RTL Mortgage Loan definition

RTL Mortgage Loan means any first lien, fixed-rate or floating-rate mortgage loan, made solely for investment and business purposes, which is evidenced by a Mortgage Note, and each advance under which is secured by a Mortgage on a non-owner occupied one-to-four family residential property, condominium, townhouse or mixed use property and meets the RTL Underwriting Guidelines.

RTL Mortgage Loan means a First Lien Business Purpose Mortgage Loan originated by an Approved Originator, which is evidenced by and including a Mortgage Note and a Mortgage.

RTL Mortgage Loan means any Mortgage Loan that is a Fix and Flip Mortgage Loan, Bridge Mortgage Loan, or Construction Mortgage Loan.

Examples of RTL Mortgage Loan in a sentence

• The number of shares of Common Stock subject to the option shall be determined pursuant to the following formula (rounded down to the nearest whole number): X = A DIVIDED BY (B x 66 2/3%), where X is the number of option shares, A is the dollar amount by which the Optionee’s base salary is to be reduced for the calendar year pursuant to his or her election under the Salary Investment Option Grant Program, and B is the Fair Market Value per share of Common Stock on the option grant date.

• Each Seller makes the following representations and warranties to Buyer with respect to each Purchased Asset that is a RTL Mortgage Loan as of the Purchase Date for the purchase of any such Purchased Asset by Buyer from such Seller and at all times while such Purchased Asset is subject to a Transaction hereunder.

• With respect to any Purchased Asset that is an RTL Mortgage Loan, following the occurrence of a Holdback Trigger Event, the applicable Seller shall cause the related Holdback Amounts (including, for the avoidance of doubt, the related Non-Segregated Holdback Amounts) to be held in the applicable Collection Holdback Sub Account in accordance with the related Loan Documents.

• With respect to each RTL Mortgage Loan, Cherrywood Mortgage Loan and CRE Bridge Mortgage Loan, the applicable Seller shall hold or cause to be held all related Holdback Amounts (exclusive of the related Non-Segregated Holdback Amounts) not yet disbursed to the related Mortgagor in the applicable Holdback Account and shall apply the same to improve and rehabilitate the related Mortgaged Property in accordance with the related Loan Documents.

• To the extent any Mortgage Loan that is subject to a proposed Transaction is a CRE Bridge Mortgage Loan, an RTL Mortgage Loan or an SBC Mortgage Loan, (a) Buyer must approve such Transaction, the related Underwriting Guidelines, the related Seller Provided Diligence Package and expected repurchase strategy related to such Mortgage Loans in writing prior to the proposed Purchase Date and (b) Seller shall deliver any amendments to any Program Agreement as may be required by Buyer.