Term of Agreement; Termination of Subservicing. (a) (i) The Subservicer's obligation to make Subservicer Advances hereunder shall terminate on October 15, 1999 except as such obligation may be terminated earlier as set forth in this Section 4.01(a) and such obligation may be extended if agreed to in writing by the Servicer and the Subservicer, with notice given to the other parties hereto and the related Certificate Insurers. The Servicer may terminate the Subservicer upon five days prior written notice to each of the other parties hereto and the related Certificate Insurers, and upon such termination the Subservicer's obligation to make Subservicer Advances shall simultaneously terminate. In the event that the Servicer resigns or is terminated pursuant to the terms of the Pooling Agreements, (x) the Trustee or a successor servicer may terminate the Subservicer without payment of any fee and upon such termination the Subservicer's obligation to make Subservicer Advances shall simultaneously terminate or (y) the Subservicer may immediately terminate its obligation to make Subservicer Advances upon notice to the parties hereto and the related Certificate Insurers.
Appears in 7 contracts
Samples: Pooling and Servicing Agreement (Contifinancial Corp), Pooling and Servicing Agreement (Contisecurities Asset Funding Corp), Pooling and Servicing Agreement (Contisecurities Asset Funding Corp)
