Modified Loan definition
Modified Loan means any Serviced Mortgage Loan as to which any Servicing Transfer Event has occurred and which has been modified by the Special Servicer pursuant to Section 3.20 in a manner that:
Modified Loan means an Eligible Mortgage Loan that (a) is insured by FHA or guaranteed by the VA, (b) (1) was purchased out of a ▇▇▇▇▇▇ ▇▇▇ Security or from a third-party whole loan investor solely as a result of modifications to such Eligible Mortgage Loan, or (2) was purchased out of a ▇▇▇▇▇▇ Mae Security or from a third-party whole loan investor as a result of delinquent mortgage payments, but, without any loan modifications, subsequently became reperforming and (c) is a ▇▇▇▇▇▇ ▇▇▇ Mortgage Loan.
Modified Loan means a Mortgage Loan, the terms of which have been modified in accordance with the requirements of the applicable Guide and which Mortgage Loan, as so modified, is eligible to be resold or re-securitized by Seller to the applicable Agency.
Examples of Modified Loan in a sentence
Upon obtaining actual knowledge or receipt of notice by any other party to this Agreement that a Non-Serviced Mortgage Loan has become an AB Modified Loan, such party shall promptly notify the Master Servicer thereof.
As of the first Determination Date after a Mortgage Loan (other than a Non-Serviced Mortgage Loan) becomes an AB Modified Loan, the Special Servicer shall calculate whether a Collateral Deficiency Amount exists with respect to such AB Modified Loan, taking into account the most recent Appraisal obtained by the Special Servicer with respect to such Mortgage Loan, and all other information in its possession relevant to a Collateral Deficiency Amount determination.
More Definitions of Modified Loan
Modified Loan. A Commercial Real Estate Loan that has been modified (other than pursuant to an Administrative Modification or Criteria-Based Modification) by the Special Servicer pursuant to this Agreement in a manner that:
Modified Loan means an Eligible Mortgage Loan that (a) is insured by FHA, (b) was purchased out of a ▇▇▇▇▇▇ ▇▇▇ Security solely as a result of final modifications to such Eligible Mortgage Loan, and (c) is a ▇▇▇▇▇▇ Mae Mortgage Loan.
Modified Loan means an Eligible Mortgage Loan that (a) is insured by FHA or VA, (b) was purchased out of a Ginnie Mae Security solely as a result of modifications to such Eligible Mortgage Loan and (c) is a Ginnie Mae Mortgage Loan and is expected to be repooled into a Ginnie Mae Security.
Modified Loan means the modified loan made by the Agency to the Borrower pursuant to this Agreement in the maximum principal amount set forth in Section 2.1.
Modified Loan. The meaning specified in the Servicing Agreement.
Modified Loan. Any Loan or Portfolio Loan that has undergone a restructuring as a result of being a Delinquent Loan or Delinquent Portfolio Loan, applicable, as to a payment of interest or that would, in the reasonable judgment of the Servicer, become a Delinquent Loan or Delinquent Portfolio Loan, as applicable, as to a payment of interest but for such restructuring (including restructuring to capitalize any accrued interest onto the principal balance of such Loan or Portfolio Loan); provided, that, so long as such Loan is an Eligible Loan at such time, any such Loan shall cease being classified as a Modified Loan upon the first to occur of (i) the related Obligor making full and timely payment of all interest required to be paid on such Loan at a per annum rate at least equal to the LIBOR Rate plus 3.75% for a period covering six consecutive months or (ii) one or more investors that are not Affiliates of the Obligor acquire equity in or debt of such Obligor (provided that such debt must by its terms be subordinate to the debt evidenced by the Loan or Portfolio Loan) and after giving effect to such equity or debt the loan-to-value ratio of the Loan or Portfolio Loan to such Obligor is in compliance with the Credit and Collection Policy as reasonably determined by the Servicer’s credit committee.
Modified Loan. Any Mortgage Loan as to which the related payment terms have been modified in connection with a default and work-out.