Defective Home Loan definition

Defective Home Loan. As defined in Section 3.05 hereof.
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Defective Home Loan. A Home Loan required to be repurchased pursuant to Section 3.05 hereof.
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Defective Home Loan. As defined in Section 3.05 hereof. ------------------- Deferred Amount: As of any Payment Date and as to each Class of --------------- Subordinate Securities (or the B-1 or B-2 Component), the amount of Allocable Loss Amounts previously applied in reduction of the Class Principal Balance (or Component Principal Balance) thereof, to the extent not previously reimbursed, plus interest accrued thereon at the applicable Interest Rate from the date when so applied through the end of the Due Period immediately preceding such Payment Date.
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Examples of Defective Home Loan in a sentence

  • The Transferor shall provide the Servicer, the Indenture Trustee, the Grantor Trustee and the Owner Trustee with a certification of a Responsible Officer on the Determination Date next succeeding the end of such 60-day period indicating whether the Transferor is purchasing the Defective Home Loan or substituting in lieu of such Defective Home Loan a Qualified Substitute Home Loan.

  • The Transferor shall provide the Master Servicer, the Servicer, the Indenture Trustee, the Securities Insurer and the Owner Trustee with a certification of a Responsible Officer on the Determination Date next succeeding the end of such 60-day period indicating whether the Transferor is purchasing the Defective Home Loan or substituting in lieu of such Defective Home Loan a Qualified Substitute Home Loan.

  • The Transferor shall provide the Servicer, the Indenture Trustee and the Issuer with a certification of a Responsible Officer on the Determination Date next succeeding the end of such 60 day period indicating whether the Transferor is purchasing the Defective Home Loan or substituting in lieu of such Defective Home Loan a Qualified Substitute Home Loan.

  • Any Home Loan required to be purchased or repurchased pursuant to this Section 3.05(a) is referred to as a "Defective Home Loan".

  • The Transferor shall provide the Servicer, the Indenture Trustee and the Issuer with a certification of a Responsible Officer on the Determination Date next succeeding the end of such 60-day period indicating whether the Transferor is purchasing the Defective Home Loan or substituting in lieu of such Defective Home Loan a Qualified Substitute Home Loan.

  • In addition, the Transferor shall indemnify the Trust and the Securities Insurer for any losses incurred in excess of the proceeds received from the repurchase or substitution of any such Defective Home Loan.

  • The Transferor shall provide the Servicer, the Securities Insurer, the Indenture Trustee and the Issuer with a certification of a Responsible Officer on the Determination Date next succeeding the end of such 60 day period indicating whether the Transferor is purchasing the Defective Home Loan or substituting in lieu of such Defective Home Loan a Qualified Substitute Home Loan.

  • We will only provide this cover if your claim has a reasonable chance of succeeding for the duration of the claim.

  • No Transferor may effect a substitution with respect to a Defective Home Loan more than two years after the Closing Date.

  • In addition to the preceding repurchase obligations, each of the Transferor and Servicer shall have the option, exercisable in its sole discretion at any time, to repurchase from the Grantor Trustee any Defaulted Home Loan (in which case such Defaulted Home Loan shall become a Deleted Home Loan); provided, however, that any such repurchase of a Defaulted Home Loan pursuant to this Subsection shall be conducted in the same manner as the repurchase of a Defective Home Loan pursuant to this Section 3.05.


More Definitions of Defective Home Loan

Defective Home Loan. As defined in Section 3.06 hereof. ------------------- ------------ Deleted Home Loan: A Home Loan replaced or to be replaced by one or ----------------- more Qualified Substitute Home Loans.
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Defective Home Loan. Any Home Loan that is required to be repurchased by the Seller pursuant to the Asset Sale Agreement.
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Defective Home Loan. As defined in Section 3.05(a) hereof.
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Defective Home Loan. Any Home Loan that is required to be repurchased by the Seller pursuant to the Home Loan Sale Agreement.
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Related to Defective Home Loan

  • High-Cost Home Loan as defined in the New Mexico Home Loan Protection Act effective January 1, 2004; (iii) “High-Cost Home Mortgage Loans” as defined in the Massachusetts Predatory Home Loan Practices Act effective November 7, 2004 and (iv) “High Cost Home Loans” as defined in the Indiana Home Loan Practices Act effective January 1, 2005.

  • Home Loan A Mortgage Loan categorized as Home Loan pursuant to Appendix E of Standard & Poor's Glossary.

  • High Cost Home Mortgage Loan as defined in the Massachusetts Predatory Home Loan Practices Act effective November 7, 2004 or (iv) a "High-Cost Home Loan" as defined by the Indiana High Cost Home Loan Law effective January 1, 2005.

  • Federal home loan bank means a federal home loan bank established under the federal Home Loan Bank Act, 12 U.S.C. §1421 et seq.

  • Covered Home Loans as that term was defined in clause (1) of the definition of that term in the New Jersey Home Ownership Security Act of 2002 that were originated between November 26, 2003 and July 7, 2004), "high risk home," "predatory" or similar loan under any other applicable state, federal or local law (or a similarly classified loan using different terminology under a law imposing heightened regulatory scrutiny or additional legal liability for residential mortgage loans having high interest rates, points and/or fees) or (c) a Mortgage Loan categorized as High Cost pursuant to Appendix E of Standard & Poor's Glossary. For avoidance of doubt, the parties agree that this definition shall apply to any law regardless of whether such law is presently, or in the future becomes, the subject of judicial review or litigation.

  • Defective Mortgage Loan Any Mortgage Loan which is required to be repurchased pursuant to Section 2.02 or 2.03.

  • Abbeyfield Home means an establishment run by the Abbeyfield Society including all bodies corporate or unincorporated which are affiliated to that society;

  • Specially Serviced Mortgage Loan means the Mortgage Loan during the period it is serviced by the Special Servicer following a Servicing Transfer Event.

  • Defective Loan is any Mortgage Loan as to which there is an unremedied Material Defect.

  • Reportable Modified Mortgage Loan Any Mortgage Loan that (i) has been subject to an interest rate reduction, (ii) has been subject to a term extension or (iii) has had amounts owing on such Mortgage Loan capitalized by adding such amount to the Stated Principal Balance of such Mortgage Loan; provided, however, that a Mortgage Loan modified in accordance with clause (i) above for a temporary period shall not be a Reportable Modified Mortgage Loan if such Mortgage Loan has not been delinquent in payments of principal and interest for six months since the date of such modification if that interest rate reduction is not made permanent thereafter.

  • Modified Mortgage Loan Any Mortgage Loan that has been the subject of a Servicing Modification.

  • Streamlined Mortgage Loan A Mortgage Loan originated in connection with the refinance of a mortgage loan pursuant to the related Seller’s streamlined documentation program then in effect.

  • Mobile home lot means a portion of a mobile home park or manufactured housing community designated as the location of one mobile home, manufactured home, or park model and its accessory buildings, and intended for the exclusive use as a primary residence by the occupants of that mobile home, manufactured home, or park model;

  • Special Serviced Mortgage Loan The Mortgage Loans for which the Special Servicer acts as servicer pursuant to Section 3.19.

  • Qualified Mortgage A Mortgage Loan that is a “qualified mortgage” within the meaning of Code Section 860G(a)(3) (but without regard to the rule of Treasury Regulations Section 1.860G-2(f)(2) that causes a defective Mortgage Loan to be treated as a “qualified mortgage”, or any substantially similar successor provision).

  • Non-Serviced Mortgage Loan means a Mortgage Loan included in the Trust but serviced under another agreement. There are no Non-Serviced Mortgage Loans in the Trust.

  • Specially Designated Mortgage Loan Documents With respect to any Mortgage Loan, subject to Section 1.04, the following documents on a collective basis:

  • High Cost Loan is each loan identified in the column "Category under applicable anti-predatory lending law" of the table entitled "Standard & Poor's High Cost Loan Categorization" in the Glossary as each such loan is defined in the applicable anti-predatory lending law of the State or jurisdiction specified in such table and (y) a "Covered Loan" is each loan identified in the column "Category under applicable anti-predatory lending law" of the table entitled "Standard & Poor's Covered Loan Categorization" in the Glossary as each such loan is defined in the applicable anti-predatory lending law of the State or jurisdiction specified in such table.

  • Corrected Mortgage Loan Any Mortgage Loan that had been a Specially Serviced Mortgage Loan but has ceased to be such in accordance with the definition of "Specially Serviced Mortgage Loan" (other than by reason of a Liquidation Event occurring in respect of such Mortgage Loan or a related Mortgaged Property becoming an REO Property).

  • Permitted Mortgage means (a) any purchase money mortgage on such Principal Property prior to, simultaneously with or within 180 days after the later of (1) the acquisition or completion of construction or completion of substantial reconstruction, renovation, remodeling, expansion or improvement (each, a “substantial improvement”) of such Principal Property or (2) the placing in operation of such property after the acquisition or completion of any such construction or substantial improvement; (b) Mortgages on a Principal Property existing at the time of acquisition, including acquisition through merger or consolidation; (c) Mortgages existing on the date of the initial issuance of the Notes, Mortgages on assets of a corporation or other business entity existing on the date it becomes a Restricted Subsidiary or is merged or consolidated with the Company or a Restricted Subsidiary or at the time the corporation or other business entity sells, leases or otherwise disposes of its property as an entirety or substantially as an entirety to the Company or a Restricted Subsidiary or Mortgages on the assets of a Subsidiary that is newly designated as a Restricted Subsidiary if the Mortgage would have been permitted under the provisions of this paragraph if such Mortgage was created while the Subsidiary was a Restricted Subsidiary; (d) Mortgages in favor of the Company or a Restricted Subsidiary; (e) Mortgages for taxes, assessments or governmental charges or levies that are not delinquent or that are being contested in good faith; (f) carriers’, warehousemen’s, materialmen’s, repairmen’s, mechanic’s, landlords’ and other similar Mortgages arising in ordinary course of business that are not delinquent or remain payable without penalty or that are being contested in good faith; (g) Mortgages (other than any Mortgage imposed by the Employee Retirement Income Security Act of 1974) consisting of pledges or deposits required in the ordinary course of business in connection with workers’ compensation, unemployment insurance and other social security legislation; (h) easements, rights-of-way, restrictions, encroachments, imperfections and other similar encumbrances affecting real property that, in the aggregate, are not substantial in amount and do not in any case materially detract from the value of the Principal Property subject thereto or materially interfere with the ordinary conduct of the Company and its Subsidiaries’ business, taken as a whole; (i) Mortgages arising by reason of deposits with, or the giving of any form of security to, any governmental agency or any body created or approved by law or governmental regulation, including any zoning or similar law or right reserved to or vested in any governmental office or agency to control or regulate the use of any real property; (j) Mortgages arising from filing Uniform Commercial Code financing statements relating solely to leases; and (k) Mortgages to secure Indebtedness incurred to extend, renew, refinance or replace Indebtedness secured by any Mortgages referred to above, provided that the principal amount of the extended, renewed, refinanced or replaced Indebtedness does not exceed the principal amount of Indebtedness so extended, renewed, refinanced or replaced, plus transaction costs and fees, and that any such Mortgage applies only to the same property or assets subject to the prior permitted Mortgage (and, in the case of real property, improvements).

  • Lender-Paid Mortgage Insurance Loan Each of the Mortgage Loans identified on the Mortgage Loan Schedule as having a Lender-Paid Mortgage Insurance Rate.

  • Subloan means a loan made or proposed to be made partially out of the proceeds of the Loan by a Participating Bank to a Beneficiary (as such term is hereinafter defined) under Parts D and I of the Project for the financing of the investments and associated working capital under Subprojects (as such term is hereinafter defined);

  • Family day home means a child day program offered in the residence of the provider or the home of any of the children in care for one through 12 children under the age of 13, exclusive of the provider's own children and any children who reside in the home, when at least one child receives care for compensation. The provider of a licensed or registered family day home shall disclose to the parents or guardians of children in their care the percentage of time per week that persons other than the provider will care for the children. Family day homes serving five through 12 children, exclusive of the provider's own children and any children who reside in the home, shall be licensed. However, no family day home shall care for more than four children under the age of two, including the provider's own children and any children who reside in the home, unless the family day home is licensed or voluntarily registered. However, a family day home where the children in care are all related to the provider by blood or marriage shall not be required to be licensed.

  • Converted Mortgage Loan An ARM Loan with respect to which the Borrower has complied with the applicable requirements of the related Mortgage Note to convert the related Mortgage Interest Rate to a fixed rate of interest, and the Servicer has processed such conversion. Co-op Shares: Shares issued by private non-profit housing corporations.

  • Serviced Mortgage Loan A Mortgage Loan that is not an Outside Serviced Mortgage Loan.

  • Qualified Mortgage Insurer Any mortgage insurer that is Xxxxxx Xxx and Xxxxxxx Mac approved.