Excess Buydown definition

Excess Buydown has the meaning set forth in Section 3.4.
View Source
Excess Buydown has the meaning set forth in Section 3.4. "Exchange Act" means the Securities Exchange Act of 1934 and all rules and regulations promulgated under that statute, as amended, and any successor statute, rules and regulations. "Exclusionary List" means the list by that name published and updated periodically by Lender on the www.gmacresidentialfun▇▇▇▇.▇▇▇ ▇▇▇▇▇▇▇. "▇▇▇▇▇▇▇ ▇" means Exhibit B, as applicable to the type of Eligible Loan against which a Warehousing Advance is to be made. "Existing Agreement" means the Warehousing Credit and Security Agreement dated as of August 1, 2003, as amended, between Borrower and Lender. "Fair Market Value" means, at any time for an Eligible Loan or a related Pledged Security (if the Eligible Loan is to be used to back a Pledged Security) as of any date of determination, the market price for such Eligible Loan or Pledged Security, determined by Lender based on market data for similar Mortgage Loans or Pledged Securities and such other criteria as Lender deems appropriate in its sole discretion. "Fannie Mae" means Fann▇▇ ▇▇▇, a corporat▇▇▇ ▇▇e▇▇▇d under the laws of the United States, and any successor corporation or other entity. "FHA" means the Federal Housing Administration and any successor agency or other entity. "FHA Mortgage Loan" means an FHA-insured Mortgage Loan included in the Pledged Loans. "FICA" means the Federal Insurance Contributions Act and all rules and regulations promulgated under that statute, as amended, and any successor statute, rules and regulations. "FIRREA" means the Financial Institutions Reform, Recovery and Enforcement Act of 1989 and all rules and regulations promulgated under that statute, as amended, and any successor statute, rules, and regulations.
View Source
Excess Buydown has the meaning set forth in Section 3.4. "Exchange Act" means the Securities Exchange Act of 1934 and all rules and regulations promulgated under that statute, as amended, and any successor statute, rules and regulations. "Exclusionary List" means the list by that name published and updated periodically by Lender on the ▇▇▇.▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇ website. "Exhibit B" means Exhibit B, as applicable to the type of Eligible Loan against which a Warehousing Advance is to be made. "Existing Agreement" means the Warehousing Credit and Security Agreement dated as of August 1, 2003, as amended, between Borrower and Lender. "Fair Market Value" means, at any time for an Eligible Loan or a related Pledged Security (if the Eligible Loan is to be used to back a Pledged Security) as of any date of determination, the market price for such Eligible Loan or Pledged Security, determined by Lender based on market data for similar Mortgage Loans or Pledged Securities and such other criteria as Lender deems appropriate in its sole discretion. "▇▇▇▇▇▇ Mae" means ▇▇▇▇▇▇ ▇▇▇, a corporation created under the laws of the United States, and any successor corporation or other entity. "FHA" means the Federal Housing Administration and any successor agency or other entity. "FHA Mortgage Loan" means an FHA-insured Mortgage Loan included in the Pledged Loans. "FICA" means the Federal Insurance Contributions Act and all rules and regulations promulgated under that statute, as amended, and any successor statute, rules and regulations. "FIRREA" means the Financial Institutions Reform, Recovery and Enforcement Act of 1989 and all rules and regulations promulgated under that statute, as amended, and any successor statute, rules, and regulations. "First Mortgage" means a Mortgage that constitutes a first Lien on the real property and improvements described in or covered by that Mortgage. "First Mortgage Loan" means a Mortgage Loan secured by a First Mortgage. "▇▇▇▇▇▇▇ Mac" means the Federal Home Loan Mortgage Corporation, a corporation created under the laws of the United States, and any successor corporation or other entity. "Funding Bank" means JPMorgan Chase or any other bank designated by Lender as a Funding
View Source

Examples of Excess Buydown in a sentence

  • Lender has no obligation to pay or otherwise provide to Borrower any interest, dividends or other benefits on an Excess Buydown.

  • Alternatively, Lender may, in its sole discretion, re-advance to Borrower all or any portion of an Excess Buydown by causing the Funding Bank to credit the Operating Account in that amount.

  • Alternatively, Credit Agent may, in its sole discretion, return to Borrowers all or any portion of an Excess Buydown by causing the Funding Bank to credit the Operating Account in that amount.

  • Credit Agent will notify each Lender not later than 1:00 p.m. on the Business Day of (i) a reborrowing of the Buydown, or (ii) the return of any Excess Buydown, and each Lender will make its Percentage Share of the (1) requested reborrowing, or (2) the Excess Buydown, available to Credit Agent in immediately available funds at the office of Credit Agent by 4:00 p.m. on that Business Day.

  • Neither Credit Agent nor any Lender has any obligation to pay or provide to Borrowers any interest, dividends or other benefits on an Excess Buydown.

  • The following unrestricted and unencumbered assets: Cash: $ ---------------- Funds on deposit in any United States bank (net of all outstanding checks, drafts and similar items): $ ---------------- Investment grade commercial paper: $ ---------------- Money market funds: $ ---------------- Marketable securities: $ ---------------- Buydown: $ ---------------- Excess Buydown: $ ---------------- B.

  • If Lender receives Buydowns or a combination of Buydowns and payments of Warehousing Advances that exceed the aggregate principal balance of the Warehousing Advances outstanding against Subprime Mortgage Loans (an "Excess Buydown"), as long as no Default or Event of Default exists, Borrower may reborrow all or any portion of an Excess Buydown upon Notice to Lender not later than 1:00 p.m. on the Business Day immediately preceding the Business Day on which Borrower desires to reborrow.

  • If Lender receives Buydowns or a combination of Buydowns and payments of Warehousing Advances that exceed the aggregate principal balance of the Warehousing Advances outstanding Pledged Investments (an “Excess Buydown”), as long as no Default or Event of Default exists, Lender shall, at the request of Borrower, re-advance to Borrower all or any portion of an Excess Buydown by causing the Funding Bank to credit the Operating Account in that amount.

  • If Lender receives Buydowns or a combination of Buydowns and payments of Warehousing Advances that exceed the aggregate principal balance of the Warehousing Advances outstanding against Subprime Mortgage Loans (an "Excess Buydown", as long as no Default or Event of Default exists, Borrower may reborrow all or any portion of an Excess Buydown upon Notice to Lender not later than 1:00 p.m. on the Business Day that Borrower desires to reborrow that amount.

  • If Lender receives Buydowns or a combination of Buydowns and payments of Warehousing Advances that exceed the aggregate principal balance of the Warehousing Advances outstanding against Subprime Mortgage Loans (an “Excess Buydown”), as long as no Default or Event of Default exists, Borrower may reborrow all or any portion of an Excess Buydown upon Notice to Lender not later than 1:00 p.m. on the Business Day immediately preceding the Business Day on which Borrower desires to reborrow.

Related to Excess Buydown

  • Buydown means an arrangement or arrangements involving the

  • Reserve Account Excess Amount means, with respect to any Payment Date, an amount equal to the excess, if any, of (a) the amount of cash or other immediately available funds in the Reserve Account (excluding any net investment earnings) on that Payment Date, after giving effect to all deposits to and withdrawals from the Reserve Account on such Payment Date, over (b) the Specified Reserve Account Balance with respect to such Payment Date.

  • Buydown Fund A fund provided by the originator of a Mortgage Loan or another Person with respect to a Buydown Loan which provides an amount sufficient to subsidize regularly scheduled principal and interest payments due on such Buydown Loan for a period. Buydown Funds may be (i) funded at the par values of future payment subsidies, or (ii) funded in an amount less than the par values of future payment subsidies, and determined by discounting such par values in accordance with interest accruing on such amounts, in which event they will be deposited in an account bearing interest. Buydown Funds may be held in a separate Buydown Fund Account or may be held in a Custodial Account for P&I or a Custodial Account for Reserves and monitored by a Servicer.

  • Buydown Period The period of time when a Buydown Agreement is in effect with respect to a related Buydown Mortgage Loan.

  • Excess Loss The amount of any (i) Fraud Loss realized after the Fraud Loss Coverage Termination Date, (ii) Special Hazard Loss realized after the Special Hazard Coverage Termination Date or (iii) Bankruptcy Loss realized after the Bankruptcy Coverage Termination Date.