Common use of Servicing Termination Clause in Contracts

Servicing Termination. The Seller, the Trust, the Trust Collateral Agent (at the direction of the Class A Insurer) and the Class A Insurer hereby appoint Credit Acceptance as Servicer hereunder and Credit Acceptance hereby accepts such appointment and agrees to manage, collect and administer each of the Dealer Loans as Servicer. Credit Acceptance shall be retained as Servicer for an initial twelve (12) month term commencing on the Closing Date. Upon the expiration of such twelve (12) month term, the Class A Insurer, upon written notice to the Indenture Trustee, the Trust Collateral Agent, the Servicer, the Swap Counterparty, the Rating Agencies and the Backup Servicer, may, at its option, renew the term of Credit Acceptance as Servicer for a subsequent term of six (6) months; provided, however, if a Servicer Default occurs and the Servicer is not terminated pursuant to Section 8.01 hereof, then the Class A Insurer may renew the term of Credit Acceptance as the Servicer for a subsequent term of three (3) months. Upon the expiration of any three (3) month term, the Class A Insurer, upon written notice to the Indenture Trustee, the Trust Collateral Agent, the Servicer, the Swap Counterparty, the Rating Agencies and the Backup Servicer, may at its option, renew the term of Credit Acceptance as Servicer for an additional three (3) month term. If the Class A Insurer does not renew any such servicing term in writing, the servicing term of Credit Acceptance shall automatically expire. If a Class A Insurer Default has occurred and is continuing, and the twelve (12) month, six (6) month or three (3) month servicing term, as the case may be, has not previously expired and thereafter expires, Credit Acceptance shall continue as Servicer unless and until it is terminated after the occurrence of a Servicer Default. Upon the occurrence of a Servicer Default, the Class A Insurer shall have the rights set forth in Section 8.01 hereof. Notwithstanding anything herein to the contrary, the provisions of this Section 4.01(a) shall not apply to the Backup Servicer after it has become the successor Servicer.

Servicing Termination. The Seller, the Trust, the Trust Collateral Agent (at the direction of the Class A Insurer) and the Class A Insurer Servicer hereby appoint Credit Acceptance as Servicer hereunder and Credit Acceptance hereby accepts such appointment covenants and agrees to manage, collect and administer each of act as the Dealer Loans as Servicer. Credit Acceptance shall be retained as Servicer under this Agreement for an initial twelve (12) month term term, commencing on the Closing Date. Upon Date and ending on September 30, 2000, which term shall be extendable by the expiration Certificate Insurer for successive terms of three calendar months thereafter, until the termination of REMIC I pursuant to Article X. Each such twelve notice of extension (12"a Servicer Extension Notice") month term, shall be delivered by the Class A Insurer, upon written notice Certificate Insurer to the Indenture Trustee, the Trust Collateral AgentAdministrator and the Servicer. The Servicer hereby agrees that, upon its receipt of any such Servicer Extension Notice, the ServicerServicer 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. The Trust Administrator agrees that if as of the fifteenth (15th) day prior to the last day of any term of the Servicer the Trust Administrator shall not have received any Servicer Extension Notice from the Certificate Insurer, the Swap CounterpartyTrust Administrator will within five (5) days thereafter, give written notice of such non-receipt to the Rating Agencies Certificate Insurer and the Backup Servicer, may, at its option, renew . The failure of the Certificate Insurer to deliver a Servicer Extension Notice by the end of a calendar term shall result in the termination of the Servicer. If the term of Credit Acceptance as the Servicer for a subsequent term of six (6) months; provided, however, if shall expire without the Certificate Insurer having delivered to the Servicer a Servicer Default occurs and Extension Notice, but the Servicer is not terminated pursuant to Section 8.01 hereof, then shall continue without objection from the Class A Insurer may renew the term of Credit Acceptance as the Servicer for a subsequent term of three (3) months. Upon the expiration of any three (3) month term, the Class A Insurer, upon written notice to the Indenture Trustee, the Trust Collateral AgentAdministrator or the Certificate Insurer to perform the functions of servicer hereunder (and in the absence of ground for termination under the Insurance Agreement), the Servicer shall be entitled to receive a prorated portion of the Servicing Fee specified hereunder for the time during which it shall so act; provided, that it is understood and agreed that the foregoing provision for payment of the prorated Servicing Fee is intended solely to avoid unjust enrichment of REMIC I and does not contemplate or give rise to any implicit renewal of the Servicer, the Swap Counterparty, the Rating Agencies and the Backup Servicer, may at its option, renew the term of Credit Acceptance as Servicer for an additional three (3) month 's term. If the Class A Insurer does not renew any such servicing term in writing, the servicing term of Credit Acceptance shall automatically expire. If a Class A Insurer Default has occurred and is continuing, and the twelve (12) month, six (6) month or three (3) month servicing term, as the case may be, has not previously expired and thereafter expires, Credit Acceptance shall continue as Servicer unless and until it is terminated after the occurrence of a Servicer Default. Upon the occurrence of a Servicer Default, the Class A Insurer shall have the rights set forth in Section 8.01 hereof. Notwithstanding anything herein to the contrary, the The foregoing provisions of this Section 4.01(a) paragraph shall not apply to the Backup Trustee or Trust Administrator in the event the Trustee or Trust Administrator succeeds to the rights and obligations of the Servicer after it has become and the Trustee or Trust Administrator shall continue in such capacity until the earlier of the termination of this Agreement pursuant to Article X or the appointment of a successor Servicerservicer.

Servicing Termination. The Seller, the Trust, the Trust Collateral Agent (at the direction of the Class A Insurer) and the Class A Insurer Master Servicer hereby appoint Credit Acceptance as Servicer hereunder and Credit Acceptance hereby accepts such appointment covenants and agrees to manage, collect and administer each of act as the Dealer Loans as Servicer. Credit Acceptance shall be retained as Master Servicer under this Agreement for an initial twelve (12) month term term, commencing on the Closing Date. Upon Date and ending on December 31, 1999, which term shall be extendable by the expiration Certificate Insurer for successive terms of three calendar months thereafter, until the termination of the Trust Estate pursuant to Article X. Each such twelve notice of extension (12"a Master Servicer Extension Notice") month term, shall be delivered by the Class A Insurer, upon written notice Certificate Insurer to the Indenture Trustee, the Trust Collateral AgentAdministrator and the Master Servicer. The Master Servicer hereby agrees that, upon its receipt of any such Master Servicer Extension Notice, the ServicerMaster Servicer shall become bound for the duration of the term covered by such Master Servicer Extension Notice to continue as the Master Servicer subject to and in accordance with the other provisions of this Agreement. The Trust Administrator agrees that if as of the fifteenth (15th) day prior to the last day of any term of the Master Servicer the Trust Administrator shall not have received any Master Servicer Extension Notice from the Certificate Insurer, the Swap CounterpartyTrust Administrator will within five (5) days thereafter, give written notice of such non-receipt to the Rating Agencies Certificate Insurer and the Backup Master Servicer, may, at its option, renew . The failure of the Certificate Insurer to deliver a Master Servicer Extension Notice by the end of a calendar term shall result in the termination of the Master Servicer. If the term of Credit Acceptance as the Master Servicer for a subsequent term of six (6) months; provided, however, if a Servicer Default occurs and shall expire without the Servicer is not terminated pursuant to Section 8.01 hereof, then the Class A Certificate Insurer may renew the term of Credit Acceptance as the Servicer for a subsequent term of three (3) months. Upon the expiration of any three (3) month term, the Class A Insurer, upon written notice having delivered to the Indenture Master Servicer a Master Servicer Extension Notice, but the Master Servicer shall continue without objection from the Trustee, the Trust Collateral AgentAdministrator or the Certificate Insurer to perform the functions of servicer hereunder (and in the absence of ground for termination under the Insurance Agreement), the Master Servicer shall be entitled to receive a prorated portion of the Servicing Fee specified hereunder for the time during which it shall so act; provided, that it is understood and agreed that the foregoing provision for payment of the prorated Servicing Fee is intended solely to avoid unjust enrichment of the Trust Estate and does not contemplated or give rise to any implicit renewal of the Master Servicer, the Swap Counterparty, the Rating Agencies and the Backup Servicer, may at its option, renew the term of Credit Acceptance as Servicer for an additional three (3) month 's term. If the Class A Insurer does not renew any such servicing term in writing, the servicing term of Credit Acceptance shall automatically expire. If a Class A Insurer Default has occurred and is continuing, and the twelve (12) month, six (6) month or three (3) month servicing term, as the case may be, has not previously expired and thereafter expires, Credit Acceptance shall continue as Servicer unless and until it is terminated after the occurrence of a Servicer Default. Upon the occurrence of a Servicer Default, the Class A Insurer shall have the rights set forth in Section 8.01 hereof. Notwithstanding anything herein to the contrary, the The foregoing provisions of this Section 4.01(a) paragraph shall not apply to the Backup Trustee or Trust Administrator in the event the Trustee or Trust Administrator succeeds to the rights and obligations of the Master Servicer after it has become and the Trustee or Trust Administrator shall continue in such capacity until the earlier of the termination of this Agreement pursuant to Article X or the appointment of a successor Servicerservicer.

Servicing Termination. The Seller(a) Notwithstanding anything to the contrary herein or in the Servicing Agreement, Servicer’s rights to service the TrustPurchased Assets shall automatically terminate (i) upon Servicer receiving a written termination notice from Buyer or its designee, the Trust Collateral Agent or (at the direction of the Class A Insurerii) and the Class A Insurer hereby appoint Credit Acceptance as Servicer hereunder and Credit Acceptance hereby accepts such appointment and agrees to manage, collect and administer each of the Dealer Loans as Servicer. Credit Acceptance shall be retained as Servicer for an initial twelve (12) month term commencing on the Closing Date. Upon thirtieth (30th) day following the expiration execution of such twelve (12) month termthis Instruction Letter, the Class A Insurer, upon written notice to the Indenture Trustee, the Trust Collateral Agent, the Servicer, the Swap Counterparty, the Rating Agencies and the Backup Servicer, may, at its option, renew or if the term of Credit Acceptance as Servicer this Instruction Letter is extended in writing by Buyer or its designee for the applicable additional thirty (30) day period, on the thirtieth (30th) day following the effective date of such extension (in each case, a subsequent term of six (6) months; provided, however, if a Servicer Default occurs and the Servicer is not terminated pursuant to Section 8.01 hereof, then the Class A Insurer may renew “Servicing Termination”). In no event shall the term of Credit Acceptance the Servicing Agreement be extended for more than 30 days in any single extension. (b) In the event of a Servicing Termination with respect to the Purchased Assets, Servicer hereby agrees to (i) deliver to Buyer or its designee any funds in its possession which are related to the Purchased Asset(s) (net of termination fees or any other unreimbursed costs, servicing advances, expenses or indemnification obligations otherwise due and payable to Servicer under the Servicing Agreement) and electronic copies of the Servicing Files (as defined in the Servicing Agreement) held by Servicer with respect to the applicable Purchased Asset(s) so affected and account for a subsequent term all funds, (ii) reasonably cooperate with the transfer of three servicing to Buyer or its designee and (3iii) months. Upon the expiration direct any party liable for any payment under any such Purchased Asset(s) to make payment of any three and all moneys due or to become due thereunder directly to Buyer or as Buyer shall direct including, without limitation, sending “goodbye” letters. The out-of-pocket costs and expenses of such transfer shall be paid by the Buyer only if either (3i) month term, no Seller Event of Default or Event of Default under the Class A Insurer, upon written notice Servicing Agreement is then continuing or (ii) Buyer has exercised its remedies under the Repurchase Agreement with respect to the Indenture Trustee, the Trust Collateral Agent, the Servicer, the Swap Counterparty, the Rating Agencies and the Backup Servicer, may at its option, renew the term of Credit Acceptance as Servicer for an additional three (3) month term. If the Class A Insurer does not renew any such servicing term in writing, the servicing term of Credit Acceptance shall automatically expire. If a Class A Insurer Default has occurred and is continuing, and the twelve (12) month, six (6) month or three (3) month servicing term, as the case may be, has not previously expired and thereafter expires, Credit Acceptance shall continue as Servicer unless and until it is terminated after Purchased Assets following the occurrence of a Seller Event of Default and Buyer retains Servicer Defaultto service the Purchased Assets. Upon The transfer of servicing and such records by Servicer shall be in accordance with Accepted Servicing Practices and the occurrence terms of a Servicer Defaultthe Servicing Agreement, and such transfer shall include the Class A Insurer shall have transfer of the rights set forth in Section 8.01 hereof. Notwithstanding anything herein to net amount of all escrows or reserves held for the contrary, the provisions of this Section 4.01(a) shall not apply to the Backup Servicer after it has become the successor Servicerrelated mortgagors.

Servicing Termination. The Seller, the Trust, the Trust Collateral Agent (at the direction of the Class A Insurer) and the Class A Insurer Master Servicer hereby appoint Credit Acceptance as Servicer hereunder and Credit Acceptance hereby accepts such appointment covenants and agrees to manage, collect and administer each of act as the Dealer Loans as Servicer. Credit Acceptance shall be retained as Master Servicer under this Agreement for an initial twelve (12) month term term, commencing on the Closing Date. Upon Date and ending on September 30, 2000, which term shall be extendable by the expiration Certificate Insurer for successive terms of three calendar months thereafter, until the termination of REMIC I pursuant to Article X. Each such twelve notice of extension (12"a Master Servicer Extension Notice") month term, shall be delivered by the Class A Insurer, upon written notice Certificate Insurer to the Indenture Trustee, the Trust Collateral AgentAdministrator and the Master Servicer. The Master Servicer hereby agrees that, upon its receipt of any such Master Servicer Extension Notice, the ServicerMaster Servicer shall become bound for the duration of the term covered by such Master Servicer Extension Notice to continue as the Master Servicer subject to and in accordance with the other provisions of this Agreement. The Trust Administrator agrees that if as of the fifteenth (15th) day prior to the last day of any term of the Master Servicer the Trust Administrator shall not have received any Master Servicer Extension Notice from the Certificate Insurer, the Swap CounterpartyTrust Administrator will within five (5) days thereafter, give written notice of such non-receipt to the Rating Agencies Certificate Insurer and the Backup Master Servicer, may, at its option, renew . The failure of the Certificate Insurer to deliver a Master Servicer Extension Notice by the end of a calendar term shall result in the termination of the Master Servicer. If the term of Credit Acceptance as the Master Servicer for a subsequent term of six (6) months; provided, however, if a Servicer Default occurs and shall expire without the Servicer is not terminated pursuant to Section 8.01 hereof, then the Class A Certificate Insurer may renew the term of Credit Acceptance as the Servicer for a subsequent term of three (3) months. Upon the expiration of any three (3) month term, the Class A Insurer, upon written notice having delivered to the Indenture Master Servicer a Master Servicer Extension Notice, but the Master Servicer shall continue without objection from the Trustee, the Trust Collateral AgentAdministrator or the Certificate Insurer to perform the functions of servicer hereunder (and in the absence of ground for termination under the Insurance Agreement), the Master Servicer shall be entitled to receive a prorated portion of the Servicing Fee specified hereunder for the time during which it shall so act; provided, that it is understood and agreed that the foregoing provision for payment of the prorated Servicing Fee is intended solely to avoid unjust enrichment of REMIC I and does not contemplate or give rise to any implicit renewal of the Master Servicer, the Swap Counterparty, the Rating Agencies and the Backup Servicer, may at its option, renew the term of Credit Acceptance as Servicer for an additional three (3) month 's term. If the Class A Insurer does not renew any such servicing term in writing, the servicing term of Credit Acceptance shall automatically expire. If a Class A Insurer Default has occurred and is continuing, and the twelve (12) month, six (6) month or three (3) month servicing term, as the case may be, has not previously expired and thereafter expires, Credit Acceptance shall continue as Servicer unless and until it is terminated after the occurrence of a Servicer Default. Upon the occurrence of a Servicer Default, the Class A Insurer shall have the rights set forth in Section 8.01 hereof. Notwithstanding anything herein to the contrary, the The foregoing provisions of this Section 4.01(a) paragraph shall not apply to the Backup Trustee or Trust Administrator in the event the Trustee or Trust Administrator succeeds to the rights and obligations of the Master Servicer after it has become and the Trustee or Trust Administrator shall continue in such capacity until the earlier of the termination of this Agreement pursuant to Article X or the appointment of a successor Servicerservicer.

Servicing Termination. The Seller, the Trust, the Trust Collateral Agent (at the direction of the Class A Insurer) and the Class A Insurer Servicer hereby appoint Credit Acceptance as Servicer hereunder and Credit Acceptance hereby accepts such appointment covenants and agrees to manage, collect and administer each of act as the Dealer Loans as Servicer. Credit Acceptance shall be retained as Servicer under this Agreement for an initial twelve (12) month term term, commencing on the Closing Date. Upon Date and ending on September 30, 1999, which term shall be extendable by the expiration Certificate Insurer for successive terms of three calendar months thereafter, until the termination of the Trust Estate pursuant to Article X. Each such twelve notice of extension (12"a Servicer Extension Notice") month term, shall be delivered by the Class A Insurer, upon written notice Certificate Insurer to the Indenture Trustee, the Trust Collateral AgentAdministrator and the Servicer. The Servicer hereby agrees that, upon its receipt of any such Servicer Extension Notice, the ServicerServicer 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. The Trust Administrator agrees that if as of the fifteenth (15th) day prior to the last day of any term of the Servicer the Trust Administrator shall not have received any Servicer Extension Notice from the Certificate Insurer, the Swap CounterpartyTrust Administrator will within five (5) days thereafter, give written notice of such non-receipt to the Rating Agencies Certificate Insurer and the Backup Servicer, may, at its option, renew . The failure of the Certificate Insurer to deliver a Servicer Extension Notice by the end of a calendar term shall result in the termination of the Servicer. If the term of Credit Acceptance as the Servicer for a subsequent term of six (6) months; provided, however, if shall expire without the Certificate Insurer having delivered to the Servicer a Servicer Default occurs and Extension Notice, but the Servicer is not terminated pursuant to Section 8.01 hereof, then shall continue without objection from the Class A Insurer may renew the term of Credit Acceptance as the Servicer for a subsequent term of three (3) months. Upon the expiration of any three (3) month term, the Class A Insurer, upon written notice to the Indenture Trustee, the Trust Collateral AgentAdministrator or the Certificate Insurer to perform the functions of servicer hereunder (and in the absence of ground for termination under the Insurance Agreement), the Servicer shall be entitled to receive a prorated portion of the Servicing Fee specified hereunder for the time during which it shall so act; provided, that it is understood and agreed that the foregoing provision for payment of the prorated Servicing Fee is intended solely to avoid unjust enrichment of the Trust Estate and does not contemplated or give rise to any implicit renewal of the Servicer, the Swap Counterparty, the Rating Agencies and the Backup Servicer, may at its option, renew the term of Credit Acceptance as Servicer for an additional three (3) month 's term. If the Class A Insurer does not renew any such servicing term in writing, the servicing term of Credit Acceptance shall automatically expire. If a Class A Insurer Default has occurred and is continuing, and the twelve (12) month, six (6) month or three (3) month servicing term, as the case may be, has not previously expired and thereafter expires, Credit Acceptance shall continue as Servicer unless and until it is terminated after the occurrence of a Servicer Default. Upon the occurrence of a Servicer Default, the Class A Insurer shall have the rights set forth in Section 8.01 hereof. Notwithstanding anything herein to the contrary, the The foregoing provisions of this Section 4.01(a) paragraph shall not apply to the Backup Trustee or Trust Administrator in the event the Trustee or Trust Administrator succeeds to the rights and obligations of the Servicer after it has become and the Trustee or Trust Administrator shall continue in such capacity until the earlier of the termination of this Agreement pursuant to Article X or the appointment of a successor Servicerservicer.