Forbearance Loan definition

Forbearance Loan means a Student Loan during a period of forbearance of loan collections pursuant to the Higher Education Act.

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Forbearance Loan shall have the meaning assigned thereto in the Pricing Side Letter.

Forbearance Loan means any Mortgage Loan (i) for which the borrower has requested forbearance pursuant to §4022 of the CARES Act, (ii) for which one or more regular monthly payments have not been made, and (iii) which is still in the Forbearance Period (i.e., the Mortgage Loan has not been reinstated or resolved).

Examples of Forbearance Loan in a sentence

For the avoidance of doubt, if a borrower reinstates or resolves any Forbearance Loan and such loan subsequently becomes 90 days or more delinquent, the full unpaid principal balance of such SDQ Loan will be multiplied by the applicable “SDQ Factor” and the 30% factor shall not be applicable unless additional forbearance of such loan under the CARES ACT or any replacement thereof is permitted by ▇▇▇▇▇▇ Mae.
Other than the Forbearance Loan described herein, the Agent and the Banks shall not be obligated to make any other Revolving Credit Loans under the Credit Agreement.
On January 31, 2001, the amount available under the Forbearance Loan shall be reduced to $1,000,000.00, and any amount outstanding under the Forbearance Loan in excess of $1,000,000.00 shall be due and paid in full.
This commitment fee shall be payable on the Forbearance Loan Maturity Date.
Notwithstanding anything to the contrary contained in this Agreement or any other Loan Document, and without limiting the other rights and remedies of the Agent and Banks, the Forbearance Loan shall be terminated and due and payable in full if any of the events or circumstances set forth in Section 13.1(g) of the Credit Agreement have occurred and are continuing notwithstanding any grace period set forth therein.
Such Forbearance Loan shall be deemed to be a Revolving Credit Loan for all purposes of the Credit Agreement notwithstanding the existence of the Forbearance Defaults.
Except as identified on the Mortgage Loan Schedule, no Mortgage Loan is a Bankruptcy Loan, Foreclosure Loan, Litigation Loan or CARES Act Forbearance Loan.

More Definitions of Forbearance Loan

Forbearance Loan. A Mortgage Loan with respect to which, as of the Sale Date, a written agreement is in effect pursuant to which the Mortgagor pays less than the monthly payment provided for in the original Mortgage Loan Documents.

Forbearance Loan means a Loan for which the required monthly payments by the related Mortgagor are in forbearance or for which the related Mortgagor has communicated to the Seller or Servicer that such Loan will or may not make any required monthly payments.

Forbearance Loan shall have the meaning assigned thereto in the Pricing Side Letter. “Foreign National” shall have the meaning assigned thereto in the Pricing Side Letter.

Forbearance Loan means, as of any date of determination, a Non-QM Mortgage Loan subject to a Transaction as of July 21, 2020, which (i) is subject to a Forbearance Plan as of such date, as reflected in the most recent monthly servicing and remittance report or otherwise disclosed in writing by the Servicer or Seller to the Buyer, and (ii) the Buyer agrees to include as a “Forbearance Loan”, which agreement shall be evidenced by a writing delivered by Buyer to Seller (which writing may be via electronic mail); provided, that, Buyer may withdraw such agreement at any time in its sole discretion in which case such Mortgage Loan shall thereafter not constitute a “Forbearance Loan”; provided, further, that, unless otherwise agreed to by Buyer, the Forbearance Loans shall comply with the Non-QM Concentration Limits. For the avoidance of doubt, if the Buyer withdraws the aforementioned agreement (either due to such Mortgage Loan being a Clean Pay Forbearance Loan, a Reinstated Pay Forbearance Loan or otherwise), the terms and conditions of this Agreement applicable to non-Forbearance Loans (including, without limitation, eligibility, Pricing Rate and Purchase Price Percentage) shall apply to such Mortgage Loan.