Government Loans. The Program Loans acquired under certain Master Commitments subject to this ARTICLE VII may be Government Loans, and given the PFI’s obligation to absorb all Unreimbursed Servicing Expenses, the Parties do not anticipate incurring any Realized Losses in connection with such Master Commitments but in the event such Realized Losses are incurred and are not recovered from the PFI or any insurance or guaranty of the Government Loans, then the Parties agree that they will share such Realized Losses based on their respective Participation Shares in the Master Commitment so that each Participant Bank and the Lead Bank pays an amount equal to the Realized Losses multiplied by its respective Participation Share in the Master Commitment (on the Loss Allocation Date).
Government Loans. As to each loan application package delivered by Broker to Pinnacle for a Loan intended to be insured by the Federal Housing Administration (FHA) or guaranteed by the Department of Veteran Affairs (VA), Broker represents and warrants that:
a. Broker has fully complied with all requirements, standards and guidelines under applicable FHA and VA regulations, as amended from time to time, pertaining to loan origination; and,
b. Broker has taken no action or failed to take any action, the effect of which would prevent Pinnacle from obtaining FHA insurance or VA loan guaranty or which at any time would invalidate, in whole or part, the FHA insurance or VA loan guaranty, on any submitted FHA or VA loan application which is subsequently approved, closed and funded by Pinnacle.
Government Loans. If the Mortgage Loan is subject to a commitment which provides that such Mortgage Loan will be guaranteed by the VA or insured by the FHA, the Mortgage Loan is fully guaranteed or insured, as applicable, and all insurance premiums or guarantee fees due on or before the purchase date have been paid in full.
Government Loans. Except as set forth on Schedule 4.23, the Company has not applied for, or obtained, any government assistance (such as, but not limited to, loans, benefits, rights, or amounts) pursuant to any COVID-19 Laws, including PPP Loans, in each case where such PPP Loans or other similar assistance will not be paid off or completely forgiven prior to the Closing. The Company’s application for the PPP Loan and application for forgiveness of the PPP Loan, including all representations and certifications contained therein, is true, correct and complete in all material respects and was otherwise completed in accordance with all then existing guidance issued in respect of the Paycheck Protection Program. The Company has used the proceeds of the PPP Loan solely for the purposes permitted by the CARES Act and has complied in all material respects with all requirements of the CARES Act and Paycheck Protection Program in connection therewith. Schedule 4.23 sets forth (a) the original amount of the PPP Loan received by the Company, (b) the proceeds of the PPP Loan used by the Company as of the Closing Date, including a description of the use of such proceeds, amounts and dates of use, (c) the outstanding amount of the PPP Loan as of the Closing Date, and (d) the portion (if any) of the PPP Loan that has been forgiven as of the Closing Date. To the extent that the Company has applied for, or obtained, any government assistance (such as, but not limited to, loans, benefits, rights, or amounts) pursuant to COVID-19 Laws, including any PPP Loans, the Company has taken all actions to ensure the Company complies in all material respects with the applicable requirements of COVID-19 Laws, including, without limitation, that (i) the PPP Loan shall continue to constitute a “covered loan” under, and as defined in, Section 1102 of the CARES Act, (ii) the proceeds of the PPP Loan shall be used only for the purposes permitted under Section 1102 of the CARES Act, (iii) the Company has used commercially reasonable efforts to comply with Sections 1102 and 1106 of the CARES Act to obtain forgiveness of the PPP Loan to the extent provided thereunder, (iv) the Company has deposited all proceeds from the PPP Loan into a segregated deposit account that is specially and exclusively used to hold proceeds of the PPP Loan, and (v) the Company, the Seller and their respective Affiliates have not commingled their funds that are not proceeds of the PPP Loan with the proceeds of the PPP Loan.
Government Loans. If the Mortgage Loan is subject to a commitment which provides that such Mortgage Loan will be insured by FHA, the Mortgage Loan is fully insured, and all insurance premiums due on or before the purchase date have been paid in full.
Government Loans. (a) Other than the PPP Loan under the Paycheck Protection Program created pursuant to the CARES Act (the “Paycheck Protection Program”) and other than employee retention credits and benefits or similar credits and benefits as set forth on Section 4.27(a) of the Disclosure Schedules, the Company has not applied for, or directly accepted or received, any benefit (monetary or otherwise), loan, payment, funding, credit, relief, forgiveness or deferral directly from the U.S. federal government under any federal COVID Legislation. As of the date of the Company’s submission of the application for the PPP Loan (the “Application”) and the Company’s execution of the definitive documentation for the PPP Loan (the “PPP Loan Documents”), the Company satisfied all eligibility requirements for the PPP Loan. All information included in the Application was complete and accurate as of the date of its submission in all material respects, and all certifications, representations and warranties made pursuant to the Application or in the PPP Loan Documents were true and correct in all material respects and made in good faith following due inquiry and discussion. The Company remains in full compliance with all provisions, rules and regulations under all COVID Legislation with respect to the PPP Loan. The proceeds from the PPP Loan have been used in compliance with the requirements of COVID Legislation. The Company has not used any PPP Loan proceeds in any manner, or taken any other action, that violates the terms of any COVID Legislation.
(b) The PPP Loan was forgiven effective March 30, 2021. The PPP Loan Forgiveness Application was prepared following due inquiry and investigation. All information included in the PPP Loan Forgiveness Application is complete and accurate in all material respects as of the date it was made, and all certifications required to be made pursuant to the PPP Loan Forgiveness Application can be made in good faith as of the date they were made.
Government Loans. The loan in the amount of $994,000 received by the Companies under the Paycheck Protection Program of the CARES Act (the “PPP Loan”) has been fully forgiven in accordance with the CARES Act. The Companies’ application for the PPP Loan, including all representations and certifications contained therein, was true, correct and complete in all material respects and was otherwise completed in accordance with all guidance issued in respect of the Paycheck Protection Program of the CARES Act. The Companies have used the proceeds of the PPP Loan solely for the purposes permitted by the CARES Act and have complied in all respects with all requirements of the CARES Act and the Paycheck Protection Program in connection therewith.
Government Loans. To maintain eligibility to sell and/or service Government Loans under the MPF Program, entities must be in compliance with the Guides and all eligibility requirements set forth in their Applicable Agreements, unless a written waiver was granted by the MPF Bank, in addition, to any other requirements established by the applicable Government Agency. Failure to do so may result in the MPF Bank or MPF Provider taking a range of possible actions up to and including terminating the Applicable Agreement.
Government Loans. You shall not participate in Public Service initiated loans such as Housing or Vehicle Loan Schemes.
Government Loans. Each of the Government Loans offered by Seller pursuant to this Agreement shall satisfy and conform to each of the following requirements (in addition to all other applicable requirements set forth in this Agreement):
a. Each Loan shall be closed and fully secured by a Mortgage insured by HUD/FHA under the appropriate section(s) of the National Housing Act as specified in the Principal Seller' Guide from time to time or guaranteed by the VA. Each such Loan must be eligible for inclusion in pools of mortgage-backed securities fully guaranteed by GNMA. No HUD/FHA Co-Insurance loans will be purchased. Loans for purposes of constructing properties will not b6 accepted. Loans with respect to which the Mortgagor has or will obtain supplemental financing or other financial assistance from the seller of the Mortgaged Property will not be eligible for purchase without specific prior written approval from Principal Residential. HUD/FHA and VA temporary buydowns are acceptable for purchase.
b. Each Loan shall bear interest as specified in the Commitment and shall be identified as to type: either HUD/FHA (including reference to applicable section of the National Housing Act) or VA.
c. Each Loan shall be originated by Seller, not by a correspondent of Seller or by any other person or entity. For purposes of this subparagraph 3.2.c, the word "originated" shall include all of the following steps:
(a) Seller obtaining a loan application from a borrower, (b) Seller doing all of the processing of the Loan package; (c) Seller underwriting the application and Loan package for Loan approval; and (d) the Loan being closed in the name of Seller.
d. Each Loan purchased will have an Unpaid Principal Balance as of the Funding Date in an amount which falls within the minimum and Exhibit 10.93 maximum (if any) loan amount specified for the applicable loan program or category in the Principal Seller' Guide, as amended from time to time.
e. Loans on condominiums are not acceptable for purchase unless insured by FHA under Section 234c of the National Housing Act and in a HUD/FHA approved condominium project.
f. VA Loans must have a combined loan guaranty and/or cash down payment equal to 25 percent coverage and be acceptable for GNMA pools. Seller shall be responsible for the proper closing of each Loan.
g. Loans for mobile homes are not acceptable for purchase.
