Common use of Servicing Term Clause in Contracts

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 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 Purchaser (which writing may be, without limitation, the monthly invoice provided by Purchaser) Purchasers in its their sole discretion (and, with respect to any REO Properties, on behalf of the REO Subsidiary), for an additional thirty-day period (each, a “Servicing Term”); provided, that Purchaser Purchasers 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 Purchasers or if Purchaser has Purchasers have terminated Seller as a result of a Servicer Termination Event, Seller shall transfer such servicing to Purchaser Purchasers or its designee their designees at no cost or expense to Purchaser Purchasers as provided in Section 14(r14(t). 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 LoansLoans or REO Properties, Seller shall promptly notify PurchaserPurchasers.

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 shall be deemed 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 unless notice in writing is provided by the applicable Purchaser, in its sole discretion, at least five (5) Business Days prior to expiration of such period (each, a “Servicing Term”); provided, that Purchaser Purchasers shall have the right to immediately terminate the Servicer at any time following the occurrence of a Servicer Termination Eventan Event of Default. If such Servicing Term is not extended by a Purchaser or if Purchaser has Purchasers have terminated Seller as a result of a Servicer Termination Eventan Event of Default, Seller shall transfer such servicing to the applicable Purchaser or its designee at no cost or expense to such Purchaser as provided in Section 14(r14(t). 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 fully its servicing obligations in any material respect with respect to the Mortgage Loans, Seller shall promptly notify PurchaserPurchasers.