Eligible Servicing Rights means, as of any Determination Date, Pledged Servicing Rights as to which each of the representations and warranties with respect to such Servicing Rights set forth in this Agreement are true and correct on the date of each Borrowing and the date of each submission of a Borrowing Base Report, including, without limitation: (a) such Servicing Rights are held by Borrower giving Borrower the right to service (and be compensated as servicer for servicing) a portfolio of Single-family Mortgage Loans pursuant to an Approved Servicing Agreement, (b) such Servicing Rights have not been rejected by Administrative Agent, (c) such Servicing Rights are held by Borrower free and clear of all Liens (other than the Administrative Agent’s Lien) and the Administrative Agent has been granted and continues to hold a readily enforceable, perfected Lien on such Servicing Rights, subject and subordinate only to all rights, powers and prerogatives of Freddie Mac under and in connection with the Freddie Mac Guide and the other Purchase Documents (as defined in the Xxxxxxx Mac Guide) or any owner of the related Mortgage Loan, (d) in the case of each Servicing Agreement between Borrower and the Agency, is subject to an Acknowledgment Agreement with the Agency, (e) the Mortgage Loans related to such Servicing Rights are with a holder or custodian for a holder of such Mortgage Loans who is acceptable to Administrative Agent, (f) the Servicing Agreement related to such Servicing Rights is not a subservicing arrangement, (g) the Servicing Agreement related to such Servicing Rights is in full force and effect and is legal, valid and enforceable in accordance with its terms, and no default or event that, with notice or lapse of time or both, would become a default, exists under such Servicing Agreement and (h) Borrower’s rights to payment under the related Servicing Agreement are genuine and enforceable without defense, offset, bona fide counterclaim or bona fide defense.
Eligible Servicing Rights means, servicing contract rights owned or held, as applicable by Xxxxxxxx that are either (i) appurtenant to mortgage loans that have been delivered to an Agency for inclusion in a securitization by such Agency, and are serviced by Borrower, (ii) appurtenant to mortgage loans which are currently owned by such Agency in portfolio and for which Borrower is acting as the servicer, (iii) appurtenant to mortgage loans owned by Xxxxxxxx and not subject to any lien or other encumbrance, which mortgage loans are eligible for pooling with an Agency, or (iv) appurtenant to mortgage loans that are serviced by the Borrower and are either securitized in a non-agency securitization with respect to which the Lender has approved the related PSA or held in whole loan format and either owned by the Borrower or servicing pursuant to a servicing agreement approved by the Lender; provided that all such mortgage loans shall be “qualified mortgages” or otherwise approved by the Lender for inclusion. In addition, all Eligible Servicing Rights must comply with the eligibility criteria set out in Schedule 6.02.
Eligible Servicing Rights means, mortgage servicing rights owned by Borrower that are not subject to the Fxxxxx Mae Subordination of Interest Agreement or the Fxxxxxx Mac Acknowledgment Agreement for Excess Spread Amounts and are either (i) appurtenant to mortgage loans that have been sold to Fxxxxx Mae or Fxxxxxx Mac or otherwise delivered to Fxxxxx Mae or Fxxxxxx Mac for inclusion in a securitization by Fxxxxx Mae or Fxxxxxx Mac, and are serviced by Borrower, (ii) appurtenant to mortgage loans (1) which were, but are no longer, pooled in securitizations by Fxxxxx Mae or Fxxxxxx Mac, (2) which are currently owned by Fxxxxx Mae or Fxxxxxx Mac in portfolio and (3) for which Borrower is acting as the servicer, (iii) appurtenant to mortgage loans owned by Borrower and not subject to any lien or other encumbrance, which mortgage loans are eligible for pooling with Fxxxxx Mae or Fxxxxxx Mac, or (iv) appurtenant to mortgage loans that are serviced by the Borrower and are either securitized in a non-agency securitization with respect to which the Lender has approved the related PSA or held in whole loan format and either owned by the Borrower or servicing pursuant to a servicing agreement approved by the Lender; provided that all such mortgage loans shall be “qualified mortgages” or otherwise approved by the Lender for inclusion. In addition, all Eligible Servicing Rights must comply with the eligibility criteria set out in Schedule 6.02.
Examples of Eligible Servicing Rights in a sentence
For purposes of preparing each Borrowing Base Report, the Lender shall calculate the Collateral Value of the Eligible Servicing Rights described in the Relevant Electronic File.
If an Event of Default occurs, and upon acceleration of the Loans hereunder, the Loans and all other Obligations shall be immediately due and payable, and collections on the Eligible Servicing Rights and proceeds of sales and securitizations of Eligible Servicing Rights, and other Collateral will be used to pay the Obligations.
Any Borrower Funding Request that relates to the addition of new Collateral shall include an Electronic File describing all Eligible Servicing Rights that constitute the Collateral hereunder.
If an Event of Default occurs, and upon acceleration of the Loans hereunder, the Loans and all other Obligations shall be immediately due and payable, and Collections on the Eligible Servicing Rights and proceeds of sales and securitizations of Eligible Servicing Rights, and other Collateral will be used to pay the Obligations.
This entire experience can be creative and educational, as you will discover that most publications have their special rules for outlining the article, creating acceptable references, and creating tables, etc.
More Definitions of Eligible Servicing Rights
Eligible Servicing Rights means, mortgage servicing rights owned by the Borrower that are appurtenant to Mortgage Loans pooled in securitizations by (a) Xxxxxx Xxx and as to which the related mortgages are identified as “Subject Mortgages” on Exhibit A to the applicable Acknowledgment Agreement (as such Exhibit may be updated from time to time in accordance with Section 15 of such Acknowledgment Agreement), and/or (b) Freddie Mac and associated with the Freddie Mac Mortgage Loans, which servicing contract rights in each case also satisfy the eligibility criteria set forth in Schedule 6.02.
Eligible Servicing Rights all rights of the Company held for its ------------------------- own account (and not as nominee or subservicer), whether pursuant to a Servicing Contract or otherwise, to service Mortgage Loans or Mortgage Loan pools, other than rights to service Mortgage Loans:
Eligible Servicing Rights means, mortgage servicing rights owned by PMAC that are appurtenant to Mortgage Loans pooled in securitizations by Xxxxxx Mae or Xxxxxxx Mac and comply with the eligibility criteria set out in Schedule 6.02. The eligibility criteria set forth in Schedule 6.02 hereto are true and correct as of such date.
Eligible Servicing Rights means, at any time, Servicing Rights with respect to which each of the following statements is true and correct at such time:
Eligible Servicing Rights means, Servicing Rights owned by PMC that are either (i) appurtenant to mortgage loans that have been sold to Xxxxxxx Mac or otherwise delivered to Xxxxxxx Mac for inclusion in a securitization by Xxxxxxx Mac, and are serviced by PMC, (ii) appurtenant to mortgage loans (1) which were, but are no longer, pooled in securitizations by Xxxxxxx Mac, (2) which are currently owned by Xxxxxxx Mac in portfolio and (3) for which PMC is acting as the servicer, (iii) appurtenant to mortgage loans owned by PMC and not subject to any lien or other encumbrance, which mortgage loans are eligible for pooling with Xxxxxxx Mac, or (iv) appurtenant to mortgage loans that are serviced by PMC and are either securitized in a non-agency securitization with respect to which the Lender has approved the related PSA or held in whole loan format and either owned by PMC or servicing pursuant to a servicing agreement approved by the Lender; provided that all such mortgage loans shall be “qualified mortgages” or otherwise approved by the Lender for inclusion. In addition, all Eligible Servicing Rights must comply with the eligibility criteria set out in Schedule 6.02.
Eligible Servicing Rights means, servicing contract rights held by the Borrower that are appurtenant to Mortgage Loans pooled in securitizations by (a) Xxxxxx Xxx and/or (b) Freddie Mac and associated with a Specified Seller/Servicer ID, which servicing contract rights in each case also satisfy the eligibility criteria set forth in Schedule 6.02.
Eligible Servicing Rights means, as of any Determination Date, Pledged Servicing Rights as to which each of the representations and warranties with respect to such Servicing Rights set forth in this Agreement are true and correct on the date of each Borrowing and the date of each submission of a Borrowing Base Report, including, without limitation: (a) such Servicing Rights are held by Borrower giving Borrower the right to service (and be compensated as servicer for servicing) a portfolio of Single-family Mortgage Loans pursuant to an Approved Servicing Agreement, (b) such Servicing Rights have not been rejected by Administrative Agent, (c) such Servicing Rights are held by Borrower free and clear of all Liens (other than the Administrative Agent’s Lien) and the Administrative Agent has been granted and continues to hold a readily enforceable, perfected Lien on such Servicing Rights, subject and subordinate only to all rights, powers and prerogatives of Freddie Mac under and in connection with the Freddie Mac Guide and the other Purchase Documents (as defined in the Freddie Mac Guide) or any owner of the related Mortgage Loan, (d) in the case of each Servicing Agreement between Borrower and the Agency, is subject to an Acknowledgment Agreement with the Agency, (e) the Mortgage Loans related to such Servicing Rights are with a holder or custodian for a holder of such Mortgage Loans who is acceptable to Administrative Agent, (f) the Servicing Agreement related to such Servicing Rights is not a subservicing arrangement, (g) the Servicing Agreement related to such Servicing Rights is in full force and effect and is legal, valid and enforceable in accordance with its terms, and no default or event that, with notice or lapse of time or both, would become a default, exists under such Servicing Agreement and (h) Borrower’s rights to payment under the related Servicing Agreement are genuine and enforceable without defense, offset, bona fide counterclaim or bona fide defense.