Approved Servicing Agreement means, in respect of Servicing Rights, a Servicing Agreement between Borrower and the Agency.
Approved Servicing Agreement means (a) in respect of Agency Servicing Rights, a Servicing Agreement between Borrower and an Agency, (b) in respect of Non-Agency Servicing Rights, a Servicing Agreement between any Person approved by Lender in each case that is not a Recourse Servicing Agreement and (c) with respect of Non-Agency Servicing Rights owned by the Borrower, prudent mortgage loan servicing standards and procedures generally accepted in the mortgage banking industry for mortgage loans of the same type as the Serviced Mortgage Loans in the jurisdiction where Mortgaged Premises is located
Approved Servicing Agreement means a Servicing Agreement between Borrower and an Approved Investor. Without limiting the generality of the foregoing, no Servicing Agreement shall be an Approved Servicing Agreement unless such Servicing Agreement:
(1) provides that each Pledged Servicing Receivable and/or amounts due in respect thereof are reimbursable or payable to Borrower under the related Servicing Agreement from amounts subsequently received in collections on account of the related Mortgage Loan prior to being available to make payments on any related mortgage-backed securities;
(2) provides that to the extent that any Pledged Servicing Receivable is non-recoverable from the proceeds related to such Mortgage Loan, following liquidation of such Mortgage Loan or the determination that such Pledged Servicing Receivable is non-recoverable, as the case may be, as described in the related Servicing Agreement, such Pledged Servicing Receivable is recoverable from all cash-flows on the related securitization transaction prior to such cash flows being available to make payments on any related mortgage-backed securities;
(3) provides for the reimbursement of all Pledged Servicing Receivables and payment of all servicing fees at the time of a servicing transfer upon the termination or resignation of the servicer for any reason, with or without cause;
(4) provides that the servicer thereunder may enter into a financing facility with another Person and that such Person may finance, or re-pledge, assign or otherwise transfer the Pledged Servicing Receivables (any such Person, an “Advance Financing Person”);
(5) provides that the Advance Financing Person shall not be required to meet the eligibility criteria for a successor servicer;
(6) is in full force and effect at any time any Pledged Servicing Receivable related to such Servicing Agreement is pledged to Bank, and under which the servicer has not been terminated, resigned or become subject to a right of termination or other “trigger event”;
(7) other than with respect to any Servicing Agreement with an Agency, does not permit the reimbursement of Pledged Servicing Receivables or the payment of servicing fees to be subject to set-off rights of a successor servicer, trustee or any other third party; and
(8) other than with respect to any Servicing Agreement with an Agency, is non-recourse to Borrower, except for breach of contract claims made against Borrower, remedies for breaches and representations and warranties made by Borrower, and indem...
Examples of Approved Servicing Agreement in a sentence
Each Approved Servicing Agreement has been duly executed and delivered by Borrower and is in full force and effect, and no default or material breach has occurred and is continuing thereunder.
Borrower or its subservicer has adequate financial standing, servicing facilities, procedures and experienced personnel necessary for the sound servicing of mortgage loans of the same types as may from time to time constitute Serviced Loans in accordance with the requirements of the applicable Approved Servicing Agreement.
Borrower shall not, and (except as described in the following proviso) shall not give the Agency advance written notice of any intention to, terminate its contractual rights to the servicing of any Mortgage Loans (unless such termination is at Administrative Agent’s express direction); provided, that Borrower shall observe any notice or other requirements of any Approved Servicing Agreement in connection with any such termination.
Current estimates determined it will cost $3M (est.) to remove soil contaminated with leather tannery waste from the playing fields at Kingsborough Elementary School, making it the largest single expense for the school system.
Borrower will cause its rights to the servicing compensation provided for in each Approved Servicing Agreement to remain in full force and effect until such Servicing Agreement expires in accordance with its terms and without renewal.
More Definitions of Approved Servicing Agreement
Approved Servicing Agreement means a Servicing Agreement between Borrower and an Agency approved by Bank in its sole discretion as an Approved Servicing Agreement for the purposes of this Agreement. Without limiting the generality of the foregoing, no Servicing Agreement shall be an Approved Servicing Agreement unless such Servicing Agreement:
Approved Servicing Agreement means, individually and collectively, (a) with respect to Point Digital Finance, Inc, the Master Option Servicing Agreement, dated December 29, 2023 (as amended, supplemented, restated or otherwise modified from time to time), between Point Digital Finance, Inc. and the Investment Manager and (b) with respect to each other Approved Servicer, the servicing agreement identified and approved by the Agent (in its Permitted Discretion) in connection with the designation of an Approved Servicer.
Approved Servicing Agreement means the Trust and Servicing Agreement entered into on August 18, 2010, among Xxxxx Fargo Bank, National Association, as servicer, Xxxxx Fargo Bank, National Association, as special servicer, and Deutsche Bank National Trust Company, as trustee, and any modifications, supplements or amendments thereto or replacements thereof approved by Borrower.
Approved Servicing Agreement means each TIAA, FSB Servicing Agreement, individually, and “Approved Servicing Agreements” shall mean all TIAA, FSB Servicing Agreements, collectively.
Approved Servicing Agreement means the Trust and Servicing Agreement entered into on March 27, 2012, among Banc of America Xxxxxxx Xxxxx Large Loan, Inc., as depositor, Bank of America, N.A., as servicer, Midland Loan Services, a Division of PNC Bank, National Association, as special servicer, Xxxxx Fargo Bank, National Association, as Trustee, Xxxxx Fargo Bank, National Association, as certificate administrator, and Park Bridge Lender Services LLC, as trust advisor, and any modifications, supplements or amendments thereto or replacements thereof approved by Borrower.
Approved Servicing Agreement means the Sourcing and Management Agreement or any other servicing agreement reasonably acceptable to Administrative Agent.
Approved Servicing Agreement means a Servicing Agreement between Borrower and an Agency, in each case as approved by Bank in its sole discretion and designated as an “Approved Servicing Agreement” by Bank and Borrower in writing. Notwithstanding anything to the contrary contained herein, until otherwise approved in writing by Bank and Borrower, only Servicing Agreements with Xxxxxxx Mac shall be Approved Servicing Agreements hereunder. Notwithstanding the foregoing definition, the Xxxxxxx Mac Single-Family Seller/Servicer Guide, as the same may be amended from time to time, shall be deemed an Approved Servicing Agreement hereunder at all times that Borrower, Bank and Xxxxxxx Mac shall be parties to an active Acknowledgment Agreement among them.