TRAILER TERMS Sample Clauses

TRAILER TERMS. 11.1 Change of terms 11.2 Sale of Portfolio
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TRAILER TERMS. 11.1 If the Sub-Originator agreement status changes, the trailer commission will be treated in the following manner Providing there is no Event of Default by the Sub-Originator, the Originator will continue to pay the agreed trailer commissions to the Sub-Originator for the life of the Mortgage(s) or until such time as the Originator may itself assign its rights. In this latter event, the Originator acknowledges to the Sub- Originator that the Sub-Originator will receive the same benefits that accrue to the Originator. If the Originator’s income in respect of a Loan is terminated or reduced, the Originator can likewise terminate or reduce the Sub-Originator’s trailer commission in respect of that Loan. The Sub-Originator may sell its portfolio in accordance with clause 11.2(b), subject to written approval by the Originator. The Originator has the first right of refusal.
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Related to TRAILER TERMS

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