Common use of Servicing Terminations and Transfers Clause in Contracts

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 successor Direct Servicer in connection with the appointment of the successor Direct Servicer, the Master Servicer is entitled to keep the payment.

Servicing Terminations and Transfers. In the event that the Master Servicer terminates a Direct Primary Servicer, or servicing with respect to one or more Mortgage Loans is transferred to another Direct Primary Servicer, the terminated or transferring Direct Primary 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 Primary Servicer will determine whether the successor Direct Primary Servicer will have any right to any Designated Excess Spread designated by the transferring Direct Primary Servicer. Unless the Designated Excess Spread is transferred to the successor Direct Primary Servicer, the Direct Primary 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 Primary 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 Primary 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 Primary Servicer, at its option, either (x) to the Issuer for deposit to an Other Xxxxxx Xxx Mae Trust or (y) to the Issuer for the Issuer’s own account. The Master Servicer will, as soon as practicable, find a replacement Direct Primary Servicer. In its agreement with any replacement Direct Primary Servicer, the Master Servicer may vary the allocation of the Spread for related Mortgage Loans among the Servicing Fee, Excess Spread, LPMI Charges 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 Direct Primary Servicer in connection with the appointment of the successor Direct Primary Servicer, the Master Servicer is entitled to keep the payment.payment.‌

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 Mae 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 successor Direct Servicer in connection with the appointment of the successor Direct Servicer, the Master Servicer is entitled to keep the payment.

Servicing Terminations and Transfers. In the event that the Master Servicer terminates a Direct Primary Servicer, or servicing with respect to one or more Mortgage Loans is transferred to another Direct Primary Servicer, the terminated or transferring Direct Primary 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 Primary Servicer will determine whether the successor Direct Primary Servicer will have any right to any Designated Excess Spread designated by the transferring Direct Primary Servicer. Unless the Designated Excess Spread is transferred to the successor Direct Primary Servicer, the Direct Primary 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 Primary 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 Primary 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 Primary Servicer, at its option, either (x) to the Issuer for deposit to an Other Xxxxxx Xxx Mae Trust or (y) to the Issuer for the Issuer’s own account. The Master Servicer will, as soon as practicable, find a replacement Direct Primary Servicer. In its agreement with any replacement Direct Primary Servicer, the Master Servicer may vary the allocation of the Spread for related Mortgage Loans among the Servicing Fee, Excess Spread, LPMI Charges 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 Direct Primary Servicer in connection with the appointment of the successor Direct Primary Servicer, the Master Servicer is entitled to keep the payment.