Termination of Servicing. At any time in the Buyer’s sole discretion, the Buyer shall have the right to (a) terminate the Seller’s rights as Servicer, and any Subservicer’s rights, if any, and obligations with respect to servicing of the Purchased Loans without payment of any penalty or termination fee (i) immediately with respect to the Seller and (ii) with respect to any Servicer (other than the Seller) or Subservicer, as promptly as possible subject to the terms and conditions of the applicable Servicing Agreement and Subservicer Instruction Letter; provided that any such termination shall be deemed to have occurred automatically upon the occurrence of an Event of Default set forth in Section 18.1(a), (b) require the Seller to enforce its rights and remedies, as agent for and for the benefit of the Buyer in accordance with the Buyer’s commercially reasonable instructions, with respect to any Purchased Loans under any Servicing Agreement, and (c) succeed to the rights and remedies of the Seller with respect to any Purchased Loans under any Servicing Agreement to the extent permitted by, and subject to, the terms of such Servicing Agreement (but not the obligations or liabilities of the Seller incurred prior to the date of such succession) and related Subservicer Instruction Letter. Upon any such termination, the Seller shall, and shall cause each Subservicer to, (A) perform the servicing responsibilities with respect to the Purchased Loans in accordance with the terms of this Agreement until the transfer of servicing responsibilities is effectuated and (B) cooperate, at the Seller’s expense, in transferring such servicing responsibilities with respect to the Purchased Loans to a successor servicer appointed by the Buyer in its sole discretion. Upon termination of the Seller as Servicer and without limiting the generality of the foregoing, the Seller shall, in the manner and at such times as the successor servicer or the Buyer shall request, (1) promptly transfer all data in the Servicing Records relating to the Purchased Loans to the successor servicer in such electronic format as the successor servicer may reasonably request, (2) promptly transfer to the successor servicer, the Buyer or its designee, all other files, records correspondence and documents relating to the Purchased Loans and (3) use commercially reasonable efforts to cooperate and coordinate with the successor servicer and the Buyer to comply with any applicable so-called “goodbye” letter requirements or other appl...
Termination of Servicing. (a) The Indenture Trustee shall be entitled, by written notice to the Servicer, to effect termination of the Servicer’s servicing rights and obligations respecting the Purchased Mortgage Loans in the event any of the following circumstances or events (“Servicing Termination Events”) occur and are continuing:
(i) failure of the Servicer to make any deposits or remittances as required under the terms of this Indenture which is not cured within three (3) Business Days;
(ii) failure of the Servicer to perform, observe, or comply with any other material term, condition, or agreement applicable to the Servicer under this Indenture, which is not cured within fifteen (15) Business Days;
(iii) any case, proceeding, petition or action shall be commenced or filed, without the Servicer’s application or consent, in any court, seeking the liquidation, reorganization, debt arrangement, dissolution, winding up, or composition or readjustment or relief of debts of the Servicer, the appointment of a trustee, receiver, custodian, liquidator, assignee, sequestrator or the like for the Servicer or all or substantially all of the Servicer’s assets, or any assignment for the benefit of the creditors of the Servicer, or any similar case, proceeding, petition or action with respect to the Servicer under any law relating to bankruptcy, insolvency, reorganization, winding up or composition or adjustment of debts shall be commenced or filed against the Servicer, and such case, proceeding, petition or action shall continue undismissed, or unstayed and in effect, for a period of sixty (60) consecutive days; or an order for relief in respect of the Servicer shall be entered in an involuntary case under the Bankruptcy Code or other similar laws now or hereafter in effect;
(iv) the Servicer shall commence or file a voluntary case or other proceeding under any applicable bankruptcy, insolvency, reorganization, debt arrangement, dissolution or other similar law now or hereafter in effect (including, without limitation, under Section 301 of the Bankruptcy Code), or shall consent to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar official) for, the Servicer or for substantially all of its property, or shall make any general assignment for the benefit of creditors, or shall fail to, or admit in writing its inability to, pay its debts generally as they become due, or its board of directors or managers shall vote to ...
Termination of Servicing. If Colonial’s duty to service one or more Serviced Mortgages should be terminated for any reason, Colonial shall transfer the Servicing Responsibilities to a successor servicer in accordance with applicable MPF Bank agreements; provided, however, that the successor servicer must be qualified, competent and in good standing with all applicable regulators and under the MPF Program.
Termination of Servicing. (i) In the event of a Securitization or other removal of a Loan from the Trust Estate, the Servicer shall be terminated with respect to such Loan.
(ii) The Servicer agrees that in the event that any Notes are Outstanding on the Maturity Date, the Servicer will resign and the Majority Noteholders shall appoint a successor in accordance with provisions of SECTION 10.
Termination of Servicing. If RMST terminates the Company's rights and obligations to service a Mortgage, the Company shall promptly deliver all files and papers related to that Mortgage to RMST. Any ancillary income received by RMST related to the servicing of the Mortgage shall not be applied to or reduce the Minimum Net Share for the Mortgage.
Termination of Servicing. 88 19.8. Notice from Seller ..................................................................................................89 19.9. Seller Remains Liable ............................................................................................89 19.10.
Termination of Servicing. On or after the receipt by CFC of any written notice of termination of CFC's servicing rights and obligations as provided in section 8.02, all authority and power of CFC as servicing agent under this agreement, whether with respect to the loans or otherwise, shall, without further action, pass to and be vested in the Cooperative or a successor servicing agent as may be appointed hereunder with USDA concurrence and, without limitation, CFC is hereby authorized and empowered to execute and deliver, as attorney-in-fact or otherwise, any and all documents and other instruments, and to do or accomplish all other acts or things necessary or appropriate to effect the purposes of such notice of termination, whether to complete the transfer and endorsement of the loans and related documents, or otherwise. In connection with any such termination of servicing, CFC as the predecessor servicing agent shall cooperate with the successor servicing agent in effecting the termination of the responsibilities and rights of CFC as the predecessor servicing agent under this agreement, including the transfer to the successor servicing agent for administration by it of all cash amounts that shall at the time be held by CFC, as the predecessor servicing agent, for deposit, or shall thereafter be received by it with (07-07-99) PN 307 RD Instruction 2000-KKK Exhibit A respect to any loan. All reasonable costs and expenses (including attorneys' fees) incurred in connection with transferring the loan files to the successor servicing agent and amending this agreement to reflect such succession as servicing agent shall be paid by CFC, as predecessor servicing agent, upon presentation of reasonable documentation of such costs and expenses.
Termination of Servicing. 97 19.8. Renewal of Interim Servicing Term ............................................................................. 98 19.9.
Termination of Servicing. No party (other than the Agencies or Seller) has the right to terminate the Servicing without cause.
Termination of Servicing. The Servicing Agreement may be terminated by either CNB or Participant upon providing the other with least 60 days' advance written notice. Notice of termination may be given at any time. Such termination shall be effective as of the last day of the first (1st) calendar month following the calendar month in which notice is given. The termination of servicing will be effective as follows:
(a) If CNB terminates the servicing portion of this Agreement, Participant will not pay CNB a termination fee;
(b) If Participant terminates the servicing portion of this Agreement without cause and with the intention of transferring the servicing to a third party, Participant will be entitled to the proceeds of the sale of such servicing rights and will bear the cost and expenses related to the sale and transfer of such servicing rights. In such event, Participant will not pay CNB a termination fee; and
(c) If Participant terminates the Servicing Agreement for cause, including, without limitation, a breach by CNB of any of its representations and warranties as provided in Article V hereof, such termination will be effective fifteen days after giving of notice unless such breach is cured within fifteen days, and no termination fee will be paid by Participant to CNB. Upon such termination, Participant will automatically resume all its rights in and responsibilities for servicing the Affected Loans. Participant will also have the right to designate any person to exercise those powers. The Affected Loan Documents will be delivered to Participant or a party that it designates. CNB will also promptly deliver to Participant any necessary assignment, transfers and documents of authority.
