Common use of Active Servicing Duties Clause in Contracts

Active Servicing Duties. Unless and until the Backup Servicer or another Person is appointed as Successor Servicer, the Backup Servicer agrees that, in the event the Servicer is terminated or otherwise ceases to function as the Servicer pursuant to the Sale and Servicing Agreement, if the Indenture Trustee or Noteholders representing not less than 25% of the Outstanding Amount of Notes shall issue a Transfer Notice to the Backup Servicer and Servicer, then prior to the expiration of the Transfer Period, the Backup Servicer shall promptly execute a counterpart to the Sale and Servicing Agreement and thereafter shall assume the rights, obligations and duties of a Successor Servicer as expressly set forth thereunder.

Active Servicing Duties. Unless and until the Backup Servicer or another Person is appointed as Successor Servicer, the Backup Servicer agrees that, in the event the Servicer is terminated or otherwise ceases to function as the Servicer pursuant to the Sale and Servicing Agreement, if the Indenture Trustee or Noteholders representing not less than 25% of the Outstanding Amount of Notes shall issue a Transfer Notice to the Backup Servicer and Servicer, then prior to the expiration of the Transfer Period, the Backup Servicer shall promptly execute a counterpart to the Sale and Servicing Agreement and thereafter shall assume the rights, obligations and duties of a Successor Servicer as expressly set forth thereunder.

Active Servicing Duties. Unless and until the Backup Servicer or another Person is appointed as Successor Servicer, the Backup Servicer agrees that, in the event the Servicer is terminated or otherwise ceases to function as the Servicer pursuant to the Sale and Servicing Agreement, if the Indenture Trustee or Noteholders Holders representing not less than 25% of the Outstanding Amount of Notes shall issue a Transfer Notice to the Backup Servicer and Servicer, then prior to the expiration of the Transfer Period, the Backup Servicer shall promptly execute a counterpart to the Sale and Servicing Agreement and thereafter shall assume the rights, obligations and duties of a Successor Servicer as expressly set forth thereunder.