Removed Loan definition

Removed Loan. A Released Loan or Exchanged Loan that has either been released or substituted that is removed from the Collateral Pool pursuant to Section 2.03 and Article VII hereof.
Sample 1Sample 2Sample 3

Examples of Removed Loan in a sentence

  • If the Servicer shall commence a legal proceeding to enforce a [Loan] [Receivable], the Issuer (in the case of a [Loan] [Receivable] other than a [Purchased] [Removed] [Loan] [Receivable]) shall thereupon be deemed to have automatically assigned, solely for the purpose of collection, such [Loan] [Receivable] [or, in the case of a SUBI Receivable, a beneficial interest in such SUBI Receivable] to the Servicer.

  • Under no circumstances shall Purchaser have any obligation to replace any Removed Loan removed from Schedule 1.1(e).

  • The Removed Loan Listing Mortgage Loan was not a Sample Mortgage Loan.

  • Two of the Removed Loan Listing Base Preliminary Mortgage Loans were Sample 1 Mortgage Loans (the “Removed Sample 1 Mortgage Loans”).

  • Two of the Removed Loan Listing 1 Mortgage Loans were Base Loan Listing 1 Sample Mortgage Loans (the “Removed Base Loan Listing 1 Sample Mortgage Loans”).

  • Eight of the Removed Loan Listing Mortgage loans were Base Sample Mortgage Loans (the “Removed Base Sample Mortgage Loans”).

  • Four of the Removed Loan Listing Mortgage Loans were Base Sample Mortgage Loans (the “Removed Base Sample Mortgage Loans”).

  • Five of the Removed Loan Listing Mortgage Loans were Base Sample Mortgage Loans (the “Removed Base Sample Mortgage Loans”).

  • The Removed Loan Listing Mortgage Loan was a Sample Preliminary Mortgage Loan (the “Removed Sample Preliminary Mortgage Loan”).

  • One of the Removed Loan Listing Mortgage Loans was a Base Sample Mortgage Loan (the “Removed Base Sample Mortgage Loan”).

Related to Removed Loan

  • Removed Account shall have the meaning specified in Section 2.07(c).

  • Removed Accounts shall have the meaning specified in Section 2.10.

  • Serviced Loan A Serviced Mortgage Loan or Serviced Companion Loan.

  • MERS Eligible Mortgage Loan Any Mortgage Loan that has been designated by the Servicer as recordable in the name of MERS.

  • 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.

  • Non-MERS Mortgage Loan Any Mortgage Loan other than a MERS Mortgage Loan.

  • Non-MERS Eligible Mortgage Loan Any Mortgage Loan other than a MERS Eligible Mortgage Loan.

  • Defective Mortgage Loan Any Mortgage Loan which is required to be repurchased pursuant to Section 2.02 or 2.03.

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

  • Purchased Loan A motor vehicle retail installment loan relating to the sale of an automobile or light-duty truck originated by a Dealer, purchased by CAC or a subsidiary from such Dealer and evidenced by a motor vehicle retail installment sales contract.

  • Outstanding Mortgage Loan As of any Due Date, a Mortgage Loan with a Stated Principal Balance greater than zero which was not the subject of a Principal Prepayment in Full prior to such Due Date and which did not become a Liquidated Mortgage Loan prior to such Due Date.

  • Corrected Mortgage Loan Any Mortgage Loan that had been a Specially Serviced Mortgage Loan but has ceased to be such in accordance with the definition of "Specially Serviced Mortgage Loan" (other than by reason of a Liquidation Event occurring in respect of such Mortgage Loan or a related Mortgaged Property becoming an REO Property).

  • Eligible Loan means a Loan offered for sale or substituted by Seller under a Sale Agreement which as of the Statistical Cutoff Date, in the case of the Initial Loans, or as of the related Subsequent Cutoff Date, in the case of any Additional Loan or Substituted Loan, is current or not more past due than permitted under such Sale Agreement in payment of principal or interest and which meets the following criteria as of the Statistical Cutoff Date, in the case of the Initial Loans, or as of the effective date of the related Xxxx of Sale, in the case of any Additional Loan or Substituted Loan:

  • Additional Collateral Loan Each Mortgage Loan that is supported by Additional Collateral.

  • Streamlined Mortgage Loan A Mortgage Loan originated in connection with the refinance of a mortgage loan pursuant to the related Seller’s streamlined documentation program then in effect.

  • MERS Mortgage Loan Any Mortgage Loan registered with MERS on the MERS System.

  • Ineligible Loan Each Loan other than an Eligible Loan.

  • Wet-Ink Mortgage Loan means a Mortgage Loan which Seller is selling to Buyer simultaneously with the origination thereof.

  • Additional Collateral Mortgage Loan Each Mortgage Loan identified as such in the Mortgage Loan Schedule.

  • Streamlined Documentation Mortgage Loan Any Mortgage Loan originated pursuant to the Seller's Streamlined Loan Documentation Program then in effect.

  • Conforming Mortgage Loan means a first lien Mortgage Loan originated in accordance with the criteria of an Agency for purchase of Mortgage Loans, including, without limitation, conventional Mortgage Loans, as determined by Buyer in its sole discretion.

  • Pool 1 Mortgage Loans Any Mortgage Loan in Pool 1.

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

  • CD Loan means a Committed Loan to be made by a Bank as a CD Loan in accordance with the applicable Notice of Committed Borrowing.

  • Eligible Substitute Mortgage Loan With respect to a Mortgage Loan substituted by the Transferor for a Deleted Mortgage Loan, a Mortgage Loan which must, on the date of such substitution, (i) have a Principal Balance, (or, in the case of a substitution of more than one mortgage loan for a Deleted Mortgage Loan, an aggregate Principal Balance), not in excess of, and not more than 10% less than the Principal Balance of the Deleted Mortgage Loan; (ii) be accruing interest at a rate no lower than and not more than 1% per annum higher than, that of the Deleted Mortgage Loan; (iii) have a Loan-to-Value Ratio no higher than that of the Deleted Mortgage Loan; (iv) have a remaining term to maturity no greater than (and not more than one year less than that of) the Deleted Mortgage Loan; (v) comply with each representation and warranty set forth in Section 2.03 hereof; (vi) be the same credit grade category as the Deleted Mortgage Loan; (vii) have the same prepayment penalty term; and (viii) not be a Cooperative Mortgage Loan unless the Deleted Mortgage Loan was a Cooperative Mortgage Loan.

  • Eligible Mortgage Loan means a Mortgage Loan: