Backup Servicing Termination Sample Clauses
The Backup Servicing Termination clause defines the conditions and procedures under which a backup servicer's role in a financial or servicing arrangement may be ended. Typically, this clause outlines specific events or triggers—such as the appointment of a new primary servicer, the resolution of a servicing default, or the completion of a transaction—that would lead to the termination of the backup servicer's responsibilities. Its core practical function is to ensure a clear and orderly transition of servicing duties, minimizing disruption and clarifying the rights and obligations of all parties involved when backup servicing is no longer required.
Backup Servicing Termination. Subject to Section 2.4 hereof, prior to the time the Backup Servicer receives a notice from the Trust Collateral Agent that the Backup Servicer will become the Servicer, the Backup Servicer may terminate this Agreement for any reason in its sole judgment and discretion upon delivery of ninety (90) days advance written notice to the Noteholders and the Trust Collateral Agent of such termination.
Backup Servicing Termination. (a) Prior to the time the Backup Servicer receives a Transfer Notice, this Agreement may be terminated upon delivery of thirty (30) days advance written notice to the Backup Servicer of such termination. This Agreement shall be terminated pursuant to the previous sentence if (A) (i) the Servicer notifies the Issuing Entity in writing that the Servicer has engaged a replacement backup servicer or a Successor Servicer, (ii) the agreement with such replacement backup servicer or Successor Servicer, as the case may be, is reasonably satisfactory to the Issuing Entity in form and substance and (iii) the identity of such replacement backup servicer or Successor Servicer, as the case may be, is acceptable to the Issuing Entity in its sole discretion, (B) ▇▇▇▇▇’▇ shall have been given at least 10 Business Days’ prior notice thereof and shall have not notified the Issuing Entity and the Indenture Trustee that such action will result in a reduction or withdrawal of the then current rating of any Class of the Notes or (C) CNH Global N.V.’s long term unsecured debt credit rating by ▇▇▇▇▇’▇ rises to “Ba2” or higher.
(b) Prior to the time the Backup Servicer receives a Transfer Notice, the Backup Servicer may resign as Backup Servicer under this Agreement for any reason in its sole judgment and discretion upon delivery of one hundred twenty (120) days advance written notice (“Resignation Notice”) to the Issuing Entity of such resignation. In the event that the Backup Servicer delivers a Resignation Notice pursuant to the foregoing sentence, the Servicer agrees to cooperate with the Issuing Entity, and to take such actions as the Issuing Entity may reasonably request, in order to appoint a replacement backup servicer as promptly as possible. If a successor Backup Servicer has not accepted appointment as the Successor Backup Servicer pursuant to Section 2.3(c) by the last day of such 120 day period, this Agreement shall terminate on the last day of such period.
(c) The Issuing Entity may appoint a replacement backup servicer to serve as the backup servicer hereunder (a “Successor Backup Servicer”). Provided that the Successor Backup Servicer has executed a written assumption instrument acceptable to the Issuing Entity, the Successor Backup Servicer shall become the Backup Servicer hereunder effective on the date specified in such assumption instrument, which shall be a date not later than the day the predecessor Backup Servicer ceases to perform as Backup Servicer hereund...
Backup Servicing Termination. (a) Prior to the time the Backup Servicer receives a Transfer Notice, this Agreement may be terminated upon delivery of thirty (30) days advance written notice to the Backup Servicer of such termination. This Agreement shall be terminated pursuant to the previous sentence if (A) (i) the Servicer notifies the Issuer in writing that the Servicer has engaged a replacement backup servicer or a Successor Servicer, (ii) the agreement with such replacement backup servicer or Successor Servicer, as the case may be, is reasonably satisfactory to the Issuer in form and substance and (iii) the identity of such replacement backup servicer or Successor Servicer, as the case may be, is acceptable to the Issuer in its sole discretion, (B) ▇▇▇▇▇’▇ has advised the Issuer that the termination of this Agreement will not result in a downgrade or withdrawal of its ratings on the Notes or (C) CNH Global N.V.’s long term unsecured debt credit rating by ▇▇▇▇▇’▇ rises to “Ba2” or higher.
(b) Prior to the time the Backup Servicer receives a Transfer Notice, the Backup Servicer may terminate this Agreement for any reason in its sole judgment and discretion upon delivery of one hundred twenty (120) days advance written notice to the Issuer of such termination. In the event that the Backup Servicer delivers notice pursuant to the foregoing sentence, the Servicer agrees to cooperate with the Issuer, and to take such actions as the Issuer may reasonably request, in order to appoint a replacement backup servicer as promptly as possible.
Backup Servicing Termination. Backup Servicer Fees; Payment of Expenses by Backup Servicer
Backup Servicing Termination. (a) Unless earlier terminated pursuant to the following clause (b) or (c), this Agreement shall terminate upon written notice delivered to the Backup Servicer by the Deal Agent that the Loan Agreement has been terminated.
(b) The Backup Servicer may terminate this Agreement (i) prior to the time the Backup Servicer receives a Servicer Termination Notice, for any reason in its sole judgment and discretion upon delivery of 90 days advance written notice to the Deal Agent of such termination; or (ii) as permitted by Section 2.4(c).
(c) The Deal Agent may terminate this Agreement (i) as permitted by Sections 2.3(c), 2.4(b) or 4.2.
Backup Servicing Termination. 16 SECTION 4.4. Return of Confidential Information...................... 16
Backup Servicing Termination. (a) Prior to the time the Backup Servicer receives a Transfer Notice, this Agreement may be terminated upon delivery of thirty (30) days advance written notice to the Backup Servicer of such termination. This Agreement shall be terminated pursuant to the previous sentence if (A) (i) the Servicer notifies the Issuer in writing that the Servicer has engaged a replacement backup servicer or a Successor Servicer, (ii) the agreement with such replacement backup servicer or Successor Servicer, as the case may be, is reasonably satisfactory to the Issuer in form and substance and (iii) the identity of such replacement backup servicer or Successor Servicer, as the case may be, is acceptable to the Issuer in its sole discretion or (B) ▇▇▇▇▇’▇ has advised the Issuer that the termination of this Agreement will not result in a downgrade or withdrawal of its ratings on the Notes.
(b) Prior to the time the Backup Servicer receives a Transfer Notice, the Backup Servicer may terminate this Agreement for any reason in its sole judgment and discretion upon delivery of one hundred twenty (120) days advance written notice to the Issuer of such
Backup Servicing Termination. Unless earlier terminated pursuant to the following clause (b) or (c), this Agreement shall terminate upon written notice delivered to the Backup Servicer by the Deal Agent that the Loan Agreement has been terminated.