Common use of Transfer of Servicing Following Reconstitution Clause in Contracts

Transfer of Servicing Following Reconstitution. Following a reconstitution of Mortgage Loans, the Purchaser shall have the right, in its sole discretion, to cause the Servicer at any time under any Reconstitution Agreement to transfer the servicing responsibilities and duties associated therewith to the Purchaser or any designee of the Purchaser; provided, however, that the Purchaser shall provide the Servicer with 30 days prior written notice and shall pay to the Servicer a Termination Fee identical to the “termination without cause fee” structure set forth in Article 6 and provided further that such transfer shall be subject to the approval of ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac, as the case may be, with respect to Agency Transfers, the trustee, master servicer or rating agency with respect to Pass-Through Transfers or any relevant third party purchaser with respect to Whole Loan Transfers. The Servicer agrees to cooperate with the Purchaser in such transfer of servicing responsibilities.

Transfer of Servicing Following Reconstitution. Following a reconstitution of Mortgage Loans, the Purchaser shall have the right, in its sole discretion, to cause the Servicer at any time under any Reconstitution Agreement to transfer the servicing responsibilities and duties associated therewith to the Purchaser or any designee of the Purchaser; provided, however, that the Purchaser shall provide the Servicer with 30 days prior written notice and shall pay to the Servicer a Termination Fee identical to the “"termination without cause fee” " structure set forth in Article 6 and provided further that such transfer shall be subject to the approval of ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac, as the case may be, with respect to Agency Transfers, the trustee, master servicer or rating agency with respect to Pass-Through Transfers or any relevant third party purchaser with respect to Whole Loan Transfers. The Servicer agrees to cooperate with the Purchaser in such transfer of servicing responsibilities.