Common use of Lender Requires Acknowledgment Agreements Clause in Contracts

Lender Requires Acknowledgment Agreements. Pledged Agency Servicing Rights under Servicing Agreements with any Agency will have a Market Value of zero for purposes of determining Collateral Value until the date on which an Acknowledgment Agreement covering such Pledged Agency Servicing Rights has been executed and delivered by the applicable Borrower, the Lender and such Agency.

Lender Requires Acknowledgment Agreements. Pledged Agency Servicing Rights under Servicing Agreements with any the Agency will have a Market Value of zero for purposes of determining Collateral Value until (a) upon the date on which an earlier of (i) the termination or (ii) expiration of the Acknowledgment Agreement covering such Pledged Agency Servicing Rights and (b) until a replacement Acknowledgment Agreement covering such Pledged Servicing Rights has been executed and delivered by the applicable Borrower, Borrower the Lender Administrative Agent and such the Agency.

Lender Requires Acknowledgment Agreements. Pledged Agency Servicing Rights under Servicing Agreements with any Agency will have a Market Value of zero for purposes of determining Collateral Value (a) upon the earlier of (i) the termination or (ii) expiration of the Acknowledgment Agreement covering such Pledged Agency Servicing Rights and (b) until the date on which an a replacement Acknowledgment Agreement covering such Pledged Agency Servicing Rights has been executed and delivered by the applicable Borrower, the Lender and such an Agency.