Servicing Contracts; Assets Sample Clauses
The 'Servicing Contracts; Assets' clause defines the responsibilities and rights related to the management and administration of certain contracts and associated assets. Typically, this clause outlines who is authorized to service the contracts, how servicing obligations are transferred or maintained, and what happens to the underlying assets during such processes. For example, it may specify that the buyer will assume all servicing duties for a portfolio of loans after a transaction closes. The core function of this clause is to ensure a clear and orderly transition of servicing responsibilities and asset control, thereby minimizing confusion and operational risk during asset transfers.
Servicing Contracts; Assets. Buyer shall have:
(i) received the related Servicing Contract relating to any Purchased Assets, which Buyer shall have determined prior to financing the first Asset that relates to such Servicing Contract that such Servicing Contract is in form and substance satisfactory to Buyer in its sole discretion;
(ii) received copies of all other consents and notices required under the related Servicing Contract and with respect to the MSRs, the Acknowledgment Agreement, each in form and substance satisfactory to Buyer; and
(iii) received a copy of the Participation Agreement, which Buyer shall have determined, prior to entering into the first Transaction related to an Asset that relates to such Participation Agreement, is in form and substance satisfactory to Buyer in its sole discretion. Notwithstanding the requirements set forth in Section 5.02(g)(ii) hereof, the Buyer hereby agrees to enter into Transactions with Seller with respect to the MSRs. Any failure to repay the Purchase Price with respect to the MSRs in accordance with this section shall result in an immediate Event of Default.
Servicing Contracts; Assets. Lender shall have:
(i) received the applicable Servicing Contract relating to any pledged Assets, which Lender shall have determined prior to making the first Loan Advance related to an Asset that relates to such Servicing Contract that such Servicing Contract is in form and substance satisfactory to Lender in its sole discretion;
(ii) reviewed the applicable pool of Mortgage Loans serviced by Borrower pursuant to such Servicing Contracts, which pool shall be satisfactory to Lender in its sole discretion;
(iii) if required by Lender, received a fully executed amendment to each Servicing Contract necessary to cause such Servicing Contract to satisfy requirements for an Eligible Securitization Transaction or an Eligible Asset, in form and substance satisfactory to Lender;
(iv) received copies of all other consents and notices required under the related Servicing Contract and with respect to Agency Servicing Rights, the related Acknowledgement Agreement, each in form and substance satisfactory to Lender;
(v) with respect to Loan Advances made in respect to Servicer Advances, received a report from Borrower indicating all Protective Advances that have been disbursed and all Delinquency Advances will be disbursed by Borrower into the certificate account under the related Servicing Contract, which report shall include backup setting forth the date, amount and federal reference number for each such disbursement;
(vi) with respect to Loan Advances made in respect of Servicing Rights, the Borrower shall have delivered to the Lender the Borrower’s related pricing valuation on or prior to the date which is five Business Days prior to the requested Advance Date; Borrower shall promptly deliver to Lender any reports or documents ordered, created, prepared or reviewed in connection with such pricing valuations, whether such reports or documents are created or prepared by Borrower or a third party; provided, however, that it is understood that any such pricing valuation, report or document shall be reviewed by the Lender for the sole purpose of making credit decisions with respect to the related Loan Advance, and the Lender shall not use such information for any purpose other than making credit decisions with respect to the related Loan Advance;
(vii) received an updated Servicing Appraisal in accordance with Section 6.28; and
(viii) received a copy of the Participation Agreement, which Lender shall have determined, prior to making the first Loan Advance related to an As...
Servicing Contracts; Assets. Buyer shall have:
(i) received the Key Servicing Contract Documentation related to each Servicing Contract relating to any Purchased Assets, which Buyer shall have determined prior to financing the first Asset that relates to such Servicing Contract that such Servicing Contract is in form and substance satisfactory to Buyer in its sole discretion;
(ii) received copies of all other consents and notices required under the related Servicing Contract and with respect to the MSRs, the Acknowledgment Agreement, each in form and substance satisfactory to Buyer; and
(iii) received a copy of the Participation Agreement, which Buyer shall have determined, prior to entering into the first Transaction related to an Asset that relates to such Participation Agreement, is in form and substance satisfactory to Buyer in its sole discretion.