Common use of Termination by Designated Custodian Clause in Contracts

Termination by Designated Custodian. Designated Custodian may terminate this Agreement With Cause upon 30 days prior written notice to Seller/Servicer and to Xxxxxxx Mac. In such event, Seller/Servicer must arrange for a transfer of custody of the Notes and the Note Files to a new Document Custodian prior to the effective date of the termination, if practicable, and if not practicable, as soon thereafter as Designated Custodian and Xxxxxxx Mac shall mutually agree. In the event that Designated Custodian shall terminate this Agreement, Designated Custodian shall await specific written instructions from Xxxxxxx Mac prior to transferring custody of any Note Files other than pursuant to specific Xxxxxxx Mac or Seller/Servicer request. If Xxxxxxx Mac fails to provide Designated Custodian with such specific instructions related to the transfer of the Note Files within 30 days of receipt by Xxxxxxx Mac of Designated Custodian’s notice of termination, Designated Custodian may, at the expense of Xxxxxxx Mac, petition any court of competent jurisdiction to name a successor Custodian. In no event may Designated Custodian refuse or fail to fulfill its obligations pursuant to this Agreement while any Note File is within its possession. Unless prevented from doing so by applicable law or regulation or upon written advice of counsel relating to possible violation of law or regulation, Designated Custodian will notify Xxxxxxx Mac before terminating this Agreement.

Termination by Designated Custodian. Designated Custodian may terminate this Agreement With Cause upon 30 days prior written notice to Seller/Servicer and to Xxxxxxx Mac. In such event, Seller/Servicer must arrange for a transfer Transfer of custody Custody of the Notes and the Note Files to a new Document Custodian prior to the effective date of the termination, if practicable, and if not practicable, as soon thereafter as Designated Custodian and Xxxxxxx Mac shall mutually agree. In the event that If Designated Custodian shall terminate terminates this Agreement, Designated Custodian shall await specific written instructions from Xxxxxxx Mac prior to transferring custody any Transfer of any Note Files Custody other than pursuant to a specific written request of Xxxxxxx Mac or Seller/Servicer requestServicer. If Xxxxxxx Mac fails to provide Designated Custodian with such specific instructions related to the transfer of the Note Files within 30 days of receipt by Xxxxxxx Mac of receiving Designated Custodian’s notice of termination, Designated Custodian may, at the expense of Xxxxxxx Mac’s expense, petition any court of competent jurisdiction to name a successor Document Custodian. In no event may Designated Custodian refuse or fail to fulfill its obligations pursuant to this Agreement while any Note File is within its possession. Unless prevented from doing so If required by applicable law or regulation or upon written advice of counsel relating to possible violation of law or regulationthe Bi-Party Agreement, Designated Custodian will notify Xxxxxxx Mac before prior to terminating this Agreement.

Termination by Designated Custodian. Designated Custodian may terminate this Agreement With Cause upon 30 days prior written notice to Seller/Servicer and to Xxxxxxx Mac. In such event, Seller/Servicer must arrange for a transfer Transfer of custody Custody of the Notes and the Note Files to a new Document Custodian prior to the effective date of the termination, if practicable, and if not practicable, as soon thereafter as Designated Custodian and Xxxxxxx Mac shall mutually agree. In the event that If Designated Custodian shall terminate terminates this Agreement, Designated Custodian shall await specific written instructions from Xxxxxxx Mac prior to transferring custody any Transfer of any Note Files Custody other than pursuant to a specific written request of Xxxxxxx Mac or Seller/Servicer requestServicer. If Xxxxxxx Mac fails to provide Designated Custodian with such specific instructions related to the transfer of the Note Files within 30 days of receipt by Xxxxxxx Mac of receiving Designated Custodian’s notice of termination, Designated Custodian may, at the expense of Xxxxxxx Mac’s expense, petition any court of competent jurisdiction to name a successor Custodiandocument custodian. In no event may Designated Custodian refuse or fail to fulfill its obligations pursuant to this Agreement while any Note File is within its possession. Unless prevented from doing so If required by applicable law or regulation or upon written advice of counsel relating to possible violation of law or regulationthe Bi-Party Agreement, Designated Custodian will notify Xxxxxxx Mac before prior to terminating this Agreement.

Termination by Designated Custodian. Designated Custodian may terminate this Agreement With Cause upon 30 days prior written notice to Seller/Servicer and to Xxxxxxx Freddie Mac. In such event, Seller/Servicer must arrange for a transfer of custody of the Notes and the Note Files to a new Document Custodian prior to the effective date of the termination, if practicable, and if not practicable, as soon thereafter as Designated Custodian and Xxxxxxx Freddie Mac shall mutually agree. In the event that Designated Custodian shall terminate this Agreement, Designated Custodian shall await specific written instructions from Xxxxxxx Freddie Mac prior to transferring custody of any Note Files other than pursuant to specific Xxxxxxx Freddie Mac or Seller/Servicer request. If Xxxxxxx Freddie Mac fails to provide Designated Custodian with such specific instructions related to the transfer of the Note Files within 30 days of receipt by Xxxxxxx Freddie Mac of Designated CustodianXxxxxxxxx’s notice of termination, Designated Custodian may, at the expense of Xxxxxxx Freddie Mac, petition any court of competent jurisdiction to name a successor CustodianXxxxxxxxx. In no event may Designated Custodian refuse or fail to fulfill its obligations pursuant to this Agreement while any Note File is within its possession. Unless prevented from doing so by applicable law or regulation or upon written advice of counsel relating to possible violation of law or regulation, Designated Custodian will notify Xxxxxxx Freddie Mac before terminating this Agreement.