Recourse Servicing definition

Recourse Servicing means Servicing Rights under a Servicing Agreement with respect to which the Servicer is obligated to repurchase or indemnify the holder of the related Mortgage Loans in respect of defaults on such Mortgage Loans at any time during the term of such Mortgage Loans.
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Recourse Servicing means any servicing rights under a Servicing Agreement which obligates the Borrower either to repurchase Mortgage Loans upon default by the borrower thereunder or to indemnify any party having an interest in such Mortgage Loans against any loss arising from such a default for reasons other than a breach of any representations or warranties regarding the condition of such Mortgage Loans at origination which were made by the Borrower as originator of such Mortgage Loans.
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Recourse Servicing means any servicing rights under a Servicing Agreement (other than any Servicing Agreement with GNMA) which obligates the Company to repurchase Mortgage Loans upon default by the borrower thereunder or indemnify any party having an interest in such Mortgage Loans against any principal loss arising from such a default, unless (i) the Company has obtained and maintains in effect insurance with coverages satisfactory to Agent from an insurance company having a AAA rating covering the risk of being required to so indemnify any such party, or (ii) the Company's obligation to indemnify any party against any principal loss is limited to 10% or less of any such loss.
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Examples of Recourse Servicing in a sentence

  • The Bank may require any Obligor to assemble the Collateral and make it available to the Bank at the Obligors' sole risk and expense at a place or places which are reasonably convenient to the Bank and such Obligor.

  • Permit the aggregate principal balance of Mortgage Loans covered by Recourse Servicing at any time after the date hereof to exceed (i) $2,350,000,000 less (ii) all reductions in the aggregate principal balance of such Mortgage Loans covered by Recourse Servicing as of March 31, 1998, whether by reason of prepayment or amortization from and after April 1, 1998.

  • The Borrower will not at any time acquire or create any Recourse Servicing beyond the Recourse Servicing held by the Company on the Effective Date.

  • Recourse Servicing Contracts.................................................8-3 9.

  • The Company, TMA, CPM, the Agent and the Lenders desire to amend the Credit Agreement to (i) modify the covenant which limits the Recourse Servicing, and (ii) extend the date by which the Company shall be entitled to make a special dividend of up to $60,000,000.

  • Recourse Servicing Contracts .......................................

  • Recourse Servicing Contracts....................................................................8-2 8.15.

  • Recourse Servicing Contracts ....................................

  • Recourse Servicing Contracts Acquire or enter into Servicing Contracts under which Borrower must repurchase or indemnify the holder of the Mortgage Loans as a result of defaults on the Mortgage Loans at any time during the term of those Mortgage Loans.

  • Even where the triggers were not satisfied, the FCC allowed a finding of non-impairment if a state, applying seven criteria (all quite fluid and none quantified), determined that the route was suitable for multiple competitive supply.


More Definitions of Recourse Servicing

Recourse Servicing means any servicing rights under a Servicing Agreement which obligates the Borrower either to repurchase Qualifying Loans upon default by the borrower thereunder or to indemnify any party having an interest in such Qualifying Loans against any loss arising from such a default for reasons other than a breach of any representations or warranties regarding the condition of such Qualifying Loans at origination which were made by the Borrower as originator of such Qualifying Loans, provided that "Recourse Servicing" shall not be deemed to include any servicing rights which provide for recourse against the Borrower which is contractually limited to recovery against the value of any related IO Securities, Residual Certificates or excess servicing rights held by the Borrower or the cash flows to be received thereon as a result of their subordination to senior securities, certificates or rights created and governed by the same documents that created and govern such IO Securities, Residual Certificates and excess servicing rights.
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Recourse Servicing means Servicing Rights under a Servicing Agreement with respect to which the Servicer is obligated to repurchase or indemnify the holder of the related Mortgage Loans in respect of defaults on such Mortgage Loans at any time during the term of such Mortgage Loans. “Register” is defined in Section 22.17(d). “Regular Transaction” means a Transaction funded by all Buyers, rather than by Comerica Bank under the Swing Line. “Regulation T” means Regulation T promulgated by the Board of Governors of the Federal Reserve System, 12 C.F.R. Part 220, or any other regulation when promulgated to replace the prior Regulation T and having substantially the same function. “Regulation U” means Regulation U promulgated by the Board of Governors of the Federal Reserve System, 12 C.F.R. Part 221, or any other regulation when promulgated to replace the prior Regulation U and having substantially the same function. “Regulation X” means Regulation X promulgated by the Board of Governors of the Federal Reserve System, 12 C.F.R. Part 224, or any other regulation when promulgated to replace the prior Regulation X and having substantially the same function. “REO” means real property improved by a one-through four-family residence owned following judicial or nonjudicial foreclosure (or conveyance by deed in lieu of foreclosure) of a Mortgage securing a Single-family Loan. “Repurchase Date” means the date on which the Seller is to repurchase Purchased Loans from the Buyers, being the earlier of (a) the date when the Approved Investor is to purchase such Purchased Loans and (b) any date determined by application of the provisions of Section 3.3 or 18. “Repurchase Documents” means and includes this Agreement, the Custody Agreement, any Subordination Agreement(s), any financing statements or other papers now or hereafter authorized, executed or issued pursuant to this Agreement, the MBS Custodial Agreement, and all other documents, instruments and agreements at any time evidencing, governing, securing or
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Recourse Servicing means Servicing Rights under a Servicing Agreement with respect to which the Servicer is obligated to repurchase or indemnify the holder of the related Mortgage 25 Bodman_16842095_7
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Recourse Servicing means any servicing rights under a Servicing Agreement which obligates the Borrower or any Borrowing Subsidiary either to repurchase Mortgage Loans upon default by the borrower thereunder or to indemnify any party having an interest in such Mortgage Loans against any loss arising from such a default for reasons other than (i) a breach of any representations or warranties regarding the condition of such Mortgage Loans at origination which were made by the Borrower or any Borrowing Subsidiary as originator of such Mortgage Loans, or (ii) the default in payment by the mortgagor with respect to the first payment due after the date on which the applicable Mortgage Loan was sold.
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Recourse Servicing means any servicing rights under a servicing agreement (other than with GNMA) which obligates the Borrower to repurchase Mortgage Loans upon default by the borrower thereunder or indemnify any party having an interest in such Mortgage Loans against any principal loss arising from such a default.
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Related to Recourse Servicing

  • Securitization Servicing Agreement means the Lead Securitization Servicing Agreement or any Non-Lead Securitization Servicing Agreement.

  • Non-Lead Securitization Servicing Agreement shall have the meaning assigned to such term in Section 2(b).

  • Lead Securitization Servicing Agreement means (i) the pooling and servicing agreement or other comparable agreement related to the Lead Securitization, and (ii) on and after the date on which the Mortgage Loan is no longer subject to the provisions of the Lead Securitization Servicing Agreement, the “Lead Securitization Servicing Agreement” shall be determined in accordance with the second paragraph of Section 2(a).

  • Substitute Servicing Agreement means a servicing agreement that contains servicing provisions which are the same as or more favorable to the Non-Lead Noteholders, in substance, to those in the Servicing Agreement (including, without limitation, all applicable provisions relating to delivery of information and reports necessary for any Non-Lead Securitization to comply with any applicable reporting requirements under the Securities Exchange Act of 1934, as amended) and all references herein to the “Servicing Agreement” shall mean such subsequent servicing agreement; provided, however, that if a Non-Lead Securitization Note is in a Securitization, then a Rating Agency Confirmation shall have been obtained from each Rating Agency with respect to such subsequent servicing agreement.

  • Interim Servicing Agreement The agreement to be entered into by the Purchaser and the Interim Servicer, providing for the Interim Servicer to service the Mortgage Loans as specified by the Interim Servicing Agreement.

  • Basic Servicing Agreement has the meaning set forth in the Recitals.

  • Non-Lead Servicing Agreement means the pooling and servicing agreement, trust and servicing agreement or other similar agreement to be entered into in connection with a Non-Lead Securitization Note.

  • Interim Servicer The servicer under the Interim Servicing Agreement, or its successor in interest, or any successor to the Interim Servicer under the Interim Servicing Agreement, as therein provided.

  • Subservicer means any Person that services Receivables on behalf of the Servicer or any Subservicer and is responsible for the performance (whether directly or through Subservicers or Subcontractors) of a substantial portion of the material servicing functions required to be performed by the Servicer under this Agreement that are identified in Item 1122(d) of Regulation AB.

  • Limited Originator Recourse means a letter of credit, cash collateral account or other such credit enhancement issued in connection with the incurrence of Indebtedness by a Securitization Entity under a Qualified Securitization Transaction, in each case, solely to the extent required to satisfy Standard Securitization Undertakings.