Terminated Loan Price definition

Terminated Loan Price means, with respect to any Loan that becomes a Terminated Loan, the excess of (a) all amounts owing on such Loan (including all amounts of principal, interest and fees on the day that such Loan becomes a Terminated Loan), minus (b) all amounts received from the proceeds of the Renewal Loan that are applied by the Servicer or applicable Subservicer in accordance with the Credit and Collection Policy to satisfy any amounts of interest and fees owing on such Loan, minus (c) all amounts of insurance refunds applied by the Servicer or applicable Subservicer in accordance with the Credit and Collection Policy to satisfy any portion of principal owing on the Loan, in each case (with respect to clauses (b) and (c)) that are also applied in connection with such Terminated Loan as Collections by such Servicer or applicable Subservicer under the Transaction Documents on the day such Loan becomes a Terminated Loan.
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Terminated Loan Price means, with respect to any Loan that becomes a Terminated Loan, the greater of (1) the excess of (a) all amounts owing on such Loan (including all amounts of principal, interest and fees on the day that such Loan becomes a Terminated Loan), over (b) the sum (without duplication) of (i) all amounts received from the proceeds of the related Renewal Loan that are applied by the Servicer or applicable Subservicer to satisfy any amounts owing on such Loan, plus (ii) all amounts of insurance refunds applied by the Servicer or applicable Subservicer in accordance with the Collection Policy to satisfy any portion of principal owing on such Loan and, in the case of clauses (i) and (ii), that are also applied as Collections by such Servicer or applicable Subservicer under the Transaction Documents on or prior to the date on which the Terminated Loan Price is paid and (2) the fair market value of such Loan.
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Examples of Terminated Loan Price in a sentence

  • Facsimile No.: (516) 296-7111 or at such other address as the Holder or the Company shall designate by notice to the other given in accordance with this Section 10.

  • In connection with any Renewal that does not constitute a Renewal Loan Replacement, on the day on which the Seller pays the Terminated Loan Price with respect to the Terminated Loan in immediately available funds to the Servicer pursuant to the Loan Purchase Agreement, for deposit into the Collection Account, the Servicer shall deposit such amounts in immediately available funds into such account on such date.

  • The Issuer does hereby authorize the Servicer and Subservicers on the Issuer’s behalf to effect Renewals of Loans and, with respect to each Renewal, to elect whether to effect a Renewal Loan Replacement or to elect to receive the Terminated Loan Price; provided, that, the Servicer shall not take any action that would cause the Depositor or the Issuer to violate the Indenture or the Sale and Servicing Agreement.