Common use of Effective Period and Termination Clause in Contracts

Effective Period and Termination. The Servicer’s appointment as custodian shall become effective as of the date hereof, and shall continue in full force and effect until terminated pursuant to this Section. If TMCC shall resign as Servicer in accordance with the provisions of this Agreement or if all of the rights and obligations of any Servicer shall have been terminated under Section 8.01, the appointment of TMCC (as Servicer) as custodian shall be terminated hereunder without further action by the Indenture Trustee, Owner Trustee, Noteholders or the Certificateholder. The Indenture Trustee or, with the consent of the Indenture Trustee, the Owner Trustee may terminate the Servicer’s appointment as custodian, with cause, at any time upon written notification to the Servicer. The Owner Trustee, Indenture Trustee or Noteholders may terminate the Servicer as custodian hereunder in the same manner as the Owner Trustee, Indenture Trustee or Noteholders may terminate the rights and obligations of the Servicer under Section 8.01. As soon as practicable after any termination of such appointment, the Servicer shall deliver the Receivable Files to the Indenture Trustee or the agent thereof at such place or places as the Indenture Trustee may reasonably designate.

Effective Period and Termination. The Servicer’s 's appointment as custodian shall become effective as of the date hereof, Cutoff Date and shall continue in full force and effect until terminated pursuant to this Section. If TMCC DFS shall resign as Servicer in accordance with the provisions Article VII of this Agreement or if all of the rights and obligations of any Servicer shall have been terminated under pursuant to Section 8.01, the appointment of TMCC (as Servicer) such Servicer as custodian shall be terminated hereunder without further action by the Indenture TrusteeTrustee or by the Holders of Notes evidencing not less than 25% of the Outstanding Amount of the Notes (or, if Notes have been paid in full, by the Owner TrusteeTrustee or by the Residual Interestholder, Noteholders in the same manner as the Indenture Trustee or such Holders of Notes may terminate the Certificateholderrights and obligations of the Servicer under Section 8.01). The Indenture Trustee or, with the consent of the Indenture Trustee, the Owner Trustee may terminate the Servicer’s 's appointment as custodian, with cause, at any time upon written notification to the Servicer and, without cause, upon 30 days' prior written notification to the Servicer. The Owner Trustee, Indenture Trustee or Noteholders may terminate the Servicer as custodian hereunder in the same manner as the Owner Trustee, Indenture Trustee or Noteholders may terminate the rights and obligations of the Servicer under Section 8.01. As soon as practicable after any termination of such appointment, the Servicer shall deliver the Receivable Files to the Indenture Trustee or the Indenture Trustee's agent thereof at such place or places as the Indenture Trustee may reasonably designate.