SunTrust Clause Samples
The 'SunTrust' clause typically designates SunTrust Bank (now part of Truist Financial Corporation) as a specific party to a financial agreement, often in the role of lender, agent, or trustee. In practice, this clause may outline SunTrust's rights, responsibilities, and obligations within the transaction, such as managing loan disbursements, holding collateral, or administering payments among multiple lenders. Its core function is to clearly identify SunTrust's role and ensure all parties understand the bank's authority and duties, thereby reducing ambiguity and potential disputes regarding the administration of the agreement.
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SunTrust. BANK As Administrative Agent, as Issuing Bank, and as a Lender By: /s/ D▇▇▇ ▇▇▇▇▇▇▇▇ Title: Director
SunTrust. The term “SunTrust” for purposes of this Agreement shall mean SunTrust Banks, Inc. and any successor to SunTrust.
SunTrust. BAFC and the Assignee hereby agree to the following modifications to the Sale and Servicing Agreement with respect to the Mortgage Loans:
(i) The definition of "Qualified Substitute Mortgage Loan" is hereby deleted in its entirety and replaced with the following: "A mortgage loan eligible to be substituted by the Company for a Deleted Mortgage Loan which must, on the date of such substitution, (i) have an outstanding principal balance, after deduction of all scheduled payments due in the month of substitution (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 the Stated Principal Balance of the Deleted Mortgage Loan; (ii) have a Mortgage Loan Remittance Rate not less than, and not more than 2% greater than the Mortgage Loan Remittance Rate of the Deleted Mortgage Loan; (iii) have a remaining term to maturity not greater than and not more than one year less than that of the Deleted Mortgage Loan; (iv) comply with each representation and warranty set forth in Sections 3.01 and 3.02; (v) be of the same type as the Deleted Mortgage Loan; (vi) have the same Mortgage Interest Rate as the Deleted Mortgage Loan; (vii) have a FICO score not less than that of the Deleted Mortgage Loan, (vii) have an LTV not greater than that of the Deleted Mortgage Loan; (ix) have a credit grade not lower in quality than that of the Deleted Mortgage Loan and (x) have the same lien status as the Deleted Mortgage Loan."
(ii) The definition of "Remittance Date" is hereby deleted in its entirety and replaced with the following: "The eighteenth (18th) day (or if such day is not a Business Day, the immediately preceding Business Day) of any month, beginning with the First Remittance Date."
SunTrust. SunTrust Mortgage is the mortgage banking arm of SunTrust Banks, Inc. SunTrust Mortgage originates about $30 billion in mortgage loans and has a servicing portfolio valued at almost $140 billion. SunTrust Mortgage services loans owned both by private-sector financial institutions as well as government-sponsored enterprises (“GSEs”). In 2009 when HAMP was announced, approximately 73% of the roughly 950,000 loans serviced by SunTrust Mortgage were owned by government-sponsored enterprises. In 2008, America entered a deep recession and housing crisis that significantly impacted many financial institutions. In response, Congress enacted the Troubled Asset Relief Program (“TARP”) as part of the Emergency Economic Stabilization Act of 2008, which was designed to restore liquidity and stability to the financial industry. In effect, the government supplied the banks with capital to weather the recession by investing in those financial institutions in exchange for preferred shares of the institution’s stock. In 2008, SunTrust applied for and received $4.85 billion from the U.S. Treasury under TARP. SunTrust repaid the TARP funds on March 31, 2011. Financial institutions were not the only group in need of aid; homeowners needed help, too. Some TARP programs were thus designed to provide assistance to homeowners who were having difficulty paying their mortgages. In February 2009, the Secretary of the Treasury and the Director of the Federal Housing Finance Agency announced the Making Home Affordable Program, part of the Financial Stability Act. One subcomponent of that program is HAMP, which was launched shortly thereafter on March 4, 2009. HAMP remains an active program today. The objective of HAMP is to help Americans keep their homes. HAMP allows qualified borrowers to have their residential mortgage loans modified by reducing their monthly mortgage payments to 31% of their monthly gross income. HAMP is administered differently depending on whether the loan is owned by a private financial institution or a GSE. The Treasury Department runs HAMP using TARP funding for all privately-owned loans (referred to herein as “Treasury HAMP”), while the GSEs offer a parallel HAMP program for GSE-owned loans (“GSE HAMP”). The U.S. Government encourages, but does not require, mortgage servicers to participate in Treasury HAMP, and SunTrust has elected not to participate. Financial institutions who service loans owned by the GSEs, however, are required to participate in GSE HAMP...
SunTrust. Purchase Notice executed by Flexible-SPC.
SunTrust. SunTrust Mortgage, Inc., a Virginia Corporation, and its successors and assigns.