeshare Loans described in subsection 12.1(c)), except to the extent Borrower has pledged additional Qualified Timeshare Loans or Non-Conforming Qualified Timeshare Loans for such Delinquent Loans, Agent, at its...
Delinquent Loans. 77 ARTICLE IIIA RESERVE FUND AND NET WAC CAP ACCOUNT...............................................................77
Delinquent Loans. For all purposes in this Agreement and the Exhibits and Schedules attached hereto, the determination as to whether a Loan is delinquent shall be based on the number of days that payments on such Loan are contractually past due, assuming 30-day months. For example, a payment due on the first day of a month is not 30 days delinquent until the first day of the following month. ARTICLE IIIA RESERVE FUNDS AND NET WAC CAP ACCOUNT
SECTION 3A.01 Cap Reserve Fund and Cap Agreement.
(a) On the Closing Date, the Trustee shall establish and maintain in its name, in trust for the benefit of the Certificateholders, the Cap Reserve Fund to cover certain payments to the Offered Certificates. The Cap Reserve Fund shall be an Eligible Account, and funds on deposit in such fund shall be held separate and apart from, and shall not be commingled with, any other moneys, including without limitation, other moneys held by the Trustee pursuant to this Agreement. The Cap Reserve Fund shall be treated as an "outside reserve fund" under applicable Treasury regulations and will not be part of any REMIC. Any investment earnings on funds on deposit in the Cap Reserve Fund will be treated as owned by the Trustee and will be taxable to the Trustee. Distributions made to the Cap Reserve Fund under this document shall be treated as made to the Trustee.
(b) In addition, on the Closing Date, the Master Agreement (including the Cap Agreement) will be entered into by the Counterparty and the Trustee, for the benefit of the Certificateholders. On each Distribution Date, the Trustee will deposit into the Cap Reserve Fund any amounts received pursuant to the Cap Agreement. The Trustee shall collect payments due under and otherwise enforce the terms of the Cap Agreement. The Trustee shall make withdrawals from the Cap Reserve Fund to make distributions pursuant to Section 4.02(e). Notwithstanding anything to the contrary contained herein, in no event shall the Trustee in its fiduciary capacity be liable to the Holders of the Offered Certificates, be required to make any deposit from its own funds into the Cap Reserve Fund, or be required to take any action against the Counterparty in connection with any delay in payment of amounts due under the Cap Agreement caused by any government action as further described in clause (j) of Part I of the Schedule to the Master Agreement during the grace period specified therein.
(c) The Trustee may, but need not, invest the funds in the Cap Reserve Fund in Permi...
