Junior Lien Mortgage Loan. Any Mortgage Loan that is secured by a junior lien on the related Mortgaged Property.
Junior Lien Mortgage Loan. Any Mortgage Loan that is secured by a junior lien on the related Mortgaged Property. LIBOR: With respect to the first Accrual Period, the Initial LIBOR Rate. With respect to each subsequent Accrual Period, a per annum rate determined on the LIBOR Determination Date in the following manner by the Administrator on the basis of the “Interest Settlement Rate” set by the British Bankers’ Association (the “BBA”) for one-month United States dollar deposits, as such rates appear on the Telerate Page 3750, as of 11:00 a.m. (London time) on such LIBOR Determination Date. If on such a LIBOR Determination Date, the BBA’s Interest Settlement Rate does not appear on the Telerate Page 3750 as of 11:00 a.m. (London time), or if the Telerate Page 3750 is not available on such date, the Administrator shall obtain such rate from Reuters’ “page LIBOR 01” or Bloomberg’s page “BBAM.” If such rate is not published for such LIBOR Determination Date, LIBOR for such date shall be the most recently published Interest Settlement Rate. In the event that the BBA no longer sets an Interest Settlement Rate, the Administrator shall designate an alternative index that has performed, or that the Administrator expects to perform, in a manner substantially similar to the BBA’s Interest Settlement Rate. The establishment of LIBOR by the Administrator and the Administrator’s subsequent calculation of the Note Interest Rate applicable to the LIBOR Notes for the relevant Accrual Period, in the absence of manifest error, shall be final and binding.
Junior Lien Mortgage Loan. Each Mortgage Loan that is not a First Lien Mortgage Loan as of the Cut-off Date.
Examples of Junior Lien Mortgage Loan in a sentence
The Servicer shall inspect the Mortgage Property for any delinquent Junior Lien Mortgage Loan only if required by Accepted Servicing Practices.