Defaulted Loan. Any Qualified Loan as to which (i) any payment or part thereof, remains unpaid for thirty (30) days or more after the original due date for such payment, (ii) the related Borrower is subject to any bankruptcy or insolvency proceeding, (iii) the lien of the related Mortgage has been foreclosed, the related Mortgaged Property has been sold pursuant to a power of sale or trustee’s sale or repossessed, or proceedings for foreclosure, sale or repossession have been commenced, or (iv) the Master Servicer has determined, consistent with Customary Servicing Procedures, that such Qualified Loan is not collectible.
Appears in 2 contracts
Sources: Master Sale and Servicing Agreement (National Rural Utilities Cooperative Finance Corp /Dc/), Master Sale and Servicing Agreement (Federal Agricultural Mortgage Corp)