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
She still owed the lender $1,900 after paying off $9,200 on the $2,000 loan.Source: http://www.tdtnews.com/news/article_fa7d0ea0-7f8f-11e6-9006-afc9a2e7f963.html (2, CT) 103.
References to "Obligation" in the definitions of "Grace Period", "Grace Period Business Day", "Publicly Available Information", "Credit Event", "Obligation Acceleration", "Obligation Default", "Repudiation/Moratorium", "Restructuring", "Default Requirement", "Governmental Authority", "Obligation Currency" and "Payment Requirement" shall be deemed to include a Recourse Obligation that relates to any Obligation that is a Sukuk Obligation (if any).
The member is paid a performance-based CE Fee for providing the CE Recourse Obligation.
Under this product, thePFI procures an SMI policy that insures all or a portion (at the PFI’s option) of the PFI’s CE Recourse Obligation.
The definition of "Repudiation/Moratorium" in § 6(10) above shall be amended such that the words "(aggregated for the Reference Entity and all related Sukuk Issuers but without double counting amounts in respect of the same Sukuk Obligation (whether such amounts are in respect of such Sukuk Obligation or related Recourse Obligation))" shall be added immediately after the words "aggregate amount" in lines four and seven of such definition.
More Definitions of Recourse Obligation
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, 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.
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 [Loan Agreement (N668DN)]
Recourse Obligation means Indebtedness or other obligations substantially related to:
Recourse Obligation. With respect to any Mortgage Loan, any obligation or liability (actual or contingent) of the Servicer (a) for losses incurred in connection with the Foreclosure or other disposition of such Mortgage Loan (including losses relating to loss mitigation or obtaining deeds in lieu of Foreclosure); (b) to repurchase such Mortgage Loan in the event that the Mortgagor of such Mortgage Loan, or such Mortgage Loan, is in bankruptcy, in Foreclosure or in litigation; or (c) to repurchase such Mortgage Loan in the event of a delinquency or other payment default thereunder by the Mortgagor. Notwithstanding the foregoing, a Mortgage Loan shall not be considered subject to a Recourse Obligation merely because the Servicer retains a contingent liability to repurchase a Mortgage Loan that is determined to have been ineligible for sale to an Investor due to a breach of one or more representations and warranties.
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 repurchase requirement, limited or full recourse, credit support reimbursement or other obligation, indemnification, loss sharing arrangement or otherwise which would subject the servicer of such Mortgage Loan to losses on the liquidation of such Mortgage Loan or which would entitle the Investor to demand the repurchase of a Mortgage Loan for any reason, except for standard repurchase requirements in accordance with Investor Guidelines as a result of origination errors and/or servicing errors occurring prior to the Sale and Transfer Date. The fact that any of the Mortgage Loans may have been classified by an Investor as “non-recourse” because of the existence of any pool insurance policy shall not, for purposes of this Agreement, remove any such Mortgage Loan from the definition of Recourse Obligation.