Common use of Effective Termination Date Clause in Contracts

Effective Termination Date. Termination as specified in this Article VIII shall be effective at such time as is specified in the Termination Notice. In the event of such termination, all authority and power of the Servicer under this Agreement, whether with respect to the Loans or otherwise, shall pass to and be vested in the Manager or the successor servicer designated by the Manager in the case of termination by the Manager or as designated solely by the Initial Member (or any successor “Manager” under the LLC Operating Agreement) in the case of termination by the Initial Member (or such successor “Manager” under the LLC Operating Agreement). The Servicer agrees to cooperate with the Manager, the Initial Member, any successor “Manager” under the Operating Agreement and any successor servicer with respect to the timely and orderly transition of its obligations under this Agreement. The Servicer shall be liable for all obligations of the Servicer that have accrued under this Agreement or at Law prior to such termination.

Effective Termination Date. Termination as specified in this Article VIII shall VII will be effective at such time as is permitted hereunder and specified in the Termination Notice. In the event of such termination, all authority and power of the Servicer under this Agreement, whether with respect to the Loans Assets or otherwise, shall will pass to and be vested in the Manager or the successor servicer designated by the Manager in the case of termination by the Manager Manager, or as designated solely by the Initial Member (or any successor “Manager” under the LLC Operating Agreement) in the case of termination by the Initial Member (or such successor “Manager” under the LLC Operating Agreement). The Servicer agrees to cooperate with the Manager, the Initial Member, any successor “Manager” under the Operating Agreement and any successor servicer with respect to the timely and orderly transition of its obligations under this Agreement. The Servicer shall will be liable for all obligations of the Servicer that have accrued or arisen under this Agreement or at Law prior to such termination.

Effective Termination Date. Termination as specified in this Article VIII shall be effective at such time as is specified in the Termination Notice. In the event of such termination, all authority and power of the Servicer under this Agreement, whether with respect to the Loans or otherwise, shall pass to and be vested in the Manager or the successor servicer designated by the Manager in the case of termination by the Manager or as designated by solely by the Initial Member (or any successor “Manager” under the LLC Operating Agreement) in the case of termination by the Initial Member (or such successor “Manager” under the LLC Operating Agreement). The Servicer agrees to cooperate with the Manager, the Initial Member, any successor “Manager” under the Operating Agreement and any successor servicer with respect to the timely and orderly transition of its obligations under this Agreement. The Servicer shall be liable for all obligations of the Servicer that have accrued under this Agreement or at Law prior to such termination.

Effective Termination Date. Termination as specified in this Article VIII ARTICLE VII shall be effective at such time as is specified in the Termination Notice. In the event of such termination, all authority and power of the Servicer under this Agreement, whether with respect to the Loans Assets or otherwise, shall pass to and be vested in the Manager or the successor servicer designated by the Manager in the case of termination by the Manager or as designated by solely by the Initial Member (or any successor “Manager” under the LLC Operating Agreement) in the case of termination by the Initial Member (or such successor “Manager” under the LLC Operating Agreement). The Servicer agrees to cooperate with the Manager, the Initial Member, any successor “Manager” under the Operating Agreement and any successor servicer with respect to the timely and orderly transition of its obligations under this Agreement. The Servicer shall be liable for all obligations of the Servicer that have accrued under this Agreement or at Law prior to such termination.

Effective Termination Date. Termination as specified in this Article VIII VII shall be effective at such time as is permitted hereunder and specified in the Termination Notice. In the event of such termination, all authority and power of the Servicer under this Agreement, whether with respect to the Loans Assets or otherwise, shall pass to and be vested in the Manager or the successor servicer designated by the Manager in the case of termination by the Manager Manager, or as designated solely by the Initial Member (or any successor “Manager” under the LLC Operating Agreement) in the case of termination by the Initial Member (or such successor “Manager” under the LLC Operating Agreement). The Servicer agrees to cooperate with the Manager, the Initial Member, any successor “Manager” under the Operating Agreement and any successor servicer with respect to the timely and orderly transition of its obligations under this Agreement. The Servicer shall be liable for all obligations of the Servicer that have accrued or arisen under this Agreement or at Law prior to such termination.

Effective Termination Date. Termination as specified in this Article VIII shall be effective at such time as is specified in the Termination Notice. In the event of such termination, all authority and power of the Servicer under this Agreement, whether with respect to the Mortgage Loans or otherwise, shall pass to and be vested in the Manager or the successor servicer designated by the Manager in the case of termination by the Manager or as designated solely by the Initial Member (or any successor “Manager” under the LLC Operating Agreement) in the case of termination by the Initial Member (or such successor “Manager” under the LLC Operating Agreement). The Servicer agrees to cooperate with the Manager, the Initial Member, any successor “Manager” under the Operating Agreement and any successor servicer with respect to the timely and orderly transition of its obligations under this Agreement. The Servicer shall be liable for all obligations of the Servicer that have accrued under this Agreement or at Law prior to such termination.