Substitute Servicing Agreement definition
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.
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 Exchange Act) 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.
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 Lead Securitization 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 “Lead Securitization 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.
Examples of Substitute Servicing Agreement in a sentence
Accordingly, Purchasers agree that, immediately following the Initial Closing, the following Assets will be covered by either the Existing Trimont Servicing Agreement or the Trimont Substitute Servicing Agreement: (a) the Asset identified as “B Note 7” on Schedule 2.2, (b) the Asset identified as “Mezzanine 8” on Schedule 2.2, (c) the Asset identified as “Mortgage 7” on Schedule 2.2, and (d) the Asset identified as “Mezzanine 7” on Schedule 2.2 (collectively, the “Trimont Servicing Assets”).
More Definitions of Substitute Servicing Agreement
Substitute Servicing Agreement means the servicing agreement in form and substance satisfactory to the Lender to be entered into pursuant to clause 16.3 between, inter alia, the Borrower, the Lender and CMS relating to the servicing of the Existing Mortgage Loans and New Production Mortgage Loans financed under this Agreement and which shall include provisions which address, in all material respects, those matters referred to in a letter of even date herewith between the Lender and CMC referenced "Substitute Servicing Agreement".