Servicing Termination. Section 6.01.
Servicing Termination. The Seller and the Trust hereby appoint Credit Acceptance as Servicer hereunder and Credit Acceptance hereby accepts such appointment and agrees to manage, collect and administer each of the Loans as Servicer. Upon the occurrence of a Servicer Default, the Indenture Trustee shall have the rights set forth in Section 8.01 hereof.
Servicing Termination. SECTION 8.1 Events of Servicing Termination................................59 SECTION 8.2 Indenture Trustee to Act; Appointment of Successor Servicer.......................................................61 SECTION 8.3 Effect of Servicing Transfer...................................61 SECTION 8.4 Notification to Noteholders and Certificateholders.............62 SECTION 8.5 Waiver of Past Events of Servicing Termination.................62
Servicing Termination. Section 6.01 Events of Servicing Termination..........................................................40 Section 6.02 Indenture Trustee to Act; Appointment of Successor.......................................42 Section 6.03 Notification to Noteholders and the Transferor...........................................43
Servicing Termination. The Servicer may be terminated only as provided in the Servicing Agreement, the GNMA Guide as modified by the MBS Agreement, the Xxxxxxx Mac Guide or the Xxxxxx Mae Guide, as applicable.
Servicing Termination. SECTION 8.1 Events of Servicing Termination.............................. 47 SECTION 8.2 Indenture Trustee to Act; Appointment of Successor Servicer..................................................... 49
Servicing Termination. SECTION 8.1 Events of Servicing Termination ..............................................45 SECTION 8.2 Indenture Trustee to Act; Appointment of Successor Servicer ..................47 SECTION 8.3 Effect of Servicing Transfer .................................................47 SECTION 8.4 Notification to Noteholders, Certificateholders and Rating Agencies ..........48
Servicing Termination. Without limiting Purchaser’s rights to terminate Seller as servicer as provided above, Purchaser (or any other registered holder of the related Participation Certificate) shall nonetheless be entitled (and in the case of clause (vi), such termination shall occur automatically), by written notice to Seller (and in the case of clause (vi) below immediately without notice), to effect termination of Seller’s servicing rights and obligations with respect to the affected Mortgage Pool in the event any of the following circumstances or events (“Servicing Termination Events”) occur and are continuing:
(i) the Seller shall default in the payment of (i) any amount payable by it hereunder or under any other Program Document on account of Repurchase Price, (ii) Expenses (and such failure to pay Expenses shall continue for more than [***]) or (iii) any other obligations under the Program Documents, when the same shall become due and payable, whether at the due date thereof, or by acceleration or otherwise (and such failure to pay such other obligations shall continue for more than [***]); or
(ii) the failure of the Seller to perform, comply with, or observe any term, covenant, or agreement applicable to the Seller contained in any of Sections 10(a)(i) (Preservation of Existence; Compliance with Law) (but solely as to organization and existence), (ix) (True and Correct Information) (to the extent relied upon by Purchaser and adversely affecting the Purchaser’s decisions), (xi) (Financial Condition Covenants), (xv) (Material Change in Business), (xvi) (Limitation on Dividends and Distributions), (xvii) (Disposition of Assets; Liens), (xviii) (Transactions with Affiliates), (xix) (ERISA Matters), (xx) (Consolidations, Mergers and Sales of Assets), (xxii) [***], or (xxiii) (Takeout Commitment) hereof; or
(iii) any representation, warranty, or certification made or deemed made herein (except those contained in Section 9(b) hereof) or in any other Program Document by the Seller or any certificate furnished to the Purchaser pursuant to the provisions hereof or thereof or any information with respect to the Participation Certificates or Mortgage Loans furnished in writing by or on behalf of the Seller shall prove to have been untrue or misleading in any material respect as of the time made or furnished; or
(iv) the Seller shall fail to observe or perform any other covenant or agreement contained in this Agreement (and not identified in Section 5(e)(ii) hereof) or any other Pro...
Servicing Termination. 43 SECTION 8.1 Events of Servicing Termination...............................................43 SECTION 8.2
Servicing Termination. The Seller, the Trust, the Trust Collateral Agent, the Class A Insurer and the Backup Insurer hereby appoint Credit Acceptance as Servicer hereunder and Credit Acceptance hereby accepts such appointment and agrees to manage, collect and administer each of the Dealer Loans as Servicer. Credit Acceptance shall be retained as Servicer for an initial twelve (12) month term commencing on the Closing Date. Upon the expiration of such twelve (12) month term, the Controlling Party, upon written notice to the Indenture Trustee, the Trust Collateral Agent, the Servicer, the Rating Agencies, the Insurer not then the Controlling Party and the Backup Servicer, may, at its option, renew the term of Credit Acceptance as Servicer for a subsequent term of three (3) months. Upon the expiration of any three month term, the Controlling Party, upon written notice to the Indenture Trustee, the Trust Collateral Agent, the Servicer, the Rating Agencies, the Insurer not then the Controlling Party and the Backup Servicer, may at its option, renew the term of Credit Acceptance as Servicer for an additional three (3) month term. If the Controlling Party does not renew any such servicing term in writing, the servicing term of Credit Acceptance shall automatically expire. If both a Class A Insurer Default and a Backup Insurer Default have occurred and are continuing, and the twelve (12) month or any three (3) month servicing term, as the case may be, has not previously expired and thereafter expires, Credit Acceptance shall continue as Servicer unless and until it is terminated after the occurrence of a Servicer Default. Upon the occurrence of a Servicer Default, the Controlling Party shall have the rights set forth in Section 8.01 hereof. Notwithstanding anything herein to the contrary, the provisions of this Section 4.01(a) shall not apply to the Backup Servicer after it has become the successor Servicer.
