Common use of Service Transfer Clause in Contracts

Service Transfer. The Investor acknowledges and agrees that, if required by applicable state or federal law or regulation, including but not limited to 12 CFR Part 1024.33 (Regulation X) regarding rules on service transfer, an interim period of no less than 15 days and up to 60 days may be required to ensure a compliant service transfer of the Loan(s) to Servicer. Owner and Servicer shall exert commercially reasonable efforts to minimize any such interim period.

Service Transfer. The Investor acknowledges and agrees that, if required by applicable state or federal law or regulation, regulation including but not limited to 12 CFR Part 1024.33 (Regulation X) regarding rules on service transfer, an interim period of no less than 15 days and up to 60 forty-five (45) days may be required to ensure a compliant service transfer of the Loan(s) to ServicerServicer prior to vesting of the Participation Interest in Investor. Owner Seller and Servicer shall exert commercially reasonable efforts to minimize any such interim period.