Ineligible Underlying Assets means all other Underlying Assets, including (i) all “private” student loans, (ii) all FFELP or HEAL Program loans reported as over 180 days past due as of July 31, 2008 and (iii) any loans in claims status (in each case, including any accrued and unpaid or uncapitalized interest).
Ineligible Underlying Assets. Any Mortgage Loan for which the representations and warranties set forth in the related Schedule II-A, Schedule II-B (in the case of any Non-QM Loans), or Schedule II-C (in the case of any GSE Eligible Investor Loan) to this Annex are incorrect or untrue in any material respect when made or repeated or when deemed to have been made or repeated or any Mortgage Loan that is 60 days or more delinquent (as determined using the MBA method). For the avoidance of doubt, the representations and warranties set forth in Schedules II-A, II-B and II-C shall not be deemed to be representations and warranties made pursuant to Paragraph 10 of the Agreement or subject to Paragraph 11(vi) of the Agreement.
Ineligible Underlying Assets means all other Underlying Assets, including (i) all “private” student loans, (ii) all FFELP or HEAL Program loans reported as over 180 days past due as of July 31, 2008 and (iii) any loans in claims status (in each case, including any accrued and unpaid or uncapitalized interest). The amount of Ineligible Underlying Assets related to each series of Outstanding Securities is set forth under “Principal Terms of the Offer to Purchase and the Consent Solicitation—Offer Priority.”
More Definitions of Ineligible Underlying Assets
Ineligible Underlying Assets. Any Underlying Asset for which the representations and warranties set forth in the Schedule II to this Annex are incorrect or untrue in any material respect when made or repeated or when deemed to have been made or repeated; provided, however, if (a) the Exception Report identifies any custodial document exception which causes a representation and warranty set forth in the Schedule II to this Annex to be incorrect or untrue in any material respect and (b) Buyer waives such custodial document exception, the related Underlying Asset shall not be deemed to be an Ineligible Underlying Asset. For the avoidance of doubt, the representations and warranties set forth in Schedule II shall not be deemed to be representations and warranties made pursuant to Paragraph 10 of the Agreement or subject to Paragraph 11(vi) of the Agreement.