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.
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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; provided it is acknowledged that such agreement is subject in all respects to (i) changes required by law or changes in any law, rule or regulation or interpretation thereof, and (ii) changes requested by the parties thereto that are generally consistent with the then current market term.
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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".
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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”).

Related to Substitute Servicing Agreement

  • 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).

  • 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.

  • Servicing Agreement means such subsequent Servicing Agreement; provided, however, that until a replacement Servicing Agreement has been entered into (and such written confirmation has been obtained), the Note A-1 Holder shall cause the Mortgage Loan to be serviced pursuant to the provisions of the Servicing Agreement as if such agreement was still in full force and effect with respect to the Mortgage Loan; provided, further, however, that until a replacement Servicing Agreement is in place, the actual servicing of the Mortgage Loan may be performed by any Qualified Servicer appointed by the Note A-1 Holder and does not have to be performed by the service providers set forth under the Servicing Agreement that was previously in effect.

  • 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.