Exception Loans Sample Clauses

Exception Loans. SL shall promptly advise SRT about any application for a Mortgage Loan that SL determines does not meet the SRT Underwriting Guidelines (“Exception Loan”). SRT may, in its sole discretion, advise SL to process such Mortgage Loan and, if so, upon what terms and conditions SL shall process such Mortgage Loans. SRT shall at all times during this Agreement maintain sufficient levels of staffing and resources necessary to comply with the preceding sentence. Upon such direction by SRT, SL shall complete the performance of the Origination Services with respect to such Exception Loan. SL shall issue Approval Letters on those applications associated with an Exception Loan. All Approval Letters issued with respect to Exception Loans shall be for loans to be made at the interest rates set forth on the SRT rate sheet for the applicable product type, taking into account the applicable origination points, discount points, Concessions and/or lock-in fees. SRT shall reimburse SL for any reasonable, customary and documented out-of-pocket costs and expenses incurred in the origination of any Exception Loan, to the extent such documented out-of-pocket costs and expenses exceed SL’s normal costs and expenses incurred with respect to the origination of a Mortgage Loan.
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Exception Loans. PHH shall promptly advise MLCC about any application for a Mortgage Loan that PHH determines does not meet the MLCC Underwriting Guidelines (“Exception Loan”). MLCC may, in its sole discretion, advise PHH to process such Mortgage Loan and, if so, upon what terms and conditions PHH shall process such Mortgage Loans. MLCC shall at all times during this Agreement maintain sufficient levels of staffing and resources [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. necessary to comply with the preceding sentence. Upon such direction by MLCC, PHH shall complete the performance of the Origination Services with respect to such Exception Loan. PHH shall issue Approval Letters on those applications associated with an Exception Loan. All Approval Letters issued with respect to Exception Loans shall be for loans to be made at the interest rates set forth on the MLCC rate sheet for the applicable product type, taking into account the applicable origination points, discount points, Concessions and/or lock-in fees. MLCC shall reimburse PHH for any reasonable, customary and documented out-of-pocket costs and expenses incurred in the origination of any Exception Loan, to the extent such documented out-of-pocket costs and expenses exceed PHH’s normal costs and expenses incurred with respect to the origination of a Mortgage Loan.
Sample 1
Exception Loans. Except as Previously Disclosed, no Mortgage Loan is (a) insured under Sections 235, 245 or 265 of the National Housing Act, (b) secured by manufactured housing that is not affixed to a permanent structure, (c) a reverse mortgage loan, (d) a graduated payment loan that is still in the adjustment period of loan, (e) a housing authority loan, (f) an FmHA loan, (g) a "buydown" loan or a loan subject to shared appreciation, contingent interest features or interest rate subsidies, or (h) a balloon loan.
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Exception Loans. 28 4.15 Investor Repurchase and Indemnification............................28 4.16 Fraud..............................................................28 4.17
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Exception Loans. Except as disclosed in Schedule 4.14 hereto, no Mortgage Loan is (a) a VA guaranteed loan, (b) insured under the National Housing Act, (c) subject to a bi-weekly payment plan, (d) secured by manufactured housing that is not affixed to a permanent structure, (e) a reverse mortgage loan, (f) a graduated payment loan that is still in the adjustment period of loan, (g) a housing authority loan, or (h) an FmHA loan.
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Exception Loans. Borrower shall not use the proceeds of any Loans hereunder directly or indirectly for any unlawful purpose or in any manner inconsistent with any other provision of any Loan Document.
Sample 1
Exception Loans. PHH shall promptly advise MLCC about any application for a Mortgage Loan that PHH determines does not meet the MLCC Underwriting Guidelines (“Exception Loan”). MLCC may, in its sole discretion, advise PHH to process such Mortgage Loan and, if so, upon what terms and conditions PHH shall process such Mortgage Loans. MLCC shall at all times during this Agreement maintain sufficient levels of staffing and resources [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.
Sample 1
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Related to Exception Loans

  • Acquisition Loans The proceeds of the Acquisition Loans may be used only for the following purposes: (i) for working capital and general corporate purposes, including, without limitation, the issuance of Letters of Credit and to pay outstanding Floor Plan Loans; and (ii) to make Permitted Acquisitions.

  • Existing Loans Schedule 3.14(a) attached hereto lists, as of the date of this Agreement, (i) all secured Indebtedness presently encumbering the Property or any direct or indirect interest in the Company, and (ii) all unsecured Indebtedness of the Company or any Company Subsidiary (collectively, the “Existing Company Loans”), and the outstanding aggregate principal balance of each such Existing Company Loan as of April 30, 2019. Except as set forth on Schedule 3.14(b) attached hereto, the Existing Company Loans and the documents entered into in connection therewith (such notes, deeds of trust and all other documents or instruments evidencing or securing such Existing Company Loans including any financing statements, and any amendments, modifications, and assignments of the foregoing shall be referred to collectively as the “Existing Company Loan Documents”) are in full force and effect as of the Closing Date. True, correct and complete copies of the Existing Company Loan Documents (other than financing statements, ancillary certificates and other similar ancillary documents) have been made available to MAMP. No material breach or material default by the Company or any Company Subsidiary has occurred under any Existing Company Loans. Except as set forth on Schedule 3.14(c) attached hereto, no event has occurred and is continuing which with the passage of time or the giving of notice (or both) would constitute a material breach or default under any of such Existing Company Loan Documents, nor has the Company received or given written notice of a default under any Existing Company Loan Documents, which remains uncured.

  • Insider Loans No Company-Related Person has any loan, credit or other Contract outstanding with Company or any Company Subsidiary that does not conform to applicable rules and regulations of the FDIC, the Federal Reserve Board, or any other Governmental Entity with jurisdiction over Company or any Company Subsidiary.

  • Loans The Sponsor has agreed to make loans to the Company in the aggregate amount of up to $300,000 (the “Insider Loans”) pursuant to a promissory note substantially in the form annexed as an exhibit to the Registration Statement. The Insider Loans do not bear any interest and are repayable by the Company on the earlier of December 31, 2021 or the consummation of the Offering.

  • LOANS, ADVANCES, INVESTMENTS Make any loans or advances to or investments in any person or entity, except any of the foregoing existing as of, and disclosed to Bank prior to, the date hereof.

  • Other Loans In the event the Partnership is in need of additional funds other than an FF&E Loan or a Capital Improvement Loan, the Company may, but shall not be obligated to, make loans to the Partnership in such amounts as are necessary. Any such loan shall bear interest at a rate, and shall have repayment terms, as the General Partner shall reasonably determine.

  • Member Loans The Member may make loans (“Member Loans”) to the Company, which shall bear interest and be repaid on such reasonable terms and conditions as may be approved by the Member.

  • Construction Loan Subject to the terms and conditions of this Agreement and in reliance upon the representations and warranties set forth in this Agreement, the Lender has agreed to lend to Borrower and Borrower has agreed to borrow from Lender the lesser of: (i) $27,000,000.00; or (ii) 55% of the Project Costs. Such amount shall be loaned by Lender pursuant to the terms and conditions set forth in this Agreement and the First Supplement to this Agreement.

  • Revolving Loans The Borrower shall repay to the Lenders on the Maturity Date the aggregate principal amount of all Revolving Loans outstanding on such date.

  • Existing Loan Seller represents and warrants that the Existing Loan is the only indebtedness secured by the Property and that the information contained on Exhibit H is true, correct and complete. Neither Seller nor any guarantor is in default or breach of any provisions of the documents evidencing the Existing Loan and no event or circumstance has occurred or exists which but for the passage of time would be a default under the Existing Loan. At Closing, Buyer shall assume the Existing Loan and Buyer shall pay all administrative fees, assumption fees and underwriting costs, if any, charged by the Existing Lender in connection with said assumption. Seller shall cooperate with Buyer in Buyer’s efforts related to the assumption of the Existing Loan including executing such applications, certificates and other documents required by the Lender and providing any information required by the Lender in connection with the assumption of the Existing Loan. Seller shall be responsible for the costs of its attorneys, and Buyer shall be responsible for the costs of its attorneys. In addition, Buyer shall be responsible for the cost, if any, of Existing Lender’s attorneys, related to the assumption of the Existing Loan.

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