MERS Designated Loan definition

MERS Designated Loan means a Purchased Loan registered to the Seller on the MERS® System.
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MERS Designated Loan has the meaning given in the Electronic Tracking Agreement.
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MERS Designated Loan. Means any Loan where the Seller has designated or shall designate MERS as, and has taken or will take such action as is necessary to cause MERS to be, the mortgagee of record with respect to each Loan in a Transaction, and in accordance with the MERS Procedures.
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Examples of MERS Designated Loan in a sentence

  • Such Mortgage Loan (a) meets the definition of MERS Designated Loan in the Electronic Tracking Agreement, (b) was properly registered in the MERS System at the time of its origination and has continuously remained so registered, and (c) has MERS as the record mortgagee or beneficiary.

  • Each Mortgage securing a Loan (other than a MERS Designated Loan) has been duly recorded in the appropriate governmental recording office of the jurisdiction where the Mortgaged Property is located.

  • The Seller is the sole owner of record for each Mortgage Loan other than a MERS Designated Loan and is the holder of each Mortgage Loan and the indebtedness evidenced by each Mortgage Note.

  • Except with respect to any Wet Funded Loan, the Note, the Mortgage, the Assignment of Mortgage (other than for a MERS Designated Loan) and any other documents required to be delivered under the Custodial Agreement for each Loan have been delivered to the Custodian.

  • If said Mortgage Loan is a MERS Designated Loan, said Mortgage Loan is registered on the MERS® System, on the books and records of MERSCORP Holdings, Inc.


More Definitions of MERS Designated Loan

MERS Designated Loan has the meaning set forth in the Electronic Tracking Agreement, and shall include, as of any date of determination, any Loan (for so long as the applicable Mortgage with respect thereto remains held by or on behalf of the Company) that is registered in the MERS System as of such date.
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MERS Designated Loan means a Pledged Loan registered to the Company on the MERS(R) System.
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MERS Designated Loan means a Purchased Loan registered to the Seller on the MERS® System. “MERS Procedures Manual” means the MERS Procedures Manual, as it may be amended from time to time. “MERS® System” means the Electronic Agent’s mortgage electronic registry system, as more particularly described in the MERS Procedures Manual.
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MERS Designated Loan means a Purchased Loan registered to the Seller on the MERS® System. “MERS Procedures Manual” means the MERS Procedures Manual, as it may be amended from time to time. “MERS® System” means the Electronic Agent’s mortgage electronic registry system, as more particularly described in the MERS Procedures Manual. “Mortgage” means a mortgage, deed of trust, deed to secure debt, security deed or other mortgage instrument or similar evidence of lien legally effective in the U.S. jurisdiction where the relevant real property is located to create and constitute a valid and enforceable first priority Lien or, in the case of a Second Mortgage Loan, second priority Lien, in each case subject only to Permitted Encumbrances, on the fee simple estate in improved real property. “Mortgage Assignment” means an assignment of a Mortgage, in form sufficient under the Legal Requirements of the U.S. jurisdiction where the real property covered by such Mortgage is located to give record notice of the assignment of such Mortgage, perfect the assignment and establish its priority relative to other transactions in respect of the Mortgage assigned (no Mortgage Assignment is required for any Mortgage that has been originated in the name of MERS and registered under the MERS® System). “Mortgage Loan” means any loan evidenced by a Mortgage Note and includes all right, title and interest of the lender or mortgagee of such loan as a holder of both the beneficial and legal title to such loan, including (a) all Loan Papers, Loan Records or other loan documents, files and records of the lender or mortgagee for such loan, (b) the monthly payments, any prepayments, insurance and other proceeds, (c) all Servicing Rights related to such loan and (d) all other rights, interests, benefits, security, proceeds, remedies and claims (including, without limitation, REO) in favor or for the benefit of the lender or mortgagee arising out of or in connection with such loan. 19 Bodman_16842095_7
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MERS Designated Loan means a Purchased Loan registered to the Seller on the MERS® System. “MERS eDelivery” means the transmission system operated by the Electronic Agent that is used to deliver eNotes, other Electronic Records and data from one MERS eRegistry member to another using a system-to-system interface and conforming to the standards of the MERS eRegistry.
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Related to MERS Designated Loan

  • 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.

  • Related Loan means any loan or extension of credit to an Obligor of a Shared-Loss Loan held by the Assuming Institution at any time on or prior to the end of the Final Shared-Loss Month.

  • Subordinated Loan has the meaning set forth in Section 1.2(a) of the Agreement.

  • Related Loans has the meaning set forth in Section 3.1. “Restructuring Loss” means the loss on a modified or restructured loan measured by the difference between (a) the principal, Accrued Interest, tax and insurance advances, third party or other fees due on a loan prior to the modification or restructuring, and

  • Precomputed Loan means any Loan under which the portion of a payment allocable to earned interest (which may be referred to in the related Loan as an add-on finance charge) and the portion allocable to principal are determined according to the sum of periodic balances, the sum of monthly payments or any equivalent method or are monthly actuarial loans.

  • Original Loan shall have the meaning set forth in the recitals hereto.

  • Subordinated Loans means any loan incurred by the Issuer or any of its Subsidiaries, if such loan (i) according to its terms (or pursuant to a subordination agreement on terms and conditions satisfactory to the Trustee) is subordinated to the obligations of the Issuer under the Terms and Conditions; (ii) according to its terms have a final redemption date or, when applicable, early redemption dates or instalment dates which occur after the Final Redemption Date; and (iii) according to its terms yield only payment-in-kind interest.

  • Loans means the loans made by the Lenders to the Borrower pursuant to this Agreement.

  • Subordinated Loan Agreement means any loan agreement made or to be made between (i) any Borrower and (ii) a Subordinated Creditor.

  • Defaulted Mortgage Loan means the Mortgage Loan in the event that the Mortgage Loan is delinquent at least 60 days in respect of its Monthly Payments or more than 60 days in respect of its balloon payment, in either case to be determined without giving effect to any grace period permitted by the Mortgage Loan Documents and without regard to any acceleration of payments under the Mortgage Loan Documents.