Common use of Termination of the Servicer Without Cause Clause in Contracts

Termination of the Servicer Without Cause. (a) Notwithstanding anything herein to the contrary, the Purchaser may terminate the obligations and responsibilities of the Servicer in its capacity as Servicer, without cause, upon payment to the Servicer of a termination fee equal to one and one half percent (1.5%) of the aggregate outstanding principal balance of the Mortgage Loans as of the date of such termination. The termination fee provided for in this Subsection 14.02 shall be paid by the Purchaser within ten (10) Business Days of any such termination without cause by the Purchaser. (b) In the event that a Mortgage Loan (i) becomes delinquent for a period of ninety (90) days or more (a "Delinquent Mortgage Loan") or (ii) becomes an REO Property, the Purchaser may, at its option, terminate this Agreement with respect to such Delinquent Mortgage Loan or REO Property without payment of a termination fee therefor upon twenty (20) days' written notice to the Servicer; provided that upon termination of this Agreement with respect to such Delinquent Loan or REO Property the Purchaser shall reimburse the Servicer for all outstanding Servicing Advances or Servicing Fees related to such Delinquent Mortgage Loan.

Termination of the Servicer Without Cause. (a) Notwithstanding anything herein to the contrary, the Purchaser may terminate the obligations and responsibilities of the Servicer in its capacity as Servicer, without cause, upon payment to the Servicer of a termination fee equal to one and one half percent (1.5%) of the aggregate outstanding principal balance of the Mortgage Loans as of the date of such termination. The termination fee provided for in this Subsection 14.02 shall be paid by the Purchaser within ten (10) Business Days of any such termination without cause by the Purchaser. (b) In the event that a Mortgage Loan (i) becomes delinquent for a period of ninety (90) days or more (a "“Delinquent Mortgage Loan"”) or (ii) becomes an REO Property, the Purchaser may, at its option, terminate this Agreement with respect to such Delinquent Mortgage Loan or REO Property without payment of a termination fee therefor upon twenty (20) days' ’ written notice to the Servicer; provided that upon termination of this Agreement with respect to such Delinquent Loan or REO Property the Purchaser shall reimburse the Servicer for all outstanding Servicing Advances or Servicing Fees related to such Delinquent Mortgage Loan.