Servicer Performance Evaluation definition
Examples of Servicer Performance Evaluation in a sentence
Fairbanks shall pay all costs and expenses of the independent auditor or any Rating Agency (including the costs of any Rating Agency review pursuant to the foregoing paragraph) associated with a Fairbanks Servicer Performance Evaluation.
The Servicer shall pay all costs and expenses of the independent auditor or any Rating Agency (including the costs of any Rating Agency review pursuant to the foregoing paragraph) associated with a Servicer Performance Evaluation.
At their option, each Rating Agency shall have the right to review all of the information provided to the independent auditor in connection with a Servicer Performance Evaluation so as to allow such Rating Agency to evaluate the Servicer's compliance with the Performance Standards.
The Servicer shall pay all costs and expenses of the Trustee, the independent auditor or any Rating Agency (including the costs of any Rating Agency review pursuant to the foregoing paragraph) associated with a Servicer Performance Evaluation.
At their option, each Rating Agency shall have the right to review all of the information provided to the independent auditor in connection with the Servicer Performance Evaluation so as to allow such Rating Agency to evaluate the Servicer’s compliance with the Performance Standards.
In the engagement, the Trustee shall require the auditor to deliver the results of its Servicer Performance Evaluation to the Trustee and the Rating Agencies and the Trustee shall report such Servicer Performance Evaluation results to Certificateholders in its monthly statement, made pursuant to Section 4.03.
The Servicer shall cooperate with all reasonable requests of the Trustee, the independent auditor and the Rating Agencies in connection with the Servicer Performance Evaluation, including, without limitation, making available to the auditor payment histories, documentation relating to the Servicer’s contacts with the related Mortgagors and documents contained in the Servicing File.
If such a written request is made to the Trustee, Fairbanks will be deemed to have "failed" the Servicer Performance Evaluation and an Event of Default under Section 7.01(i) shall be deemed to have occurred.
After receipt by the Certificateholders of the results of the Servicer Performance Evaluation, if Holders of the Certificates entitled to 51% or more of the Voting Rights request in writing to the Trustee to terminate the Servicer under this Agreement, the Servicer shall be removed pursuant to Section 7.01.
The evaluation process described above in this Section 3.27 is referred to herein as a "Servicer Performance Evaluation" and is subject in all respects to the approval of the Rating Agencies.