Loss Mitigation Alternative Sample Clauses

Loss Mitigation Alternative. Any action or series of actions (x) pursuant to one or more agreements between the Borrower and the Trustee or the Master Servicer (or, if permitted by the Servicing Contract, the Direct Servicer) or (y) as a result of any concessions to the Borrower by the Trustee or the Master Servicer (or, if permitted by the related Servicing Contract, the Direct Servicer) that, in each case, satisfy the requirements set forth in this definition and in Subsection 5.3(3) and under which the parties may agree to refrain from pursuing remedies for default under the Mortgage Documents while attempts to resolve the default are continuing. The agreement(s) may include whatever loss mitigation alternatives are considered by the Master Servicer (or, if permitted under the related Servicing Contract, by the Direct Servicer) to be appropriate to that Borrower under the applicable facts, consistent with Accepted Servicing Practices, including providing for a period of forbearance, reduced payments, loan modifications or any other actions that, taken as a whole, would have the effect of curing the default on the Mortgage Loan, require the Borrower to cure the default on the Mortgage Loan during the combined term of all such actions, or result in satisfaction of the Mortgage Loan.
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Loss Mitigation Alternative. Any action or series of actions (x) pursuant to one or more agreements between the Borrower and the Trustee or the Master Servicer (or, if permitted by the related Servicing Contract, the Primary Servicer) or (y) as a result of any concessions to the Borrower by the Trustee or the Master Servicer (or, if permitted by the related Servicing Contract, the Primary Servicer) that, in each case, satisfy the requirements set forth in this definition and in Subsection 5.3(3) and under which the parties may agree to refrain from pursuing remedies for default under the Mortgage Documents while attempts to resolve the default are continuing. The agreement(s) may include whatever loss mitigation alternatives are considered by the Master Servicer (or, if permitted under the related Servicing Contract, by the Primary Servicer) to be appropriate to that Borrower under the applicable facts, consistent with Accepted Servicing Practices, including providing for a period of forbearance, reduced payments, loan modifications or any other actions that, taken as a whole, would have the effect of curing the default on the Mortgage Loan, require the Borrower to cure the default on the Mortgage Loan during the combined term of all such actions, or result in satisfaction of the Mortgage Loan. MALA: A multiple asset lending arrangement with one or more primary obligors (which may include Borrowers) consisting of one or more loans (which may be funded as separate advances at different times) secured by one or more Mortgages on Multifamily Properties, Defeasance Securities or Supplemental Collateral pursuant to which (i) all liens secure all outstanding loans, and (ii) a default under any such loan constitutes a default under all such loans. A MALA may include any combination of Mortgage Loans and other mortgage loans that are not Mortgage Loans under this Trust Agreement.
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Related to Loss Mitigation Alternative

  • Loss Mitigation and Consideration of Alternatives (i) For each Single Family Shared-Loss Loan in default or for which a default is reasonably foreseeable, the Assuming Institution shall undertake reasonable and customary loss mitigation efforts, in accordance with any of the following programs selected by Assuming Institution in its sole discretion, Exhibit 5 (FDIC Mortgage Loan Modification Program), the United States Treasury's Home Affordable Modification Program Guidelines or any other modification program approved by the United States Treasury Department, the Corporation, the Board of Governors of the Federal Reserve System or any other governmental agency (it being understood that the Assuming Institution can select different programs for the various Single Family Shared-Loss Loans) (such program chosen, the “Modification Guidelines”). After selecting the applicable Modification Guideline for each such Single Family Shared-Loss Loan, the Assuming Institution shall document its consideration of foreclosure, loan restructuring under the applicable Modification Guideline chosen, and short-sale (if short-sale is a viable option) alternatives and shall select the alternative the Assuming Institution believes, based on its estimated calculations, will result in the least Loss. If unemployment or underemployment is the primary cause for default or for which a default is reasonably foreseeable, the Assuming Institution may consider the borrower for a temporary forbearance plan which reduces the loan payment to an affordable level for at least six (6) months.

  • Alternative A The grievance shall be determined by the Personnel Commission. The decision of the Commission shall be made in writing within sixty (60) calendar days after the filing of the appeal at step 3 and shall be final and binding on all parties subject to ratification by the Board of Supervisors if the decision requires an unbudgeted expenditure.

  • Dental Coverage 206. Each employee covered by this agreement shall be eligible to participate in the City's dental program.

  • Reduction in Force Procedure Should a situation arise which could result in a layoff of Faculty Members, the District shall provide the Federation with a written statement of the basis for the decision with supporting data and projected reductions that may be needed. Upon the request of either party, the District and the Federation shall meet promptly to discuss the impact of such action and any possible alternative courses of action. In the case of a reduction in force, the District shall notify the Federation in writing of the names of all Faculty Members to be laid off. This notice shall be given simultaneously with notification to the affected Faculty Members. This procedure shall also include all notifications of re-employment following a layoff.

  • Alternative Risk Financing Programs The County reserves the right to review, and then approve, Contractor use of self-insurance, risk retention groups, risk purchasing groups, pooling arrangements and captive insurance to satisfy the Required Insurance provisions. The County and its Agents shall be designated as an Additional Covered Party under any approved program.

  • Alternative Dispute Resolution Limitations This is a requirement of the TIPS Contract and is non-negotiable. TIPS, a department of Region 8 Education Service Center, a political subdivision, and local government entity of the State of Texas, does not agree to binding arbitration as a remedy to dispute and no such provision shall be permitted in this Agreement with TIPS. Vendor agrees that any claim arising out of or related to this Agreement, except those specifically and expressly waived or negotiated within this Agreement, may be subject to non-binding mediation at the request of either party to be conducted by a mutually agreed upon mediator as prerequisite to the filing of any lawsuit arising out of or related to this Agreement. Mediation shall be held in either Camp or Titus County, Texas. Agreements reached in mediation will be subject to the approval by the Region 8 ESC's Board of Directors, authorized signature of the Parties if approved by the Board of Directors, and, once approved by the Board of Directors and properly signed, shall thereafter be enforceable as provided by the laws of the State of Texas. Does Vendor agree? Yes, Vendor agrees Does Vendor agree? Yes, Vendor agrees No Waiver of TIPS Immunity This is a requirement of the TIPS Contract and is non-negotiable. Vendor agrees that nothing in this Agreement shall be construed as a waiver of sovereign or government immunity; nor constitute or be construed as a waiver of any of the privileges, rights, defenses, remedies, or immunities available to Region 8 Education Service Center or its TIPS Department. The failure to enforce, or any delay in the enforcement, of any privileges, rights, defenses, remedies, or immunities available to Region 8 Education Service Center or its TIPS Department under this Agreement or under applicable law shall not constitute a waiver of such privileges, rights, defenses, remedies, or immunities or be considered as a basis for estoppel. 5 Does Vendor agree? Yes, Vendor agrees

  • Contribution Formula Dental Coverage a. Faculty Member Coverage. For faculty member dental coverage, the Employer contributes an amount equal to the lesser of ninety percent (90%) of the faculty member premium of the State Dental Plan, or the actual faculty member premium of the dental plan chosen by the faculty member. However, for calendar years beginning January 1, 2014, and January 1, 2015, the minimum employee contribution shall be five dollars ($5.00) per month.

  • Spousal Coverage Any new Participants to the COG, after June 30, 2015, with working spouses who have the ability to be covered under an insurance plan through his/her place of employment, will be required to take his/her plan as their primary plan. This provision does not apply to a participant who had insurance with one COG employer and immediately thereafter, moved to another COG employer. If the spouse is required to pay forty (40%) percent or more of the premium with his/her employer, the requirements of this section shall not apply.

  • Reduction in Force and Recall In the event a RIF (reduction in force) is necessary, any employee who is laid off and is a member of the retirement plan may withdraw the employee's total contribution without forfeiture of the employee's vested portion of the City's contribution. The vested portion of the City's contribution must remain in the employee's account with the carrier of the retirement plan or roll that vested portion over into an authorized XXX plan.

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