Excess Servicing Spread definition

Excess Servicing Spread means the rights of PMAC and Holdings to the cash flow (including without limitation any Junior Excess Strips) derived from the Eligible Servicing Rights, expressed as a percentage of the Total Servicing Spread, which percentage is equal to the Excess Servicing Spread Percentage.
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Excess Servicing Spread means mortgage servicing spreads relating to the Eligible Pledged Servicing Receivables (any sale or pledge of which must be approved by the Administrative Agent in its sole discretion).
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Excess Servicing Spread. The rights of Seller, severable from each (and all) of the other rights under the applicable Servicing Agreements, to 65% of the Total Servicing Spread.
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Examples of Excess Servicing Spread in a sentence

  • The consideration received by Seller upon the sale of the Current Excess Servicing Spread constitutes fair consideration and reasonably equivalent value therefor.

  • Seller and Purchaser intend and agree to treat the transfer and assignment of the Current Excess Servicing Spread as an absolute sale for tax purposes, and as an absolute and complete conveyance of title for property law purposes.

  • Seller is Solvent and the sale of the Current Excess Servicing Spread will not cause Seller to become insolvent.

  • There are no accrued liabilities of Seller with respect to the Mortgage Loans or the Mortgage Servicing Rights or circumstances under which such accrued liabilities will arise against Purchaser as purchaser of the Current Excess Servicing Spread.

  • If there are any funds remaining in the Current Spread Reserve Account after the Current Excess Servicing Spread and all indemnity payments payable to Purchaser Indemnitees have been paid in full, Seller shall direct the Bank to distribute such remaining funds to, or as directed by, Seller.

  • The sale of the Current Excess Servicing Spread is not undertaken to hinder, delay or defraud any of the creditors of Seller.

  • No security agreement, financing statement, equivalent security or lien instrument or continuation statement covering all or any part of the Current Excess Servicing Spread which has been signed by Seller or which Seller has authorized any other Person to sign or file or record, is on file or of record with any public office, except such as may have been terminated or filed by or on behalf of Purchaser.

  • Seller’s financial statements shall contain footnotes indicating that the Current Excess Servicing Spread has been sold, and Seller does not maintain any ownership interest therein.

  • In the event servicing of the Mortgage Loans is transferred to sub-servicers for any reason, the servicing fees and expenses of such sub-servicers shall be paid by Seller and in no event will the amount of Servicing Spread Collections or termination payments otherwise allocable to the Current Excess Servicing Spread be reduced due to the payment of sub-servicing fees and expenses.

  • Seller hereby authorizes the filing of any financing statements or continuation statements, and amendments to financing statements, in any jurisdictions and with any filing offices as Purchaser may determine, in its sole discretion, are necessary or advisable to perfect the sale of the Current Excess Servicing Spread and the security interests granted to Purchaser in connection herewith.


More Definitions of Excess Servicing Spread

Excess Servicing Spread means, with respect to any MSR Mortgage Loan, (i) all, or a portion of, the excess, if any, created by the stream of cash flows arising from the Servicing Rights with respect to such Mortgage Loan in an amount equal to (a) such stream of cash flows minus (b) the Cost of Servicing Fee with respect to such Mortgage Loan and (ii) the excess between the sum of (a) any and all incidental income (such as late fees, assignment transfer fees, returned check fees and other fees) earned as servicer with respect to any Mortgage Loans that are supplemental to any servicing spread payable under any Servicing Agreement and (b) the Cost of Servicing Fee minus the cost of servicing related to such Mortgage Loan (which amount set forth in this clause (ii) may be described as the “Reference Spread” in accordance with the Closing Date Acquisition Agreement to which Parent Guarantor is a party).
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Related to Excess Servicing Spread

  • Primary Servicing Fee means, with respect to each Mortgage Loan and REO Mortgage Loan, the fee payable to the Primary Servicer pursuant to Section 3.01(c)(20) of this Agreement.

  • Servicing Portfolio means, as to any Person, the unpaid principal balance of Mortgage Loans serviced by that Person under Servicing Contracts, minus the principal balance of all Mortgage Loans that are serviced by that Person for others under subservicing arrangements.

  • Servicing Rate means 1.00% per annum.

  • Servicing Rights means rights of any Person, to administer, service or subservice, the Purchased Assets or to possess related Servicing Records.

  • Primary Servicing Fee Rate means, with respect to each Mortgage Loan, the rate that corresponds to such Mortgage Loan set forth on Exhibit A hereto under the heading “Primary Servicing Fee.”

  • Servicing Fee means the fee payable to the Servicer for services rendered during each Collection Period, determined pursuant to Section 4.08 of the Sale and Servicing Agreement.

  • Mortgage Loan Rate means, as of any date of determination, the weighted average of the Note A Rate and the Note B Rate.