Common use of Servicing Term Clause in Contracts

Servicing Term. The Servicer hereby covenants and agrees to act as the Servicer under this Agreement for an initial term, commencing on the Closing Date and ending on the last Business Day of the succeeding month, which term shall be extendable by the Agent for successive terms of one calendar month thereafter, until the termination of the Servicer's obligations and responsibilities pursuant to this Article X; provided that, if the Backup Servicer shall become the Servicer hereunder the term of the Backup Servicer as Servicer shall not be subject to termination under this SECTION 10.01. Each such notice of extension (a "SERVICER EXTENSION NOTICE") shall be delivered by the Agent to the Servicer and the Backup Servicer. The Servicer hereby agrees that, upon its receipt of any such Servicer Extension Notice, the Servicer shall become bound for the duration of the term covered by such Servicer Extension Notice to continue as the Servicer subject to and in accordance with the other provisions of this Agreement. On and after the time the Servicer receives a notice of termination, the Backup Servicer shall be the successor in all respects to the Servicer in its capacity as Servicer under this Agreement and the transactions set forth or provided for herein and shall be subject to all the responsibilities, duties and liabilities relating thereto and arising thereafter placed on the Servicer (except for any representations or warranties of the Servicer under this Agreement by the terms and provisions hereof).

Servicing Term. The Servicer hereby covenants and agrees to act as the Servicer under this Agreement for an initial term, commencing on as of the Closing Date and ending through the Termination Date; provided, that the right of the Servicer to service any given Mortgage Loan shall automatically expire on the last Business Day of 150th day after such Mortgage Loan is pledged to the succeeding month, which term shall be extendable Lender pursuant to the Loan Agreement without any further notice from or other action by the Agent for successive terms of one calendar month thereafter, until the termination of the Servicer's obligations and responsibilities pursuant to this Article X; provided thatLender or Owner. However, if the Backup Servicer shall become the Servicer hereunder the term of the Backup Servicer as Servicer shall not be subject to termination under expiration pursuant to this SECTION Section 10.01. Each such notice With respect to each Mortgage Loan, upon the expiration of extension (a "SERVICER EXTENSION NOTICE") shall be delivered by the Agent to right of the Servicer and the Backup Servicer. The Servicer hereby agrees that, upon its receipt of any to service such Servicer Extension Notice, the Servicer shall become bound for the duration of the term covered by such Servicer Extension Notice to continue Mortgage Loan as the Servicer subject to and set forth in accordance with the other provisions of this Agreement. On and after the time the Servicer receives a notice of terminationSection 10.01, the Backup Servicer shall be the successor in all respects to the Servicer in its capacity as Servicer under this Agreement and the transactions set forth or provided for herein and shall be subject to all the responsibilities, duties and liabilities relating thereto and arising thereafter placed on the Servicer (except for any representations or warranties of the Servicer under this Agreement by the terms and provisions hereof); provided, that the Backup Servicer shall continue to be compensated in its capacity as the Backup Servicer (and not in the capacity as Servicer) until the Servicing Transfer Date occurs.

Servicing Term. The Servicer hereby covenants and agrees to act as the Servicer under this Agreement for an initial term, commencing on the Closing Date and ending on the last Business Day of the succeeding month, which term shall be extendable by the Agent Lender for successive terms of one calendar month thereafter, until the termination of the Servicer's obligations and responsibilities pursuant to this Article X; provided that, if the Backup Servicer shall become the Servicer hereunder the term of the Backup Servicer as Servicer shall not be subject to termination under this SECTION Section 10.01. Each such notice of extension (a "SERVICER EXTENSION NOTICEServicer Extension Notice") shall be delivered by the Agent Lender to the Servicer and the Backup Servicer. The Servicer hereby agrees that, upon its receipt of any such Servicer Extension Notice, the Servicer shall become bound for the duration of the term covered by such Servicer Extension Notice to continue as the Servicer subject to and in accordance with the other provisions of this Agreement. On and after the time the Servicer receives a notice of termination, the Backup Servicer shall be the successor in all respects to the Servicer in its capacity as Servicer under this Agreement and the transactions set forth or provided for herein and shall be subject to all the responsibilities, duties and liabilities relating thereto and arising thereafter placed on the Servicer (except for any representations or warranties of the Servicer under this Agreement by the terms and provisions hereof).