Examples of Eligible Loan in a sentence
Each Loan Asset designated on any Quarterly Servicing Report as an Eligible Loan Asset and each Loan Asset included as an Eligible Loan Asset in any calculation of Borrowing Base or Borrowing Base Deficiency in any Quarterly Servicing Report is an Eligible Loan Asset as of the date of such report or calculation.
If the Mortgage Loan is an Agency Eligible Loan and is identified on the Mortgage Loan Schedule as being subject to a property inspection waiver, the property valuation listed on the Mortgage Loan Schedule was the subject of a duly issued appraisal waiver offer that was not more than four months old as of the date of the Mortgage Note and Mortgage.
With respect to each Agency Eligible Loan that is a VA Loan, the VA Loan Guaranty Agreement is, or when issued will be, in full force and effect.
For the avoidance of doubt, any inaccurate representation that a Loan Asset is an Eligible Loan Asset hereunder shall not constitute an Event of Default if the Borrower complies with Section 2.06(c) hereunder.
With respect to each Agency Eligible Loan that is an FHA Loan, the FHA Mortgage Insurance Contract is, or when issued will be, in full force and effect and to Seller’s knowledge, there exists no circumstances with respect to such FHA Loan that would permit the FHA to deny coverage under such FHA Mortgage Insurance.