Master Servicer Termination Sample Clauses
The MASTER SERVICER TERMINATION clause defines the conditions and procedures under which the master servicer’s role in a financial or servicing agreement can be ended. Typically, this clause outlines specific events or breaches—such as failure to perform duties, insolvency, or violation of contractual terms—that would trigger termination, and may detail the notice requirements and transition process to a successor. Its core function is to protect the interests of the parties by ensuring that servicing responsibilities can be reassigned if the master servicer is unable or unwilling to fulfill its obligations, thereby maintaining continuity and integrity in the administration of the underlying assets.
Master Servicer Termination. Prior to an appointment as successor Servicer, the Majority Noteholder may (a) terminate all of the rights and obligations of the Master Servicer under this Agreement in the event of a breach of any of the representations or warranties, covenants or obligations of the Master Servicer contained in this Agreement or (b) in its sole discretion, without cause and upon not less than 30 days' notice, terminate the rights and obligations of the Master; provided however, that if the Master Servicer is terminated by the Majority Noteholder without cause within the first 3 months after the Closing Date, the Master Servicer will be entitled to the applicable Master Servicer Fee for the period beginning on the date of such termination and ending on the date 3 months from the Closing Date. The terminated Master Servicer agrees to cooperate with any successor Master Servicer appointed by the Majority Noteholder in effecting the termination of the responsibilities and rights of the terminated Master Servicer under this Agreement, including, without limitation, the delivery to the successor Master Servicer of all documents, records and electronic information related to the Receivables in the possession of the Master Servicer. Expenses incurred by the Master Servicer in respect of the foregoing sentence shall be reimbursed in accordance with Section 2.10(c) of the Indenture.
Master Servicer Termination. 60 SECTION 7.01
Master Servicer Termination. Section 7.01 Master Servicer Termination Events......................................................56 Section 7.02 Indenture Trustee to Act; Appointment of Successor......................................57 Section 7.03 Waiver of Defaults......................................................................58 Section 7.04 Notification to Class A Noteholders.....................................................59 ARTICLE VIII. TERMINATION Section 8.01 Termination.............................................................................60
Master Servicer Termination