Eligible Mortgage Loan definition

Eligible Mortgage Loan means, on any date of determination, a Mortgage Loan:

Eligible Mortgage Loan means a Mortgage Loan:

Eligible Mortgage Loan. A Mortgage Loan that meets the eligibility criteria set forth in the Transactions Terms Letter.

Examples of Eligible Mortgage Loan in a sentence

• That all legal agreements entered into in respect to each Eligible Mortgage Loan constitute legal, valid and binding obligations of the Mortgage Debtor thereof and is enforceable in accordance with its respective terms.

• There has not been any payment default by the Mortgage Debtor in respect of the Eligible Mortgage Loan.

• The Mortgage Loan Portfolio as a whole, and each Eligible Mortgage Loan, satisfies, in all respects, the Eligibility Criteria.

• In respect of each Eligible Mortgage Loan, to the best knowledge of the Primary Mortgage Lender, the Mortgage Debtor and the Mortgage Property is in material compliance with KMRC Environmental and Social Policy, and neither the Primary Mortgage Lender, nor, to the Primary Mortgage Lender’s knowledge, the Mortgage Debtor, has received any notice of any violation or potential violation of such Environmental and Social Policy.

• The guarantee in respect of an individual Mortgage Loan shall terminate if that Mortgage Loan ceases to qualify as an Eligible Mortgage Loan under the terms of this Agreement.

More Definitions of Eligible Mortgage Loan

Eligible Mortgage Loan means a Purchased Mortgage Loan which complies with the representations and warranties set forth on Schedule 1 to this Repurchase Agreement.

Eligible Mortgage Loan means a Mortgage Loan with respect to which each of the following statements is accurate and complete (and the Borrowers by including such Mortgage Loan in any computation of the Borrowing Base shall be deemed to so represent to Agent and Lenders at and as of the date of such computation):

Eligible Mortgage Loan means a Mortgage Loan (including a Wet Funded Loan) with respect to which each of the following statements shall be accurate and complete (and Borrower, by including such Mortgage Loan in any computation of the Borrowing Base, shall be deemed to so represent and warrant to the Lenders as of the date of such computation):

Eligible Mortgage Loan means a Mortgage Loan which (a) is an Approved Mortgage Product, (b) complies with the representations and warranties set forth on Schedule 1 hereto, (c) is not a Defective Mortgage Loan, and (d) is not a Delinquent Mortgage Loan.

Eligible Mortgage Loan means a Mortgage Loan which:

Eligible Mortgage Loan means a first-lien, fixed rate or adjustable-rate Mortgage Loan originated in accordance with the criteria of Xxxxxx Mae or Xxxxxxx Mac for the purchase of mortgage loans or in accordance with the criteria of Xxxxxx Mae for the guarantee of securities backed by mortgage loans and in each case, meeting the representations and warranties set forth on Schedule I hereto and other criteria set forth on Schedule II hereto, together with (i) the Servicing Rights related thereto, (ii) all related records, (iii) all rights of the Seller to receive from any third party or to take delivery of any records or other documents which constitute a part of the related mortgage files or servicing files and (iv) all documents, instruments, chattel paper, and general intangibles and all products and proceeds relating to or constituting any or all of the foregoing. Furthermore, no Mortgage Loan shall be an Eligible Mortgage Loan if (i) any payment required under such Mortgage Loan is delinquent; (ii) the Purchase Price of such Mortgage Loan, when added to the aggregate outstanding Purchase Price of all Purchased Assets that are then subject to Transactions exceeds the Maximum Aggregate Purchase Price; (iii) such Mortgage Loan has already been subject to a Transaction for more than one hundred-twenty (120) days in the aggregate (whether or not consecutive); (iv) such Mortgage Loan has previously been the subject of a Transaction and the Takeout Investor has rejected such Mortgage Loan; (v) such Mortgage Loan has been converted to an REO Property, (vi) the Diligence Provider has previously reported in a Final Diligence Report that such Mortgage Loan had a Level C Exception, a Level D Exception, a violation of the TILA RESPA Integrated Disclosure Rule or a Valuation Deficiency, (vii) such mortgage loan is subject to payment forbearance or a trial modification. A Wet Loan will only constitute an Eligible Mortgage Loan for a period of ten (10) Business Days following the date on which such Wet Loan is funded, after which, to the extent the required loan documents have not been delivered to the Mortgage Loan Custodian by such time, such Wet Loan shall no longer be an Eligible Mortgage Loan.

Eligible Mortgage Loan means a Purchased Asset that is a Purchased Mortgage Loan which (a) is an Approved Mortgage Product (unless otherwise approved by Buyer), (b) complies with the representations and warranties set forth on Schedule 1 hereto (assuming that they are made as of each date of determination) (unless otherwise approved by Buyer), (c) is not a Defective Mortgage Loan and (d) is not a Delinquent Mortgage Loan.