Certain Awards. If an award of damages is received by the Seller or the Purchaser as a result of a judgment, settlement or arbitration (including payment pursuant to a guaranty of an obligor) pursuant to a breach by the seller under the Transaction Asset Purchase Agreement for any Transaction, then (i) if such breach had an adverse effect on the value of the Total Servicing Spread, then the Transaction Excess Spread Percentage of such award shall be distributed to the Purchaser or its designee promptly and the remainder of such award shall be retained by the Seller and (ii) if such breach did not have an adverse effect on the value of the Total Servicing Spread, the Seller shall be entitled to the entirety of such award.
Appears in 12 contracts
Samples: Master Spread Acquisition and MSR Servicing Agreement, Master Spread Acquisition and MSR Servicing Agreement, Master Spread Acquisition and MSR Servicing Agreement (PennyMac Mortgage Investment Trust)