Common use of Servicing Term Clause in Contracts

Servicing Term. Seller shall service or cause the Servicer to service such Participated Assets on behalf of Buyer commencing as of the related Purchase Date until the first next Monthly Payment Date, which term may be extended in writing by Buyer in its sole discretion, until the next following Monthly Payment Date (each, a “Servicing Term”). Notwithstanding the foregoing, that Buyer shall have the right to immediately terminate the Seller, in its capacity as servicer, or any Servicer at any time following a Servicer Termination Event. If such Servicing Term is not extended by Buyer or if Buyer has terminated Seller, in its capacity as servicer, or Servicer as a result of a Servicer Termination Event, Seller shall transfer or shall cause such Servicer to transfer such servicing to Buyer or its designee at no cost or expense to Buyer as provided in Section 21(t). Seller, in its capacity as servicer, shall hold or cause to be held all Escrow Payments collected with respect to the Participated Mortgage Loans it or a Servicer is subservicing on behalf of purchaser in segregated accounts for the sole benefit of the related Mortgagor and shall apply the same for the purposes for which such funds were collected. If Seller or Servicer should discover that, for any reason whatsoever, it or the Servicer has failed to fully perform its servicing obligations in any material respect with respect to the Participated Assets it is subservicing on behalf of Buyer, Seller shall promptly notify Buyer.

Servicing Term. Seller shall service or cause the Servicer to service subservice such Participated Assets Mortgage Loans on behalf of Buyer Purchaser for a term of thirty (30 days commencing as of the related Purchase Date until the first next Monthly Payment Date, which term may be extended in writing by Buyer Agent in its sole reasonable discretion, until on a monthly basis, for an additional thirty-day period, and Seller shall, in turn, extend in writing the next following Monthly Payment Date Servicer’s subservicing for thirty (30) days, on a monthly basis (each, a “Servicing Term”). Notwithstanding the foregoingforgoing, that Buyer Purchaser and/or Agent shall have the right to immediately terminate the Seller, in its capacity as servicer, Seller or any Servicer at any time following the occurrence of an Event of Default in accordance with Section 17(r) hereof (a “Servicer Termination Event”), and Seller shall immediately terminate the Servicer following the occurrence of a Servicer Termination Event. If such Servicing Term is not extended by Buyer Agent or if Buyer Purchaser or Agent has terminated Seller, in its capacity as servicer, Seller or Servicer as a result of a Servicer Termination Event, Seller shall transfer or shall cause such Servicer to transfer such servicing to Buyer Purchaser or its designee at no cost or expense to Buyer Purchaser as provided in Section 21(t14(t). Seller, in its capacity as servicer, Seller shall hold or cause to be held all Escrow Payments collected with respect to the Participated Mortgage Loans it or a Servicer is subservicing on behalf of purchaser Purchaser in segregated accounts for the sole benefit of the related Mortgagor and shall apply the same for the purposes for which such funds were collected. If Seller or Servicer should discover that, for any reason whatsoever, it or the Servicer has failed to fully perform its servicing obligations in any material respect with respect to the Participated Assets Mortgage Loans it is subservicing on behalf of BuyerPurchaser, Seller shall promptly notify BuyerPurchaser and Agent.

Servicing Term. Seller shall service or cause the Servicer to shall subserviceto service such Participated Assets Mortgage Loans on behalf of Buyer Purchaser for a term commencing as of the related Purchase Date until and ending on the last day of the calendar month following the calendar month in which such Purchaseuntil the first next Monthly Payment DateDate occurs, which term may be extended in writing on a monthly basis by Buyer the Purchaserby Agent in its sole reasonable discretion, until for an additional calendar month perioduntil the next following Monthly Payment Date (each, a “Servicing Term”); provided, that . Notwithstanding the foregoingforgoing, that Buyer Purchaser and/or Agent shall have the right to immediately terminate the Seller, in its capacity as servicer, Seller or any Servicer at any time following the occurrence of any event described in Section 17(i) hereof (a “a Servicer Termination Event”). If such Servicing Term is not extended by Buyer PurchaserAgent or if Buyer Purchaser or Agent has terminated Seller, in its capacity as servicer, Seller or Servicer as a result of a Servicer Termination Event, Seller shall transfer or shall cause such Servicer to shallto transfer such servicing to Buyer Purchaser or its designee at no cost or expense to Buyer Purchaser as provided in Section 21(t15(t). Seller, in its capacity as servicer, ServicerSeller shall hold or cause to be held all Escrow Payments collected with respect to the Participated Mortgage Loans it or a Servicer is subservicing on behalf of purchaser Purchaser in segregated accounts for the sole benefit of the related Mortgagorsrelated Mortgagor and shall apply the same for the purposes for which such funds were collected. If Seller or Servicer should discover that, for any reason whatsoever, it or the Servicer has failed to perform fully perform its servicing obligations in any material respect with respect to the Participated Assets Mortgage Loans it is subservicing on behalf of BuyerPurchaser, Seller shall promptly notify Buyer.Purchaser. and Agent.62