Leverage Ratio means the ratio of a Persons Debt (including off balance sheet financings) to its Adjusted Tangible Net Worth.
Lien means any security interest, mortgage, deed of trust, charge, pledge, hypothecation, assignment as security for an obligation, deposit arrangement as security for an obligation, equity, encumbrance, lien (statutory or other), preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever, including any conditional sale or other title retention arrangement, any financing lease arrangement having substantially the same economic effect as any of the foregoing and the security interest evidenced or given notice of by the filing of any financing statement under the UCC (other than any such financing statement filed for informational purposes only) or comparable law of any jurisdiction.
Liquidity means, at any time, (i) Sellers unencumbered and unrestricted cash and Cash Equivalents (including the balance on deposit in the Cash Pledge Account, but excluding any restricted cash or cash pledged to third parties) at such time, plus (ii) with respect to any Purchased Mortgage Loans then subject to outstanding Transactions, the excess, if any, of (x) the sum of the maximum Purchase Prices available to Seller for such Purchased Mortgage Loans pursuant to the terms hereof over (y) the Aggregate Purchase Price at such time, plus (iii) with respect to Mortgage Loans sold or pledged by Seller to any other institutional mortgage warehouse repurchase counterparty or lender, the excess, if any, of the maximum purchase price or loan advance available to Seller pursuant to the terms of the related repurchase or loan agreement over the aggregate purchase price or collateral value of such Mortgage Loans at such time.
Litigation means, as to any Person, any material action, lawsuit, investigation, claim, proceeding, judgment, order, decree or resolution pending or threatened against or affecting such Person or the business, operations, properties or assets of such Person before, or by, any Governmental Authority.
Loan File means, with respect to each Mortgage Loan, the following documents:
(i) if a Government Loan, a valid eligibility certification from VA, FHA or RHS, as applicable;
(ii) evidence satisfactory to Buyer, in its sole discretion, that such Mortgage Loan is subject to a valid and effective Hedging Arrangement or to a valid and binding Takeout Commitment, which may include a copy of the related Takeout Agreement and such other documents as may be required by Buyer in its sole discretion;
(iii) if requested by Buyer, a copy of (1) the DU/DO/LP approval cover page or, (2) a copy of the related CHL Correspondent Channel Approval Memorandum for any Purchased Mortgage Loan to be sold to CL or of the related underwriting approval from the Approved Takeout Investor if other than CL or, (3) for a Second Home Loan, a copy of the related valid eligibility certificate issued by an Agency or, (4) for an RHS Loan, a copy of the related Conditional Commitment for Single Family Housing Loan Guarantee 1980-18 and (5) such other documents establishing the eligibility for purchase by the related Approved Takeout