Irrevocable Redirection Notice definition

Irrevocable Redirection Notice. A notice in the form of Exhibit C-2 sent by Seller or by Servicer on Seller’s behalf to the applicable Underlying Obligor on or before the applicable Purchase Date for each Purchased Asset directing the remittance of Income with respect to such Purchased Asset directly to the Waterfall Account.

Irrevocable Redirection Notice. A notice in a form acceptable to Buyer, to be signed by the Underlying Obligor (if applicable) and Seller, or by Servicer on Seller’s behalf, with respect to each Purchased Asset, directing the remittance of all Income with respect to a Purchased Asset to an account designated by Buyer.

Irrevocable Redirection Notice. A notice in form reasonably acceptable to Buyer, sent by Seller in respect of each Purchased Asset (or by Seller’s Affiliate or a Transferor in connection with the origination of any such Purchased Asset) or by Servicer on Seller’s behalf directing the remittance of Income with respect to a Purchased Asset to one of the Servicing Agreement Accounts (or other applicable account under the related Purchased Asset Documents) and/or the Waterfall Account, as applicable, and, to the extent required by either Buyer or Seller, executed by the applicable Underlying Obligor, Servicer or other Person with respect to such Purchased Asset.

Examples of Irrevocable Redirection Notice in a sentence

• Seller and Servicer (a) shall comply with and enforce each Irrevocable Redirection Notice, (b) shall not amend, modify, waive, terminate or revoke any Irrevocable Redirection Notice without Buyer’s consent, and (c) shall take all reasonable steps to enforce each Irrevocable Redirection Notice.

• Within five (5) Business Days of the related Purchase Date, Seller shall use its commercially reasonable efforts to deliver to Buyer an Irrevocable Redirection Notice with respect to each Purchased Asset, fully executed by each Underlying Obligor or other applicable Person.

• Seller (a) shall, and shall cause each Servicer to, comply with and enforce each Irrevocable Redirection Notice, (b) shall not amend, modify, waive, terminate or revoke any Irrevocable Redirection Notice without Buyer’s consent, and (c) shall take all reasonable steps to enforce each Irrevocable Redirection Notice.

• Seller (a) shall comply with and enforce each Irrevocable Redirection Notice, (b) shall not amend, modify, waive, terminate or revoke any Irrevocable Redirection Notice without Buyer’s consent, and (c) shall take all reasonable steps to enforce each Irrevocable Redirection Notice.

• Furthermore, in the event that Seller or any Underlying Obligor enters into any Interest Rate Protection Agreement with respect to a Purchased Asset pursuant to the Mortgage Loan Documents, Seller shall cause the Hedge Counterparty to deliver an Irrevocable Redirection Notice (or other direction reasonably satisfactory to Buyer) acknowledging that all payments with respect to such Interest Rate Protection Agreement should be made to the Waterfall Account.

More Definitions of Irrevocable Redirection Notice

Irrevocable Redirection Notice. A notice in the form of Exhibit K, sent by Seller, syndication agent or by Servicer on Seller’s behalf, directing the remittance of all Income with respect to a Purchased Asset to the Servicer Account and executed by the applicable Underlying Obligor, Servicer, syndication agent or such other appropriate Person in connection with the Purchased Asset, as applicable, as may be acceptable to Buyer.

Irrevocable Redirection Notice. A notice in form and substance satisfactory to Buyer sent by Seller, if necessary, to the applicable trustee, master servicer or servicer of the RMBS directing the remittance of Income with respect to a Purchased Asset to the Waterfall Account.

Irrevocable Redirection Notice. A notice in the form of Exhibit C sent by Seller or by Servicer on Seller's behalf directing the remittance of Income and other amounts required to be delivered hereunder with respect to a Purchased Asset to Servicer (if Servicer is Xxxxx) or the Waterfall Account, as applicable, duly executed by Seller, Servicer and, subject to Section 8.06, the applicable Underlying Obligor (or other applicable Person) with respect to such Purchased Asset.

Irrevocable Redirection Notice. With respect to each Purchased Asset, a notice in the form attached hereto as Exhibit G, to be signed by Seller or by Servicer on Seller’s behalf, which notice may be delivered to the applicable Underlying Obligor after the occurrence and during the continuance of an Event of Default in accordance with this Agreement.

Irrevocable Redirection Notice. A notice in form and substance satisfactory to Buyer sent by Seller, if necessary, to the applicable trustee, master servicer or servicer of the CMBS directing the remittance of Income with respect to a Purchased Asset to the Securities Account.

Irrevocable Redirection Notice. (a) A notice in the form of Exhibit C-1 sent by Seller or by Servicer on Seller’s behalf directing the remittance of Income and other amounts required to be delivered hereunder with respect to a Purchased Asset (other than a Permitted Asset) to Servicer (if Servicer is Xxxxx) or the Waterfall Account, as applicable, duly executed by Seller, Servicer and, subject to Section 8.06, the applicable Underlying Obligor (or other applicable Person) with respect to such Purchased Asset or (b) a notice in the form of Exhibit C-2 sent by Seller directing the remittance of Income and other amounts required to be delivered hereunder with respect to a Permitted Asset to the Waterfall Account, duly executed by Seller and the third-party servicer (or other applicable Person) of such Permitted Asset, with respect to such Permitted Asset.

Irrevocable Redirection Notice. (i) other than with respect to a Senior Interest, a notice in the form of Exhibit C-1, sent by Seller (or by Servicer on Seller’s behalf) and executed by the Mortgagor, directing the Mortgagor that the remittance of all Income with respect to a Purchased Asset shall (A) be made directly to the Servicer Account or (B) in the case of an in-place lockbox account into any related Mortgagor or other Underlying Obligor is required to remit Income, not be modified from the in-place lockbox account for such Purchased Asset without the prior written consent of Buyer for so long as such Asset is a Purchased Asset and (ii) a notice in the form of Exhibit C-2, sent by Seller and executed by the Servicer, directing the Servicer that all Income payable to Seller with respect to a Purchased Asset pursuant to the Servicing Agreement shall be remitted to the Servicer Account and such remittance shall not be modified therefrom for such Purchased Asset without the prior written consent of Buyer for so long as such Asset is a Purchased Asset.