Subservicer Termination Event definition

Subservicer Termination Event. With respect to any Subservicing Agreement, the occurrence of any events or conditions, and the passage of any cure periods and giving to and receipt by the Subservicer of any required notices, as a result of which the Servicer has the current right to terminate the Subservicer under such Subservicing Agreement.

Subservicer Termination Event means an event that entitles a Borrower or PennyMac Operating Partnership, L.P. to terminate the Subservicer for cause under the Subservicing Agreement.

Subservicer Termination Event. As defined in Section 5.3(a).

Examples of Subservicer Termination Event in a sentence

• The Servicer shall provide written notice to the Indenture Trustee and each VFN Noteholder of any Unmatured Default, Servicer Termination Event or Subservicer Termination Event, immediately following the receipt by a Responsible Officer of the Servicer of notice, or the obtaining by a Responsible Officer of the Servicer of actual knowledge, of such Unmatured Default, Servicer Termination Event or Subservicer Termination Event.

• The Servicer shall provide written notice to the Indenture Trustee and each VFN Holder of any Unmatured Default, Servicer Termination Event or Subservicer Termination Event, immediately following the receipt by a Responsible Officer of the Servicer of notice, or the obtaining by a Responsible Officer of the Servicer of actual knowledge, of such Unmatured Default, Servicer Termination Event or Subservicer Termination Event.

• The Servicer shall have the right, but not the obligation, to terminate all the rights and obligations of the Subservicer under this Agreement and in and to the servicing contract established hereby and the proceeds thereof if a Subservicer Event of Default or Subservicer Termination Event shall have occurred.

• Each Borrower shall provide written notice to Lender within one (1) Business Day following the occurrence of a Subservicer Termination Event.

• This must include the estimated value of any non-cash benefits made.You should enter data for staff in companies related to your provider only.2bii.

More Definitions of Subservicer Termination Event

Subservicer Termination Event wherever used herein, means any one of the following events:

Subservicer Termination Event means (i) the occurrence of an Insolvency Event with respect to any Subservicer or (ii) the occurrence of an Agency Event with respect to any Subservicer, (iii) an event that entitles Borrower to terminate a Subservicer for cause (subject to any cure right(s) that may exist under the Subservicing Agreement unless the default is of such a type as to be incapable of being cured) under the Subservicing Agreement and (iv) a Subservicer’s audited annual financial statements or the notes thereto or other opinions or conclusions stated therein shall be qualified or limited by reference to the status of such Subservicer, as a “going concern” or a reference of similar import or shall indicate that such Subservicer, is insolvent.

Subservicer Termination Event. A Subservicer Termination Event shall have occurred if either (a) the Delinquency Rate for any month exceeds 20.00% or (b) Cumulative Realized Losses incurred from the Cut-off Date through the last day of the related Collection Period, expressed as a percentage of the Cut-off Date Balance as of any date exceeds 7.75%. Capitalized terms used and not otherwise defined herein shall have the meanings assigned to such terms in the Pooling and Servicing Agreement.

Subservicer Termination Event means, with respect to a Subservicer (i) the failure of such Subservicer to perform any of its duties in any material respect under the applicable Subservicing Agreement beyond all applicable cure and grace periods; (ii) suspension or termination of the Subservicer as a Xxxxxx Xxx, Xxxxxxx Mac or GNMA approved servicer; (iii) the failure of the Subservicer to maintain the following ratings levels: Standard & Poor’s — Average or equivalent (i.e., Xxxxx’x — SQ3, Fitch — Level 3 if applicable); (iv) any change of Control of such Subservicer pursuant to which the surviving entity is not a Xxxxxx Xxx and Xxxxxxx Mac approved servicer and which does not meet the required rating levels under clause (iii); (v) the failure of such Subservicer to make Servicing Advances, which are not cured within thirty (30) days of receipt of notice thereof from Buyer; (vi)(x) any failure by Subservicer to maintain material licenses or the termination of a substantial portion of existing servicing contracts of such Subservicer, which failure to maintain licenses or termination of servicing contracts, which failure to maintain licenses or termination of the contracts of such Subservicer has or is reasonably likely to have a material adverse effect on the operations, business or financial condition of such Subservicer (a “Subservicer MAE”) as determined by Buyer in its reasonable discretion or (y) any litigation, investigation or proceeding between any Subservicer and any Governmental Authority or, Xxxxxx Xxx, Xxxxxxx Mac or GNMA, which individually or in the aggregate, in Buyer’s reasonable discretion is reasonably likely to have a Subservicer MAE on such Subservicer; (vii) the occurrence and continuance of an Event of Default or (viii) the occurrence of an Act of Insolvency with respect to such Subservicer.

Subservicer Termination Event occurs when:

Subservicer Termination Event occurs when: (a) Subservicer ceases to be a seller/servicer approved by Xxxxxx Xxx or a lender approved by HUD, (b) Subservicer has been suspended as a seller/servicer by Xxxxxx Mae or HUD on and after the date on which Subservicer first obtained such approval from Xxxxxx Xxx or HUD, as applicable or (c) Subservicer is under review or investigation outside of due course and has knowledge of imminent or future investigation outside of due course, by Xxxxxx Mae or HUD on and after the date on which Subservicer became a Xxxxxx Xxx or HUD approved seller/servicer or lender, as the context may require, and the Borrower has not either (x) taken over the servicing of such Mortgage Loans itself or (y) (i) identified a replacement within thirty (30) days that meets the criteria of an Eligible Subservicer and (ii) replaced Subservicer with such Eligible Subservicer within sixty (60) days under an Eligible Subservicing Agreement and an agreement in form and substance similar to the Subservicing Agreement.

Subservicer Termination Event. Any Subservicer Termination Event as set forth in Section 7.01 hereof.