Common use of Termination by the Servicer Clause in Contracts

Termination by the Servicer. This Agreement may be terminated at the option of the Servicer upon the occurrence of any of the following: (i) FMC's failure to perform or observe any of the material provisions or covenants of this Agreement which affect the Servicer's ability to perform; (ii) If FMC shall (a) discontinue business, or (b) generally not pay its debts as such debts become due, or (c) make a general assignment for the benefit of creditors, or (d) admit by answer, default or otherwise the material allegations of petitions filed against it in any bankruptcy, reorganization, insolvency or other proceeding (whether federal or state) relating to relief of debtors, or (e) suffer or permit to continue unstayed and in effect for thirty (30) consecutive days, any judgement, decree or order, entered by a court of competent jurisdiction, which approves a petition seeking its reorganization or appoints a receiver, custodian, trustee, interim trustee or liquidator for itself or all or a substantial part of its assets, or (f) take or omit any action in order thereby to effect any of the foregoing; (iii) Pursuant to Section 6.2 of this Agreement. In the event of an event of default as set forth in Section 12.3(i) or (ii) above, FMC shall have the right to cure any such breach or error to Servicer’s full satisfaction within one hundred and twenty (120) days of written notice from Servicer. In the event the Servicer fails to cure such default and the Agreement is terminated pursuant to Section 12.3(i), (ii) or (iii), FMC shall pay Servicer the Early Termination Fee set forth in the Fee Schedule.

Termination by the Servicer. This Agreement may be terminated at the option of the Servicer upon the occurrence of any of the following: (ia) Lender or FMC's ’s failure to perform or observe any of the material provisions or covenants of this Agreement which affect the Servicer's ability to perform;and/or its referenced Schedules and Exhibits, in any material respect; or (iib) If Lender or FMC shall (a) discontinue business, or (b) generally not pay its debts as such debts become due, or (c) make a general assignment for the benefit of creditors, or (d) admit by answer, default or otherwise the material allegations of petitions filed against it in any bankruptcy, reorganization, insolvency or other proceeding (whether federal or state) relating to relief of debtors, or (e) suffer or permit to continue unstayed and in effect for thirty (30) consecutive days, any judgementjudgment, decree or order, entered by a court of competent jurisdiction, which approves a petition seeking its reorganization or appoints a receiver, custodian, trustee, interim trustee or liquidator for itself or all or a substantial part of its assets, or (f) take or omit any action in order thereby to effect any of the foregoing; (iii) Pursuant to Section 6.2 of this Agreement. ; In the event of an event of default as set forth in Section 12.3(i14.03(a) or (iib) above, Lender and FMC shall each have the right to cure any such breach or error to Servicer’s full satisfaction within one hundred and twenty thirty (12030) days of written notice from Servicer. In the event the Servicer Lender or FMC fails to cure such default and the Agreement is terminated pursuant to Section 12.3(i), (ii14.03(a) or (iiib), FMC Lender (or FMC, to the extent termination by Servicer is attributable to the actions or omissions of FMC) shall pay Servicer the Early Termination Fee Fees and Record Return/Deconversion Fees set forth in the Fee Schedule.

Termination by the Servicer. This Agreement may be terminated at the option of the Servicer upon the occurrence of any of the following: (ia) FMC's ’s failure to perform or observe any of the material provisions or covenants of this Agreement which affect the Servicer's ability to perform;Agreement; or (iib) If FMC shall (a) discontinue business, or (b) generally not pay its debts as such debts become due, or (c) make a general assignment for the benefit of creditors, or (d) admit by answer, default or otherwise the material allegations of petitions filed against it in any bankruptcy, reorganization, insolvency or other proceeding (whether federal or state) relating to relief of debtors, or (e) suffer or permit to continue unstayed and in effect for thirty (30) consecutive days, any judgementjudgment, decree or order, entered by a court of competent jurisdiction, which approves a petition seeking its reorganization or appoints a receiver, custodian, trustee, interim trustee or liquidator for itself or all or a substantial part of its assets, or (f) take or omit any action in order thereby to effect any of the foregoing; (iii) Pursuant to Section 6.2 of this Agreement. ; or In the event of an event of default as set forth in Section 12.3(i14.03(a) or (iib) above, FMC shall have the right to cure any such breach or error to Servicer’s full satisfaction within one hundred and twenty thirty (12030) days of written notice from Servicer. In the event the Servicer FMC fails to cure such default and the Agreement is terminated pursuant to Section 12.3(i), (ii14.03(a) or (iiib), FMC shall pay Servicer the Early Termination Fee Fees and Record Return/Deconversion Fees set forth in the Fee Schedule.

Termination by the Servicer. This Agreement may be terminated at the option of the Servicer upon the occurrence of any of the following: (ia) FMC's failure to perform or observe any of the material provisions or covenants of this Agreement which affect the Servicer's ability to perform;Agreement; or (iib) If FMC shall (a) discontinue business, or (b) generally not pay its debts as such debts become due, or (c) make a general assignment for the benefit of creditors, or (d) admit by answer, default or otherwise the material allegations of petitions filed against it in any bankruptcy, reorganization, insolvency or other proceeding (whether federal or state) relating to relief of debtors, or (e) suffer or permit to continue unstayed and in effect for thirty (30) consecutive days, any judgementjudgment, decree or order, entered by a court of competent jurisdiction, which approves a petition seeking its reorganization or appoints a receiver, custodian, trustee, interim trustee or liquidator for itself or all or a substantial part of its assets, or (f) take or omit any action in order thereby to effect any of the foregoing; (iii) Pursuant to Section 6.2 of this Agreement. ; or In the event of an event of default as set forth in Section 12.3(i14.03(a) or (iib) above, FMC shall have the right to cure any such breach or error to Servicer’s full satisfaction within one hundred and twenty thirty (12030) days of written notice from Servicer. In the event the Servicer FMC fails to cure such default and the Agreement is terminated pursuant to Section 12.3(i), (ii14.03(a) or (iiib), FMC shall pay Servicer the Early Termination Fee Fees and Record Return/Deconversion Fees set forth in the Fee Schedule.

Termination by the Servicer. This Agreement may be terminated at the option of the Servicer upon the occurrence of any of the following: (ia) FMC's ’s failure to perform or observe any of the material provisions or covenants of this Agreement which affect the Servicer's ability to perform;Agreement; or (iib) If if FMC shall (a) discontinue business, or (b) generally not pay its debts as such debts become due, or (c) make a general assignment for the benefit of creditors, or (d) admit by answer, default or otherwise the material allegations of petitions filed against it in any bankruptcy, reorganization, insolvency or other proceeding (whether federal or state) relating to relief of debtors, or (e) suffer or permit to continue unstayed and in effect for thirty (30) consecutive days, any judgementjudgment, decree or order, entered by a court of competent jurisdiction, which approves a petition seeking its reorganization or appoints a receiver, custodian, trustee, interim trustee or liquidator for itself or all or a substantial part of its assets, or (f) take or omit any action in order thereby to effect any of the foregoing; (iii) Pursuant to Section 6.2 of this Agreement. ; or In the event of an event of default as set forth in Section 12.3(i14.03(a) or (iib) above, FMC shall have the right to cure any such breach or error to Servicer’s full satisfaction within one hundred and twenty thirty (12030) days of written notice from Servicer. In the event the Servicer FMC fails to cure such default and the Agreement is terminated pursuant to Section 12.3(i), (ii14.03(a) or (iiib), FMC shall pay Servicer the Early Termination Fee Fees and Record Return/Deconversion Fees set forth in the Fee Schedule.

Termination by the Servicer. This Agreement may be terminated at the option of the Servicer upon the occurrence of any of the following: (i) FMC's failure to perform or observe any of the material provisions or covenants of this Agreement which affect the Servicer's ability to perform; (ii) If FMC shall (a) discontinue business, or (b) generally not pay its debts as such debts become due, or (c) make a general assignment for the benefit of creditors, or (d) admit by answer, default or otherwise the material allegations of petitions filed against it in any bankruptcy, reorganization, insolvency or other proceeding (whether federal or state) relating to relief of debtors, or (e) suffer or permit to continue unstayed and in effect for thirty (30) consecutive days, any judgement, decree or order, entered by a court of competent jurisdiction, which approves a petition seeking its reorganization or appoints a receiver, custodian, trustee, interim trustee or liquidator for itself or all or a substantial part of its assets, or (f) take or omit any action in order thereby to effect any of the foregoing; (iii) Pursuant to Section 6.2 of this Agreement. In the event of an event of default as set forth in Section 12.3(i) or (ii) above, FMC shall have the right to cure any such breach or error to Servicer’s 's full satisfaction within one hundred and twenty (120) days of written notice from Servicer. In the event the Servicer fails to cure such default and the Agreement is terminated pursuant to Section 12.3(i), (ii) or (iii), FMC shall pay Servicer the Early Termination Fee set forth in the Fee Schedule.. PENNSYLVANIA HIGHER EDUCATION ASSISTANCE AGENCY ALTERNATIVE LOAN SERVICING AGREEMENT FOR THE FIRST MARBLEHEAD CORPORATION

Termination by the Servicer. This Agreement may be terminated at the option of the Servicer upon the occurrence of any of the following: (i) FMC's failure to perform or observe any of the material provisions or covenants of this Agreement which affect the Servicer's ability to perform;perform; (ii) If FMC shall (a) discontinue business, or (b) generally not pay its debts as such debts become due, or (c) make a general assignment for the benefit of creditors, or (d) admit by answer, default or otherwise the material allegations of petitions filed against it in any bankruptcy, reorganization, insolvency or other proceeding (whether federal or state) relating to relief of debtors, or (e) suffer or permit to continue unstayed and in effect for thirty (30) consecutive days, any judgement, decree or order, entered by a court of competent jurisdiction, which approves a petition seeking its reorganization or appoints a receiver, custodian, trustee, interim trustee or liquidator for itself or all or a substantial part of its assets, or (f) take or omit any action in order thereby to effect any of the foregoing;foregoing; (iii) Pursuant to Section 6.2 of this Agreement. In the event of an event of default as set forth in Section 12.3(i) or (ii) above, FMC shall have the right to cure any such breach or error to Servicer’s full satisfaction within one hundred and twenty (120) days of written notice from Servicer. In the event the Servicer fails to cure such default and the Agreement is terminated pursuant to Section 12.3(i), (ii) or (iii), FMC shall pay Servicer the Early Termination Fee set forth in the Fee Schedule.