Final Loss definition
Examples of Final Loss in a sentence
Final Loss Payments will be processed when the loan is liquidated.
Any Net Payable Loss will be based on Paid Losses and 30-Day Amounts only and will be the amount calculated under a Proof of Loss Claim which has been subjected to the Claims Procedures by the Claims Reviewer subject to limited exceptions, except for payments due on the Final Loss Payment Date, in which case the final settlement of all liabilities in respect of such Loss Event under the Reinsurance Agreement may include payment for any Loss Reserves on the Final Loss Payment Date.
If the dispute with respect to the Loss Estimate is resolved prior to the initiation of arbitration as provided below, then the Final Loss Amount shall be as agreed in such resolution.
The Calculation Agent will notify the Buyer and the Seller in writing of any Initial Loss Amount, Final Loss Amount, Seller Final Amount and Buyer Final Amount determined hereunder as soon as reasonably practicable after determining the same.
For a Credit Event Reference Obligation, upon the date of the determination of the Final Loss Amount, an amount equal to the product of (i) the Seller Final Amount, (ii) the Adjustment Rate, and (iii) the Day Count Fraction for the period from and including the Initial Loss Determination Date to but excluding the Final Loss Determination Date.
In the event that the Final Loss Contingencies and Impairment Losses Amount is greater than the Sellers Loss Contingencies and Impairment Losses Amount, then Purchaser shall be entitled to make a claim for indemnification pursuant to Section 10.2(a)(iv) for the amount by which the Final Loss Contingencies and Impairment Losses Amount exceeds the Sellers Loss Contingencies and Impairment Losses Amount (such amount, the “Loss Contingency and Impairment Losses Shortfall”).
The Finance Office will close out the estimated loss account as a Final Loss at the time notification of payment in full is re- ceived.
If the Loss Estimate has not become a Final Loss Amount on or prior to expiration of the Mediation Period, then the dispute regarding the Loss Estimate will be submitted to mediation to JAMS New York office with a mediator that is determined by the agreement of the Board of Directors of Parent and accepted by Parent Post Transaction Committee, which shall not be unreasonably withheld or delayed, or if no such acceptance is provided, then by a mediator selected by JAMS.
If the Final Loss Reserve Certificate is not received by the Reinsurer and the Ceding Insurer at least seven Business Days prior to the Commutation Date (other than because of failure of the Ceding Insurer to comply with the terms of this Agreement), the Loss Reserves specified by the Ceding Insurer in the Final Proof of Loss Claim will be binding on the Reinsurer and the Ceding Insurer for all purposes under this Agreement.
CH = Charge Off DI = Deed in Lieu MO = Modification PC = Partial Claim SH = Short Sale FC = Foreclosure TP = Third Party Sale FB = Forbearance Agreement RD= Redemption NS = Note Sale SP = Short Pay VARCHAR2(15) BC FHA/VA Servicer Retained Loss The total amount of the Final Loss the Servicer will take, due to Interest/Expense Curtailments by HUD/VA (This would include Advances not claimed to HUD/VA or MI due to servicer error) (Positive Number).