MSR Transfer Date definition
Examples of MSR Transfer Date in a sentence
OLS, in its capacity as Servicer, shall be responsible for all Indemnified Losses arising with respect to any Servicing Agreement from the Closing Date through the related MSR Transfer Date.
HLSS, in its capacity as Servicer, shall be responsible for all Indemnified Losses arising with respect to any Servicing Agreement on and after the related MSR Transfer Date.
On the related MSR Transfer Date with respect to each Designated Servicing Agreement, OLS in its capacity as the Subservicer for such Designated Servicing Agreements under the OLS Subservicing Agreement, and any other subservicer as may be appointed from time for some or all of the Designated Servicing Agreements pursuant to an Eligible Subservicing Agreement.
Prior to the MSR Transfer Date with respect to each Designated Servicing Agreement, OLS or any successor named servicer thereto, shall be the Subservicer for all Designated Servicing Agreements for all purposes under this Indenture.
OLS shall from time to time, prior to the MSR Transfer Date, at its own expense, execute and file such additional financing statements (including continuation statements) as may be necessary to ensure that at any time, the interest of HLSS in all of the OLS Additional Receivables is fully protected in accordance with the UCC.
On any MSR Transfer Date, HLSS shall deliver to the Indenture Trustee an MSR Transfer Notice signed by OLS and HLSS.
OLS, both prior to and after giving effect to each sale of Receivables with respect to the Designated Servicing Agreements on each Sale Date prior to the MSR Transfer Date, (1) is not, and will not be, “insolvent” (as such term is defined in § 101(32)(A) of the Bankruptcy Code), (2) is, and will be, able to pay its debts as they become due, and (3) does not have unreasonably small capital for the business in which it is engaged or for any business or transaction in which it is about to engage.
Each Designated Servicing Agreement, as amended, is in full force and effect and no default (other than such an event resulting solely from the failure of a Collateral Performance Test under the related Servicing Agreement) exists thereunder and, each of the Designated Servicing Agreements is a Facility Eligible Servicing Agreement until the MSR Transfer Date.
OLS has no reason to believe that, at the time of the transfer of any Receivables to HLSS pursuant hereto prior to the MSR Transfer Date, such Receivables will not be paid in full.
Except (i) as described in the preceding paragraph or with respect to the transactions contemplated on the MSR Transfer Date, and (ii) the delegation by the Administrator of rights and obligations as Administrator to a Sub-Administrator from time to time in accordance with the terms of this Indenture, none of the Administrator, the Servicer or the Subservicer may assign or delegate any of its rights or obligations under this Indenture or any other Transaction Document.