Servicing Collateral Value definition

Servicing Collateral Value means the lesser of (x) sixty-seven and one-half percent (67.5%) of the aggregate Appraised Value of all Pledged Servicing, as most recently determined by a Servicing Appraisal or, if no Default or Event of Default has occurred and is continuing and if the Companies’ regular monthly evaluation is more current than the most recent Servicing Appraisal (or, even if such conditions to its use are not satisfied, if the Agent in its discretion elects to utilize the Companies’ evaluation rather than a Servicing Appraisal for the purpose), the Companies’ monthly evaluation, or (y) one percent (1.00%) of the aggregate Principal Balances of the Mortgage Loans comprising the Pledged Servicing Portfolio that are less than ninety (90) days delinquent.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Servicing Collateral Value means, as of any date of determination, 65% of the most recent Appraisal Value of the Servicing Contracts included in the Eligible Servicing Portfolio, adjusted to reflect additions to and deletions from the Eligible Servicing Portfolio since the date of such Appraisal.

Servicing Collateral Value means, as of the date of any determination, sixty-five (65%) of the Appraisal Value of the Pledged Servicing Contracts (adjusted to account for Pledged Servicing Contracts sold, created or acquired since the date of the most recent Appraisal in accordance with the methodology of such Appraisal); provided, that for purposes of calculating the Servicing Collateral Value, the following Mortgage Loans shall be excluded: (i) Mortgage Loans on which any payment is more than forty-five (45) days past due, (ii) Mortgage Loans in respect of which the Borrowers have commenced foreclosure proceedings, (iii) Mortgage Loans in respect of which any obligor is the subject of a bankruptcy proceeding, and (iv) Servicing Contracts excluded in calculating the Adjusted Servicing Portfolio.

Examples of Servicing Collateral Value in a sentence

• Additionally, the Agent may elect, but shall not be obligated, to treat Pledged Servicing with any investor other than ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as having zero Servicing Collateral Value until the date on which an Acknowledgment Agreement covering such Pledged Servicing has been executed and delivered by the Company, the Agent and the investor, as applicable.

• Notwithstanding any other provision hereof to the contrary, the Agent shall treat Pledged Servicing with ▇▇▇▇▇▇ ▇▇▇ or ▇▇▇▇▇▇▇ Mac as having zero Servicing Collateral Value from and after the thirtieth day such Servicing Collateral is Pledged to the Agent or until the date on which an Acknowledgment Agreement covering such Pledged Servicing has been executed and delivered by the Company, the Agent and ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac, as applicable.

• Notwithstanding any other provision hereof to the contrary, the Agent may elect, but shall not be obligated, to treat Pledged Servicing with ▇▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇ Mac or any other investor as having zero Servicing Collateral Value until the date on which an Acknowledgment Agreement covering such Pledged Servicing has been executed and delivered by the Company, the Agent and ▇▇▇▇▇▇ Mae, ▇▇▇▇▇▇▇ Mac or such other investor, as applicable.

• I Advance or Liquidity Advance shall be made hereunder if, after giving effect to such Advance, the aggregate outstanding principal balance of the Servicing Secured Obligations would exceed sixty-five (65%) of the Servicing Collateral Value.

More Definitions of Servicing Collateral Value

Servicing Collateral Value means, as of the date of any -------------------------- determination, with respect to any Servicing Contracts, the Appraisal Value of such Servicing Contracts (adjusted to account for Servicing Contracts sold or Mortgage Loans repaid since the date of the most recent Appraisal in accordance with the methodology of such Appraisal); provided, that for -------- purposes of calculating the Servicing Collateral Value, the following Mortgage Loans shall be excluded: (i) Mortgage Loans on which any payment is more than sixty (60) days past due, (ii) Mortgage Loans in respect of which the borrowers have commenced foreclosure proceedings, (iii) Mortgage Loans in respect of which any obligor is the subject of a bankruptcy proceeding, (iv) Mortgage Loans serviced pursuant to Servicing Contracts with Affiliates of the Borrowers, including without limitation, WMFCC, or with special purpose entities created by Affiliates in connection with the securitization of Mortgage Loans; and (v) Servicing Contracts excluded in calculating the Adjusted Servicing Portfolio, other than pursuant to clause (b) of the definition thereof.

Servicing Collateral Value means as of the date of determination, the -------------------------- lesser of: (a) seventy percent (70%) of the most recent Appraised Value of the Servicing Contracts included in the Servicing Collateral, or (b) one percent (1.00%) of the outstanding principal balance of the Mortgage Loans serviced pursuant to the Servicing Contracts included in the Servicing Collateral; provided, that for purposes of calculating the Servicing Collateral Value, the -------- following Mortgage Loans shall be excluded: (i) Mortgage Loans excluded in calculating the Adjusted Servicing Portfolio (ii) Mortgage Loans in respect of which the Company has commenced foreclosure proceedings, and (iii) Mortgage Loans in respect of which any obligor is the subject of a bankruptcy proceeding.