Borrower Payment Default definition

Borrower Payment Default has the meaning set forth in Section 2.1(h).
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Borrower Payment Default has the meaning provided in Section 21(a)(i) (Events of Default and Remedies – Borrower Payment Default).
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Borrower Payment Default means the failure of a Borrower to pay when due and in full any payment(s) required with respect to the related Mortgage Loan or related Bond, if applicable, including, but not limited to, principal, interest, late charges, default interest, prepayment premiums, principal reserve fund payments, escrows or other collateral accounts for taxes, insurance premiums and assessments, other collateral accounts and the replacement reserve account, if applicable. For example, scheduled principal and interest payments are past due on the second day after payment is required to be made under the related Bond Documents or Mortgage Loan Documents, as applicable.
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Examples of Borrower Payment Default in a sentence

  • In addition to the terms and conditions set forth in the Collection Agreement and the Master Transfer and Remittance Agreement, if a Borrower Payment Default occurs and is ongoing, the Lender may exercise any and all other remedies available to it by contract (including the applicable Program Financing Agreement) at law or in equity; provided, that such remedies are consistent with applicable law and the Program Requirements.

  • With respect to any given Loan, if any Borrower Payment Default occurs and is ongoing, the remedies available to the Lender are subject to the terms and conditions set forth in the Collection Agreement and the Master Transfer and Remittance Agreement.

  • If either party hereto has actual knowledge of any Borrower Payment Default or any other event of default under any Program Financing Agreement, it shall promptly notify the other party thereof.

  • If a Loan that is the subject of a Borrower Payment Default becomes a Reinstated Loan (without regard to any time period), or if a Loan that is the subject of a Borrower Bankruptcy Event becomes a Reinstated Loan within one year of the date of occurrence of the Borrower Bankruptcy Event, then, in either case, all funds in the escrow shall be released to Lender.


More Definitions of Borrower Payment Default

Borrower Payment Default means with respect to a Borrower and the related Loan, the failure of such Borrower to make any payment of principal, interest or any other amount owing under the Loan for 90 days or more beyond the date such payment is due.
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