Common use of Agency Approvals Clause in Contracts

Agency Approvals. Seller (and each subservicer) is approved by GNMA as an approved issuer, Xxxxxx Mae as an approved lender, Xxxxxxx Mac as an approved seller/servicer (as the case may be), an FHA Approved Mortgagee, and VA as an approved VA lender, in each case in good standing (such collective approvals and conditions, “Agency Approvals”), with no event having occurred or Seller (or any subservicer) having any reason whatsoever to believe or suspect will occur prior to the issuance of the Agency Security, including without limitation a change in insurance coverage which would either make Seller (or any subservicer) unable to comply with the eligibility requirements for maintaining all such Agency Approvals or require notification to the relevant Agency or to HUD, FHA, or VA. Should Seller (or any subservicer) for any reason, cease to possess all such Agency Approvals, or should notification of the occurrence of any event that is reasonably likely to adversely impact Seller’s good standing or otherwise restrict Seller’s Agency Approvals in any manner be required to the relevant Agency or to HUD, FHA, or VA, Seller shall so notify Purchaser promptly, but in no event later than [***] Business Days after notice or knowledge thereof. Notwithstanding the preceding sentence, Seller shall take all necessary action to maintain all of its (and each subservicer’s) applicable Agency Approvals at all times during the term of this Agreement and each outstanding Transaction, unless any such Agency Approval has been voluntarily surrendered by the Seller and there is no certified pool to such Agency pending securitization.

Agency Approvals. To the extent any Purchased Asset consists of an Agency Security or Agency Mortgage Loan, with respect to each Agency Security and to the extent necessary, the applicable Seller Party is (and each subserviceri) is an FHA Approved Mortgagee; (ii) a VA Approved Lender; (iii) approved by GNMA as an approved lender and approved issuer, ; (iv) approved by Xxxxxx Mae as an approved lender, seller/servicer; (v) approved by Xxxxxxx Mac as an approved seller/servicer and/or (as vi) approved by the case may be)Secretary of Housing and Urban Development pursuant to Sections 203 and 211 of the National Housing Act. In each such case, an FHA Approved Mortgagee, and VA as an approved VA lender, in each case such Seller Party is in good standing (such collective approvals and conditions, “Agency Approvals”)standing, with no event having occurred or such Seller (or any subservicer) Party having any reason whatsoever to believe or suspect will occur prior to the issuance of the Agency SecuritySecurity or the consummation of the Take-out Commitment, including as the case may be, including, without limitation limitation, a change in insurance coverage which would either make such Seller (or any subservicer) Party unable to comply with the eligibility requirements for maintaining all such Agency Approvals applicable approvals or require notification to the relevant Agency or to HUDthe Department of Housing and Urban Development, FHA, FHA or VA. Should such Seller (or any subservicer) Party for any reason, reason cease to possess all such Agency Approvalsapplicable approvals, or should notification of the occurrence of any event that is reasonably likely to adversely would impact Seller’s good standing or otherwise materially restrict Seller’s Agency Approvals in any manner be required to the relevant Agency or to HUDthe Department of Housing and Urban Development, FHA, FHA or VAVA be required, Seller Parties shall so notify Purchaser promptly, but in no event later than Administrative Agent within [***] Business Days after notice or knowledge thereof. Notwithstanding the preceding sentence, Seller shall take all necessary action to maintain all of its (and each subservicer’s) applicable Agency Approvals at all times during the term of this Agreement and each outstanding Transaction, unless any such Agency Approval has been voluntarily surrendered by the Seller and there is no certified pool to such Agency pending securitizationin writing.

Agency Approvals. Seller Servicer (and each subservicer) is approved by GNMA Xxxxxx Xxx as an approved issuer, Xxxxxx Mae as an approved lender, Xxxxxxx Mac as an approved seller/servicer (as the case may be), ) and by FHA as an FHA Approved Mortgagee, approved mortgagee and by VA as an approved VA lender, in each case in good standing (such collective approvals and conditions, “Agency Approvals”), with no event having occurred or Seller Servicer (or any subservicer) having any reason whatsoever to believe or suspect will occur prior to the issuance of the Agency Xxxxxx Mae Security, including without limitation a change in insurance coverage which would either make Seller Servicer (or any subservicer) unable to comply with the eligibility requirements for maintaining all such Agency Approvals or require notification to the relevant Agency or to HUD, FHAFHA or VA (other than routine and customary notices not materially affecting its eligibility to service mortgage loans for the applicable Agency, HUD, FHA or VA). Should Seller Servicer (or any subservicer) ), for any reason, cease to possess all such Agency Approvals, or should notification of the occurrence of any event that is reasonably likely to adversely impact Seller’s good standing or otherwise restrict Seller’s Agency Approvals in any manner be required to the relevant Agency or to HUD, FHAFHA or VA be required (other than routine and customary notices not materially affecting its eligibility to service mortgage loans for the applicable Agency, HUD, FHA or VA), Seller shall so notify Purchaser promptly, but Buyer immediately in no event later than [***] Business Days after notice or knowledge thereofwriting. Notwithstanding the preceding sentence, Seller Servicer shall take all necessary action to maintain all of its (and each subservicer’s) applicable Agency Approvals at all times during the term of this Agreement and each outstanding Transaction. Servicer (and any subservicer) has adequate financial standing, unless any such Agency Approval has been voluntarily surrendered by servicing facilities, procedures and experienced personnel necessary for the Seller sound servicing of mortgage loans of the same types as may from time to time constitute Mortgage Loans and there is no certified pool to such Agency pending securitizationin accordance with Accepted Servicing Practices.

Agency Approvals. Seller Servicer (and each subservicer) is approved by GNMA Xxxxxx Xxx as an approved issuer, Xxxxxx Mae Xxx as an approved lender, Xxxxxxx Mac Xxx as an approved seller/servicer (as the case may be), ) and by FHA as an FHA Approved Mortgagee, approved mortgagee and by VA as an approved VA lender, in each case in good standing (such collective approvals and conditions, “Agency Approvals”), with no event having occurred or Seller Servicer (or any subservicer) having any reason whatsoever to believe or suspect will occur prior to the issuance of the Agency Xxxxxx Xxx Security, including without limitation a change in insurance coverage which would either make Seller Servicer (or any subservicer) unable to comply with the eligibility requirements for maintaining all such Agency Approvals or require notification to the relevant Agency or to HUD, FHAFHA or VA (other than routine and customary notices not materially affecting its eligibility to service mortgage loans for the applicable Agency, HUD, FHA or VA). Should Seller Servicer (or any subservicer) ), for any reason, cease to possess all such Agency Approvals, or should notification of the occurrence of any event that is reasonably likely to adversely impact Seller’s good standing or otherwise restrict Seller’s Agency Approvals in any manner be required to the relevant Agency or to HUD, FHAFHA or VA be required (other than routine and customary notices not materially affecting its eligibility to service mortgage loans for the applicable Agency, HUD, FHA or VA), Seller shall so notify Purchaser promptly, but Buyer immediately in no event later than [***] Business Days after notice or knowledge thereofwriting. Notwithstanding the preceding sentence, Seller Servicer shall take all necessary action to maintain all of its (and each subservicer’s) applicable Agency Approvals at all times during the term of this Agreement and each outstanding Transaction. Servicer (and any subservicer) has adequate financial standing, unless any such Agency Approval has been voluntarily surrendered by servicing facilities, procedures and experienced personnel necessary for the Seller sound servicing of mortgage loans of the same types as may from time to time constitute Mortgage Loans and there is no certified pool to such Agency pending securitizationin accordance with Accepted Servicing Practices.

Agency Approvals. Seller (and each subservicer) is approved by GNMA as an approved issuer, Xxxxxx Mae Xxx as an approved lender, Xxxxxxx Mac as an approved seller/servicer (as the case may be), ) and by FHA as an FHA Approved Mortgagee, approved mortgagee and by VA as an approved VA lender, in each case in good standing (such collective approvals and conditions, “Agency Approvals”), with no event having occurred or Seller (or any subservicer) having any reason whatsoever to believe or suspect will occur prior to the issuance of the Agency Security, including without limitation a change in insurance coverage which would either make Seller (or any subservicer) unable to comply with the eligibility requirements for maintaining all such Agency Approvals or require notification to the relevant Agency or to HUD, FHA, or VAApprovals. Should Seller (or any subservicer) ), for any reason, cease to possess all such Agency Approvals, or should notification of the occurrence of any event that is reasonably likely to adversely impact Seller’s good standing or otherwise restrict Seller’s Agency Approvals in any manner be required to the relevant Agency or to HUD, FHA, or VA, Seller shall so notify Purchaser promptly, but immediately in no event later than [***] Business Days after notice or knowledge thereofwriting. Notwithstanding the preceding sentence, Seller shall take all necessary action to maintain all of its (and each subservicer’s) applicable Agency Approvals at all times during the term of this Agreement and each outstanding Transaction. Seller (and any subservicer) has adequate financial standing, unless any such Agency Approval has been voluntarily surrendered by servicing facilities, procedures and experienced personnel necessary for the Seller sound servicing of residential mortgage loans of the same types as may from time to time constitute Mortgage Loans and there is no certified pool to such Agency pending securitization.in accordance with Accepted Servicing Practices;

Agency Approvals. Seller (and each subservicer) is approved by GNMA as an approved issuer, Xxxxxx Mae Xxx as an approved lender, Xxxxxxx Mac as an approved seller/servicer (as the case may be), ) and by FHA as an FHA Approved Mortgagee, approved mortgagee and by VA as an approved VA lender, in each case in good standing (such collective approvals and conditions, “Agency Approvals”), with no event having occurred or Seller (or any subservicer) having any reason whatsoever to believe or suspect will occur prior to the issuance of the Agency Security, including without limitation a change in insurance coverage which would either make Seller (or any subservicer) unable to comply with the eligibility requirements for maintaining all such Agency Approvals or require notification to the relevant Agency or to HUD, FHA, USDA or VA. Should Seller (or any subservicer) ), for any reason, cease to possess all such Agency Approvals, or should notification of the occurrence of any event that is reasonably likely to adversely impact Seller’s good standing or otherwise restrict Seller’s Agency Approvals in any manner be required to the relevant Agency or to HUD, FHA, USDA or VAVA be required, Seller shall so notify Purchaser promptly, but immediately in no event later than [***] Business Days after notice or knowledge thereofwriting. Notwithstanding the preceding sentence, Seller shall take all necessary action to maintain all of its (and each subservicer’s) applicable Agency Approvals at all times during the term of this Agreement and each outstanding Transaction, unless any such Agency Approval has been voluntarily surrendered by the Seller and there is no certified pool to such the Agency pending securitization. Seller (and any subservicer) has adequate financial standing, servicing facilities, procedures and experienced personnel necessary for the sound servicing of residential mortgage loans of the same types as may from time to time constitute Mortgage Loans and in accordance with Accepted Servicing Practices.

Agency Approvals. Seller (and each subservicer) is approved by GNMA as an approved issuer, Xxxxxx Mae Xxx as an approved lender, Xxxxxxx Freddie Mac as an approved seller/servicer (as the case may be), ) and by FHA as an FHA Approved Mortgagee, approved mortgagee and by VA as an approved VA lender, in each case in good standing (such collective approvals and conditions, “Agency Approvals”), with no event having occurred or Seller (or any subservicer) having any reason whatsoever to believe or suspect will occur prior to the issuance of the Agency Security, including without limitation a change in insurance coverage which would either make Seller (or any subservicer) unable to comply with the eligibility requirements for maintaining all such Agency Approvals or require notification to the relevant Agency or to HUD, FHA, or VAApprovals. Should Seller (or any subservicer) ), for any reason, cease to possess all such Agency Approvals, or should notification of the occurrence of any event that is reasonably likely to adversely impact Seller’s good standing or otherwise restrict Seller’s Agency Approvals in any manner be required to the relevant Agency or to HUD, FHA, or VA, Seller shall so notify Purchaser promptly, but immediately in no event later than [***] Business Days after notice or knowledge thereofwriting. Notwithstanding the preceding sentence, Seller shall take all necessary action to maintain all of its (and each subservicer’s) applicable Agency Approvals at all times during the term of this Agreement and each outstanding Transaction. Seller (and any subservicer) has adequate financial standing, unless any such Agency Approval has been voluntarily surrendered by servicing facilities, procedures and experienced personnel necessary for the Seller sound servicing of residential mortgage loans of the same types as may from time to time constitute Mortgage Loans and there is no certified pool to such Agency pending securitization.in accordance with Accepted Servicing Practices;

Agency Approvals. Seller and Servicer (and each subservicer) is approved by GNMA Gxxxxx Mae as an approved issuer, Xxxxxx Mae Fxxxxx Mxx as an approved lender, Xxxxxxx Fxxxxxx Mac as an approved seller/servicer (as the case may be), ) and by FHA as an FHA Approved Mortgagee, approved mortgagee and by VA as an approved VA lender, in each case in good standing (such collective approvals and conditions, “Agency Approvals”), with no event having occurred or either Seller or Servicer (or any subservicer) having any reason whatsoever to believe or suspect will occur prior to the issuance of the Agency Security, including without limitation a change in insurance coverage which would either make Seller or Servicer, as applicable, (or any subservicer) unable to comply with the eligibility requirements for maintaining all such Agency Approvals or require notification to the relevant Agency or to HUD, FHA, FHA or VA. Should Seller or Servicer, as applicable, (or any subservicer) ), for any reason, cease to possess all such Agency Approvals, or should notification of the occurrence of any event that is reasonably likely to adversely impact Seller’s good standing or otherwise restrict Seller’s Agency Approvals in any manner be required to the relevant Agency or to HUD, FHA, FHA or VAVA be required, Seller shall so notify Purchaser promptly, but Buyer immediately in no event later than [***] Business Days after notice or knowledge thereofwriting. Notwithstanding the preceding sentence, Seller or Servicer, as applicable, shall take all necessary action to maintain all of its (and each subservicer’s) applicable Agency Approvals at all times during the term of this Agreement and each outstanding Transaction. Servicer (and any subservicer) has adequate financial standing, unless any such Agency Approval has been voluntarily surrendered by servicing facilities, procedures and experienced personnel necessary for the Seller sound servicing of mortgage loans of the same types as may from time to time constitute Mortgage Loans and there is no certified pool to such Agency pending securitizationin accordance with Accepted Servicing Practices.

Agency Approvals. Seller (and each subservicer) is approved by GNMA as an approved issuer, Xxxxxx Mae Xxx as an approved lender, Xxxxxxx Mac Xxx as an approved seller/servicer (as the case may be), ) and by FHA as an FHA Approved Mortgagee, approved mortgagee and by VA as an approved VA lender, in each case in good standing (such collective approvals and conditions, “Agency Approvals”), with no event having occurred or Seller (or any subservicer) having any reason whatsoever to believe or suspect will occur prior to the issuance of the Agency Security, including without limitation a change in insurance coverage which would either make Seller (or any subservicer) unable to comply with the eligibility requirements for maintaining all such Agency Approvals or require notification to the relevant Agency or to HUD, FHA, USDA or VA. Should Seller (or any subservicer) ), for any reason, cease to possess all such Agency Approvals, or should notification of the occurrence of any event that is reasonably likely to adversely impact Seller’s good standing or otherwise restrict Seller’s Agency Approvals in any manner be required to the relevant Agency or to HUD, FHA, USDA or VAVA be required, Seller shall so notify Purchaser promptly, but immediately in no event later than [***] Business Days after notice or knowledge thereofwriting. Notwithstanding the preceding sentence, Seller shall take all necessary action to maintain all of its (and each subservicer’s) applicable Agency Approvals at all times during the term of this Agreement and each outstanding Transaction, unless any such Agency Approval has been voluntarily surrendered by the Seller and there is no certified pool to such the Agency pending securitization. Seller (and any subservicer) has adequate financial standing, servicing facilities, procedures and experienced personnel necessary for the sound servicing of residential mortgage loans of the same types as may from time to time constitute Mortgage Loans and in accordance with Accepted Servicing Practices.

Agency Approvals. Seller (To the extent previously approved, Underlying Repurchase Counterparty is an FHA Approved Mortgagee, a VA Approved Lender and each subservicer) a RD approved lender. To the extent previously approved, Underlying Repurchase Counterparty is also approved by GNMA Xxxxxx Xxx as an approved issuer, Xxxxxx Mae as an approved lenderseller/servicer, Xxxxxxx Mac as an approved seller/servicer (as the case may be)servicer, an FHA Approved Mortgagee, and VA GNMA as an approved VA lenderissuer to the extent previously approved and, in to the extent necessary, approved by the Secretary of Housing and Urban Development pursuant to Sections 203 and 211 of the National Housing Act. In each case such case, Underlying Repurchase Counterparty is in good standing (such collective approvals and conditions, “Agency Approvals”)standing, with no event having occurred or Seller (or any subservicer) Underlying Repurchase Counterparty having any reason whatsoever to believe or suspect will occur prior to the issuance of the Agency SecuritySecurity or the consummation of the Purchase Commitment, including as the case may be, including, without limitation limitation, a change in insurance coverage which would either make Seller (or any subservicer) Underlying Repurchase Counterparty unable to comply with the eligibility requirements for maintaining all such Agency Approvals applicable approvals or require notification to the relevant Agency or to HUDthe Department of Housing and Urban Development, FHA, VA or VARD. Should Seller (or any subservicer) Underlying Repurchase Counterparty for any reason, reason cease to possess all such Agency Approvalsapplicable approvals, or should a change in insurance coverage require notification of the occurrence of any event that is reasonably likely to adversely impact Seller’s good standing or otherwise restrict Seller’s Agency Approvals in any manner be required to the relevant Agency or to HUDthe Department of Housing and Urban Development, FHA, VA or VARD, Seller shall so notify Purchaser promptlyBuyer immediately in writing. Servicer has adequate financial standing, but servicing facilities, procedures and experienced personnel necessary for the sound servicing of mortgage loans of the same types as may from time to time constitute Mortgage Loans and in no event later than [***] Business Days after notice or knowledge thereof. Notwithstanding the preceding sentence, Seller shall take all necessary action to maintain all of its (and each subservicer’s) applicable Agency Approvals at all times during the term of this Agreement and each outstanding Transaction, unless any such Agency Approval has been voluntarily surrendered by the Seller and there is no certified pool to such Agency pending securitizationaccordance with Accepted Servicing Practices.

Agency Approvals. To the extent previously approved, Seller (is an FHA Approved Mortgagee, RD-approved lender and each subservicer) a VA Approved Lender. To the extent previously approved, Seller is also approved by GNMA Fxxxxx Mxx as an approved issuerseller/servicer, Xxxxxx Mae as an approved lender, Xxxxxxx Fxxxxxx Mac as an approved seller/servicer (as the case may be)servicer, an FHA Approved Mortgagee, and VA GNMA as an approved VA lenderissuer to the extent previously approved and, in to the extent necessary, approved by the Secretary of Housing and Urban Development pursuant to Sections 203 and 211 of the National Housing Act. In each case such case, Seller is in good standing (such collective approvals and conditions, “Agency Approvals”)standing, with no event having occurred or Seller (or any subservicer) having any reason whatsoever to believe or suspect will occur prior to the issuance of the Applicable Agency SecuritySecurity or the consummation of the Purchase Commitment, including as the case may be, including, without limitation limitation, a change in insurance coverage which would either make Seller (or any subservicer) unable to comply with the eligibility requirements for maintaining all such Agency Approvals applicable approvals or require notification to the relevant Applicable Agency or to HUDthe Department of Housing and Urban Development, FHA, RD or VA. Should Seller (or any subservicer) for any reason, reason cease to possess all such Agency Approvalsapplicable approvals, or should a change in insurance coverage require notification of the occurrence of any event that is reasonably likely to adversely impact Seller’s good standing or otherwise restrict Seller’s Agency Approvals in any manner be required to the relevant Applicable Agency or to HUDthe Department of Housing and Urban Development, FHA, RD or VA, Seller shall so notify Purchaser promptlyimmediately in writing. Servicer has adequate financial standing, but servicing facilities, procedures and experienced personnel necessary for the sound servicing of Related Mortgage Loans of the same types as may from time to time constitute Related Mortgage Loans in no event later than [***] Business Days after notice accordance with Accepted Servicing Practices. 3.2 deleting subclause (b)(i) in its entirety and replacing it with the following: (i) Such Mortgage Loan was, immediately prior to the sale to Purchaser of the Participation Certificate, owned solely by Seller, is not subject to any lien, claim or knowledge thereof. Notwithstanding the preceding sentenceencumbrance, Seller shall take all necessary action to maintain all of its (and each subservicer’s) applicable Agency Approvals at all times during the term of this Agreement and each outstanding Transactionincluding, unless without limitation, any such Agency Approval has been voluntarily surrendered by interest pursuant to a loan or credit agreement for warehousing mortgage loans other than a lien, claim or encumbrance that will be released simultaneously with payment of the Seller Purchase Price for such Participation Certificate, and there is no certified pool was originated and serviced in accordance with all applicable law and regulations, including without limitation the Federal Truth-in-Lending Act, the Real Estate Settlement Procedures Act, regulations issued pursuant to such Agency pending securitization.any of the aforesaid, and any and all rules, requirements, guidelines and announcements of the Applicable Agency, and, as applicable, the FHA, RD and VA, as the same may be amended from time to time; 3.3 deleting subclause (b)(iv) in its entirety and replacing it with the following:

Agency Approvals. Seller (and each subservicer) is approved by GNMA as an approved issuer, Xxxxxx Mae as Fannxx Xxx xx an approved lender, Xxxxxxx Freddie Mac as an approved seller/servicer (as the case may be), ) and by FHA as an FHA Approved Mortgagee, approved mortgagee and by VA as an approved VA lender, in each case in good standing (such collective approvals and conditions, “Agency Approvals”), with no event having occurred or Seller (or any subservicer) having any reason whatsoever to reasonably believe or suspect will occur prior to the issuance of the Agency Security, including without limitation a change in insurance coverage which would either make Seller (or any subservicer) unable to comply with the eligibility requirements for maintaining all such Agency Approvals or require notification to the relevant Agency or to HUD, FHA, or VAApprovals. Should Seller (or any subservicer) ), for any reason, cease to possess all such Agency Approvals, or should notification of the occurrence of any event that is reasonably likely to adversely impact Seller’s good standing or otherwise restrict Seller’s Agency Approvals in any manner be required to the relevant Agency or to HUD, FHA, or VA, Seller shall so notify Purchaser promptly, but promptly in no event later than [***] Business Days after notice or knowledge thereofwriting. Notwithstanding the preceding sentence, Seller shall take all necessary action to maintain all of its (and each subservicer’s) applicable Agency Approvals at all times during the term of this Agreement and each outstanding Transaction. Seller (and any subservicer) has adequate financial standing, unless any such Agency Approval has been voluntarily surrendered by servicing facilities, procedures and experienced personnel necessary for the Seller sound servicing of residential mortgage loans of the same types as may from time to time constitute Mortgage Loans and there is no certified pool to such Agency pending securitization.in accordance with Accepted Servicing Practices. LEGAL02/43085055v3