VA Claim Proceeds definition

VA Claim Proceeds means the portion of guaranty claim proceeds which are received from VA in the event of a default with respect to a VA Loan and are permitted reimbursements to the Servicer for MBS Advances or Servicing Advances in accordance with the Xxxxxx Mae Contract, including any accrued unpaid interest on such MBS Advances or Servicing Advances.
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VA Claim Proceeds means the amount of guarantee proceeds received from VA under related VA Loan Guaranty Agreement in the event of a default with respect to a VA Buyout Loan.4558 “Uniform Commercial Code” means the Uniform Commercial Code as in effect from time to time in the State of New York; provided that if by reason of mandatory provisions of law, the perfection or the effect of perfection or non-perfection of the security interest in any Purchased Assets or the continuation, renewal or enforcement thereof is governed by the Uniform Commercial Code as in effect in a jurisdiction other than New York, “Uniform Commercial Code” means the Uniform Commercial Code as in effect in such other jurisdiction for purposes of the provisions hereof relating to such perfection or effect of perfection or non-perfection. “Unsecured Term Loan” means the $250 million unsecured term loan facility by and between Seller, U.S. Bank National Association, as the paying agent, and the persons and entities named as lenders on the signature pages thereto. “U.S. Government Securities Business Day” means any day except for (a) a Saturday, (b) a Sunday or (c) a day on which the U.S. Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities.55 “VA”: The U.S. Department of Veterans Affairs, an agency of the United States of America, or any successor thereto including the Secretary of Veterans Affairs.4356 55 The definition of “U.S. Government Securities Business Day” was added by Amendment No. 2, dated as of April 28, 2022. 4356 The definition of “VA” was added by Amendment No. 1, dated as of September 24, 2021. 4457 The definition of “VA Buyout Loan” was added by Amendment No. 1, dated as of September 24, 2021. 4558 The definition of “VA Claim Proceeds” was added by Amendment No. 1, dated as of September 24, 2021.
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VA Claim Proceeds. As defined in the Participation Agreement.
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Examples of VA Claim Proceeds in a sentence

  • With respect to each VA Buyout Loan, Purchaser shall be entitled to, and Seller shall pay (or shall cause Servicer to pay) directly to Purchaser (except in the case of VA Claim Proceeds that are paid directly to Purchaser), (i) in the case of a VA Claim, the VA Claim Proceeds and (ii) in the case of a loan repurchased by Seller, the Repurchase Price.

  • With respect to each VA Buyout Loan, (i) Seller shall deposit VA Claim Proceeds on such VA Buyout Loan into the Collection Account within one Business Day of receipt.

  • Advance Reimbursement Amount: With respect to any Advance, any amount collected on a Mortgage Pool, withdrawn from a custodial account in accordance with the applicable Servicing Contract, or received from any successor servicer, to reimburse an Advance, including any Liquidation Proceeds, FHA Claim Proceeds, PIH Claim Proceeds, USDA Claim Proceeds or VA Claim Proceeds; provided that “Advance Reimbursement Amounts” shall not include any such amounts that constitute Excluded Reimbursement Rights.

  • Advance Reimbursement Amount: With respect to any MBS Advance, any amount which the Servicer collects on a Mortgage Pool, withdraws from a custodial account in accordance with the applicable Servicing Contract, or receives from any successor servicer, to reimburse an MBS Advance, including any FHA Claim Proceeds, USDA Claim Proceeds or VA Claim Proceeds; provided that “Advance Reimbursement Amounts” shall not include any such amounts that constitute Excluded Reimbursement Rights.


More Definitions of VA Claim Proceeds

VA Claim Proceeds means the amount of guarantee proceeds received from VA under related VA Loan Guaranty Agreement in the event of a default with respect to a VA Buyout Loan.45
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Related to VA Claim Proceeds

  • Net Casualty Proceeds means, with respect to any Casualty Event, the amount of any insurance proceeds or condemnation awards received by the Borrower or any of its U.S. Subsidiaries in connection with such Casualty Event (net of all collection or similar expenses related thereto), but excluding any proceeds or awards required to be paid to a creditor (other than the Lenders) which holds a first priority Lien permitted by clause (d) of Section 7.2.3 on the property which is the subject of such Casualty Event.

  • Casualty Proceeds means, with respect to any Casualty Event, the amount of any insurance proceeds or condemnation awards received by the Borrower, any Parent Guarantor or any of their respective Subsidiaries in connection therewith, but excluding any proceeds or awards required to be paid to a creditor (other than the Lenders) which holds a first-priority Lien permitted by Section 7.2.3 on the property which is the subject of such Casualty Event.

  • Deficiency Claim Amount has the meaning set forth in Section 5.5(a).

  • Net Proceeds Deficiency shall have the meaning set forth in Section 6.4(b)(vi) hereof.

  • Condemnation Proceeds All awards or settlements in respect of a Mortgaged Property, whether permanent or temporary, partial or entire, by exercise of the power of eminent domain or condemnation, to the extent not required to be released to a Mortgagor in accordance with the terms of the related Mortgage Loan Documents.

  • Net Condemnation Proceeds The Condemnation Proceeds received with respect to any Mortgage Loan or Serviced Companion Loan (including an REO Mortgage Loan or REO Companion Loan) net of the amount of (i) costs and expenses incurred with respect thereto and (ii) amounts required to be applied to the restoration or repair of the related Mortgaged Property; provided that, in the case of an Outside Serviced Mortgage Loan, “Net Condemnation Proceeds” under this Agreement shall be limited to any related Condemnation Proceeds that are received by the Trust Fund in connection with such Outside Serviced Mortgage Loan, pursuant to the allocations set forth in the related Co-Lender Agreement.

  • Liquidation Proceeds Amounts, including Insurance Proceeds, received in connection with the partial or complete liquidation of defaulted Mortgage Loans, whether through trustee's sale, foreclosure sale or otherwise or amounts received in connection with any condemnation or partial release of a Mortgaged Property and any other proceeds received in connection with an REO Property, less the sum of related unreimbursed Servicing Fees and Advances.

  • Claim Amount means the amount calculated in accordance with Section 6.2 of this Policy.

  • Loss Proceeds means, collectively, all Insurance Proceeds and all Condemnation Proceeds.

  • Disposition Proceeds means, with respect to each Group I/II Non-Program Vehicle, the net proceeds from the sale or disposition of such Group I/II Eligible Vehicle to any Person (other than any portion of such proceeds payable by the Group I/II Lessee thereof pursuant to any Group I/II Lease).

  • Net Disposition Proceeds means, with respect to any sale, transfer or other disposition of any assets of the Borrower, any Parent Guarantor or any of their respective Subsidiaries (other than sales permitted pursuant to clause (a), (b) or (c) of Section 7.2.9), the excess of

  • Insurance Proceeds With respect to each Mortgage Loan, proceeds of insurance policies insuring the Mortgage Loan or the related Mortgaged Property.

  • Collateral Proceeds means the Liquidation Proceeds of the Relevant Collateral or any Undeliverable Assets forming part of the Relevant Collateral (as the case may be) denominated in the Settlement Currency.

  • Event of Loss Proceeds means, with respect to any proceeds from any Event of Loss, all Satellite insurance proceeds received by the Issuer or any of the Restricted Subsidiaries in connection with such Event of Loss, after

  • Net Equity Proceeds means an amount equal to any Cash proceeds from the issuance of any Equity Interests of Holdings or any of its Subsidiaries (other than pursuant to any employee stock or stock option compensation plan), net of underwriting discounts and commissions and other reasonable costs and expenses associated therewith, including reasonable legal fees and expenses.

  • Equity Proceeds means the cash proceeds (net of underwriting discounts and commissions and other reasonable costs associated therewith) from the issuance of any equity Securities of Company after the Effective Date.

  • Net Debt Proceeds means, with respect to any incurrence of Indebtedness for borrowed money, the cash proceeds (net of underwriting discounts and commissions and other reasonable costs associated therewith) received by the respective Person from the respective incurrence of such Indebtedness for borrowed money.

  • Third Party Proceeds shall have the meaning set forth in Section 8.9(a).

  • Released Mortgaged Property Proceeds As to any Mortgage Loan, proceeds received by the Servicer in connection with (a) a taking of an entire Mortgaged Property by exercise of the power of eminent domain or condemnation or (b) any release of part of the Mortgaged Property from the lien of the related Mortgage, whether by partial condemnation, sale or otherwise, which are not released to the Mortgagor in accordance with applicable law and mortgage servicing standards the Servicer would use in servicing mortgage loans for its own account and this Agreement.

  • Excess Liquidation Proceeds With respect to any Distribution Date, the excess, if any, of aggregate Liquidation Proceeds received during the Prior Period over the amount that would have been received if Payoffs had been made with respect to such Mortgage Loans on the date such Liquidation Proceeds were received.

  • Termination Proceeds means any proceeds arising out of a sale of Receivables (or interests therein) pursuant to subsection 12.01(b) of the Agreement with respect to Series 2001-D.

  • Insurance and Condemnation Proceeds shall have the meaning assigned to such term in the Servicing Agreement or such other analogous term used in the Servicing Agreement.

  • Escrowed Proceeds means the proceeds from the offering of any debt securities or other Indebtedness paid into an escrow account with an independent escrow agent on the date of the applicable offering or Incurrence pursuant to escrow arrangements that permit the release of amounts on deposit in such escrow account upon satisfaction of certain conditions or the occurrence of certain events. The term “Escrowed Proceeds” shall include any interest earned on the amounts held in escrow.

  • Enforcement Proceeds means the gross proceeds from the realisation of Vehicles in respect of Purchased Receivables and from the enforcement of any other Ancillary Rights.

  • Unresolved Claims has the meaning set forth in Section 7.6(c).

  • REO Disposition Proceeds All amounts received with respect to an REO Disposition pursuant to Section 4.16.