Excluded Mortgage Loans definition

Excluded Mortgage Loans has the meaning set forth in Section 2.1(c)(x).
Sample 1
Excluded Mortgage Loans. A Mortgage Loan for which a foreclosure sale has occurred.
Sample 1
Excluded Mortgage Loans. Any mortgage loan that (i) is a Foreclosed Loan; (ii) as of the Closing Date the Monthly Payments of principal or interest thereon receives a subsidy pursuant to Act No. 124 of December 10 of 1993, as amended, and (x) such subsidy is not being currently paid by the trustee acting as such pursuant to the terms of the applicable trust agreement, or (y) the subsidy has been suspended without the consent of the Puerto Rico Housing Finance Authority; (iii) as of the Closing Date, Seller’s obligation to indemnify, repurchase or substitute has been triggered, in accordance with the applicable Third Party Servicing Agreement and/or Investor Guidelines (whether or not the Investor has demanded the indemnity, substitution or repurchase thereof by Seller), and that has not been repurchased or substituted by Seller or in respect of which Seller has not indemnified the Investor, except for the Tagged Loans; (iv) as of the Closing Date does not comply with any required insurance, guaranty or similar coverage under the applicable Third Party Servicing Agreement and does not qualify for obtaining such insurance, guaranty or similar coverage in accordance with Accepted Practices and applicable Investor Guidelines; (v) is subject to an adjustable interest rate or any similar variable interest rate (also known as “ARMs”); or (vi) is listed in Schedule 1.01(a)(82) and Seller becomes obligated to repurchase during the period between the date of this Agreement and the Closing Date.
Sample 1

Examples of Excluded Mortgage Loans in a sentence

  • The Special Servicer shall also obtain the consent of the related Outside Controlling Note Holder (if a Serviced Outside Controlled Loan Combination is involved) or the Controlling Class Representative (if any other Serviced Loan(s) (exclusive of any Excluded Mortgage Loan(s)) are involved and a Control Termination Event does not exist), as applicable, with respect to any modification, waiver, amendment, consent or other action that constitutes a Major Decision with regard to any Specially Serviced Loan.

  • As of the Closing Date (i) all of the Initial Mortgage Loans held by the Borrower are accurately described on Schedule 1.2 hereto; (ii) all of the Excluded Mortgage Loans are accurately described on Schedule 1.1 hereto; and (iii) all of the OREO and Non-Performing Mortgage Loans are accurately described on Schedule 1.3 hereto.

  • The Beneficial Title Seller will not make any Asset Warranties in relation to the Excluded Mortgage Loans.

  • The Borrower has delivered to each of the Banks: (a) the consolidated balance sheet of the Borrower and its Subsidiaries as of the Balance Sheet Date, (b) the most recent 10K and 10Q of the Borrower, (c) the Schedules of the Initial Mortgage Loans, the Excluded Mortgage Loans, - 32 - the OREO and the Non-Performing Mortgage Loans attached to this Agreement, and (d) certain other financial information relating to the Borrower and the Mortgage Loans.

  • The loans described on Schedule 1.1 attached hereto and by this reference incorporated herein and any other loans or Bonds that have been pledged by the Borrower or a Subsidiary to secure Permitted Indebtedness; provided, however, that in no event shall Excluded Mortgage Loans securing outstanding Debt Certificates exceed the minimum collateralization levels specified in the related Indentures by more than $200,000 for any series of Debt Certificates.

  • As of the Closing Date (i) all of the Excluded Mortgage Loans are accurately described on Schedule 1.1 hereto; (ii) all of the Initial Mortgage Loans held by the Borrower are accurately described on Schedule 1.2 hereto; (iii) all of the OREO and Non-Performing Mortgage Loans are accurately described on Schedule 1.3 hereto; and (iv) the sole Initial Interim Loan is accurately described on Schedule 1.4 hereto.

  • For any period, the average of the aggregate book values of the assets of the Borrower invested, directly or indirectly, in the Mortgage Loans (or an interest in the Mortgage Loans) and the Excluded Mortgage Loans, before reserves for depreciation or bad debts or other similar non-cash reserves, computed by taking the average of such values at the end of each month during such period.


More Definitions of Excluded Mortgage Loans

Excluded Mortgage Loans. Bank Loans or other Commercial Mortgage Loans owned by Grantor, excluding Commercial Mortgage Loans that have been purchased by Grantor from Buyer.
Sample 1
Excluded Mortgage Loans means those Mortgage Loans described in the mortgage loan schedule attached hereto as Annex I, as the same may be amended, modified or supplemented from time to time.
Sample 1

Related to Excluded Mortgage Loans

  • Purchased Mortgage Loans means the collective reference to Mortgage Loans together with the Repurchase Assets related to such Mortgage Loans transferred by Seller to Buyer in a Transaction hereunder, listed on the related Mortgage Loan Schedule attached to the related Transaction Request, which such Mortgage Loans the Custodian has been instructed to hold pursuant to the Custodial Agreement.

  • Serviced Mortgage Loan A Mortgage Loan that is not an Outside Serviced Mortgage Loan.

  • Refinanced Mortgage Loan A Mortgage Loan the proceeds of which were not used to purchase the related Mortgaged Property.

  • Subserviced Mortgage Loan Any Mortgage Loan that, at the time of reference thereto, is subject to a Subservicing Agreement.

  • Deleted Mortgage Loan A Mortgage Loan replaced or to be replaced by a Qualified Substitute Mortgage Loan.

  • Covered Mortgage Loan Any Mortgage Loan that is covered by a PMI Policy.

  • Non-Serviced Mortgage Loan means a Mortgage Loan included in the Trust but serviced under another agreement. There are no Non-Serviced Mortgage Loans in the Trust.

  • 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.

  • Streamlined Mortgage Loan A Mortgage Loan originated in connection with the refinance of a mortgage loan pursuant to the related Seller’s streamlined documentation program then in effect.

  • Corrected Mortgage Loan Any Mortgage Loan that had been a Specially Serviced Mortgage Loan but has ceased to be such in accordance with the definition of "Specially Serviced Mortgage Loan" (other than by reason of a Liquidation Event occurring in respect of such Mortgage Loan or a related Mortgaged Property becoming an REO Property).

  • EMC Mortgage Loans Those Mortgage Loans serviced by the Company pursuant to the terms of this Agreement.

  • Converted Mortgage Loan An ARM Loan with respect to which the Borrower has complied with the applicable requirements of the related Mortgage Note to convert the related Mortgage Interest Rate to a fixed rate of interest, and the Servicer has processed such conversion. Co-op Shares: Shares issued by private non-profit housing corporations.

  • Modified Mortgage Loan Any Mortgage Loan that has been the subject of a Servicing Modification.

  • Distressed Mortgage Loan Any Mortgage Loan that at the date of determination is Delinquent in payment for a period of 90 days or more without giving effect to any grace period permitted by the related Mortgage Note or for which the applicable Servicer or the Trustee has accepted a deed in lieu of foreclosure.

  • Retained Mortgage Loan File A file for each Mortgage Loan maintained by the Servicer prior to any Document Transfer Date and by the Custodian after any Document Transfer Date that contains the documents specified in Section 2.01(b) of the Pooling and Servicing Agreement and any additional documents required to be added to the Retained Mortgage Loan File pursuant to the Pooling and Servicing Agreement.

  • Special Serviced Mortgage Loan The Mortgage Loans for which the Special Servicer acts as servicer pursuant to Section 3.19.

  • Group 3 Mortgage Loans Those Mortgage Loans identified on the Mortgage Loan Schedule as Group 3 Mortgage Loans.

  • PMI Mortgage Loans The list of Mortgage Loans insured by the PMI Insurer attached hereto as Schedule II.

  • MERS Eligible Mortgage Loan Any Mortgage Loan that has been designated by the Servicer as recordable in the name of MERS.

  • Group 2 Mortgage Loans Those Mortgage Loans identified on the Mortgage Loan Schedule as Group 2 Mortgage Loans.

  • MERS Designated Mortgage Loan Mortgage Loans for which (a) the Seller has designated or will designate MERS as, and has taken or will take such action as is necessary to cause MERS to be, the mortgagee of record, as nominee for the Seller, in accordance with MERS Procedures Manual and (b) the Seller has designated or will designate the Purchaser as the Investor on the MERS System.

  • Reportable Modified Mortgage Loan Any Mortgage Loan that (i) has been subject to an interest rate reduction, (ii) has been subject to a term extension or (iii) has had amounts owing on such Mortgage Loan capitalized by adding such amount to the Stated Principal Balance of such Mortgage Loan; provided, however, that a Mortgage Loan modified in accordance with clause (i) above for a temporary period shall not be a Reportable Modified Mortgage Loan if such Mortgage Loan has not been delinquent in payments of principal and interest for six months since the date of such modification if that interest rate reduction is not made permanent thereafter.

  • Group I Mortgage Loans The Mortgage Loans identified on the Mortgage Loan Schedule as Group I Mortgage Loans.

  • Non-MERS Eligible Mortgage Loan Any Mortgage Loan other than a MERS Eligible Mortgage Loan.

  • Permitted Mortgage means (a) any purchase money mortgage on such Principal Property prior to, simultaneously with or within 180 days after the later of (1) the acquisition or completion of construction or completion of substantial reconstruction, renovation, remodeling, expansion or improvement (each, a “substantial improvement”) of such Principal Property or (2) the placing in operation of such property after the acquisition or completion of any such construction or substantial improvement; (b) Mortgages on a Principal Property existing at the time of acquisition, including acquisition through merger or consolidation; (c) Mortgages existing on the date of the initial issuance of the Notes, Mortgages on assets of a corporation or other business entity existing on the date it becomes a Restricted Subsidiary or is merged or consolidated with the Company or a Restricted Subsidiary or at the time the corporation or other business entity sells, leases or otherwise disposes of its property as an entirety or substantially as an entirety to the Company or a Restricted Subsidiary or Mortgages on the assets of a Subsidiary that is newly designated as a Restricted Subsidiary if the Mortgage would have been permitted under the provisions of this paragraph if such Mortgage was created while the Subsidiary was a Restricted Subsidiary; (d) Mortgages in favor of the Company or a Restricted Subsidiary; (e) Mortgages for taxes, assessments or governmental charges or levies that are not delinquent or that are being contested in good faith; (f) carriers’, warehousemen’s, materialmen’s, repairmen’s, mechanic’s, landlords’ and other similar Mortgages arising in ordinary course of business that are not delinquent or remain payable without penalty or that are being contested in good faith; (g) Mortgages (other than any Mortgage imposed by the Employee Retirement Income Security Act of 1974) consisting of pledges or deposits required in the ordinary course of business in connection with workers’ compensation, unemployment insurance and other social security legislation; (h) easements, rights-of-way, restrictions, encroachments, imperfections and other similar encumbrances affecting real property that, in the aggregate, are not substantial in amount and do not in any case materially detract from the value of the Principal Property subject thereto or materially interfere with the ordinary conduct of the Company and its Subsidiaries’ business, taken as a whole; (i) Mortgages arising by reason of deposits with, or the giving of any form of security to, any governmental agency or any body created or approved by law or governmental regulation, including any zoning or similar law or right reserved to or vested in any governmental office or agency to control or regulate the use of any real property; (j) Mortgages arising from filing Uniform Commercial Code financing statements relating solely to leases; and (k) Mortgages to secure Indebtedness incurred to extend, renew, refinance or replace Indebtedness secured by any Mortgages referred to above, provided that the principal amount of the extended, renewed, refinanced or replaced Indebtedness does not exceed the principal amount of Indebtedness so extended, renewed, refinanced or replaced, plus transaction costs and fees, and that any such Mortgage applies only to the same property or assets subject to the prior permitted Mortgage (and, in the case of real property, improvements).

  • Pool 1 Mortgage Loans Any Mortgage Loan in Pool 1.