Servicing Termination Sample Clauses

Servicing Termination. Section 6.01.

Servicing Termination. The Seller and the Trust hereby appoint Credit Acceptance as Servicer hereunder and Credit Acceptance hereby accepts such appointment and agrees to manage, collect and administer each of the Loans as Servicer. Upon the occurrence of a Servicer Default, the Indenture Trustee shall have the rights set forth in Section 8.01 hereof.

Servicing Termination. 22 SECTION 7.1 Events of Servicing Termination............................................................22 SECTION 7.2 Appointment of Successor Servicer..........................................................24 SECTION 7.3 Notification to Noteholders and Certificateholders.........................................25 SECTION 7.4 Waiver of Past Events of Servicing Termination.............................................25 ARTICLE VIII TERMINATION................................................................................25 SECTION 8.1 Optional Purchase of All Receivables.......................................................25 SECTION 8.2 Succession Upon Satisfaction and Discharge of Indenture....................................26

Servicing Termination. Section 6.01 Events of Servicing Termination..........................................................40 Section 6.02 Indenture Trustee to Act; Appointment of Successor.......................................42 Section 6.03 Notification to Noteholders and the Transferor...........................................43

Servicing Termination. 43 SECTION 8.1 Events of Servicing Termination...............................................43 SECTION 8.2

Servicing Termination. The Servicer may be terminated only as provided in the Servicing Agreement, the GNMA Guide as modified by the MBS Agreement, the Xxxxxxx Mac Guide or the Xxxxxx Mae Guide, as applicable.

Servicing Termination. Without limiting Purchaser’s rights to terminate Seller as servicer as provided above, Purchaser (or any other registered holder of the related Participation Certificate) shall nonetheless be entitled (and in the case of clause (vi), such termination shall occur automatically), by written notice to Seller (and in the case of clause (vi) below immediately without notice), to effect termination of Seller’s servicing rights and obligations with respect to the affected Mortgage Pool in the event any of the following circumstances or events (“Servicing Termination Events”) occur and are continuing: (i) the Seller shall default in the payment of (i) any amount payable by it hereunder or under any other Program Document on account of Repurchase Price, (ii) Expenses (and such failure to pay Expenses shall continue for more than [***]) or (iii) any other obligations under the Program Documents, when the same shall become due and payable, whether at the due date thereof, or by acceleration or otherwise (and such failure to pay such other obligations shall continue for more than [***]); or (ii) the failure of the Seller to perform, comply with, or observe any term, covenant, or agreement applicable to the Seller contained in any of Sections 10(a)(i) (Preservation of Existence; Compliance with Law) (but solely as to organization and existence), (ix) (True and Correct Information) (to the extent relied upon by Purchaser and adversely affecting the Purchaser’s decisions), (xi) (Financial Condition Covenants), (xv) (Material Change in Business), (xvi) (Limitation on Dividends and Distributions), (xvii) (Disposition of Assets; Liens), (xviii) (Transactions with Affiliates), (xix) (ERISA Matters), (xx) (Consolidations, Mergers and Sales of Assets), (xxii) [***], or (xxiii) (Takeout Commitment) hereof; or (iii) any representation, warranty, or certification made or deemed made herein (except those contained in Section 9(b) hereof) or in any other Program Document by the Seller or any certificate furnished to the Purchaser pursuant to the provisions hereof or thereof or any information with respect to the Participation Certificates or Mortgage Loans furnished in writing by or on behalf of the Seller shall prove to have been untrue or misleading in any material respect as of the time made or furnished; or (iv) the Seller shall fail to observe or perform any other covenant or agreement contained in this Agreement (and not identified in Section 5(e)(ii) hereof) or any other Pro...

Servicing Termination. 17 Section 7.1 Events of Servicing Termination.......................... 17 Section 7.2 Appointment of Successor Servicer........................ 18 Section 7.3 Notification to Secured Parties and the Holder of the Residual Interest........................................ 19 Section 7.4 Waiver of Events of Servicing Termination................ 19 ARTICLE VIII TERMINATION................................................. 20 Section 8.1 Clean-Up Call............................................ 20

Servicing Termination. Section 6.01 Events of Servicing Termination..........................................................39 Section 6.02 Indenture Trustee to Act; Appointment of Successor.......................................41 Section 6.03 Notification to Noteholders and the Transferor...........................................42 ARTICLE VII EXCHANGE ACT REPORTING Section 7.01 Filing Obligations.......................................................................43 Section 7.02 Form 10-D Filings........................................................................43 Section 7.03 Form 8-K Filings.........................................................................44 Section 7.04 Form 10-K Filings........................................................................44 Section 7.05 Sarbanes-Oxley Certification.............................................................45 Section 7.06 Form 15 Filing...........................................................................45 Section 7.07 Report on Assessment of Compliance and Attestation.......................................45 Section 7.08 Use of Subservicers and Subcontractors...................................................47 Section 7.09 Amendments...............................................................................48

Servicing Termination. The Seller, the Trust, the Trust Collateral Agent (at the direction of the Class A Insurer) and the Class A Insurer hereby appoint Credit Acceptance as Servicer hereunder and Credit Acceptance hereby accepts such appointment and agrees to manage, collect and administer each of the Dealer Loans as Servicer. Credit Acceptance shall be retained as Servicer for an initial twelve (12) month term commencing on the Closing Date. Upon the expiration of such twelve (12) month term, the Class A Insurer, upon written notice to the Indenture Trustee, the Trust Collateral Agent, the Servicer, the Rating Agencies and the Backup Servicer, may, at its option, renew the term of Credit Acceptance as Servicer for a subsequent term of six (6) months; provided, however, if a Servicer Default occurs and the Servicer is not terminated pursuant to Section 8.01 hereof, then the Class A Insurer may renew the term of Credit Acceptance as the Servicer for a subsequent term of three (3) months. Upon the expiration of any three (3) month term, the Class A Insurer, upon written notice to the Indenture Trustee, the Trust Collateral Agent, the Servicer, the Rating Agencies and the Backup Servicer, may at its option, renew the term of Credit Acceptance as Servicer for an additional three (3) month term. If the Class A Insurer does not renew any such servicing term in writing, the servicing term of Credit Acceptance shall automatically expire. If a Class A Insurer Default has occurred and is continuing, and the twelve (12) month, six (6) month or three (3) month servicing term, as the case may be, has not previously expired and thereafter expires, Credit Acceptance shall continue as Servicer unless and until it is terminated after the occurrence of a Servicer Default. Upon the occurrence of a Servicer Default, the Class A Insurer shall have the rights set forth in Section 8.01 hereof. Notwithstanding anything herein to the contrary, the provisions of this Section 4.01(a) shall not apply to the Backup Servicer after it has become the successor Servicer.