Backup Servicer. If a Backup Servicer Event has occurred and continuing, the Holders of Notes evidencing not less than a majority of the Outstanding Amount of the Notes of the Controlling Class, by notice then given in writing to the Master Servicer, the Indenture Trustee and the Owner Trustee may terminate all the rights and obligations of the Master Servicer under this Agreement. Upon such termination, the Backup Servicer shall become successor Master Servicer in accordance with Sections 8.01 and 8.02. ARTICLE NINE
Appears in 8 contracts
Samples: Sale and Servicing Agreement (WFS Financial 2005-3 Owner Trust), Sale and Servicing Agreement (WFS Financial 2005-1 Owner Trust), Sale and Servicing Agreement (WFS Receivables Corp 4)
Backup Servicer. If a Backup Servicer Event has occurred and continuing, the Holders of Notes evidencing not less than a majority of the Outstanding Amount of the Notes of the Controlling Class, by notice then given in writing to the Master Servicer, the Indenture Trustee and the Owner Trustee may terminate all the rights and obligations of the Master Servicer under this Agreement. Upon such termination, the Backup Servicer shall become successor Master Servicer in accordance with Sections 8.01 and 8.02. ARTICLE NINE.
Appears in 3 contracts
Samples: Sale and Servicing Agreement (WFS Receivables Corp 3), Sale and Servicing Agreement (WFS Receivables Corp 4), Sale and Servicing Agreement (WFS Receivables Corp 3)
Backup Servicer. If a Backup Servicer Servicing Event has occurred and continuing, the Holders of Notes evidencing not less than a majority of the Outstanding Amount of the Notes of the Controlling Notes, voting together as a single Class, by notice then given in writing to the Master Servicer, the Indenture Trustee and the Owner Trustee may terminate all the rights and obligations of the Master Servicer under this Agreement. Upon such termination, the Backup Servicer shall become successor Master Servicer in accordance with Sections 8.01 and 8.02. ARTICLE NINE
Appears in 2 contracts
Samples: Sale and Servicing Agreement (WFS Receivables Corp 3), Sale and Servicing Agreement (WFS Receivables Corp 3)
Backup Servicer. If a Backup Servicer Event has occurred and continuing, the Holders of Notes evidencing not less than a majority of the Outstanding Amount of the Notes of the Controlling Class, by notice then given in writing to the Master Servicer, the Indenture Trustee and the Owner Trustee may terminate all the rights and obligations of the Master Servicer under this Agreement. Upon such termination, the Backup Servicer shall become successor Master Servicer in accordance with Sections 8.01 and 8.02. ARTICLE NINEArticle Nine
Appears in 1 contract
Samples: Sale and Servicing Agreement (WFS Receivables Corp 3)
