Bankruptcy Loan means, to the extent reflected on the servicing systems of the Servicer, any Loan (a) with respect to which all or any portion of the Loan Principal Balance thereof has been discharged and has not been reaffirmed by the related Loan Obligor, or (b) the Loan Obligor of which has filed, or there has been filed against such Loan Obligor, voluntary or involuntary proceedings under the Bankruptcy Code or any other Debtor Relief Laws and such Loan has not been reaffirmed by the Loan Obligor in that proceeding.
Bankruptcy Loan. A Mortgage Loan with respect to which, as of the Sale Date, the Mortgagor thereof has sought relief under or has otherwise been subjected to the federal bankruptcy laws (including, without limitation, chapter 7) or any other similar federal or state laws of general application for the relief of debtors, through the institution of appropriate proceedings, and such proceedings are continuing.
Bankruptcy Loan means a loan with respect to which the Borrower (a) has made an assignment for the benefit of creditors or has petitioned or applied to any tribunal for the appointment of a custodian, receiver, trustee or similar Person for the Borrower or a substantial part of the Borrower’s assets, (b) has commenced any proceeding under any bankruptcy, reorganization, readjustment of debt, receivership, dissolution, liquidation or similar law or statute of any jurisdiction, or (c) has pending against him any such petition, application or proceedings.
Examples of Bankruptcy Loan in a sentence
Include both Chapter 7 and Chapter 13 Bankruptcy Loan Charge-offs.
Total Amount of All Loans Charged Off due to Bankruptcy, Year-to-Date (Include both Chapter 7 and Chapter 13 Bankruptcy Loan Charge-offs) .
Total Amount of All Loans Charged Off due to Bankruptcy, Year-to-Date(Include both Chapter 7 and Chapter 13 Bankruptcy Loan Charge-offs) .
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More Definitions of Bankruptcy Loan
Bankruptcy Loan. Each Mortgage Loan set forth on Exhibit G hereto (as such Exhibit G may be supplemented in accordance with an Assignment Agreement).
Bankruptcy Loan means any Charged Off Loan for which voluntary proceedings under Chapter 13 of the Bankruptcy Code have been commenced by the applicable Borrower.
Bankruptcy Loan. A delinquent Mortgage Loan as to which the related Mortgagor is in bankruptcy proceedings.
Bankruptcy Loan. A Mortgage Loan under which the Mortgagor is required to make monthly payments pursuant to a Bankruptcy Plan.
Bankruptcy Loan means, to the extent reflected on the servicing systems of the Servicer, any Loan (a) with respect to which all or any portion of the Loan Principal Balance thereof has been discharged and has not been reaffirmed by the related Loan Obligor, or (b) the Loan Obligor of which has filed, or there has been filed against such Loan Obligor, voluntary or involuntary proceedings under the Bankruptcy Code or any other Debtor Relief Laws and such Loan has not been reaffirmed by the Loan Obligor in that proceeding. SALE AND SERVICING AGREEMENT (RMIT 2020-1) - Schedule II - 5
Bankruptcy Loan. Any mortgage loan with respect to which a proceeding shall have been instituted prior to the Settlement Date in a court having jurisdiction in the premises seeking a decree or order for relief in respect of any Mortgagor under any applicable bankruptcy, insolvency, liquidation, reorganization or other similar Requirement of Law now or hereafter in effect, or for the appointment of a receiver, liquidator, assignee, trustee, custodian, sequestrator, conservator or other similar official of such Mortgagor or for the Mortgaged Property.
Bankruptcy Loan. Each Mortgage Loan set forth on Exhibit G hereto (as such Exhibit G may be supplemented in accordance with an Assignment Agreement). Base Spread Account Requirement: (x) $32,885,383 or (y) for any Payment Date on or after a Base Spread Account Requirement Trigger Event occurs, $37,506,140; provided, however, that (i) the Certificate Insurer may, in its sole discretion, reduce the Base Spread Account Requirement to such amount as is specified in a notice delivered to the Trustee, the Representative and each Rating Agency; provided, further, that (i) such reduction shall not affect the rating assigned to the Certificates and (ii) the Certificate Insurer may, in its sole discretion, increase the amount of the Base Spread Account Requirement for any period during which a Letter of Credit is used to fund the Spread Account. Base Spread Account Requirement Trigger Event: (a) Prior to the 25th Payment Date, any Payment Date on which the Cumulative Losses exceed 1.50% of the Original Pool Principal Balance; (b) on or after the 25th Payment Date and before the 37th Payment Date, any Payment Date on which the Cumulative Losses exceed 3.00% of the Original Pool Principal Balance; (c) on or after the 37th Payment Date and before the 49th Payment Date, any Payment Date on which the Cumulative Losses exceed 5.00% of the Original Pool Principal Balance; and (d) on or after the 49th Payment Date, any Payment Date on which the Cumulative Losses exceed 6.50% of the Original Pool Principal Balance.