Eligible Subservicer. An established mortgage servicer who (i) meets the criteria to be an eligible successor Servicer under the related Servicing Agreement(s), (ii) meets the minimum financial requirements of Xxxxxx Xxx and Freddie Mac approved servicers, (iii) has a servicer rating of at least “Average” from S&P, (iv) has been approved by the Administrative Agent in writing, (v) has not, since the date of approval by the Administrative Agent, been the subject of a Change of Control, and (vi) has not failed to satisfy the Liquidity Requirement.
Eligible Subservicer means HSBC Auto Finance Inc. or any wholly owned subsidiary of HSBC Finance Corporation which at the time of its appointment as Subservicer, (i) is servicing a portfolio of motor vehicle retail installment sales contracts and/or motor vehicle installment loans, (ii) is legally qualified and has the capacity to service the Receivables, (iii) has demonstrated the ability professionally and competently to service a portfolio of motor vehicle retail installment sales contracts and/or motor vehicle installment loans similar to the Receivables with reasonable skill and care, and (iv) is qualified and entitled to use, pursuant to a license or other written agreement, and agrees to maintain the confidentiality of, the software which the Servicer uses in connection with performing its duties and responsibilities under this Agreement or otherwise has available software which is adequate to perform its duties and responsibilities under this Agreement.
Eligible Subservicer. An established mortgage servicer who (i) has been approved by the Administrative Agent in writing in its sole discretion (OLS having been so approved) and (ii) in the case of any Subservicer other than OLS, is subject to such financial tests and control tests and other ongoing tests for eligibility as are required by the Administrative Agent in its sole discretion.
Examples of Eligible Subservicer in a sentence
The Master Servicer may enter into agreements for any subservicing and administration of Receivables with any institution which is an Eligible Subservicer and is in compliance with the laws of each state necessary to enable it to perform the obligations of the Master Servicer pursuant to this Agreement.
The Master Servicer may terminate any Subservicer and either directly service the related Receivables itself or enter into an agreement with a successor Subservicer that is an Eligible Subservicer.
The Master Servicer or such Eligible Subservicer that is performing the servicing duties of the Master Servicer, has obtained, and shall continue to maintain in full force and effect, a Fidelity Bond and Errors and Omissions Policy of a type and in such amount as is customary for servicers engaged in the business of servicing motor vehicle receivables.
From time to time after the Closing Date, the Master Servicer may enter into a subservicing agreement with any Person other than HAFC which is an Eligible Subservicer and is in compliance with the laws of each state necessary to enable it to perform the obligations of the Master Servicer pursuant to this Agreement.
From time to time after the Closing Date, the Servicer may enter into a subservicing agreement with any Person other than HAFI which is an Eligible Subservicer and is in compliance with the laws of each state necessary to enable it to perform the obligations of the Servicer pursuant to this Agreement.
More Definitions of Eligible Subservicer
Eligible Subservicer means Household Automotive Finance Corporation or any wholly owned subsidiary of Household Finance Corporation or any other Person reasonably acceptable to the Insurer (for so long as it is the Controlling Party) which at the time of its appointment as Subservicer, (i) is servicing a portfolio of motor vehicle retail installment sales contracts and/or motor vehicle installment loans, (ii) is legally qualified and has the capacity to service the Receivables, (iii) has demonstrated the ability professionally and competently to service a portfolio of motor vehicle retail installment sales contracts and/or motor vehicle installment loans similar to the Receivables with reasonable skill and care, and (iv) is qualified and entitled to use, pursuant to a license or other written agreement, and agrees to maintain the confidentiality of, the software which the Master Servicer uses in connection with performing its duties and responsibilities under this Agreement or otherwise has available software which is adequate to perform its duties and responsibilities under this Agreement.
Eligible Subservicer. An established mortgage servicer who (i) meets the criteria to be an eligible successor Servicer under the related Servicing Agreement(s), (ii) meets the minimum financial requirements of Xxxxxx Mae and Xxxxxxx Mac approved servicers, (iii) with respect to any Subservicer other than in the case of Nationstar, has a servicer rating of at least “Average” from S&P, (iv) has been approved by the Administrative Agent in writing in its sole discretion (Nationstar having been so approved so long as it continues to meet the criteria in clauses (i) and (ii)) and (v) in the case of any Subservicer other than Nationstar, is subject to such financial tests and control tests and other ongoing tests for eligibility as are required by the Administrative Agent in its sole discretion.
Eligible Subservicer means JPMorgan Chase Bank, National Association, or such other Person as may be approved in writing as a subservicer of Mortgage Loans by the Administrative Agent (acting at the direction of the Group Agents).
Eligible Subservicer means an established mortgage servicer that (i) has been a Xxxxxx Xxx approved issuer for at least five (5) years, (ii) services mortgage loans with an aggregate unpaid principal balance greater than or equal to $50,000,000,000, (iii) has a servicer rating of at least “Average” by S&P, “SQ3” by Xxxxx’x and “RPS3” by Fitch, and (iv) is party to an Eligible Subservicing Agreement. LEGAL02/43438678v9
Eligible Subservicer. An established mortgage servicer who (i) meets the criteria to be an eligible successor Servicer under the related Designated Servicing Contract(s), (ii) is a Xxxxxx Xxx and Xxxxxxx Mac approved servicer, (iii) has been approved by the Administrative Agent in writing in its sole discretion (Cenlar having been so approved so long as it continues to meet the criteria in clauses (i) and (ii)), and (iv) in the case of any Subservicer other than Cenlar, is subject to such financial tests and control tests and other ongoing tests for eligibility as are required by the Administrative Agent in its sole discretion.
Eligible Subservicer. An established mortgage servicer who (i) meets the criteria to be an eligible successor Servicer under the related Servicing Agreement(s), (ii) meets the minimum financial requirements of Xxxxxx Xxx and Freddie Mac approved servicers, (iii) (except with respect to OLS or any OFC-Owned Servicer, acting as Servicer or as Subservicer) has a servicer rating of at least “Average” from S&P, (iv) has been approved by the Administrative Agent in writing, (v) (except with respect to OLS or any OFC-Owned Servicer, acting as Servicer or as Subservicer) has not, since the date of approval by the Administrative Agent, been the subject of a Change of Control, and (vi) has not failed to satisfy the Liquidity Requirement.
Eligible Subservicer. An established mortgage servicer who (i) has been approved by the Administrative Agent in writing in its sole discretion (PMC having been so approved) and (ii) in the case of any Subservicer other than PMC, is subject to such financial tests and control tests and other ongoing tests for eligibility as are required by the Administrative Agent in its sole discretion.