Mortgagor Bankruptcy Fund definition

Mortgagor Bankruptcy Fund. A fund consisting of: (i) a surety bond, insurance policy, Letter of Credit, guarantee or other credit instrument, issued by an insurance company, surety company, bank, trust company, savings and loan association, financial institution or other Person or (ii) cash, Permitted Investments or a Class of Certificates or portion thereof held by or on behalf of the Trust. The Mortgagor Bankruptcy Fund will not be considered an asset of the Trust or any REMIC, but shall be for the benefit of the Certificateholders. The owner of the Mortgagor Bankruptcy Fund will be identified in the Trust Agreement and, to the extent provided in the REMIC Provisions, any amounts transferred by a REMIC to such fund shall be treated as amounts distributed by such REMIC to the owner of such fund.
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Mortgagor Bankruptcy Fund. A fund consisting of: (i) a surety bond, insurance policy, Letter of Credit, guarantee or other credit instrument, in form and substance satisfactory to each Rating Agency, issued by an insurance company, surety company, bank, trust company, savings and loan association, financial institution or other Person acceptable to each Rating Agency or (ii) cash, Permitted Investments or a Class of Certificates or portion thereof held by or on behalf of the Trust. The Mortgagor Bankruptcy Fund will not be considered an asset of the Trust or any REMIC, but shall be for the benefit of the Certificateholders. The owner of the Mortgagor Bankruptcy Fund will be identified in the Trust Agreement and, to the extent provided in the REMIC Provisions, any amounts transferred by a REMIC to such fund shall be treated as amounts distributed by such REMIC to the owner of such fund.
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Mortgagor Bankruptcy Fund. With respect to a Series, a policy of insurance or Letter of Credit (or any other instrument required to avoid a downgrading of the then applicable rating on the Bonds of such Series by any Rating Agency rating the Bonds of such Series) to be issued by the company or companies specified in the related Series Supplement providing coverage with respect to each Mortgage Loan securing such Series in the event of the bankruptcy of the Borrower thereof.
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Examples of Mortgagor Bankruptcy Fund 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.

  • 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.

  • In lieu of the Issuer 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 Fund

  • Special Purpose Bankruptcy Remote Entity shall have the meaning set forth on Schedule 5 hereto.

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

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

  • Government Mortgage Loan means a closed-end First Mortgage Loan that is either HUD/FHA insured (other than a HUD 203(K) Mortgage Loan or a Title I Mortgage Loan) or VA guaranteed.

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

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

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

  • 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.

  • 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.

  • Mortgagor The obligor on a Mortgage Note.

  • 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.

  • Bankruptcy Amount As of any date of determination prior to the first anniversary of the Cut-off Date, an amount equal to the excess, if any, of (A) $100,000 over (B) the aggregate amount of Bankruptcy Losses allocated solely to one or more specific Classes of Certificates in accordance with Section 4.05

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

  • Buydown Mortgage Loan Any Mortgage Loan as to which a specified amount of interest is paid out of related Buydown Funds in accordance with a related buydown agreement.

  • Countrywide Mortgage Loans The Mortgage Loans identified as such on the Mortgage Loan Schedule for which Countrywide is the applicable Seller.

  • 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.

  • Excess Bankruptcy Loss Any Bankruptcy Loss, or portion thereof, which exceeds the then applicable Bankruptcy Amount.

  • 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.

  • Mortgage Loan Borrower Related Party shall have the meaning assigned to such term in Section 13.

  • 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.

  • 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 Act means the Insolvency Xxx 0000;

  • Residential mortgage loan means any loan primarily for

  • Stayed Funds If the Master Servicer is the subject of a proceeding under the federal Bankruptcy Code and the making of a Remittance (as defined in Section 7.02(b)) is prohibited by Section 362 of the federal Bankruptcy Code, funds that are in the custody of the Master Servicer, a trustee in bankruptcy or a federal bankruptcy court and should have been the subject of such Remittance absent such prohibition.

  • Delinquent Mortgage Loan means any Mortgage Loan as to which any Monthly Payment, or part thereof, remains unpaid for 30 days or more following the original Due Date for such Monthly Payment.

  • Operating Lessee means, with respect to a Hotel Property, the Subsidiary of the Parent Guarantor that leases such Hotel Property from a Subsidiary of the Parent Guarantor that is the owner or ground lessee of such Hotel Property.