Termination of Servicing Agency Clause Samples
Termination of Servicing Agency. Notwithstanding the other provisions of this Article III, if the Agent reasonably determines at any time, in its sole discretion, that (i) the Servicer has failed to perform its servicing and collection functions hereunder and has not corrected such failure within ten (10) days of Agent's notifying the Servicer of such failure, (ii) a Termination Event has occurred and is continuing, or (iii) there has been a material adverse change in PDC's financial condition, the Agent may terminate PDC's agency hereunder by delivering written notice of the Agent's revocation of PDC's power and authority to service the Buyers' Contracts. After delivering written notice pursuant to the preceding sentence, the Agent may directly service the Buyers' Contracts and Related Security (or engage a third party to do so on the Buyers' behalf). In such event, the Agent shall have the right, without limitation, and notwithstanding Section 4.4 hereof, to collect and retain all payments (excluding Positive Interest Differentials) received from Obligors and shall be entitled to reimbursement (not to exceed the amounts from time to time collected constituting Positive Interest Differentials and earnings on the Collection Account) from PDC on demand for all reasonable expenses incurred by the Agent (including but not limited to any fees and expenses of any successor servicer and fees, service charges and disbursements of legal counsel) in connection with such servicing activities (and the Agent may deduct such expenses from collected amounts constituting Positive Interest Differentials and earnings on the Collection Account) as provided in Section 4.6. Nothing contained in this paragraph shall be construed to limit or otherwise affect or modify PDC's obligation to make up interest deficiencies as provided in Section 4.2 and, if the Agent assumes servicing and collection functions under this Article III, the Agent may from time to time deduct the amount of such deficiencies from amounts constituting Positive Interest Differentials.
Termination of Servicing Agency. Notwithstanding the other provisions of this Article III, if the Agent reasonably determines at any time, in its sole discretion, that (i) the Servicer has failed to perform its servicing and collection functions hereunder and has not corrected such failure within ten (10) days of Agent’s notifying the Servicer of such failure, (ii) a Termination Event has occurred and is continuing, or (iii) there has been a material adverse change in PCI’s financial condition, the Agent may terminate PCI’s servicing hereunder by delivering written notice of the Agent’s revocation of PCI’s power and authority to service the Buyer Contracts. After delivering written notice pursuant to the preceding sentence, the Agent may directly service the Buyer Contracts (or engage a third party to do so on the Buyers’ behalf). In such event, the Agent shall have the right, without limitation, and notwithstanding Section 4.5 hereof, to collect and retain all payments received from Obligors and shall be entitled to reimbursement from Seller on demand for all reasonable expenses incurred by the Agent (including but not limited to any fees and expenses of any successor servicer and fees, service charges and disbursements of legal counsel) in connection with such servicing activities.