Seasoned Loan definition

Seasoned Loan means a Bank of America SC Conforming Loan made by Program Lender that becomes “seasoned” in accordance with the following criteria:

Seasoned Loan means an EDUCATION ONE Loan as of ten (10) days after the disbursement on the EDUCATION ONE Loan but shall exclude any loan disbursed by paper check if the paper check has not yet been paid by the drawee.

Seasoned Loan means an EDUCATION ONE Loan as of fifteen (15) days after the disbursement on the EDUCATION ONE Loan but shall exclude any loan disbursed by paper check if the paper check has not yet been paid by the drawee. In the event a disbursement check is paid by the drawee more than fifteen days after it is written, the Loan shall become a Seasoned Loan on the date of such payment. For purposes of computation of the Minimum Purchase Price, the term also includes (a) defaulted loans not yet purchased by XXXX, and (b) the rights and obligations of Bank One with respect to defaulted EDUCATION ONE Loans purchased by XXXX that would have been Seasoned Loans but for such purchase.

Examples of Seasoned Loan in a sentence

• On each Purchase Date during the Term of this Agreement and subject to the conditions set forth herein, Program Lender shall sell to FMC or a designee Purchaser Trust, and FMC or such Purchaser Trust shall purchase, every Seasoned Loan owned by Program Lender on the Purchase Date.

• Program Lender shall require the party who originated each such Seasoned Loan to complete any loan origination services being performed for Program Lender on the Purchase Date so that complete Origination Records are ready for transfer to the Purchaser Trust (or to Servicer on its behalf).

• In the event that the Borrower cancels a Seasoned Loan in a manner and at a time permitted under the Program Guidelines, if that Seasoned Loan has already been purchased under this Agreement, Program Lender will return to the Purchaser Trust all amounts received by it with respect to such purchase.

• In the event that the Borrower cancels a Seasoned Loan in a manner and at a time permitted under the Program Guidelines, if that loan has already been purchased under this Agreement, Program Lender will return to the Purchaser Trust all amounts received by it with respect to such purchase.

• In such event, the Program Lender may sell or retain such Seasoned Loan to any purchaser, free and clear of any claim under this Agreement.

More Definitions of Seasoned Loan

Seasoned Loan means a Bank of America DTC Loan as of fifteen (15) days after completion of all scheduled disbursements on the Bank of America DTC Loan, but shall exclude any loan disbursed by paper check if the paper check has not yet been paid by the drawee. In the event a disbursement check is paid by the drawee more than thirty (30) days after it is written, the loan shall become a Seasoned Loan on the date of such payment. For purposes of computation of the Minimum Purchase Price, the term also includes defaulted Bank of America DTC Loans not yet purchased by XXXX.

Seasoned Loan is defined in the definition of “Late Pledged (Seasoned) Loan”.

Seasoned Loan is amended as follows:

Seasoned Loan means a Bank of America Direct to Consumer Conforming Loan as of fifteen (15) days after completion of all scheduled disbursements on the Bank of America Direct to Consumer Conforming Loan, but shall exclude any loan disbursed by paper check if the paper check has not yet been paid by the drawee. In the event a disbursement check is paid by the drawee more than thirty days after it is written, the loan shall become a Seasoned Loan on the date of such payment. For purposes of computation of the Minimum Purchase Price, the term also includes defaulted Bank of America Direct to Consumer Conforming Loans not yet purchased by XXXX.

Seasoned Loan means a NextStudent Conforming Loan as of [**] after the first disbursement of the NextStudent Conforming Loan, but shall exclude any loan disbursed by paper check if the paper check has not yet been paid by the drawee. In the event a disbursement check is paid by the drawee more than [**] after it is written, the loan shall become a Seasoned Loan on the date of such payment. For purposes of computation of the Minimum Purchase Price, the term also includes defaulted NextStudent Conforming Loans not yet purchased by XXXX.

Seasoned Loan means a CFS Conforming Loan fifteen days after disbursement, but shall exclude any loan disbursed by paper check if the paper check has not yet been paid by the drawee. In the event a disbursement check is paid by the drawee more than fifteen days after it is written, the loan shall become a Seasoned Loan on the date of such payment. For purposes of computation of the Minimum Purchase Price, the term also includes defaulted CFS Conforming Loans not yet purchased by TXXX.

Seasoned Loan means, at any time, either (a) a Mortgage Loan or Commercial Loan for which the Collateral Documents have been included in the Borrowing Base for more than 270 days, or (b) a Mortgage Loan or Commercial Loan which is initially included in the Borrowing Base more than 270 days following its date of origination.