Servicing Appraisal definition

Servicing Appraisal means [***].

Servicing Appraisal means a written appraisal or evaluation by an Approved Servicing Appraiser evaluating the fair Appraised Value of all of the Pledged Servicing as of a date stated in the written report of such evaluation, each such evaluation and report to be made at the Companies’ expense, to be addressed to the Agent and to be in a form reasonably acceptable to the Agent. If the opinion of value in any such independent appraisal or evaluation is expressed as a range of values, then for purposes of this Agreement, the appraised value shall be deemed the midpoint (the average of the limits) of the range. Each Servicing Appraisal shall take into account customary factors, including current market conditions and the fact that the Servicing Rights may be terminated by the relevant Servicing Agreement’s counterparty, or sold or otherwise disposed of, under circumstances where the Companies are in default under this Agreement. The Companies acknowledge that each Approved Servicing Appraiser’s determination of Appraised Value is for the limited purpose of determining Servicing Collateral Value for lending purposes hereunder without the ability to perform customary purchaser’s due diligence and is not necessarily equivalent to a determination of the fair Appraised Value of Collateral achieved by obtaining competing bids in an orderly market in which the servicer is not in default under a revolving debt facility, insolvent or the subject of a case in bankruptcy and the bidders have adequate opportunity to perform customary diligence.

Servicing Appraisal means a written appraisal or evaluation by Lender or an appraiser approved by Lender in its sole good faith discretion evaluating the Appraised Value of the Servicing Rights pledged hereunder.

Examples of Servicing Appraisal in a sentence

• Borrower shall provide a new Servicing Appraisal to the Lender once each calendar month (with the first such period ending December 31, 2014); provided, that the Lender shall have the right in the Lender’s sole discretion to require independent appraisals or evaluations more frequently than every calendar month; and provided further that the Servicing Appraisal for each calendar month must be provided to the Lender no later than thirty (30) days following the end of such month.

• Borrower shall provide a new Servicing Appraisal to the Lender once each calendar quarter; provided, that Lender shall have the right in its sole good faith discretion to require independent appraisals or evaluations more frequently than every calendar quarter; and provided further that the Servicing Appraisal for each calendar quarter must be provided to Lender no later than forty-five (45) days following the end of such quarter.

• If at any time the aggregate outstanding amount of Loans made in connection with Pledged Servicing Rights exceeds, as the date of determination, 55% of the fair market value of the Fannie Mae and Freddie Mac Eligible Pledged Servicing Rights, as reflected in the most recent Servicing Appraisal (such excess, a “Remargin Amount”), then Bank may by notice to Borrower require Borrower to transfer to Bank cash in an amount at least equal to the Borrowing Base Deficiency (such requirement, a “Margin Call”).

• If at any time the aggregate outstanding amount of Loans made in connection with Pledged Servicing Rights exceeds, as the date of determination, 55% of the fair market value of the Xxxxxx Xxx and Xxxxxxx Mac Eligible Pledged Servicing Rights, as reflected in the most recent Servicing Appraisal (such excess, a “Remargin Amount”), then Bank may by notice to Borrower require Borrower to transfer to Bank cash in an amount at least equal to the Borrowing Base Deficiency (such requirement, a “Margin Call”).

• Nothing in this Agreement shall prohibit Xxxxxxxx or any of its affiliates from engaging in any transaction in any stock index, portfolio or derivative of which Common Stock is a component.

More Definitions of Servicing Appraisal

Servicing Appraisal means a written appraisal or evaluation by an Approved Servicing Appraiser evaluating the fair market value of all of the Pledged Agency Servicing Rights as of a date stated in the written report of such evaluation, each such evaluation and report to be made at Borrower’s expense, to be addressed to the Lender and to be in a form reasonably acceptable to the Lender, it being understood that, for purposes of this Agreement, (i) if the opinion of value in any such independent appraisal or evaluation is expressed as a range of values, then for purposes of this Agreement, the Market Value shall be deemed the low end price of the range and (ii) each Servicing Appraisal shall take into account customary factors, including current market conditions and the fact that the Agency Servicing Rights may be terminated by the relevant Servicing Agreement’s counterparty, or sold or otherwise disposed of, under circumstances where Borrower is in default under this Agreement. Borrower acknowledges that each Approved Servicing Appraiser’s determination of market value is for the limited purpose of determining an advance rate for purposes of the financing provided in this Agreement.

Servicing Appraisal means a written appraisal or evaluation by a servicing appraiser, acceptable to Bank, in its sole good faith discretion, evaluating the fair market value of all of the Servicing Rights or all of the Pledged Servicing Rights, as applicable, as of a date stated in the written report of such evaluation, each such evaluation and report to be made at the Borrower’s expense, to be addressed to the Bank and to be in a form reasonably acceptable to the Bank, it being understood that, for purposes of this Agreement, (i) if the opinion of value in any such independent appraisal or evaluation is expressed as a range of values, then for purposes of this Agreement, the market value shall be deemed the midpoint (the average of the limits) of the range and (ii) each Servicing Appraisal shall take into account customary factors, including current market conditions and the fact that the Servicing Rights may be terminated by the relevant Approved Servicing Agreement’s counterparty, or sold or otherwise disposed of, under circumstances where the Borrower is in default under this Agreement. The Borrower acknowledges that each Servicing Appraisal’s determination of market value is for the limited purpose of determining an advance rate for purposes of the financing provided in this Agreement.

Servicing Appraisal means a written appraisal or evaluation by an Approved Servicing Appraiser evaluating the fair market value of all of the Pledged Agency Servicing Rights as of a date stated in the written report of such evaluation, each such evaluation and report to be made at Borrower’s expense, to be addressed to the Lender and to be in a form reasonably acceptable to the Lender, it being understood that, for purposes of this Agreement, (i) the opinion of value in any such independent appraisal or evaluation shall be expressed as a range of values, and for purposes of this Agreement, the Market Value shall be deemed the midpoint (the average of the

Servicing Appraisal in Section 1.1 of the Loan Agreement is hereby amended and restated in its entirety to read as follows:

Servicing Appraisal means [***]. 11 Credit and Security Agreement

Servicing Appraisal means a written appraisal or evaluation conducted by an outside third party nationally recognized valuation firm used by Borrower that is acceptable to Administrative Agent in its sole discretion, evaluating the fair market value of all of the Pledged Servicing Rights, as applicable, as of a date stated in the written report of such evaluation, each such evaluation and report to be made at Borrower’s expense, to be addressed to Administrative Agent and to be in a form reasonably acceptable to Administrative Agent, it being understood that, for purposes of this Agreement, (i) the opinion of value in any such independent appraisal or evaluation shall be expressed as a range of high limit, midpoint and low limit values, (ii) the market value shall be deemed the midpoint value, (iii) each Servicing Appraisal shall take into account customary factors, including current market conditions and the fact that the Pledged Servicing Rights may be terminated by the relevant Servicing Agreement’s counterparty, or sold or otherwise disposed of, under circumstances where Borrower is in default under this Agreement, and (iv) each Servicing Appraisal shall not assign any value to Servicing Advances or Servicing Advances Receivables. Borrower acknowledges that each Servicing Appraisal’s determination of market value is for the limited purpose of determining an advance rate for purposes of the financing provided in this Agreement.

Servicing Appraisal means a written appraisal or evaluation by an Approved Servicing Appraiser evaluating the fair market value of (i) all of the Agency Servicing Rights (ii) all of the Pledged Agency Servicing Rights, in each case as of a date stated in the written report of such evaluation and identifying whether such Agency Servicing Rights are Pledged Agency Servicing Rights, each such evaluation and report to be made at Borrower’s expense, to be addressed to the Lender and to be in a form reasonably acceptable to the Lender, it being understood that, for purposes of this Agreement, (i) the opinion of value in any such independent appraisal or evaluation shall be expressed as a range of values, and for purposes of this Agreement, the Market Value shall be deemed the midpoint (the average of the limits) of the range and (ii) each Servicing Appraisal shall take into account customary factors, including current market conditions and the fact that the Agency Servicing Rights may be terminated by the relevant Servicing Agreement’s counterparty, or sold or otherwise disposed of, under circumstances where Borrower is in default under the applicable Servicing Agreement. Borrower acknowledges that each Approved Servicing Appraiser’s determination of market value is for the limited purpose of determining an advance rate for purposes of the financing provided in this Agreement.