Litigation Loan definition
Litigation Loan. A Mortgage Loan which is in any stage of litigation (excluding class action litigation where a named plaintiff is not a Mortgagor of a Mortgage Loan included in the Servicing Rights), or which is the subject of an injunction or settlement requiring Seller to take action or affecting the origination or servicing of the Mortgage Loans, and which has a material adverse effect on the Mortgage Loan or the Servicing Rights associated with such Mortgage Loan.
Litigation Loan. A Mortgage Loan with respect to which, as of the Sale Date, a Claim is pending or threatened relating to the Mortgage Loan the adverse outcome of which could have a material adverse effect on the Servicing Rights to such Mortgage Loan.
Litigation Loan means the loan documentation executed contemporaneous herewith attached to the Settlement Agreement as Exhibit E.
Examples of Litigation Loan in a sentence
The TPA Litigation Loan shall be documented in the form of a Promissory Note between Purchasers and Sellers, such form to be mutually agreed upon by the parties, which shall bear interest at the prime rate.
In connection with the Original Settlement, BAM and the Barakett Parties have entered into the Litigation Loan Agreement attached hereto as Exhibit E (the “Litigation Loan Agreement”) and such Litigation Loan Agreement remains effective and shall re-delivered upon execution of this Agreement.
Notwithstanding any provision in this Agreement to the contrary, in the event the Litigation Loan has not been paid in full prior to Closing, Buyer reserves the right to withhold the number of shares equal of the value of the outstanding principal and interest of the Litigation Loan until such amounts have been paid in full.
As a condition precedent to the receipt of the TPA Litigation Loan, Purchasers shall have received executed copies of the Indemnification Escrow Agreement and documentation of the security interests set forth above.
Litigation Loan: A Mortgage Loan that, as of the Sale Date, is involved in any Claim before a court, government agency or arbitrator.
More Definitions of Litigation Loan
Litigation Loan. A mortgage loan with respect to which, as of the Sale Date, a claim, demand, or litigation before a court, government agency, or arbitrator relating to the mortgage loan is pending, or to Seller’s knowledge threatened (excluding any threat of claim, demand, or litigation that Seller believes is not reasonably likely to be pursued, and Seller has not taken any actions in response), the adverse outcome of which could adversely affect the servicing rights to such mortgage loan or the value of the mortgage loan. The Parties agree that the term Litigation Loan does not include a Mortgage Loan that is subject to a claim, demand, or litigation for which no Loss to the servicer is reasonably likely (for instance, a claim, demand, or litigation involving title to the property for which the servicer has a right of indemnification under the applicable title insurance policy).
Litigation Loan. A Mortgage Loan that, as of the Sale Date, is involved in any action, suit or proceeding before a court, government agency or arbitrator.
Litigation Loan. A Mortgage Loan that, as of the Sale Date, is involved in any Claim before a court, government agency or arbitrator. Loan Losses: As defined in the Asset Purchase Agreement. Material Adverse Effect: As defined in the Asset Purchase Agreement. Material Contract: As defined in the Asset Purchase Agreement. Maximum Claim Amount: With respect to each Mortgage Loan, the lesser of the appraised value of the related Mortgaged Property or the maximum loan limit established for a one family residence under Section 305(a)(2) of the Federal Home Loan Mortgage Corporation Act (as adjusted where applicable under Section 214 of the National Housing Act). MERS: The Mortgage Electronic Registration System. MERS Mortgage Loan: A Mortgage Loan registered with MERS that either designates MERS as original mortgagee or is assigned to MERS. Mortgage: The mortgage, deed of trust or other instrument securing a Mortgage Note which creates a first lien on an unsubordinated estate in fee simple in real property securing the Mortgage Note, except that with respect to real property located in jurisdictions in which the use of leasehold estates for residential properties is a widely-accepted practice, the mortgage, deed of trust or other instrument securing the Mortgage Note may secure and create a first lien upon a leasehold estate of the Mortgagor. Mortgage File: With respect to each Mortgage Loan, the Collateral File and the Servicing File, including the Mortgage Loan Documents. Mortgage Interest Rate: The annual rate at which interest accrues on any Mortgage Loan in accordance with the provisions of the related Mortgage Note.
Litigation Loan. A Mortgage Loan that is subject to the following: (1) a legal action in foreclosure of such Mortgage Loan, or for a deficiency thereunder, in which the sale of the mortgaged property in foreclosure (whether by action, power of sale, or otherwise) has been delayed by reason of the defense of such action by the Mortgagor, or (2) any other action commenced or pending or threatened in writing which involves such Mortgage Loan.
Litigation Loan. A Mortgage Loan which is in any stage of litigation, or which is the subject of an injunction or settlement requiring Seller to take action or affecting the origination or servicing of the Mortgage Loan[s], and which has a material adverse effect on the Mortgage Loan or the Servicing associated with such Mortgage Loan.
Litigation Loan means a Mortgage Loan with respect to which, as of the Sale Date, any litigation is pending relating to the Mortgage Loan and materially and adversely affecting the value of the related Servicing Rights or subjecting the Servicer to potential liability or cost (excluding class action lawsuits or loan level lawsuits that do not affect the value of the Servicing Rights).
Litigation Loan. A Mortgage Loan that, as of Closing Date, is involved in any action, suit or proceeding before a court, government agency or arbitrator. Liquidation Proceeds: Amounts, other than Insurance Proceeds and Condemnation Proceeds, received in connection with the liquidation of a defaulted Mortgage Loan or REO Property through trustee’s sale, foreclosure sale, REO Disposition or otherwise. Lock Date: As to any Mortgage Loan, the date on which the related interest rate is locked by the Seller. Losses: Any and all costs or expenses, losses (including any diminution or loss in the value of any Mortgage Loan, as determined by Purchaser in good faith), damages, deficiencies, claims, including costs of investigation, reasonable attorneys’ fees and disbursements, or other shortfalls in amounts reimbursed by the applicable Agency. LTV: With respect to any Mortgage Loan as of any date of determination, the ratio (expressed as a percentage) on such date of the unpaid principal balance of the Mortgage Loan, to the Appraised Value of the related Mortgaged Property. Material Adverse Effect: As defined in the Asset Purchase Agreement. Material Contract: As defined in the Asset Purchase Agreement.