Servicer Termination. (a) Following the occurrence of any of the events set forth in Section 19.2.1, the Trustee may elect, at its reasonable discretion, to terminate the Servicer under this Agreement with respect to the Mortgage Loans. The Trustee shall provide a written termination notice to the Servicer.
Servicer Termination. Agent, in its sole discretion, may terminate RMS’s rights and obligations as subservicer of the affected Mortgage Loans and REO Properties and require RMS to deliver the related Servicing Records to Agent or its designee upon the occurrence of (i) an Event of Default or (ii) upon the expiration of the Servicing Term as set forth in Section 16(b) by delivering written notice to RMS requiring such termination. Such termination shall be effective upon RMS’s receipt of such written notice; provided, that RMS’s subservicing rights shall be terminated immediately upon the occurrence of a Servicer Termination Event, regardless of whether notice of such event shall have been given to or by Agent, Purchaser or RMS. Upon any such termination, all authority and power of RMS respecting its rights to subservice and duties under this Agreement relating thereto, shall pass to and be vested in the successor servicer appointed by Agent and Agent is hereby authorized and empowered to transfer such rights to subservice the Mortgage Loans and REO Properties for such price and on such terms and conditions as Agent shall reasonably determine. RMS shall promptly take such actions and furnish to Agent such documents that Agent deems necessary or appropriate to enable Agent to enforce such Mortgage Loans and manage such REO Properties and shall perform all acts and take all actions so that the Mortgage Loans and REO Properties and all files and documents relating to such Mortgage Loans and REO Properties held by RMS, together with all escrow amounts relating to such Mortgage Loans and REO Properties, are delivered to the successor servicer, including but not limited to preparing, executing and delivering to the successor servicer any and all documents and other instruments, placing in the successor servicer’s possession all Servicing Records pertaining to such Mortgage Loans and REO Properties and doing or causing to be done, all at RMS’s sole expense. To the extent that the approval of the Agency is required for any such sale or transfer, RMS shall fully cooperate with Agent to obtain such approval. All amounts paid by any purchaser of such rights to service or subservice the Mortgage Loans and REO Properties shall be the Property of the Purchaser. The subservicing rights required to be delivered to the successor servicer in accordance with this Section 16(i) shall be delivered free of any servicing rights in favor of RMS or any third party (other than the Purchaser) and free of ...
Servicer Termination. A Servicer Termination Event shall have occurred, and Seller fails to appoint and transfer the subservicing of the related Purchased Assets to a successor Servicer that is satisfactory to Buyer in Buyer’s good faith discretion within [***] of Seller’s notice or knowledge of such Servicer Termination Event; or
Servicer Termination. At the direction of the Certificate Insurer, or the Oversight Agent (with the prior consent of the Certificate Insurer) or the Owners of a majority or 331/3, as applicable, of the Percentage Interests of the Class A Certificates (with the prior consent of the Certificate Insurer), the Trustee, on behalf of the Trust and the Owners, shall terminate the Servicer upon the occurrence and continuance of an Event of Servicing Termination pursuant to Section 8.20 hereof.
Servicer Termination. Upon the termination of the Servicer, all authority and power of the Servicer under this Agreement, whether with respect to the Assets or otherwise, shall pass to and be vested in the Backup Servicer, if any, and otherwise such person as the Deal Agent may select. The successor Servicer is hereby authorized and empowered to execute and deliver, on behalf of the Servicer, as attorneyinfact or otherwise, any and all documents and other instruments, and to do or accomplish all other acts or things necessary or appropriate, to effect the purposes of the termination. The Servicer shall cooperate with the successor Servicer in effecting the termination of the responsibilities and rights of the Servicer under this Agreement, including the transfer to the successor Servicer, for administration by it of all cash amounts which at the time are or would be required to be deposited by the Servicer in the Collection Account and the subsequent transfer of any other such amounts thereafter received with respect to an Asset. In addition, upon the termination of the Servicer, the Servicer shall, promptly upon the demand, and in any event no later than five Business Days after such demand, of the Deal Agent, deliver to the successor Servicer all data (including, without limitation, computerized records) necessary for the servicing of the Assets. In addition to delivering such monies and data, the Servicer shall use its best efforts to effect the orderly and efficient transfer of the servicing of the Purchased Assets to the successor Servicer, including, without limitation, directing Obligors to remit all payments in respect of the Assets to an account or address designated by the successor Servicer. If the identity of the Servicer shall change, the predecessor Servicer shall be entitled to receive reimbursement for unreimbursed advances made by it pursuant to this Agreement less any sums owed by such predecessor Servicer, to the extent, at the times and in the manner provided for in this Agreement.
Servicer Termination. 38 SECTION 8.12. Appointment of Successor Servicer..........................39 ARTICLE IX MISCELLANEOUS................................40
Servicer Termination. The Servicer with respect to a Program may be removed only as provided in the Servicing Agreement, the GNMA Guide as modified by the MBS Agreement, the Xxxxxx Mae Guides and the Xxxxxxx Mac Guides.
Servicer Termination. 35 Section 8.12
Servicer Termination. (a) After the termination of the Servicer, (i) prior to the appointment of a Successor Servicer pursuant to Section 8.11, the Controlling Party or any Person designated by the Controlling Party may administer the administrative, servicing and collection functions of the Servicer, in any manner the Controlling Party directs, (ii) the Controlling Party or any Person designated by the Controlling Party shall, at any time thereafter, be entitled to notify the Obligors on any Purchased Contracts to make payment of amounts due thereunder directly to Recco or the Program Manager or as the Controlling Party may direct and (iii) the Servicer shall, at its own expense, (A) if so requested by the Controlling Party, endorse each instrument that is payable to the Servicer, if any, evidencing any Purchased Contract to the Controlling Party or any Person designated by the Controlling Party in such manner as the Controlling Party shall direct and (B) perform any and all acts and execute any and all documents as may be reasonably requested by Controlling Party in order to effect the purposes of this Agreement. If the Controlling Party does not elect to terminate the Servicer and replace the Servicer with a Successor Servicer, the Controlling Party shall have the right to appoint a firm of public accountants or any other Person the Controlling Party may choose, to monitor the servicing of the Purchased Contracts by the Servicer and to furnish to Recco, at the expense of the Servicer, such letters, certificates or reports thereon as the Controlling Party shall reasonably request. The Servicer shall cooperate with such firm in the subsequent monitoring of its servicing of the Purchased Contracts pursuant to this Agreement and any fees and expenses in connection therewith shall be paid by the Servicer.
Servicer Termination. At the direction of the Master Servicer or the Majority Noteholders, the Indenture Trustee, on behalf of the Issuer and the Securityholders, shall terminate the Servicer upon the occurrence and continuance of an Event of Default pursuant to ARTICLE X hereof.
