Loss Mitigation Alternatives; Non-Performing Loans Sample Clauses

Loss Mitigation Alternatives; Non-Performing Loans. The Master Servicer (or to the extent provided in the Servicing Contract, the Primary Servicer) may agree to a Loss Mitigation Alternative as provided in clause (iv) of paragraph (a) of this Subsection 5.3(3) only if (x) a payment default on that Mortgage Loan has occurred and is continuing or (y) the Master Servicer (or to the extent provided in the Servicing Contract, the Primary Servicer) determines that a payment default is reasonably foreseeable, and in either case a concession to the Borrower in the payment terms is advisable under Accepted Servicing Practices to increase the probability of recovery for the related Trust. In determining whether a payment default is reasonably foreseeable (except in the case of clause (ix) below), a Primary Servicer or the Master Servicer will be required to evaluate the Borrower’s financial condition as well as the condition of, and circumstances affecting, the related Mortgaged Property. In making that evaluation, a Primary Servicer or the Master Servicer may consider factors including: (i) the credit scores of the Borrower(s); (ii) the payment history of the Borrower(s) (as reported by a credit bureau) on other indebtedness; (iii) the loan-to-value ratio of the Mortgage Loan at the time the loan was originated; (iv) the current loan-to-value ratio, determined by using the outstanding principal balance of the Mortgage Loan and an estimated value of the Mortgaged Property; (v) whether the scheduled payments on the Mortgage Loan have recently changed or will soon change;
Sample 1
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Loss Mitigation Alternatives; Non-Performing Loans. The Master Servicer (or to the extent provided in the Servicing Contract, the Primary Servicer) may agree to a Loss Mitigation Alternative as provided in clause (iv) of paragraph (a) of this Subsection 5.3(3) only if (x) a payment default on that Mortgage Loan has occurred and is continuing or (y) the Master Servicer (or to the extent provided in the Servicing Contract, the Primary Servicer) determines that a payment default is Reasonably Foreseeable, and in either case a concession to the Borrower in the payment terms is advisable under Accepted Servicing Practices to increase the probability of recovery for the related Trust. The Primary Servicer or the Master Servicer will also maintain a record of each Mortgage Loan in the Trust that has been modified through implementation of a Loss Mitigation Alternative. In making an evaluation that a payment default on a Mortgage Loan is Reasonably Foreseeable, a Primary Servicer or the Master Servicer may consider the following factors to the extent they are not inconsistent with the Code or applicable Treasury Regulations: (i) the credit scores of the Borrower(s); (ii) the payment history of the Borrower(s) (as reported by a credit bureau) on other indebtedness; (iii) the loan-to-value ratio of the Mortgage Loan at the time the loan was originated; (iv) the current loan-to-value ratio, determined by using the outstanding principal balance of the Mortgage Loan and an estimated value of the Mortgaged Property; (v) whether the scheduled payments on the Mortgage Loan have recently changed or will soon change; (vi) information received from the Borrower(s) (including change of employment, change in income or change in family medical status); (vii) whether operating statements (including pro formas) or leasing records for the related Mortgaged Property reflect insufficient funds to continue to cover debt service and operating expenses; (viii) whether any material decline in the liquidity and net worth of the Borrower, any Key Principal or any owner of the Borrower or Key Principal has occurred and whether any payment defaults on other mortgage loans have occurred with respect to which the Borrower, any Key Principal of the Borrower or any entity owned by any owner of the Borrower or Key Principal is an obligor; and (ix) the occurrence of a disaster (including a tornado, hurricane or flood), terrorist attack or other catastrophe caused by either nature or a Person other than the Borrower or a Key Principal that the Mast...
Sample 1
Loss Mitigation Alternatives; Non-Performing Loans. The Master Servicer (or to the extent provided in the Servicing Contract, the Primary Servicer) may agree to a Loss Mitigation Alternative as provided in clause (iv) of paragraph (a) of this Subsection 5.3(3) only if
Sample 1

Related to Loss Mitigation Alternatives; Non-Performing Loans

  • 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.

  • Optional Extended Local Calling Scope Arrangement Traffic (5) special access, private line, Frame Relay, ATM, or any other traffic that is not switched by the terminating Party; (6) Tandem Transit Traffic; (7) Voice Information Service Traffic (as defined in Section 5 of the Additional Services Attachment); or, (8) Virtual Foreign Exchange Traffic (or V/FX Traffic) (as defined in the Interconnection Attachment). For the purposes of this definition, a Verizon local calling area includes a Verizon non-optional Extended Local Calling Scope Arrangement, but does not include a Verizon optional Extended Local Calling Scope Arrangement.

  • Avoiding Foreclosure; Mitigating Losses If Borrower is in Default, Lender may work with Borrower to avoid foreclosure and/or mitigate Lender’s potential losses, but is not obligated to do so unless required by Applicable Law. Lender may take reasonable actions to evaluate Borrower for available alternatives to foreclosure, including, but not limited to, obtaining credit reports, title reports, title insurance, property valuations, subordination agreements, and third-party approvals. Xxxxxxxx authorizes and consents to these actions. Any costs associated with such loss mitigation activities may be paid by Xxxxxx and recovered from Borrower as described below in Section 9(c), unless prohibited by Applicable Law.

  • Assuming Bank Portfolio Sales of Remaining Single Family Shared-Loss Loans The Assuming Bank shall have the right with the concurrence of the Receiver to liquidate for cash consideration, from time to time in one or more transactions, all or a portion of Single Family Shared-Loss Loans held by the Assuming Bank at any time prior to the Termination Date (“Portfolio Sales”). If the Assuming Bank exercises its option under this Section 4.1, it must give thirty (30) days notice in writing to the Receiver setting forth the details and schedule for the Portfolio Sale which shall be conducted by means of sealed bid sales to third parties, not including any of the Assuming Bank’s affiliates, contractors, or any affiliates of the Assuming Bank’s contractors. Sales of Restructured Loans shall be sold in a separate pool from Single Family Shared-Loss Loans not restructured. The Receiver’s review of the Assuming Bank’s proposed Portfolio Sale will be considered in a timely fashion and approval will not be unreasonably withheld, delayed or conditioned.

  • Assuming Bank’s Liquidation of Remaining Single Family Shared-Loss Loans In the event that the Assuming Bank does not conduct a Portfolio Sale pursuant to Section 4.1, the Receiver shall have the right, exercisable in its sole and absolute discretion, to require the Assuming Bank to liquidate for cash consideration, any Single Family Shared-Loss Loans held by the Assuming Bank at any time after the date that is six months prior to the Termination Date. If the Receiver exercises its option under this Section 4.2, it must give notice in writing to the Assuming Bank, setting forth the time period within which the Assuming Bank shall be required to liquidate the Single Family Shared-Loss Loans. The Assuming Bank will comply with the Receiver’s notice and must liquidate the Single Family Shared-Loss Loans as soon as reasonably practicable by means of sealed bid sales to third parties, not including any of the Assuming Bank’s affiliates, contractors, or any affiliates of the Assuming Bank’s contractors. The selection of any financial advisor or other third party broker or sales agent retained for the liquidation of the remaining Single Family Shared-Loss Loans pursuant to this Section shall be subject to the prior approval of the Receiver, such approval not to be unreasonably withheld, delayed or conditioned.

  • Refinancing Preparation Advance; Capitalizing Front-end Fee and Interest (a) If the Loan Agreement provides for the repayment out of the proceeds of the Loan of an advance made by the Bank or the Association (“Preparation Advance”), the Bank shall, on behalf of such Loan Party, withdraw from the Loan Account on or after the Effective Date the amount required to repay the withdrawn and outstanding balance of the advance as at the date of such withdrawal from the Loan Account and to pay all accrued and unpaid charges, if any, on the advance as at such date. The Bank shall pay the amount so withdrawn to itself or the Association, as the case may be, and shall cancel the remaining unwithdrawn amount of the advance.”

  • Delinquent Child Support Obligations A child support obligor who is more than 30 days delinquent in paying child support and a business entity in which the obligor is a sole proprietor, partner, shareholder, or owner with an ownership interest of at least 25 percent is not eligible to receive payments from state funds under an agreement to provide property, materials, or services until all arrearages have been paid or the obligor is in compliance with a written repayment agreement or court order as to any existing delinquency. The Texas Family Code requires the following statement: “Under Section 231.006, Texas Family Code, the vendor or applicant certifies that the individual or business entity named in this contract, bid, or application is not ineligible to receive the specified grant, loan, or payment and acknowledges that this contract may be terminated and payment may be withheld if this certification is inaccurate.”

  • Mandatory Prepayments (a) If on any date the Borrower or any of its Subsidiaries shall receive Net Cash Proceeds from any Asset Sale or Recovery Event then, with respect to an amount equal to 75% of such Net Cash Proceeds (“Allocated Proceeds”; provided that the Borrower or such Subsidiary may instead deem a portion of such Net Cash Proceeds equal to the first 75% of the Total Net Proceeds to the Borrower or such Subsidiary from such Asset Sale or Recovery Event, when and as received, to be the Allocated Proceeds of such Asset Sale or Recovery Event), (i) if such Allocated Proceeds are not Reinvestment Proceeds, such Allocated Proceeds shall be applied on the fifth Business Day after the date such proceeds are received toward the prepayment of the Term Loans or (ii) if such Allocated Proceeds are Reinvestment Proceeds, on each Reinvestment Prepayment Date, an amount equal to the relevant Reinvestment Prepayment Amount shall be applied toward the prepayment of the Term Loans in the manner specified in Section 2.9(c); provided that, notwithstanding clauses (i) and (ii) above, to the extent that the terms of the documentation for any First Lien Notes or Pre-Existing Debt that is secured on a pari passu basis with the Obligations under this Agreement require that a portion of such Allocated Proceeds be applied to purchase First Lien Notes or Pre-Existing Debt pursuant to a mandatory offer to purchase such First Lien Notes or Pre-Existing Debt, such Allocated Proceeds may be applied to prepay Term Loans in accordance with Section 2.9(c) and purchase First Lien Notes and/or Pre-Existing Debt on a pro rata basis based on the respective amounts of Term Loans and First Lien Notes and/or Pre-Existing Debt then outstanding.

  • Taxes and Fees Imposed Directly On Either Providing Party or Purchasing Party 11.2.1 Taxes and fees imposed on the providing Party, which are not permitted or required to be passed on by the providing Party to its customer, shall be borne and paid by the providing Party.

  • Refinancing Preparation Advance If the Financing Agreement provides for the repayment out of the proceeds of the Financing of an advance made by the Association or the Bank (“Preparation Advance”), the Association shall, on behalf of the Recipient, withdraw from the Financing Account on or after the Effective Date the amount required to repay the withdrawn and outstanding balance of the advance as at the date of such withdrawal from the Financing Account and to pay all accrued and unpaid charges, if any, on the advance as at such date. The Association shall pay the amount so withdrawn to itself or the Bank, as the case may be, and shall cancel the remaining unwithdrawn amount of the advance.”

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