Examples of Bridge Mortgage Loan in a sentence
Bridge Mortgage Loan are granted by the Originator to the relevant Borrowers to purchase a new house by obtaining a loan to bridge the period the Borrower temporarily owns two properties.
BAC shall not be assessed a Commitment Fee or Non-Use Fee on Bridge Mortgage Loans or Interim Mortgage Loans until such time as a Bridge Mortgage Loan or Interim Mortgage Loan (other than the Grandfathered Loans) becomes subject to a Transaction, and, at such time, the fees payable with respect to Bridge Mortgage Loans and Interim Mortgage Loans, respectively, shall be those set forth in Exhibit I, Part I of this Agreement, as may be amended from time to time by the parties hereto.
A loss in respect of a Bridge Mortgage Loan will not be a Realised Loss and will as a result not be debited to the Principal Deficiency Ledger as on the Principal Deficiency Ledger losses are registered in respect of Mortgage Receivables which back the Notes, other than the Class S Notes and the Class X Notes.
With respect to the Interim and Bridge Mortgage Loan portion of the line, an additional Commitment Fee in an amount to be determined by the Sellers and the Buyer shall be payable prior to the Buyer entering into any Transactions with respect to Interim Mortgage Loans or Bridge Mortgage Loans.
Each Seller makes the following representations and warranties to Buyer, with respect to each Purchased Asset that is a Cherrywood Mortgage Loan or CRE Bridge Mortgage Loan, as of the Purchase Date for the purchase of any such Purchased Asset by Buyer from such Seller and at all times while such Purchased Asset is subject to a Transaction hereunder.
With respect to each RTL Mortgage Loan, Cherrywood Mortgage Loan and CRE Bridge Mortgage Loan, the applicable Seller shall hold or cause to be held all related Holdback Amounts (exclusive of the related Non-Segregated Holdback Amounts) not yet disbursed to the related Mortgagor in the applicable Holdback Account and shall apply the same to improve and rehabilitate the related Mortgaged Property in accordance with the related Loan Documents.
Such Mortgage Loan is either an Eligible Cherrywood Mortgage Loan or an Eligible CRE Bridge Mortgage Loan, as applicable, and such Mortgage Loan is secured by a Mortgaged Property located in the contiguous U.S. and that is not an Ineligible Property Type.
For the avoidance of doubt, the Purchase Price (and Repurchase Price) of each such Eligible CRE Bridge Mortgage Loan shall be deemed to be increased in an amount equal to the Minimum Diversity Increase Amount as of such date of determination.
The irrational number √2, for example, has the decimal expansion√ √22 = 1.4142135623 .
If Borrower seeks a Warehousing Advance against a Bridge Mortgage Loan, Borrower must deliver to Lender a request for approval ("Bridge Loan Approval Request") substantially in the form of Exhibit A-MF/BR no later than 10 Business Days before the Business Day on which Borrower desires the Warehousing Advance.