Common use of Appointment of Successor Backup Servicer; Successor Backup Servicer to Act Clause in Contracts

Appointment of Successor Backup Servicer; Successor Backup Servicer to Act. (a) The Backup Servicer may be removed, with or without cause, by the Servicer so long as no Servicer Default or Event of Default has occurred and is continuing or, if such an event exists, then the Trustee, at the direction of the Majority Noteholders, by notice given in writing to the Backup Servicer (the “Backup Servicer Termination Notice”), a copy of which shall be provided to S&P promptly after it is delivered to the Backup Servicer. The Backup Servicer shall continue to perform all backup servicing functions under this Agreement until the date specified in the Backup Servicer Termination Notice or, if no such date is specified, until a date mutually agreed by the Backup Servicer and the party giving the Backup Servicer Termination Notice. As promptly as possible after the giving of a Backup Servicer Termination Notice, (i) if the Servicer delivered the Backup Servicer Termination Notice, the Servicer shall appoint a Successor Backup Servicer with the consent of the Majority Noteholders, not to be unreasonably withheld, and (ii) if the Trustee delivered the Backup Servicer Termination Notice, the Trustee shall appoint a Successor Backup Servicer at the direction of the Majority Noteholders (the “Successor Backup Servicer”) and such Successor Backup Servicer shall accept its appointment by a written assumption in a form acceptable to the Trustee and Owner Trustee.

Appointment of Successor Backup Servicer; Successor Backup Servicer to Act. (a) The Backup Servicer may be removed, with or without cause, by the Servicer so long as no Servicer Default or Event of Default has occurred and is continuing or, if such an event exists, then the Trustee, at the direction of the Majority Noteholders, by notice given in writing to the Backup Servicer (the “Backup Servicer Termination Notice”), a copy of which shall be provided to S&P promptly after it is delivered to the Backup Servicer. The Backup Servicer shall continue to perform all backup servicing functions under this Agreement until the date specified in the Backup Servicer Termination Notice or, if no such date is specified, until a date mutually agreed by the Backup Servicer and the party giving the Backup Servicer Termination Notice. As promptly as possible after the giving of a Backup Servicer Termination Notice, (i) if the Servicer delivered the Backup Servicer Termination Notice, the Servicer shall appoint a Successor Backup Servicer with the consent of the Majority Noteholders, not to be unreasonably withheld, and (ii) if the Trustee delivered the Backup Servicer Termination Notice, the Trustee shall appoint a Successor Backup Servicer at the direction of the Majority Noteholders (the Noteholders(the “Successor Backup Servicer”) and such Successor Backup Servicer shall accept its appointment by a written assumption in a form acceptable to the Trustee and Owner Trustee.

Appointment of Successor Backup Servicer; Successor Backup Servicer to Act. (a) The Backup Servicer may be removed, with or without cause, by the Servicer so long as no Servicer Default or Event of Default has occurred and is continuing or, if such an event exists, then the Trustee, at the direction of the Majority Noteholders, by notice given in writing to the Backup Servicer (the “Backup Servicer Termination Notice”), a copy of which shall be provided to S&P promptly after it is delivered to the Backup Servicer. The Backup Servicer shall continue to perform all backup servicing functions under this Agreement until the date specified in the Backup Servicer Termination Notice or, if no such date is specified, until a date mutually agreed by the Backup Servicer and the party giving the Backup Servicer Termination Notice. As promptly as possible after the giving of a Backup Servicer Termination Notice, (i) if the Servicer delivered party giving the Backup Servicer Termination Notice, Notice to the Servicer shall appoint a Successor Backup Servicer with the consent of the Majority Noteholders, not to be unreasonably withheld, and (ii) if the Trustee delivered Servicer sent the Backup Servicer Termination Notice, the Trustee Notice and otherwise shall appoint a Successor Backup Servicer at the direction of the Majority Noteholders (the “Successor Backup Servicer”) and such Successor Backup Servicer shall accept its appointment by a written assumption in a form acceptable to the Trustee and Owner Trustee.

Appointment of Successor Backup Servicer; Successor Backup Servicer to Act. (a) The Backup Servicer may be removed, with or without cause, by the Servicer so long as no Servicer Event of Default or Event of Default has occurred and is continuing or, if such an event exists, then the Indenture Trustee, at the direction of the Majority Noteholders, by notice given in writing to the Backup Servicer (the “Backup Servicer Termination Notice”), a copy of which shall be provided to S&P promptly after it is delivered to the Backup Servicer. The Backup Servicer shall continue to perform all backup servicing functions under this Agreement until the date specified in the Backup Servicer Termination Notice or, if no such date is specified, until a date mutually agreed by the Backup Servicer and the party giving the Backup Servicer Termination Notice. As promptly as possible after the giving of a Backup Servicer Termination Notice, (i) if the Servicer delivered party giving the Backup Servicer Termination Notice, Notice to the Servicer shall appoint a Successor Backup Servicer with the consent of the Majority Noteholders, not to be unreasonably withheld, and (ii) if the Trustee delivered Servicer sent the Backup Servicer Termination Notice, the Trustee Notice and otherwise shall appoint a Successor Backup Servicer at the direction of the Majority Noteholders (the “Successor Backup Servicer”) and such Successor Backup Servicer shall accept its appointment by a written assumption in a form acceptable to the Indenture Trustee and Owner Trustee.