Net Loan Losses definition

Net Loan Losses. With respect to any Defaulted Home Loan that is subject to a modification, an amount equal to the portion of the Principal Balance, if any, released in connection with such modification.

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Net Loan Losses. With respect to a Payment Date, the sum of (A) with --------------- respect to the Home Loans that became Liquidated Home Loans during the immediately preceding Due Period, an amount (but not less than zero) determined as of the related Determination Date equal to:

Examples of Net Loan Losses in a sentence

If a Defaulted Home Loan is modified pursuant to this Section in a manner that releases a portion of the Principal Balance thereof, then such released amount shall be included as "Net Loan Losses" hereunder.
In addition, subject to Section 11.19, on any date on or after which (i) 17.5% or more (based on Net Loan Losses) of the Home Loans have become Defaulted Home Loans on a cumulative basis and (ii) the Overcollateralization Amount has been reduced to zero or an amount less than zero, then the Securities Insurer may, at its option, effect an early retirement of the Securities and termination of this Agreement.
In connection with any such optional termination, to the extent In addition, subject to Section 11.19, on any date on or after which (i) 17.5% or more (based on Net Loan Losses) of the Home Loans have become Defaulted Home Loans on a cumulative basis and (ii) the Overcollateralization Amount has been reduced to zero or an amount less than zero, then the Securities Insurer may, at its option, effect an early retirement of the Securities and termination of this Agreement.
In addition, subject to Section 11.19, on any date on or after which (i) [17.5%] or more (based on Net Loan Losses) of the Mortgage Loans have become Defaulted Mortgage Loans on a cumulative basis and (ii) the Overcollateralization Amount has been reduced to zero or an amount less than zero, then the Securities Insurer may, at its option, effect an early retirement of the Securities and termination of this Agreement.
After the reduction of the Class A Overcollateralization to zero, any Net Loan Losses will not be allocated to reduce the Class Principal Balance of the Class A Certificates, but rather any such Net Loan Losses will be included in the Principal Remittance Amount attributable to the Class A Certificates pursuant to the definition of Principal Remittance Amount.

More Definitions of Net Loan Losses

Net Loan Losses. With respect to any Distribution Date and the Home Loans that become Defaulted Home Loans during the immediately preceding Due Period, the aggregate Principal Balance of such Defaulted Home Loans as of the last day of such Due Period, after giving effect to any recoveries attributable to principal from whatever source received during such Due Period with respect to such Defaulted Home Loans, including without limitation any Insurance Proceeds.

Net Loan Losses. On each Distribution Date, the sum of

Net Loan Losses. On each Remittance Date, with respect to the Liquidated Mortgage Loans occurring or becoming such during the immediately preceding Due Period, an amount (but not less than zero) determined as of the related Determination Date equal to:

Net Loan Losses. With respect to any Defaulted Loan that is subject to a modification pursuant to Section 4.01 of the Servicing Addendum, an amount equal to the portion of the Principal Balance, if any, released in connection with such modification. Net Portfolio Yield: The annualized percentage equivalent of a fraction: (i) the numerator of which is equal to accrued interest on the Advance Note and the Loans (excluding accrued interest on Loans Delinquent over 30 days) for the related Accrual Period, less all interest, fees and expenses due to the Noteholders and less any Servicing Fees, and (ii) the denominator of which is the average Note Principal Balance for such Accrual Period.

Net Loan Losses means as of any Distribution Date and with respect to the Home Loans that become Defaulted Loans during the immediately preceding Due Period, the aggregate Principal Balances of such Defaulted Loans as of the last day of such Due Period, after giving effect to any recoveries attributable to principal from whatever source received during such Due Period with respect to such Defaulted Loans, including, without limitation, any Insurance Proceeds.