Servicing Term Clause Samples

Servicing Term. Servicer shall subservice such Mortgage Loans for a term of thirty (30) days commencing as of the related Purchase Date, which term may be extended in writing by Purchaser in its sole discretion, for an additional thirty-day period (each, a “Servicing Term”); provided, that Purchaser shall have the right to immediately terminate the Servicer at any time following the occurrence of a Servicer Termination Event. If such Servicing Term is not extended by Purchaser or if Purchaser has terminated Servicer as a result of a Servicer Termination Event, Servicer shall transfer such servicing to Purchaser or its designee at no cost or expense to Purchaser as provided in Section 14(t). Servicer shall hold or cause to be held all Escrow Payments collected with respect to the Mortgage Loans in segregated accounts for the sole benefit of the Mortgagor and shall apply the same for the purposes for which such funds were collected. If Servicer should discover that, for any reason whatsoever, it has failed to perform fully its servicing obligations with respect to the Mortgage Loans, Servicer shall promptly notify Purchaser.

Servicing Term. RMS shall subservice such Mortgage Loans and REO Properties for a term of thirty (30) days commencing as of the related Purchase Date, which term may be extended in writing by Agent in its sole discretion, for an additional thirty-day period (each, a “Servicing Term”); provided, that the Purchaser and/or Agent shall have the right to immediately terminate the Servicer at any time following the occurrence of a Servicer Termination Event. If such Servicing Term is not extended by Agent or if the Purchaser or Agent has terminated RMS as a result of a Servicer Termination Event, RMS shall transfer such servicing to the Purchaser or its designee at no cost or expense to Purchaser as provided in Section 14(t). RMS shall hold or cause to be held all Escrow Payments collected with respect to the Mortgage Loans in segregated accounts for the sole benefit of the Mortgagor and shall apply the same for the purposes for which such funds were collected. If RMS should discover that, for any reason whatsoever, it has failed to perform fully its servicing obligations with respect to the Mortgage Loans or REO Properties, RMS shall promptly notify the Purchaser and Agent.

Servicing Term. Pursuant to Section 13.05 of the Servicing Agreements, the parties hereby consent and agree that the initial term of UAC as Servicer shall terminate at 11:59 p.m. on September 6, 2002; provided, however, UAC shall act as successor Servicer for a second term commencing at 12:00 a.m. on September 7, 2002 and terminating at 11:59 a.m. on October 31, 2002 (the "Servicing Term"), unless such term is extended for an additional 60-day term (such term, an "Extended Servicing Term") in writing executed by the Insurer prior to the expiration of such Servicing Term. Any Extended Servicing Term may be similarly extended prior to its expiration. The Insurer will give the Indenture Trustee ten (10) days prior written notice of its determination not to extend the Servicing Term or an Extended Servicing Term, in the event that the Indenture Trustee is to become the successor Servicer. Upon the expiration of the Servicing Term or any subsequent Extended Serving Term without renewal, all rights and obligations of UAC as successor Servicer under the Servicing Agreements shall terminate and all authority and power of UAC as successor Servicer shall pass to and be vested in the back-up servicer designated pursuant to the Back-up Servicing Agreement or such other entity as shall be designated by the Insurer. UAC shall, on or before September 11, 2002 and on the date that is three (3) Business Days from the end of each Collection Period, deliver to the Insurer a tape containing the master record of the Receivables as of the end of the previous Collection Period in such form as the Insurer shall reasonably require. UAC hereby agrees to cooperate with the Insurer and the back-up servicer designated pursuant to the Back-up Servicing Agreement or other successor Servicer in effectuating the complete transfer of the servicing, administration and collection functions from UAC to the back-up servicer or such other successor Servicer in accordance with the Servicing Agreements and this Agreement.

Servicing Term. The Servicer hereby covenants and agrees to act as the Servicer under this Agreement for an initial term, commencing on the Closing Date and ending on the last Business Day of the succeeding month, which term shall be extendable by the Agent for successive terms of one calendar month thereafter, until the termination of the Servicer's obligations and responsibilities pursuant to this Article X; provided that, if the Backup Servicer shall become the Servicer hereunder the term of the Backup Servicer as Servicer shall not be subject to termination under this SECTION 10.01. Each such notice of extension (a "SERVICER EXTENSION NOTICE") shall be delivered by the Agent to the Servicer and the Backup Servicer. The Servicer hereby agrees that, upon its receipt of any such Servicer Extension Notice, the Servicer shall become bound for the duration of the term covered by such Servicer Extension Notice to continue as the Servicer subject to and in accordance with the other provisions of this Agreement. On and after the time the Servicer receives a notice of termination, the Backup Servicer shall be the successor in all respects to the Servicer in its capacity as Servicer under this Agreement and the transactions set forth or provided for herein and shall be subject to all the responsibilities, duties and liabilities relating thereto and arising thereafter placed on the Servicer (except for any representations or warranties of the Servicer under this Agreement by the terms and provisions hereof).

Servicing Term. Seller shall subservice such Mortgage Loans for a term of thirty (30) days commencing as of the related Purchase Date, which term may be extended in writing by Purchaser (which writing may be, without limitation, the monthly invoice provided by Purchaser) in its sole discretion for an additional thirty-day period (each, a “Servicing Term”); provided, that Purchaser shall have the right to immediately terminate the Servicer at any time following the occurrence of a Servicer Termination Event. If such Servicing Term is not extended by Purchaser or if Purchaser has terminated Seller as a result of a Servicer Termination Event, Seller shall transfer such servicing to Purchaser or its designee at no cost or expense to Purchaser as provided in Section 14(r). Seller shall hold or cause to be held all Escrow Payments collected with respect to the Mortgage Loans in segregated accounts for the sole benefit of the Mortgagor and shall apply the same for the purposes for which such funds were collected. If Seller should discover that, for any reason whatsoever, it has failed to perform its servicing obligations in any material respect with respect to the Mortgage Loans, Seller shall promptly notify Purchaser.

Servicing Term. Seller shall service or cause the Servicer to service such Participated Assets on behalf of Buyer commencing as of the related Purchase Date until the first next Monthly Payment Date, which term may be extended in writing by Buyer in its sole discretion, until the next following Monthly Payment Date (each, a “Servicing Term”). Notwithstanding the foregoing, that Buyer shall have the right to immediately terminate the Seller, in its capacity as servicer, or any Servicer at any time following a Servicer Termination Event. If such Servicing Term is not extended by Buyer or if Buyer has terminated Seller, in its capacity as servicer, or Servicer as a result of a Servicer Termination Event, Seller shall transfer or shall cause such Servicer to transfer such servicing to Buyer or its designee at no cost or expense to Buyer as provided in Section 21(t). Seller, in its capacity as servicer, shall hold or cause to be held all Escrow Payments collected with respect to the Participated Mortgage Loans it or a Servicer is subservicing on behalf of purchaser in segregated accounts for the sole benefit of the related Mortgagor and shall apply the same for the purposes for which such funds were collected. If Seller or Servicer should discover that, for any reason whatsoever, it or the Servicer has failed to fully perform its servicing obligations in any material respect with respect to the Participated Assets it is subservicing on behalf of Buyer, Seller shall promptly notify Buyer.

Servicing Term. The Servicer shall subservice such Mortgage Loans for a term of thirty (30) days commencing as of the related Purchase Date, which term may be extended in writing by Purchaser in its sole discretion, for an additional thirty-day period (each, a “Servicing Term”). If such Servicing Term is not extended by Purchaser, the Servicer shall transfer such servicing to Purchaser or its designees at no cost or expense to Purchaser as provided in Section 14(t). The Servicer shall hold or cause to be held all Escrow Payments collected with respect to the Mortgage Loans in segregated accounts for the sole benefit of the Mortgagor and shall apply the same for the purposes for which such funds were collected. If the Servicer should discover that, for any reason whatsoever, it has failed to perform fully its servicing obligations with respect to the Mortgage Loans, the Servicer shall promptly notify Purchaser.

Servicing Term. (i) Each Servicer (if any) other than Nationstar, shall subservice such Purchased Assets for a term of thirty (30) days commencing as of the related Purchase Date, which term may be extended in writing by Purchaser in its sole discretion, for an additional thirty-day period (each, a “Servicing Term”); provided, that Purchaser shall have the right to immediately terminate the Servicer at any time following the occurrence of a Servicer Termination Event. If such Servicing Term is not extended by Purchaser or if Purchaser has terminated such Servicer as a result of a Servicer Termination Event, such Servicer shall transfer such servicing to Purchaser or its designee at no cost or expense to Purchaser as provided in Section 14(t). Such Servicer shall hold or cause to be held all Escrow Payments collected with respect to the Purchased Assets it is subservicing on behalf of Purchaser in segregated accounts for the sole benefit of the Mortgagor and shall apply the same for the purposes for which such funds were collected. If such Servicer should discover that, for any reason whatsoever, it has failed to perform fully its servicing obligations with respect to the Purchased Assets it is subservicing on behalf of Purchaser, Seller shall promptly notify Purchaser. (i) Nationstar shall subservice such Purchased Assets for the benefit of Purchaser provided, that Purchaser shall have the right to (i) immediately terminate Nationstar at any time following the occurrence of a Servicer Termination Event or (ii) upon sixty (60) days written notice from Purchaser to Nationstar. If Purchaser has terminated Nationstar as a result of a Servicer Termination Event, Nationstar shall transfer such servicing to Purchaser or its designee at no cost or expense to Purchaser as provided in Section 14(t). Nationstar shall hold or cause to be held all Escrow Payments collected with respect to the Purchased Assets it is subservicing on behalf of Purchaser in segregated accounts for the sole benefit of the Mortgagor and shall apply the same for the purposes for which such funds were collected. If Nationstar or Seller should discover that, for any reason whatsoever, it has failed to perform fully its servicing obligations with respect to the Purchased Assets it is subservicing on behalf of Purchaser, Seller shall promptly notify Purchaser.

Servicing Term. Servicer shall service such Underlying Assets for the benefit of the Administrative Agent on behalf of Buyers commencing as of the related Purchase Date and ending when there are no more Underlying Assets subject to Transactions hereunder; provided that Administrative Agent shall have the right to immediately terminate Servicer as servicer at any time following the occurrence and continuation of an Event of Default or a Servicer Termination Event. If Administrative Agent has terminated Servicer as servicer as a result of an Event of Default or Servicer LEGAL02/44639412v17 Termination Event, Servicer shall transfer such servicing to the Administrative Agent or its designee at no cost or expense to the Administrative Agent.