Mortgagor Bankruptcy definition

Mortgagor Bankruptcy. Insolvency [ ] Yes [ ] N/A Neither the Borrower nor the Sponsor have received any notice of the bankruptcy, liquidation, receivership, administration moratorium or a winding up or administrative order or dissolution (or the equivalent thereof in any relevant jurisdiction) of any Mortgagor or in relation to such B-Note, Mezzanine Loan, Whole Loan or (where the Lender so designates the same) Eligible Other Asset.
Sample 1

Examples of Mortgagor Bankruptcy in a sentence

  • To the extent the Trustee draws on such Mortgagor Bankruptcy Fund, such loss will be borne by the Master Servicer, and will not be considered a Non-Recoverable Advance.

  • The amount of the Mortgagor Bankruptcy Fund will be specified in the Indenture for the Securities.

  • No later than 15 Business Days prior to the date thereof, the Master Servicer shall deliver to the Trustee a statement of the premium due on the Mortgagor Bankruptcy Bond (if any), each Pool Insurance Policy (if any), and the Special Hazard Policy (if any), together with an Officer's Certificate certifying that the amount reflected on the statement is correct and is properly due and payable and instructing the Trustee to pay such amounts to the appropriate insurer or surety.

  • The Master Servicer shall prepare and present on behalf of the Trustee and the Securityholders all claims under any Mortgagor Bankruptcy Bond, each Servicer Fidelity Bond, each Servicer Errors and Omissions Policy, and the Special Hazard Insurance Policy, and take such actions (including the negotiation, settlement, compromise or enforcement of the insured's claim) as shall be necessary to realize recovery under such bonds and policies.

  • At the request of the Depositor, coverage under the Mortgagor Bankruptcy Bond shall be cancelled or reduced by the Master Servicer to the extent permitted by the Rating Agency, provided the outstanding rating of the Certificates by the Rating Agency at the time of such cancellation or reduction is not reduced.

  • The Master Servicer shall promptly deliver to the Trustee or its agent upon the execution or receipt thereof, the originals of any Special Hazard Insurance Policy, any Pool Insurance Policy, any Mortgagor Bankruptcy Bond, any Performance Letter, and any certificates of renewal thereof, and such other documents or instruments that constitute portions of the Trustee Mortgage Loan File that come into the possession of the Master Servicer from time to time.

  • The Master Servicer shall promptly deliver to the Trustee, upon the execution or receipt thereof, the originals of any Special Hazard Insurance Policy, any Pool Insurance Policy, any Mortgagor Bankruptcy Bond, any Performance Bond, any Alternative Credit Support and any certificates of renewal thereof, and such other documents or instruments that constitute part of the Mortgage File that come into the possession of the Master Servicer from time to time.

  • In connection with its activities as administrator and servicer of the Mortgage Loans, the Master Servicer agrees to present, on behalf of itself, the Depositor, the Trustee and the Certificateholders, claims to the issuer of the Mortgagor Bankruptcy Bond and, in this regard, to take such reasonable action as shall be necessary to permit recovery under the Mortgagor Bankruptcy Bond.

  • Pursuant to Section 3.08 hereof, any amounts collected by the Master Servicer under the Mortgagor Bankruptcy Bond shall be deposited in the Certificate Account, subject to withdrawal pursuant to Section 3.12 hereof.

  • In lieu of the Issuing Entity providing a mortgagor bankruptcy insurance policy, the Master Servicer will pledge to the Trustee a Mortgagor Bankruptcy Fund to protect against any losses to the Securityholders from the reduction of the principal balance or interest rate on any Note by a bankruptcy court.

Related to Mortgagor Bankruptcy

  • Bankruptcy means, with respect to any Person, if such Person (i) makes an assignment for the benefit of creditors, (ii) files a voluntary petition in bankruptcy, (iii) is adjudged a bankrupt or insolvent, or has entered against it an order for relief, in any bankruptcy or insolvency proceedings, (iv) files a petition or answer seeking for itself any reorganization, arrangement, composition, readjustment, liquidation or similar relief under any statute, law or regulation, (v) files an answer or other pleading admitting or failing to contest the material allegations of a petition filed against it in any proceeding of this nature, (vi) seeks, consents to or acquiesces in the appointment of a trustee, receiver or liquidator of the Person or of all or any substantial part of its properties, or (vii) if 120 days after the commencement of any proceeding against the Person seeking reorganization, arrangement, composition, readjustment, liquidation or similar relief under any statute, law or regulation, if the proceeding has not been dismissed, or if within 90 days after the appointment without such Person’s consent or acquiescence of a trustee, receiver or liquidator of such Person or of all or any substantial part of its properties, the appointment is not vacated or stayed, or within 90 days after the expiration of any such stay, the appointment is not vacated. The foregoing definition of “Bankruptcy” is intended to replace and shall supersede and replace the definition of “Bankruptcy” set forth in Sections 18-101(1) and 18-304 of the Act.

  • Insolvency with respect to any Multiemployer Plan, the condition that such Plan is insolvent within the meaning of Section 4245 of ERISA.

  • Involuntary Bankruptcy means, with respect to any Person, without the consent or acquiescence of such Person, the entering of an order for relief or approving a petition for relief or reorganization or any other petition seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or other similar relief under any present or future bankruptcy, insolvency or similar statute, law or regulation or the filing of any such petition against such Person which order or petition shall not be dismissed within 90 days or, without the consent or acquiescence of such Person, the entering of an order appointing a trustee, custodian, receiver or liquidator of such Person or of all or any substantial part of the property of such Person which order shall not be dismissed within 90 days.

  • Voluntary Bankruptcy has the meaning set forth in the definition of “Bankruptcy.”

  • Mortgagor The obligor on a Mortgage Note.

  • Receivership means a proceeding in which a receiver is appointed.

  • Insolvency Act means the Insolvency Xxx 0000;

  • Insolvency Proceedings means, with respect to any Person, any case or proceeding with respect to such Person under U.S. federal bankruptcy laws or any other state, federal or foreign bankruptcy, insolvency, reorganization, liquidation, receivership or other similar laws, or the appointment, whether at common law, in equity or otherwise, of any trustee, custodian, receiver, liquidator or the like for all or any material portion of the property of such Person.

  • Debtor in bankruptcy means a person that is the subject of:

  • Bankruptcy Act means the Bankruptcy Act or Title 11 of the United States Code.

  • Insolvency Action With respect to any Person, the taking by such Person of any action resulting in an Insolvency Event, other than solely under clause (g) of the definition thereof.

  • insolvency practitioner means any receiver, administrator or liquidator appointed in respect of the Tenant;

  • Bankruptcy Proceedings has the meaning set forth in clause (b) of paragraph 9 hereof.

  • Insolvency Proceeding means any proceeding commenced by or against any Person under any provision of the Bankruptcy Code or under any other state or federal bankruptcy or insolvency law, assignments for the benefit of creditors, formal or informal moratoria, compositions, extensions generally with creditors, or proceedings seeking reorganization, arrangement, or other similar relief.

  • Insolvency Proceeds has the meaning specified in Section 10.1(b).

  • Bankruptcy Proceeding means any case, action or proceeding before any court or other Governmental Authority relating to any Bankruptcy Event.

  • U.S. Bankruptcy Code means Title 11 of the United States Code, as amended, or any similar federal or state law for the relief of debtors.

  • Insolvent insurer means a member insurer which, after the effective date of this chapter, is placed under an order of liquidation by a court of competent jurisdiction with a finding of insolvency.

  • Petition means a written request to the court for an order after notice.

  • Mortgagor's Name Address: Loan No.: Reason for requesting file:

  • Insolvency or Liquidation Proceeding means, with respect to any Person, any liquidation, dissolution or winding up of such Person, or any bankruptcy, reorganization, insolvency, receivership or similar proceeding with respect to such Person, whether voluntary or involuntary.

  • Relief Act Mortgage Loan Any Mortgage Loan as to which the Scheduled Payment thereof has been reduced due to the application of the Relief Act.

  • Bankrupt means with respect to any entity, such entity that (a) files a petition or otherwise commences, authorizes or acquiesces in the commencement of a proceeding or cause of action under any bankruptcy, insolvency, reorganization or similar Law, or has any such petition filed or commenced against it and such case filed against it is not dismissed in ninety (90) days, (b) makes an assignment or any general arrangement for the benefit of creditors, (c) otherwise becomes bankrupt or insolvent (however evidenced), (d) has a liquidator, administrator, receiver, trustee, conservator or similar official appointed with respect to it or any substantial portion of its property or assets, or (e) is generally unable to pay its debts as they fall due.

  • Debtor means a person who is liable on a claim.

  • Distressed Mortgage Loan Any Mortgage Loan that at the date of determination is Delinquent in payment for a period of 90 days or more without giving effect to any grace period permitted by the related Mortgage Note or for which the applicable Servicer or the Trustee has accepted a deed in lieu of foreclosure.

  • Foreclosure Property shall have the meaning assigned to such term in the Servicing Agreement or such other analogous term used in the Servicing Agreement.