Recourse Obligation definition
Recourse Obligation with respect to any Mortgage Loan, any obligation or liability (actual or contingent) of the Servicer or its Affiliates, as applicable (i) for loss of principal incurred in connection with the foreclosure or other disposition of, or other realization or attempt to realize upon the collateral securing such Mortgage Loan (including, but not limited to, damages relating to loss mitigation, obtaining deeds in lieu of foreclosure, VA No-Bid Instructions, or VA partial guaranties); (ii) to repurchase such Mortgage Loan in the event that the Mortgagor of such Mortgage Loan has filed for bankruptcy protection, the Mortgaged Property is the subject of foreclosure or other litigation proceedings; or (iii) to repurchase such Mortgage Loan in the event of a delinquency or other payment default thereunder by the Mortgagor. Regulation AB: Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R. §§229.1100-229.1123, as such may be amended from time to time, and subject to such clarification and interpretation as have been provided by the Commission in the adopting release (Asset-Backed Securities, Securities Act Release No. 33-8518, 70 Fed. Reg. 1,506-1,631 (January 7, 2005)) or by the staff of the Commission, or as may be provided by the Commission or its staff from time to time.
Recourse Obligation. With respect to any Mortgage Loan, any obligation or liability (actual or contingent) of the Owner or its affiliates (i) for loss of principal incurred in connection with the Foreclosure or other disposition of, or other realization or attempt to realize upon the collateral securing, such Mortgage Loan (including, Damages relating to loss mitigation or obtaining deeds in lieu of foreclosure); (ii) to repurchase such Mortgage Loan in the event that the related Mortgagor is In Bankruptcy, In Foreclosure or in Litigation; or (iii) to repurchase such Mortgage Loan in the event of a delinquency or other payment default thereunder by the related Mortgagor. Regulation AB: Subpart 229.1100 - Asset Backed Securities (Regulation AB), 17 C.F.R. §§229.1100-229.1123, as such may be amended from time to time, and subject to such clarification and interpretation as have been provided by the Commission in the adopting release (Asset-Backed Securities, Securities Act Release No. 33-8518, 70 Fed. Reg. 1,506, 1,531 (Jan. 7, 2005)) or by the staff of the Commission, or as may be provided by the Commission or its staff from time to time.
Recourse Obligation means any payment obligation payable by a Seller or the relevant Servicer to the Purchaser in respect of any amount payable with respect to a Purchased Receivable under Section 1(d), Section 5 or Section 7.
Examples of Recourse Obligation in a sentence
If acceleration of the time for payment by Borrower of any Guaranteed Recourse Obligation of Borrower under any Loan Document is stayed or delayed by any law or tribunal, any amounts due and payable hereunder shall nonetheless be payable by Guarantor upon written demand by Lender.
Guarantor shall, within five business days from the date notice is given to Guarantor that any of the Recourse Obligations is due and owing, pay such Recourse Obligation.
In the event that any Loan Party is required to make a payment or contribution in connection with any Limited Recourse Obligation and after giving effect to any such payment or contribution on a Pro Forma Basis, (i) the Loan Parties shall fail to be in compliance with each of the financial covenants set forth in Section 7.11 or (ii) a Borrowing Base Deficiency shall exist.
In addition, the Central Servicer may in its discretion permit the substitution of an Eligible Substitute Mortgaged Property for an Existing Mortgaged Property so long as the Mortgage Note relating to the Qualified Loan that the Existing Mortgaged Property secures is a Recourse Obligation.
Also referred to as the "Limited Recourse Obligation" or "Security." LRO Payments As defined in Section 2(a) below, and subject to adjustment as set forth below.
More Definitions of Recourse Obligation
Recourse Obligation means any obligation (contingent or otherwise) which (i) is guaranteed by the Company or any Subsidiary (excluding guarantees of obligations (other than the principal, interest and fees) pursuant to Standard Securitization Undertakings), (ii) is recourse to or obligates the Company or any Subsidiary in any way other than pursuant to Standard Securitization Undertakings, or (iii) subjects any property or asset of the Company or any Subsidiary, directly or indirectly, contingently or otherwise, to the satisfaction thereof, other than pursuant to Standard Securitization Undertakings.
Recourse Obligation. A Mortgage Note that permits the mortgagee thereunder to seek a deficiency judgment that is enforceable under applicable state law.
Recourse Obligation. With respect to any Mortgage Loan, any obligation or liability (actual or contingent) of the Owner or its affiliates (i) for loss of principal incurred in connection with the Foreclosure or other disposition of, or other realization or attempt to realize upon the collateral securing, such Mortgage Loan (including, Damages relating to loss mitigation or obtaining deeds in lieu of foreclosure); (ii) to repurchase such Mortgage Loan in the event that the related Mortgagor is In Bankruptcy, In Foreclosure or in Litigation; or (iii) to repurchase such Mortgage Loan in the event of a delinquency or other payment default thereunder by the related Mortgagor.
Recourse Obligation means (i) the representations and warranties of the Borrower hereunder, (ii) the obligations of the Borrower to pay all amounts owing by it under the Loan Operative Documents (other than the principal of and interest on the Loan Certificates and interest accruing with respect thereto at the Past Due Rate), (iii) the covenants of the Borrower under Section 5, and (iv) the obligations of the Borrower under the Lease and the Sale Agreement. Back to Contents
Recourse Obligation. Any obligation with respect to any Mortgage Loan in any master commitment or pool purchase contract, whether described as a limited or full recourse, credit support reimbursement or other obligation, loss sharing arrangement or otherwise which would subject the servicer of such Mortgage Loan to credit losses in connection with a default under, or the Foreclosure of, acceptance of deed in lieu of Foreclosure, or on the liquidation of such Mortgage Loan.
Recourse Obligation means Indebtedness or other obligations substantially related to:
Recourse Obligation means, with respect to any Mortgage Loan, any arrangement pursuant to which Seller, the Company or the Company Subsidiary bears the risk of any part of the ultimate credit losses incurred in connection with a default under or Foreclosure of the Mortgage Loan not owned by such Seller, the Company or Company Subsidiary, except insofar as such risk of loss is based upon (i) a breach by such Seller, the Company or Company Subsidiary of any of their contractual representations, warranties or covenants; or (ii) expenses, such as legal fees, in excess of the reimbursement limits, if any, set forth in the Applicable Requirements.