Compensatory Fees definition

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Compensatory Fees. Any compensatory fees, fines, penalties or other monies assessed by the Governmental Entity for failure to adhere to the applicable Governmental Entity Guidelines in servicing the Mortgage Loans, including without limitation applicable foreclosure, reporting and remitting timelines. Corporate Parent: Ocwen Financial Corporation, or any successor thereto. Critical Report: The reports (other than the Purchaser Regulatory Reports) identified as such on Exhibit E-1 attached hereto which the Seller is required hereunder to deliver to the Purchasers, which report list shall be amended from time to time upon mutual agreement of the Seller and Holdings.

Compensatory Fees. Any compensatory fees (or settlements thereof) assessed by ▇▇▇▇▇▇ ▇▇▇ or ▇▇▇▇▇▇▇ ▇▇▇, as applicable, based on the failure of Seller to service any Mortgage Loan in accordance with Applicable Requirements prior to the Servicing Transfer Date.

Examples of Compensatory Fees in a sentence

The Subservicer shall notify the Owner/Servicer (i) on or prior to the date of this Agreement, of any agreement which the Subservicer has with any Agency with respect to Compensatory Fees, (ii) no later than the Reporting Date, of any modification, extension or termination of such agreement which occurred in the prior calendar month and (iii) no later than the Reporting Date, of any notices from received by the Subservicer in the prior calendar month from an Agency relating to Compensatory Fees.
In addition, Subservicer shall be required to reimburse Owner/Servicer for any late interest, penalties, or Compensatory Fees paid by the Owner/Servicer to an Agency as a result of Subservicer’s failure to timely comply with its obligations under this Agreement or Applicable Requirements.
With respect to each ▇▇▇▇▇▇ ▇▇▇ Mortgage Loan and ▇▇▇▇▇▇▇ ▇▇▇ Mortgage Loan, there are no outstanding, unpaid and/or accrued Compensatory Fees.
For the avoidance of doubt, the Seller shall be responsible for all Compensatory Fees imposed by an Investor prior to the Transfer Date or relating to Mortgage Loans for which foreclosure has been completed prior to the Transfer Date.
The Seller shall reimburse the Purchaser for any Compensatory Fees with respect to the Mortgage Loans which are asserted by an Investor with respect to the servicing of any Mortgage Loan prior to the Transfer Date; provided, that nothing herein is intended to limit or otherwise impair the right or ability of the Seller to dispute with the applicable Investor any responsibility or liability for such amounts claimed by such Investor.
Article10: Notice of Change in Collaterals and Collection of Interest or Compensatory Fees In the event of any change in the collaterals provided by the Customer such as damage, extinguishment, depreciation in value, or interest arising therefrom, or requisition for public use, or other causes which shall be compensated by a third party, the Customer shall immediately notify the Bank.
Compensatory Fees: A fee will be assessed to teachers who wish to resign after June 15th and whose resignation is accepted by the Board of Education.
Seller agrees to reimburse Purchaser for any Compensatory Fees with respect to Mortgage Loans that are imposed by an Investor with respect to the servicing of any Mortgage Loan prior to the Transfer Date.
The Seller shall provide the Purchaser with all funds relating to the payment of Compensatory Fees that are the responsibility of the Seller pursuant to this Section 6.3 in a timely manner so as to allow the Purchaser to comply with Applicable Requirements regarding the payment of such amounts to the applicable Investor.
Seller shall provide Purchaser with all funds relating to the payment of Compensatory Fees or penalties that are the responsibility of Seller pursuant to this Section 10.5 in a timely manner so as to allow Purchaser to comply with Applicable Requirements regarding the payment of such amounts to an Investor.