Lot Loan definition

Lot Loan. Any Term Loan that (i) is secured by a valid and perfected first priority security interest on all of the Obligor’s assets constituting Related Property for the Loan, (ii) (a) has a “first dollar” at risk at less than or equal to 50% of the Loan-to-Value Ratio and a “last dollar” at risk less than or equal to 65% of the Loan-to-Value Ratio where the Loan is not a Material Middle Market Mortgage Loan or the Related Property is not primarily real estate, and (b) has a “last dollar” at risk less than or equal to 80% of the Loan-to-Value Ratio where the Loan is a Material Middle Market Mortgage Loan or the Related Property is primarily real estate and (iii) contains terms which, upon the occurrence of an event of default under the Underlying Instruments or in the case of any liquidation or foreclosure on the Related Property, the Seller’s portion of such Loan would be paid only after the other lender party to such Loan (whose right to payment is contractually senior to the Seller) is paid in full.
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Lot Loan means a First Lien Mortgage Loan, for which the Mortgaged Property consists of unimproved real property.
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Lot Loan means a loan to pay the purchase price of a lot on which a one-to-four single-family residence is to be constructed which is evidenced by a Lot Note and secured by a Mortgage."
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Examples of Lot Loan in a sentence

  • Even following the July 17, 2007, meeting, the Board took no corrective action with respect to the Lot Loan Program, which was clearly in conflict with the best interests of the Bank.

  • In October 2006, Willetts and Bridger proposed a Lot Loan Program to the Bank’s Asset Liability Committee (“ALCO”), a committee of officers whose purpose was to advise the Board on risks and suitability of new loan and other financial products.

  • In this case what is meant by local budget is "all the rights and state obligations that can be valued either money or other things that can be used as state property in relation to the implementation of those rights and obligations"6.

  • Willetts was grossly negligent in supervising the Lot Loan Program because Willetts was likewise aware of the violations of the Loan Policy presented by that program as well as the highly speculative nature of the program.

  • Construction equipment, delivery vehicles and worker vehicle types and numbers were estimated based on the enclosure sizes (3.1 acres for both sites) and information from sample construction scenarios posted on the SCAQMD webpage (http://www.aqmd.gov/ceqa/handbook/LST/LST.html).

  • Despite repeated regulatory warnings and Bridger’s report to the Board of systematic Loan Policy violations, in a complete abdication of its responsibilities, the Board continually failed to supervise the Bank’s Lot Loan lending function.

  • While there were some differences in how the Lot Loan Program worked in the various subdivisions, typically the Program operated so that a third-party, such as Total Realty Management, LLC (“TRM”), would present seminars to individuals from other states, suggesting that these individuals could buy these water-view lots, hold them for a few years, then obtain a significant return on their investment selling their lots.

  • The primary purchasers of the lots through the Lot Loan Program were people who lived outside of North Carolina.

  • The Lot Loan Program provided credit to borrowers to buy vacant lots for the purported purpose of eventually building vacation homes in developments along the North Carolina coast.

  • Accrued unpaid interest on the Parking Lot Loan, estimated through the Closing Date to be $ .


More Definitions of Lot Loan

Lot Loan means a mortgage loan (a) for the purpose of buying a vacant lot of land; (b) with a minimum FICO score of 680; (c) with a maximum maturity of twelve months from origination and (d) originated in accordance with the Underwriting Guidelines.
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Lot Loan. Any Loan that (i) is secured by a valid and perfected first priority security interest on all of the Related Property securing such Loan and (ii) contains terms which, upon the occurrence of an event of default under the Underlying Instruments or in the case of any liquidation or foreclosure on the Related Property, the Borrower’s portion of such Loan would be paid only after the other lenders party to such Loan (whose right to payment is contractually senior to the Borrower) are paid in full.
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Lot Loan means a loan under the Lot Loan Facility to finance a Finished Lot in an Approved Subdivision.
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Lot Loan means a Mortgage Loan that is otherwise an Eligible Mortgage Loan but (i) which may not exceed a Face Amount of $150,000, (ii) for which Borrower also has delivered Lot Loan Documents, (iii) that otherwise complies with the program set forth on Schedule 1.1(e), and (iv) that covers property located in Pennsylvania, upon which a home is being constructed by the Parent or its subsidiaries.
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Related to Lot Loan

  • Wet Loan means a wet-funded first or second lien Mortgage Loan which is underwritten in accordance with the Underwriting Guidelines and does not contain all the required Mortgage Loan Documents in the Mortgage File.

  • VA Loan means a Mortgage Loan which is subject of a VA Loan Guaranty Agreement as evidenced by a loan guaranty certificate, or a Mortgage Loan which is a vendor loan sold by the VA.

  • SOFR Loan means a Loan that bears interest at a rate based on Term SOFR, other than pursuant to clause (c) of the definition of “Alternate Base Rate”.

  • RFR Loan means a Loan that bears interest at a rate based on the Adjusted Daily Simple SOFR.

  • Project Loan means the loan made by the Governmental Lender to the Borrower pursuant to the Project Loan Agreement in the original principal amount of $[AMOUNT], as evidenced by the Project Note.

  • PACE Loan means (x) any “Property-Assessed Clean Energy loan” or (y) any other indebtedness, without regard to the name given to such indebtedness, which is (i) incurred for improvements to the Property for the purpose of increasing energy efficiency, increasing use of renewable energy sources, resource conservation, or a combination of the foregoing, and (ii) repaid through multi-year assessments against the Property.

  • 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.

  • LPMI Loan A Mortgage Loan with a LPMI Policy.

  • PPP Loan has the meaning set forth in Section 3.28.

  • Lender PMI Mortgage Loan Certain Mortgage Loans as to which the lender (rather than the borrower) acquires the Primary Insurance Policy and charges the related borrower an interest premium.

  • Initial Loan is defined in Section 2.1.

  • CD Loan means (i) a Committed Loan which bears interest at a CD Rate pursuant to the applicable Notice of Committed Borrowing or Notice of Interest Rate Election or (ii) an overdue amount which was a CD Loan immediately before it became overdue.

  • Loan means an extension of credit by a Lender to the Borrower under Article II in the form of a Revolving Credit Loan or a Swing Line Loan.

  • Jumbo Loan means a Mortgage Loan (other than a Conforming Loan) that (1) is underwritten by an Approved Investor (other than Xxxxxx Xxx, Xxxxxxx Mac or Xxxxxx Mae), (2) matches all applicable requirements for purchase under the requirements of a Take-Out Commitment issued for the purchase of such Mortgage Loan, (3) differs from a Conforming Loan solely because the principal amount of such Mortgage Loan exceeds the limit set for Conforming Loans by Xxxxxx Xxx or Xxxxxxx Mac from time to time, and (4) is a First Lien Mortgage Loan.

  • FHA Loan A Mortgage Loan which is the subject of an FHA Insurance Contract as evidenced by a Mortgage Insurance Certificate.

  • Market Loan means any loan or other indebtedness where an entity issues commercial paper, certificates, subordinated debentures, bonds or any other debt securities (including, for the avoidance of doubt, medium term note programmes and other market funding programmes), provided in each case that such instruments and securities are or can be subject to trade on Nasdaq Stockholm or any other regulated or unregulated recognised market place.

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

  • Sub-loan means a loan made or proposed to be made by the Borrower out of the proceeds of the Loan to a Private Enterprise for an Investment Project;

  • DIP Loan means a Bank Loan, whether revolving or term, that is originated after the commencement of a case under Chapter 11 of the Bankruptcy Code by a Portfolio Company, which is a debtor in possession as described in Section 1107 of the Bankruptcy Code or a debtor as defined in Section 101(13) of the Bankruptcy Code in such case (a “Debtor”) organized under the laws of the United States or any state therein and domiciled in the United States, which satisfies the following criteria: (a) the DIP Loan is duly authorized by a final order of the applicable bankruptcy court or federal district court under the provisions of subsection (b), (c) or (d) of 11 U.S.C. Section 364; (b) the Debtor’s bankruptcy case is still pending as a case under the provisions of Chapter 11 of Title 11 of the Bankruptcy Code and has not been dismissed or converted to a case under the provisions of Chapter 7 of Title 11 of the Bankruptcy Code; (c) the Debtor’s obligations under such loan have not been (i) disallowed, in whole or in part, or (ii) subordinated, in whole or in part, to the claims or interests of any other Person under the provisions of 11 U.S.C. Section 510; (d) the DIP Loan is secured and the Liens granted by the applicable bankruptcy court or federal district court in relation to the Loan have not been subordinated or junior to, or pari passu with, in whole or in part, to the Liens of any other lender under the provisions of 11 U.S.C. Section 364(d) or otherwise; (e) the Debtor is not in default on its obligations under the loan; (f) neither the Debtor nor any party in interest has filed a Chapter 11 plan with the applicable federal bankruptcy or district court that, upon confirmation, would (i) disallow or subordinate the loan, in whole or in part, (ii) subordinate, in whole or in part, any Lien granted in connection with such loan, (iii) fail to provide for the repayment, in full and in cash, of the loan upon the effective date of such plan or (iv) otherwise impair, in any manner, the claim evidenced by the loan; (g) the DIP Loan is documented in a form that is commercially reasonable; and (h) the DIP Loan shall not provide for more than 50% (or a higher percentage with the consent of the Required Lenders) of the proceeds of such loan to be used to repay prepetition obligations owing to all or some of the same lender(s) in a “roll-up” or similar transaction. For the purposes of this definition, an order is a “final order” if the applicable period for filing a motion to reconsider or notice of appeal in respect of a permanent order authorizing the Debtor to obtain credit has lapsed and no such motion or notice has been filed with the applicable bankruptcy court or federal district court or the clerk thereof.

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

  • Second Mortgage Loan A Home Equity Loan which constitutes a second priority mortgage lien with respect to the related Property.

  • Jumbo Mortgage Loan is a collective reference to Jumbo Mortgage Loans (Standard Limit) and Jumbo Mortgage Loans (Specialty).

  • Facility A Loan means a loan made or to be made under Facility A or the principal amount outstanding for the time being of that loan.