Common use of Servicer and the Claims Administrator Clause in Contracts

Servicer and the Claims Administrator. Upon receipt by the Servicer and the Claims Administrator of a second written notice from such Noteholders or Certificateholders, as the case may be, stating that they or it intend to terminate the Servicer and the Claims Administrator as a result of such Servicer Default, all authority and power of the Servicer and the Claims Administrator under this Agreement, whether with respect to the Mortgage Loans or otherwise, shall, subject to Section 10.02, pass to and be vested in the Trustee or its designee and the Trustee is hereby authorized and empowered to execute and deliver, on behalf of the Servicer and the Claims Administrator, as attorney-in-fact or otherwise, any and all documents and other instruments and do or cause to be done all other acts or things necessary or appropriate to effect the purposes of such notice of termination, including, but not limited to, the transfer and endorsement or assignment of the Loans and related documents. The Servicer and the Claims Administrator agree to cooperate with the Trustee in effecting the termination of the Servicer's and the Claims Administrator's responsibilities and rights hereunder, including, without limitation, the transfer to the Trustee or its designee for administration by it of all amounts which shall at the time be credited by the Servicer to each Principal and Interest Account or thereafter received with respect to the Loans.

Servicer and the Claims Administrator. Upon receipt by the Servicer and the Claims Administrator of a second written notice from such Noteholders or Certificateholders, as the case may be, Majority Certificateholders stating that they or it intend to terminate the Servicer and the Claims Administrator as a result of such Servicer Event of Default, all authority and power of the Servicer and the Claims Administrator under this Agreement, whether with respect to the Mortgage Home Improvement Loans or otherwise, shall, subject to Section 10.02, pass to and be vested in the Co-Trustee or its designee and the Trustee designees is hereby authorized and empowered to execute and deliver, on behalf of the Servicer and the Claims Administrator, as attorney-in-fact or otherwise, any and all documents and other instruments and do or cause to be done all other acts or things necessary or appropriate to effect the purposes of such notice of termination, including, but not limited to, the transfer and endorsement or assignment of the Home Improvement Loans and related documents. The Servicer and the Claims Administrator agree to cooperate with the Trustee and the Co-Trustee in effecting the termination of the Servicer's and the Claims Administrator's responsibilities and rights hereunder, including, without limitation, the transfer to the Trustee or its designee for administration by it of all amounts which shall at the time be credited by the Servicer to each the Principal and Interest Account or thereafter received with respect to the Home Improvement Loans.

Servicer and the Claims Administrator. Upon receipt by the Servicer and the Claims Administrator of a second written notice from such Noteholders or Certificateholders, as the case may be, Majority Certificateholders stating that they or it intend to terminate the Servicer and the Claims Administrator as a result of such Servicer Event of Default, all authority and power of the Servicer and the Claims Administrator under this Agreement, whether with respect to the Mortgage Home Improvement Loans or otherwise, shall, subject to Section 10.02, pass to and be vested in the Trustee or its designee and the Trustee designees is hereby authorized and empowered to execute and deliver, on behalf of the Servicer and the Claims Administrator, as attorney-in-fact or otherwise, any and all documents and other instruments and do or cause to be done all other acts or things necessary or appropriate to effect the purposes of such notice of termination, including, but not limited to, the transfer and endorsement or assignment of the Home Improvement Loans and related documents. The Servicer and the Claims Administrator agree to cooperate with the Trustee and the Co-Trustee in effecting the termination of the Servicer's and the Claims Administrator's responsibilities and rights hereunder, including, without limitation, the transfer to the Trustee or its designee for administration by it of all amounts which shall at the time be credited by the Servicer to each the Principal and Interest Account or thereafter received with respect to the Home Improvement Loans.