Cash Borrow-back definition
Cash Borrow-back means an option available to a Borrower that allows the Borrower to request that the Seller advance some or all overpayments in respect of a Mortgage Loan that the Borrower has made subject to certain conditions.
Examples of Cash Borrow-back in a sentence
If the Seller fails to comply with any agreement to make a Cash Borrow-back such that a right of set-off arises in favour of the relevant Borrower and the relevant Borrower exercises such right, a Denominator Reduction Event will occur.