Termination of Servicing Agreements; Successor Servicers. (a) The Master Servicer shall be entitled to terminate the rights and obligations of any Servicer under the applicable Servicing Agreement in accordance with the terms and conditions of such Servicing Agreement and without any limitation by virtue of this Agreement; provided, however, that in the event of termination of any Servicing Agreement by the Master Servicer or the related Servicer, the Master Servicer shall either act as Servicer of the related Mortgage Loans or provide for the servicing of the Mortgage Loans by a successor Servicer to be appointed as provided in the applicable Servicing Agreement. The parties acknowledge that notwithstanding the preceding sentence, there may be a transition period, not to exceed 90 days, in order to effect the transfer of servicing to a successor Servicer. The Master Servicer shall be entitled to be reimbursed from each Servicer (or by the Trust Fund, if the Servicer is unable to fulfill its obligations hereunder) for all costs associated with the transfer of servicing from the predecessor servicer, including without limitation, any costs or expenses associated with the complete transfer or all servicing data and the completion, correction or manipulation of such servicing data, as may be required by the Master Servicer to correct any errors or insufficiencies in the servicing data or otherwise to enable the Master Servicer to service the Mortgage Loans properly and effectively.
Termination of Servicing Agreements; Successor Servicers. (a) The Master Servicer shall be entitled to terminate the rights and obligations of any Servicer under the applicable Servicing Agreement in accordance with the terms and conditions of such Servicing Agreement and without any limitation by virtue of this Agreement; provided, however, that in the event of termination of any Servicing Agreement by the Master Servicer or the related Servicer, the Master Servicer shall either act as Servicer of the related Mortgage Loans, or enter into a Servicing Agreement with a successor Servicer.
Termination of Servicing Agreements; Successor Servicers. (a) The Master Servicer shall be entitled to terminate the rights and obligations of any Servicer under the applicable Servicing Agreement in accordance with the terms and conditions of such Servicing Agreement and this Agreement. In such event, within 90 days of such termination, the Master Servicer shall, subject to Section 4.06, appoint a successor Servicer or shall itself (or through an Affiliate) act as servicer of the related Mortgage Loans; provided, however, that for so long as the Seller is the Servicing Rights Owner under any such Servicing Agreement, the Seller shall have the right to appoint a successor Servicer within thirty (30) days of the Master Servicer providing notice to the Trustee and the Seller of the Master Servicer’s intent to terminate such Servicer, subject to the provisions of Section 4.34 hereof. If the Master Servicer assumes the role of successor Servicer, or until a successor Servicer is appointed, the Master Servicer shall (i) immediately make Advances and (ii) perform all responsibilities, duties and liabilities of the Servicer; provided, however, that for the first 90-day period following a termination of a Servicer, the Master Servicer, in its capacity as successor Servicer, shall not be responsible for the lack of information and/or documents that it cannot obtain through reasonable efforts.
Termination of Servicing Agreements; Successor Servicers. 75 Section 4.11. Master Servicer Liable for Enforcement. 76 Section 4.12. No Contractual Relationship Between Servicers and Master Servicer or Depositor. 76
Termination of Servicing Agreements; Successor Servicers. 95 Section 9.08. Master Servicer Liable for Enforcement.......................96 Section 9.09. No Contractual Relationship Between Servicers and Trustee or Depositor.................................................96 Section 9.10. Assumption of Servicing Agreement by Trustee.................96 Section 9.11. "Due-on-Sale" Clauses; Assumption Agreements.................97 Section 9.12. Release of Mortgage Files....................................97
Termination of Servicing Agreements; Successor Servicers. (a) The Master Servicer shall be entitled to terminate the rights and obligations of a Servicer under the related Servicing Agreement in accordance with the terms and conditions of such Servicing Agreement and without any limitation by virtue of this Agreement; provided, however, that in the event of termination of the related Servicing Agreement by the Master Servicer, the Master Servicer shall provide for the servicing of the Mortgage Loans by a successor Servicer to be appointed as provided in the related Servicing Agreement. The parties acknowledge that notwithstanding the preceding sentence, there may be a transition period, not to exceed 90 days, in order to effect the transfer of servicing to a successor Servicer. The Master Servicer shall be entitled to be reimbursed from the applicable Servicer (or by the Trust Fund, if such Servicer is unable to fulfill its obligations hereunder) for all costs associated with the transfer of servicing from the predecessor servicer, including without limitation, any costs or expenses associated with the complete transfer or all servicing data and the completion, correction or manipulation of such servicing data, as may be required by the Master Servicer to correct any errors or insufficiencies in the servicing data or otherwise to enable the Master Servicer to service the Mortgage Loans properly and effectively.
Termination of Servicing Agreements; Successor Servicers. (a) The Master Servicer shall be entitled to terminate the rights and obligations of any Servicer under the applicable Servicing Agreement in accordance with the terms and conditions of such Servicing Agreement and without any limitation by virtue of this Agreement; provided, however, that in the event of termination of any Servicing Agreement by the Master Servicer, the Master Servicer shall provide for the servicing of the Mortgage Loans by a successor Servicer to be appointed as provided in the applicable Servicing Agreement and acceptable to the Guarantor. In the event that the Master Servicer cannot terminate a Servicer for a breach of such Servicer's obligation to make an Advance (each, a "Defaulted Advance") without the consent of the Guarantor, then the Master Servicer shall, in accordance with Section 5.05, make such Defaulted Advance, but the Master Servicer shall have no obligation to make any subsequent Advance under Section 5.05 with respect to such Servicer if the Guarantor shall have elected not to approve the termination of the defaulting Servicer by the Master Servicer or if the Guarantor does not exercise any right it may have to terminate the defaulting Servicer as a consequence of such Event of Default or if the Guarantor otherwise shall have waived such Event of Default. The Master Servicer agrees that it will use its best efforts to effect the transfer of servicing to a successor Servicer within the first one to two weeks after the termination of such Servicer in accordance with the first paragraph of this Section 9.07(a). The parties acknowledge that notwithstanding the preceding sentence, there may be a transition period, not to exceed 60 days from the above-mentioned two-week period, in order to effect the transfer of servicing to a successor Servicer. To the extent that the costs and expenses of the Master Servicer related to any termination of the Servicer, the appointment of a successor Servicer and the transfer of servicing by the Master Servicer (including any assumption of servicing by the Master Servicer) are not timely reimbursed by the Servicer, then the Master Servicer shall be entitled to reimbursement of such costs and expenses from the Collection Account.
Termination of Servicing Agreements; Successor Servicers. (a) The Master Servicer shall be entitled to terminate the rights and obligations of any Servicer under the applicable Servicing Agreement in accordance with the terms and conditions of such Servicing Agreement and without any limitation by virtue of this Agreement; provided, however, that in the event of termination of any Servicing Agreement by the Master Servicer or the related Servicer, the Master Servicer shall provide for the servicing of the related Mortgage Loans as follows: (i) upon any such termination of Option One as Servicer, servicing of the related Mortgage Loans shall be transferred to Aurora, provided that Aurora exercises its option to acquire such servicing as provided below; (ii) upon any such termination of Aurora as Servicer, servicing of the related Mortgage Loans shall be transferred to the Special Servicer, provided that the Special Servicer exercises its option to acquire such servicing as provided below; and (iii) upon any such termination of Ocwen, a successor special servicer shall be appointed as provided in the Special Servicing Agreement. In each such case, servicing of the related Mortgage Loans shall be performed by the applicable successor in accordance with the provisions of the Servicing Agreement to which such successor is a party. In the event that any such successor servicer fails to notify the Master Servicer within 15 days of such proposed transfer described in clause (i) or (ii) above of its intention to exercise its option to acquire such servicing and to service the related Mortgage Loans in accordance with the terms of the applicable Servicing Agreement, the Master Servicer shall appoint a successor servicer or special servicer or shall itself (or through an Affiliate) act as servicer or special servicer of the related Mortgage Loans. Notwithstanding the foregoing provisions to the extent applicable to termination of the rights and obligations of the Special Servicer, the Directing Holder, if any, shall have the rights accorded to it under the Special Servicing Agreement.
Termination of Servicing Agreements; Successor Servicers. 107 9.08. Master Servicer Liable for Enforcement . . . . . . . . . . . . . . 107 9.09. No Contractual Relationship Between Servicers and Trustee or Depositor . . . . . . . . . . . . . . . . . . . . . . . . . . 107 9.10. Assumption of Servicing Agreement by Trustee . . . . . . . . . . . 108 9.11. "Due-on-Sale" Clauses; Assumption Agreements . . . . . . . . . . . 108 9.12. Release of Mortgage Files . . . . . . . . . . . . . . . . . . . .
Termination of Servicing Agreements; Successor Servicers. Section 9.08
