Servicing Termination Clause Samples
The SERVICING TERMINATION clause defines the conditions and procedures under which a party's obligation to provide ongoing services under an agreement may be ended. Typically, this clause outlines specific events or breaches that can trigger termination, such as failure to meet performance standards, insolvency, or mutual agreement, and may require advance notice or completion of certain transition activities. Its core practical function is to provide a clear framework for ending service relationships, thereby managing risk and ensuring both parties understand their rights and responsibilities if the service arrangement needs to be concluded.
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 6.01.
Servicing Termination. 22 SECTION 7.1 Events of Servicing Termination............................................................22 SECTION 7.2 Appointment of Successor Servicer..........................................................24 SECTION 7.3 Notification to Noteholders and Certificateholders.........................................25 SECTION 7.4 Waiver of Past Events of Servicing Termination.............................................25 ARTICLE VIII TERMINATION................................................................................25 SECTION 8.1 Optional Purchase of All Receivables.......................................................25 SECTION 8.2 Succession Upon Satisfaction and Discharge of Indenture....................................26
Servicing Termination. Section 6.01 Events of Servicing Termination.........................................................36 Section 6.02 Indenture Trustee to Act; Appointment of Successor......................................39 Section 6.03 Notification to Noteholders and the Transferor..........................................40
Servicing Termination. 20 Section 6.01
Servicing Termination. 43 SECTION 8.1 Events of Servicing Termination...............................................43 SECTION 8.2
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. The Servicer may be terminated only as provided in the Servicing Agreement, the GNMA Guide as modified by the MBS Agreement, the ▇▇▇▇▇▇▇ Mac Guide or the ▇▇▇▇▇▇ Mae Guide, as applicable.
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. 41 Section 6.01. Events of Servicing Termination.....................41 Section 6.02. Indenture Trustee to Act; Appointment of Successor..45 Section 6.03. Notification to Noteholders and Residual Certificateholders..................................46 ARTICLE VII TERMINATION.......................................................46 Section 7.01. Termination.........................................46 ARTICLE VIII ADMINISTRATIVE DUTIES OF THE SERVICER............................47 Section 8.01. Administrative Duties...............................47 Section 8.02. Records.............................................49 Section 8.03. Additional Information to be Furnished to the Issuer..............................................49