Crossed Loan definition

Crossed Loan. A Mortgage Loan that is cross-collateralized and cross-defaulted with one or more other Mortgage Loans.
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Crossed Loan. As defined in Section 2.03(a). The Mortgage Loans comprising a Loan Combination shall not be deemed to be Crossed Loans for purposes of this Agreement.
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Crossed Loan means the loan in the amount of $7,740,000 made by Mortgagee to the Mortgagor, and evidenced and secured by the Crossed Note, the Crossed Mortgage and the Crossed Loan Documents.
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Examples of Crossed Loan in a sentence

  • Each Crossed Loan Group is identified on the Mortgage Loan Schedule.

  • In addition, if there exists with respect to any Crossed Loan Group only one original of any document referred to in the definition of "Mortgage File" in this Agreement and covering all the Mortgage Loans in such Crossed Loan Group, the inclusion of the original of such document in the Mortgage File for any of the Mortgage Loans in such Crossed Loan Group shall be deemed an inclusion of such original in the Mortgage File for each such Mortgage Loan.

  • For purposes of reference, the Mortgaged Property that relates or corresponds to any of the Mortgage Loans in a Crossed Loan Group shall be the property identified in the Mortgage Loan Schedule as corresponding thereto.

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

  • Crossed Loan Original String Title Type Grace Period (Late Payment) Upfront Eng.

  • Notwithstanding the foregoing, if a Crossed Loan is modified to terminate the related cross-collateralization and/or cross-default provisions, the Seller shall furnish to the Certificate Administrator an Opinion of Counsel that such modification shall not cause an Adverse REMIC Event.

  • Using the “Cut-off Date Balance ($),” as shown on the Final Data File, we recalculated the “% of Loan Balance” of each Mortgage Loan (except for any Multiple Property Loan(s) and any Mortgage Loans in a Crossed Loan Group, which are described in the succeeding paragraph(s) of this Item) and Underlying Property associated with a Multiple Property Loan.

  • Using the “Allocated Cut-off Date Loan Amount ($),” as shown on the Final Data File, we recalculated the “% of Loan Balance” of each Mortgage Loan (except for any Multiple Property Loan(s) and any Mortgage Loan(s) in a Crossed Loan Group, which are described in the succeeding paragraph(s) of this Item) and Underlying Property associated with a Multiple Property Loan.

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

  • All documentation relating to the termination of the cross-collateralization provisions of each Crossed Loan being repurchased or replaced is to be prepared at the expense of the applicable Mortgage Loan Seller and, where required, with the consent of the applicable Mortgagor.


More Definitions of Crossed Loan

Crossed Loan. As defined in Section 2.03(a). The Great Mall Trust Mortgage Loan and the Great Mall B-Note Loan will not be deemed to be Crossed Loans for purposes of this Agreement.
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Crossed Loan. As defined in Section 2.03.
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Crossed Loan the "Crossed Debt", the "Crossed Note", the "Crossed Mortgage", the "Crossed Loan Documents" and the "Crossed Property" shall be deemed of no further force or effect. In addition to and without limiting the foregoing, Mortgagor hereby agrees to fully cooperate with Mortgagee if Mortgagee is considering the termination of the cross collateralization and cross default of this Mortgage with the Crossed Loan, including, but not limited to (x) amending this Mortgage and the other Loan Documents as may be required by Mortgagee to effectuate such termination of the cross collateralization and cross default provisions thereof, (y) updating and/or endorsing the title insurance policies (at Mortgagee's cost as to additional premium charges, if any) to reflect the continuation of the first priority lien of this Mortgage, and (z) forming a special-purpose bankruptcy remote entity, which shall be an affiliate of Mortgagor, to be the borrower (the "Successor Borrower") under the Loan, assigning the Loan Documents from Mortgagor to the Successor Borrower, transferring the Mortgaged Property to the Successor Borrower, and obtaining such legal opinions as may be reasonable required by Mortgagee. Notwithstanding the foregoing, Mortgagor shall not be compelled to take any action under this Section 65 which would impose an out of pocket cost on Mortgagor in excess of $1,000, unless Mortgagee undertakes to pay such cost.
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Crossed Loan. Groups: Loan Group 1, Loan Group 2, Loan Group 3, Loan Group 4, Loan Group 5 and Loan Group 6. Custodian: Initially, U.S. Bank National Association; thereafter any Custodian appointed by the Trustee pursuant to Section 9.12.
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Crossed Loan. Groups: Loan Group 1 and Loan Group 2. Custodian: Initially, the Trustee and thereafter any custodian appointed by the Trustee pursuant to Section 9.12. A Custodian may (but need not) be the Trustee or any Person directly or indirectly controlling or controlled by or under common control of either of them. None of the Master Servicers, any Servicer or the Depositor, or any Person directly or indirectly controlling or controlled by or under common control with any such Person may be appointed Custodian.
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Crossed Loan. Groups: Loan Group 1, Loan Group 2, Loan Group 3 and Loan Group 4.
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Related to Crossed Loan

  • 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.

  • Buydown Mortgage Loan Any Mortgage Loan as to which a specified amount of interest is paid out of related Buydown Funds in accordance with a related buydown agreement.

  • MERS Eligible Mortgage Loan Any Mortgage Loan that has been designated by the Servicer as recordable in the name of MERS.

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

  • Wet-Ink Mortgage Loan means a Mortgage Loan which Seller is selling to Buyer simultaneously with the origination thereof.

  • Balloon Mortgage Loan A Mortgage Loan that provides for the payment of the unamortized principal balance of such Mortgage Loan in a single payment at the maturity of such Mortgage Loan that is substantially greater than the preceding monthly payment.

  • Eligible Mortgage Loan means a Mortgage Loan:

  • Non-MERS Eligible Mortgage Loan Any Mortgage Loan other than a MERS Eligible Mortgage Loan.

  • Lender PMI Mortgage Loan Certain Mortgage Loans as to which the lender (rather than the borrower) acquires the Primary Insurance Policy and charges the related borrower an interest premium.

  • Group 1 Mortgage Loan Each Mortgage Loan listed on Exhibit D-1 hereto.

  • Debt Service Reduction Mortgage Loan Any Mortgage Loan that became the subject of a Debt Service Reduction.

  • ARD Mortgage Loan Any Mortgage Loan that is identified as having an Anticipated Repayment Date and a Revised Rate on the Mortgage Loan Schedule.

  • Whole Loan As defined in the Introductory Statement.

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

  • 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.

  • Fixed Rate Mortgage Loan A fixed rate mortgage loan purchased pursuant to this Agreement.

  • Group 2 Mortgage Loan Each Mortgage Loan listed on Exhibit D-2 hereto.

  • Group 3 Mortgage Loan Each Mortgage Loan listed on Exhibit D-3 hereto.

  • Group 4 Mortgage Loan Each Mortgage Loan listed on Exhibit D-4 hereto.

  • Non-MERS Mortgage Loan Any Mortgage Loan other than a MERS Mortgage Loan.

  • LPMI Loan A Mortgage Loan with a LPMI Policy.

  • Eligible Substitute Mortgage Loan With respect to a Mortgage Loan substituted by the Transferor for a Deleted Mortgage Loan, a Mortgage Loan which must, on the date of such substitution, (i) have a Principal Balance, (or, in the case of a substitution of more than one mortgage loan for a Deleted Mortgage Loan, an aggregate Principal Balance), not in excess of, and not more than 10% less than the Principal Balance of the Deleted Mortgage Loan; (ii) be accruing interest at a rate no lower than and not more than 1% per annum higher than, that of the Deleted Mortgage Loan; (iii) have a Loan-to-Value Ratio no higher than that of the Deleted Mortgage Loan; (iv) have a remaining term to maturity no greater than (and not more than one year less than that of) the Deleted Mortgage Loan; (v) comply with each representation and warranty set forth in Section 2.03 hereof; (vi) be the same credit grade category as the Deleted Mortgage Loan; (vii) have the same prepayment penalty term; and (viii) not be a Cooperative Mortgage Loan unless the Deleted Mortgage Loan was a Cooperative Mortgage Loan.

  • Jumbo Mortgage Loan means a Mortgage Loan that would otherwise be a Conforming Mortgage Loan secured by a first Lien Mortgage except that the original principal amount is more than the maximum Agency loan amount but not more than One Million Dollars ($1,000,000).

  • Outstanding Mortgage Loan As of any Due Date, a Mortgage Loan with a Stated Principal Balance greater than zero which was not the subject of a Principal Prepayment in Full prior to such Due Date and which did not become a Liquidated Mortgage Loan prior to such Due Date.

  • Pool 1 Mortgage Loans Any Mortgage Loan in Pool 1.

  • Group I Mortgage Loan A Mortgage Loan assigned to Loan Group I. All Group I Mortgage Loans have a principal balance at origination that conforms to Xxxxxxx Mac loan limits.