Termination of Servicing Agreement. Notwithstanding the foregoing, Banc One may terminate HomeSide Lending's right to service the Existing Portfolio Mortgage Loans or the New Portfolio Mortgage Loans under the HomeSide Lending Servicing Agreement only if:
(a) HomeSide Lending files for protection under any bankruptcy or similar law.
(b) The FHA suspends any of HomeSide Lending's approvals as an FHA approved mortgagee; provided, however, that HomeSide Lending may cure any such suspension within ninety (90) days after the business day on which HomeSide Lending receives written notice of any such suspension.
(c) HomeSide Lending commits a material breach of its obligations under the Servicing Agreement; provided, however, that Banc One must first give HomeSide Lending written notice that Banc One has discovered such a material breach. HomeSide Lending may cure any such breach within one hundred and twenty (120) days after the business day on which HomeSide Lending receives such written notice. HomeSide Lending may terminate the Servicing Agreement for any reason upon one hundred eighty (180) days' prior written notice, but only after termination of this Operating Agreement. Subject to the rights of any secured party relating to HomeSide Lending's line of credit, which rights HomeSide Lending and Banc One acknowledge, HomeSide Lending shall, upon notice that the Servicing Agreement is being terminated: (a) sell to Banc One the Servicing Rights to the Existing Portfolio Mortgage Loans and New Portfolio Mortgage Loans for the then current fair market value of such Servicing Rights as determined by an independent appraiser mutually acceptable to the HomeSide Lending and Banc One, or (b) if Banc One declines to purchase such Servicing Rights, then HomeSide Lending shall negotiate the sale and transfer of such Servicing Rights to a third party servicer selected by HomeSide Lending and approved by Banc One which approval shall not be unreasonably withheld. The "fair market value" of the Servicing Rights shall be determined by an independent appraiser mutually acceptable to HomeSide Lending and Banc One with respect to the Servicing Rights sold pursuant to this Section 5.7.4. HomeSide Lending shall be entitled to the related purchase price, less any costs or expenses incurred by Banc One in relation to such transfer.
Termination of Servicing Agreement. Each of the Borrower, the Servicer, Blue Heron and CLMG hereby acknowledges and agrees that upon (but not before) the Effective Time:
(a) other than any provisions of the Servicing Agreement that by their terms expressly survive termination, the Servicing Agreement shall be terminated (without any further action by any party) and be of no further force or effect; and
(b) other than any commitments and obligations under the Servicing Agreement that by their terms expressly survive termination, any and all commitments and obligations of the Borrower, Blue Heron and the Servicer with respect to the Servicing Agreement shall be terminated.
Termination of Servicing Agreement. Termination occurs under the Servicing Agreement: or
Termination of Servicing Agreement. On the Effective Date, the Servicing Agreement shall be deemed terminated and of no further force and effect, other than with respect to those provisions which, by their terms, survive termination. Any outstanding liabilities or obligations owing under the Servicing Agreement shall be settled between Purchaser and Seller in the manner determined between them in separate writings.
Termination of Servicing Agreement. The Purchase and Servicing Agreement entered into as of March 30, 2005 between Purchaser and Seller relating to the servicing and administration of the collection of the Receivables is hereby terminated. Furthermore, as of December 29, 2006, (a) the Seller has paid all amounts due to Purchaser and its affiliates, including Accredited Adjusters, LLC in full and Seller has no obligation to make any payments to the Purchaser, and (b) Purchaser and its affiliates have paid Seller all of Seller’s receivables collected by Purchaser and its affiliates.
Termination of Servicing Agreement. Effective as of the Effective Date, that certain Servicing Agreement between Purchaser and Seller dated November 1, 2000, and as amended on January 16, 2002 (the “Servicing Agreement”) shall be terminated. Upon such termination and notwithstanding any provisions of the Servicing Agreement, which by its terms purport to continue beyond termination thereof, neither party shall owe any further obligations to the other party under the Servicing Agreement.
Termination of Servicing Agreement. Section 6.01...Term 15 ARTICLE VII
Termination of Servicing Agreement. This agreement will terminate in respect of a Relevant Trust on the earlier of:
Termination of Servicing Agreement. Termination occurs under the Servicing Agreement: or 11.1.5 Insolvency: Any Company becomes insolvent, makes a general assignment for the benefit of creditors, is generally unable to pay its debts as they fall due, or becomes subject to or applies for concurso mercantil or any bankruptcy proceedings, or is submitted to or makes or there is made an application for any protection from its creditors or is put into forced or voluntary liquidation, or any Company shall otherwise enter into any settlement or commence any proceedings under any law, regulation or decree of any applicable jurisdiction relating to reorganization, arrangement, readjustments of debts, dissolution or liquidation by reason of insolvency, whether now or hereafter in effect, provided however that in the event of as involuntary petition the Companies shall have 30 days to get the proceedings dismissed before it shall be an Event of Default; or 11.
Termination of Servicing Agreement
