Repurchased Loan definition

Repurchased Loan has the meaning set forth in Section 2.3(a).

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Repurchased Loan means a Loan with respect to which payment is required to be made by the Seller, the Servicer or Credit Acceptance in accordance with Section 3.02 or Section 4.07 hereof or Section 6.1 of the Sale and Contribution Agreement, as applicable.

Repurchased Loan has the meaning set forth in Section 2.3(a) hereof.

Examples of Repurchased Loan in a sentence

• If the Servicer shall commence a legal proceeding to enforce a Loan or a Contract, the Trust Collateral Agent (in the case of a Loan other than a Repurchased Loan) shall thereupon be deemed to have automatically assigned, solely for the purpose of collection, such Loan or Contract to the Servicer.

• Any reserve or other cash collateral or letters of credit securing the Repurchased Loan and the Cross-Collateralized Loans shall be allocated between such Mortgage Loans in accordance with the Mortgage Loan documents.

• On and after the applicable Closing Date, in the event that any Reverse Mortgage Loan becomes a Mandatory Repurchased Loan, ▇▇▇▇▇▇ ▇▇▇ Defective Loan or Collateral Deficient Loan, the Purchaser may seek reimbursement, repurchase or indemnification from the Seller under the following circumstances and in accordance with the terms of this Section 3.09.

• Upon deposit by Seller of the related Release Price into the ▇▇▇▇▇▇ Mae Drafting Account, Purchaser shall reassign such Repurchased Loan back to Seller in accordance with Section 3.09(c) below and Seller shall own all right, title and interest in the Collateral Deficient Loan or ▇▇▇▇▇▇ ▇▇▇ Defective Loan, as applicable, the related Servicing Rights and the related Participations.

• To the extent the Seller acquires an HMBS Repurchased Loan relating to any BANA-Serviced Assets in accordance with Section 3.09, the Seller will own such HMBS Repurchased Loan and the Purchaser will subservice such HMBS Repurchased Loan on behalf of the Seller thereafter pursuant to the terms of the Subservicing Agreement.

More Definitions of Repurchased Loan

Repurchased Loan means any Purchased Loan that has been repurchased by the applicable Seller pursuant to the terms hereof.

Repurchased Loan. Defined in Section 2.4.

Repurchased Loan means a Single-family Mortgage owned by a Company and Pledged to the Agent, none of the makers or mortgagors of which is an Affiliate of the Company or a corporation, partnership or any other entity that is not a natural person or a trust for natural persons, and that was originated or purchased by the Company, sold to an investor (either as a Whole Loan or as part of a pool of securitized Mortgage Loans) and subsequently repurchased by the Company due to underwriting errors, delinquencies or breach of representations or warranties made in connection with such sale.

Repurchased Loan. Any Loan that has been repurchased pursuant to clause (ii) of the fourth sentence of Section 3.5(a).

Repurchased Loan means any Mortgage Loan that the Company or a Company Subsidiary has repurchased (or is subject to a repurchase) from an Investor or other purchaser due to a breach of a representation or warranty which causes such Mortgage Loan to be ineligible for sale pursuant to a Correspondent Agreement or similar agreement.

Repurchased Loan means a Single-family Mortgage Loan owned by the Company and Pledged to the Agent, none of the makers or mortgagors of which is an Affiliate of the Company or a corporation, partnership or any other entity that is not a natural person or a trust for natural persons, and that was originated or purchased by the Company or an Affiliate of the Company, sold to an investor (either as a Whole Loan or as part of a pool of securitized Mortgage Loans) and subsequently repurchased by the Company due to underwriting errors, delinquencies or breach of representations or warranties made in connection with such sale.

Repurchased Loan means a Loan with respect to which payment is required to be made by the Seller, the Servicer or Credit Acceptance in accordance with Section 3.02 or Section 4.07 hereof or Section 6.1 of the Contribution Agreement, as applicable.