Defaulted Home Loan definition

Defaulted Home Loan. With respect to any date of determination, any Home Loan, including, without limitation, any Liquidated Home Loan with respect to which any of the following has occurred as of the end of the preceding Due Period: (a) foreclosure or similar proceedings have been commenced; (b) any portion of a Monthly Payment becomes 180 days past due by the related Obligor; or (c) the Servicer or any Subservicer has determined in good faith and in accordance with customary servicing practices that such Home Loan is in default or imminent default.
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Defaulted Home Loan. With respect to any date of determination, any Home Loan, including, without limitation, any Liquidated Home Loan with respect to which any of the following has occurred as of the end of the preceding Due Period: (a) foreclosure or similar proceedings have been commenced; or (b) the Servicer has determined in good faith and in accordance with the Accepted Servicing Procedures that such Home Loan is in default for a period in excess of 30 days or imminent default and that such default or imminent default involves the nonpayment of any Monthly Payment or a default which has or would have a material adverse affect on such Home Loan.
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Defaulted Home Loan. A Home Loan with respect to which: (i) a claim has been paid or finally rejected pursuant to the Contract of Insurance, (ii) the Property has been repossessed and sold, or (iii) any portion of a Monthly Payment is more than 180 calendar days past due (without giving effect to any grace period).
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Examples of Defaulted Home Loan in a sentence

  • Notwithstanding anything in this Agreement to the contrary, the Servicer shall not permit any additional extension or modification with respect to any Home Loan other than that permitted by the immediately preceding sentence unless the Home Loan is a Defaulted Home Loan.

  • The Servicer shall be acting in the best interests of the Grantor Trust Holder and Securityholders, when the Servicer, in accordance with the Accepted Servicing Procedures, undertakes actions to collect a Defaulted Home Loan that have a higher likelihood of a reasonable recovery within a shorter time period, and foregoes taking actions that have a lower likelihood of a larger recovery over a longer time period.

  • If a Defaulted Home Loan is modified pursuant to this Section in a manner that releases a portion of the Principal Balance thereof, then such released amount shall be included as "Net Loan Losses" hereunder.

  • Notwithstanding anything in this Agreement to the contrary, the Servicer shall not permit any additional extension or modification with respect to any Home Loan other than that permitted by the immediately preceding sentence, unless the Home Loan is a Defaulted Home Loan.

  • The purchase price paid for any Defaulted Home Loan sold to an Affiliate of the Servicer shall not be less than the price that, in the reasonable judgment of the Servicer, would have been paid for such Defaulted Home Loan by Person who is not an Affiliate of the Servicer.

  • If an Interest Advance shall become a Nonrecoverable Advance or if a Home Loan shall become a Defaulted Home Loan and the Master Servicer or Servicer shall not have been fully reimbursed for any such Interest Advances with respect to such Home Loan, the Master Servicer or Servicer, as applicable, shall be entitled to be reimbursed for the outstanding amount of such Interest Advances from unrelated Home Loans pursuant to Section 5.01(c)(i)(b).

  • Any substitution of a Defaulted Home Loan for a Qualified Substitute Home Loan by the Servicer shall be performed in accordance with the substitution provisions set forth in Section 3.05(c) and Section 3.05(d).

  • If an Interest Advance shall become a Nonrecoverable Advance or if a Home Loan shall become a Defaulted Home Loan and the Master Servicer or Servicer shall not have been fully reimbursed for any such Interest Advances with respect to such Home Loan, the Master Servicer or Servicer, as applicable, shall be entitled to be reimbursed for the outstanding amount of such Interest Advances from unrelated Home Loans pursuant to Section 5.01(c)(i)(c).

  • In accordance with Section 4.10(a) hereof, the Servicer, in its discretion, shall have the power and authority to sell any Defaulted Home Loan or Liquidated Home Loan, on behalf of the Grantor Trustee for the benefit of the Grantor Trust Holder and the Securityholders, to one or more Persons in a manner that will be likely to obtain a reasonable recovery of net proceeds therefrom under the circumstances.

  • Notwithstanding anything in this Agreement to the contrary, the Servicer shall not permit any additional extension or modification with respect to any Home Loan other than that permitted by the immediately preceding sentence unless the Home Loan is a Defaulted Home Loan or, in the case of any FHA Loan, such extension or modification complies with the requirements of Title I or is required by Title I and such FHA Loan is a Defaulted Home Loan or a payment default is reasonably foreseeable by the Servicer.


More Definitions of Defaulted Home Loan

Defaulted Home Loan. With respect to any date of determination, any Home Loan, including, without limitation, any Liquidated Home Loan with respect to which any of the following has occurred as of the end of the preceding Due Period: (a) foreclosure or similar proceedings have been commenced; (b) any portion of a Monthly Payment becomes 180 days past due by the related Obligor; or (c) the Servicer or any Subservicer has determined in good faith and in accordance with the Accepted Servicing Procedures that such Home Loan is in default for a period in excess of 30 days or imminent default and that such default or imminent default involves the nonpayment of any Monthly Payment or a default which has or would have a material adverse affect on such Home Loan.
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Defaulted Home Loan. With respect to the calculation of the Required Credit Support Multiple, or the waiver or modification of a Home Loan pursuant to Section 4.01(c), during a Due Period, any Home Loan, including without limitation any Liquidated Home Loan, with respect to which any of the following occurs: (a) foreclosure or similar proceedings have been commenced; (b) any portion of a Monthly Payment becomes 180 days past due by the related Obligor; or (c) the Servicer or any Subservicer has determined in good faith and in accordance with customary servicing practices that such Home Loan is uncollectible; provided, further, that with respect to a Defaulted Home Loan that is repurchased or substituted pursuant to Section 3.05 or a Defaulted Home Loan that is modified, waived or varied pursuant to Section 4.01(c), such Defaulted Home Loan shall continue to be included in the calculation of the Required Credit Support Multiple.
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Defaulted Home Loan. With respect to any date of determination, any ------------------- Home Loan, including without limitation any Liquidated Home Loan, with respect to which any of the following has occurred as of the end of the preceding Due Period: (a) a claim has been paid or finally rejected pursuant to the Contract of Insurance; (b) foreclosure or similar proceedings have been commenced; (c) any portion of a Monthly Payment becomes 180 days past due by the related Obligor; or (d) the Servicer or any Subservicer has determined in good faith and in accordance with customary servicing practices that such Home Loan is in default or imminent default.
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Defaulted Home Loan. A Home Loan with respect to which: (a) foreclosure proceedings have been commenced, (b) any portion of a Monthly Payment is more than 180 days past due (without giving effect to any grace period) or (c) the Servicer has determined in good faith in accordance with Accepted Servicing Practices that all amounts which it expects to receive from the related Obligor with respect to the Home Loan have been received.
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Defaulted Home Loan. With respect to the calculation of the Required Credit Support Multiple or the waiver or modification of a Home Loan pursuant to Section 4.01(c), during a Due Period, any Home Loan, including without limitation any Liquidated Home Loan, with respect to which any of the following occurs: (a) foreclosure or similar proceeding has been commenced; (b) any portion of a Monthly Payment has become 180 days past due by the related Obligor; or (c) the Servicer or any Subservicer has determined in good faith and in accordance with customary servicing practices that such Home Loan is uncollectible; provided, further, that (i) any Defaulted Home Loan that is released from the lien of the Indenture or substituted for pursuant to Section 2.9(c) of the Indenture at any time after the date of the occurrence of the most recent Credit Support Funding Event, if any, and during the continuance thereof, and any Defaulted Home Loan that is modified, waived or varied pursuant to Section 4.01(c), shall continue to be included in the calculation of the Required Credit Support Multiple and (ii) any Defaulted Home Loan that is (A) repurchased or substituted for at any time pursuant to Section 3.05(a) or (B) released from the lien of the Indenture or substituted for prior to the date of the occurrence of a Credit Support Funding Event, if any, pursuant to Section 2.9(c) of the Indenture, shall not continue to be included in the calculation of the Required Credit Support Multiple.
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Related to Defaulted Home Loan

  • Defaulted Loan shall have the meaning assigned to such term or an analogous term in the Lead Securitization Servicing Agreement

  • Defaulted Mortgage Loan means the Mortgage Loan in the event that the Mortgage Loan is delinquent at least 60 days in respect of its Monthly Payments or more than 60 days in respect of its balloon payment, in either case to be determined without giving effect to any grace period permitted by the Mortgage Loan Documents and without regard to any acceleration of payments under the Mortgage Loan Documents.

  • Defaulted Asset Any Asset, Purchased Asset or Mortgage Loan, as applicable, (a) that is thirty (30) or more days (or, in the case of payments due at maturity, one (1) day) delinquent in the payment of principal, interest, fees, distributions or any other amounts payable under the related Mortgage Loan Documents, in each case, without regard to any waivers or modifications of, or amendments to, the related Mortgage Loan Documents, other than those that were disclosed in writing to Buyer prior to the Purchase Date of the related Purchased Asset, unless consented to by Buyer in accordance with the terms of this Agreement, (b) for which there is a Representation Breach with respect to such Asset or Purchased Asset, other than an Approved Representation Exception, (c) for which there is a non-monetary default under the related Mortgage Loan Documents beyond any applicable notice or cure period in each case, without regard to any waivers or modifications of, or amendments to, the related Mortgage Loan Documents, other than those that were disclosed in writing to Buyer prior to the Purchase Date of the related Purchased Asset, (d) as to whose Underlying Obligor an Insolvency Event has occurred, (e) with respect to which there has been an extension, amendment, waiver or other modification to the terms of, or any collateral, guaranty or indemnity for, or the exercise of any material right or remedy of a holder (including all lending, corporate and voting rights, remedies, consents, approvals and waivers) of any related loan or participation document that has a material adverse effect on the value in such asset, as determined by Buyer, or (f) for which Seller or a Servicer has received notice of the foreclosure or proposed foreclosure of any Lien on the related Mortgaged Property; provided that with respect to any Senior Interest, in addition to the foregoing such Senior Interest will also be considered a Defaulted Asset to the extent that the Mortgage Loan would be considered a Defaulted Asset as described in this definition provided, however, in each case, without regard to any waivers or modifications of, or amendments to, the related Mortgage Loan Documents.

  • Defaulted Account means an Account in which there are Defaulted Receivables.

  • Defaulted Advance means, with respect to any Lender Party at any time, the portion of any Advance required to be made by such Lender Party to the Borrower pursuant to Section 2.01 or 2.02 at or prior to such time that has not been made by such Lender Party or by the Administrative Agent for the account of such Lender Party pursuant to Section 2.02(e) as of such time. In the event that a portion of a Defaulted Advance shall be deemed made pursuant to Section 2.15(a), the remaining portion of such Defaulted Advance shall be considered a Defaulted Advance originally required to be made pursuant to Section 2.01 on the same date as the Defaulted Advance so deemed made in part.

  • Defaulted Mortgage Loan Purchase Price means the sum, without duplication, of (a) the aggregate Principal Balance of the Senior Notes, (b) accrued and unpaid interest thereon at the Note A Rate, from the date as to which interest was last paid in full by Mortgage Loan Borrower up to and including the end of the interest accrual period relating to the Monthly Payment Date next following the date of purchase, (c) any other amounts due under the Mortgage Loan, other than Prepayment Premiums, default interest, late fees, exit fees and any other similar fees, provided that if the Mortgage Loan Borrower or a Mortgage Loan Borrower Related Party is the purchaser, the Defaulted Mortgage Loan Purchase Price shall include Prepayment Premiums, default interest, late fees, exit fees and any other similar fees, (d) without duplication of amounts under clause (c), any unreimbursed property protection or servicing Advances and any expenses incurred in enforcing the Mortgage Loan Documents (including, without limitation, servicing Advances payable or reimbursable to any Servicer, and earned and unpaid special servicing fees), (e) without duplication of amounts under clause (c), any accrued and unpaid Advance Interest Amount, (f) (x) if the Mortgage Loan Borrower or a Mortgage Loan Borrower Related Party is the purchaser or (y) if the Mortgage Loan is purchased after ninety (90) days after such option first becomes exercisable pursuant to Section 12 of this Agreement, any liquidation or workout fees payable under the Securitization Servicing Agreement with respect to the Mortgage Loan and (g) any Recovered Costs not reimbursed previously to a Senior Note pursuant to this Agreement. Notwithstanding the foregoing, if the Note B Holder is purchasing from the Mortgage Loan Borrower or a Mortgage Loan Borrower Related Party, the Defaulted Mortgage Loan Purchase Price shall not include the amounts described under clauses (d) through (f) of this definition. If the Mortgage Loan is converted into a REO Property, for purposes of determining the Defaulted Mortgage Loan Purchase Price, interest will be deemed to continue to accrue on each Senior Note at the Note A Rate as if the Mortgage Loan were not so converted. In no event shall the Defaulted Mortgage Loan Purchase Price include amounts due or payable to the Note B Holder under this Agreement.

  • Defaulted Note Purchase Date shall have the meaning assigned to such term in Section 12.

  • Defaulted Receivables means any Receivable (a) on which any installment is unpaid more than sixty (60) days past its original due date or (b) where the Servicer’s records show that the Obligor has suffered an Insolvency Event.

  • Defaulted Lender means, so long as such failure shall remain in existence and uncured, any Lender which shall have failed to make any Loan or other credit accommodation, disbursement, settlement or reimbursement required pursuant to the terms of any Financing Document.

  • Defaulted Lease means any Lease that (a) by its terms, is delinquent more than 120 days, (b) by its terms is delinquent less than 120 days and the Servicer has (i) determined, in accordance with the Credit and Collection Policy, that eventual payment in full is unlikely or (ii) repossessed the related Leased Vehicle (including, but not limited to, as a result of the Lessee’s failure to maintain insurance coverage required by the Lease, the failure of the Lessee to timely or properly perform any obligation under the Lease, or any other act by the Lessee constituting a default under applicable law), or (c) the Servicer has received notification that the related Lessee is subject to bankruptcy proceedings under Chapter 13 under the Bankruptcy Code.

  • Defaulted Receivable means a Receivable:

  • Defaulted Contract means a Contract with respect to which the Servicer commenced repossession or foreclosure procedures, made a sale of such Contract to a third party for repossession, foreclosure or other enforcement, or as to which there was a payment delinquent 180 or more days (excluding any Contract deemed delinquent solely because the Obligor's required monthly payment was reduced as a result of bankruptcy or similar proceedings).

  • Defaulted Obligation means any Investment in Indebtedness (i) as to which, (x) a default as to the payment of principal and/or interest has occurred and is continuing for a period of thirty two (32) consecutive days with respect to such Indebtedness (without regard to any grace period applicable thereto, or waiver thereof) or (y) a default not set forth in clause (x) has occurred and the holders of such Indebtedness have accelerated all or a portion of the principal amount thereof as a result of such default; (ii) as to which a default as to the payment of principal and/or interest has occurred and is continuing on another material debt obligation of the Portfolio Company under such Indebtedness which is senior or pari passu in right of payment to such Indebtedness; (iii) as to which the Portfolio Company under such Indebtedness or others have instituted proceedings to have such Portfolio Company adjudicated bankrupt or insolvent or placed into receivership and such proceedings have not been stayed or dismissed or such Portfolio Company has filed for protection under Chapter 11 of the United States Bankruptcy Code (unless, in the case of clause (ii) or (iii), such debt is a DIP Loan, in which case it shall not be deemed to be a Defaulted Obligation under such clause); (iv) as to which a default rate of interest has been and continues to be charged for more than 120 consecutive days, or foreclosure on collateral for such debt has been commenced and is being pursued by or on behalf of the holders thereof; or (v) as to which the Borrower has delivered written notice to the Portfolio Company declaring such Indebtedness in default or as to which the Borrower otherwise exercises significant remedies following a default.

  • Defaulted Amount means, with respect to any Lender Party at any time, any amount required to be paid by such Lender Party to any Agent or any other Lender Party hereunder or under any other Loan Document at or prior to such time that has not been so paid as of such time, including, without limitation, any amount required to be paid by such Lender Party to (a) the Swing Line Bank pursuant to Section 2.02(b) to purchase a portion of a Swing Line Advance made by the Swing Line Bank, (b) the Issuing Bank pursuant to Section 2.03(c) to purchase a portion of a Letter of Credit Advance made by the Issuing Bank, (c) the Administrative Agent pursuant to Section 2.02(e) to reimburse the Administrative Agent for the amount of any Advance made by the Administrative Agent for the account of such Lender Party, (d) any other Lender Party pursuant to Section 2.13 to purchase any participation in Advances owing to such other Lender Party and (e) any Agent or the Issuing Bank pursuant to Section 7.05 to reimburse such Agent or the Issuing Bank for such Lender Party’s ratable share of any amount required to be paid by the Lender Parties to such Agent or the Issuing Bank as provided therein. In the event that a portion of a Defaulted Amount shall be deemed paid pursuant to Section 2.15(b), the remaining portion of such Defaulted Amount shall be considered a Defaulted Amount originally required to be paid hereunder or under any other Loan Document on the same date as the Defaulted Amount so deemed paid in part.

  • Defaulter means any person who owes arrears to the Municipality;

  • Collateral Senior Additional Interest shall have the meaning specified in subsection 4.02(d).

  • Defaulted Payment has the meaning specified in the definition of “Defaulting Lender”.

  • Defaulted Amounts means any amounts on any Note (including, without limitation, the Redemption Price, the Fundamental Change Repurchase Price, principal and interest) that are payable but are not punctually paid or duly provided for.

  • Interest Only Mortgage Loan A Mortgage Loan for which an interest-only payment feature is allowed during the interest-only period set forth in the related Mortgage Note.

  • Collateral Additional Interest shall have the meaning specified in subsection 4.02(c).

  • Defaulted Interest has the meaning specified in Section 307.

  • Whole Loan As defined in the Introductory Statement.

  • Simple Interest Mortgage Loan Those simple interest loans as noted on the Mortgage Loan Schedule under the data field designated “DSI.”

  • Note A-5 Securitization Date means the closing date of the Note A-5 Securitization.

  • Class A Additional Interest shall have the meaning specified in subsection 4.02(a).

  • Home Equity Loan means a loan or funded or unfunded portions of a line of credit secured by a mortgage on a one-to four-family residences or stock of cooperative housing association, where the Failed Bank did not have a first lien on the same property as collateral.