JSACA Joinder means Amendment No. 8 and Joinder to the Fourth Amended and Restated Escrow Agreement, dated as of October 26, 2020 among the Joint Securities Intermediary, the Warehouse Providers and Gestation Purchasers and the Seller.
Level C Exception means, with respect to any Purchased Mortgage Loan, a finding in a Diligence Report (which is based on the data, files and information received by the Diligence Provider pursuant to Section 4.4 hereof), of any one of the following:
(A) with respect to the underwriting guideline review, the Purchased Mortgage Loan does not meet all of the applicable Agencys underwriting guidelines, and either (x) most of the material loan characteristics are outside the guidelines or (y) there are weak or no reasonable compensating factors for exceeding the guidelines;
(B) with respect to the property value review, the Purchased Mortgage Loan does not meet every applicable property valuation guideline or if applicable, the appraisal was not thorough and complete and/or the appraised value does not appear to be supported; or
(C) with respect to the regulatory compliance review, the Purchased Mortgage Loan includes material violation(s) of applicable federal, state, and local predatory & high cost, TILA and Regulation Z laws and regulations.
Level D Exception means, with respect to any Purchased Mortgage Loan, finding in a Diligence Report that (i) the loan file was not delivered to the Diligence Provider, (ii) the loan file is not sufficiently complete to perform the review or (iii) if the Purchased Mortgage Loan is not eligible for sale to Fannie Mae or Freddie Mac or to be insured by FHA or VA, including, but not limited to, as a result of a discrepancy between the AUS number, or, if an AUS number is not available, the Agency case number, on the asset tape and such number appearing in the credit file.
LIBOR means for any Interest Accrual Period, the London interbank offered rate for one month deposits in U.S. Dollars having the specified maturity commencing on the first day of the Interest Accrual Period, which appears on Reuters Screen LIBOR01 Page as of 11:00 a.m., London time, on the related LIBOR Determination Date.
LIBOR Determination Date shall have the meaning specified in Section 2.15(b) hereof.
LIBOR Termination Event means either (i) the administrator of One-Month LIBOR, or its regulatory supervisor, has published a statement which states that such administrator has ceased or will cease to provide One-Month LIBOR permanently or indefinitely or (ii) publication of One-Month LIBOR has been suspended permanently or indefinitely, in either case as determined by the Administrator or, with respect to the Purchased Mortgage Loans, by the Servicer.
Lien means, when used with respect to any Person, any interest in any real or personal property, asset or other right held, owned or being purchased or acquired by such Person which secures payment or performance of any obligation, and shall include any mortgage, lien, pledge, encumbrance, charge, retained security title of a conditional vendor or lessor, or other security interest of any kind, whether arising under a security agreement, mortgage, lease, deed of trust, chattel mortgage, assignment, pledge, retention or security title, financing or similar statement, or notice or arising as a matter of law, judicial process or otherwise.