Common use of Termination Fees after Reconstitution Clause in Contracts

Termination Fees after Reconstitution. In the event that the Servicer acquires the Servicing Rights pursuant to Section 7.01 hereof, the Servicer shall be entitled to the Reconstituted Termination Fee (as defined below) set forth in the applicable Reconstitution Agreement. In all other cases, the Servicer and the Owner hereby agree and acknowledge that the Owner is the sole owner of the Servicing Rights. In the event that any Reconstitution Agreement provides for a payment of a termination fee (a "Reconstituted Termination Fee") to the Servicer upon the termination of the Servicer as the servicer or as the applicable "seller/servicer" thereunder, the Servicer shall (a) notify the Owner, in writing, upon receipt of notice that the Servicer will be terminated as servicer or "seller/servicer" under such Reconstitution Agreement, and (b) promptly remit to the Owner by wire transfer of immediately available funds the amount of the related Reconstituted Termination Fee if it is received by the Servicer. Upon receipt by the Owner of the Reconstituted Termination Fee, the Owner shall remit to the Servicer, within 10 Business Days, the applicable Termination Fee due to the Servicer, if any, pursuant to Section 9.02 hereof. In addition, the Servicer shall not modify, amend or waive the right to receive a Reconstituted Termination Fee under any Reconstitution Agreement without first obtaining the written consent of the Owner which consent may be withheld by the Owner in its sole discretion. The provisions of this Section 7.06 shall survive the termination of this Agreement.

Termination Fees after Reconstitution. In the event that the Servicer acquires the Servicing Rights pursuant to Section 7.01 hereof, the Servicer shall be entitled to the Reconstituted Termination Fee (as defined below) set forth in the applicable Reconstitution Agreement. In all other cases, the The Servicer and the Owner hereby agree and acknowledge that the Owner is the sole owner of the Servicing Rights. In the event that any Reconstitution Agreement provides for a payment of a termination fee (a "“Reconstituted Termination Fee"”) to the Servicer upon the termination of the Servicer as the servicer or as the applicable "“seller/servicer" ” thereunder, the Servicer shall (a) notify the Owner, in writing, upon receipt of notice that the Servicer will be terminated as servicer or "“seller/servicer" ” under such Reconstitution Agreement, and (b) promptly remit to the Owner by wire transfer of immediately available funds the amount of the related Reconstituted Termination Fee if it is received by the Servicer. Upon receipt by the Owner of the Reconstituted Termination Fee, the Owner shall remit to the Servicer, within 10 Business Days, the applicable Termination Fee due to the Servicer, if any, pursuant to Section 9.02 hereof. In addition, the Servicer shall not modify, amend or waive the right to receive a Reconstituted Termination Fee under any Reconstitution Agreement without first obtaining the written consent of the Owner which consent may be withheld by the Owner in its sole discretion. The provisions of this Section 7.06 shall survive the termination of this Agreement.