Servicing Terminations and Transfers Sample Clauses

Servicing Terminations and Transfers. In the event that the Master Servicer terminates a Direct Servicer, or servicing with respect to one or more Mortgage Loans is transferred to another Direct Servicer, the terminated or transferring Direct Servicer will not be entitled to receive Servicing Fees contemplated by paragraph (a) of Subsection 5.1(6), any LPMI Charges, any additional servicing compensation of the types contemplated by paragraph (c) of Subsection 5.1(6) or any portion of any Excess Spread for services after the effective date of the termination or transfer. The terms of the transfer of servicing to a successor Direct Servicer will determine whether the successor Direct Servicer will have any right to any Designated Excess Spread designated by the transferring Direct Servicer. Unless the Designated Excess Spread is transferred to the successor Direct Servicer, the Direct Servicer that made the designation will continue to receive the Designated Excess Spread in accordance with the terms of the designation, provided that, from and after the effective date of any termination of the Direct Servicer that made the designation, the Issuer (or its designee) will be entitled to receive the Designated Excess Spread unless and until the Designated Excess Spread becomes Securitized Excess Spread. Furthermore, if the related Servicing Contract so provides, a terminated Direct Servicer, within 60 days (or such other period as may be specified in the related Servicing Contract) after the effective date of the servicing termination, will transfer all of the Designated Excess Spread, if any, with respect to the Mortgage Loans serviced by that Direct Servicer, at its option, either (x) to the Issuer for deposit to an Other Xxxxxx Xxx Trust or (y) to the Issuer for the Issuer’s own account. The Master Servicer will, as soon as practicable, find a replacement Direct Servicer. In its agreement with any replacement Direct Servicer, the Master Servicer may vary the allocation of the Spread for related Mortgage Loans among the Servicing Fee, Excess Spread, LPMI Charges and (but only with the consent of the Guarantor unless a Guarantor Event of Default has occurred and has not been cured) the Guaranty Fee. Until such time as a permanent replacement is engaged, the Master Servicer will appoint (or act as) and pay the Person serving as an interim servicer, and may make or authorize such payment out of the available Spread on the Mortgage Loans being serviced. If the Master Servicer collects a payment from a...
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Servicing Terminations and Transfers. In the event that the Master Servicer terminates a Direct Servicer, or servicing with respect to one or more Mortgage Loans is transferred to another Direct Servicer, the terminated or transferring Direct Servicer will not be entitled to receive Servicing Fees contemplated by paragraph (a) of Subsection 5.1(6), any LPMI Charges, any additional servicing compensation of the types contemplated by paragraph (c) of Subsection 5.1(6) or any portion of any Excess Spread for services after the effective date of the termination or transfer. In its agreement with any replacement Direct Servicer, the Master Servicer may vary the allocation of the Spread for related Mortgage Loans among the Servicing Fee, Excess Spread, LPMI Charges and (but only with the consent of the Guarantor unless a Guarantor Event of Default has occurred and has not been cured) the Guaranty Fee. Until such time as a permanent replacement is engaged, the Master Servicer will appoint (or act as) and pay the Person serving as an interim servicer, and may make or authorize such payment out of the available Spread on the Mortgage Loans being serviced. If the Master Servicer collects a payment from a successor Direct Servicer in connection with the appointment of the successor Direct Servicer, the Master Servicer is entitled to keep the payment.
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Servicing Terminations and Transfers. In the event that the Master Servicer terminates a Primary Servicer, or servicing with respect to one or more Mortgage Loans is transferred to another Primary Servicer, the terminated or transferring Primary Servicer will not be entitled to receive Servicing Fees contemplated by paragraph (a) of Subsection 5.1(6), any additional servicing compensation of the types contemplated by paragraph (c) of Subsection 5.1(6) or any portion of any Excess Spread for services after the effective date of the termination or transfer. The Master Servicer will, as soon as practicable, find a replacement Primary Servicer. In its agreement with any replacement Primary Servicer, the Master Servicer may vary the allocation of the Spread for related Mortgage Loans among the Servicing Fee, Excess Spread and (but only with the consent of the Guarantor unless a Guarantor Event of Default has occurred and has not been cured) the Guaranty Fee. Until such time as a permanent replacement is engaged, the Master Servicer will appoint (or act as) and pay the Person serving as an interim servicer, and may make or authorize such payment out of the available Spread on the Mortgage Loans being serviced. If the Master Servicer collects a payment from a successor Primary Servicer in connection with the appointment of the successor Primary Servicer, the Master Servicer is entitled to keep the payment.‌
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Related to Servicing Terminations and Transfers

  • Promotions, Demotions and Transfers An employee who promotes to a position in a higher pay grade shall have his/her rate of pay adjusted to the lowest rate in the new grade which is at least five percent (5%) higher than the rate in the class from which promoted. The percentage will be calculated as five percent (5%) of the base rate plus the following pay premiums, when applicable: scheduled overtime (when part of an employee’s negotiated work schedule; if an employee promotes into a position with more scheduled overtime than the promoted-from position, the extra scheduled hours shall not count towards the five percent (5%) pay increase; for example, when an employee promotes from a position with 2.5 hours of negotiated scheduled overtime to a position with 4.0 hours of negotiated scheduled overtime, calculations will be based on 2.5 hours of scheduled overtime for both positions); medication administration stipend; appropriate state-paid retirement differential; and institutional stipend, provided that the employee is permanently assigned to work in a Correctional or Mental Health Institution. Notwithstanding the foregoing, the Director of the Bureau of Human Resources may consider exceptions pursuant to Civil Service Rules. An employee who demotes to a lower pay grade shall have his/her rate of pay adjusted to the highest rate in the new pay grade which is lower than the rate of the class from which the employee left, considering the same pay components listed above. When an employee transfers (remains in the same pay grade) and remains within the same or equivalent salary schedule, his/her rate of pay will remain the same. When an employee transfers (remains in the same pay grade), but moves from one salary schedule to another dissimilar salary schedule, his/her rate of pay will be adjusted to the closest step in the new salary schedule that does not result in a loss of pay, considering the same pay components listed above. When an employee transfers (remains in the same pay grade) from any other bargaining unit to the Supervisory Services bargaining unit, his/her rate of pay will be adjusted to one step higher than the closest step in the new salary schedule that does not result in a loss of pay, considering the same pay components listed above. Determining the appropriate salary step upon promotion, demotion, or transfer may not result in a salary that is greater than the maximum or less than the minimum rates established in the salary schedule for the new classification. An employee who transfers to another position must remain in that position a minimum of six (6) months before he/she is eligible to apply for another transfer. This requirement does not apply to seasonal employees.

  • Promotions and Transfers Professional staff are eligible for a promotion which occurs when there is a vacancy at a higher level for which they are qualified. The announcement of the position vacancy will include a description of the position, a detailed outline of expected educational and professional requirements and the salary range for the position. Staff members may bid online on any open position for which they qualify provided those positions are not being reserved for staff members affected by a layoff or intradepartmental postings. All regular vacant negotiations unit positions will be posted on the University Hospital website. The announcement of the position vacancy will be posted daily online. Interested internal candidates are to apply online. Computer Kiosks for the purpose of accessing job vacancies will be available at each Human Resources Office. Beginning thirty (30) days after ratification of this agreement, each internal applicant within a department who applies during the first five (5) days of posting for a higher classification within the same department, as identified on the position posting, shall be interviewed. Each internal candidate will be notified in writing of the decision with respect to his or her candidacy on a timely basis. This decision will indicate: 1.) that the applicant has been offered the position, or 2.) that the applicant has not been offered the position, including a reason for such decision. The Hospital agrees that seniority and all other relevant criteria will be taken into consideration in the selection of internal applicants for a position. Any dispute regarding this paragraph shall be grievable to Step Two of the grievance procedure with the decision at Step Two being final and binding. Transfer in status or classification shall not delay the use of entitled benefits. At the time of promotion, a staff member shall be provided the opportunity to negotiate his/her salary increase and shall receive written notice of final salary offer. Acceptance of the position constitutes acceptance of the salary, and the amount of the promoted staff member’s salary shall not be subject to the grievance procedure. This provision shall not result in any promoted staff member being placed off guide. Voluntarily transferred and promoted staff members shall serve a ninety (90) calendar day probationary period, subject to a ninety (90) calendar day extension. Time spent on an authorized leave shall not count towards the probationary period. Reclassifications and Involuntary transfers within a Department do not serve a probationary period. Such staff member shall retain all benefits and rights pertaining to negotiations unit members, including access to the grievance procedure, except for the decision concerning the outcome and disposition of their probation period. At any time prior to the end of probation, the staff member may return to his/her former position, provided that it is still available. If an employee opts to return to his or her former position, the employee may not bid on another position for six months. Should the staff member fail probation, the Hospital shall return the staff member to his/her former position if it is still available. Should the staff member’s position not be available, the employee may be offered a vacant position to the classification of the former title held by the employee before the promotion, if one exists at University Hospital. If the vacant position is in a different department, the employee must serve a 90 calendar day probation period. If not, the employee will be placed on the recall list for one year.

  • VACANCIES, PROMOTIONS AND TRANSFERS A. The Board recognizes that it is desirable in making assignments to consider the interests and aspirations of its teachers. Requests by a teacher for a transfer to a different class, building, or position shall be made in writing, one copy of which shall be filed with the Superintendent. Such requests shall be renewed once each year to assure active consideration by the Board. The Board will give serious consideration to such requests.

  • Payments and Transfers 1. Except under the circumstances envisaged in Article 9.2, a Party shall not apply restrictions on international transfers and payments for current transactions with another Party.

  • Complete Disposal Upon Termination of Service Agreement Upon Termination of the Service Agreement Provider shall dispose or delete all Student Data obtained under the Service Agreement. Prior to disposition of the data, Provider shall notify LEA in writing of its option to transfer data to a separate account, pursuant to Article II, section 3, above. In no event shall Provider dispose of data pursuant to this provision unless and until Provider has received affirmative written confirmation from LEA that data will not be transferred to a separate account.

  • Rollover Contributions and Transfers The Custodian shall have the right to receive rollover contributions and to receive direct transfers from other custodians or trustees. All contributions must be made in cash or check.

  • Assignments and Transfers No Party may assign any of its rights and benefits or transfer any of its rights, benefits and obligations in respect of any Debt Documents or the Liabilities except as permitted by this Clause 19.

  • Obligations Following Termination If a Non-Defaulting Party terminates this Agreement pursuant to this Section 13(b), then following such termination, Seller shall, at the sole cost and expense of the Defaulting Party, remove the equipment (except for mounting pads and support structures) constituting the System. The Non-Defaulting Party shall take all commercially reasonable efforts to mitigate its damages as the result of a Default Event.

  • Transfer of Project Records Following Termination Following the termination of this Agreement for any reason, Contractor, without additional compensation, will provide any and all records relating to the goods and/or services provided by Contractor pursuant to this Agreement to the District and any other vendors that the District may engage to provide the same or similar goods and/or services in the future. Without additional compensation, Contractor shall in good faith cooperate with the District and any other vendors that the District may engage to ensure a smooth transition from Contractor to another vendor and to minimize any disruption in the provision of goods and/or services provided by Contractor to the District.

  • Role of Seniority in Promotions and Transfers The parties hereto agree that promotion shall be on the basis of qualification and seniority; in the event that applicants for a given position are similarly qualified, the position shall be awarded to the applicant with the greater seniority in the bargaining unit.

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