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 FUND AND NET WAC CAP ACCOUNT
Delinquent Loans. Any Loan constitutes a Delinquent Loan for a period of more than three (3) successive Business Days;
Delinquent Loans. 55 ARTICLE IIIA GUARANTEE; RESERVE FUND; AND NET WAC CAP ACCOUNT..................55 SECTION 3A.01. GUARANTEE...................................................55 SECTION 3A.02 RESERVE FUND AND YIELD MAINTENANCE AGREEMENT.................55 SECTION 3A.03. NET WAC CAP ACCOUNT.........................................56
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. 52 ARTICLE IIIA POLICY; RESERVE FUND; AND NET WAC CAP ACCOUNT......................52
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. The following table shows the delinquencies in our loan portfolio as of the dates indicated. December 31, 2017 December 31, 2016 30-89 Days 90 Days or more 30-89 Days 90 Days or more Number Balance Number Balance Number Balance Number Balance (Dollars in thousands) Loans secured by real estate: 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. Year Ended December 31, 2017 2016 2015 2014 2013 (Dollars in thousands) Non-accruing loans: 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 Accruing loans 90 days or more past due 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. In the case of default and when CIC is both the first mortgage lender and OIF lender, the Investment Committee or CIC are authorized to request a third party manager where appropriate. • When CIC files foreclosure against a delinquent loan, staff will perform a preliminary analysis of value. A copy of the analysis will be placed in both the foreclosure file and the loan file. • Upon appointment of a receiver, which will give CIC full access to the building and a valid rent roll, CIC’s construction department will inspect the property and provide Servicing with a condition report and the estimated cost of repairs needed, if any. A copy of this report will be placed in both the foreclosure file and the loan file. • An appraisal will be ordered at time of judgment. If the construction review has been completed, this will be provided to the appraiser. A copy of the completed appraisal will be placed in both the foreclosure file and the loan file. • After the construction inspection, CIC will enter loss projections onto the loan delinquency report that is provided to investors and update these projections on a monthly basis. The appraised value provided by the outside appraiser will be entered onto the delinquency report as soon as it is available.
Delinquent Loans. 67 ARTICLE IIIA RESERVE FUND; net wac cap account AND PRE-FUNDING ACCOUNT.............................................................67
