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MH Loan definition

MH Loan means MH Paper which satisfies the MH Loan Eligibility Requirements. The term MH Loan includes Land-and-Home Loans. MH Loans are made under MH Contracts or MH Notes.
MH Loan means fixed-rate Contracts originated or purchased by Origen. Each MH Loan includes, without limitation, all Servicing Rights and Records relating to such MH Loan and all related security interests, the Related Assets, and any and all rights to receive payments thereunder and all other proceeds thereof (including, without limitation, any recourse rights against third persons) from and after the related Purchase Date.
MH Loan means a loan originated under an MH Contract, secured by a first lien on the obligor's Manufactured Home, but not by real property.

Examples of MH Loan in a sentence

  • The MH Loan represents a "qualified mortgage" within the meaning of Section 860G(a)(3) of the Code.

  • Any cost incurred by the applicable Seller in maintaining any of the foregoing insurance may be added to the amount owing under the MH Loan under this Agreement.

  • The MH Loan is not assumable by another Person in a manner that would release the Obligor thereof from such Obligor's obligations with respect to such MH Loan.

  • The consolidated principal amount does not exceed the original principal amount of the MH Loan.

  • The Seller represents and warrants that, either as of the date of origination or the Purchase Date, the fair market value of the property securing each MH Loan was not less than 80% of the "adjusted issue price" (within the meaning of the REMIC Provisions) of such MH Loan.

  • Except in connection with qualified Land-and-Home MH Loans, the related Manufactured Home (i) is personal property and is not considered or classified as part of the real estate on which it is located under the laws of the jurisdiction in which it is located and (ii) was personal property and was not considered or classified as part of the real estate on which it was located under the laws of the jurisdiction in which it was located at the time the related MH Loan was executed by the parties thereto.

  • All such insurance policies (each a "Hazard Insurance Policy") contain a standard loss payee clause naming the applicable Seller, its successors and assigns (including without limitation, subsequent owners of the MH Loan, as loss payee, and may not be reduced, terminated, or canceled without 30 days prior written notice to the loss payee.

  • The MH Loan has not been satisfied or subordinated in whole or in part or rescinded, and the Manufactured Home securing the MH Loan has not been released from the lien of the MH Loan in whole or in part.

  • There is no default, breach, violation or event permitting acceleration existing under the MH Loan and no event which, with notice and the expiration of any grace or cure period, would constitute such a default, breach, violation or event permitting acceleration under such MH Loan.

  • With respect to fixed rate MH Loans, the MH Loan provides for equal Monthly Payments of principal and interest that fully amortize the loan over its term.


More Definitions of MH Loan

MH Loan means MH Paper which complies with the representations and warranties set forth on Schedule 1 to this Repurchase Agreement, which in no event shall include any loan which (a) is subject to Section 226.32 of Regulation Z or any similar state law (relating to high interest rate credit/lending transactions), (b) includes any single premium credit life or accident and health insurance or disability insurance, or (c) contains any term or condition, or involves any loan origination practice, that has been defined as "predatory", "covered" or "threshold" under applicable federal, state or local law, or which has been expressly categorized as an "unfair" or "deceptive" term, condition, or practice in any applicable federal, state or local law dealing with "predatory" or "high cost" lending (or a similarly classified loan using different terminology under a law, regulation or ordinance imposing heightened regulatory scrutiny or additional legal liability for loans having high interest rates, points and/or fees). MH Loans are made under MH Contracts or MH Notes.
MH Loan means any manufactured housing installment sales contract or installment loan agreement secured by a unit of manufactured housing and, in certain cases, a Mortgage on real estate on which such manufactured home is situated.

Related to MH Loan

  • 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.

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

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

  • Subsidy Loan Any Mortgage Loan subject to a temporary interest subsidy agreement pursuant to which the monthly interest payments made by the related Mortgagor will be less than the scheduled monthly interest payments on such Mortgage Loan, with the resulting difference in interest payments being provided by the employer of the Mortgagor. Each Subsidy Loan will be identified as such in the Mortgage Loan Schedule.

  • 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.

  • Canadian Loan means a Loan made to a Canadian Borrower denominated in Canadian Dollars.

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

  • Collateral Loan means a loan, debt obligation, debt security or participation therein acquired by the Borrower.

  • Permitted Loan shall have the meaning set forth in Section 4.02(a).

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

  • Funding Loan means the Funding Loan in the original maximum principal amount of $ made by Funding Lender to Governmental Lender under the Funding Loan Agreement, the proceeds of which are used by the Governmental Lender to make the Borrower Loan.

  • 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;

  • Total Loans at any time, the aggregate principal amount of the Loans of the Lenders outstanding at such time (after converting the outstanding principal amount of any Loans denominated in the Optional Currency into the Dollar Equivalent thereof at such time).

  • Permitted Loans means:

  • 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.

  • Refinance Loan Any Mortgage Loan the proceeds of which are used to refinance an Original Mortgage Loan.

  • Subsidiary Loan means any loan made pursuant to a Subsidiary Loan Agreement;

  • Borrower Loan means the mortgage loan made by the Governmental Lender to the Borrower pursuant to this Borrower Loan Agreement, in the maximum principal amount of the Borrower Loan Amount, as evidenced by the Borrower Note.

  • CD Loan means a Committed Loan which bears interest at a CD Rate pursuant to the applicable Notice of Committed Borrowing or Notice of Interest Rate Election.

  • Lender PMI Loans Mortgage Loans with respect to which the lender rather than the borrower acquired the primary mortgage guaranty insurance and charged the related borrower an interest premium.

  • Revolver Loan a loan made pursuant to Section 2.1, and any Swingline Loan, Overadvance Loan or Protective Advance.

  • 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.

  • Initial Loan is defined in Section 2.1.

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

  • DIP Loan Any Loan (i) with respect to which the related Obligor is a debtor-in-possession as defined under the Bankruptcy Code, (ii) which has the priority allowed pursuant to Section 364 of the Bankruptcy Code and (iii) the terms of which have been approved by a court of competent jurisdiction (the enforceability of which is not subject to any pending contested matter or proceeding).

  • Permitted Advance means an advance of funds by the Assuming Bank with respect to a Shared-Loss Loan, or the making of a legally binding commitment by the Assuming Bank to advance funds with respect to a Shared-Loss Loan, that (i) in the case of such an advance, is actually made, and, in the case of such a commitment, is made and all of the proceeds thereof actually advanced, within one (1) year after the Commencement Date, (ii) does not cause the sum of (A) the book value of such Shared-Loss Loan as reflected on the Accounting Records of the Assuming Bank after any such advance has been made by the Assuming Bank plus (B) the unfunded amount of any such commitment made by the Assuming Bank related thereto, to exceed 110% of the Book Value of such Shared-Loss Loan, (iii) is not made with respect to a Shared-Loss Loan with respect to which (A) there exists a related Shared-Loss Loan Commitment or (B) the Assuming Bank has taken a Charge-Off and (iv) is made in good faith, is supported at the time it is made by documentation in the Credit Files and conforms to and is in accordance with the applicable requirements set forth in Article III of this Commercial Shared- Loss Agreement and with the then effective written internal credit policy guidelines of the Assuming Bank; provided, that the limitations in subparagraphs (i), (ii) and (iii) of this definition shall not apply to any such action (other than to an advance or commitment related to the remediation, storage or final disposal of any hazardous or toxic substance, pollutant or contaminant) that is taken by Assuming Bank in its reasonable discretion to preserve or secure the value of the collateral for such Shared-Loss Loan.