Eligible Loans Clause Samples
The 'Eligible Loans' clause defines the specific criteria that loans must meet to be considered acceptable under an agreement. Typically, this includes requirements related to the borrower's creditworthiness, loan documentation, payment status, and compliance with applicable laws. For example, only loans that are current, properly documented, and not in default may qualify. The core function of this clause is to ensure that only loans meeting agreed-upon standards are included in a transaction, thereby managing risk and maintaining the quality of the loan portfolio.
Eligible Loans. As to each Loan that is subject to a Transaction hereunder (and the related Mortgage, Note, Assignment of Mortgage and Mortgaged Property), Seller shall be deemed to make the following representations and warranties to Buyer as of the Purchase Date and as of each date such Loan is subject to a Transaction:
Eligible Loans. The Issuer hereby represents and warrants to the Trustee and the Collateral Agent that each of the Pledged Loans is an Eligible Loan. For purposes of this Indenture, the term “
Eligible Loans. For purposes of this Schedule 1 and the representations and warranties set forth herein, a breach of a representation or warranty will be deemed to have been cured with respect to a Loan if and when Seller has taken or caused to be taken action such that the event, circumstance or condition that gave rise to such breach no longer adversely affects such Loan. Seller represents and warrants to Buyer that as to each Loan that is subject to a Transaction hereunder, the Seller hereby makes the following representations and warranties to Buyer as of the Purchase Date and as of each date such Loan is subject to a Transaction:
Eligible Loans. Schedule EL to the Repurchase Agreement is amended and restated in its entirety to read as set forth on Exhibit E to this Amendment.
Eligible Loans. Borrower accounts processed under the RWCL Program must consist of: at least one federal loan qualifying for Federal Consolidation as defined under Section 428 C of the Higher Education Act.
Eligible Loans. Each Pledged Loan, on the date on which it becomes a Pledged Loan, is an Eligible Loan and is (i) a Loan sold by a Seller to the Depositor under a Seller Purchase Agreement or (ii) a Loan sold by an Approved Seller to the Depositor under an Approved Sale Agreement.
Eligible Loans. The Borrower shall not permit any of the three largest Eligible Loans (measured in terms of the Adjusted Borrowing Value of such Eligible Loan) included in the calculation of the Borrowing Base to be (i) First Lien Last Out Loans, (ii) Second Lien Loans or (iii) Loans for which the related Obligor has EBITDA of less than $15,000,000.
Eligible Loans. A. Loans can be for new origination or refinances with a 30 year maximum term. The maximum loan is $417,000.
B. Loan funds may be used to acquire land to construct a one or two family house. An executed construction contract is required before a loan commitment will be issued. Loan funds cannot be used to purchase land only.
Eligible Loans. A. Only those Loans fully complying with the standards for Agency Conforming Conventional and Government Programs set forth in the Guide are eligible for purchase under this Agreement. Seller must be approved by Plaza and qualified and/or licensed to originate such Loans in the jurisdiction in which such Loans are originated.
B. Seller shall be responsible for assuring that Loans submitted to Plaza comply with all terms and conditions of this Agreement and the Guide.
Eligible Loans. A. Only those Loans fully complying with the standards for Conforming Conventional, Jumbo Conventional, Government and Second Mortgage Loan Programs set forth in the Mortgage Programs section of the Manual are eligible for purchase under this Agreement. Seller must be approved, qualified and/or licensed to originate such Loans.
B. Seller shall fully underwrite each Loan prior to submission to Countrywide in accordance with Underwriting Guidelines and Lending Requirements sections of the Manual, or, if available, use a Countrywide-approved automated underwriting system for underwriting the Loan.
C. Seller shall be responsible for assuring that Loans submitted to Countrywide comply with all terms and conditions of this Agreement and the Manual.