Termination by Servicer Sample Clauses
The 'Termination by Servicer' clause grants the servicer the right to end the agreement under specified circumstances. Typically, this clause outlines the conditions under which the servicer may initiate termination, such as the client's breach of contract, non-payment, or other material defaults. By clearly defining the servicer's ability to terminate, this clause provides a mechanism for the servicer to protect its interests and exit the relationship if necessary, thereby managing risk and ensuring accountability.
Termination by Servicer. Ocwen may be terminated as subservicer with respect to a Subject Servicing Agreement:
(a) Upon Servicer’s written notice to Ocwen following a Termination Event; or
(b) At such time, following the related Servicing Transfer Date, that Servicer is no longer the servicer with respect to such Subject Servicing Agreement.
Termination by Servicer. Notwithstanding anything herein to the contrary, Servicer may terminate this Agreement by giving at least 30 days' prior written notice to Owner and Lender upon the occurrence of any of the following events:
4.3.1 Owner fails to pay to Servicer any undisputed Servicing Fee, Origination Fee, Back End Fee or Shortfall Fee payment when due and such failure is not cured within 30 days after receipt of notice from Servicer specifying such failure.
4.3.2 Any gross negligence or willful misconduct by Owner or any member, employee, agent or Affiliate of Owner resulting in damage to Servicer's reputation and a material loss or damage to Servicer, regardless of whether Servicer has been reimbursed by Owner or its insurer.
4.3.3 Owner closes for business, dissolves, becomes insolvent, admits in writing its inability to pay its debts generally, applies for the appointment of a receiver or custodian, makes an assignment for the benefit of creditors, or a voluntary or involuntary petition under any state or federal bankruptcy laws is filed by or against Owner and, in the case of any involuntary filing, the petition is not dismissed within 30 days after the filing thereof.
Termination by Servicer. This Servicing Agreement may be terminated, upon written notice from Servicer to Project Company, upon the occurrence and continuance of any of the following:
(a) a voluntary or involuntary bankruptcy proceeding, liquidation or dissolution of the Project Company; provided, that, in the case of any involuntary bankruptcy proceeding of the Project Company, commencement of such bankruptcy shall not, by itself, result in the right to terminate this Servicing Agreement and such right to terminate shall only arise in the event such bankruptcy proceeding is not dismissed within ninety (90) days of its initial filing.
Termination by Servicer. Servicer may terminate this Agreement upon the occurrence of any of the following:
(a) The Borrower or Lender shall fail to observe or perform in any material respect any covenant or agreement required to be performed thereby under this Servicing Agreement or under any other Loan Document to the detriment of Servicer.
(b) The Borrower shall make an assignment for the benefit of creditors; or the Borrower shall apply for or consent to the appointment of any receiver, trustee, or similar officer for it or for all or any substantial part of its property; or such receiver, trustee or similar officer shall be appointed without the application or the consent of the Borrower (with respect to an action against the Borrower); or the Borrower shall institute (by petition, application, answer, consent or otherwise) any insolvency, reorganization, arrangement, readjustment of debt, dissolution, liquidation or similar proceeding relating to it under the laws of any jurisdiction; or any such proceeding shall be instituted (by petition, application or otherwise) against the Borrower; or any judgment, writ, warrant of attachment or execution for similar process shall be issued or levied against a substantial part of the property of the Borrower.
(c) a petition naming the Borrower as debtor is filed under the United States Bankruptcy Code, and, if such a petition is involuntarily filed against the Servicer by a Person or Persons other than the Borrower (in case of a petition filed with respect to the Servicer) and such petition is not dismissed within sixty (60) days of such filing.
(d) The Credit Agreement shall be terminated other than a result of breach of this Agreement by Servicer.
(e) The Borrower shall (i) liquidate, (ii) dissolve, (iii) terminate or suspend its business operations or otherwise fail to operate its business in the ordinary course for a period of more than fourteen (14) days, or (iv) shall sell all or substantially all of its assets, without the prior written consent of the Servicer.
(f) a Change of Control of Borrower shall occur.
Termination by Servicer. Servicer may terminate this Agreement:
(a) Servicer may, at any time after the eighth (8th) anniversary of the Effective Date, terminate this Agreement for any reason or no reason, by giving one hundred eighty (180) days prior written notice of termination to Position Holder Trust (which notice may be given Servicing Agreement 21 prior to the eighth (8th) anniversary of the Effective Date, so long as the effective date of termination is not earlier than the eighth (8th) anniversary of the Effective Date). During the notice period, Servicer shall work with Position Holder Trust to find an appropriate replacement(s) to provide the Services to be performed by Servicer under this Agreement and shall, upon determination of such a replacement(s) (which may include Position Holder Trust or the Backup Servicer), Servicer shall transfer servicing to such replacement in accordance with Section 1.23 above. In addition, during the notice period, Position Holder Trust may make offers of employment to any Dedicated Personnel (as defined in Exhibit A). If Servicer gives a notice of termination pursuant to this Section 7.3, Position Holder Trust may extend the notice period, and the effective date of termination, by up to one hundred eighty (180) days, if necessary to find an appropriate replacement(s) to provide the Services to be performed by Servicer under this Agreement.
(b) At any time following a material breach by Position Holder Trust of any of its obligations hereunder after being given notice and a reasonable time not to exceed ninety (90) days to cure such breach, upon notice by Servicer to Position Holder Trust designating the date on which such termination will be effective.
Termination by Servicer. A. Servicer may, by written notice to Subservicer, terminate this Agreement in its entirety, or with respect to a portion of the Subserviced Mortgage Loans to the extent the following relates to such portion:
Termination by Servicer. The Servicer may resign as servicer and terminate this Agreement at any time and from time to time by delivering ninety (90) days prior written notice to USTK and during the term of the Indenture, the Insurer the Trustee and each Noteholder. The resignation of the Servicer shall not become effective until a successor servicer shall have been engaged.
Termination by Servicer. Servicer may terminate the Agreement only if (a) Navient fails to pay undisputed servicing fees to Servicer for three consecutive months or three months within a six-month period, which continues unremedied for a period of 30 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to Navient by Servicer; (b) Navient fails to pay undisputed indemnified amounts pursuant to its obligations under the Agreement, which continues unremedied for a period of 30 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to Navient by Servicer; (c) a court of competent jurisdiction has ordered Servicer to terminate the Agreement due to Navient’s violation of Law.