Underlying Loan definition

Underlying Loan means where the LPN Issuer provides a loan to the Reference Entity.

Underlying Loan means any loan, Loan Participation, Ownership Entity (including any cash and cash equivalents held directly or indirectly by such Ownership Entities) or Acquired Property listed on the Loan Schedule, and any loan into which any listed loan or Loan Participation is refinanced or modified, and includes with respect to each such loan, Loan Participation, Ownership Entity, Acquired Property or other related asset or any Related Agreement: (i) any obligation evidenced by an Underlying Note; (ii) all rights, powers or Liens of Debtor or any Ownership Entity in or under the Underlying Collateral and Underlying Collateral Documents and in and to Acquired Property (including all Ownership Entities and REO Property held by an Ownership Entity); (iii) all rights of Debtor or any Ownership Entity pursuant to any Contract for Deed and in or to the real property that is subject to any such Contract for Deed; (iv) all rights of Debtor or any Ownership Entity pursuant to any lease and in or to the related leased property; (v) all rights to causes of action, lawsuits, judgments, claims and demands of any nature available to or being pursued by or for the benefit of Debtor or any Ownership Entity with respect to the Underlying Loans, the Underlying Collateral or the ownership, use, function, value of or other rights pertaining thereto, whether arising by way of counterclaim or otherwise, other than any claims retained by the Initial Member pursuant to Section 2.7 of the Contribution Agreement; (vi) all guaranties, warranties, indemnities and similar rights in favor of Debtor or any Ownership Entity with respect to any of the Underlying Loans; (vii) all rights of Debtor or any Ownership Entity pursuant to the Related Agreements; and (viii) all rights of Debtor or any Ownership Entity to any Deficiency Balances.

Underlying Loan means, with respect to any Receiver Acquired Property, any and all remaining right, title and interest of the Receiver, the Failed Bank or an Ownership Entity in and to the applicable Loan or Loan Participation (or other applicable loan, note and related documents) having been secured by such Receiver Acquired Property and with respect to which title to such Receiver Acquired Property has transferred to the Receiver, the Failed Bank or an Ownership Entity pursuant to a foreclosure sale, deed in lieu of foreclosure or any other exercise of remedies (in addition to any related Deficiency Balance).

Examples of Underlying Loan in a sentence

• The Seller shall be responsible for the cost of any Appraisal required to be obtained to determine if the Crossed Underlying Loan Repurchase Criteria have been satisfied, so long as the scope and cost of such Appraisal has been approved by the Seller (such approval not to be unreasonably withheld).

• In the event that the remaining Crossed Underlying Loans satisfy the aforementioned criteria, the Seller may elect either to repurchase or substitute for only the affected Crossed Underlying Loan as to which the related Material Defect exists or to repurchase or substitute for all of the Crossed Underlying Loans in the related Crossed Mortgage Loan Group.

• Notwithstanding the foregoing, if a Crossed Underlying Loan included in the Trust Fund is modified to terminate the related cross-collateralization and/or cross-default provisions, as a condition to such modification, the Seller shall furnish to the Trustee an Opinion of Counsel that any modification shall not cause an Adverse REMIC Event.

• In the event that the remaining Crossed Underlying Loans satisfy the aforementioned criteria, the Seller may elect either to repurchase or substitute for only the affected Crossed Underlying Loan as to which the related Breach or Defect exists or to repurchase or substitute for all of the Crossed Underlying Loans in the related Crossed Mortgage Loan Group.

• Notwithstanding the foregoing, if a Crossed Underlying Loan included in the Trust is modified to terminate the related cross-collateralization and/or cross-default provisions, as a condition to such modification, the Seller shall furnish to the Trustee an Opinion of Counsel that any modification shall not cause an Adverse REMIC Event.

More Definitions of Underlying Loan

Underlying Loan means each of the Mortgage Loan and the Mezzanine Loan.

Underlying Loan means (a)(i) a Purchased Loan or (ii) a whole-loan debt obligation or Approved Syndicated Loan or Broadly Syndicated Loan that was originated by the Borrower in the ordinary course of its business and that is currently owned by Borrower (and in which no participation or other ownership or economic interest has been granted to, or is held by, any other Person with respect to any portion of the Underlying Loan, other than the interests granted to Agent pursuant to the Loan Documents) and (b) any Eligible Structured Equity Interests.

Underlying Loan means a loan to a third party, or an assignment or participation in a loan to a third party which has already been made, by the Company.

Underlying Loan means the first mortgage loan in the maximum principal amount of $93,500,000 originated by Underlying Lender to Underlying Borrower pursuant to the terms of the Underlying Loan Documents and to which the Asset hereunder relates.

Underlying Loan shall have the meaning specified in the Recitals to this Agreement.

Underlying Loan means an educational loan owed by me to be refinanced into this Loan. I must be the primary borrower or cosigner on an Underlying Loan to be refinanced. Underlying Loans are identified by the information provided on the Application or information I provide to you during the application process and prior to disbursement of the Loan proceeds. The Lender, through its servicer, may verify the existence, eligibility, and balance of all Underlying Loans prior to disbursement of the loan proceeds to the then current servicers of the Underlying Loans.

Underlying Loan as defined in the definition of Asset Loss. “United States”: the United States of America.