Eligible Mortgage Loans definition

Eligible Mortgage Loans shall have the meaning assigned thereto in the Pricing Side Letter.

Eligible Mortgage Loans has the meaning given to such term in the Master Repurchase Agreement.

Eligible Mortgage Loans shall be the collective reference to Eligible Commercial Mortgage Loans and Eligible Multifamily Mortgage Loans; provided that, as of the related Funding Date or other applicable date under this Agreement, (a) each Eligible Mortgage Loan shall, (i) be fully advanced and have a remaining unpaid principal balance of at least One Million Dollars ($1,000,000) on the date of this Agreement or on the date said Eligible Mortgage Loan is assigned to Agent as Collateral for the Loan, (ii) have a Debt Service Coverage Ratio of no less than 1.20:1, (iii) have achieved a stabilized operating performance, (iv) conform to traditional conduit quality securitization standards, (v) have been underwritten in conformance with Borrower's Underwriting Guidelines as approved by Agent, (vi) have an outstanding principal balance that is less than five percent (5%) of Borrower's total assets and, subject to the terms of clause (c) below, is less than eighty percent (80%) of the Appraised Value of the applicable Mortgaged Property at the time of the closing of the Mortgage Loan, (vii) not be in default and no event or condition shall exist that with notice to the borrower under the Mortgage Loan and/or the passage of time would constitute a default or an event of default under the Mortgage Loan, (viii) be evidenced by a promissory note payable to the order of Borrower and secured by a Mortgage held by Borrower and shall otherwise be evidenced and secured by Mortgage Loan Documents containing terms and conditions satisfactory to Lender and Agent in their sole discretion, (ix) be secured by a Mortgage that constitutes a first and only financial lien on the Mortgaged Property, and (x) be evidenced and secured by Mortgage Loan Documents substantially on the Standard Form Mortgage Loan Documents that have been approved in writing by Lender, (b) as to all Eligible Mortgage Loans, in no event shall any Mortgage Loan that would constitute a security for purposes of any securities or blue sky laws be considered an Eligible Mortgage Loan for purposes hereof, and (c) each Eligible Mortgage Loan shall be evidenced by a single promissory note and if any Mortgage securing an Eligible Mortgage Loan also secures any other promissory note from the applicable Mortgagor, said additional note(s) shall also be assigned to Agent as Collateral for the Loans but shall not be included in the amount of the Eligible Mortgage Loan and shall not be included in the calculation of the Borrowing Base. At any time...

Examples of Eligible Mortgage Loans in a sentence

• Any successor to the Servicer shall be subject to the approval of the Master Servicer and, to the extent required by the Trust Agreement, the Trustee and such successor, shall be a member in good standing of the MERS system (if any of the Mortgage Loans are MERS Eligible Mortgage Loans, unless such Mortgage Loans are withdrawn from MERS and Assignments of Mortgage are recorded in favor of the Trustee at the expense of the successor Servicer).

• Any successor to the Servicer shall be subject to the approval of the Master Servicer and, to the extent required by the Trust Agreement, the Trustee, shall be a member in good standing of the MERS system (if any of the Mortgage Loans are MERS Eligible Mortgage Loans, unless such Mortgage Loans are withdrawn from MERS and Assignments of Mortgage are recorded in favor of the Trustee at the expense of the successor Servicer).

• Any successor to the Servicer shall be subject to the approval of the Master Servicer and the NIMS Insurer and, to the extent required by the Trust Agreement, shall be a member in good standing of the MERS system (if any of the Mortgage Loans are MERS Eligible Mortgage Loans, unless such Mortgage Loans are withdrawn from MERS and Assignments of Mortgage are recorded in favor of the Trustee at the expense of the successor servicer).

• Any successor to the Servicer shall be subject to the approval of the Master Servicer and the NIMS Insurer shall be a member in good standing of the MERS system (if any of the Mortgage Loans are MERS Eligible Mortgage Loans, unless such Mortgage Loans are withdrawn from MERS and Assignments of Mortgage are recorded in favor of the Trustee at the expense of the successor Servicer).

• Subject to the preceding sentence, as soon as practicable after the Master Servicer instructs the Servicer to record Assignments of Mortgage (but in no event more than 30 days thereafter except to the extent delays are caused by the applicable recording office), the Servicer, at the Servicer's expense, shall cause to be properly recorded in each public recording office where such Non-MERS Eligible Mortgage Loans are recorded each Assignment of Mortgage.

More Definitions of Eligible Mortgage Loans

Eligible Mortgage Loans means Eligible Adjustable-Rate Mortgage Loans and Eligible Fixed-Rate Mortgage Loans that conform to the following additional limitations:

Eligible Mortgage Loans means Mortgage Loans secured by a first mortgage lien on real property, (i) as to which the representations and warranties in Section 4.2 and Part I of Annex Two hereof are correct, (ii) that were approved by Agent in its sole discretion for inclusion as Collateral, and (iii) as to which the Mortgage File has been delivered to Agent and the Funding Requirements have been satisfied; provided that, in no event shall any Eligible Mortgage Loan be a security for purposes of any securities or blue-sky laws. In addition, for avoidance of doubt, no Designated Mortgage Loan or Designated Participation Loan shall be an Eligible Mortgage Loan.

Eligible Mortgage Loans means at any time any Mortgage Loan created in the ordinary course of business acceptable to Bank (in its sole and absolute discretion) and satisfying the following requirements and conditions and continues to do so until paid in full:

Eligible Mortgage Loans means, as of any date, any Mortgage Loan, other than the following:

Eligible Mortgage Loans means, as of the date that it is pledged to the Trustee pursuant to this Indenture, any Mortgage Loan that:

Eligible Mortgage Loans. All Mortgage Loans: (i) as to which no representation and warranty made pursuant to Section 4.01 of the Sale and Servicing Agreement has been breached, (ii) that have not been subject to the Indenture for more than 120 days and (iii) that are not more than 59 days past due.

Eligible Mortgage Loans means the collective reference to (a) any Mortgage Loan secured by a first mortgage lien on a retail, office, hotel or other commercial property and (b) any Mortgage Loan secured by a first mortgage lien on a five-or-more family residential property; provided, however, that, in each case, with respect to each Mortgage Loan either (A) (i) the representations and warranties in Section 6.10 and Part I of Schedule 1 hereof are correct in all material respects (ii) each Mortgage Loan is underwritten in accordance with the Borrowers' Underwriting Guidelines and (iii) each Mortgage Loan is eligible for inclusion in a Standard Securitized Transaction or (B) each Mortgage Loan is otherwise expressly approved as an Eligible Mortgage Loan by the Lender in writing.