Junior Lien Mortgage Loan definition

Junior Lien Mortgage Loan. Any Mortgage Loan that is secured by a junior lien on the related Mortgaged Property.

Junior Lien Mortgage Loan. Any Mortgage Loan that is secured by a junior lien on the related Mortgaged Property. LIBOR: With respect to the first Accrual Period, the Initial LIBOR Rate. With respect to each subsequent Accrual Period, a per annum rate determined on the LIBOR Determination Date in the following manner by the Administrator on the basis of the “Interest Settlement Rate” set by the British Bankers’ Association (the “BBA”) for one-month United States dollar deposits, as such rates appear on the Telerate Page 3750, as of 11:00 a.m. (London time) on such LIBOR Determination Date. If on such a LIBOR Determination Date, the BBA’s Interest Settlement Rate does not appear on the Telerate Page 3750 as of 11:00 a.m. (London time), or if the Telerate Page 3750 is not available on such date, the Administrator shall obtain such rate from Reuters’ “page LIBOR 01” or Bloomberg’s page “BBAM.” If such rate is not published for such LIBOR Determination Date, LIBOR for such date shall be the most recently published Interest Settlement Rate. In the event that the BBA no longer sets an Interest Settlement Rate, the Administrator shall designate an alternative index that has performed, or that the Administrator expects to perform, in a manner substantially similar to the BBA’s Interest Settlement Rate. The establishment of LIBOR by the Administrator and the Administrator’s subsequent calculation of the Note Interest Rate applicable to the LIBOR Notes for the relevant Accrual Period, in the absence of manifest error, shall be final and binding.

Junior Lien Mortgage Loan. Each Mortgage Loan that is not a First Lien Mortgage Loan as of the Cut-off Date.

Examples of Junior Lien Mortgage Loan in a sentence

• This Section 3.04(d) shall only be applicable in the instance where a First Lien Mortgage Loan and a Junior Lien Mortgage Loan, both secured by the same Mortgaged Property were sold by the applicable Seller to the Purchaser.

• Notwithstanding the foregoing, if a Seller or the Finance Company, as applicable, is required under the terms of this Agreement to repurchase a Junior Lien Mortgage Loan, but the Purchaser is unable, for any reason, to sell any related senior Mortgage Loan to such Seller or the Finance Company, as applicable, such Seller or the Finance Company, as applicable, shall have no obligation to repurchase the Junior Lien Mortgage Loan.

• Notwithstanding the foregoing, if a Seller is required under the terms of this Agreement to repurchase a Junior Lien Mortgage Loan, but the Purchaser is unable, for any reason, to sell any related senior Mortgage Loan to such Seller, such Seller shall have no obligation to repurchase the Junior Lien Mortgage Loan.

• The Restructuring Plan is expected to improve service delivery, particularly in the regions in terms of area coverage, production, monitoring collection, and socio-economic development.

• If a Seller repurchases a Junior Lien Mortgage Loan pursuant to the terms of this Agreement, such Seller shall have the right to concurrently repurchase, and the Purchaser shall concurrently sell, any senior Mortgage Loan secured by the same Mortgaged Property as such Junior Lien Mortgage Loan that is being repurchased, for the applicable Repurchase Price.

• The Servicer shall inspect the Mortgage Property for any delinquent Junior Lien Mortgage Loan only if required by Accepted Servicing Practices.