Loan Default means an event, which with the giving of notice or lapse of time or both, would become a Loan Event of Default.
Modification Default Loss means the loss calculated in Exhibits 2a(1)-(3) for single family loans previously modified pursuant to this Single Family Shared-Loss Agreement that subsequently default and result in a foreclosure, short sale or Deficient Loss.
Non-default Rate means a rate per annum equal to the cost (without proof or evidence of any actual cost) to the Non-defaulting Party (as certified by it) if it were to fund the relevant amount.
Registration Default Period shall have the meaning assigned thereto in Section 2(c).
Non-Defaulting Lender means, at any time, each Lender that is not a Defaulting Lender at such time.
Term A Loan is defined in Section 2.2(a)(i) hereof.
Lender Default means (i) the refusal (which may be given verbally or in writing and has not been retracted) or failure of any Lender to make available its portion of any incurrence of revolving loans or reimbursement obligations required to be made by it, which refusal or failure is not cured within two Business Days after the date of such refusal or failure; (ii) the failure of any Lender to pay over to the Administrative Agent, any L/C Issuer or any other Lender any other amount required to be paid by it hereunder within two Business Days of the date when due, unless subject to a good faith dispute; (iii) a Lender has notified the Borrower or the Administrative Agent that it does not intend to comply with its funding obligations, or has made a public statement to that effect with respect to its funding obligations, under the Revolving Credit Facility or under other agreements generally in which it commits to extend credit; (iv) a Lender has failed, within three Business Days after request by the Administrative Agent, to confirm that it will comply with its funding obligations under the Revolving Credit Facility; or (v) a Lender has admitted in writing that it is insolvent or such Lender becomes subject to a Lender-Related Distress Event or a Bail-In Action. Any determination by the Administrative Agent that a Lender Default has occurred under any one or more of clauses (i) through (v) above shall be conclusive and binding absent manifest error, and the applicable Lender shall be deemed to be a Defaulting Lender (subject to Section 2.17(b)) upon delivery of written notice of such determination to the Borrower, each L/C Issuer, each Swing Line Lender and each Lender.
Note Default Interest Spread means a rate per annum equal to three percent (3.0%); provided, however, that if the weighted average of the Senior Note Default Rate and the Note B Default Rate would exceed the maximum rate permitted by applicable law, the note default interest spread shall equal (i) the rate at which the weighted average of the Senior Note Default Rate and the Note B Default Rate equals the maximum rate permitted by applicable law minus (ii) the Mortgage Loan Rate.
Non-Defaulting Bank means, at any time, a Bank that is not a Defaulting Bank.
Term B Loan is defined in Section 2.2(a)(ii) hereof.
Registration Default As defined in Section 5 hereof.
Existing Revolving Credit Facility means the $600,000,000 (subject to increase in accordance with its terms) revolving credit facility evidenced by that certain Amended and Restated Revolving Credit Agreement dated as of June 14, 2022 by and among the Borrower, the Parent, the lenders from time to time party thereto as “Lenders”, and JPMorgan Chase Bank, N.A., as Agent.
Term A Loan Commitment means, as to each Lender, its obligation to make its portion of the Term A Loan to the Borrower pursuant to Section 2.01(c), in the principal amount set forth opposite such Lender’s name on Schedule 2.01. The aggregate principal amount of the Term A Loan Commitments of all of the Lenders as in effect on the Closing Date is $675,000,000.
Registration Default Damages shall have the meaning set forth in Section 8 hereof.
Extended Revolving Loan shall have the meaning assigned to such term in Section 2.21(e).
Extended Revolving Credit Facility means each Class of Extended Revolving Credit Commitments established pursuant to Section 2.15(a)(ii).
Default Loan shall have the meaning provided in Section 5.2(b)(1).
Non-Defaulting Party has the meaning specified in Section 6(a).
Additional Refinancing Lender has the meaning set forth in Section 2.15(a).
ABR Revolving Loan means any Revolving Loan bearing interest at a rate determined by reference to the Alternate Base Rate in accordance with the provisions of Article II.
Term Loan Advance and “Term Loan Advances” are each defined in Section 2.1.1(a).
Term Loan Interest Rate means for any day a per annum rate of interest equal to the greater of either (i) 9.25% plus the prime rate as reported in The Wall Street Journal minus 3.50% and (ii) 9.25%.
Term Loan Rate means an interest rate per annum equal to (a) the sum of the Alternate Base Rate plus the Applicable Margin with respect to Domestic Rate Loans and (b) the sum of the Eurodollar Rate plus the Applicable Margin with respect to Eurodollar Rate Loans.
Refinancing Revolving Commitments means one or more Classes of commitments in respect of Revolving Loans hereunder that result from a Refinancing Amendment.
Term B Loan Commitment means the obligation of the Term B Lenders to make a Term B Loan on the Closing Date in an aggregate principal amount equal to $850,000,000. The Term B Loan Commitment on the Closing Date is $850,000,000.
Term A Loans has the meaning specified in Section 2.01(b).