Special Subservicer definition

Special Subservicer. The Subservicer for the Special Subservicer Loans.
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Special Subservicer means the entity that manages and oversees debt collection activities for charged-off NCSLT Loans, on behalf of each respective Trust.
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Examples of Special Subservicer in a sentence

  • Except as otherwise expressly provided herein, the Special Sub-servicer shall continue to sub-service each Specially Serviced Mortgage Loan, until the liquidation or other disposition of such Specially Serviced Mortgage Loan, including without limitation the payment in full of such Specially Serviced Mortgage Loan or the foreclosure sale of the underlying Mortgaged Property, regardless of whether the Specially Serviced Mortgage Loan remains delinquent or becomes current.

  • No more than one Special Subservicer may be designated at any time.

  • With respect to the Special Subservicer Loans, (i) any and all reporting requirements of the Servicer to the Trustee regarding such Mortgage Loans pursuant to this Agreement shall be fulfilled directly by the Special Subservicer, and (ii) the Special Subservicer shall be permitted to request the related Subservicer Custodial Files directly from the Trustee or its custodian in accordance with the terms of this Agreement.

  • Following the designation of a Mortgage Loan as a Specially Serviced Mortgage Loan, the Company shall transfer servicing of such Mortgage Loan to the Special Subservicer substantially in the manner set forth herein and in Schedule II hereto unless the delinquency is cured while in the pending service release pool, prior to 24th day of the month of release.

  • In the instance of a delinquency cure as described in the preceding sentence, the Company will be responsible for sending an "oops" notice to the Special Subservicer canceling the servicing transfer to and advising the Special Subservicer of the withdrawal of such Delinquent Mortgage Loan from the pending service release pool.

  • The Special Subservicer shall cooperate with the Class B Holder and such successor in effecting the termination of the Special Subservicer's responsibilities and rights hereunder and the transfer of servicing responsibilities to the successor special subservicer, including without limitation, the transfer to such successor of all amounts received by it with respect to the Specially Serviced Mortgage Loans.

  • Any such successor special subservicer shall succeed to all rights and assume all of the responsibilities, duties and liabilities of the Special Subservicer under this Agreement simultaneously with the termination of the Special Subservicer's responsibilities, duties and liabilities under this Agreement.

  • The fees to be paid by the Company to the Special Subservicer shall be set forth on Schedule II hereto.

  • The parties hereto agree that any fees resulting from the transfer of the servicing of a Mortgage Loan from the Company or a subservicer to the Special Subservicer (or any successor thereto) shall be the sole obligation of the Company without reimbursement from the Trust Fund.

  • This Agreement has been duly executed and delivered by the Special Subservicer and constitutes the legal, valid and binding obligation of the Special Subservicer, enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium, and other similar laws affecting creditors' rights generally, and to general principles of equity, regardless of whether such enforcement is considered in a proceeding in equity or at law.

Related to Special Subservicer

  • 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.

  • Back-Up Servicer means Xxxxx Fargo Bank, National Association and its permitted successors and assigns, as provided in the Indenture.

  • Servicer means the Master Servicer or the Special Servicer, as the context may require.

  • Master Servicer means the master servicer appointed as provided in the Lead Securitization Servicing Agreement.

  • Special Servicer means the applicable special servicer with respect to the Mortgage Loan appointed as provided in the Lead Securitization Servicing Agreement.

  • Special Servicer Servicing Personnel The divisions and individuals of the Special Servicer who are involved in the performance of the duties of the Special Servicer under this Agreement.

  • Master Servicer Servicing Personnel The divisions and individuals of the Master Servicer who are involved in the performance of the duties of the Master Servicer under this Agreement.

  • 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.

  • Sub-Servicer Any Person with which the Master Servicer has entered into a Sub-Servicing Agreement and which meets the qualifications of a Sub-Servicer pursuant to Section 3.02.

  • Servicing Bank means the Agent or the Security Trustee;

  • Successor Master Servicer The meaning ascribed to such term pursuant to Section 8.02.

  • Non-Lead Master Servicer means the “master servicer” under any Non-Lead Securitization Servicing Agreement.

  • Servicing Agent means, with respect to an eNote, the field entitled, “Servicing Agent” in the MERS eRegistry.

  • Primary Servicer Prudential Asset Resources, Inc., or any successor thereto (as primary servicer) appointed as provided in the Primary Servicing Agreement.

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

  • FTPS Unit Servicing Agent means FTP Services LLC or any successor FTPS Unit servicing agent appointed as hereinafter provided."

  • Primary Servicing Office The office of the Master Servicer or the Special Servicer, as the context may require, that is primarily responsible for such party’s servicing obligations hereunder.

  • 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).

  • The Servicer s resignation pursuant to Section 7.5 or upon the Servicer's receipt of notice of termination as Servicer pursuant to Section 8.1(a), the Indenture Trustee (or an Affiliate of the Indenture Trustee that is an Eligible Servicer appointed by the Indenture Trustee) shall be the successor in all respects to the Servicer in its capacity as Servicer under this Agreement (provided that neither the Indenture Trustee nor any other successor Servicer shall have any obligation, but may elect, to make available to an Obligor any refinancing of a Last Scheduled Payment in the manner specified in the last sentence of Section 3.2(e) hereof), and shall be subject to all the responsibilities, duties and liabilities relating thereto placed on the Servicer by the terms and provisions of this Agreement. As compensation therefor, the Indenture Trustee shall be entitled to such compensation (whether payable out of the Collection Account or otherwise) as the Servicer would have been entitled to under this Agreement if no such notice of termination or resignation had been given, except that all collections shall be deposited in the Collection Account within two Business Days of receipt and shall not be retained by the Servicer. Notwithstanding the above, the Indenture Trustee may, if it shall be unwilling so to act, or shall, if it is legally unable so to act, appoint, or petition a court of competent jurisdiction to appoint, an Eligible Servicer as the successor to the terminated Servicer under this Agreement. In connection with such appointment, the Indenture Trustee may make such arrangements for the compensation of such successor Servicer out of payments on Receivables as it and such successor shall agree, which, in no event, shall be greater than that payable to MMCA as Servicer hereunder. The Indenture Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession including, but not limited to, making arrangements in respect of the last sentence of Section 3.2(e) of this Agreement. The Indenture Trustee shall not be relieved of its duties as successor Servicer under this Section 8.2 until a newly appointed Servicer shall have assumed the responsibilities and obligations of the terminated Servicer under this Agreement.

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

  • Other Special Servicer The applicable other “special servicer” under an Other Pooling and Servicing Agreement relating to a Serviced Companion Loan.

  • Subservicing Agreement The written contract between the Master Servicer and any Subservicer relating to servicing and administration of certain Mortgage Loans as provided in Section 3.02, generally in the form of the servicer contract referred to or contained in the Program Guide or in such other form as has been approved by the Master Servicer and the Depositor.

  • Countrywide Servicing Agreement Solely with respect to the Countrywide Mortgage Loans, the Mortgage Loan Purchase and Servicing Agreement, dated as of November 1, 2001, between the Transferor, as purchaser, and Countrywide, as seller and as servicer (as successor to Countrywide Home Loans, Inc. by an assignment dated January 1, 2001, as the same may be amended or supplemented), as the same may be amended from time to time, and any assignments and conveyances related to the Countrywide Mortgage Loans.

  • Other Servicer The applicable other “master servicer” under an Other Pooling and Servicing Agreement relating to a Serviced Companion Loan.

  • Subservicing Agreements As defined in Section 3.02(a).

  • Back-Up Servicing Agreement means that certain Back-Up Servicing Agreement to be entered into by and among the Company, the Administrative Agent and the Back-Up Servicer, as such agreement may be amended, restated, supplemented or otherwise modified from time to time.