Servicer Side Letter definition

Servicer Side Letter shall have the meaning set forth in Section 18(d) hereof.

Servicer Side Letter means, if Mortgage Loans are serviced by a third party servicer pursuant to a servicing agreement, the side letter agreement related to such servicing agreement among the Seller, the Servicer and the Purchaser, which is substantially in the form mutually agreed upon by the parties hereto.

Servicer Side Letter has the meaning set forth in Section 11(d) hereof.

Examples of Servicer Side Letter in a sentence

• For the avoidance of doubt, if a Servicer Side Letter conflicts with any provision set forth in this Section 16, the applicable Servicer Side Letter shall control with respect to such provision.

• Seller shall cause the Servicer to remit to the Collection Account all Income in accordance with the related Servicer Side Letter.

• For the avoidance of doubt, if a Servicer Side Letter conflicts with any provision set forth in this Section 17, the applicable Servicer Side Letter shall control with respect to such provision.

• Seller and each Underlying Entity shall comply with and take all reasonable steps to enforce each Servicing Agreement and related Servicer Side Letter.

• Seller shall, and pursuant to each Servicer Side Letter shall cause, each Servicer and Interim Servicer and all other applicable Persons to, remit all Income received in respect of the Underlying Assets into the Collection Account in accordance with Section 5.01 hereof.Seller shall, and pursuant to each Servicer Side Letter shall cause each Servicer to hold all Escrow Payments received in respect of the Underlying Assets in segregated trust accounts.

More Definitions of Servicer Side Letter

Servicer Side Letter means the amended and restated letter agreement, dated as of May 21, 2004, between NCMC and Buyer.

Servicer Side Letter has the meaning assigned thereto in the Master Repurchase Agreement.

Servicer Side Letter means the letter agreement, dated as of May 30, 2002, among Seller, Guarantors, Ocwen Federal Bank, FSB and Buyer.

Servicer Side Letter means the letter agreement, dated as of May 25, 2006, among Sellers, Servicer and Buyer, regarding, among other things, the delivery of the Servicing Records and Servicing Rights to the Buyer as the same may be amended from time to time.

Servicer Side Letter means a letter agreement, in form and substance acceptable to Lender in its sole discretion, executed by a Servicer or subservicer, as applicable, in favor of Lender, which letter agreement provides, at a minimum, that (i) upon notice of an Event of Default hereunder, Servicer and/or subservicer agrees to (A) segregate amounts collected on account of the applicable Mortgage Loans and hold them in trust for Lender and (B) deliver to Lender any information with respect to the Mortgage Loans as requested by Lender, and (ii) such other terms as requested by Lender.

Servicer Side Letter means, if Mortgage Loans are serviced by a third party servicer pursuant to a servicing agreement, the side letter agreement related to such servicing agreement among the Seller, the Servicer and the Purchaser, which is substantially in the form mutually agreed upon by the parties hereto. “Servicer Termination Event” means each of the following events:3746 a. Change of Servicer without consent of the Agent; b. An event of default has occurred and is continuing after the expiration of any cure period under the Servicing Agreement as modified by the Servicer Side Letter; c. Failure of Servicer to service the Mortgage Loans in accordance with Accepted Servicing Practices in any material respect and such failure continues for three (3) Business Days of the date on which Seller obtains notice or knowledge of the facts giving rise to such failures; d. Failure of Servicer to meet the qualifications to maintain all requisite Approvals, such Approvals are revoked or such Approvals are materially modified; e. If, at any time, Servicer’s HUD ranking falls below “Tier 2” lender; f. Failure by Servicer to remit when due Income payments required to be made under the terms of this Agreement or such Mortgage Loan and such failure continues for three (3) Business Days after Seller obtains notice or knowledge of the facts giving rise to such failure; g. Servicer fails to operate or conduct any material portion of its business operations in the ordinary course, or Servicer experiences any other material adverse change in its business operations or financial condition, which, in Agent’s sole good faith discretion, 3746 The definition of “Servicer Termination Event” was added by Amendment No. 1, dated as of September 24, 2021.

Servicer Side Letter has the meaning assigned thereto in the Master Repurchase Agreement. “Servicing File” means with respect to each Mortgage Loan, the file retained by Seller or its designee consisting of all documents that are customarily retained by servicers that service mortgage loans substantially similar to such Mortgage Loan, which would include copies of the Mortgage File, all documents necessary to document and service the Mortgage Loans and 27 The definition of “Sanctions List” was added by Amendment No. 2, dated as of April 28, 2022.