Common use of Term To Term Servicing Clause in Contracts

Term To Term Servicing. (a) Upon the occurrence and continuance of any Event of Default, if the Servicer is not removed as provided in Section 8.01, the Servicer shall act as servicer under this Agreement, subject to the continuing right of removal set forth in Section 8.01, in the case of the Fixed Rate Group for (i) an initial period commencing on the date of such Event of Default through the end of the quarter that includes such date and ends on March 31, June 30, September 30 or December 31, as the case may be, and (ii) if the Servicer receives from the Financial Guaranty Insurer (or Trustee if their shall exist any Financial Guaranty Insurer Default) at least fifteen days prior to the end of such term or any subsequent term notice of renewal of its right to act as Servicer, such term shall be extended for one or more succeeding quarterly periods thereafter commencing on the last day of the preceding quarterly period as 105 specified in such notice, but any such extension shall be revocable at any time by the Financial Guaranty Insurer (or Trustee if their shall exist any Financial Guaranty Insurer Default), but absent delivery of such notice, the Servicer will be automatically removed at the end of such quarterly term pursuant to Section 8.02.

Term To Term Servicing. (a) Upon the occurrence and continuance of any Event of Default, if the Servicer is not removed as provided in Section 8.01, the Servicer shall act as servicer under this Agreement, subject to the continuing right of removal set forth in Section 8.01, in the case of the Fixed Rate Group for (i) an initial period commencing on the date of such Event of Default through the end of the quarter that includes such date and ends on March 31, June 30, September 30 or December 31, as the case may be, and (ii) if the Servicer receives from the Financial Guaranty Insurer (or Trustee if their there shall exist any Financial Guaranty Insurer Default) at least fifteen days prior to the end of such term or any subsequent term notice of renewal of its right to act as Servicer, such term shall be extended for one or more succeeding quarterly periods thereafter commencing on the last day of the preceding quarterly period as 105 specified in such notice, but any such extension shall be revocable at any time by the Financial Guaranty Insurer (or Trustee if their there shall exist any Financial Guaranty Insurer Default), but absent delivery of such notice, the Servicer will be automatically removed at the end of such quarterly term pursuant to Section 8.02.

Term To Term Servicing. (a) Upon the occurrence and continuance of any Event of Default, if the Servicer is not removed as provided in Section 8.01, the Servicer shall act as servicer under this Agreement, subject to the continuing right of removal set forth in Section 8.01, in the case of the Fixed Adjustable Rate Group for (ia) an initial period commencing on the date of such Event of Default through the end of the quarter that includes such date and ends on March 31[ ], June 30[ ], September 30 [ ] or December 31[ ], as the case may be, and (iib) if the Servicer receives from the Financial Guaranty Insurer (or Trustee if their shall exist any Financial Guaranty Insurer Default) at least fifteen days prior to the end of such term or any subsequent term notice of renewal of its right to act as Servicer, such term shall be extended for one or more succeeding quarterly periods thereafter commencing on the last day of the preceding quarterly period as 105 specified in such 103 109 notice, but any such extension shall be revocable at any time by the Financial Guaranty Insurer (or Trustee if their shall exist any Financial Guaranty Insurer Default), but absent delivery of such notice, the Servicer will be automatically removed at the end of such quarterly term pursuant to Section 8.028.01.

Term To Term Servicing. (a) Upon the occurrence and continuance of any Event of Default, if the Servicer is not removed as provided in Section 8.01, the Servicer shall act as servicer under this Agreement, subject to the continuing right of removal set forth in Section 8.01, in the case of the Fixed Adjustable Rate Group for (ia) an initial period commencing on the date of such Event of Default through the end of the quarter that includes such date and ends on March 31, June 30, September 30 or December 31, as the case may be, and (iib) if the Servicer receives from the Financial Guaranty Insurer (or Trustee if their shall exist any Financial Guaranty Insurer Default) at least fifteen days prior to the end of such term or any subsequent term notice of renewal of its right to act as Servicer, such term shall be extended for one or more succeeding quarterly periods thereafter commencing on the last day of the preceding quarterly period as 105 specified in such notice, but any such extension shall be revocable at any time by the Financial 103 109 Guaranty Insurer (or Trustee if their shall exist any Financial Guaranty Insurer Default), but absent delivery of such notice, the Servicer will be automatically removed at the end of such quarterly term pursuant to Section 8.028.01.