Requirement of Law shall mean as to any Person, any law, treaty, rule, regulation, procedure or determination of an arbitrator or a court or other Governmental Authority, in each
case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject.
Responsible Officer shall mean, (a) as to any Person, the chief executive officer or, with respect to financial matters, the chief financial officer of such Person and (b) as to Seller, President, Chief Administrative Officer, Treasurer, any manager, director or managing member.
Reverse Facility Documents shall mean the Facility Documents as such term is defined in the Reverse Repurchase Agreement.
Reverse Repurchase Agreement shall mean that certain Master Repurchase Agreement dated as of April 2, 2015 by and between Buyer and Urban Financial of America, LLC (n/k/a Finance of America Reverse, LLC), as the same may be amended, restated, supplemented or otherwise modified from time to time.
RTL Loan shall mean a fixed-rate Mortgage Loan which is made solely for investment and business purposes and evidenced by and including a Mortgage Note and a Mortgage on a non- owner occupied one-to-four family residential property, condominium, townhouse or a Small Multi-Family Property or mixed use residential property.
SEC shall mean the Securities Exchange Commission.
Section 4402 shall have the meaning set forth in Section 30 hereof.
Section 7 Certificate shall have the meaning set forth in Section 7(e)(ii) hereof. Seller shall mean Finance of America Commercial LLC.
Servicer shall mean either BSI Financial Services, Specialized Loan Servicing LLC or any other servicer approved by Buyer in its sole discretion to service Mortgage Loans. For the avoidance of doubt, the Permitted Bulk Purchase Loans shall be serviced by Fay Servicing, LLC or BSI Financial Services.
Servicer Notice shall mean (i) the notice acknowledged by each Unaffiliated Servicer substantially in the form of Exhibit I-1 hereto, and (ii) the notice and pledge among each Affiliated Servicer, Seller and Buyer in the form of Exhibit I-2 hereto.
Servicer Termination Event shall mean, (i) an Event of Default hereunder, or (ii) with respect to any Servicer, (a) an event of default under the related Servicing Agreement, (b) such Servicer shall become the subject of an Insolvency Event, or (c) such Servicer shall admit its inability to, or its intention not to, perform any of its obligations under the Facility Documents, (d) the failure of such Servicer to perform its obligations under any of the Facility Documents to which it is a party or the Servicing Agreement, including, without limitation, the failure of Servicer to (x) remit funds in accordance with Section 5(b) hereof, or (y) deliver reports when required, or (e) Servicer shall provide to Seller a notice of resignation or termination under the applicable Servicing Agreement.