Common use of Agency Approvals Clause in Contracts

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 (i) 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 seller/servicer; (v) approved by Xxxxxxx Mac as an approved seller/servicer and/or (vi) approved by the Secretary of Housing and Urban Development pursuant to Sections 203 and 211 of the National Housing Act. In each such case, such Seller Party is in good standing, with no event having occurred or such Seller Party having any reason whatsoever to believe or suspect will occur prior to the issuance of the Agency Security or the consummation of the Take-out Commitment, as the case may be, including, without limitation, a change in insurance coverage which would either make such Seller Party unable to comply with the eligibility requirements for maintaining all such applicable approvals or require notification to the relevant Agency or to the Department of Housing and Urban Development, FHA or VA. Should such Seller Party for any reason cease to possess all such applicable approvals, or should notification of the occurrence of any event that would impact Seller’s good standing or otherwise materially restrict Seller’s Agency Approvals in any manner to the relevant Agency or to the Department of Housing and Urban Development, FHA or VA be required, Seller Parties shall so notify Administrative Agent within [***] in writing.

Agency Approvals. To the extent any Purchased Asset consists of an Agency Security or Agency Mortgage Loan, with respect to Seller (and each Agency Security and to the extent necessary, the applicable Seller Party subservicer) is (i) 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 seller/servicer; (v) approved by lender, Xxxxxxx Mac as an approved seller/servicer and/or (vi) as the case may be), an FHA Approved Mortgagee, and VA as an approved by the Secretary of Housing and Urban Development pursuant to Sections 203 and 211 of the National Housing Act. In VA lender, in each such case, such Seller Party is case in good standingstanding (such collective approvals and conditions, “Agency Approvals”), with no event having occurred or such Seller Party (or any subservicer) having any reason whatsoever to believe or suspect will occur prior to the issuance of the Agency Security or the consummation of the Take-out CommitmentSecurity, as the case may be, including, including without limitation, limitation a change in insurance coverage which would either make such Seller Party (or any subservicer) unable to comply with the eligibility requirements for maintaining all such applicable approvals Agency Approvals or require notification to the relevant Agency or to the Department of Housing and Urban DevelopmentHUD, FHA FHA, or VA. Should such Seller Party (or any subservicer) for any reason reason, cease to possess all such applicable approvalsAgency Approvals, or should notification of the occurrence of any event that would is reasonably likely to adversely impact Seller’s good standing or otherwise materially restrict Seller’s Agency Approvals in any manner be required to the relevant Agency or to the Department of Housing and Urban DevelopmentHUD, FHA FHA, or VA be requiredVA, Seller Parties shall so notify Administrative Agent within Purchaser promptly, but in no event later than [***] in writingBusiness 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 Servicer (and each Agency Security and to the extent necessary, the applicable Seller Party subservicer) is (i) an FHA Approved Mortgagee; (ii) a VA Approved Lender; (iii) approved by GNMA Xxxxxx Xxx as an approved lender and approved issuer; (iv) approved by , Xxxxxx Mae as an approved seller/servicer; (v) approved by lender, Xxxxxxx Mac as an approved seller/servicer and/or (vias the case may be) and by FHA as an approved mortgagee and by the Secretary of Housing and Urban Development pursuant to Sections 203 and 211 of the National Housing Act. In VA as an approved VA lender, in each such case, such Seller Party is case in good standingstanding (such collective approvals and conditions, “Agency Approvals”), with no event having occurred or such Seller Party Servicer (or any subservicer) having any reason whatsoever to believe or suspect will occur prior to the issuance of the Agency Security or the consummation of the Take-out CommitmentXxxxxx Mae Security, as the case may be, including, including without limitation, limitation a change in insurance coverage which would either make such Seller Party Servicer (or any subservicer) unable to comply with the eligibility requirements for maintaining all such applicable approvals Agency Approvals or require notification to the relevant Agency or to HUD, FHA or VA (other than routine and customary notices not materially affecting its eligibility to service mortgage loans for the Department of Housing and Urban Developmentapplicable Agency, HUD, FHA or VA). Should such Seller Party Servicer (or any subservicer), for any reason reason, cease to possess all such applicable approvalsAgency Approvals, or should notification of the occurrence of any event that would impact Seller’s good standing or otherwise materially restrict Seller’s Agency Approvals in any manner to the relevant Agency or to the Department of Housing and Urban DevelopmentHUD, FHA or VA be requiredrequired (other than routine and customary notices not materially affecting its eligibility to service mortgage loans for the applicable Agency, HUD, FHA or VA), Seller Parties shall so notify Administrative Agent within [***] Buyer immediately in writing. Notwithstanding the preceding sentence, Servicer shall take all necessary action to maintain all of its (and each subservicer’s) Agency Approvals at all times during the term of this Agreement and each outstanding Transaction. Servicer (and any subservicer) has adequate financial standing, 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 accordance with Accepted Servicing Practices.

Agency Approvals. To the extent any Purchased Asset consists of an Agency Security or Agency Mortgage Loan, with respect to Servicer (and each Agency Security and to the extent necessary, the applicable Seller Party subservicer) is (i) an FHA Approved Mortgagee; (ii) a VA Approved Lender; (iii) approved by GNMA Xxxxxx Xxx as an approved lender and approved issuer; (iv) approved by , Xxxxxx Mae Xxx as an approved seller/servicer; (v) approved by lender, Xxxxxxx Mac Xxx as an approved seller/servicer and/or (vias the case may be) and by FHA as an approved mortgagee and by the Secretary of Housing and Urban Development pursuant to Sections 203 and 211 of the National Housing Act. In VA as an approved VA lender, in each such case, such Seller Party is case in good standingstanding (such collective approvals and conditions, “Agency Approvals”), with no event having occurred or such Seller Party Servicer (or any subservicer) having any reason whatsoever to believe or suspect will occur prior to the issuance of the Agency Security or the consummation of the Take-out CommitmentXxxxxx Xxx Security, as the case may be, including, including without limitation, limitation a change in insurance coverage which would either make such Seller Party Servicer (or any subservicer) unable to comply with the eligibility requirements for maintaining all such applicable approvals Agency Approvals or require notification to the relevant Agency or to HUD, FHA or VA (other than routine and customary notices not materially affecting its eligibility to service mortgage loans for the Department of Housing and Urban Developmentapplicable Agency, HUD, FHA or VA). Should such Seller Party Servicer (or any subservicer), for any reason reason, cease to possess all such applicable approvalsAgency Approvals, or should notification of the occurrence of any event that would impact Seller’s good standing or otherwise materially restrict Seller’s Agency Approvals in any manner to the relevant Agency or to the Department of Housing and Urban DevelopmentHUD, FHA or VA be requiredrequired (other than routine and customary notices not materially affecting its eligibility to service mortgage loans for the applicable Agency, HUD, FHA or VA), Seller Parties shall so notify Administrative Agent within [***] Buyer immediately in writing. Notwithstanding the preceding sentence, Servicer shall take all necessary action to maintain all of its (and each subservicer’s) Agency Approvals at all times during the term of this Agreement and each outstanding Transaction. Servicer (and any subservicer) has adequate financial standing, 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 accordance with Accepted Servicing Practices.

Agency Approvals. To the extent any Purchased Asset consists of an Agency Security or Agency Mortgage Loan, with With respect to each Agency Security and to the extent necessary, the applicable Seller Party is (i) an FHA Approved Mortgagee; (ii) a VA Approved Lender; (iii) approved by GNMA as an approved lender and approved issuer; (iv) . Seller is also approved by Xxxxxx Mae as an approved seller/servicer; (v) approved by servicer and Xxxxxxx Mac as an approved seller/servicer and/or (vi) servicer, and, 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 such case, such Seller Party is in good standing, with no event having occurred or such Seller Party having any reason whatsoever to believe or suspect will occur prior to the issuance of the Agency Security or the consummation of the Take-out Commitment, as the case may be, including, without limitation, a change in insurance coverage which would either make such Seller Party unable to comply with the eligibility requirements for maintaining all such applicable approvals or require notification to the relevant Agency or to the Department of Housing and Urban Development, FHA or or, only to the extent that [***] Confidential treatment has been requested for the bracketed portions. The confidential redacted portion has been omitted and filed separately with the Securities and Exchange Commission. Seller is a VA Approved Lender as of the relevant Purchase Date, VA. Should such Seller Party for any reason cease to possess all such applicable approvals, or should notification of the occurrence of any event that would impact Seller’s good standing or otherwise materially restrict Seller’s Agency Approvals in any manner to the relevant Agency or to the Department of Housing and Urban Development, FHA or VA (only to the extent that Seller is a VA Approved Lender as of the relevant Purchase Date), be required, Seller Parties shall so notify Administrative Agent within [***] Buyer immediately in writing. Servicer has adequate financial standing, 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 accordance with Accepted Servicing Practices.

Agency Approvals. To the extent any Purchased Asset consists of an Agency Security or Agency Mortgage Loan, with respect to Seller (and each Agency Security and to the extent necessary, the applicable Seller Party subservicer) is (i) 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 Xxx as an approved seller/servicer; (v) approved by lender, Xxxxxxx Mac Xxx as an approved seller/servicer and/or (vias the case may be) and by FHA as an approved mortgagee and by the Secretary of Housing and Urban Development pursuant to Sections 203 and 211 of the National Housing Act. In VA as an approved VA lender, in each such case, such Seller Party is case in good standingstanding (such collective approvals and conditions, “Agency Approvals”), with no event having occurred or such Seller Party (or any subservicer) having any reason whatsoever to believe or suspect will occur prior to the issuance of the Agency Security or the consummation of the Take-out CommitmentSecurity, as the case may be, including, including without limitation, limitation a change in insurance coverage which would either make such Seller Party (or any subservicer) unable to comply with the eligibility requirements for maintaining all such applicable approvals Agency Approvals or require notification to the relevant Agency or to the Department of Housing and Urban DevelopmentHUD, FHA FHA, USDA or VA. Should such Seller Party (or any subservicer), for any reason reason, cease to possess all such applicable approvalsAgency Approvals, or should notification of the occurrence of any event that would impact Seller’s good standing or otherwise materially restrict Seller’s Agency Approvals in any manner to the relevant Agency or to the Department of Housing and Urban DevelopmentHUD, FHA FHA, USDA or VA be required, Seller Parties shall so notify Administrative Agent within [***] Purchaser immediately in writing. Notwithstanding the preceding sentence, Seller shall take all necessary action to maintain all of its (and each subservicer’s) 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 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. To the extent any Purchased Asset consists of an Agency Security or Agency Mortgage Loan, with With respect to each Agency Security and to the extent necessary, the applicable Seller Party is (i) an FHA Approved Mortgagee; (ii) a VA Approved Lender; (iii) approved by GNMA as an approved lender and approved issuer; (iv) . Seller is also approved by Xxxxxx Mae as an approved seller/servicer; (v) approved by servicer and Xxxxxxx Mac as an approved seller/servicer and/or (vi) servicer, and, to the extent necessary, approved by the Secretary of Housing and Urban Development HUD pursuant to Sections 203 and 211 of the National Housing Act. In each such case, such Seller Party is in good standing, with no event having occurred or such Seller Party having any reason whatsoever to believe or suspect will occur prior to the issuance of the Agency Security or the consummation of the Take-out Commitment, as the case may be, including, without limitation, a change in insurance coverage which would either make such Seller Party unable to comply with the eligibility requirements for maintaining all such applicable approvals or require notification to the relevant Agency or to the Department HUD FHA or, only to the extent that Seller is a VA Approved Lender as of Housing and Urban Developmentthe relevant Purchase Date, FHA or VA. Should such Seller Party for any reason cease to possess all such applicable approvals, or should notification of the occurrence of any event that would impact Seller’s good standing or otherwise materially restrict Seller’s Agency Approvals in any manner to the relevant Agency or to the Department of Housing and Urban DevelopmentHUD, FHA or VA (only to the extent that Seller is a VA Approved Lender as of the relevant Purchase Date), be required, Seller Parties shall so notify Administrative Agent within [***] immediately in writing. Servicer has adequate financial standing, 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 accordance with Accepted Servicing Practices.

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 (i) 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 Fxxxxx Mxx as an approved seller/servicer; (v) approved by Xxxxxxx Fxxxxxx Mac as an approved seller/servicer and/or (vi) approved by the Secretary of Housing and Urban Development pursuant to Sections 203 and 211 of the National Housing Act. In each such case, such Seller Party is in good standing, with no event having occurred or such Seller Party having any reason whatsoever to believe or suspect will occur prior to the issuance of the Agency Security or the consummation of the Take-out Commitment, as the case may be, including, without limitation, a change in insurance coverage which would either make such Seller Party unable to comply with the eligibility requirements for maintaining all such applicable approvals or require notification to the relevant Agency or to the Department of Housing and Urban Development, FHA or VA. Should such Seller Party for any reason cease to possess all such applicable approvals, or should notification of the occurrence of any event that would impact Seller’s good standing or otherwise materially restrict Seller’s Agency Approvals in any manner to the relevant Agency or to the Department of Housing and Urban Development, FHA or VA be required, Seller Parties shall so notify Administrative Agent within [***] in writing.

Agency Approvals. To the extent any Purchased Asset consists of an Agency Security or Agency Mortgage Loan, with With respect to each Agency Security and to the extent necessarynecessary and previously approved, the applicable Seller Party is (i) an FHA Approved Mortgagee; (ii) , a VA Approved Lender; (iii) , a VA Approved Servicer and a Xxxxxx Mae approved issuer. Seller is also approved by GNMA Xxxxxx Xxx as an approved lender and approved issuer; (iv) approved by Xxxxxx Mae as an approved seller/servicer; (v) approved by Xxxxxxx Mac as an approved seller/servicer and/or (vi) servicer, and, 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 such case, such Seller Party is in good standing, with no event having occurred or such Seller Party having any reason whatsoever to believe or suspect will occur prior to the issuance of the Agency Security or the consummation of the Take-out Take‑out Commitment, as the case may be, including, without limitation, a change in insurance coverage which would either (x) make such Seller Party unable to comply with the eligibility requirements for maintaining all such applicable approvals or (y) require notification to the relevant Agency or to the Department of Housing and Urban Development, FHA or VAVA but only to the extent that such notification to the relevant Agency or Governmental Authority is expected to result in a Material Adverse Effect. Should such Seller Party for any reason cease to possess all such applicable approvals, or should notification of the occurrence of any event that would impact Seller’s good standing or otherwise materially restrict Seller’s Agency Approvals in any manner to the relevant Agency or to the Department of Housing and Urban Development, FHA or VA be required, Seller Parties shall so notify Administrative Agent within [***] immediately in writing. Notwithstanding the foregoing, Seller is permitted to let FHA and VA approvals lapse if none of the Transactions under this Agreement include FHA Loans or VA Loans; provided, that Seller shall provide Administrative Agent with prompt written notice of such lapse and at such point such FHA Loans or VA Loans shall no longer be eligible for Transactions hereunder.

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 (i) 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 Xxx as an approved seller/servicer; (v) approved by Xxxxxxx Mac as an approved seller/servicer and/or (vi) approved by the Secretary of Housing and Urban Development pursuant to Sections 203 and 211 of the National Housing Act. In each such case, such Seller Party is in good standing, with no event having occurred or such Seller Party having any reason whatsoever to believe or suspect will occur prior to the issuance of the Agency Security or the consummation of the Take-out Commitment, as the case may be, including, without limitation, a change in insurance coverage which would either make such Seller Party unable to comply with the eligibility requirements for maintaining all such applicable approvals or require notification to the relevant Agency or to the Department of Housing and Urban Development, FHA or VA. Should such Seller Party for any reason cease to possess all such applicable approvals, or should notification of the occurrence of any event that would impact Seller’s good standing or otherwise materially restrict Seller’s Agency Approvals in any manner to the relevant Agency or to the Department of Housing and Urban Development, FHA or VA be required, Seller Parties shall so notify Administrative Agent within [***] in writing.

Agency Approvals. To the extent any Purchased Asset consists of an Agency Security or Agency Mortgage Loanpreviously approved, with respect to each Agency Security and to the extent necessary, the applicable Seller Party is (i) an FHA Approved Mortgagee; (ii) , RD-approved lender and a VA Approved Lender; (iii) . To the extent previously approved, Seller is also approved by GNMA as an approved lender and approved issuer; (iv) approved by Xxxxxx Mae Fxxxxx Mxx as an approved seller/servicer; (v) approved by Xxxxxxx , Fxxxxxx Mac as an approved seller/servicer and/or (vi) servicer, GNMA as an approved issuer to the extent previously approved and, 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 such case, such Seller Party is in good standing, with no event having occurred or such Seller Party having any reason whatsoever to believe or suspect will occur prior to the issuance of the Applicable Agency Security or the consummation of the Take-out Purchase Commitment, as the case may be, including, without limitation, a change in insurance coverage which would either make such Seller Party unable to comply with the eligibility requirements for maintaining all such applicable approvals or require notification to the relevant Applicable Agency or to the Department of Housing and Urban Development, FHA FHA, RD or VA. Should such Seller Party for any reason cease to possess all such applicable approvals, or should a change in insurance coverage require notification of the occurrence of any event that would impact Seller’s good standing or otherwise materially restrict Seller’s Agency Approvals in any manner to the relevant Applicable Agency or to the Department of Housing and Urban Development, FHA FHA, RD or VA be requiredVA, Seller Parties shall so notify Administrative Agent within [***] Purchaser immediately in writing. Servicer has adequate financial standing, 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 accordance with Accepted Servicing Practices.

Agency Approvals. To the extent any Purchased Asset consists of an Agency Security or Agency Mortgage Loan, with respect to Seller (and each Agency Security and to the extent necessary, the applicable Seller Party subservicer) is (i) 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 Xxx as an approved seller/servicer; (v) approved by lender, Xxxxxxx Mac as an approved seller/servicer and/or (vias the case may be) and by FHA as an approved mortgagee and by the Secretary of Housing and Urban Development pursuant to Sections 203 and 211 of the National Housing Act. In VA as an approved VA lender, in each such case, such Seller Party is case in good standingstanding (such collective approvals and conditions, “Agency Approvals”), with no event having occurred or such Seller Party (or any subservicer) having any reason whatsoever to believe or suspect will occur prior to the issuance of the Agency Security or the consummation of the Take-out CommitmentSecurity, as the case may be, including, including without limitation, limitation a change in insurance coverage which would either make such Seller Party (or any subservicer) unable to comply with the eligibility requirements for maintaining all such applicable approvals Agency Approvals or require notification to the relevant Agency or to the Department of Housing and Urban DevelopmentHUD, FHA FHA, USDA or VA. Should such Seller Party (or any subservicer), for any reason reason, cease to possess all such applicable approvalsAgency Approvals, or should notification of the occurrence of any event that would impact Seller’s good standing or otherwise materially restrict Seller’s Agency Approvals in any manner to the relevant Agency or to the Department of Housing and Urban DevelopmentHUD, FHA FHA, USDA or VA be required, Seller Parties shall so notify Administrative Agent within [***] Purchaser immediately in writing. Notwithstanding the preceding sentence, Seller shall take all necessary action to maintain all of its (and each subservicer’s) 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 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.