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. Purchaser, in its sole discretion, may terminate Servicer’s rights and obligations as subservicer of the affected Mortgage Loans and require Servicer to deliver the related Servicing Records to Purchaser 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 Seller requiring such termination. Such termination shall be effective upon Servicer’s receipt of such written notice; provided, that Servicer’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 Purchaser or Servicer. Upon any such termination, all authority and power of Servicer respecting its rights to subservice and duties under this Agreement relating thereto, shall pass to and be vested in the successor servicer appointed by Purchaser (the “Successor Servicer”) and Purchaser is hereby authorized and empowered to transfer such rights to subservice the Mortgage Loans for such price and on such terms and conditions as Purchaser shall reasonably determine. Servicer shall promptly take such actions and furnish to Purchaser such documents that Purchaser deems necessary or appropriate to enable Purchaser to enforce such Mortgage Loans and shall perform all acts and take all actions so that the Mortgage Loans and all files and documents relating to such Mortgage Loans held by Servicer, together with all escrow amounts relating to such Mortgage Loans, are delivered to 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 doing or causing to be done, all at Seller’s sole expense. To the extent that the approval of the Applicable Agency is required for any such sale or transfer, Seller and Servicer shall fully cooperate with Purchaser to obtain such approval. All amounts paid by any purchaser of such rights to service or subservice the Mortgage Loans shall be the Property of Purchaser. The subservicing rights required to be delivered to Successor Servicer in accordance with this Section 16(i) shall be delivered free of any servicing rights in favor of Seller or Servicer or any third party (other than Purchaser) and free of any title, interest, lien, encumbran...
Servicer Termination. A Servicer Termination Event shall have occurred, and Seller fails to appoint and transfer the servicing of the related Purchased Assets to a successor Servicer that is satisfactory to Buyer in Buyer’s good faith discretion within [***]; 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. 31 Section 8.12 Appointment of Successor Servicer.................................. 32 ARTICLE IX MISCELLANEOUS
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 Controlling Party gives the Servicer a Servicer Termination Notice, (i) prior to the appointment of a Successor Servicer pursuant to Section 8.12, the Controlling Party may administer the administrative, servicing and collection functions of the Servicer in any manner it deems fit, (ii) 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 Controlling Party 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 Funding Agent 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 the Controlling Party in order to effect the purposes of this Agreement. After receipt by the Servicer of a Servicer Termination Notice, if the Controlling Party does not elect to 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
Servicer Termination. (a) After the Program Manager gives the Servicer a Servicer Termination Notice, (i) prior to the appointment of a Successor Servicer pursuant to Section 8.12, the Program Manager may administer the administrative, servicing and collection functions of the Servicer in any manner it deems fit, (ii) the Program Manager shall, at any time thereafter, be entitled to notify the Obligors on any Purchased Contracts to make payment of amounts due thereunder directly to Fincx xx the Program Manager or as the Program Manager may direct and (iii) the Servicer shall, at its own expense, (A) if so requested by the Program Manager, endorse each instrument that is payable to the Servicer, if any, evidencing any Purchased Contract to the Program Manager in such manner as the Program Manager shall direct and (B) perform any and all acts and execute any and all documents as may be reasonably requested by the Program Manager in order to effect the purposes of this Agreement. After receipt by the Servicer of a Servicer Termination Notice, if the Program Manager does not elect to replace the Servicer with a Successor Servicer, the Program Manager shall have the right to appoint a firm of public accountants or any other Person the Program Manager may choose, to monitor the servicing of the Purchased Contracts by the Servicer and to furnish to Fincx, xx the expense of the Servicer, such letters, certificates or reports thereon as the Program Manager 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.
