Eligible REO Property definition

Eligible REO Property means an REO Property that satisfies the applicable representations and warranties set forth on Schedule 1-B with respect thereto.

Eligible REO Property means an Eligible Mortgage Loan converted to an Underlying REO Property that satisfies the criteria set forth below:

Eligible REO Property as defined in Section 2.24(c).

Examples of Eligible REO Property in a sentence

• From time to time, each Seller may request Purchase Price Increases for the Transaction involving the Purchased Certificates in conjunction with the transfer of an Eligible REO Property, an Eligible Mortgage Loan or an Eligible Rental Property to a Seller Party Subsidiary as a result of the increase in Asset Value of the Purchased Certificates.

• Each Eligible REO Property is entitled to the benefits of the FHA insurance policy with respect to the FHA Buyout Loan it was related to prior to foreclosure.

• The proceeds of all Facility 2 Tranche B Loans shall be used by the Borrowers solely to provide financing of the Eligible REO Property.

• In the event of a Representation Breach regarding any representations and warranties set forth in Schedule 1-A, 1-B or 1-C related to any Underlying Asset or Purchased Asset, or any Underlying Asset is no longer an Eligible Mortgage Loan or Eligible REO Property, as applicable, the related Seller shall immediately repurchase such Underlying Asset or Purchased Asset in accordance with Section 3.05.

• Unless an Event of Default has occurred and is continuing hereunder, any foreclosure of an FHA Buyout Loan, and the resulting Eligible REO Property, shall be taken in the name of the Seller.

More Definitions of Eligible REO Property

Eligible REO Property. Any REO Property that has been transferred to a Master Series Trust, on behalf of itself and an Underlying Series Trust and for which bare legal title is now wholly owned by an Underlying Series Trust and (a) as to which each of the representations and warranties in Schedule 1-B are true and correct in all material respects, (b) as to which the related deed or other title document is titled in the name of such Master Series Trust or such deed is in the process of being recorded, and the recordation status of such REO Property is included in the related REO Property Summary, and (c) which satisfies the following eligibility requirements:

Eligible REO Property means a REO Property owned by Borrower (i) which consists of a single parcel of REO Property that can be classified as one of the following: a detached single family residence; a two- to four-family dwelling (including “duets”); an individual town home; a Condominium; or an individual unit in a planned unit development or a de minimus planned unit development, (ii) as to which Lender is holding all required documents in the REO Property File unless otherwise waived by Agent and (iii) which is a stabilized property for which the Borrower does not intend to make any additional repairs or improvements and which is subject to a Lease Agreement (under which no default or event of default has occurred). Unless approved by Agent in its reasonable discretion, no REO Property shall be an Eligible REO Property:

Eligible REO Property means REO Property meeting the criteria set forth on Exhibit N hereto.

Eligible REO Property means an REO Property that (i) satisfies each of the representations and warranties in Exhibit B-3 to this Agreement in all material respects, (ii) meets each of the applicable Additional Eligible REO Property Criteria and (iii) does not constitute an Ineligible REO Property.

Eligible REO Property or "Eligible Servicing Receivable" (or any definitions contained in such definitions), or the number or identity of Lenders that is required for any or all of the Lenders to take any action hereunder, (vi) release the Lien of the Lenders on any of the Collateral or the Servicing Collateral, except as provided in the Security Agreement or the Servicing Security Agreement, respectively, or (vii) amend this Section 8.2 or Section 8.6; (b) no amendment, waiver or consent shall, unless in writing and signed by the Agent, affect the rights or duties of the Agent under this Agreement or any other Loan Document; and (c) no amendment, waiver or consent shall, unless in writing and signed by Bankers Trust, amend, waive or modify Section 2.1(e) or Section 2.4(c), (d) or (e) or otherwise affect the rights or obligations of Bankers Trust with respect to Swing-Line Loans.

Eligible REO Property means an REO Property acquired by Servicer in the name of Seller as a result of the foreclosure, deed in lieu, or other liquidation of a FHA Buyout Loan.

Eligible REO Property or "Eligible Servicing Receivable" (or any definitions contained in such definitions), or the number or identity of Lenders that is required for any or all of the Lenders to take any action hereunder, (vi) release the Lien of the Secured Parties on any of the Collateral, except as provided in the Security Agreements or (vii) amend this Section 8.2 or Section 8.6; (b) no amendment, waiver or consent shall, unless in writing and signed by the Agent, affect the rights or duties of the Agent under this Agreement or any other Loan Document; and (c) no amendment, waiver or consent shall, unless in writing and signed by Bankers Trust, amend, waive or modify Section 2.1(e) or Section 2.4(c), (d) or (e) or otherwise affect the rights or obligations of Bankers Trust with respect to Swing-Line Loans and Acceptances.