Eligible Mortgage Pool definition

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Eligible Mortgage Pool means a pool of Mortgage Loans that will secure a "mortgage related security", as defined in Section 3(a)(41) of the Exchange Act administered or to be administered by a trustee acceptable to Lender in its sole discretion where the Mortgage, Mortgage Note and other documents relating to such Mortgage Loans are held or to be held by an Approved Custodian.

Examples of Eligible Mortgage Pool in a sentence

If any such Advances are made hereunder, each such Advance will be made at a time when a Mortgage Loan pledged to the Lender under the Existing Warehousing Agreement is shipped to an Investor for purchase or to an Approved Custodian for inclusion in an Eligible Mortgage Pool.
As soon as available and in any event within 30 days after the end of each Calendar Quarter, a report as of the end of that Calendar Quarter detailing all requests that Borrower repurchase Mortgage Loans from an Investor or out of an Eligible Mortgage Pool, the status of each such request and any indemnification or similar agreement to which Borrower is a party in connection with any such request.
Upon the sale, other disposition or prepayment of any Pledged Asset or, with respect to a Pledged Loan included in an Eligible Mortgage Pool, upon the sale or other disposition of the related Agency Security.
Forty-five (45) days elapse from the date a Pledged Loan was delivered to an Investor or Approved Custodian for examination and purchase or for inclusion in a Mortgage Pool, without the purchase being made or an Eligible Mortgage Pool being initially certified, or upon rejection of a Pledged Loan as unsatisfactory by an Investor or Approved Custodian.
Such Mortgage Loans will constitute the Pledged Mortgages for such Advance; the Eligible Mortgage Pool identified above will constitute the Pledged Securities; and the Purchase Commitment referred to above will be included in the Collateral for such Advance.
Notify Lender within 3 Business Days of any default under, or of the termination of, any Purchase Commitment relating to any Pledged Loan, Eligible Mortgage Pool, or Pledged Security.
The Company hereby requests that the Lender make an Advance to the Company for the Eligible Mortgage Pool comprise of the Pledged Mortgages listed on the attached Schedule of Mortgage Loans and against which a Mortgage-backed Security will be issued.
If Pledged Loans are transferred to an Approved Custodian and included in an Eligible Mortgage Pool, Lender's security interest in the Pledged Loans included in the Eligible Mortgage Pool will be released upon the delivery of the Agency Security to Lender (including delivery to or registration in the name of a third party on behalf of Lender) and that Agency Security is a Pledged Security.

More Definitions of Eligible Mortgage Pool

Eligible Mortgage Pool means a Mortgage Pool for which (a) an Approved Custodian has issued its initial certification, (b) there exists a Purchase Commitment covering the Agency Security to be issued on the basis of that certification and (c) the Agency Security will be delivered to Lender. "Equity Interests" means all shares, interests, participations or other equivalents, however, designated, of or in a Person (other than a natural person), whether or not voting, including common stock, membership interests, warrants, preferred stock, convertible debentures and all agreements, instruments and documents convertible, in whole or in part, into any one or more of the foregoing. "ERISA" means the Employee Retirement Income Security Act of 1974 and all rules and regulations promulgated under that statute, as amended, and any successor statute, rules, and regulations. "ERISA Affiliate" means any trade or business (whether or not incorporated) that is a member of a group of which Borrower is a member and that is treated as a single employer under Section 414 of the Internal Revenue Code. "Event of Default" means any of the conditions or events set forth in Section 10.1. "Excess Buydown" has the meaning set forth in Section 3.4. "Exchange Act" means the Securities Exchange Act of 1934 and all rules and regulations promulgated under that statute, as amended, and any successor statute, rules and regulations. "Exclusionary List" means the list by that name published and updated periodically by Lender on the www.gmacresidentialfun▇▇▇▇.▇▇▇ ▇▇▇▇▇▇▇. "▇▇▇▇▇▇▇ ▇" means Exhibit B, as applicable to the type of Eligible Loan against which a Warehousing Advance is to be made. "Existing Agreement" means the Warehousing Credit and Security Agreement dated as of August 1, 2003, as amended, between Borrower and Lender. "Fair Market Value" means, at any time for an Eligible Loan or a related Pledged Security (if the Eligible Loan is to be used to back a Pledged Security) as of any date of determination, the market price for such Eligible Loan or Pledged Security, determined by Lender based on market data for similar Mortgage Loans or Pledged Securities and such other criteria as Lender deems appropriate in its sole discretion. "Fannie Mae" means Fann▇▇ ▇▇▇, a corporat▇▇▇ ▇▇e▇▇▇d under the laws of the United States, and any successor corporation or other entity. "FHA" means the Federal Housing Administration and any successor agency or other entity. "FHA Mortgage Loan" means an FHA-insured Mortgage Loan...

Eligible Mortgage Pool. Equity Closing Date," "Fair Market Value," "LIBOR," "Mortgage-backed Securities," "Servicing Acquisition Commitment Termination Date," "Tangible Net Worth," and "Warehousing Maturity Date," in their entirety, replacing them with the following definitions:

Eligible Mortgage Pool. “ERISA” “Event of Default” Section 1 Section 1 Section 1 Section 1 Section 1 Section 1 Section 1, Annex 1

Eligible Mortgage Pool means a Mortgage Pool for which (a) an Approved Custodian has issued its initial certification (on the basis of which an Agency Security is to be issued), (b) there exists a Purchase Commitment covering such Agency Security, and (c) such Agency Security will be delivered to the Collateral Agent.