Liquidation of Collateral. Pledgor hereby acknowledges and agrees that on the occurrence of an Event of Default under the PC Repurchase Agreement, Buyer shall have the right to liquidate the Purchased MSR Excess Spread, the MSRs and any other Assets constituting Collateral and apply any proceeds as provided under the PC Repurchase Agreement. Pledgor hereby authorizes Buyer to liquidate the Collateral should an Event of Default occur and apply the Proceeds of such liquidation to the Obligations existing under the PC Repurchase Agreement.
Appears in 3 contracts
Samples: Subordination, Acknowledgment and Pledge Agreement, Subordination, Acknowledgment and Pledge Agreement (PennyMac Mortgage Investment Trust), Subordination, Acknowledgment and Pledge Agreement (Pennymac Financial Services, Inc.)
Liquidation of Collateral. Pledgor hereby acknowledges and agrees that on the occurrence of an Event of Default under the PC Repurchase Agreement, Buyer shall have the right to liquidate the Purchased Sold MSR Excess Spread, the MSRs and any other Assets constituting Collateral and apply any proceeds as provided under the PC Repurchase Agreement. Pledgor hereby authorizes Buyer to liquidate the Collateral should an Event of Default occur and apply the Proceeds of such liquidation to the Obligations existing under the PC Repurchase Agreement.
Appears in 1 contract
Samples: Subordination, Acknowledgment and Pledge Agreement (PennyMac Mortgage Investment Trust)
