Servicing Event definition

Servicing Event. Any of the following events with respect to any Mortgage Loan: (i) any Monthly Payment being more than 60 days delinquent; (ii) any filing of an Insolvency Proceeding by or on behalf of the related Mortgagor, any consent by or on behalf of the related Mortgagor to the filing of an Insolvency Proceeding against such Mortgagor, or any admission by or on behalf of such Mortgagor of its inability to pay such Person's debts generally as the same become due; (iii) any filing of an Insolvency Proceeding against the related Mortgagor that remains undismissed or unstayed for a period of 60 days after the filing thereof; (iv) any issuance of any attachment or execution against, or any appointment of a conservator, receiver or liquidator with respect to, all or substantially all of the assets of the related Mortgagor or with respect to any Mortgaged Property; (v) any receipt by the Servicer of notice of the foreclosure or proposed foreclosure of any other lien on the related Mortgaged Property; (vi) any proposal of a material modification (as reasonably determined by the Seller) to such Mortgage Loan due to a default or imminent default under such Mortgage Loan; or (vii) in the reasonable judgment of the Servicer, the occurrence, or likely occurrence within 60 days, of a payment default with respect to such Mortgage Loan that is likely to remain uncured by the related Mortgagor within 60 days thereafter.
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Examples of Servicing Event in a sentence

  • The Master Servicer will have no liability to any Holder other than for direct damages (i) resulting from its failure or the failure of a Direct Servicer to service in accordance with Accepted Servicing Practices, or (ii) due to a Servicing Event of Default.

  • The Master Servicer will have no liability to any Holder other than for direct damages (i) resulting from its failure or the failure of a Primary Servicer to service in accordance with Accepted Servicing Practices, or (ii) due to a Servicing Event of Default.

  • Similarly, others will provide that if a servicer must make, for example, three consecutive advances to bond holders, a Special Servicing Event will have occurred.Also, the failure to make a balloon pay- ment likely will trigger a Special Servicer Event, but the transfer of the loan to a special servicer may be averted if an acceptable refinancing commitment is approved by the master servicer.

  • Information mangement projecting consists of three stages: starting, intermediate, concluding.

  • In contrast, some Servicing Agreements will provide that a failure to make, for example, two consecu- tive monthly payments will trigger a Special Servicing Event.

  • Another side of high entry barriers is that exiting from the current market and entering a different market may be unattractive for the companies, which leads them to use voice instead of exit.

  • The time periods within which Administrative Agent is required to act in this Article 9 shall be tolled, commencing on the thirtieth (30th) day after the occurrence of a Special Servicing Event, and continuing until ten (10) Business Days after a replacement Administrative Agent has been appointed pursuant to this Section 9.6 or Administrative Agent and the Lenders have reached an agreement regarding the Servicing Fees.

  • Where a Servicing Event is triggered under the Master Servicing Agreement and cannot be remedied by DfE and its Delegates (SLC, HMRC and UK Government Investments), or is not remedied before a longstop date, DfE will provide pound for pound reimbursement for any losses stemming from the inability of DfE as Master Servicer to perform its obligations.

  • It shall provide written notice to the Lender Agent as soon as possible, but in any event within two Business Days, after it becomes aware of any Adverse Servicing Event or any event or circumstance that could be expected to cause an Adverse Servicing Event, including the receipt of any notice related to any such event or circumstance.

  • The time periods within which Administrative Agent is required to act in this A rticle 9 shall be tolled, commencing on the thirtieth (30th) day after the occurrence of a Special Servicing Event, and continuing until ten (10) Business Days after a replacement Administrative Agent has been appointed pursuant to this S ection 9.6 or Administrative Agent and the Lenders have reached an agreement regarding the Servicing Fees.

Related to Servicing Event

  • Servicing Transfer Event means any of the events specified in the Servicing Agreement, whereby the servicing of the Mortgage Loan is required to be transferred to the Special Servicer from the Master Servicer.

  • Servicing Transfer Date The date on which a Servicing Transfer occurs.

  • Subsequent Mortgage Loan A Mortgage Loan sold by the Depositor to the Trust Fund pursuant to Section 2.08, such Mortgage Loan being identified on the Mortgage Loan Schedule attached to a Subsequent Transfer Instrument.

  • Master Servicer Event of Default wherever used herein, means any one of the following events:

  • Servicing Transfer Any transfer of the servicing by a Prior Servicer of Mortgage Loans to the Servicer under this Agreement.

  • Master Servicing Agreement means the master servicing agreement entered into on 20 May 2013 between the Guarantor, the Issuer and the Master Servicer.

  • Subsequent Mortgage Loans means, for purposes of this Agreement, the Subsequent Mortgage Loans listed in the Subsequent Mortgage Loan Schedule attached hereto as Schedule I.

  • Master Servicer Event of Termination As defined in Section 7.01 hereof.

  • Countrywide Servicing Agreement Solely with respect to the Countrywide Mortgage Loans, the Mortgage Loan Purchase and Servicing Agreement, dated as of November 1, 2001, between the Transferor, as purchaser, and Countrywide, as seller and as servicer (as successor to Countrywide Home Loans, Inc. by an assignment dated January 1, 2001, as the same may be amended or supplemented), as the same may be amended from time to time, and any assignments and conveyances related to the Countrywide Mortgage Loans.

  • Substitute Servicing Agreement means a servicing agreement that contains servicing provisions which are the same as or more favorable to the Non-Lead Noteholders, in substance, to those in the Servicing Agreement (including, without limitation, all applicable provisions relating to delivery of information and reports necessary for any Non-Lead Securitization to comply with any applicable reporting requirements under the Securities Exchange Act of 1934, as amended) and all references herein to the “Servicing Agreement” shall mean such subsequent servicing agreement; provided, however, that if a Non-Lead Securitization Note is in a Securitization, then a Rating Agency Confirmation shall have been obtained from each Rating Agency with respect to such subsequent servicing agreement.

  • Servicer Termination Event shall have the meaning assigned to such term in the Lead Securitization Servicing Agreement or at any time that the Mortgage Loan is no longer subject to the provisions of the Lead Securitization Servicing Agreement, any analogous concept under the servicing agreement pursuant to which the Mortgage Loan is being serviced in accordance with the terms of this Agreement.

  • Master Servicing Fee As to any Distribution Date, an amount equal to one-twelfth the product of (a) the Master Servicing Fee Rate and (b) the outstanding principal balance of each Mortgage Loan. Master Servicing Fee Rate: 0.00% per annum.

  • Primary Servicing Agreement means the agreement between the applicable Primary Servicer and the Master Servicer, under which such applicable Primary Servicer services the Mortgage Loans set forth on the schedule attached thereto.

  • Special Servicing Fee shall have the meaning given to such term in the Servicing Agreement.

  • Sub-Servicing Agreement The written contract between the Servicer and a Sub-Servicer relating to servicing and administration of certain Mortgage Loans as provided in Section 3.02.

  • Back-Up Servicing Agreement means that certain Back-Up Servicing Agreement to be entered into by and among the Company, the Administrative Agent and the Back-Up Servicer, as such agreement may be amended, restated, supplemented or otherwise modified from time to time.

  • Excess Servicing Fee For each calendar month, as to each Mortgage Loan, the portion of the related Excess Servicing Fee Rate applicable to such month (determined in the same manner as the applicable Mortgage Rate determined for such Mortgage Loan for such month) multiplied by the Scheduled Principal Balance of such Mortgage Loan immediately before the Due Date occurring in such month, but prorated for the number of days during the calendar month for such Mortgage Loan for which interest actually accrues on such Mortgage Loan and only from collections on such Mortgage Loan.

  • Servicing Default The meaning assigned in Section 6.01 of the Servicing Agreement.

  • Interim Servicing Agreement The agreement to be entered into by the Purchaser and the Interim Servicer, providing for the Interim Servicer to service the Mortgage Loans as specified by the Interim Servicing Agreement.

  • Master Servicer Advance Date As to any Distribution Date, 12:30 p.m. Pacific time on the Business Day immediately preceding such Distribution Date.

  • Lead Securitization Servicing Agreement means (i) the pooling and servicing agreement or other comparable agreement related to the Lead Securitization, and (ii) on and after the date on which the Mortgage Loan is no longer subject to the provisions of the Lead Securitization Servicing Agreement, the “Lead Securitization Servicing Agreement” shall be determined in accordance with the second paragraph of Section 2(a).

  • Securitization Servicing Agreement means the Lead Securitization Servicing Agreement or any Non-Lead Securitization Servicing Agreement.

  • Excess Servicing Fees With respect to each Mortgage Loan (including an REO Mortgage Loan), that portion of the Servicing Fee that accrues at a per annum rate equal to the Excess Servicing Fee Rate.