Common use of Removal of Servicer Clause in Contracts

Removal of Servicer. If the Trustee has determined that: (a) (Unlawful): the performance by the Servicer of its duties under this Deed is no longer permissible under any applicable law and the Trustee is satisfied that there is no reasonable action which the Servicer could take to make the performance of its duties under this Deed permissible under that applicable law; or (b) (Servicer Default): a Servicer Default has occurred and is continuing, the Trustee must by written notice to the Servicer, immediately terminate the rights and obligations of the Servicer and appoint another Bank or appropriately qualified organisation to act in its place.

Removal of Servicer. If the Trustee has determined that: (a) (UnlawfulUNLAWFUL): the performance by the Servicer of its duties under this Deed is no longer permissible under any applicable law and the Trustee is satisfied that there is no reasonable action which the Servicer could take to make the performance of its duties under this Deed permissible under that applicable law; or (b) (Servicer DefaultSERVICER DEFAULT): a Servicer Default has occurred and is continuing, the Trustee must by written notice to the Servicer, immediately terminate the rights and obligations of the Servicer and appoint another Bank or appropriately qualified organisation to act in its place.