Common use of Transfer of Servicing Following Reconstitution Clause in Contracts

Transfer of Servicing Following Reconstitution. Following a reconstitution of Mortgage Loans or REO Properties, the Owner shall have the right, in its sole discretion, to cause the Servicer at any time under any Reconstitution Agreement to transfer the servicing responsibilities and duties associated therewith to the Owner or any designee of the Owner; provided, however, that (i) the Owner shall provide the Servicer with 30 days prior written notice, (ii) such transfer shall be subject to the approval of the Applicable Agency, trustee, master servicer or rating agency with respect to Agency Transfers, Pass-Through Transfers or any relevant third party purchaser with respect to Whole Loan Transfers, (iii) the costs associated with the transfer of servicing pursuant to this Section 7.08 shall not be borne by the Servicer and (iv) the Servicer shall be entitled to the Termination Fee as set forth in Section 9.02. The Servicer agrees to cooperate with the Owner in such transfer of servicing responsibilities and shall comply with the termination procedures set forth in Sections 9.01 and 10.01 hereof.

Transfer of Servicing Following Reconstitution. Following a reconstitution of Mortgage Loans or REO Properties, the Owner shall have the right, in its sole discretion, to cause the Servicer at any time under any Reconstitution Agreement to transfer the servicing responsibilities and duties associated therewith to the Owner or any designee of the Owner; provided, however, that (i) the Owner shall provide the Servicer with 30 days prior written notice, (ii) such transfer shall be subject to the approval of the Applicable Agency, trustee, master servicer or rating agency with respect to Agency Transfers, Pass-Through Transfers or any relevant third party purchaser with respect to Whole Loan Transfers, (iii) the costs associated with the transfer of servicing pursuant to this Section 7.08 shall not be borne by the Servicer and (iv) the Servicer shall be entitled to the Reconstituted Termination Fee as set forth in Section 9.02Fee. The Servicer agrees to cooperate with the Owner in such transfer of servicing responsibilities and shall comply with the termination procedures set forth in Sections 9.01 and 10.01 hereof.