Delinquent Portfolio Loan definition

Delinquent Portfolio Loan. A Portfolio Loan (that is not a Charged-Off Portfolio Loan; provided, however, that if any portion of a Portfolio Loan constitutes a Charged-Off Portfolio Loan, the portion which has not been charged-off shall constitute a Delinquent Portfolio Loan) as to which either of the following has occurred: (a) all or any portion of any one or more payments thereunder remains unpaid for more than 60 days or in the case of an Acquired Loan for more than five days from the due date for such payment (inclusive of the seven day grace period as allowed by the Credit and Collection Policy or such similar policies and procedures utilized by the Servicer in servicing such Portfolio Loan but without giving effect to any advance of Scheduled Payments or interest payments by the Servicer thereon), or (b) consistent with the Credit and Collection Policy (or such similar policies and procedures utilized by the Servicer in servicing such Portfolio Loan) such Portfolio Loan would be classified as delinquent by the Servicer or the Originator. If a Delinquent Portfolio Loan is restructured it shall continue to be deemed a Delinquent Portfolio Loan or Modified Loan, as applicable, unless and until all past due payments have been received by the Servicer on such Delinquent Portfolio Loan or such Portfolio Loan is no longer a Modified Loan.
Sample 1Sample 2
Delinquent Portfolio Loan. A Portfolio Loan (that is not a Charged-Off Portfolio Loan) as to which either of the following first occurs: (a) all or any portion of any one or more payments thereunder remains unpaid for at least sixty (60) days from the original due date for such payment, (b) the Timeshare Delinquency Ratio with respect to such Portfolio Loan is greater than or equal to (i) 7.5% in the case of Timeshare Loans to Obligors that are special purpose entities (other than special purpose entities with assets that relate to the properties at Tahoe Beach and Ski Club, Nevada, Bethel Beach Club Resort and Spa, Florida, Surrey Vacation Resort, Missouri, MMG/Berkeley Resorts, Florida, Sedona Springs Resort Properties, Arizona), and (ii) 10.0% in the case of Timeshare Loans to Obligors that are special purpose entities with assets that relate to the properties at Tahoe Beach and Ski Club, Nevada, Bethel Beach Club Resort and Spa, Florida, Surrey Vacation Resort, Missouri, MMG/Berkeley Resorts, Florida, Sedona Springs Resort Properties, Arizona, or (c) consistent with the Credit and Collection Policy (or such similar policies and procedures utilized by the Servicer in servicing such Portfolio Loan) such Portfolio Loan would be classified as delinquent by the Servicer or the Originator. For the purpose of determining the Portfolio Delinquency Ratio, with respect to any Timeshare Loan (which is not otherwise deemed to be a Charged-Off Portfolio Loan) as to which all or any portion of any one or more scheduled payments thereunder remains unpaid for at least sixty (60) days from the original due date for such payment, the entire unpaid balance of such Timeshare Loan will be deemed to be “delinquent”; provided, however, the foregoing shall not affect the status of any other Timeshare Loans securing a Loan. For purposes of this definition, a “payment” does not include a payment in respect of default interest imposed upon and payable by the related Obligor solely as a result of a default. Derivatives: Any exchange-traded or over-the-counter (i) forward, future, option, swap, cap, collar, floor or foreign exchange contract or any combination thereof, whether for physical delivery or cash settlement, relating to any interest rate, interest rate index, currency, currency exchange rate, currency exchange rate index, debt instrument, debt price, debt index, depository instrument, depository price, depository index, equity instrument, equity price, equity index, commodity, commodity price or c...
Sample 1
Delinquent Portfolio Loan. A Portfolio Loan (other than a Charged-Off Portfolio Loan) as to which any of the following first occurs: (a) all or any portion of any one or more payments of principal or interest thereunder remains unpaid for at least 60 days from the original due date for such payment (without giving effect to any servicer advance thereon or any grace period permitted in the Underlying Instruments); (b) a Material Modification of the type described in clause (b), (c) or (f) of the definition thereof has occurred with respect to such Portfolio Loan; (c) the related Obligor is not paying any of the accrued and unpaid interest on a current basis for at least 60 days from the original date for such payment (without giving effect to any servicer advance thereon or any grace period permitted in the Underlying Instruments); or (d) consistent with the Servicing Standard (or such similar policies and procedures utilized by the Servicer in servicing such Portfolio Loan), such Portfolio Loan would be classified as delinquent by the Servicer.
Sample 1

Examples of Delinquent Portfolio Loan in a sentence

  • Early in 2016, HUD announced a new type of auction under its Note Sale Program: the Aged Delinquent Portfolio Loan Sale (“ADPLS”).


More Definitions of Delinquent Portfolio Loan

Delinquent Portfolio Loan. A Portfolio Loan (that is not a Charged-Off Portfolio Loan) as to which (i) both (a) any portion of a payment of interest or principal on such Portfolio Loan is not paid when due (without giving effect to any grace period or servicer advance) and (b) within sixty (60) days of when such delinquent payment was first due all delinquencies have not been cured, (ii) the Portfolio Loan is modified or varied by the servicer or subservicer due to an obligor's inability to pay principal or interest (iii) the related Obligor is not paying any of the accrued and unpaid interest on a current basis or (iv) any portion of a payment of principal or interest on such Portfolio Loan comes from the proceeds of another loan made by the Originator or its Affiliates to such Obligor.
Sample 1
Delinquent Portfolio Loan set forth in Section 1.1 of the Sale and Servicing Agreement is hereby amended by deleting the number “60” where it appears and replacing it with the phrase “five (5)”.
Sample 1

Related to Delinquent Portfolio Loan

  • Day Delinquent Mortgage Loan Each Mortgage Loan with respect to which any portion of a Scheduled Payment is, as of the last day of the prior Due Period, three months or more past due (without giving effect to any grace period), including each Mortgage Loan in foreclosure, all REO Property and each Mortgage Loan for which the Mortgagor has filed for bankruptcy.

  • 60+ Day Delinquent Mortgage Loan (i) Each Mortgage Loan with respect to which any portion of a Scheduled Payment is, as of the last day of the prior Due Period, two months or more past due (without giving effect to any grace period), including, without limitation, such Mortgage Loans that are subject to bankruptcy proceedings, (ii) each Mortgage Loan in foreclosure and (iii) all REO Property.

  • Delinquent Loan A Mortgage Loan that is delinquent at least sixty (60) days in respect of its Monthly Payments or Balloon Payment, if any, in either case such delinquency to be determined without giving effect to any Grace Period.

  • 60+ Day Delinquent Loan Each Mortgage Loan (including each Mortgage Loan in foreclosure and each Mortgage Loan for which the Mortgagor has filed for bankruptcy after the Closing Date) with respect to which any portion of a Monthly Payment is, as of the last day of the prior Collection Period, two months or more past due and each Mortgage Loan relating to an REO Property.

  • 60-Day Delinquent Receivables means, as of any date of determination, all Receivables (other than Repurchased Receivables and Defaulted Receivables) that are sixty (60) or more days delinquent as of such date (or, if such date is not the last day of a Collection Period, as of the last day of the Collection Period immediately preceding such date), as determined in accordance with the Servicer’s Customary Servicing Practices.

  • Delinquent Mortgage Loan The meaning ascribed thereto in Section 11.02.

  • Delinquent Loan Status Report format substantially in the form of and containing the information called for therein for the Mortgage Loans, or such other form for the presentation of such information as may be approved from time to time by the CREFC® for commercial mortgage securities transactions generally.

  • Delinquent Loans means loans where the borrowers have failed to make scheduled mortgage payments under the terms of the mortgage and where the cumulative amount of mortgage payments missed exceeds the scheduled payments due in a three-month period.

  • Delinquent Receivable means a Receivable as to which any payment, or part thereof, remains unpaid for 61 days or more from the original due date for such payment.

  • CMSA Delinquent Loan Status Report means a report substantially in the form of, and containing the information called for in, the downloadable form of the "Delinquent Loan Status Report" available as of the Closing Date on the CMSA Website, or such other form for the presentation of such information and containing such additional information as may from time to time be approved by the CMSA for commercial mortgage securities transactions generally.

  • Delinquency Advance As defined in Section 8.09(a) hereof.

  • Mortgage Loan shall have the meaning assigned to such term in the recitals.

  • CREFC® Delinquent Loan Status Report A report substantially in the form of, and containing the information called for in, the downloadable form of the “Delinquent Loan Status Report” available as of the Closing Date on the CREFC® Website, or no later than 90 days after its adoption, such other form for the presentation of such information and containing such additional information as may from time to time be approved by the CREFC® for commercial mortgage securities transactions generally.

  • Deficient Valuation Mortgage Loan Any Mortgage Loan that became the subject of a Deficient Valuation.

  • Mortgage Loan Rate means, as of any date of determination, the weighted average of the Note A Rate and the Note B Rate.

  • Buydown Loan A Mortgage Loan for which the Mortgage Interest Rate has been subsidized through a Buydown Fund provided at the time of origination of such Mortgage Loan.

  • Applicable Monthly Payment For any Mortgage Loan (including an Outside Serviced Mortgage Loan) with respect to any month (including any such Mortgage Loan as to which the related Mortgaged Property has become an REO Property), the Monthly Payment; provided, however, that for purposes of calculating the amount of any P&I Advance required to be made by the Master Servicer or the Trustee, notwithstanding the amount of such Applicable Monthly Payment, interest shall be calculated at the Mortgage Rate less the Servicing Fee Rate and, if applicable, shall be exclusive of Excess Interest; and provided, further, that for purposes of determining the amount of any P&I Advance, the Monthly Payment shall be as reduced pursuant to any modification of a Mortgage Loan pursuant to Section 3.24 of this Agreement or pursuant to the applicable Outside Servicing Agreement, or pursuant to any bankruptcy, insolvency, or other similar proceeding involving the related Mortgagor.

  • Buydown Mortgage Loan Any Mortgage Loan as to which a specified amount of interest is paid out of related Buydown Funds in accordance with a related buydown agreement.

  • Mortgage Loan Remittance Rate With respect to each Mortgage Loan, the annual rate of interest remitted to the Purchaser, which shall be equal to the Mortgage Interest Rate minus the Servicing Fee Rate.

  • Delinquent Account means an account with charges for electric services that remain unpaid at least 5 days after the due date.

  • Sixty-Day Delinquency Rate With respect to any Distribution Date on or after the Stepdown Date, a fraction, expressed as a percentage, the numerator of which is the aggregate Stated Principal Balance of all Mortgage Loans 60 or more days delinquent as of the close of business on the last day of the calendar month preceding such Distribution Date (including Mortgage Loans in foreclosure, bankruptcy and REO Properties) and the denominator of which is the aggregate Stated Principal Balance for such Distribution Date of the Mortgage Loans as of the related Due Date (after giving effect to Principal Prepayments, the principal portion of any Liquidation Proceeds and any Subsequent Recoveries received in the related Prepayment Period).

  • Rolling Three Month Delinquency Rate With respect to any Distribution Date, the fraction, expressed as a percentage, equal to the average of the Delinquency Rates for each of the three (or one and two, in the case of the first and second Distribution Dates, respectively) immediately preceding calendar months.

  • Cross-Collateralized Mortgage Loan Any Mortgage Loan, that is, by its terms, cross-defaulted and cross-collateralized with any other Mortgage Loan; provided that the Mortgage Loans that are part of any Loan Combination shall not constitute Cross-Collateralized Mortgage Loans.

  • Delinquency Amount means, as of any Distribution Date, the Principal Balance of all Contracts that were delinquent 60 days or more as of the end of the related Due Period (including Contracts in respect of which the related Motorcycles have been repossessed and are still in inventory).

  • Delinquent debt means (1) any debt owed to FCIC that has not been paid by the termination date specified in the applicable contract of insurance, or other due date for payment contained in any other agreement, or notification of indebtedness, and (2) any overdue amount owed to FCIC by a debtor which is the subject of an installment payment agreement which the debtor has failed to satisfy under the terms of such agreement.