Common use of Servicing Termination Clause in Contracts

Servicing Termination. The Seller, the Trust, the Trust Collateral Agent, the Class A Insurer and the Backup 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 Controlling Party, upon written notice to the Indenture Trustee, the Trust Collateral Agent, the Servicer, the Rating Agencies, the Insurer not then the Controlling Party and the Backup Servicer, may, at its option, renew the term of Credit Acceptance as Servicer for a subsequent term of three (3) months. Upon the expiration of any three month term, the Controlling Party, upon written notice to the Indenture Trustee, the Trust Collateral Agent, the Servicer, the Rating Agencies, the Insurer not then the Controlling Party 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 Controlling Party does not renew any such servicing term in writing, the servicing term of Credit Acceptance shall automatically expire. If both a Class A Insurer Default and a Backup Insurer Default have occurred and are continuing, and the twelve (12) month or any three (3) month servicing term, as the case may be, has expired, 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 Controlling Party 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.

Servicing Termination. The Seller, the Trust, the Trust Collateral Agent, Agent (at the direction of the Class A Insurer Insurer) and the Backup Class A Insurer hereby appoint Credit Acceptance as servicer 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 Controlling PartyClass A Insurer, upon written notice to the Indenture Trustee, the Trust Collateral Agent, the Servicer, the Rating AgenciesSwap Counterparty, the Insurer not then the Controlling Party 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 Controlling PartyClass A Insurer, upon written notice to the Indenture Trustee, the Trust Collateral Agent, the Servicer, the Rating AgenciesSwap Counterparty, the Insurer not then the Controlling Party 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 Controlling Party Class A Insurer does not renew any such servicing term in writing, the servicing term of Credit Acceptance shall automatically expire. If both a Class A Insurer Default and a Backup Insurer Default have has occurred and are is continuing, and the twelve (12) month, six (6) month or any three (3) month servicing term, as the case may be, has expirednot 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 Controlling Party 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.

Servicing Termination. The Seller, the Trust, the Trust Collateral Agent, the Class A Insurer and the Backup Insurer Servicer hereby appoint Credit Acceptance as servicer hereunder and Credit Acceptance hereby accepts such appointment covenants and agrees to manage, collect and administer each of act as the Dealer Loans as Servicer. Credit Acceptance shall be retained as Servicer under this Agreement for an initial twelve (12) month term term, commencing on the Closing Date. Upon Date and ending on September 30, 1999, which term shall be extendable by the expiration Certificate Insurer for successive terms of three calendar months thereafter, until the termination of the Trust Estate pursuant to Article X. Each such twelve notice of extension (12"a Servicer Extension Notice") month term, shall be delivered by the Controlling Party, upon written notice Certificate Insurer to the Indenture Trustee, the Trust Collateral AgentAdministrator and the Servicer. The Servicer hereby agrees that, upon its receipt of any such Servicer Extension Notice, the ServicerServicer shall become bound for the duration of the term covered by such Servicer Extension Notice to continue as the Servicer subject to and in accordance with the other provisions of this Agreement. The Trust Administrator agrees that if as of the fifteenth (15th) day prior to the last day of any term of the Servicer the Trust Administrator shall not have received any Servicer Extension Notice from the Certificate Insurer, the Rating AgenciesTrust Administrator will within five (5) days thereafter, give written notice of such non-receipt to the Certificate Insurer not then the Controlling Party and the Backup Servicer, may, at its option, renew . The failure of the Certificate Insurer to deliver a Servicer Extension Notice by the end of a calendar term shall result in the termination of the Servicer. If the term of Credit Acceptance as the Servicer for a subsequent term of three (3) months. Upon shall expire without the expiration of any three month term, the Controlling Party, upon written notice Certificate Insurer having delivered to the Indenture Servicer a Servicer Extension Notice, but the Servicer shall continue without objection from the Trustee, the Trust Collateral AgentAdministrator or the Certificate Insurer to perform the functions of servicer hereunder (and in the absence of ground for termination under the Insurance Agreement), the Servicer shall be entitled to receive a prorated portion of the Servicing Fee specified hereunder for the time during which it shall so act; provided, that it is understood and agreed that the foregoing provision for payment of the prorated Servicing Fee is intended solely to avoid unjust enrichment of the Trust Estate and does not contemplated or give rise to any implicit renewal of the Servicer, the Rating Agencies, the Insurer not then the Controlling Party and the Backup Servicer, may at its option, renew the term of Credit Acceptance as Servicer for an additional three (3) month 's term. If the Controlling Party does not renew any such servicing term in writing, the servicing term of Credit Acceptance shall automatically expire. If both a Class A Insurer Default and a Backup Insurer Default have occurred and are continuing, and the twelve (12) month or any three (3) month servicing term, as the case may be, has expired, 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 Controlling Party shall have the rights set forth in Section 8.01 hereof. Notwithstanding anything herein to the contrary, the The foregoing provisions of this Section 4.01(a) paragraph shall not apply to the Backup Trustee or Trust Administrator in the event the Trustee or Trust Administrator succeeds to the rights and obligations of the Servicer after it has become and the Trustee or Trust Administrator shall continue in such capacity until the earlier of the termination of this Agreement pursuant to Article X or the appointment of a successor Servicerservicer.

Servicing Termination. The Seller, the Trust, the Trust Collateral Agent, the Class A Insurer and the Backup Insurer Master Servicer hereby appoint Credit Acceptance as servicer hereunder and Credit Acceptance hereby accepts such appointment covenants and agrees to manage, collect and administer each of act as the Dealer Loans as Servicer. Credit Acceptance shall be retained as Master Servicer under this Agreement for an initial twelve (12) month term term, commencing on the Closing Date. Upon Date and ending on September 30, 2000, which term shall be extendable by the expiration Certificate Insurer for successive terms of three calendar months thereafter, until the termination of REMIC I pursuant to Article X. Each such twelve notice of extension (12"a Master Servicer Extension Notice") month term, shall be delivered by the Controlling Party, upon written notice Certificate Insurer to the Indenture Trustee, the Trust Collateral AgentAdministrator and the Master Servicer. The Master Servicer hereby agrees that, upon its receipt of any such Master Servicer Extension Notice, the ServicerMaster Servicer shall become bound for the duration of the term covered by such Master Servicer Extension Notice to continue as the Master Servicer subject to and in accordance with the other provisions of this Agreement. The Trust Administrator agrees that if as of the fifteenth (15th) day prior to the last day of any term of the Master Servicer the Trust Administrator shall not have received any Master Servicer Extension Notice from the Certificate Insurer, the Rating AgenciesTrust Administrator will within five (5) days thereafter, give written notice of such non-receipt to the Certificate Insurer not then the Controlling Party and the Backup Master Servicer, may, at its option, renew . The failure of the Certificate Insurer to deliver a Master Servicer Extension Notice by the end of a calendar term shall result in the termination of the Master Servicer. If the term of Credit Acceptance as the Master Servicer for a subsequent term of three (3) months. Upon shall expire without the expiration of any three month term, the Controlling Party, upon written notice Certificate Insurer having delivered to the Indenture Master Servicer a Master Servicer Extension Notice, but the Master Servicer shall continue without objection from the Trustee, the Trust Collateral AgentAdministrator or the Certificate Insurer to perform the functions of servicer hereunder (and in the absence of ground for termination under the Insurance Agreement), the Master Servicer shall be entitled to receive a prorated portion of the Servicing Fee specified hereunder for the time during which it shall so act; provided, that it is understood and agreed that the foregoing provision for payment of the prorated Servicing Fee is intended solely to avoid unjust enrichment of REMIC I and does not contemplate or give rise to any implicit renewal of the Master Servicer, the Rating Agencies, the Insurer not then the Controlling Party and the Backup Servicer, may at its option, renew the term of Credit Acceptance as Servicer for an additional three (3) month 's term. If the Controlling Party does not renew any such servicing term in writing, the servicing term of Credit Acceptance shall automatically expire. If both a Class A Insurer Default and a Backup Insurer Default have occurred and are continuing, and the twelve (12) month or any three (3) month servicing term, as the case may be, has expired, 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 Controlling Party shall have the rights set forth in Section 8.01 hereof. Notwithstanding anything herein to the contrary, the The foregoing provisions of this Section 4.01(a) paragraph shall not apply to the Backup Trustee or Trust Administrator in the event the Trustee or Trust Administrator succeeds to the rights and obligations of the Master Servicer after it has become and the Trustee or Trust Administrator shall continue in such capacity until the earlier of the termination of this Agreement pursuant to Article X or the appointment of a successor Servicerservicer.

Servicing Termination. The Seller, the Trust, the Trust Collateral Agent, the Class A Insurer and the Backup Insurer Master Servicer hereby appoint Credit Acceptance as servicer hereunder and Credit Acceptance hereby accepts such appointment covenants and agrees to manage, collect and administer each of act as the Dealer Loans as Servicer. Credit Acceptance shall be retained as Master Servicer under this Agreement for an initial twelve (12) month term term, commencing on the Closing Date. Upon Date and ending on December 31, 1999, which term shall be extendable by the expiration Certificate Insurer for successive terms of three calendar months thereafter, until the termination of the Trust Estate pursuant to Article X. Each such twelve notice of extension (12"a Master Servicer Extension Notice") month term, shall be delivered by the Controlling Party, upon written notice Certificate Insurer to the Indenture Trustee, the Trust Collateral AgentAdministrator and the Master Servicer. The Master Servicer hereby agrees that, upon its receipt of any such Master Servicer Extension Notice, the ServicerMaster Servicer shall become bound for the duration of the term covered by such Master Servicer Extension Notice to continue as the Master Servicer subject to and in accordance with the other provisions of this Agreement. The Trust Administrator agrees that if as of the fifteenth (15th) day prior to the last day of any term of the Master Servicer the Trust Administrator shall not have received any Master Servicer Extension Notice from the Certificate Insurer, the Rating AgenciesTrust Administrator will within five (5) days thereafter, give written notice of such non-receipt to the Certificate Insurer not then the Controlling Party and the Backup Master Servicer, may, at its option, renew . The failure of the Certificate Insurer to deliver a Master Servicer Extension Notice by the end of a calendar term shall result in the termination of the Master Servicer. If the term of Credit Acceptance as the Master Servicer for a subsequent term of three (3) months. Upon shall expire without the expiration of any three month term, the Controlling Party, upon written notice Certificate Insurer having delivered to the Indenture Master Servicer a Master Servicer Extension Notice, but the Master Servicer shall continue without objection from the Trustee, the Trust Collateral AgentAdministrator or the Certificate Insurer to perform the functions of servicer hereunder (and in the absence of ground for termination under the Insurance Agreement), the Master Servicer shall be entitled to receive a prorated portion of the Servicing Fee specified hereunder for the time during which it shall so act; provided, that it is understood and agreed that the foregoing provision for payment of the prorated Servicing Fee is intended solely to avoid unjust enrichment of the Trust Estate and does not contemplated or give rise to any implicit renewal of the Master Servicer, the Rating Agencies, the Insurer not then the Controlling Party and the Backup Servicer, may at its option, renew the term of Credit Acceptance as Servicer for an additional three (3) month 's term. If the Controlling Party does not renew any such servicing term in writing, the servicing term of Credit Acceptance shall automatically expire. If both a Class A Insurer Default and a Backup Insurer Default have occurred and are continuing, and the twelve (12) month or any three (3) month servicing term, as the case may be, has expired, 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 Controlling Party shall have the rights set forth in Section 8.01 hereof. Notwithstanding anything herein to the contrary, the The foregoing provisions of this Section 4.01(a) paragraph shall not apply to the Backup Trustee or Trust Administrator in the event the Trustee or Trust Administrator succeeds to the rights and obligations of the Master Servicer after it has become and the Trustee or Trust Administrator shall continue in such capacity until the earlier of the termination of this Agreement pursuant to Article X or the appointment of a successor Servicerservicer.

Servicing Termination. The Seller, the Trust, the Trust Collateral Agent, the Class A Insurer and the Backup Insurer hereby appoint Credit Acceptance as servicer 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 Controlling Party, upon written notice to the Indenture Trustee, the Trust Collateral Agent, the Servicer, the Rating Agencies, the Insurer not then the Controlling Party and the Backup Servicer, may, at its option, renew the term of Credit Acceptance as Servicer for a subsequent term of three (3) months. Upon the expiration of any three month term, the Controlling Party, upon written notice to the Indenture Trustee, the Trust Collateral Agent, the Servicer, the Rating Agencies, the Insurer not then the Controlling Party 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 Controlling Party does not renew any such servicing term in writing, the servicing term of Credit Acceptance shall automatically expire. If both a Class A Insurer Default and a Backup Insurer Default have occurred and are continuing, and the twelve (12) month or any three (3) month servicing term, as the case may be, has expirednot 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 Controlling Party 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.

Servicing Termination. The Seller, the Trust, the Trust Collateral Agent, Agent (at the direction of the Class A Insurer Insurer) and the Backup Class A Insurer hereby appoint Credit Acceptance as servicer 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 Controlling PartyClass A Insurer, upon written notice to the Indenture Trustee, the Trust Collateral Agent, the Servicer, the Rating Agencies, the Insurer not then the Controlling Party 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 Controlling PartyClass A Insurer, upon written notice to the Indenture Trustee, the Trust Collateral Agent, the Servicer, the Rating Agencies, the Insurer not then the Controlling Party 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 Controlling Party Class A Insurer does not renew any such servicing term in writing, the servicing term of Credit Acceptance shall automatically expire. If both a Class A Insurer Default and a Backup Insurer Default have has occurred and are is continuing, and the twelve (12) month, six (6) month or any three (3) month servicing term, as the case may be, has expirednot 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 Controlling Party 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.

Servicing Termination. The Seller, the Trust, the Trust Collateral Agent, the Class A Insurer and the Backup 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 Controlling Party, upon written notice to the Indenture Trustee, the Trust Collateral Agent, the Servicer, the Rating Agencies, the Insurer not then the Controlling Party and the Backup Servicer, may, at its option, renew the term of Credit Acceptance as Servicer for a subsequent term of three (3) months. Upon the expiration of any three month term, the Controlling Party, upon written notice to the Indenture Trustee, the Trust Collateral Agent, the Servicer, the Rating Agencies, the Insurer not then the Controlling Party 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 Controlling Party does not renew any such servicing term in writing, the servicing term of Credit Acceptance shall automatically expire. If both a Class A Insurer Default and a Backup Insurer Default have occurred and are continuing, and the twelve (12) month or any three (3) month servicing term, as the case may be, has expirednot 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 Controlling Party 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.

Servicing Termination. The Seller, the Trust, the Trust Collateral Agent, the Class A Insurer and the Backup Insurer Servicer hereby appoint Credit Acceptance as servicer hereunder and Credit Acceptance hereby accepts such appointment covenants and agrees to manage, collect and administer each of act as the Dealer Loans as Servicer. Credit Acceptance shall be retained as Servicer under this Agreement for an initial twelve (12) month term term, commencing on the Closing Date. Upon Date and ending on September 30, 2000, which term shall be extendable by the expiration Certificate Insurer for successive terms of three calendar months thereafter, until the termination of REMIC I pursuant to Article X. Each such twelve notice of extension (12"a Servicer Extension Notice") month term, shall be delivered by the Controlling Party, upon written notice Certificate Insurer to the Indenture Trustee, the Trust Collateral AgentAdministrator and the Servicer. The Servicer hereby agrees that, upon its receipt of any such Servicer Extension Notice, the ServicerServicer shall become bound for the duration of the term covered by such Servicer Extension Notice to continue as the Servicer subject to and in accordance with the other provisions of this Agreement. The Trust Administrator agrees that if as of the fifteenth (15th) day prior to the last day of any term of the Servicer the Trust Administrator shall not have received any Servicer Extension Notice from the Certificate Insurer, the Rating AgenciesTrust Administrator will within five (5) days thereafter, give written notice of such non-receipt to the Certificate Insurer not then the Controlling Party and the Backup Servicer, may, at its option, renew . The failure of the Certificate Insurer to deliver a Servicer Extension Notice by the end of a calendar term shall result in the termination of the Servicer. If the term of Credit Acceptance as the Servicer for a subsequent term of three (3) months. Upon shall expire without the expiration of any three month term, the Controlling Party, upon written notice Certificate Insurer having delivered to the Indenture Servicer a Servicer Extension Notice, but the Servicer shall continue without objection from the Trustee, the Trust Collateral AgentAdministrator or the Certificate Insurer to perform the functions of servicer hereunder (and in the absence of ground for termination under the Insurance Agreement), the Servicer shall be entitled to receive a prorated portion of the Servicing Fee specified hereunder for the time during which it shall so act; provided, that it is understood and agreed that the foregoing provision for payment of the prorated Servicing Fee is intended solely to avoid unjust enrichment of REMIC I and does not contemplate or give rise to any implicit renewal of the Servicer, the Rating Agencies, the Insurer not then the Controlling Party and the Backup Servicer, may at its option, renew the term of Credit Acceptance as Servicer for an additional three (3) month 's term. If the Controlling Party does not renew any such servicing term in writing, the servicing term of Credit Acceptance shall automatically expire. If both a Class A Insurer Default and a Backup Insurer Default have occurred and are continuing, and the twelve (12) month or any three (3) month servicing term, as the case may be, has expired, 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 Controlling Party shall have the rights set forth in Section 8.01 hereof. Notwithstanding anything herein to the contrary, the The foregoing provisions of this Section 4.01(a) paragraph shall not apply to the Backup Trustee or Trust Administrator in the event the Trustee or Trust Administrator succeeds to the rights and obligations of the Servicer after it has become and the Trustee or Trust Administrator shall continue in such capacity until the earlier of the termination of this Agreement pursuant to Article X or the appointment of a successor Servicerservicer.