Loan Purchaser definition
Examples of Loan Purchaser in a sentence
Pursuant to the Converted Loan Purchase Agreement, the Converted Loan Purchaser shall be obligated to purchase from the Trust any Converted Mortgage Loans at the Repurchase Price.
If the Converted Loan Purchaser fails to purchase any Converted Loan, the Servicer shall be terminated and the Trustee shall be the Servicer and is obligated to make such purchase under the Converted Loan Purchase Agreement.
The Servicer shall promptly notify the Trustee and the Converted Loan Purchaser of each Mortgage Loan which becomes a Converted Mortgage Loan.
Bank agrees and understands that (i) Bank will not sell any Loan for a minimum period of three (3) Business Days from the date the Loan is originated by Bank and (ii) Bank will make entries on its books and records to clearly indicate the sale, transfer and assignment of each Loan sold to a Loan Purchaser pursuant to the terms of a Loan Sale Agreement.
The Servicer shall promptly notify the Certificate Administrator, the Trustee and the Converted Loan Purchaser of each Mortgage Loan which becomes a Converted Mortgage Loan.
Upon receipt by Purchaser of payment of the Repurchase Price in respect of such Purchased Mortgage Loan, Purchaser shall release and remit to Seller any amount in excess of the Repurchase Price (other than the related Price Differential) on the next succeeding Business Day; provided, that both immediately before and after giving effect to such release and remittance, (i) there is no Default or Event of Default under this Agreement or any other Program Document and (ii) there is no Margin Deficit.
If the Converted Loan Purchaser fails to purchase any Converted Loan, the Servicer shall be terminated and the Certificate Administrator shall be the Servicer and is obligated to make such purchase under the Converted Loan Purchase Agreement.
The Issuer and each Incremental Term Loan Purchaser shall execute and deliver (and provide a copy of the same to each Purchaser and Agent) an Incremental Term Loan Assumption Agreement and such other documentation as the Required Purchasers shall reasonably specify to evidence the Incremental Term Loan Commitment of each Incremental Term Loan Purchaser.
It is expressly agreed and understood that Bank does not and will not assume, and shall not have, any liability to Sunlight or any Loan Purchaser for the payment of any amount at any time due under, with respect to or in connection with (A) the servicing of any Loan or (B) any Loan after the applicable Closing Date.
If Purchaser elects to purchase any such Mortgage Loan pursuant to this Agreement, Purchaser will provide to Seller a Purchase Price and Terms Agreement relating to any such Mortgage Loan Purchaser has elected to purchase, completed and executed by Purchaser.