Common use of Facility Servicer Event of Default Clause in Contracts

Facility Servicer Event of Default. (a) The occurrence of an Insolvency Event with respect to the Servicer will be a “Facility Servicer Event of Default”. (b) The Servicer will notify the Covered Parties of any Facility Servicer Event of Default, no later than two Business Days after an Authorized Officer of the Servicer obtains knowledge of such event. (c) If a Facility Servicer Event of Default has occurred, all of the rights and obligations (other than the rights and obligations of the Servicer set forth in Section 3.03) of the Servicer under this Agreement may be terminated by: (i) so long as any Exchange Notes remain Outstanding, the Exchange Noteholders representing at least 50% of the aggregate Exchange Note Balance (voting as a single class), (ii) if there are no Exchange Notes Outstanding, but the Revolving Facility Balance is greater than zero or the Revolving Facility has not been terminated, the Lender and (iii) otherwise, the Titling Trust, in each case by notice to the Servicer, the Administrative Agent, the Lender, the Collateral Agent and each Exchange Noteholder.

Facility Servicer Event of Default. (a) The occurrence of an Insolvency Event with respect to the Servicer will be a “Facility Servicer Event of Default.”. (b) The Servicer will notify each Titling Company, each Holder of a Collateral Specified Interest Certificate, the Covered Parties Lender, the Administrative Agent, the Collateral Agent, each Rating Agency and each Exchange Noteholder of any Facility Servicer Event of Default, no later than two 5 Business Days after an Authorized Officer of the Servicer obtains knowledge of such event. (c) If a Facility Servicer Event of Default has occurred, all of the rights and obligations (other than the rights and obligations of the Servicer set forth in Section 3.03) of the Servicer under this Agreement may be terminated by: (i) so long as any Exchange Notes remain Outstanding, the Holders of Exchange Noteholders Notes representing at least 50% of the aggregate Exchange Note Balance (voting as a single class), (ii) if there are no Exchange Notes Outstanding, but the Revolving Facility Balance is greater than zero or the Revolving Facility has not been terminated, the Lender and (iii) otherwise, the Titling TrustHolding Companies, in each case by notice to the Servicer, the Administrative Agent, the Lender, the Collateral Agent and each Exchange NoteholderNoteholder may terminate all of the rights and obligations (other than the rights and obligations of the Servicer set forth in Section 3.3) of the Servicer under this Agreement.