Months in Default definition

Months in Default occurs when the borrower becomes in arrears in an amount equal to or greater than four (4) monthly principal and interest payments due under the terms of the Mortgage Loan.
Sample 1Sample 2Sample 3

Examples of Months in Default in a sentence

  • Thereafter, the Insured shall report monthly to the Company in summary form the status of the Borrower’s account, until a claim is submitted to the Company or until the Borrower is less than Three (3) Months in Default.

  • Thereafter, the Insured shall report monthly to the Company in summary form the status of the Borrower's account, until a claim is submitted to the Company or until the Borrower is less than Three (3) Months in Default.

  • Thereafter, the Servicer shall report monthly to the Pool Insurer in summary form the status of the borrower’s account, until a claim is submitted to the Pool Insurer or until such borrower is less than Three (3) Months in Default.

  • Thereafter, the Master Servicer shall report monthly to the Pool Insurer in summary form the status of the Borrower's account, until a claim is submitted to the Pool Insurer or until such Borrower is less than Four (4) Months in Default.

  • Thereafter, the Master Servicer shall report monthly to the Pool Insurer in summary form the status of the Borrower’s account, until a claim is submitted to the Pool Insurer or until such Borrower is less than Four (4) Months in Default.

  • Thereafter, the Master Servicer shall report monthly to the Pool Insurer in summary form the status of the borrower's account, until a claim is submitted to the Pool Insurer or until such Borrower is less than Four (4) Months in Default.

  • Thereafter, the Indenture Trustee shall report monthly to the Pool Insurer in summary form the status of the Borrower's account, until a claim is submitted to the Pool Insurer or until such Borrower is less than Four (4) Months in Default.

  • Thereafter, the Master Servicer shall report monthly to the Pool Insurer in summary form the status of the borrower’s account, until a claim is submitted to the Pool Insurer or until such borrower is less than Three (3) Months in Default.

Related to Months in Default

  • in default means that, as to any Mortgage Loan, any Mortgage Note payment or escrow payment is unpaid for thirty (30) days or more after its due date (whether or not the Seller has allowed any grace period or extended the due date thereof by any means) or another material default has occurred and is continuing, including the commencement of foreclosure proceedings or the commencement of a case in bankruptcy for any Customer in respect of such Mortgage Loan.

  • Loan Default means any event, condition or failure which, with notice or lapse of time or both, would become a Loan Event of Default.

  • MI Default has the meaning given to it in paragraph 6.1 of Framework Schedule 9 (Management Information);

  • Non-Defaulting Party has the meaning specified in Section 6(a).

  • Default Event means an event or circumstance which leads Operator to determine that a Venue User is or appears to be unable or likely to become unable to meet its obligations in respect of an Order or Transaction or to comply with any other obligation under an Agreement or Applicable Law.

  • Registration Default As defined in Section 5 hereof.

  • Major Default means any Event of Default occurring under Sections 4.1(a), 4.1(c), 4.1(l), or 4.1(p).

  • Bank Default means (i) the refusal (which has not been retracted) of a Bank to make available its portion of any Borrowing or to fund its portion of any unreimbursed payment under Section 2.03(c) or (ii) a Bank having notified in writing the Borrower and/or the Agent that it does not intend to comply with its obligations under Section 1.01 or Section 2, in the case of either clause (i) or (ii) as a result of any takeover of such Bank by any regulatory authority or agency.

  • Registration Default Period shall have the meaning assigned thereto in Section 2(c).

  • Swap Default Any of the circumstances constituting an “Event of Default” under the Swap Agreement.

  • Modification Default Loss means the loss calculated in Exhibits 2a(1)-(3) for single family loans previously modified pursuant to this Single Family Shared-Loss Agreement that subsequently default and result in a foreclosure, short sale or Deficient Loss.

  • default value means a value derived from a typical value by the application of pre-determined factors and that may, in circumstances specified in this Directive, be used in place of an actual value;’;

  • Non-default Rate means a rate per annum equal to the cost (without proof or evidence of any actual cost) to the Non-defaulting Party (as certified by it) if it were to fund the relevant amount.

  • Non-Defaulting Bank means each Bank other than a Defaulting Bank.

  • O & M Default means any default on the part of the Power Producer for a continuous period of ninety (90) days to (i) operate and/or (ii) maintain (in accordance with Prudent Utility Practices), the Project at all times.

  • Incipient Default means any occurrence that is, or with notice or lapse of time or both would become, an Event of Default.

  • Non-Defaulting Member means a Member who is not a Defaulting Member.

  • Potential Default means the occurrence of any event or condition which, with the giving of notice, the passage of time, or both, would constitute an Event of Default.

  • Special Default means (i) the failure by Owner to pay any amount of principal of or interest on any Equipment Note when due or (ii) the occurrence of any Default or Event of Default referred to in Section 5.01(v), (vi) or (vii).

  • Non-Monetary Default shall have the meaning assigned to such term in Section 11(d).

  • ii) Event means any event described in Section 11(a)(ii) hereof.

  • Lease Default means any event or condition which, with the lapse of time or the giving of notice, or both, would constitute a Lease Event of Default.

  • Minor Default means any Event of Default that is not a Major Default.

  • Non-Monetary Default Cure Period shall have the meaning assigned to such term in Section 11(d).

  • Loan Event of Default means any of the events specified in Section 5.1 of the Loan Agreement, provided that any requirement for the giving of notice, the lapse of time, or both, or any other condition, event or act has been satisfied.

  • Lender Default means (a) the refusal or failure (which has not been cured) of a Lender to make available its portion of any Borrowing or to fund its portion of any Unpaid Drawing under Section 3.4 that it is required to make hereunder, (b) a Lender having notified the Administrative Agent and/or the Borrower that it does not intend to comply with its funding obligations under this Agreement or has made a public statement to that effect with respect to its funding obligations under this Agreement, (c) a Lender has failed to confirm (within one Business Day after a request for such confirmation is received by such Lender) in a manner reasonably satisfactory to the Administrative Agent, the Borrower and, in the case of a Revolving Credit Lender, each Revolving Letter of Credit Issuer that it will comply with its funding obligations under this Agreement, (d) a Lender being deemed insolvent or becoming the subject of a bankruptcy or insolvency proceeding or has admitted in writing that it is insolvent; provided that a Lender Default shall not be deemed to have occurred solely by virtue of the ownership or acquisition of any Stock in the applicable Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide the applicable Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit the applicable Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with the applicable Lender, or (e) a Lender that has, or has a direct or indirect parent company that has, become the subject of a Bail-In Action.