Common use of Agency Approvals Clause in Contracts

Agency Approvals. In the event the applicable Underlying Repurchase Counterparty becomes an FHA Approved Mortgagee, a VA Approved Lender and a GNMA Approved Lender, such Underlying Repurchase Counterparty shall remain an FHA Approved Mortgagee, a VA Approved Lender and a GNMA Approved Lender, as applicable. In the event the applicable Underlying Repurchase Counterparty is also approved by Xxxxxx Xxx as an approved lender and Xxxxxxx Mac as an approved seller/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, such Underlying Repurchase Counterparty shall remain so approved. In each such case, the applicable Underlying Repurchase Counterparty is in good standing, with no event having occurred or such Underlying Repurchase Counterparty 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 Underlying Repurchase Counterparty 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.

Agency Approvals. In With respect to each Agency Security and to the event the applicable extent necessary, each of PMC and Underlying Repurchase Counterparty becomes is an FHA Approved Mortgagee, a VA Approved Lender and and/or a GNMA Approved Lender. On and after approval by the Agencies, such each of PMC and Underlying Repurchase Counterparty shall remain an FHA Approved Mortgageewill be, a VA Approved Lender and a GNMA Approved Lenderto the extent necessary, as applicable. In the event the applicable Underlying Repurchase Counterparty is also approved by Xxxxxx Xxx Mae as an approved lender and Xxxxxxx Mac as an approved seller/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. On and after approval by the Agencies, such Underlying Repurchase Counterparty shall remain so approved. In each such case, the applicable of PMC and Underlying Repurchase Counterparty is in good standing, with no event having occurred or such PMC or Underlying Repurchase Counterparty Counterparty, as applicable, 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 PMC or Underlying Repurchase Counterparty Counterparty, as applicable, 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 DevelopmentHUD, FHA or VA. If, on and after approval by the Agencies, either PMC or Underlying Repurchase Counterparty for any reason ceases to possess all such applicable approvals, or should notification to the relevant Agency or to HUD, FHA or VA be required, Sellers or Guarantors shall so notify Administrative Agent immediately in writing.

Agency Approvals. In With respect to each Agency Security and to the event extent necessary, the applicable Underlying Repurchase Counterparty becomes is an FHA Approved Mortgagee, a VA Approved Lender and a GNMA Approved Lender, such Underlying Repurchase Counterparty shall remain an FHA Approved Mortgagee, a VA Approved Lender and a GNMA Approved Lender, as applicable. In the event the The applicable Underlying Repurchase Counterparty is also approved by Xxxxxx Xxx as an approved lender and Xxxxxxx Mac as an approved seller/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, such Underlying Repurchase Counterparty shall remain so approved. In each such case, the applicable Underlying Repurchase Counterparty is in good standing, with no event having occurred or such Underlying Repurchase Counterparty 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 Underlying Repurchase Counterparty 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 DevelopmentHUD, FHA or VA. Should such Underlying Repurchase Counterparty for any reason cease to possess all such applicable approvals, or should notification to the relevant Agency or to HUD, FHA or VA be required, Sellers shall so notify Administrative Agent immediately in writing.

Agency Approvals. In With respect to each Agency Security and to the event extent necessary, the applicable Underlying Repurchase Counterparty becomes is an FHA Approved Mortgagee, a VA Approved Lender and a GNMA Approved Lender, such Underlying Repurchase Counterparty shall remain an FHA Approved Mortgagee, a VA Approved Lender and a GNMA Approved Lender, as applicable. In the event the The applicable Underlying Repurchase Counterparty is also approved by Xxxxxx Xxx as an approved lender and Xxxxxxx Mac as an approved seller/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, such Underlying Repurchase Counterparty shall remain so approved. In each such case, the applicable Underlying Repurchase Counterparty is in good standing, with no event having occurred or such Underlying Repurchase Counterparty 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 Underlying Repurchase Counterparty 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 DevelopmentHUD, FHA or VA. Should such Underlying Repurchase Counterparty for any reason cease to possess all such applicable approvals, or should notification to the relevant Agency or to HUD, FHA or VA be required, Sellers shall so notify Buyer immediately in writing.

Agency Approvals. In With respect to each Agency Security and to the event the applicable extent necessary, each of PMC and Underlying Repurchase Counterparty becomes is an FHA Approved Mortgagee, a VA Approved Lender and and/or a GNMA Approved Lender. On and after approval by the Agencies, such each of PMC and Underlying Repurchase Counterparty shall remain an FHA Approved Mortgageewill be, a VA Approved Lender and a GNMA Approved Lenderto the extent necessary, as applicable. In the event the applicable Underlying Repurchase Counterparty is also approved by Xxxxxx Xxx Mae as an approved lender and Xxxxxxx Mac as an approved seller/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. On and after approval by the Agencies, such Underlying Repurchase Counterparty shall remain so approved. In each such case, the applicable of PMC and Underlying Repurchase Counterparty is in good standing, with no event having occurred or such PMC or Underlying Repurchase Counterparty Counterparty, as applicable, 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 PMC or Underlying Repurchase Counterparty Counterparty, as applicable, 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 DevelopmentHUD, FHA or VA. If, on and after approval by the Agencies, either PMC or Underlying Repurchase Counterparty for any reason ceases to possess all such applicable approvals, or should notification to the relevant Agency or to HUD, FHA or VA be required, Sellers or Guarantors shall so notify Buyer immediately in writing.