Common use of Servicing Terminations and Transfers Clause in Contracts

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.‌

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.‌payment.

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 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.‌payment.