Common use of Transfer of Servicing Between Subservicer and Servicer Clause in Contracts

Transfer of Servicing Between Subservicer and Servicer. (a) Upon determination by the Servicer that greater than 10% of the Purchased Receivables remain outstanding for greater than 120 days after their respective Billing Date, the Servicer may immediately give notice to the Subservicer that the Servicer will assume servicing of such portion of the Purchased Receivables that remain outstanding for greater than 120 days after their respective Billing Date. Thereupon, the Servicer shall assume the servicing responsibilities of Subservicer in respect of such Purchased Receivables. The Subservicer shall thereupon provide the Servicer with all information, documents and records (including original copies of documents), to the extent required by the Servicer to perform its duties (including such records stored electronically on computer tapes, magnetic discs and the like as may be reasonably requested by the Servicer). (b) Notwithstanding the provisions of the preceding clause (a), the Subservicer shall maintain ongoing payment records with respect to each Purchased Receivable serviced by the Servicer. (c) The Subservicer shall pay all fees and costs of the Servicer in connection with its duties under this Section 9.7.

Transfer of Servicing Between Subservicer and Servicer. (a) Upon determination by the Servicer that greater than 10% of the Purchased Receivables remain outstanding for greater than 120 days after their respective Billing Date, the Servicer may immediately give notice to the Subservicer that the Servicer will assume servicing of such portion of the Purchased Receivables that remain outstanding for greater than 120 days after their respective Billing Date. Thereupon, the Servicer shall assume the servicing responsibilities of Subservicer in respect of such Purchased Receivables. The Subservicer shall thereupon provide the Servicer with all information, documents and records (including original copies of documents), to the extent required by the Servicer to perform its duties (including such records stored electronically on computer tapes, magnetic discs and the like as may be reasonably requested by the Servicer). (b) Notwithstanding the provisions of the preceding clause (a), the Subservicer shall maintain ongoing payment records with respect to each Purchased Receivable serviced by the Servicer. (c) The Subservicer shall pay all fees and costs of the Servicer in connection with its duties under this Section 9.77.7.

Transfer of Servicing Between Subservicer and Servicer. (a) Upon determination by the Servicer that greater than 10% of the Purchased Receivables remain outstanding for greater than 120 days after their respective Billing Date, the Servicer may immediately give notice to the Subservicer that the Servicer will assume servicing of such portion of the Purchased Receivables that remain outstanding for greater than 120 days after their respective Billing Date. Thereupon, the Servicer shall assume the servicing responsibilities of Subservicer in respect of such Purchased Receivables. The Subservicer shall thereupon provide the Servicer with all information, documents and records (including original copies of documents), to the extent required by the Servicer to perform its duties (including such records stored electronically on computer tapes, magnetic discs and the like as may be reasonably requested by the Servicer). (b) Notwithstanding the provisions of the preceding clause (a), the Subservicer shall maintain ongoing payment records with respect to each Purchased Receivable serviced by the Servicer. (c) The Subservicer shall pay all reasonable fees and costs of the Servicer in connection with its duties under this Section 9.77.7.