Superior Lien definition

Superior Lien. With respect to any Mortgage Loan, any other mortgage loan relating to the corresponding Mortgaged Property which creates a lien on the Mortgaged Property which is senior to the Mortgage Loan.

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Superior Lien. With respect to any Home Loan which is secured by a lien other than a first priority lien, the mortgage loan(s) having a superior priority lien on the related Mortgaged Property.

Superior Lien. With respect to any Second Lien Mortgage Loan, any mortgage, deed of trust or other instrument securing a mortgage loan that is not a Mortgage Loan that creates a lien on the related Mortgaged Property that is senior to such Second Lien Mortgage Loan.

Examples of Superior Lien in a sentence

• The Servicer shall monitor the status of each Superior Lien in accordance with Accepted Servicing Practices.

• The Company is authorized, without the prior approval of the Purchaser, to consent to the refinancing of any Superior Lien on a Mortgaged Property, provided, that the resulting Combined Loan-to-Value Ratio of such Mortgage Loan is no higher than the Combined Loan-to-Value Ratio prior to such refinancing.

• The Servicer shall monitor the status of each Superior Lien in accordance with the Servicing Standard.

• The Servicer is authorized, without the prior approval of the Owner, to consent to the refinancing of any Superior Lien on a Mortgaged Property, provided, that the resulting Combined Loan-to-Value Ratio of such Mortgage Loan is no higher than the Combined Loan-to-Value Ratio prior to such refinancing.

• If the Servicer is notified that any superior lienholder has accelerated or intends to accelerate the obligations secured by the Superior Lien, or has declared or intends to declare a default under the mortgage or the promissory note secured thereby, or has filed or intends to file an election to have the Mortgaged Property sold or foreclosed, the Servicer shall take, on behalf of the Trust, whatever actions are necessary to protect the interests of the Trust Fund in accordance with the Servicing Standard.

More Definitions of Superior Lien

Superior Lien. With respect to any Second Lien Mortgage Loan, any other mortgage loan relating to the corresponding Mortgaged Property that creates a lien on the Mortgaged Property that is senior to such Second Lien Mortgage Loan. Third-Party Originator: Each Person, other than a Qualified Correspondent, that originated Mortgage Loans acquired by the Company. Time$aver(R) Mortgage Loan: A Mortgage Loan which has been refinanced pursuant to a Company program that allows a rate/term refinance of an existing Company serviced loan with minimal documentation. Transfer Date: The 18th calendar day of each month, or, if such day is not a Business Day, the next succeeding Business Day. Each transfer of servicing on a Transfer Date shall be deemed to be effective immediately following the close of business on such Transfer Date.

Superior Lien. Not applicable.

Superior Lien. With respect to any second lien Mortgage Loan, any other mortgage loan relating to the corresponding Mortgaged Property that creates a lien on the Mortgaged Property that is senior to such Mortgage Loan. Transfer Date: The 18th calendar day of each month, or, if such day is not a Business Day, the next succeeding Business Day. Each transfer of servicing on a Transfer Date shall be deemed to be effective immediately following the close of business on such Transfer Date.

Superior Lien. With respect to any Mortgage Loan which is secured by other than a first priority lien, the mortgage loan(s) relating to the corresponding Mortgaged Property having a superior priority lien.

Superior Lien means, with respect to any Option, any pledge, charge, claim or security interest, encumbrance or loan relating to the corresponding Property which creates a lien on the Property which is senior to the lien securing the Option.

Superior Lien a lien that is a Lien permitted under subsection 8.3 of the Credit Agreement.

Superior Lien. With respect to any Asset, any mortgage loan having a lien on the related Property, or any other lien obligation on the related Property, which in either case is senior to Owner’s lien securing, or that previously secured, the related Mortgage Loan.