Exception Loans Sample Clauses

Exception Loans. SL shall promptly advise SRT about any application for a Mortgage Loan that SL determines does not meet the SRT Underwriting Guidelines (“Exception Loan”). SRT may, in its sole discretion, advise SL to process such Mortgage Loan and, if so, upon what terms and conditions SL shall process such Mortgage Loans. SRT shall at all times during this Agreement maintain sufficient levels of staffing and resources necessary to comply with the preceding sentence. Upon such direction by SRT, SL shall complete the performance of the Origination Services with respect to such Exception Loan. SL shall issue Approval Letters on those applications associated with an Exception Loan. All Approval Letters issued with respect to Exception Loans shall be for loans to be made at the interest rates set forth on the SRT rate sheet for the applicable product type, taking into account the applicable origination points, discount points, Concessions and/or lock-in fees. SRT shall reimburse SL for any reasonable, customary and documented out-of-pocket costs and expenses incurred in the origination of any Exception Loan, to the extent such documented out-of-pocket costs and expenses exceed SL’s normal costs and expenses incurred with respect to the origination of a Mortgage Loan.
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Exception Loans. Cendant shall promptly advise MLCC about any application for a Loan referred by a Wholesale Lender that (i) Cendant determines does not meet the Underwriting Guidelines or the provisions of the Correspondent Lending Guide or the Mortgage Broker Guide, as the case may be, or (ii) is for an Equity Access® Loan ((i) and (ii) each a “Program Exception Loan”). With respect to a Program Exception Loan described in clause (i) of the immediately preceding sentence, promptly after advising MLCC about such application, Cendant and MLCC shall con sxxx and negotiate in good faith with each other to determine: (a) why such application does not meet the Underwriting Guidelines or the provisions of the Correspondent Lending Guide or the Mortgage Broker Guide, as the case may be; (b) whether Cendant, in processing such Program Exception Loan, would incur any out-of-pocket costs and expenses that would exceed Cendant’s normal and customary out-of-pocket costs and expenses incurred in connection with Cendant’s processing of Loans, and the estimated amount, if any, of such excess costs and expenses;
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Exception Loans. 28 4.15 Investor Repurchase and Indemnification............................28 4.16 Fraud..............................................................28 4.17
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Exception Loans. PHH shall promptly advise MLCC about any application for a Mortgage Loan that PHH determines does not meet the MLCC Underwriting Guidelines (“Exception Loan”). MLCC may, in its sole discretion, advise PHH to process such Mortgage Loan and, if so, upon what terms and conditions PHH shall process such Mortgage Loans. MLCC shall at all times during this Agreement maintain sufficient levels of staffing and resources
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Exception Loans. PHH shall promptly advise MLCC about any application for a Mortgage Loan that PHH determines does not meet the MLCC Underwriting Guidelines (“Exception Loan”). MLCC may, in its sole discretion, advise PHH to process such Mortgage Loan and, if so, upon what terms and conditions PHH shall process such Mortgage Loans. MLCC shall at all times during this Agreement maintain sufficient levels of staffing and resources necessary to comply with the preceding sentence. Upon such direction by MLCC, PHH shall complete the performance of the Origination Services with respect to such Exception Loan. PHH shall issue Approval Letters on those applications associated with an Exception Loan. All Approval Letters issued with respect to Exception Loans shall be for loans to be made at the interest rates set forth on the MLCC rate sheet for the applicable product type, taking into account the applicable origination points, discount points, Concessions and/or lock-in fees. MLCC shall reimburse PHH for any reasonable, customary and documented out-of-pocket costs and expenses incurred in the origination of any Exception Loan, to the extent such documented out-of-pocket costs and expenses exceed PHH’s normal costs and expenses incurred with respect to the origination of a Mortgage Loan.
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Exception Loans. Except as disclosed in Schedule 4.14 hereto, no Mortgage Loan is (a) a VA guaranteed loan, (b) insured under the National Housing Act, (c) subject to a bi-weekly payment plan, (d) secured by manufactured housing that is not affixed to a permanent structure, (e) a reverse mortgage loan, (f) a graduated payment loan that is still in the adjustment period of loan, (g) a housing authority loan, or (h) an FmHA loan.
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Exception Loans. Borrower shall not use the proceeds of any Loans hereunder directly or indirectly for any unlawful purpose or in any manner inconsistent with any other provision of any Loan Document.
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Exception Loans. Except as Previously Disclosed, no Mortgage Loan is (a) insured under Sections 235, 245 or 265 of the National Housing Act, (b) secured by manufactured housing that is not affixed to a permanent structure, (c) a reverse mortgage loan, (d) a graduated payment loan that is still in the adjustment period of loan, (e) a housing authority loan, (f) an FmHA loan, (g) a "buydown" loan or a loan subject to shared appreciation, contingent interest features or interest rate subsidies, or (h) a balloon loan.
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Related to Exception Loans

  • Acquisition Loans The proceeds of the Acquisition Loans may be used only for the following purposes: (i) for working capital and general corporate purposes, including, without limitation, the issuance of Letters of Credit and to pay outstanding Floor Plan Loans; and (ii) to make Permitted Acquisitions.

  • Existing Loans Schedule 2.3(j) lists, as of the date hereof, all (i) secured loans encumbering the Properties or any direct or indirect interest in the applicable Contributed Entity and (ii) any other indebtedness of any Contributed Entity or subsidiary (collectively, the “Disclosed Loans”) and the outstanding aggregate principal balance as of the date set forth on Schedule 2.3(j). To the Knowledge of Contributor, no monetary default (beyond applicable notice and cure periods) by any party exists under any of the Disclosed Loans and the documents entered into in connection therewith (collectively, the “Disclosed Loan Documents”) and no non-monetary default (beyond applicable notice and cure periods) by any party exists under any of the Disclosed Loan Documents.

  • Loans The Sponsor has agreed to make loans to the Company in the aggregate amount of up to $300,000 (the “Insider Loans”) pursuant to a promissory note substantially in the form annexed as an exhibit to the Registration Statement. The Insider Loans do not bear any interest and are repayable by the Company on the earlier of December 31, 2021 or the consummation of the Offering.

  • LOANS, ADVANCES, INVESTMENTS Make any loans or advances to or investments in any person or entity, except any of the foregoing existing as of, and disclosed to Bank prior to, the date hereof.

  • Other Loans In the event the Partnership is in need of additional funds other than an FF&E Loan or a Capital Improvement Loan, the Company may, but shall not be obligated to, make loans to the Partnership in such amounts as are necessary. Any such loan shall bear interest at a rate, and shall have repayment terms, as the General Partner shall reasonably determine.

  • Member Loans The Member may make loans (“Member Loans”) to the Company, which shall bear interest and be repaid on such reasonable terms and conditions as may be approved by the Member.

  • Construction Loan Subject to the terms and conditions of this Agreement and in reliance upon the representations and warranties set forth in this Agreement, the Lender has agreed to lend to Borrower and Borrower has agreed to borrow from Lender the lesser of: (i) $27,000,000.00; or (ii) 55% of the Project Costs. Such amount shall be loaned by Lender pursuant to the terms and conditions set forth in this Agreement and the First Supplement to this Agreement.

  • Revolving Loans The Borrower shall repay to the Lenders on the Maturity Date the aggregate principal amount of all Revolving Loans outstanding on such date.

  • Existing Loan Seller represents and warrants to Buyer that the Existing Loan is the only indebtedness secured by the Property and that the information contained on Exhibit H is true, correct and complete in all material respects. To Seller’s Knowledge, neither Seller nor any guarantor is in default or breach of any provisions of the documents evidencing the Existing Loan and, to Seller’s Knowledge, no event or circumstance has occurred or exists which but for the passage of time would be a default under the Existing Loan. At Closing, Buyer shall accept the conveyance of the Property subject to the Existing Loan, including, without limitation, all liens securing its payment. If this Contract is still pending, by no later than fifteen (15) days after the Effective Date, Seller shall cause Existing Lender to deliver to Buyer (or for Seller to deliver to Buyer) a complete assumption and application, and thereafter Buyer shall, at its sole cost and expense, during the pendency of this Contract use diligent, commercially reasonable efforts, in cooperation with Seller, to facilitate Buyer’s assumption of the Existing Loan, including, without limitation, promptly furnishing and/or paying for all items required by the holder of the Existing Loan or its servicer to process Buyer’s application and pay all costs required by the holder of the Existing Loan or its servicer (such costs and all other costs and expenses of the holder of the Existing Loan or its servicer to consider, investigate, process, approve and document the transaction contemplated by this Contract, including all application, underwriting, legal, rating agency and assumption fees, being sometimes collectively referred to as the “Assumption Costs”); provided, however, in no event shall the Assumption Costs include any legal fees of Seller’s own counsel or legal fees of Existing Lender’s counsel necessitated by Seller’s negotiation of the Assumption Documents or necessitated by Seller’s pursuit of an exchange contemplated by Section 16.14 hereof. In addition, any assumption fee based solely on the amount of the Existing Loan need not be paid until Closing. Such efforts by Buyer shall include causing Buyer’s rights under this Contract to be assigned by no later than Closing to a single purpose entity or other special purpose entity as required by the holder of the Existing Loan or its servicer and causing an appropriate guarantor (“New Guarantor”) to become a guarantor of any non-recourse carveouts and environmental indemnitees of the Existing Loan in place and stead of the principals of Seller from and after the Closing Date. If the Assumption Documents require that Buyer or New Guarantor give representations or warranties to Existing Lender with respect to matters affecting the Property prior to Closing, Seller and such principals of Seller currently liable therefor shall indemnify, defend and hold harmless Buyer and New Guarantor from all claims from Existing Lender and all damages, costs and expenses owed to Existing Lender as a result of a breach thereof, provided that the representations and warranties so made are limited to reasonable matters affecting the Property prior to Closing. Except as expressly provided in this Section 4.4, Buyer, and not Seller, shall be responsible for all costs, fees and expenses incurred or payable as a result of the Assumption Costs and complying with the requirements of the Existing Loan for an assumption, and Buyer hereby agrees to indemnify, defend and hold harmless Seller from all of said costs, fees and expenses. Buyer’s foregoing indemnity regarding the Assumption Costs shall survive Closing and any termination of this Contract. The liens, assignments and security interests of the Existing Loan shall each be Permitted Exceptions (as shall be the Assumption Document to be executed at Closing).

  • ARD Loans Each Mortgage Loan identified in the Mortgage Loan Schedule as an ARD Loan starts to amortize no later than the Due Date of the calendar month immediately after the calendar month in which such ARD Loan closed and substantially fully amortizes over its stated term, which term is at least 60 months after the related Anticipated Repayment Date. Each ARD Loan has an Anticipated Repayment Date not less than five years following the origination of such Mortgage Loan. If the related Mortgagor elects not to prepay its ARD Loan in full on or prior to the Anticipated Repayment Date pursuant to the existing terms of the Mortgage Loan or a unilateral option (as defined in Treasury Regulations under Section 1001 of the Code) in the Mortgage Loan exercisable during the term of the Mortgage Loan, (i) the Mortgage Loan’s interest rate will step up to an interest rate per annum as specified in the related Mortgage Loan documents; provided, however, that payment of such Excess Interest shall be deferred until the principal of such ARD Loan has been paid in full; (ii) all or a substantial portion of the excess cash flow (which is net of certain costs associated with owning, managing and operating the related Mortgaged Property) collected after the Anticipated Repayment Date shall be applied towards the prepayment of such ARD Loan and once the principal balance of an ARD Loan has been reduced to zero all excess cash flow will be applied to the payment of accrued Excess Interest; and (iii) if the property manager for the related Mortgaged Property can be removed by or at the direction of the mortgagee on the basis of a debt service coverage test, the subject debt service coverage ratio shall be calculated without taking account of any increase in the related Mortgage Interest Rate on such Mortgage Loan’s Anticipated Repayment Date. No ARD Loan provides that the property manager for the related Mortgaged Property can be removed by or at the direction of the mortgagee solely because of the passage of the related Anticipated Repayment Date.

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