Resignation and Removal of the Servicer; Appointment of Successor Servicer. (a) If a Servicer Default shall occur and be continuing, the Facility Agent (individually or as directed by the Required Lenders) by written notice given to the Servicer (with a copy to each Agent), may terminate all of the rights and obligations of the Servicer and appoint a successor pursuant to the terms hereof. In addition, if the Servicer is terminated upon the occurrence of a Servicer Default, the Servicer shall, if so requested by the Facility Agent, acting at the direction of the Required Lenders, deliver to any successor servicer copies of its Records within ten (10) Business Days after demand therefor and a computer tape or diskette (or any other means of electronic transmission acceptable to such successor servicer) containing as of the close of business on the date of demand all of the data maintained by the Servicer in computer format in connection with servicing the Collateral Obligations.
Resignation and Removal of the Servicer; Appointment of Successor Servicer. (a) If a Servicer Default shall occur and be continuing, the Facility Agent by written notice given to the Servicer, may terminate all of the rights and obligations of the Servicer and appoint a successor pursuant to the terms hereof. In addition, if the Servicer is terminated upon the occurrence of a Servicer Default, the Servicer shall, if so requested by the Facility Agent, acting at the direction of the Required Lenders, deliver to any successor servicer copies of its Records within seven (7) Business Days after demand therefor and a computer tape or diskette (or any other means of electronic transmission acceptable to such successor servicer) containing as of the close of business on the date of demand all of the data maintained by the Servicer in computer format in connection with servicing the Collateral Obligations.
Resignation and Removal of the Servicer; Appointment of Successor Servicer. (a) If a Servicer Termination Event shall occur and be continuing, the Administrative Agent by at least three (3) Business Days’ prior written notice (with a copy to the Collateral Administrator) given to the Servicer (which notice shall include a statement specifying the reason or reasons for taking such actions), may terminate all of the rights and obligations of the Servicer and appoint a successor pursuant to the terms hereof. In addition, if the Servicer is terminated upon the occurrence of a Servicer Termination Event, the Servicer shall, if so requested by the Administrative Agent, acting at the direction of the Required Lenders, deliver to any successor servicer copies of its Records within five Business Days after demand therefor and a computer tape or diskette (or any other means of electronic transmission acceptable to such successor servicer) containing as of the close of business on the date of demand all of the data maintained by the Servicer in computer format in connection with servicing the Collateral Assets.
Resignation and Removal of the Servicer; Appointment of Successor Servicer. (a) If a Servicer Default shall occur and be continuing, the Facility Agent by written notice given to the Servicer (a “Servicer Termination Notice”), may terminate all of the rights and obligations of the Servicer and appoint a successor pursuant to the terms hereof (including, for the avoidance of doubt, the provisions set forth in Section 7.2(d) below). In addition, if the Servicer is terminated upon the occurrence of a Servicer Default, the Servicer shall, if so requested by the Facility Agent, acting at the direction of the Required Lenders, deliver to any Successor Servicer copies of its Records within ten (10) Business Days after demand therefor. On and after the receipt by the Servicer of a Servicer Termination Notice pursuant to this Section 7.2(a) and subject to Section 7.2(d), the Servicer shall continue to perform all servicing functions under this Agreement until the date specified in the Servicer Termination Notice or otherwise specified by the Facility Agent in writing or, if no such date is specified in such Servicer Termination Notice or otherwise specified by the Facility Agent, until a date mutually agreed upon by the Servicer and the Facility Agent and shall be entitled to receive the Servicing Fee therefor accrued until such date. After such date, the Servicer agrees that it will terminate its activities as Servicer hereunder in a manner that the Facility Agent reasonably believes will facilitate the transition of the performance of such activities to the Successor Servicer, and except as provided herein the Successor Servicer shall assume each and all of the Servicer’s obligations to service and administer the Collateral, on the terms and subject to the conditions herein set forth, and the Servicer shall cooperate and use reasonable efforts to assist the Successor Servicer in assuming such obligations, including the transfer to any Successor Servicer for the administration by it of all cash amounts that shall at the time be held by the Servicer for deposit, or thereafter received with respect to the Collateral Obligations.
Resignation and Removal of the Servicer; Appointment of Successor Servicer. (a) If an Event of Default shall occur and be continuing, the Administrative Agent or the Majority Lenders, by written notice given to the Servicer, may terminate all of the rights and obligations of the Servicer and appoint a successor pursuant to the terms hereof. In addition, if the Servicer is terminated upon the occurrence of an Event of Default, the Servicer shall, if so requested by the Administrative Agent, acting at the direction of the Majority Lenders, deliver to any successor servicer copies of its Records within ten (10) Business Days after demand therefor and a computer tape or diskette (or any other means of electronic transmission acceptable to such successor servicer) containing as of the close of business on the date of demand all of the data maintained by the Servicer in computer format in connection with servicing the Collateral Obligations. Upon such resignation or removal of the Servicer, the Administrative Agent will provide advance notice to Morningstar (via email at XXXXxxxxxxxxx@xxxxxxxxxxx.xxx).
Resignation and Removal of the Servicer; Appointment of Successor Servicer. (a) If an Event of Default shall occur and be continuing, the Facility Agent by written notice given to the Servicer (with a copy to the Administrative Agent and the Collateral Agent), may terminate all of the rights and obligations of the Servicer and appoint a successor pursuant to the terms hereof. In addition, if the Servicer is terminated upon the occurrence of an Event of Default, the Servicer shall, if so requested by the Facility Agent, acting at the direction of the Required Lenders, deliver to any successor servicer copies of its Records within five (5) Business Days after demand therefor and a computer tape or diskette (or any other means of electronic transmission acceptable to such successor servicer) containing as of the close of business on the date of demand all of the data maintained by the Servicer in computer format in connection with servicing the Collateral Obligations.
