Seller Financed Loans definition

Seller Financed Loans has the meaning set forth in Section 12.22 of the LLC Operating Agreement.
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Seller Financed Loans to purchasers of any Asset, Collateral or Acquired Property (or any portion thereof) without the express prior written consent of the Initial Member, to be granted, withheld or conditioned it its sole and absolute discretion. Any request by the Manager for any such consent must identify all material terms and conditions of the proposed Seller Financed Loan, provide the form of Seller Financed Loan documents, and identify any other term or condition that the Initial Member may determine in its reasonable discretion is necessary for it to consider whether to approve such proposed Seller Financed Loan. Upon the provision of any Seller Financed Loan, the Manager must, or must cause the Company to, promptly deliver each original promissory note (with each Seller Financed Loan being duly evidenced by one or more original promissory notes) and the other original Seller Financed Loan documents to the Custodian. In the event the Company provides any Seller Financed Loans (or other financing) in violation of this Agreement (including the restriction in Section 3.4(x)), then, in addition to and without any limitation of any of the indemnification obligations under Section 4.6 or any of the other rights or remedies of the Initial Member, the Manager will be required to indemnify and make whole the Company and each Ownership Entity (and, without duplication, each Indemnified Party) for any Losses (including lost profits) they may incur in connection with such Seller Financed Loans (or other financing) or any failure of any borrower or other obligor to comply with any of its obligations thereunder, including any failure to pay principal or interest payable thereunder.
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Seller Financed Loans to purchasers of any Asset, Collateral or Acquired Property (or any portion thereof) without the express prior written consent of the Initial Member, to be granted, withheld or conditioned it its sole and absolute discretion. Any request by the Manager for any such consent must identify all material terms and conditions of the proposed Seller Financed Loan, provide the form of Seller Financed Loan documents, and identify any other term or condition that the Initial Member may determine in its reasonable discretion is necessary for it to consider whether to approve such proposed Seller Financed Loan. Upon the provision of any Seller Financed Loan, the Manager must, or must cause the Company to, promptly deliver each original promissory note (with each Seller Financed Loan being duly evidenced by one or more original promissory notes) and the other original Seller Financed Loan documents to the Custodian. In the event the Company provides any Seller Financed Loans (or other financing) in violation of this Agreement (including the restriction in Section 3.4(x)), then, in addition to and without any limitation of any of the indemnification obligations under Section
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Related to Seller Financed Loans

  • Refinanced Loans has the meaning specified in Section 10.01.

  • Purchased Loans means, with respect to each Purchase Agreement, the Loans offered for sale and purchased or substituted pursuant to such Purchase Agreement.

  • Refinanced Mortgage Loan A Mortgage Loan the proceeds of which were not used to purchase the related Mortgaged Property.

  • Purchased Mortgage Loans means the collective reference to Mortgage Loans together with the Repurchase Assets related to such Mortgage Loans transferred by Seller to Buyer in a Transaction hereunder, listed on the related Mortgage Loan Schedule attached to the related Transaction Request, which such Mortgage Loans the Custodian has been instructed to hold pursuant to the Custodial Agreement.

  • Eligible Loans has the meaning specified in any of the Purchase Agreements or the Sale Agreement, as applicable.

  • PMI Mortgage Loans The list of Mortgage Loans insured by the PMI Insurer attached hereto as Schedule II.

  • Student Loans means education loans to students and parents of students under the Federal Family Education Loan Program.

  • Purchased Loan means each motor vehicle retail installment loan relating to the sale of an automobile or light-duty truck originated by a Dealer, purchased by the Originator from such Dealer and evidenced by a Purchased Loan Contract; provided, however, that the term “Purchased Loan” shall, for purposes of this Agreement, include only those Purchased Loans identified from time to time on Schedule A hereto.

  • Loans means the loans made by the Lenders to the Borrower pursuant to this Agreement.

  • EMC Mortgage Loans Those Mortgage Loans serviced by the Company pursuant to the terms of this Agreement.

  • Subject Loans has the meaning assigned to such term in Section 2.11(b)(ii).

  • Replacement Loans has the meaning specified in Section 10.01.

  • Lender PMI Loans Mortgage Loans with respect to which the lender rather than the borrower acquired the primary mortgage guaranty insurance and charged the related borrower an interest premium.

  • Second Lien Loans means the “Loans” as defined in the Second Lien Credit Agreement and shall, for the avoidance of doubt, include Incremental Second Lien Loans.

  • Refinanced Debt has the meaning assigned to such term in the definition of “Credit Agreement Refinancing Indebtedness.”

  • Subsequent Mortgage Loans means, for purposes of this Agreement, the Subsequent Mortgage Loans listed in the Subsequent Mortgage Loan Schedule attached hereto as Schedule I.

  • Delinquent Loans means loans where the borrowers have failed to make scheduled mortgage payments under the terms of the mortgage and where the cumulative amount of mortgage payments missed exceeds the scheduled payments due in a three-month period.

  • Eligible Loan Asset means, at any time, a Loan Asset in respect of which each of the representations and warranties contained in Section 4.02 and Schedule III hereto is true and correct.

  • Loan Assets means, collectively and as applicable, the Initial Loan Assets, the Substitute Loan Assets and the Additional Loan Assets, as applicable.

  • Loan Asset means each commercial loan identified on Schedule A hereto, and each commercial loan identified on any Purchase Notice.

  • Cross-Collateralized Mortgage Loan Any Mortgage Loan, that is, by its terms, cross-defaulted and cross-collateralized with any other Mortgage Loan; provided that the Mortgage Loans that are part of any Loan Combination shall not constitute Cross-Collateralized Mortgage Loans.

  • Eligible Loan means a Loan offered for sale or substituted by SLM ECFC under a Purchase 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 Purchase 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: (i) is a Consolidation Loan; (ii) is owned by SLM ECFC and is fully disbursed; (iii) is guaranteed as to principal and interest by the applicable Guarantor to the maximum extent permitted by the Higher Education Act for such Loan; (iv) bears interest at a stated rate of not less than the maximum rate permitted under the Higher Education Act for such Loan; (v) is eligible for the payment of the quarterly special allowance at the full and undiminished rate established under the formula set forth in the Higher Education Act for such Loan; (vi) if not yet in repayment status, is eligible for the payment of interest benefits by the Secretary or, if not so eligible, is a Loan for which interest either is billed quarterly to Borrower or deferred until commencement of the repayment period, in which case such accrued interest is subject to capitalization to the full extent permitted by the applicable Guarantor; (vii) is current or no payment of principal or interest shall be more than 210 days past due as of the Statistical Cutoff Date, in the case of the Initial Loans, or in relation to any Additional Loan or Substituted Loan, the related Subsequent Cutoff Date; (viii) the last disbursement was before the Statistical Cutoff Date, in the case of the Initial Loans, or before the Subsequent Cutoff Date, in the case of any Additional Loan or Substituted Loan; (ix) is supported by the following documentation: 1. loan application, and any supplement thereto, 2. original promissory note and any addendum thereto (or a certified copy thereof if more than one loan is represented by a single promissory note and all loans so represented are not being sold) or the electronic records evidencing the same, 3. evidence of guarantee, 4. any other document and/or record which Funding may be required to retain pursuant to the Higher Education Act, 5. if applicable, payment history (or similar document) including (i) an indication of the Principal Balance and the date through which interest has been paid, each as of the Statistical Cutoff Date, in the case of the Initial Loans, or the related Subsequent Cutoff Date, in the case of any Additional Loan or Substituted Loan, and (ii) an accounting of the allocation of all payments by the Borrower or on the Borrower’s behalf to principal and interest on the Loan, 6. if applicable, documentation which supports periods of current or past deferment or past forbearance, 7. if applicable, a collection history, if the Loan was ever in a delinquent status, including detailed summaries of contacts and including the addresses or telephone numbers used in contacting or attempting to contact Borrower and any endorser and, if required by the Guarantor, copies of all letters and other correspondence relating to due diligence processing, 8. if applicable, evidence of all requests for skip-tracing assistance and current address of Borrower, if located, 9. if applicable, evidence of requests for pre-claims assistance, and evidence that the Borrower’s school(s) have been notified, and 10. if applicable, a record of any event resulting in a change to or confirmation of any data in the Loan file.

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

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

  • VA Loan means a Mortgage Loan which is subject of a VA Loan Guaranty Agreement as evidenced by a loan guaranty certificate, or a Mortgage Loan which is a vendor loan sold by the VA.

  • Mortgage Loans Such of the mortgage loans transferred and assigned to the Trustee pursuant to the provisions hereof as from time to time are held as a part of the Trust Fund (including any REO Property), the mortgage loans so held being identified in the Mortgage Loan Schedule, notwithstanding foreclosure or other acquisition of title of the related Mortgaged Property.