Common use of Three Month Renewal of Master Servicer Term Clause in Contracts

Three Month Renewal of Master Servicer Term. The Master Servicer hereby covenants and agrees to act as master servicer under this Agreement for an initial term commencing on the Closing Date and expiring on _______, 200_ (the "Initial Term"). Thereafter, the Initial Term shall be extendible in the sole discretion of the Securities Insurer by written notice (each, a "Master Servicer Renewal Notice") of the Securities Insurer (or the Indenture Trustee if a Securities Insurer Default is then occurring) for successive three month terms. Each such Master Servicer Renewal Notice (if any) shall be delivered by the Securities Insurer to the other parties to this Agreement. The Master Servicer hereby agrees that, as of the date hereof and upon its receipt of any Master Servicer Renewal Notice, the Master Servicer shall be bound for the duration of the Initial Term and the term covered by any such Master Servicer Renewal Notice to act as the Master Servicer, subject to and in accordance with the other provisions of this Agreement. The Master Servicer agrees that if, as of the last day of the calendar month preceding the last day of any such servicing term, the Master Servicer shall not have received a Master Servicer Renewal Notice from the Securities Insurer, the Master Servicer shall, within five days thereafter, give written notice of such non-receipt to the Securities Insurer and the Indenture Trustee. The failure of the Securities Insurer to deliver a Master Servicer Renewable Notice by the end of any such three-month term shall result in the automatic termination of the Master Servicer.

Three Month Renewal of Master Servicer Term. The Master Servicer hereby covenants and agrees to act as master servicer under this Agreement for an initial term commencing on the Closing Date and expiring on _______, 200199_ (the "Initial Term"). Thereafter, the Initial Term shall be extendible in the sole discretion of the Securities Insurer by written notice (each, a "Master Servicer Renewal Notice") of the Securities Insurer (or the Indenture Trustee if a Securities Insurer Default is then occurring) for successive three month terms. Each such Master Servicer Renewal Notice (if any) shall be delivered by the Securities Insurer to the other parties to this Agreement. The Master Servicer hereby agrees that, as of the date hereof and upon its receipt of any Master Servicer Renewal Notice, the Master Servicer shall be bound for the duration of the Initial Term and the term covered by any such Master Servicer Renewal Notice to act as the Master Servicer, subject to and in accordance with the other provisions of this Agreement. The Master Servicer agrees that if, as of the last day of the calendar month preceding the last day of any such servicing term, the Master Servicer shall not have received a Master Servicer Renewal Notice from the Securities Insurer, the Master Servicer shall, within five days thereafter, give written notice of such non-receipt to the Securities Insurer and the Indenture Trustee. The failure of the Securities Insurer to deliver a Master Servicer Renewable Notice by the end of any such three-month term shall result in the automatic termination of the Master Servicer.

Three Month Renewal of Master Servicer Term. The Master Servicer hereby covenants and agrees to act as master servicer under this Agreement for an initial term commencing on the Closing Date and expiring on _______, 200_ 20 (the "“Initial Term"”). Thereafter, the Initial Term shall be extendible in the sole discretion of the Securities Insurer by written notice (each, a "“Master Servicer Renewal Notice"”) of the Securities Insurer (or the Indenture Trustee if a Securities Insurer Default is then occurring) for successive three month terms. Each such Master Servicer Renewal Notice (if any) shall be delivered by the Securities Insurer to the other parties to this Agreement. The Master Servicer hereby agrees that, as of the date hereof and upon its receipt of any Master Servicer Renewal Notice, the Master Servicer shall be bound for the duration of the Initial Term and the term covered by any such Master Servicer Renewal Notice to act as the Master Servicer, subject to and in accordance with the other provisions of this Agreement. The Master Servicer agrees that if, as of the last day of the calendar month preceding the last day of any such servicing term, the Master Servicer shall not have received a Master Servicer Renewal Notice from the Securities Insurer, the Master Servicer shall, within five days thereafter, give written notice of such non-receipt to the Securities Insurer and the Indenture Trustee. The failure of the Securities Insurer to deliver a Master Servicer Renewable Notice by the end of any such three-month term shall result in the automatic termination of the Master Servicer.

Three Month Renewal of Master Servicer Term. The Master Servicer hereby covenants and agrees to act as master servicer under this Agreement for an initial term commencing on the Closing Date and expiring on _______, 200_ (the "“Initial Term"”). [Thereafter, the Initial Term shall be extendible in the sole discretion of the Securities Insurer by written notice (each, a "“Master Servicer Renewal Notice"”) of the Securities Insurer (or the Indenture Trustee if a Securities Insurer Default is then occurring) for successive three month terms. Each such Master Servicer Renewal Notice (if any) shall be delivered by the Securities Insurer to the other parties to this Agreement. .] The Master Servicer hereby agrees that, as of the date hereof and upon its receipt of any Master Servicer Renewal Notice, the Master Servicer shall be bound for the duration of the Initial Term and the term covered by any such Master Servicer Renewal Notice to act as the Master Servicer, subject to and in accordance with the other provisions of this Agreement. The Master Servicer agrees that if, as of the last day of the calendar month preceding the last day of any such servicing term, the Master Servicer shall not have received a Master Servicer Renewal Notice [from the Securities Insurer], the Master Servicer shall, within five ___ days thereafter, give written notice of such non-receipt to [the Securities Insurer and and] the Indenture Trustee. [The failure of the Securities Insurer to deliver a Master Servicer Renewable Notice by the end of any such three-month term shall result in the automatic termination of the Master Servicer.]

Three Month Renewal of Master Servicer Term. The Master Servicer hereby covenants and agrees to act as master servicer under this Agreement for an initial term commencing on the Closing Date and expiring on _______June 30, 200_ 1999 (the "Initial Term"). Thereafter, the Initial Term shall be extendible in the sole discretion of the Securities Insurer by written notice (each, a "Master Servicer Renewal Notice") of the Securities Insurer (or the Indenture Trustee if a Securities Insurer Default is then occurring) for successive three month terms. Each such Master Servicer Renewal Notice (if any) shall be delivered by the Securities Insurer to the other parties to this Agreement. The Master Servicer hereby agrees that, as of the date hereof and upon its receipt of any Master Servicer Renewal Notice, the Master Servicer shall be bound for the duration of the Initial Term and the term covered by any such Master Servicer Renewal Notice to act as the Master Servicer, subject to and in accordance with the other provisions of this Agreement. The Master Servicer agrees that if, as of the last day of the calendar month preceding the last day of any such servicing term, the Master Servicer shall not have received a Master Servicer Renewal Notice from the Securities Insurer, the Master Servicer shall, within five days thereafter, give written notice of such non-receipt to the Securities Insurer and the Indenture Trustee. The failure of the Securities Insurer to deliver a Master Servicer Renewable Notice by the end of any such three-month term shall result in the automatic termination of the Master Servicer.

Three Month Renewal of Master Servicer Term. The Master Servicer hereby covenants and agrees to act as master servicer under this Agreement for an initial term commencing on the Closing Date and expiring on _______, 200_ (the "Initial Term"). [Thereafter, the Initial Term shall be extendible in the sole discretion of the Securities Insurer by written notice (each, a "Master Servicer Renewal Notice") of the Securities Insurer (or the Indenture Trustee if a Securities Insurer Default is then occurring) for successive three month terms. Each such Master Servicer Renewal Notice (if any) shall be delivered by the Securities Insurer to the other parties to this Agreement. .] The Master Servicer hereby agrees that, as of the date hereof and upon its receipt of any Master Servicer Renewal Notice, the Master Servicer shall be bound for the duration of the Initial Term and the term covered by any such Master Servicer Renewal Notice to act as the Master Servicer, subject to and in accordance with the other provisions of this Agreement. The Master Servicer agrees that if, as of the last day of the calendar month preceding the last day of any such servicing term, the Master Servicer shall not have received a Master Servicer Renewal Notice [from the Securities Insurer], the Master Servicer shall, within five days thereafter, give written notice of such non-receipt to [the Securities Insurer and and] the Indenture Trustee. [The failure of the Securities Insurer to deliver a Master Servicer Renewable Notice by the end of any such three-month term shall result in the automatic termination of the Master Servicer.]