Modified Loan means any Serviced Mortgage Loan as to which any Servicing Transfer Event has occurred and which has been modified by the Special Servicer pursuant to Section 3.20 in a manner that:
Modified Loan means an Eligible Mortgage Loan that (a) is insured by FHA or guaranteed by the VA, (b) (1) was purchased out of a Xxxxxx Xxx Security or from a third-party whole loan investor solely as a result of modifications to such Eligible Mortgage Loan, or (2) was purchased out of a Xxxxxx Mae Security or from a third-party whole loan investor as a result of delinquent mortgage payments, but, without any loan modifications, subsequently became reperforming and (c) is a Xxxxxx Xxx Mortgage Loan.
Modified Loan means a Mortgage Loan, the terms of which have been modified in accordance with the requirements of the applicable Guide and which Mortgage Loan, as so modified, is eligible to be resold or re-securitized by Seller to the applicable Agency.
Examples of Modified Loan in a sentence
Other than with respect to a Modified Loan, the origination date is no earlier than ninety (90) days prior to the related Purchase Date.
More Definitions of Modified Loan
Modified Loan means an Eligible Mortgage Loan that (a) is insured by FHA, (b) was purchased out of a Xxxxxx Mae Security solely as a result of modifications to such Eligible Mortgage Loan, and (c) is a Xxxxxx Xxx Mortgage Loan.
Modified Loan. A Commercial Real Estate Loan that has been modified (other than pursuant to an Administrative Modification or Criteria-Based Modification) by the Special Servicer pursuant to this Agreement in a manner that:
Modified Loan means the modified loan made by the Agency to the Borrower pursuant to this Agreement in the maximum principal amount set forth in Section 2.1.
Modified Loan. Any Loan or Portfolio Loan that has undergone a restructuring as a result of being a Delinquent Loan or Delinquent Portfolio Loan, applicable, as to a payment of interest or that would, in the reasonable judgment of the Servicer, become a Delinquent Loan or Delinquent Portfolio Loan, as applicable, as to a payment of interest but for such restructuring (including restructuring to capitalize any accrued interest onto the principal balance of such Loan or Portfolio Loan); provided, that, so long as such Loan is an Eligible Loan at such time, any such Loan shall cease being classified as a Modified Loan upon the first to occur of (i) the related Obligor making full and timely payment of all interest required to be paid on such Loan at a per annum rate at least equal to the LIBOR Rate plus 3.75% for a period covering six consecutive months or (ii) one or more investors that are not Affiliates of the Obligor acquire equity in or debt of such Obligor (provided that such debt must by its terms be subordinate to the debt evidenced by the Loan or Portfolio Loan) and after giving effect to such equity or debt the loan-to-value ratio of the Loan or Portfolio Loan to such Obligor is in compliance with the Credit and Collection Policy as reasonably determined by the Servicer’s credit committee.
Modified Loan. Any Mortgage Loan as to which the related payment terms have been modified in connection with a default and work-out.
Modified Loan. A Mortgage Loan that has been modified by the Special Servicer pursuant to this Agreement in a manner that:
Modified Loan has the meaning ascribed to such term in the Recitals. “Molasky” has the meaning ascribed to such term in the Recitals.