Eligible Servicing Rights means, as of any Determination Date, Pledged Servicing Rights as to which each of the representations and warranties with respect to such Servicing Rights set forth in this Agreement are true and correct on the date of each Borrowing and the date of each submission of a Borrowing Base Report, including, without limitation: (a) such Servicing Rights are held by Borrower giving Borrower the right to service (and be compensated as servicer for servicing) a portfolio of Single-family Mortgage Loans pursuant to an Approved Servicing Agreement, (b) such Servicing Rights have not been rejected by Administrative Agent, (c) such Servicing Rights are held by Borrower free and clear of all Liens (other than the Administrative Agent’s Lien) and the Administrative Agent has been granted and continues to hold a readily enforceable, perfected Lien on such Servicing Rights, subject and subordinate only to all rights, powers and prerogatives of Freddie Mac under and in connection with the Freddie Mac Guide and the other Purchase Documents (as defined in the Xxxxxxx Mac Guide) or any owner of the related Mortgage Loan, (d) in the case of each Servicing Agreement between Borrower and the Agency, is subject to an Acknowledgment Agreement with the Agency, (e) the Mortgage Loans related to such Servicing Rights are with a holder or custodian for a holder of such Mortgage Loans who is acceptable to Administrative Agent, (f) the Servicing Agreement related to such Servicing Rights is not a subservicing arrangement, (g) the Servicing Agreement related to such Servicing Rights is in full force and effect and is legal, valid and enforceable in accordance with its terms, and no default or event that, with notice or lapse of time or both, would become a default, exists under such Servicing Agreement and (h) Borrower’s rights to payment under the related Servicing Agreement are genuine and enforceable without defense, offset, bona fide counterclaim or bona fide defense.
Eligible Servicing Rights means, servicing contract rights owned or held, as applicable by Xxxxxxxx that are either (i) appurtenant to mortgage loans that have been delivered to an Agency for inclusion in a securitization by such Agency, and are serviced by Borrower, (ii) appurtenant to mortgage loans which are currently owned by such Agency in portfolio and for which Borrower is acting as the servicer, (iii) appurtenant to mortgage loans owned by Xxxxxxxx and not subject to any lien or other encumbrance, which mortgage loans are eligible for pooling with an Agency, or (iv) appurtenant to mortgage loans that are serviced by the Borrower and are either securitized in a non-agency securitization with respect to which the Lender has approved the related PSA or held in whole loan format and either owned by the Borrower or servicing pursuant to a servicing agreement approved by the Lender; provided that all such mortgage loans shall be “qualified mortgages” or otherwise approved by the Lender for inclusion. In addition, all Eligible Servicing Rights must comply with the eligibility criteria set out in Schedule 6.02.
Eligible Servicing Rights means, mortgage servicing rights owned by the Borrower that are appurtenant to Mortgage Loans pooled in securitizations by (a) Xxxxxx Xxx and as to which the related mortgages are identified as “Subject Mortgages” on Exhibit A to the applicable Acknowledgment Agreement (as such Exhibit may be updated from time to time in accordance with Section 15 of such Acknowledgment Agreement), and/or (b) Freddie Mac and associated with the Freddie Mac Mortgage Loans, which servicing contract rights in each case also satisfy the eligibility criteria set forth in Schedule 6.02.
Examples of Eligible Servicing Rights in a sentence
Each Borrower shall provide copies of (i) all notices it receives from Xxxxxxx Mac that materially affect the Eligible Servicing Rights, and (ii) any demand by an Agency or an insurer for the repurchase of or indemnification with respect to a mortgage loan and the reason for such repurchase or indemnification within three (3) Business Days after such Borrower or Subservicer receives notice thereof, if such demand would likely cause a Material Adverse Effect.
Any Borrower Funding Request that relates to the addition of new Collateral shall include an Electronic File describing all Eligible Servicing Rights that constitute the Collateral hereunder.
The Borrowers wish to obtain financing from time to time to provide funding for the origination or acquisition of certain Eligible Servicing Rights (as defined herein), which Eligible Servicing Rights shall secure Loans (as defined herein) to be made by the Lender hereunder.
For purposes of preparing each Borrowing Base Report, the Lender shall calculate the Collateral Value of the Eligible Servicing Rights described in the Relevant Electronic File.
With respect to each Funding Date, the Lender shall determine the MSR Value of the Eligible Servicing Rights to be pledged as security for a Loan on such Funding Date and shall communicate such determination by providing the Borrowers with a Borrowing Base Report prior to such Funding Date.
More Definitions of Eligible Servicing Rights
Eligible Servicing Rights means, mortgage servicing rights owned by PMAC that are appurtenant to Mortgage Loans pooled in securitizations by Fxxxxxx Mac and comply with the eligibility criteria set out in Schedule 6.02. The eligibility criteria set forth in Schedule 6.02 hereto are true and correct as of such date.
Eligible Servicing Rights means, mortgage servicing rights owned a Borrower that are either (i) appurtenant to mortgage loans that have been sold to Xxxxxxx Mac or otherwise delivered to Xxxxxxx Mac for inclusion in a securitization by Xxxxxxx Mac, and are serviced by such Borrower, (ii) appurtenant to mortgage loans (1) which were, but are no longer, pooled in securitizations by Xxxxxxx Mac, (2) which are currently owned by Xxxxxxx Mac in portfolio and (3) for which such Borrower is acting as the servicer, (iii) appurtenant to mortgage loans owned by such Borrower and not subject to any lien or other encumbrance, which mortgage loans are eligible for pooling with Xxxxxxx Mac, or (iv) appurtenant to mortgage loans that are serviced by such Borrower and are either securitized in a non-agency securitization with respect to which the Lender has approved the related PSA or held in whole loan format and either owned by such Borrower or servicing pursuant to a servicing agreement approved by the Lender; provided that all such mortgage loans shall be “qualified mortgages” or otherwise approved by the Lender for inclusion. In addition, all Eligible Servicing Rights must comply with the eligibility criteria set out in Schedule 6.02. Eligible Servicing Rights shall include any Excess Servicing Fees sold by PMC to Holdings pursuant to the terms of the Master Spread Acquisition and MSR Servicing Agreement.
Eligible Servicing Rights means, as of any Determination Date, Pledged Servicing Rights as to which each of the representations and warranties with respect to such Servicing Rights set forth in this Agreement are true and correct on the date of each Borrowing and the date of each submission of a Borrowing Base Report, including, without limitation: (a) such Servicing Rights are held by Borrower giving Borrower the right to service (and be compensated as servicer for servicing) a portfolio of Single-family Mortgage Loans pursuant to an Approved Servicing Agreement, (b) such Servicing Rights have not been rejected by Administrative Agent, (c) such Servicing Rights are held by Borrower free and clear of all Liens (other than the Administrative Agent’s Lien) and the Administrative Agent has been granted and continues to hold a readily enforceable, perfected Lien on such Servicing Rights, subject and subordinate only to all rights, powers and prerogatives of Freddie Mac under and in connection with the Freddie Mac Guide and the other Purchase Documents (as defined in the Freddie Mac Guide) or any owner of the related Mortgage Loan, (d) in the case of each Servicing Agreement between Borrower and the Agency, is subject to an Acknowledgment Agreement with the Agency, (e) the Mortgage Loans related to such Servicing Rights are with a holder or custodian for a holder of such Mortgage Loans who is acceptable to Administrative Agent, (f) the Servicing Agreement related to such Servicing Rights is not a subservicing arrangement, (g) the Servicing Agreement related to such Servicing Rights is in full force and effect and is legal, valid and enforceable in accordance with its terms, and no default or event that, with notice or lapse of time or both, would become a default, exists under such Servicing Agreement and (h) Borrower’s rights to payment under the related Servicing Agreement are genuine and enforceable without defense, offset, bona fide counterclaim or bona fide defense.
Eligible Servicing Rights means, Servicing Rights owned by PMC that are either (i) appurtenant to mortgage loans that have been sold to Xxxxxxx Mac or otherwise delivered to Xxxxxxx Mac for inclusion in a securitization by Xxxxxxx Mac, and are serviced by PMC, (ii) appurtenant to mortgage loans (1) which were, but are no longer, pooled in securitizations by Xxxxxxx Mac, (2) which are currently owned by Xxxxxxx Mac in portfolio and (3) for which PMC is acting as the servicer, (iii) appurtenant to mortgage loans owned by PMC and not subject to any lien or other encumbrance, which mortgage loans are eligible for pooling with Xxxxxxx Mac, or (iv) appurtenant to mortgage loans that are serviced by PMC and are either securitized in a non-agency securitization with respect to which the Lender has approved the related PSA or held in whole loan format and either owned by PMC or servicing pursuant to a servicing agreement approved by the Lender; provided that all such mortgage loans shall be “qualified mortgages” or otherwise approved by the Lender for inclusion. In addition, all Eligible Servicing Rights must comply with the eligibility criteria set out in Schedule 6.02.
Eligible Servicing Rights means, at any time, Servicing Rights with respect to which each of the following statements is true and correct at such time:
Eligible Servicing Rights means, servicing contract rights held by the Borrower that are appurtenant to Mortgage Loans pooled in securitizations by (a) Xxxxxx Xxx and/or (b) Freddie Mac and associated with a Specified Seller/Servicer ID, which servicing contract rights in each case also satisfy the eligibility criteria set forth in Schedule 6.02.
Eligible Servicing Rights all rights of the Company held for its ------------------------- own account (and not as nominee or subservicer), whether pursuant to a Servicing Contract or otherwise, to service Mortgage Loans or Mortgage Loan pools, other than rights to service Mortgage Loans: