Released Loans definition

Released Loans means, as of any date of determination, the then aggregate outstanding principal amount of the Loans that have been released (including on such date of determination) to the Borrower from the Collateral Account in accordance with the terms hereof. For the avoidance of doubt, the principal amount of the Released Loans which shall have been repaid or prepaid on or before the applicable determination date shall not be included in the then aggregate outstanding principal amount of the Released Loans.

Released Loans has the meaning given to that term in Clause 10.1 (Guarantee) of the Mortgage Sale Agreement;

Released Loans means loans that have been released from Pledged Loans pursuant to the terms of the Indenture.

Examples of Released Loans in a sentence

• HUD subsequently incurred substantial losses when it paid insurance claims on those Released Loans.

• Between January 1, 2006 and December 31, 2011, FMC certified for FHA mortgage insurance, pursuant to the Direct Endorsement Program, certain Released Loans that did not meet all HUD requirements, and therefore were not eligible for FHA mortgage insurance under the Direct Endorsement Program.

• HUD subsequently incurred substantial losses when it paid insurance claims on these Released Loans.

• Between January 1, 2006 and March 31, 2012, SunTrust endorsed for FHA mortgage insurance pursuant to the Direct Endorsement Lender Program certain Released Loans that did not meet underwriting requirements contained in HUD’s handbooks and mortgagee letters, and therefore were not eligible for FHA mortgage insurance under the Direct Endorsement Lender Program.

• Between January 1, 2006 and December 31, 2008, First Tennessee certified for FHA mortgage insurance pursuant to the Direct Endorsement Program certain Released Loans that did not meet certain HUD requirements and therefore were not eligible for FHA mortgage insurance under the Direct Endorsement Program.

• As a result of SunTrust’s conduct, HUD-FHA insured certain Released Loans endorsed by SunTrust that were not eligible for FHA mortgage insurance and that HUD-FHA would not otherwise have insured; and HUD consequently incurred losses when it paid insurance claims on those SunTrust-endorsed Released Loans.

• Certain Released Loans that FMC certified for FHA mortgage insurance, but were in fact ineligible for FHA mortgage insurance, defaulted and were submitted to HUD for mortgage insurance benefits, and claims were paid out of the Mutual Mortgage Insurance Fund.

• SunTrust self-reported fewer Released Loans than were required to be reported.

• Between January 1, 2006, and December 31, 2012, Franklin American certified for FHA mortgage insurance pursuant to the Direct Endorsement Program certain Released Loans that did not meet certain HUD requirements and therefore were not eligible for FHA mortgage insurance under the Direct Endorsement Program.

• UTAH DIVISION OF FINANCE (c) The Division of Finance Officer is authorized by the Indenture to detach from any Released Loans the legend required by subsection (b) of this Section upon its release from the lien and pledge of the Indenture pursuant to the Indenture.

More Definitions of Released Loans

Released Loans has the meaning set out in Section 8.8(f).