: A Mortgage Loan is delinquent" if any payment due thereon is not made by the close of business on the day such payment is scheduled to be due. A Mortgage Loan is "30 days delinquent" if such payment has not been received by the close of business on the corresponding day of the month immediately succeeding the month in which such payment was due, or, if there is no such corresponding day (e.g., as when a 30-day month follows a 31-day month in which a payment was due on the 31st day of such month) then on the last day of such immediately succeeding month. Similarly for "60 days delinquent," "90 days delinquent" and so on.
: A Mortgage Loan is. Delinquent" if any payment due thereon is not made by the close of business on the last day of the Prepayment Period immediately following the day such payment is scheduled to be due. A Mortgage Loan is "30 days Delinquent" if such payment has not been received by the close of business on the last day of the Prepayment Period of the month immediately succeeding the month in which such payment was due. Similarly for "60 days Delinquent," "90 days Delinquent" and so on.
: A Mortgage Loan is. Delinquent" if any payment due thereon is not made by the close of business on the day such payment is scheduled to be due. A Mortgage Loan is "30 days Delinquent" if such payment has not been received by the close of business on the corresponding day of the month immediately succeeding the month in which such payment was due or, if there is no such corresponding day (e.g., as when a 30-day month follows a 31-day month in which a payment was due on the 31st day of such month) then on the last day of such immediately succeeding month, and the terms "60 days Delinquent," "90 days Delinquent" and so on should be construed similarly. For purposes of this definition, Mortgage Loans relating to Mortgagors in bankruptcy or insolvency proceedings under the United States Bankruptcy Code that limit the ability of the Servicer to pursue collection of such loans are not considered "Delinquent".
Examples of : A Mortgage Loan is in a sentence
Contractual Delinquency* * A Mortgage Loan is ‘‘contractually delinquent'' if delinquencies that occurred at any time during the term of the loan were not cured as of the Cut-off Date.
More Definitions of : A Mortgage Loan is
: A Mortgage Loan is. Delinquent" if any Monthly Payment due thereon is not made by the close of business on the Determination Date of the month succeeding the month in which the Due Date for such Monthly Payment was due. A Mortgage Loan is 90 days Delinquent if such Monthly Payment has not been received by the close of business on the Determination Date of the third month succeeding the month in which such Monthly Payment was due.
: A Mortgage Loan is. Delinquent" if any Monthly Payment due thereon is not made by the close of business on the Determination Date of the month succeeding the month in which the Due Date for such Monthly Payment was due. A Mortgage Loan is 60 days Delinquent if such Monthly Payment has not been received by the close of business on the Determination Date of the second month succeeding the month in which such Monthly Payment was due. A Mortgage Loan is 90 days Delinquent if such Monthly Payment has not been received by the close of business on the Determination Date of the third month succeeding the month in which such Monthly Payment was due.
: A Mortgage Loan is delinquent" if any payment due thereon is not made by the close of business on the day such payment is scheduled to be due.
: A Mortgage Loan is delinquent" if any payment due thereon is not made by the close of business on the day such payment is scheduled to be due. A Mortgage Loan is "30 days delinquent" if such payment has not been received by the close of business on the corresponding day of the month immediately succeeding the month in which such payment was due, or, if there is no such corresponding day (e.g., as when a 30-day month follows a 31-day month in which a payment was due on the 31st day of such month) then on the last day of such immediately succeeding month. Similarly for "60 days delinquent," "90 days delinquent" and so on. For purposes of this definition, the determination of whether any payment is "past due" shall be made on the basis of the original Due Date for such payment without giving effect to any extensions of such Due Date and without giving effect to any Servicing Advances or Periodic Advances made with respect to the applicable Mortgage Loan.
: A Mortgage Loan is. Delinquent" if any payment due thereon is past due on a contractual basis.