Collateral Value Exclusions. For purposes of calculating “Collateral Value” in respect of the Series 2013-VF1 Notes, the Collateral Value shall be zero for any Receivable that: (i) is attributable to any Designated Servicing Agreement to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances already outstanding with respect to such Designated Servicing Agreement, would cause the related Advance Ratio to be equal to or greater than 100.0%; provided, that this clause (i) shall not apply to any Receivable (x) that is (a) attributable to a Designated Servicing Agreement that is a Small Threshold Servicing Agreement or (b) a Loan-Level Receivable or (y) in respect of which ninety (90) days or fewer have passed since the Designation Date in respect of the related Designated Servicing Agreement; (ii) is attributable to any Designated Servicing Agreement to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances already outstanding with respect to such Designated Servicing Agreement, would cause the related Market Value Ratio to exceed 25%; provided, that this clause (ii) shall not apply to any Receivable in respect of which ninety (90) days or fewer have passed since the Designation Date in respect of the related Designated Servicing Agreement; (iii) [RESERVED]; (iv) is a Facility Eligible Receivable that is attributable to a Small Threshold Servicing Agreement, to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances of all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements, would cause the total Receivable Balances attributable to all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements to exceed 2.5% of the total Receivable Balances of all Facility Eligible Receivables included in the Trust Estate; (v) is a Facility Eligible Receivable that is attributable to a Small Threshold Servicing Agreement or a Low Threshold Servicing Agreement, to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances of all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements and Low Threshold Servicing Agreements would cause the total Receivable Balances attributable to all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements and Low Threshold Servicing Agreements to exceed 7.5% of the total Receivable Balances of all Facility Eligible Receivables included in the Trust Estate; (vi) is a Facility Eligible Receivable that is attributable to a Small Threshold Servicing Agreement, a Low Threshold Servicing Agreement or a Middle Threshold Servicing Agreement, to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances of all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements, Low Threshold Servicing Agreements and Middle Threshold Servicing Agreements would cause the total Receivable Balances attributable to all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements, Low Threshold Servicing Agreements and Middle Threshold Servicing Agreements to exceed 15.0% of the total Receivable Balances of all Facility Eligible Receivables included in the Trust Estate; (vii) is attributable to a Designated Servicing Agreement, to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances outstanding with respect to that same Designated Servicing Agreement, would cause the total Receivable Balances attributable to such Designated Servicing Agreement to exceed 15.0% of the aggregate of the Receivable Balances of the Aggregate Receivables; (viii) if on any date that is ninety (90) days after the Designation Date in respect of the related Designated Servicing Agreement, (a) if it is a Loan-Level Receivable, its Receivable Balance, when added to the aggregate Receivable Balances of all Receivables with respect to the related Mortgage Loan or REO Property, would cause the related Mortgage Loan-Level Market Value Ratio to exceed 50.0% or (b) if it is a Receivable related to a Mortgage Loan or REO Property that is attributable to a Designated Servicing Agreement that is a Small Threshold Servicing Agreement, its Receivable Balance, when added to the aggregate Receivable Balances of all Receivables related to the Mortgage Loan or REO Property that is attributable to a Designated Servicing Agreement that is a Small Threshold Servicing Agreement, would cause the related Mortgage Loan-Level Market Value Ratio to exceed 50.0%; (ix) is a Loan-Level Receivable, to the extent the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances of all Loan-Level Receivables, would cause the total Receivable Balances attributable to Loan-Level Receivables to exceed 20.0% of the total Receivable Balances of all Facility Eligible Receivables included in the Trust Estate; (x) has a zero Advance Rate; (xi) is a Second-Lien Receivable unless the following criteria are satisfied: (1) the related Servicing Agreement must have a General Collections Backstop; (2) the related Servicing Agreement may not be a Small Threshold Servicing Agreement; and (3) the Advance to UPB Ratio in respect of the related Servicing Agreement must be less than 25%; (xii) relates to a Mortgage Loan or REO Property which is subject to a lease or rental agreement entered into by the Servicer in accordance with the terms and provisions of the applicable Servicing Agreement in lieu of foreclosure; (xiii) if more than ninety (90) days have passed since the Designation Date in respect of the related Designated Servicing Agreement, relates to an Advance that has not been reimbursed in full or a Deferred Servicing Fee that has not been paid in full within forty-five (45) days following the date of a permanent modification of the related Mortgage Loan that becomes effective subsequent to the creation of such Receivable (for purposes of this clause, a modification becomes “permanent” following any trial period or satisfaction of conditions precedent or subsequent); or (xiv) is a Receivable related to the Designated Servicing Agreements related to the securitization trusts identified on Schedule 3 to the Base Indenture (as the same may be updated from time to time pursuant to Section 2.2(c) of the Base Indenture) and the aggregate of the outstanding principal balance of the Mortgage Loans and each REO Property remaining in such securitization trust is less than the percentage indicated on such Schedule 3 of such securitization trust’s cut-off date balance. For purposes of each of the foregoing, (i) if any Facility Eligible Receivable has a Collateral Value equal to zero pursuant to any Collateral Value exclusion test, the portion of the Receivables Balance thereof with a Collateral Value of zero shall be disregarded for all other purposes of this Section 5, in each case as determined by the Administrator in a manner that maximizes the Collateral Value and (ii) if any Facility Eligible Receivable has an Advance Rate of zero, such Facility Eligible Receivable shall be disregarded for all other purposes of this Section 5.
Appears in 2 contracts
Samples: Amended and Restated Indenture Supplement (Nationstar Mortgage Holdings Inc.), Amended and Restated Indenture Supplement (New Residential Investment Corp.)
Collateral Value Exclusions. For purposes of calculating “Collateral Value” in respect of the Series 2013-VF1 Notes, the Collateral Value shall be zero for any Receivable that:
(i) is attributable to any Designated Servicing Agreement to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances already outstanding with respect to such Designated Servicing Agreement, would cause the related Advance Ratio to be equal to or greater than 100.0%; provided, that this clause (i) shall not apply to any Receivable (x) that is (a) attributable to a Designated Servicing Agreement that is a Small Threshold Servicing Agreement or (b) a Loan-Level Receivable or (y) in respect of which ninety (90) days or fewer have passed since the Designation Date in respect of the related Designated Servicing AgreementReceivable;
(ii) is attributable to any Designated Servicing Agreement to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances already outstanding with respect to such Designated Servicing Agreement, would cause the related Market Value Ratio to exceed 2525.0%; provided, that this clause (ii) shall not apply to any Receivable in respect of which ninety (90) days or fewer have passed since the Designation Date in respect of the related Designated Servicing Agreement;
(iii) [RESERVED];
(iv) is a Facility Eligible Receivable that is attributable to a Small Threshold Servicing Agreement, Agreement to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances of all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements, would cause the total Receivable Balances attributable to all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements to exceed 2.5% of the total Receivable Balances of all Facility Eligible Receivables included in the Trust Estate;
(viv) is a Facility Eligible Receivable that is attributable to a Small Threshold Servicing Agreement or a Low Threshold Servicing Agreement, to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances of all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements and Low Threshold Servicing Agreements Agreements, would cause the total Receivable Balances attributable to all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements and Low Threshold Servicing Agreements to exceed 7.5% of the total Receivable Balances of all Facility Eligible Receivables included in the Trust Estate;
(viv) is a Facility Eligible Receivable that is attributable to a Small Threshold Servicing Agreement, a Low Threshold Servicing Agreement Agreement, or a Middle Threshold Servicing Agreement, to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances of all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements, Low Threshold Servicing Agreements and Middle Threshold Servicing Agreements would cause the total Receivable Balances attributable to all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements, Low Threshold Servicing Agreements and Middle Threshold Servicing Agreements to exceed 15.0% of the total Receivable Balances of all Facility Eligible Receivables included in the Trust Estate;
(viivi) is attributable to a Designated Servicing Agreement, to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances outstanding with respect to that same Designated Servicing Agreement, would cause the total Receivable Balances attributable to such Designated Servicing Agreement to exceed 15.0% of the aggregate of the Receivable Balances of the Aggregate Receivables;
(viii) if on any date that is ninety (90) days after the Designation Date in respect of the related Designated Servicing Agreement, (a) if it is a Loan-Level Receivable, its Receivable Balance, when added to the aggregate Receivable Balances of all Receivables with respect to the related Mortgage Loan or REO Property, would cause the related Mortgage Loan-Level Market Value Ratio to exceed 50.0% or (b) if it is a Receivable related to a Mortgage Loan or REO Property that is attributable to a Designated Servicing Agreement that is a Small Threshold Servicing Agreement, its Receivable Balance, when added to the aggregate Receivable Balances of all Receivables related to the Mortgage Loan or REO Property that is attributable to a Designated Servicing Agreement that is a Small Threshold Servicing Agreement, would cause the related Mortgage Loan-Level Market Value Ratio to exceed 50.0%;
(viii) is a Second-Lien Receivable;
(ix) has a zero Advance Rate;
(x) is a Loan-Level Receivable or a Non-FIFO Receivable, to the extent that the related Receivable Balance of such Receivable, when added to the aggregate Receivable Balances of Loan-Level Receivables and Non-FIFO Receivables already outstanding with respect to all Mortgage Loans or REO Properties, causes the aggregate Receivable Balances of all Loan-Level Receivables and Non-FIFO Receivables to exceed 22.5% of the aggregate Receivables Balances of all Facility Eligible Receivables;
(xi) is a Facility Eligible Receivable that is a Loan-Level Receivable, to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances of all Facility Eligible Receivables outstanding with respect to all Loan-Level Receivables, Receivables would cause the total Receivable Balances attributable to all Facility Eligible Receivables outstanding with respect to all Loan-Level Receivables to exceed 20.0% of the total Receivable Balances of all Facility Eligible Receivables included in the Trust Estate;
(x) has a zero Advance Rate;
(xixii) is a SecondFacility Eligible Receivable that is attributable to a Non-Lien FIFO Receivable, to the extent that the Receivable unless Balance of such Receivable, when added to the following criteria are satisfied:
aggregate Receivable Balances of all Facility Eligible Receivables outstanding with respect to Non-FIFO Receivables, would cause the total Receivable Balances attributable to all Facility Eligible Receivables outstanding with respect to Non-FIFO Receivables to exceed (i) from and including the Closing Date through October 1, 2013, $150,000,000, (ii) from and including October 1, 2013 through April 1, 2014, $100,000,000, and (iii) on and after April 1, 2014, the related Servicing Agreement must have a General Collections Backstop;
(2) the related Servicing Agreement may not be a Small Threshold Servicing Agreement; and
(3) the Advance to UPB Ratio in respect lesser of $25,000,000 or 1.0% of the related Servicing Agreement must be less than 25%;
(xii) relates to a Mortgage Loan or REO Property which is subject to a lease or rental agreement entered into by aggregate Receivable Balances of all Facility Eligible Receivables included in the Servicer in accordance with the terms and provisions of the applicable Servicing Agreement in lieu of foreclosureTrust Estate;
(xiii) if more than ninety (90) days have passed since the Designation Date in respect of the related Designated Servicing Agreement, relates to an Advance that has not been reimbursed in full or a Deferred Servicing Fee that has not been paid in full within forty-five (45) days following the date of a permanent modification of the related Mortgage Loan that becomes effective subsequent to the creation of such Receivable (for purposes of this clause, a modification becomes “permanent” following any trial period or satisfaction of conditions precedent or subsequent); or
(xiv) is a Receivable related to the Designated Servicing Agreements related to the securitization trusts identified on Schedule 3 4 to the Base Indenture (as the same may be updated from time to time pursuant to Section 2.2(c) of the Base Indenture) and the aggregate of the outstanding principal balance of the Mortgage Loans and each REO Property remaining in such securitization trust is less than the percentage indicated on such Schedule 3 4 of such securitization trust’s cut-off date balance. For purposes of each of the foregoing, (i) if any Facility Eligible Receivable has a Collateral Value equal to zero pursuant to any Collateral Value exclusion test, the portion of the Receivables Balance thereof with a Collateral Value of zero shall be disregarded for all other purposes of this Section 5, in each case as determined by the Administrator in a manner that maximizes the Collateral Value and (ii) if any Facility Eligible Receivable has an Advance Rate of zerozero or is a Second-Lien Receivable, such Facility Eligible Receivable shall be disregarded for all other purposes of this Section 5.
Appears in 2 contracts
Samples: Amended and Restated Indenture Supplement (New Residential Investment Corp.), Amended and Restated Indenture Supplement (Nationstar Mortgage Holdings Inc.)
Collateral Value Exclusions. For purposes of calculating “Collateral Value” in respect of the Series 2013-VF1 VF3 Notes, the Collateral Value shall be zero for any Receivable that:
(i) is attributable to any Designated Servicing Agreement to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances already outstanding with respect to such Designated Servicing Agreement, would cause the related Advance Ratio to be equal to or greater than 100.0%; provided, that this clause (i) shall not apply to any Receivable (x) that is (a) attributable to a Designated Servicing Agreement that is a Small Threshold Servicing Agreement or (b) a Loan-Level Receivable or (y) in respect of which ninety (90) days or fewer have passed since the Designation Date in respect of the related Designated Servicing AgreementReceivable;
(ii) is attributable to any Designated Servicing Agreement to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances already outstanding with respect to such Designated Servicing Agreement, would cause the related Market Value Ratio to exceed 2525.0%; provided, that this clause (ii) shall not apply to any Receivable in respect of which ninety (90) days or fewer have passed since the Designation Date in respect of the related Designated Servicing Agreement;
(iii) [RESERVED];
(iv) is a Facility Eligible Receivable that is attributable to a Small Threshold Servicing Agreement, Agreement to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances of all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements, would cause the total Receivable Balances attributable to all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements to exceed 2.5% of the total Receivable Balances of all Facility Eligible Receivables included in the Trust Estate;
(viv) is a Facility Eligible Receivable that is attributable to a Small Threshold Servicing Agreement or a Low Threshold Servicing Agreement, to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances of all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements and Low Threshold Servicing Agreements Agreements, would cause the total Receivable Balances attributable to all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements and Low Threshold Servicing Agreements to exceed 7.5% of the total Receivable Balances of all Facility Eligible Receivables included in the Trust Estate;
(viv) is a Facility Eligible Receivable that is attributable to a Small Threshold Servicing Agreement, a Low Threshold Servicing Agreement Agreement, or a Middle Threshold Servicing Agreement, to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances of all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements, Low Threshold Servicing Agreements and Middle Threshold Servicing Agreements would cause the total Receivable Balances attributable to all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements, Low Threshold Servicing Agreements and Middle Threshold Servicing Agreements to exceed 15.0% of the total Receivable Balances of all Facility Eligible Receivables included in the Trust Estate;
(viivi) is attributable to a Designated Servicing Agreement, to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances outstanding with respect to that same Designated Servicing Agreement, would cause the total Receivable Balances attributable to such Designated Servicing Agreement to exceed 15.0% of the aggregate of the Receivable Balances of the Aggregate Receivables;
(viii) if on any date that is ninety (90) days after the Designation Date in respect of the related Designated Servicing Agreement, (a) if it is a Loan-Level Receivable, its Receivable Balance, when added to the aggregate Receivable Balances of all Receivables with respect to the related Mortgage Loan or REO Property, would cause the related Mortgage Loan-Level Market Value Ratio to exceed 50.0% or (b) if it is a Receivable related to a Mortgage Loan or REO Property that is attributable to a Designated Servicing Agreement that is a Small Threshold Servicing Agreement, its Receivable Balance, when added to the aggregate Receivable Balances of all Receivables related to the Mortgage Loan or REO Property that is attributable to a Designated Servicing Agreement that is a Small Threshold Servicing Agreement, would cause the related Mortgage Loan-Level Market Value Ratio to exceed 50.0%;
(viii) is a Second-Lien Receivable;
(ix) has a zero Advance Rate;
(x) is a Loan-Level Receivable or a Non-FIFO Receivable, to the extent that the related Receivable Balance of such Receivable, when added to the aggregate Receivable Balances of Loan-Level Receivables and Non-FIFO Receivables already outstanding with respect to all Mortgage Loans or REO Properties, causes the aggregate Receivable Balances of all Loan-Level Receivables and Non-FIFO Receivables to exceed 22.5% of the aggregate Receivables Balances of all Facility Eligible Receivables;
(xi) is a Facility Eligible Receivable that is a Loan-Level Receivable, to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances of all Facility Eligible Receivables outstanding with respect to all Loan-Level Receivables, would cause the total Receivable Balances attributable to all Facility Eligible Receivables outstanding with respect to all Loan-Level Receivables to exceed 20.0% of the total Receivable Balances of all Facility Eligible Receivables included in the Trust Estate;
(x) has a zero Advance Rate;
(xixii) is a SecondFacility Eligible Receivable that is attributable to a Non-Lien FIFO Receivable, to the extent that the Receivable unless Balance of such Receivable, when added to the following criteria are satisfied:
aggregate Receivable Balances of all Facility Eligible Receivables outstanding with respect to Non-FIFO Receivables, would cause the total Receivable Balances attributable to all Facility Eligible Receivables outstanding with respect to Non-FIFO Receivables to exceed (i) from and including the Closing Date through April 1, 2014, $100,000,000, and (ii) on and after April 1, 2014, the related Servicing Agreement must have a General Collections Backstop;
(2) the related Servicing Agreement may not be a Small Threshold Servicing Agreement; and
(3) the Advance to UPB Ratio in respect lesser of $25,000,000 or 1.0% of the related Servicing Agreement must be less than 25%;
(xii) relates to a Mortgage Loan or REO Property which is subject to a lease or rental agreement entered into by aggregate Receivable Balances of all Facility Eligible Receivables included in the Servicer in accordance with the terms and provisions of the applicable Servicing Agreement in lieu of foreclosureTrust Estate;
(xiii) if more than ninety (90) days have passed since the Designation Date in respect of the related Designated Servicing Agreement, relates to an Advance that has not been reimbursed in full or a Deferred Servicing Fee that has not been paid in full within forty-five (45) days following the date of a permanent modification of the related Mortgage Loan that becomes effective subsequent to the creation of such Receivable (for purposes of this clause, a modification becomes “permanent” following any trial period or satisfaction of conditions precedent or subsequent); or
(xiv) is a Receivable related to the Designated Servicing Agreements related to the securitization trusts identified on Schedule 3 4 to the Base Indenture (as the same may be updated from time to time pursuant to Section 2.2(c) of the Base Indenture) and the aggregate of the outstanding principal balance of the Mortgage Loans and each REO Property remaining in such securitization trust is less than the percentage indicated on such Schedule 3 4 of such securitization trust’s cut-off date balance. For purposes of each of the foregoing, (i) if any Facility Eligible Receivable has a Collateral Value equal to zero pursuant to any Collateral Value exclusion test, the portion of the Receivables Balance thereof with a Collateral Value of zero shall be disregarded for all other purposes of this Section 5, in each case as determined by the Administrator in a manner that maximizes the Collateral Value and (ii) if any Facility Eligible Receivable has an Advance Rate of zerozero or is a Second-Lien Receivable, such Facility Eligible Receivable shall be disregarded for all other purposes of this Section 5.
Appears in 2 contracts
Samples: Amended and Restated Indenture Supplement (New Residential Investment Corp.), Amended and Restated Indenture Supplement (Nationstar Mortgage Holdings Inc.)
Collateral Value Exclusions. For purposes of calculating “Collateral Value” in respect of the Series 2013-VF1 VF2 Notes, the Collateral Value shall be zero for any Receivable that:
(i) is attributable to any Designated Servicing Agreement to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances already outstanding with respect to such Designated Servicing Agreement, would cause the related Advance Ratio to be equal to or greater than 100.0%; provided, that this clause (i) shall not apply to any Receivable (x) that is (a) attributable to a Designated Servicing Agreement that is a Small Threshold Servicing Agreement or (b) a Loan-Level Receivable or (y) in respect of which ninety (90) days or fewer have passed since the Designation Date in respect of the related Designated Servicing AgreementReceivable;
(ii) is attributable to any Designated Servicing Agreement to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances already outstanding with respect to such Designated Servicing Agreement, would cause the related Market Value Ratio to exceed 2525.0%; provided, that this clause (ii) shall not apply to any Receivable in respect of which ninety (90) days or fewer have passed since the Designation Date in respect of the related Designated Servicing Agreement;
(iii) [RESERVED];
(iv) is a Facility Eligible Receivable that is attributable to a Small Threshold Servicing Agreement, Agreement to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances of all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements, would cause the total Receivable Balances attributable to all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements to exceed 2.5% of the total Receivable Balances of all Facility Eligible Receivables included in the Trust Estate;
(viv) is a Facility Eligible Receivable that is attributable to a Small Threshold Servicing Agreement or a Low Threshold Servicing Agreement, to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances of all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements and Low Threshold Servicing Agreements Agreements, would cause the total Receivable Balances attributable to all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements and Low Threshold Servicing Agreements to exceed 7.5% of the total Receivable Balances of all Facility Eligible Receivables included in the Trust Estate;
(viv) is a Facility Eligible Receivable that is attributable to a Small Threshold Servicing Agreement, a Low Threshold Servicing Agreement Agreement, or a Middle Threshold Servicing Agreement, to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances of all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements, Low Threshold Servicing Agreements and Middle Threshold Servicing Agreements would cause the total Receivable Balances attributable to all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements, Low Threshold Servicing Agreements and Middle Threshold Servicing Agreements to exceed 15.0% of the total Receivable Balances of all Facility Eligible Receivables included in the Trust Estate;
(viivi) is attributable to a Designated Servicing Agreement, to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances outstanding with respect to that same Designated Servicing Agreement, would cause the total Receivable Balances attributable to such Designated Servicing Agreement to exceed 15.0% of the aggregate of the Receivable Balances of the Aggregate Receivables;
(viii) if on any date that is ninety (90) days after the Designation Date in respect of the related Designated Servicing Agreement, (a) if it is a Loan-Level Receivable, its Receivable Balance, when added to the aggregate Receivable Balances of all Receivables with respect to the related Mortgage Loan or REO Property, would cause the related Mortgage Loan-Level Market Value Ratio to exceed 50.0% or (b) if it is a Receivable related to a Mortgage Loan or REO Property that is attributable to a Designated Servicing Agreement that is a Small Threshold Servicing Agreement, its Receivable Balance, when added to the aggregate Receivable Balances of all Receivables related to the Mortgage Loan or REO Property that is attributable to a Designated Servicing Agreement that is a Small Threshold Servicing Agreement, would cause the related Mortgage Loan-Level Market Value Ratio to exceed 50.0%;
(viii) is a Second-Lien Receivable;
(ix) has a zero Advance Rate;
(x) is a Loan-Level Receivable or a Non-FIFO Receivable, to the extent that the related Receivable Balance of such Receivable, when added to the aggregate Receivable Balances of Loan-Level Receivables and Non-FIFO Receivables already outstanding with respect to all Mortgage Loans or REO Properties, causes the aggregate Receivable Balances of all Loan-Level Receivables and Non-FIFO Receivables to exceed 22.5% of the aggregate Receivables Balances of all Facility Eligible Receivables;
(xi) is a Facility Eligible Receivable that is a Loan-Level Receivable, to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances of all Facility Eligible Receivables outstanding with respect to all Loan-Level Receivables, Receivables would cause the total Receivable Balances attributable to all Facility Eligible Receivables outstanding with respect to all Loan-Level Receivables to exceed 20.0% of the total Receivable Balances of all Facility Eligible Receivables included in the Trust Estate;
(x) has a zero Advance Rate;
(xixii) is a SecondFacility Eligible Receivable that is attributable to a Non-Lien FIFO Receivable, to the extent that the Receivable unless Balance of such Receivable, when added to the following criteria are satisfied:
aggregate Receivable Balances of all Facility Eligible Receivables outstanding with respect to Non-FIFO Receivables, would cause the total Receivable Balances attributable to all Facility Eligible Receivables outstanding with respect to Non-FIFO Receivables to exceed (i) from and including the Closing Date through October 1, 2013, $150,000,000, (ii) from and including October 1, 2013 through April 1, 2014, $100,000,000, and (iii) on and after April 1, 2014, the related Servicing Agreement must have a General Collections Backstop;
(2) the related Servicing Agreement may not be a Small Threshold Servicing Agreement; and
(3) the Advance to UPB Ratio in respect lesser of $25,000,000 or 1.0% of the related Servicing Agreement must be less than 25%;
(xii) relates to a Mortgage Loan or REO Property which is subject to a lease or rental agreement entered into by aggregate Receivable Balances of all Facility Eligible Receivables included in the Servicer in accordance with the terms and provisions of the applicable Servicing Agreement in lieu of foreclosureTrust Estate;
(xiii) if more than ninety (90) days have passed since the Designation Date in respect of the related Designated Servicing Agreement, relates to an Advance that has not been reimbursed in full or a Deferred Servicing Fee that has not been paid in full within forty-five (45) days following the date of a permanent modification of the related Mortgage Loan that becomes effective subsequent to the creation of such Receivable (for purposes of this clause, a modification becomes “permanent” following any trial period or satisfaction of conditions precedent or subsequent); or
(xiv) is a Receivable related to the Designated Servicing Agreements related to the securitization trusts identified on Schedule 3 4 to the Base Indenture (as the same may be updated from time to time pursuant to Section 2.2(c) of the Base Indenture) and the aggregate of the outstanding principal balance of the Mortgage Loans and each REO Property remaining in such securitization trust is less than the percentage indicated on such Schedule 3 4 of such securitization trust’s cut-off date balance. For purposes of each of the foregoing, (i) if any Facility Eligible Receivable has a Collateral Value equal to zero pursuant to any Collateral Value exclusion test, the portion of the Receivables Balance thereof with a Collateral Value of zero shall be disregarded for all other purposes of this Section 5, in each case as determined by the Administrator in a manner that maximizes the Collateral Value and (ii) if any Facility Eligible Receivable has an Advance Rate of zerozero or is a Second-Lien Receivable, such Facility Eligible Receivable shall be disregarded for all other purposes of this Section 5.
Appears in 2 contracts
Samples: Amended and Restated Indenture Supplement (New Residential Investment Corp.), Amended and Restated Indenture Supplement (Nationstar Mortgage Holdings Inc.)
Collateral Value Exclusions. For purposes of calculating “Collateral Value” in respect of the Series 2013-VF1 T2 Notes, the Collateral Value shall be zero for any Receivable that:
(i) is attributable to any Designated Servicing Agreement to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances Balance already outstanding with respect to such Designated Servicing Agreement, would cause the related Advance Ratio to be equal to or greater than 100.0100%; provided, that this clause (i) shall not apply to any Receivable (x) that is (a) attributable to a Designated Servicing Agreement that is a Small Threshold Servicing Agreement or (b) a Loan-Level Receivable or (y) in respect of which ninety (90) days or fewer have passed since the Designation Date in respect of the related Designated Servicing Agreement;
(ii) is attributable to any Designated Servicing Agreement to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balance already outstanding with respect to such Designated Servicing Agreement, would cause the related UPB Ratio to exceed 20%;
(iii) is attributable to any Designated Servicing Agreement to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances already outstanding with respect to such Designated Servicing Agreement, would cause the related Market Value Ratio to exceed 2520%; provided, that this clause (ii) shall not apply to any Receivable in respect of which ninety (90) days or fewer have passed since the Designation Date in respect of the related Designated Servicing Agreement;
(iii) [RESERVED];
(iv) is a Facility Eligible Receivable that is attributable to a Small Designated Servicing Agreement that is a Low Threshold Servicing Agreement, to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances of all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements, would cause the total Receivable Balances attributable to all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements to exceed 2.5% of the total Receivable Balances of all Facility Eligible Receivables included in the Trust Estate;
(v) is a Facility Eligible Receivable that is attributable to a Small Threshold Designated Servicing Agreement or a Low Threshold Servicing Agreement, to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances of all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements and Low Threshold Servicing Agreements would cause the total Receivable Balances attributable to all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements and Low Threshold Servicing Agreements to exceed 7.5% of the total Receivable Balances of all Facility Eligible Receivables included in the Trust Estate;
(vi) is a Facility Eligible Receivable that is attributable to a Small Threshold Servicing Agreement, a Low Threshold Servicing Agreement or a Middle Threshold Servicing Agreement, to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances of all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements, Low Threshold Servicing Agreements and Middle Threshold Servicing Agreements would cause the total Receivable Balances attributable to all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements, Low Threshold Servicing Agreements and Middle Threshold Servicing Agreements to exceed 15.0% of the total Receivable Balances of all Facility Eligible Receivables included in the Trust Estate;
(viivi) is attributable to a Designated Servicing Agreement, to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances outstanding with respect to that same Designated Servicing Agreement, would cause the total Receivable Balances attributable to such Designated Servicing Agreement to exceed 15.015% of the aggregate of the Receivable Balances of all Receivables included in the Aggregate ReceivablesTrust Estate;
(vii) [reserved];
(viii) if on until the Administrative Agent shall have provided its written consent (in its sole and absolute discretion), and notwithstanding satisfaction of clause (xi) and (xii) of the definition of “Facility Eligible Receivable” and clause (viii) of the definition of “Facility Eligible Servicing Agreement” in the Base Indenture, is a Servicing Fee Advance Receivable. For the avoidance of doubt, for so long as the Administrative Agent determines that the Servicing Fee Advance Receivables related to any date that is ninety (90) days after the Designation Date Servicing Fee Advance Designated Servicing Agreement cannot be afforded a positive Collateral Value, such Designated Servicing Agreement shall not be considered a Servicing Fee Advance Designated Servicing Agreement in respect of the related Designated Servicing Agreement, (a) if it is a LoanSeries 2013-Level Receivable, its Receivable Balance, when added to the aggregate Receivable Balances of all Receivables with respect to the related Mortgage Loan or REO Property, would cause the related Mortgage Loan-Level Market Value Ratio to exceed 50.0% or (b) if it is a Receivable related to a Mortgage Loan or REO Property that is attributable to a Designated Servicing Agreement that is a Small Threshold Servicing Agreement, its Receivable Balance, when added to the aggregate Receivable Balances of all Receivables related to the Mortgage Loan or REO Property that is attributable to a Designated Servicing Agreement that is a Small Threshold Servicing Agreement, would cause the related Mortgage Loan-Level Market Value Ratio to exceed 50.0%T2 Notes;
(ix) is a Loan-Level ReceivableServicing Fee Advance Receivable attributable to a Mortgaged Property, to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances of Balance outstanding for all other Loan-Level Servicing Fee Advance Receivables with respect to such Mortgaged Property, causes the total Receivable Balance for all Loan-Level ReceivablesServicing Fee Advance Receivables to exceed 10% of the Net Property Value of such Mortgaged Property;
(x) is a Restricted Servicing Fee Advance Receivable attributable to a Designated Servicing Agreement, would cause to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balance outstanding for all other Restricted Servicing Fee Advance Receivables with respect to all Designated Servicing Agreements, causes the total Receivable Balances attributable to Loan-Level Balance for all Restricted Servicing Fee Advance Receivables to exceed 20.03.25% of the total Receivable Balances Balance of all Facility Eligible Receivables included in the Trust Estate;
(x) has a zero Advance Rate;; and
(xi) is a Second-Lien Servicing Fee Advance Receivable unless the following criteria are satisfied:
(1) the related Servicing Agreement must have a General Collections Backstop;
(2) the related Servicing Agreement may not be a Small Threshold Servicing Agreement; and
(3) the Advance to UPB Ratio in respect of the related Servicing Agreement must be less than 25%;
(xii) relates to a Mortgage Loan or REO Property which is subject to a lease or rental agreement entered into by the Servicer in accordance with the terms and provisions of the applicable Servicing Agreement in lieu of foreclosure;
(xiii) if more than ninety (90) days have passed since the Designation Date in respect of the related Designated Servicing Agreement, relates to an Advance that has not been reimbursed in full or a Deferred under the related Servicing Fee that has not been paid in full within forty-five (45) days Advance Designated Servicing Agreement as of the remittance date following the date of a permanent modification liquidation of the related Mortgage Loan that becomes effective subsequent to the creation of such Receivable (for purposes of this clause, a modification becomes “permanent” following any trial period or satisfaction of conditions precedent or subsequent); or
(xiv) is a Receivable related to the Designated Servicing Agreements related to the securitization trusts identified on Schedule 3 to the Base Indenture (as the same may be updated from time to time pursuant to Section 2.2(c) of the Base Indenture) and the aggregate of the outstanding principal balance of the Mortgage Loans and each REO Property remaining in such securitization trust is less than the percentage indicated on such Schedule 3 of such securitization trust’s cut-off date balance. For purposes of each of the foregoing, (i) if any Facility Eligible Receivable has a Collateral Value equal to zero pursuant to any Collateral Value exclusion test, the portion of the Receivables Balance thereof final reporting with a Collateral Value of zero shall be disregarded for all other purposes of this Section 5, in each case as determined by the Administrator in a manner that maximizes the Collateral Value and (ii) if any Facility Eligible Receivable has an Advance Rate of zero, such Facility Eligible Receivable shall be disregarded for all other purposes of this Section 5respect thereto.
Appears in 1 contract
Samples: Amended and Restated Indenture Supplement (New Residential Investment Corp.)
Collateral Value Exclusions. For purposes of calculating “Collateral Value” in respect of the Series 2013-VF1 T3 Notes, the Collateral Value shall be zero for any Receivable that:
(i) is attributable to any Designated Servicing Agreement to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances already outstanding with respect to such Designated Servicing Agreement, would cause the related Advance Ratio to be equal to or greater than 100.0%; provided, that this clause (i) shall not apply to any Receivable (x) that is (a) attributable to a Designated Servicing Agreement that is a Small Threshold Servicing Agreement or Agreement, (b) a Loan-Level Receivable Receivable, or (yc) in respect of which ninety (90) days or fewer have passed since the Designation Date in respect of the related Designated Servicing Agreementa Second-Lien Receivable;
(ii) is attributable to any Designated Servicing Agreement to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances already outstanding with respect to such Designated Servicing Agreement, would cause the related Market Value Ratio to exceed 2525.0%; provided, that this clause (ii) shall not apply to any Receivable in respect of which ninety (90) days or fewer have passed since the Designation Date in respect of the related Designated Servicing Agreement;
(iii) [RESERVED];
(iv) is a Facility Eligible Receivable that is attributable to a Small Threshold Servicing Agreement, Agreement to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances of all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements, would cause the total Receivable Balances attributable to all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements to exceed 2.5% of the total Receivable Balances of all Facility Eligible Receivables included in the Trust Estate;
(viv) is a Facility Eligible Receivable that is attributable to a Small Threshold Servicing Agreement or a Low Threshold Servicing Agreement, to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances of all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements and Low Threshold Servicing Agreements Agreements, would cause the total Receivable Balances attributable to all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements and Low Threshold Servicing Agreements to exceed 7.5% of the total Receivable Balances of all Facility Eligible Receivables included in the Trust Estate;
(viv) is a Facility Eligible Receivable that is attributable to a Small Threshold Servicing Agreement, a Low Threshold Servicing Agreement Agreement, or a Middle Threshold Servicing Agreement, to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances of all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements, Low Threshold Servicing Agreements and Middle Threshold Servicing Agreements would cause the total Receivable Balances attributable to all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements, Low Threshold Servicing Agreements and Middle Threshold Servicing Agreements to exceed 15.0% of the total Receivable Balances of all Facility Eligible Receivables included in the Trust Estate;
(viivi) is attributable to a Designated Servicing Agreement, to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances outstanding with respect to that same Designated Servicing Agreement, would cause the total Receivable Balances attributable to such Designated Servicing Agreement to exceed 15.0% of the aggregate of the Receivable Balances of the Aggregate Receivables;
(viii) if on any date that is ninety (90) days after the Designation Date in respect of the related Designated Servicing Agreement, (a) if it is a Loan-Level Receivable, its Receivable Balance, when added to the aggregate Receivable Balances of all Receivables with respect to the related Mortgage Loan or REO Property, would cause the related Mortgage Loan-Level Market Value Ratio to exceed 50.0% %; or (b) if it is a Receivable related to a Mortgage Loan or REO Property that is attributable to a Designated Servicing Agreement that is a Small Threshold Servicing Agreement, its Receivable Balance, when added to the aggregate Receivable Balances of all Receivables related to the Mortgage Loan or REO Property that is attributable to a Designated Servicing Agreement that is a Small Threshold Servicing Agreement, would cause the related Mortgage Loan-Level Market Value Ratio to exceed 50.0%;
(ix) is a Loan-Level Receivable, to the extent the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances of all Loan-Level Receivables, would cause the total Receivable Balances attributable to Loan-Level Receivables to exceed 20.0% of the total Receivable Balances of all Facility Eligible Receivables included in the Trust Estate;
(x) has a zero Advance Rate;
(xiviii) is a Second-Lien Receivable unless the following criteria are satisfied:
(1) the related Servicing Agreement must have a General Collections Backstop;
(2) the related Servicing Agreement may not be a Small Threshold Servicing Agreement; and;
(3) the Advance to UPB Ratio in respect of the related Servicing Agreement must be less than 25%; and
(4) the Receivables Balance of such Second-Lien Receivable when added to the aggregate Receivables Balances of all Second-Lien Receivables that are Facility Eligible Receivables and that satisfy the criteria in clauses (1), (2) and (3) above would not cause the aggregate Receivables Balances to exceed 3% of the total Receivables Balances of all Facility Eligible Receivables included in the Trust Estate;
(xiiix) relates to has a Mortgage Loan or REO Property which is subject to a lease or rental agreement entered into by the Servicer in accordance with the terms and provisions of the applicable Servicing Agreement in lieu of foreclosurezero Advance Rate;
(xiiix) if more than ninety (90) days have passed since is a Loan-Level Receivable, to the Designation Date in extent that the related Receivable Balance of such Loan-Level Receivable, when added to the aggregate Receivable Balances of Loan-Level Receivables already outstanding with respect to all Mortgage Loans or REO Properties, causes the aggregate Receivable Balances of Loan-Level Receivables outstanding with respect to all Mortgage Loans or REO Properties to exceed 10.0% of the related Designated Servicing Agreement, relates to an Advance that has not been reimbursed aggregate Receivable Balance of all Facility Eligible Receivables included in full or a Deferred Servicing Fee that has not been paid in full within forty-five (45) days following the date of a permanent modification of the related Mortgage Loan that becomes effective subsequent to the creation of such Receivable (for purposes of this clause, a modification becomes “permanent” following any trial period or satisfaction of conditions precedent or subsequent)Trust Estate; or
(xivxi) is a Facility Eligible Receivable related that is (a) attributable to a Small Threshold Servicing Agreement, (b) a Loan-Level Receivable or (c) a Second-Lien Receivable, to the Designated extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances of all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements related and all Loan-Level Receivables and Second-Lien Receivables that are Facility Eligible Receivables, would cause the total Receivable Balances attributable to the securitization trusts identified on Schedule 3 all Facility Eligible Receivables outstanding with respect to the Base Indenture (as the same may be updated from time Small Threshold Servicing Agreements and all Loan-Level Receivables and Second-Lien Receivables that are Facility Eligible Receivables to time pursuant to Section 2.2(c) exceed 12.5% of the Base Indenture) and total Receivable Balances of all Facility Eligible Receivables included in the aggregate of the outstanding principal balance of the Mortgage Loans and each REO Property remaining in such securitization trust is less than the percentage indicated on such Schedule 3 of such securitization trust’s cut-off date balanceTrust Estate. For purposes of each of the foregoing, (i) if any Facility Eligible Receivable (other than any Deferred Servicing Fee Receivable) has a Collateral Value equal to zero pursuant to any Collateral Value exclusion test, the portion of the Receivables Balance thereof with a Collateral Value of zero shall be disregarded for all other purposes of this Section 5, in each case as determined by the Administrator in a manner that maximizes the Collateral Value and (ii) if any Facility Eligible Receivable (other than any Deferred Servicing Fee Receivable) has an Advance Rate of zerozero or is a Second-Lien Receivable, such Facility Eligible Receivable shall be disregarded for all other purposes of this Section 55 (other than that clause (ix) above shall apply for all Deferred Servicing Fee Receivables).
Appears in 1 contract
Samples: Indenture Supplement (Nationstar Mortgage Holdings Inc.)
Collateral Value Exclusions. For purposes of calculating “Collateral Value” in respect of the Series 2013-VF1 T1 Notes, the Collateral Value shall be zero for any Receivable that:
(i) is attributable to any Designated Servicing Agreement to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances already outstanding with respect to such Designated Servicing Agreement, would cause the related Advance Ratio to be equal to or greater than 100.0%; provided, that this clause (i) shall not apply to any Receivable (x) that is (a) attributable to a Designated Servicing Agreement that is a Small Threshold Servicing Agreement or Agreement, (b) a Loan-Level Receivable Receivable, or (yc) in respect of which ninety (90) days or fewer have passed since the Designation Date in respect of the related Designated Servicing Agreementa Second-Lien Receivable;
(ii) is attributable to any Designated Servicing Agreement to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances already outstanding with respect to such Designated Servicing Agreement, would cause the related Market Value Ratio to exceed 2525.0%; provided, that this clause (ii) shall not apply to any Receivable in respect of which ninety (90) days or fewer have passed since the Designation Date in respect of the related Designated Servicing Agreement;
(iii) [RESERVED];
(iv) is a Facility Eligible Receivable that is attributable to a Small Threshold Servicing Agreement, Agreement to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances of all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements, would cause the total Receivable Balances attributable to all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements to exceed 2.5% of the total Receivable Balances of all Facility Eligible Receivables included in the Trust Estate;
(viv) is a Facility Eligible Receivable that is attributable to a Small Threshold Servicing Agreement or a Low Threshold Servicing Agreement, to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances of all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements and Low Threshold Servicing Agreements Agreements, would cause the total Receivable Balances attributable to all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements and Low Threshold Servicing Agreements to exceed 7.5% of the total Receivable Balances of all Facility Eligible Receivables included in the Trust Estate;
(viv) is a Facility Eligible Receivable that is attributable to a Small Threshold Servicing Agreement, a Low Threshold Servicing Agreement Agreement, or a Middle Threshold Servicing Agreement, to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances of all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements, Low Threshold Servicing Agreements and Middle Threshold Servicing Agreements would cause the total Receivable Balances attributable to all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements, Low Threshold Servicing Agreements and Middle Threshold Servicing Agreements to exceed 15.0% of the total Receivable Balances of all Facility Eligible Receivables included in the Trust Estate;
(viivi) is attributable to a Designated Servicing Agreement, to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances outstanding with respect to that same Designated Servicing Agreement, would cause the total Receivable Balances attributable to such Designated Servicing Agreement to exceed 15.0% of the aggregate of the Receivable Balances of the Aggregate Receivables;
(viii) if on any date that is ninety (90) days after the Designation Date in respect of the related Designated Servicing Agreement, (a) if it is a Loan-Level Receivable, its Receivable Balance, when added to the aggregate Receivable Balances of all Receivables with respect to the related Mortgage Loan or REO Property, would cause the related Mortgage Loan-Level Market Value Ratio to exceed 50.0% %; or (b) if it is a Receivable related to a Mortgage Loan or REO Property that is attributable to a Designated Servicing Agreement that is a Small Threshold Servicing Agreement, its Receivable Balance, when added to the aggregate Receivable Balances of all Receivables related to the Mortgage Loan or REO Property that is attributable to a Designated Servicing Agreement that is a Small Threshold Servicing Agreement, would cause the related Mortgage Loan-Level Market Value Ratio to exceed 50.0%;
(ix) is a Loan-Level Receivable, to the extent the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances of all Loan-Level Receivables, would cause the total Receivable Balances attributable to Loan-Level Receivables to exceed 20.0% of the total Receivable Balances of all Facility Eligible Receivables included in the Trust Estate;
(x) has a zero Advance Rate;
(xiviii) is a Second-Lien Receivable unless the following criteria are satisfied:
(1) the related Servicing Agreement must have a General Collections Backstop;
(2) the related Servicing Agreement may not be a Small Threshold Servicing Agreement; and;
(3) the Advance to UPB Ratio in respect of the related Servicing Agreement must be less than 25%; and
(4) the Receivables Balance of such Second-Lien Receivable when added to the aggregate Receivables Balances of all Second-Lien Receivables that are Facility Eligible Receivables and that satisfy the criteria in clauses (1), (2) and (3) above would not cause the aggregate Receivables Balances to exceed 3% of the total Receivables Balances of all Facility Eligible Receivables included in the Trust Estate;
(xiiix) relates to has a Mortgage Loan or REO Property which is subject to a lease or rental agreement entered into by the Servicer in accordance with the terms and provisions of the applicable Servicing Agreement in lieu of foreclosurezero Advance Rate;
(xiiix) if more than ninety (90) days have passed since is a Loan-Level Receivable, to the Designation Date in extent that the related Receivable Balance of such Loan-Level Receivable, when added to the aggregate Receivable Balances of Loan-Level Receivables already outstanding with respect to all Mortgage Loans or REO Properties, causes the aggregate Receivable Balances of Loan-Level Receivables outstanding with respect to all Mortgage Loans or REO Properties to exceed 10.0% of the related Designated Servicing Agreement, relates to an Advance that has not been reimbursed aggregate Receivable Balance of all Facility Eligible Receivables included in full or a Deferred Servicing Fee that has not been paid in full within forty-five (45) days following the date of a permanent modification of the related Mortgage Loan that becomes effective subsequent to the creation of such Receivable (for purposes of this clause, a modification becomes “permanent” following any trial period or satisfaction of conditions precedent or subsequent)Trust Estate; or
(xivxi) is a Facility Eligible Receivable related that is (a) attributable to a Small Threshold Servicing Agreement, (b) a Loan-Level Receivable or (c) a Second-Lien Receivable, to the Designated extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances of all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements related and all Loan-Level Receivables and Second-Lien Receivables that are Facility Eligible Receivables, would cause the total Receivable Balances attributable to the securitization trusts identified on Schedule 3 all Facility Eligible Receivables outstanding with respect to the Base Indenture (as the same may be updated from time Small Threshold Servicing Agreements and all Loan-Level Receivables and Second-Lien Receivables that are Facility Eligible Receivables to time pursuant to Section 2.2(c) exceed 12.5% of the Base Indenture) and total Receivable Balances of all Facility Eligible Receivables included in the aggregate of the outstanding principal balance of the Mortgage Loans and each REO Property remaining in such securitization trust is less than the percentage indicated on such Schedule 3 of such securitization trust’s cut-off date balanceTrust Estate. For purposes of each of the foregoing, (i) if any Facility Eligible Receivable (other than any Deferred Servicing Fee Receivable) has a Collateral Value equal to zero pursuant to any Collateral Value exclusion test, the portion of the Receivables Balance thereof with a Collateral Value of zero shall be disregarded for all other purposes of this Section 5, in each case as determined by the Administrator in a manner that maximizes the Collateral Value and (ii) if any Facility Eligible Receivable (other than any Deferred Servicing Fee Receivable) has an Advance Rate of zerozero or is a Second-Lien Receivable, such Facility Eligible Receivable shall be disregarded for all other purposes of this Section 55 (other than that clause (ix) above shall apply for all Deferred Servicing Fee Receivables).
Appears in 1 contract
Samples: Indenture Supplement (Nationstar Mortgage Holdings Inc.)
Collateral Value Exclusions. For purposes of calculating “Collateral Value” in respect of the Series 2013-VF1 T2 Notes, the Collateral Value shall be zero for any Receivable that:
(i) is attributable to any Designated Servicing Agreement to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances already outstanding with respect to such Designated Servicing Agreement, would cause the related Advance Ratio to be equal to or greater than 100.0%; provided, that this clause (i) shall not apply to any Receivable (x) that is (a) attributable to a Designated Servicing Agreement that is a Small Threshold Servicing Agreement or Agreement, (b) a Loan-Level Receivable Receivable, or (yc) in respect of which ninety (90) days or fewer have passed since the Designation Date in respect of the related Designated Servicing Agreementa Second-Lien Receivable;
(ii) is attributable to any Designated Servicing Agreement to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances already outstanding with respect to such Designated Servicing Agreement, would cause the related Market Value Ratio to exceed 2525.0%; provided, that this clause (ii) shall not apply to any Receivable in respect of which ninety (90) days or fewer have passed since the Designation Date in respect of the related Designated Servicing Agreement;
(iii) [RESERVED];
(iv) is a Facility Eligible Receivable that is attributable to a Small Threshold Servicing Agreement, Agreement to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances of all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements, would cause the total Receivable Balances attributable to all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements to exceed 2.5% of the total Receivable Balances of all Facility Eligible Receivables included in the Trust Estate;
(viv) is a Facility Eligible Receivable that is attributable to a Small Threshold Servicing Agreement or a Low Threshold Servicing Agreement, to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances of all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements and Low Threshold Servicing Agreements Agreements, would cause the total Receivable Balances attributable to all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements and Low Threshold Servicing Agreements to exceed 7.5% of the total Receivable Balances of all Facility Eligible Receivables included in the Trust Estate;
(viv) is a Facility Eligible Receivable that is attributable to a Small Threshold Servicing Agreement, a Low Threshold Servicing Agreement Agreement, or a Middle Threshold Servicing Agreement, to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances of all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements, Low Threshold Servicing Agreements and Middle Threshold Servicing Agreements would cause the total Receivable Balances attributable to all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements, Low Threshold Servicing Agreements and Middle Threshold Servicing Agreements to exceed 15.0% of the total Receivable Balances of all Facility Eligible Receivables included in the Trust Estate;
(viivi) is attributable to a Designated Servicing Agreement, to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances outstanding with respect to that same Designated Servicing Agreement, would cause the total Receivable Balances attributable to such Designated Servicing Agreement to exceed 15.0% of the aggregate of the Receivable Balances of the Aggregate Receivables;
(viii) if on any date that is ninety (90) days after the Designation Date in respect of the related Designated Servicing Agreement, (a) if it is a Loan-Level Receivable, its Receivable Balance, when added to the aggregate Receivable Balances of all Receivables with respect to the related Mortgage Loan or REO Property, would cause the related Mortgage Loan-Level Market Value Ratio to exceed 50.0% %; or (b) if it is a Receivable related to a Mortgage Loan or REO Property that is attributable to a Designated Servicing Agreement that is a Small Threshold Servicing Agreement, its Receivable Balance, when added to the aggregate Receivable Balances of all Receivables related to the Mortgage Loan or REO Property that is attributable to a Designated Servicing Agreement that is a Small Threshold Servicing Agreement, would cause the related Mortgage Loan-Level Market Value Ratio to exceed 50.0%;
(ix) is a Loan-Level Receivable, to the extent the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances of all Loan-Level Receivables, would cause the total Receivable Balances attributable to Loan-Level Receivables to exceed 20.0% of the total Receivable Balances of all Facility Eligible Receivables included in the Trust Estate;
(x) has a zero Advance Rate;
(xiviii) is a Second-Lien Receivable unless the following criteria are satisfied:
(1) the related Servicing Agreement must have a General Collections Backstop;
(2) the related Servicing Agreement may not be a Small Threshold Servicing Agreement; and;
(3) the Advance to UPB Ratio in respect of the related Servicing Agreement must be less than 25%; and
(4) the Receivables Balance of such Second-Lien Receivable when added to the aggregate Receivables Balances of all Second-Lien Receivables that are Facility Eligible Receivables and that satisfy the criteria in clauses (1), (2) and (3) above would not cause the aggregate Receivables Balances to exceed 3% of the total Receivables Balances of all Facility Eligible Receivables included in the Trust Estate;
(xiiix) relates to has a Mortgage Loan or REO Property which is subject to a lease or rental agreement entered into by the Servicer in accordance with the terms and provisions of the applicable Servicing Agreement in lieu of foreclosurezero Advance Rate;
(xiiix) if more than ninety (90) days have passed since is a Loan-Level Receivable, to the Designation Date in extent that the related Receivable Balance of such Loan-Level Receivable, when added to the aggregate Receivable Balances of Loan-Level Receivables already outstanding with respect to all Mortgage Loans or REO Properties, causes the aggregate Receivable Balances of Loan-Level Receivables outstanding with respect to all Mortgage Loans or REO Properties to exceed 10.0% of the related Designated Servicing Agreement, relates to an Advance that has not been reimbursed aggregate Receivable Balance of all Facility Eligible Receivables included in full or a Deferred Servicing Fee that has not been paid in full within forty-five (45) days following the date of a permanent modification of the related Mortgage Loan that becomes effective subsequent to the creation of such Receivable (for purposes of this clause, a modification becomes “permanent” following any trial period or satisfaction of conditions precedent or subsequent)Trust Estate; or
(xivxi) is a Facility Eligible Receivable related that is (a) attributable to a Small Threshold Servicing Agreement, (b) a Loan-Level Receivable or (c) a Second-Lien Receivable, to the Designated extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances of all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements related and all Loan-Level Receivables and Second-Lien Receivables that are Facility Eligible Receivables, would cause the total Receivable Balances attributable to the securitization trusts identified on Schedule 3 all Facility Eligible Receivables outstanding with respect to the Base Indenture (as the same may be updated from time Small Threshold Servicing Agreements and all Loan-Level Receivables and Second-Lien Receivables that are Facility Eligible Receivables to time pursuant to Section 2.2(c) exceed 12.5% of the Base Indenture) and total Receivable Balances of all Facility Eligible Receivables included in the aggregate of the outstanding principal balance of the Mortgage Loans and each REO Property remaining in such securitization trust is less than the percentage indicated on such Schedule 3 of such securitization trust’s cut-off date balanceTrust Estate. For purposes of each of the foregoing, (i) if any Facility Eligible Receivable (other than any Deferred Servicing Fee Receivable) has a Collateral Value equal to zero pursuant to any Collateral Value exclusion test, the portion of the Receivables Balance thereof with a Collateral Value of zero shall be disregarded for all other purposes of this Section 5, in each case as determined by the Administrator in a manner that maximizes the Collateral Value and (ii) if any Facility Eligible Receivable (other than any Deferred Servicing Fee Receivable) has an Advance Rate of zerozero or is a Second-Lien Receivable, such Facility Eligible Receivable shall be disregarded for all other purposes of this Section 55 (other than that clause (ix) above shall apply for all Deferred Servicing Fee Receivables).
Appears in 1 contract
Samples: Indenture Supplement (Nationstar Mortgage Holdings Inc.)
Collateral Value Exclusions. For purposes of calculating “Collateral Value” in respect of the Series 2013-VF1 T3 Notes, the Collateral Value shall be zero for any Receivable that:
(i) is attributable to any Designated Servicing Agreement to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances Balance already outstanding with respect to such Designated Servicing Agreement, would cause the related Advance Ratio to be equal to or greater than 100.0100%; provided, that this clause (i) shall not apply to any Receivable (x) that is (a) attributable to a Designated Servicing Agreement that is a Small Threshold Servicing Agreement or (b) a Loan-Level Receivable or (y) in respect of which ninety (90) days or fewer have passed since the Designation Date in respect of the related Designated Servicing Agreement;
(ii) is attributable to any Designated Servicing Agreement to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances Balance already outstanding with respect to such Designated Servicing Agreement, would cause the related UPB Ratio to exceed 20%;
(iii) is attributable to any Designated Servicing Agreement to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balance already outstanding with respect to such Designated Servicing Agreement, would cause the related Market Value Ratio to exceed 2520%; provided, that this clause (ii) shall not apply to any Receivable in respect of which ninety (90) days or fewer have passed since the Designation Date in respect of the related Designated Servicing Agreement;
(iii) [RESERVED];
(iv) is a Facility Eligible Receivable that is attributable to a Small Designated Servicing Agreement that is a Low Threshold Servicing Agreement, to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances of all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements, would cause the total Receivable Balances attributable to all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements to exceed 2.5% of the total Receivable Balances of all Facility Eligible Receivables included in the Trust Estate;
(v) is a Facility Eligible Receivable that is attributable to a Small Threshold Designated Servicing Agreement or a Low Threshold Servicing Agreement, to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances of all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements and Low Threshold Servicing Agreements would cause the total Receivable Balances attributable to all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements and Low Threshold Servicing Agreements to exceed 7.5% of the total Receivable Balances of all Facility Eligible Receivables included in the Trust Estate;
(vi) is a Facility Eligible Receivable that is attributable to a Small Threshold Servicing Agreement, a Low Threshold Servicing Agreement or a Middle Threshold Servicing Agreement, to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances of all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements, Low Threshold Servicing Agreements and Middle Threshold Servicing Agreements would cause the total Receivable Balances attributable to all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements, Low Threshold Servicing Agreements and Middle Threshold Servicing Agreements to exceed 15.0% of the total Receivable Balances of all Facility Eligible Receivables included in the Trust Estate;
(viivi) is attributable to a Designated Servicing Agreement, to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances Balance outstanding with respect to that same Designated Servicing Agreement, would cause the total Receivable Balances attributable to such Designated Servicing Agreement to exceed 15.015% of the aggregate of the Receivable Balances of all Receivables included in the Aggregate ReceivablesTrust Estate;
(vii) reserved;
(viii) if on until the Administrative Agent shall have provided its written consent (in its sole and absolute discretion), and notwithstanding satisfaction of clause (xi) and (xii) of the definition of “Facility Eligible Receivable” and clause (viii) of the definition of “Facility Eligible Servicing Agreement” in the Base Indenture, is a Servicing Fee Advance Receivable. For the avoidance of doubt, for so long as the Administrative Agent determines that the Servicing Fee Advance Receivables related to any date that is ninety (90) days after the Designation Date Servicing Fee Advance Designated Servicing Agreement cannot be afforded a positive Collateral Value, such Designated Servicing Agreement shall not be considered a Designated Servicing Agreement in respect of the related Designated Servicing Agreement, (a) if it is a LoanSeries 2013-Level Receivable, its Receivable Balance, when added to the aggregate Receivable Balances of all Receivables with respect to the related Mortgage Loan or REO Property, would cause the related Mortgage Loan-Level Market Value Ratio to exceed 50.0% or (b) if it is a Receivable related to a Mortgage Loan or REO Property that is attributable to a Designated Servicing Agreement that is a Small Threshold Servicing Agreement, its Receivable Balance, when added to the aggregate Receivable Balances of all Receivables related to the Mortgage Loan or REO Property that is attributable to a Designated Servicing Agreement that is a Small Threshold Servicing Agreement, would cause the related Mortgage Loan-Level Market Value Ratio to exceed 50.0%T3 Notes;
(ix) is a Loan-Level ReceivableServicing Fee Advance Receivable attributable to a Mortgaged Property, to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances of Balance outstanding for all other Loan-Level Servicing Fee Advance Receivables with respect to such Mortgaged Property, causes the total Receivable Balance for all Loan-Level ReceivablesServicing Fee Advance Receivables to exceed 10% of the Net Property Value of such Mortgaged Property; and
(x) is a Restricted Servicing Fee Advance Receivable attributable to a Servicing Fee Advance Designated Servicing Agreement, would cause to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balance outstanding for all other Restricted Servicing Fee Advance Receivables with respect to all Designated Servicing Agreements, causes the total Receivable Balances attributable to Loan-Level Balance for all Restricted Servicing Fee Advance Receivables to exceed 20.03.25% of the total Receivable Balances Balance of all Facility Eligible Receivables included in the Trust Estate;; and
(xxi) has a zero Advance Rate;
(xi) is a Second-Lien Servicing Fee Advance Receivable unless the following criteria are satisfied:
(1) the related Servicing Agreement must have a General Collections Backstop;
(2) the related Servicing Agreement may not be a Small Threshold Servicing Agreement; and
(3) the Advance to UPB Ratio in respect of the related Servicing Agreement must be less than 25%;
(xii) relates to a Mortgage Loan or REO Property which is subject to a lease or rental agreement entered into by the Servicer in accordance with the terms and provisions of the applicable Servicing Agreement in lieu of foreclosure;
(xiii) if more than ninety (90) days have passed since the Designation Date in respect of the related Designated Servicing Agreement, relates to an Advance that has not been reimbursed in full or a Deferred under the related Designated Servicing Fee that has not been paid in full within forty-five (45) days Agreement as of the remittance date following the date of a permanent modification liquidation of the related Mortgage Loan that becomes effective subsequent to the creation of such Receivable (for purposes of this clause, a modification becomes “permanent” following any trial period or satisfaction of conditions precedent or subsequent); or
(xiv) is a Receivable related to the Designated Servicing Agreements related to the securitization trusts identified on Schedule 3 to the Base Indenture (as the same may be updated from time to time pursuant to Section 2.2(c) of the Base Indenture) and the aggregate of the outstanding principal balance of the Mortgage Loans and each REO Property remaining in such securitization trust is less than the percentage indicated on such Schedule 3 of such securitization trust’s cut-off date balance. For purposes of each of the foregoing, (i) if any Facility Eligible Receivable has a Collateral Value equal to zero pursuant to any Collateral Value exclusion test, the portion of the Receivables Balance thereof final reporting with a Collateral Value of zero shall be disregarded for all other purposes of this Section 5, in each case as determined by the Administrator in a manner that maximizes the Collateral Value and (ii) if any Facility Eligible Receivable has an Advance Rate of zero, such Facility Eligible Receivable shall be disregarded for all other purposes of this Section 5respect thereto.
Appears in 1 contract
Samples: Amended and Restated Indenture Supplement (New Residential Investment Corp.)
Collateral Value Exclusions. For purposes of calculating “Collateral Value” in respect of the Series 20132019-VF1 Notes, the Collateral Value shall be zero for any Receivable that:
(i) is attributable to any Designated Servicing Agreement to the extent that the Receivable Balance of such not a Facility Eligible Receivable, when added to the aggregate Receivable Balances already outstanding with respect to such Designated Servicing Agreement, would cause the related Advance Ratio to be equal to or greater than 100.0%; provided, that this clause (i) shall not apply to any Receivable (x) that is (a) attributable to a Designated Servicing Agreement that is a Small Threshold Servicing Agreement or (b) a Loan-Level Receivable or (y) in respect of which ninety (90) days or fewer have passed since the Designation Date in respect of the related Designated Servicing Agreement;
(ii) is attributable if the Receivable relates to any Designated Servicing Agreement to a Non-Crossed Protective Advance, the extent that related Receivable Balance causes the aggregate Receivable Balance of all Facility Eligible Receivables relating to Non-Crossed Protective Advances on such Receivable, when added date to exceed the lesser of (A) $15,000,000 and (B) an amount equal to the product of 20.0% and the aggregate Receivable Balances already outstanding with respect to Balance of all Facility Eligible Receivables on such Designated Servicing Agreement, would cause the related Market Value Ratio to exceed 25%; provided, that this clause (ii) shall not apply to any Receivable in respect of which ninety (90) days or fewer have passed since the Designation Date in respect of the related Designated Servicing Agreementdate;
(iii) [RESERVED]if the Receivable causes the aggregate Receivable Balance of all other Facility Eligible Receivables outstanding under the related Designated Servicing Agreement to exceed ten percent (10.0%) of the aggregate Receivable Balance of all Facility Eligible Receivables on such date;
(iv) is if the Receivable relates to a Facility Eligible Receivable Non-Crossed Protective Advance that is attributable to a Small Threshold Servicing Agreement, to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances of all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements, would cause the total Receivable Balances attributable to all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements to exceed 2.5% of the total Receivable Balances of all Facility Eligible Receivables included in the Trust Estate;
(v) is a Facility Eligible Receivable that is attributable to a Small Threshold Servicing Agreement or a Low Threshold Servicing Agreement, to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances of all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements and Low Threshold Servicing Agreements would cause the total Receivable Balances attributable to all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements and Low Threshold Servicing Agreements to exceed 7.5% of the total Receivable Balances of all Facility Eligible Receivables included in the Trust Estate;
(vi) is a Facility Eligible Receivable that is attributable to a Small Threshold Servicing Agreement, a Low Threshold Servicing Agreement or a Middle Threshold Servicing Agreement, to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances of all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements, Low Threshold Servicing Agreements and Middle Threshold Servicing Agreements would cause the total Receivable Balances attributable to all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements, Low Threshold Servicing Agreements and Middle Threshold Servicing Agreements to exceed 15.0% of the total Receivable Balances of all Facility Eligible Receivables included in the Trust Estate;
(vii) is attributable to a Designated Servicing Agreement, to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances outstanding with respect to that same Designated Servicing Agreement, would cause the total Receivable Balances attributable to such Designated Servicing Agreement to exceed 15.0% of the aggregate of the Receivable Balances of the Aggregate Receivables;
(viii) if on any date that is ninety (90) days after the Designation Date in respect of the related Designated Servicing Agreement, (a) if it is a Loan-Level Receivable, its Receivable Balance, when added to the aggregate Receivable Balances of all Receivables with respect to the related Mortgage Loan or REO Property, would cause the related Mortgage Loan-Level Market Value Ratio to exceed 50.0% or (b) if it is a Receivable related to a Mortgage Loan or REO Property that is attributable to a Designated Servicing Agreement that is a Small Threshold Servicing Agreement, its Receivable Balance, when added to the aggregate Receivable Balances of all Receivables related to the Mortgage Loan or REO Property that is attributable to a Designated Servicing Agreement that is a Small Threshold Servicing Agreement, would cause the related Mortgage Loan-Level Market Value Ratio to exceed 50.0%;
(ix) is a Loan-Level Receivable, to the extent the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances of all Loan-Level Receivables, would cause the total Receivable Balances attributable to Loan-Level Receivables to exceed 20.0% of the total Receivable Balances of all Facility Eligible Receivables included in the Trust Estate;
(x) has a zero Advance Rate;
(xi) is a Second-Lien Receivable unless the following criteria are satisfied:
(1) the related Servicing Agreement must have a General Collections Backstop;
(2) the related Servicing Agreement may not be a Small Threshold Servicing Agreement; and
(3) the Advance to UPB Ratio in respect of the related Servicing Agreement must be property with estimated recovery value less than 25%;
(xii) relates to a Mortgage Loan or REO Property which is subject to a lease or rental agreement entered into by the Servicer in accordance with the terms $2,500.00 and provisions of the applicable Servicing Agreement in lieu of foreclosure;
(xiii) if more greater than ninety (90) days have passed since the Designation Date in respect of Delinquent, the related Designated Servicing Agreement, relates Receivable Balance causes the aggregate Receivable Balance of all Facility Eligible Receivables relating to an Advance that has not been reimbursed in full or a Deferred Servicing Fee that has not been paid in full within fortyNon-five Crossed Protective Advances related to properties with estimated recovery value less than $2,500.00 and greater than ninety (4590) days following the Delinquent on such date of a permanent modification of the related Mortgage Loan that becomes effective subsequent exceeds an amount equal to the creation product of such Receivable (for purposes of this clause, a modification becomes “permanent” following any trial period or satisfaction of conditions precedent or subsequent); or
(xiv) is a Receivable related to the Designated Servicing Agreements related to the securitization trusts identified on Schedule 3 to the Base Indenture (as the same may be updated from time to time pursuant to Section 2.2(c) of the Base Indenture) 4.0% and the aggregate Receivable Balance of all Facility Eligible Receivables on such date;
(v) if the Receivable relates to a Securitization Trust as to which the aggregate outstanding principal balance of the Mortgage Loans and each REO Property remaining in such securitization trust related Securitization Trust Assets is less than $5,000,000, the percentage indicated related Receivable Balance causes the aggregate Receivable Balance of all Facility Eligible Receivables related to a Securitization Trust as to which the aggregate outstanding principal balance of the related Securitization Trust Assets is less than $5,000,000 on such Schedule 3 date to exceed an amount equal to the product of two percent (2.0%) and the aggregate Receivable Balance of all Facility Eligible Receivables on such securitization trust’s cut-off date balance. For purposes of each of the foregoing, date; and
(ivi) if any the Receivable relates to a Securitization Trust Asset that is secured by a second priority Lien, the related Receivable Balance causes the aggregate Receivable Balance of all Facility Eligible Receivable has a Collateral Value Receivables related to Securitization Trust Assets which are secured by second priority Liens on such date to exceed an amount equal to zero pursuant to any Collateral Value exclusion test, the portion product of one percent (1.0%) and the Receivables aggregate Receivable Balance thereof with a Collateral Value of zero shall be disregarded for all other purposes of this Section 5, in each case as determined by the Administrator in a manner that maximizes the Collateral Value and (ii) if any Facility Eligible Receivable has an Advance Rate of zero, Receivables on such Facility Eligible Receivable shall be disregarded for all other purposes of this Section 5date.
Appears in 1 contract
Collateral Value Exclusions. For purposes of calculating “Collateral Value” in respect of the Series 2013-VF1 Notes, the Collateral Value shall be zero for any Receivable that:
(i) is attributable to any Designated Servicing Agreement to the extent that the related Receivable Balance of such ReceivableBalance, when added to the aggregate Receivable Balances Balance already outstanding with respect to such Designated Servicing Agreement, would cause the related Advance Ratio to be equal to or greater than 100.0100%; provided, that this clause (i) shall not apply to any Receivable (x) that is (a) attributable to a Designated Servicing Agreement that is a Small Threshold Servicing Agreement or (b) a Loan-Level Receivable or (y) in respect of which ninety (90) days or fewer have passed since the Designation Date in respect of the related Designated Servicing Agreement;
(ii) [reserved];
(iii) is attributable to any Designated Servicing Agreement to the extent that the related Receivable Balance of such ReceivableBalance, when added to the aggregate Receivable Balances Balance already outstanding with respect to such Designated Servicing Agreement, would cause the related Market Value Ratio to exceed 25%; provided, that this clause (ii) shall not apply to any Receivable in respect of which ninety (90) days or fewer have passed since the Designation Date in respect of the related Designated Servicing Agreement;
(iii) [RESERVED];
(iv) is a Facility Eligible Receivable that is attributable to a Designated Servicing Agreement that is a Small Balance Threshold Servicing Agreement, to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances of all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements, would cause the total Receivable Balances attributable to all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements to exceed 2.5% of the total Receivable Balances of all Facility Eligible Receivables included in the Trust Estate;
(v) is a Facility Eligible Receivable that is attributable to a Small Threshold Designated Servicing Agreement or that is a Low Threshold Servicing Agreement, to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances of all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements and Low Threshold Servicing Agreements would cause the total Receivable Balances attributable to all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements and Low Threshold Servicing Agreements to exceed 7.5% of the total Receivable Balances of all Facility Eligible Receivables included in the Trust Estate;
(vi) is a Facility Eligible Receivable that is attributable to a Small Threshold Servicing Agreement, a Low Threshold Designated Servicing Agreement or that is a Middle Threshold Servicing Agreement, to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances of all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements, Low Threshold Servicing Agreements and Middle Threshold Servicing Agreements would cause the total Receivable Balances attributable to all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements, Low Threshold Servicing Agreements and Middle Threshold Servicing Agreements to exceed 15.0% of the total Receivable Balances of all Facility Eligible Receivables included in the Trust Estate;
(vii) is attributable to a Designated Servicing Agreement, to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances Balance outstanding with respect to that same Designated Servicing Agreement, would cause the total Receivable Balances Balance attributable to such Designated Servicing Agreement to exceed 15.015% of the aggregate of the Receivable Balances Balance of all Receivables included in the Aggregate ReceivablesTrust Estate;
(viii) if on any date that is ninety (90) days after the Designation Date in respect of the related Designated Servicing Agreement, (a) if it is a Loan-Level Receivable attributable to a Mortgage Loan, to the extent that the Receivable Balance of such Loan-Level Receivable, its Receivable Balance, when added to the aggregate Receivable Balances of all Receivables Balance outstanding with respect to the related that same Mortgage Loan or REO PropertyLoan, would cause the related ratio of (a) the total Receivable Balance attributable to such Mortgage Loan-Level Market Value Ratio Loan to exceed 50.0% or (b) if it is a Receivable related to a Mortgage Loan or REO the Net Property that is attributable to a Designated Servicing Agreement that is a Small Threshold Servicing Agreement, its Receivable Balance, when added to Value for the aggregate Receivable Balances of all Receivables related to the Mortgage Loan or REO Mortgaged Property that is attributable to a Designated Servicing Agreement that is a Small Threshold Servicing Agreement, would cause the related Mortgage Loan-Level Market Value Ratio to exceed 50.050%;
(ix) is a Loan-Level ReceivableRestricted Servicing Fee Advance Receivable attributable to a Servicing Fee Advance Designated Servicing Agreement, to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances of Balance outstanding for all Loan-Level Receivablesother Restricted Servicing Fee Advance Receivables with respect to all Servicing Fee Advance Designated Servicing Agreements, would cause causes the total Receivable Balances attributable to Loan-Level Balance for all Restricted Servicing Fee Advance Receivables to exceed 20.03.25% of the total Receivable Balances Balance of all Facility Eligible Receivables included in the Trust Estate;
(x) has is a zero Advance RateReceivable attributable to a Servicing Agreement listed on Schedule 11 of the Base Indenture to the extent that the Receivables Balance of such Receivable, when added to the aggregate Receivables Balance of all Receivables attributable to Servicing Agreements listed on Schedule 11 of the Base Indenture, cause the total Receivables Balance attributable to Receivables attributable to a Servicing Agreement listed on Schedule 11 of the Base Indenture to exceed 12.5% of the total Receivables Balances of all Receivables included in the Trust Estate;
(xi) is a Second-Lien Receivable unless the following criteria are satisfied:
(1) the related attributable to a Servicing Agreement must have listed on Schedule 1-A of the Base Indenture to the extent that the Receivables Balance of such Receivable, when added to the aggregate Receivables Balance of all Receivables attributable to Servicing Agreements listed on Schedule 1-A of the Base Indenture, cause the total Receivables Balance attributable to Receivables attributable to a General Collections Backstop;
(2) the related Servicing Agreement may not be a Small Threshold Servicing Agreement; and
(3) the Advance to UPB Ratio in respect listed on Schedule 1-A of the related Servicing Agreement must be less than 25%Base Indenture to exceed 6.25% of the total Receivables Balances of all Receivables included in the Trust Estate;
(xii) relates is attributable to a Mortgage Loan or REO Property which is subject to a lease or rental agreement entered into by the Servicer in accordance with the terms and provisions Servicing Agreement listed on Schedule 11 of the applicable Base Indenture, to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balance outstanding with respect to that same Servicing Agreement, would cause the total Receivable Balance attributable to such Servicing Agreement to exceed 5% of the aggregate of the Receivable Balance of all Receivables included in lieu of foreclosure;the Trust Estate; and
(xiii) if more than ninety (90) days have passed since is attributable to a Servicing Agreement listed on Schedule 1-A, to the Designation Date in extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balance outstanding with respect of the related Designated to that same Servicing Agreement, relates would cause the total Receivable Balance attributable to an Advance that has not been reimbursed in full or a Deferred such Servicing Fee that has not been paid in full within forty-five (45) days following the date Agreement to exceed 5% of a permanent modification of the related Mortgage Loan that becomes effective subsequent to the creation of such Receivable (for purposes of this clause, a modification becomes “permanent” following any trial period or satisfaction of conditions precedent or subsequent); or
(xiv) is a Receivable related to the Designated Servicing Agreements related to the securitization trusts identified on Schedule 3 to the Base Indenture (as the same may be updated from time to time pursuant to Section 2.2(c) of the Base Indenture) and the aggregate of the outstanding principal balance Receivable Balance of all Receivables included in the Mortgage Loans and each REO Property remaining in such securitization trust is less than the percentage indicated on such Schedule 3 of such securitization trust’s cut-off date balance. For purposes of each of the foregoing, (i) if any Facility Eligible Receivable has a Collateral Value equal to zero pursuant to any Collateral Value exclusion test, the portion of the Receivables Balance thereof with a Collateral Value of zero shall be disregarded for all other purposes of this Section 5, in each case as determined by the Administrator in a manner that maximizes the Collateral Value and (ii) if any Facility Eligible Receivable has an Advance Rate of zero, such Facility Eligible Receivable shall be disregarded for all other purposes of this Section 5Trust Estate.
Appears in 1 contract
Samples: Third Amended and Restated Indenture Supplement (Home Loan Servicing Solutions, Ltd.)
Collateral Value Exclusions. For purposes of calculating “Collateral Value” in respect of the Series 20132015-VF1 Notes, the Collateral Value shall be zero for any Receivable that:
(i) is attributable to any Designated Servicing Agreement to the extent that the such Receivable Balance of such Receivable, when added to the aggregate Receivable Balances already outstanding with respect to such Designated Servicing Agreement, would cause the related Advance Ratio to be equal to or greater than 100.0%; provided, that this clause (i) shall not apply to any Receivable (x) that is (a) attributable to a Designated Servicing Agreement that is a Small Threshold Servicing Agreement or (b) a Loan-Level Receivable or (y) in respect of which ninety (90) days or fewer have passed since the Designation Date in respect of the related Designated Servicing AgreementReceivable;
(ii) is attributable to any Designated Servicing Agreement to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances already outstanding with respect to such Designated Servicing Agreement, would cause the related Market Value Ratio to exceed 25%; provided, that this clause (ii) shall not apply to any Receivable in respect of which ninety (90) days or fewer have passed since the Designation Date in respect of the related Designated Servicing Agreement;
(iii) [RESERVED];
(iv) is a Facility Eligible Receivable that is attributable to a Small Threshold Servicing Agreement, Agreement to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances of all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements, would cause the total Receivable Balances attributable to all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements to exceed 2.5% of the total Receivable Balances of all Facility Eligible Receivables included in the Trust Estate;
(viii) is a Facility Eligible Receivable that is attributable to a Small Threshold Servicing Agreement or a Low Threshold Servicing Agreement, to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances of all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements and Low Threshold Servicing Agreements Agreements, would cause the total Receivable Balances attributable to all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements and Low Threshold Servicing Agreements to exceed 7.5% of the total Receivable Balances of all Facility Eligible Receivables included in the Trust Estate;
(viiv) is a Facility Eligible Receivable that is attributable to a Small Threshold Servicing Agreement, a Low Threshold Servicing Agreement Agreement, or a Middle Threshold Servicing Agreement, to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances of all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements, Low Threshold Servicing Agreements and Middle Threshold Servicing Agreements would cause the total Receivable Balances attributable to all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements, Low Threshold Servicing Agreements and Middle Threshold Servicing Agreements to exceed 15.0% of the total Receivable Balances of all Facility Eligible Receivables included in the Trust Estate;
(viiv) is attributable to a Designated Servicing Agreement, to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances outstanding with respect to that same Designated Servicing Agreement, would cause the total Receivable Balances attributable to such Designated Servicing Agreement to exceed 15.0% of the aggregate of the Receivable Balances of the Aggregate Receivables;
(viii) if on any date that is ninety (90) days after the Designation Date in respect of the related Designated Servicing Agreement, (a) if it is a Loan-Level ReceivableReceivable or a Specified Receivable under clause (A) of the definition thereof, its Receivable Balance, when added to the aggregate Receivable Balances of all Receivables with respect to the related Mortgage Loan or REO Property, would cause the related Mortgage Loan-Level Market Value Ratio to exceed 50.0% or (b) if it is a Receivable related to a Mortgage Loan or REO Property that is attributable to a Designated Servicing Agreement that is a Small Threshold Servicing Agreement, its Receivable Balance, when added to the aggregate Receivable Balances of all Receivables related to the Mortgage Loan or REO Property that is attributable to a Designated Servicing Agreement that is a Small Threshold Servicing Agreement, would cause the related Mortgage Loan-Level Market Value Ratio to exceed 50.0%;
(vii) is a Second-Lien Receivable;
(viii) has a zero Advance Rate;
(ix) is a Loan-Level Receivable, to the extent that the related Receivable Balance of such Loan-Level Receivable, when added to the aggregate Receivable Balances of Loan-Level Receivables already outstanding with respect to all Mortgage Loans or REO Properties, causes the aggregate Receivable Balances of Loan-Level Receivables outstanding with respect to all Mortgage Loans or REO Properties to exceed 25.0% of the aggregate Receivable Balances of all Facility Eligible Receivables included in the Trust Estate;
(x) is a Facility Eligible Receivable that is (a) attributable to a Small Threshold Servicing Agreement or (b) a Loan-Level Receivable, to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances of all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements and all Loan-Level Receivables that are Facility Eligible Receivables, would cause the total Receivable Balances attributable to all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements and all Loan-Level Receivables that are Facility Eligible Receivables to exceed 20.027.5% of the total Receivable Balances of all Facility Eligible Receivables included in the Trust Estate;
(x) has a zero Advance Rate;
(xi) is attributable to a Second-Lien Receivable unless the following criteria are satisfied:
(1) the related Designated Servicing Agreement that does not provide that all Advances as to a Mortgage Loan are reimbursed on a “first-in, first out” or “FIFO” basis (“Non-FIFO”), upon the transfer of servicing thereunder, such that the Advances of a particular type that were disbursed first in time will be reimbursed prior to Advances of the same type with respect to that Mortgage Loan that were disbursed later in time; and if it is a Whole Loan Servicing Agreement, does not provide that all Advances with respect to any Mortgage Loan must have a General Collections Backstop;
(2) be reimbursed in full at the related time the servicing of such Mortgage Loan is transferred out of such Whole Loan Servicing Agreement may not be a Small Threshold Servicing Agreement; and
(3) to the Advance extent that the Receivable Balance of such Receivable, when added to UPB Ratio in respect the aggregate Receivable Balances of all Facility Eligible Receivables outstanding, would cause the total Receivable Balances attributable to Non-FIFO Receivables outstanding that are Facility Eligible Receivables to exceed 10.0% of the related Servicing Agreement must be less than 25%total Receivable Balances of all Facility Eligible Receivables included in the Trust Estate;
(xii) relates is a Facility Eligible Receivable that is a Specified Receivable, to a Mortgage Loan or REO Property which is subject the extent that the Receivable Balance of such Receivable, when added to a lease or rental agreement entered into by the Servicer in accordance with aggregate Receivable Balances of all Facility Eligible Receivables outstanding that are Specified Receivables, would cause the terms and provisions total Receivable Balances attributable to all Facility Eligible Receivables outstanding that are Specified Receivables to exceed 10.0% of the applicable Servicing Agreement total Receivable Balances of all Facility Eligible Receivables included in lieu of foreclosurethe Trust Estate;
(xiii) if is a Facility Eligible Receivable that is a Specified Receivable for which (I) (a) the Servicer has received a notice that the holder of the right to initiate the optional termination or clean-up call contemplated by the related OTP Provision is exercising such right, (b) more than ninety ten (9010) days Business Days have passed occurred since the Designation Servicer’s receipt of such notice or a Funding Date in respect has occurred since the Servicer’s receipt of such notice and (c) such notice does not expressly provide that all Advances and Deferred Servicing Fees under the related Designated Servicing Agreement, Agreement will be paid or reimbursed in full upon the exercise of such optional termination or clean-up call or (II) the related optional termination or clean-up call has been exercised and such Specified Receivable has not been paid or reimbursed;
(xiv) relates to an Advance that has not been reimbursed in full or a Deferred Servicing Fee that has not been paid in full within forty-five ninety (4590) days following the date of a permanent modification of the related Mortgage Loan that becomes effective subsequent to the creation of such Receivable (for purposes of this clause, a modification becomes “permanent” following any trial period or satisfaction of conditions precedent or subsequent); or
(xivxv) is a Receivable related attributable to any Designated Servicing Agreement to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances already outstanding with respect to such Designated Servicing Agreements Agreement, would cause the related Market Value Ratio to the securitization trusts identified on Schedule 3 to the Base Indenture (as the same may be updated from time to time pursuant to Section 2.2(c) of the Base Indenture) and the aggregate of the outstanding principal balance of the Mortgage Loans and each REO Property remaining in such securitization trust is less than the percentage indicated on such Schedule 3 of such securitization trust’s cut-off date balanceexceed 50.0%. For purposes of each of the foregoing, (i) if any Facility Eligible Receivable has a Collateral Value equal to zero pursuant to any Collateral Value exclusion test, the portion of the Receivables Receivable Balance thereof with a Collateral Value of zero shall be disregarded for all other purposes of this Section 54, in each case as determined by the Administrator in a manner that maximizes the Collateral Value and (ii) if any Facility Eligible Receivable has an Advance Rate of zero, such Facility Eligible Receivable shall be disregarded for all other purposes of this Section 54.
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Samples: Indenture Supplement (New Residential Investment Corp.)
