Common use of Servicer Termination Event Clause in Contracts

Servicer Termination Event. 88 SECTION 10.2 Consequences of a Servicer Termination Event................................90 SECTION 10.3 Appointment of Successor....................................................91 SECTION 10.4 Notification to Securityholders.............................................92 SECTION 10.5 Waiver of Past Defaults.....................................................93 SECTION 10.6 Action Upon Certain Failures of the Servicer................................93 ARTICLE XI TERMINATION..............................................................................93 SECTION 11.1 Optional Purchase of All Receivables........................................93

Servicer Termination Event. 88 SECTION 10.2 62 Section 10.2. Consequences of a Servicer Termination Event................................90 SECTION 10.3 ...................63 Section 10.3. Appointment of Successor....................................................91 SECTION 10.4 .......................................64 Section 10.4. Notification to Securityholders.............................................92 SECTION 10.5 Certificateholders.............................64 Section 10.5. Waiver of Past Defaults.....................................................93 SECTION 10.6 Action Upon Certain Failures of the Servicer................................93 ARTICLE XI TERMINATION..............................................................................93 SECTION 11.1 Optional Purchase of All Receivables........................................9365

Servicer Termination Event. 88 71 SECTION 10.2 10.2. Consequences of a Servicer Termination Event................................90 ...............73 SECTION 10.3 10.3. Additional Consequences of a Servicer Termination Event......................................................74 SECTION 10.4. Appointment of Successor....................................................91 ...................................74 SECTION 10.4 10.5. [RESERVED].................................................72 SECTION 10.6. Notification to Securityholders.............................................92 Noteholders and Rating Agencies............76 SECTION 10.5 10.7. Waiver of Past Defaults.....................................................93 ....................................76 SECTION 10.6 Action Upon Certain Failures 10.8. Termination of the Servicer................................93 ARTICLE XI TERMINATION..............................................................................93 Trust Collateral Agent......................76 SECTION 11.1 Optional Purchase of All Receivables........................................9310.9.

Servicer Termination Event. 88 SECTION 10.2 34 Section 7.02 Consequences of a Servicer Termination Event................................90 SECTION 10.3 .......................................................... 36 Section 7.03 Consequences of an Insurance Agreement Event of Default............................................... 36 Section 7.04 Appointment of Successor....................................................91 SECTION 10.4 Notification to Securityholders.............................................92 SECTION 10.5 .............................................................................. 37 Section 7.05 Waiver of Past Defaults.....................................................93 SECTION 10.6 Action Upon Certain Failures of the Servicer................................93 ARTICLE XI TERMINATION..............................................................................93 SECTION 11.1 Optional Purchase of All Receivables........................................93............................................................................... 39 Section 7.06 Additional Termination Requirements................................................................... 40

Servicer Termination Event. 88 66 SECTION 10.2 10.2. Consequences of a Servicer Termination Event................................90 ...................68 SECTION 10.3 10.3. Appointment of Successor....................................................91 .......................................69 SECTION 10.4 10.4. Notification to Securityholders.............................................92 Noteholders and Rating Agencies................71 SECTION 10.5 10.5. Waiver of Past Defaults.....................................................93 ........................................71 SECTION 10.6 Action Upon Certain Failures 10.6. Termination of the Servicer................................93 ARTICLE XI TERMINATION..............................................................................93 Trust Collateral Agent..........................71 SECTION 11.1 Optional Purchase of All Receivables........................................9310.7.

Servicer Termination Event. 88 SECTION 10.2 51 Section 9.2 Consequences of a Servicer Termination Event................................90 SECTION 10.3 ........................................52 Section 9.3 Appointment of Successor....................................................91 SECTION 10.4 ............................................................53 Section 9.4 Notification to Securityholders.............................................92 SECTION 10.5 Secured Parties.....................................................54 Section 9.5 Waiver of Past Defaults.....................................................93 SECTION 10.6 Action Upon Certain Failures of the Servicer................................93 ARTICLE XI TERMINATION..............................................................................93 SECTION 11.1 Optional Purchase of All Receivables........................................93.............................................................54

Servicer Termination Event. 88 77 SECTION 10.2 10.2. Consequences of a Servicer Termination Event................................90 ....................................................79 SECTION 10.3 10.3. Appointment of Successor....................................................91 .................................80 SECTION 10.4 10.4. Notification to Securityholders.............................................92 Noteholders and Certificateholders.......................................81 SECTION 10.5 10.5. Waiver of Past Defaults.....................................................93 ..................................82 SECTION 10.6 10.6. Action Upon Certain Failures of the Servicer................................93 .................................................82 ARTICLE XI TERMINATION..............................................................................93 SECTION 11.1 Optional Purchase of All Receivables........................................93

Servicer Termination Event. 88 77 SECTION 10.2 9.2. Consequences of a Servicer Termination Event................................90 ........................................ 79 SECTION 10.3 9.3. Appointment of Successor....................................................91 ..................... 80 SECTION 10.4 9.4. Notification to Securityholders.............................................92 Noteholders.................. 82 SECTION 10.5 9.5. Waiver of Past Defaults.....................................................93 ...................... 82 ARTICLE X Termination SECTION 10.6 Action Upon Certain Failures of the Servicer................................93 ARTICLE XI TERMINATION..............................................................................93 SECTION 11.1 10.1. Optional Purchase of All Receivables........................................93.................................. 82 ARTICLE XI Administrative Duties of the Servicer

Servicer Termination Event. 88 69 SECTION 10.2 10.2. Consequences of a Servicer Termination Event................................90 .................70 SECTION 10.3 10.3. Additional Consequences of a Servicer Termination Event.......................................................72 SECTION 10.4. Appointment of Successor....................................................91 .....................................72 SECTION 10.4 10.5. [RESERVED]...................................................72 SECTION 10.6. Notification to Securityholders.............................................92 Noteholders and Rating Agencies..............73 SECTION 10.5 10.7. Waiver of Past Defaults.....................................................93 ......................................74 SECTION 10.6 Action Upon Certain Failures 10.8. Termination of the Servicer................................93 ARTICLE XI TERMINATION..............................................................................93 Trust Collateral Agent........................74 SECTION 11.1 Optional Purchase of All Receivables........................................9310.9.

Servicer Termination Event. 88 63 SECTION 10.2 10.2. Consequences of a Servicer Termination Event................................90 ................65 SECTION 10.3 10.3. Appointment of Successor....................................................91 ....................................66 SECTION 10.4 10.4. Notification to Securityholders.............................................92 Noteholders and Certificateholders..........67 SECTION 10.5 10.5. Waiver of Past Defaults.....................................................93 .....................................67 SECTION 10.6 10.6. Action Upon Certain Failures of the Servicer................................93 ................67 ARTICLE XI TERMINATION..............................................................................93 SECTION 11.1 Optional Purchase of All Receivables........................................93

Servicer Termination Event. 88 67 SECTION 10.2 10.2. Consequences of a Servicer Termination Event................................90 ...................................... 69 SECTION 10.3 10.3. Consequences of an Insurance Agreement Event of Default........................... 70 SECTION 10.4. Appointment of Successor....................................................91 .......................................................... 70 SECTION 10.4 10.5. Notification to Securityholders.............................................92 Noteholders and Certificateholders................................ 72 SECTION 10.5 10.6. Waiver of Past Defaults.....................................................93 ........................................................... 72 SECTION 10.6 Action Upon Certain Failures of the Servicer................................93 ARTICLE XI TERMINATION..............................................................................93 SECTION 11.1 Optional Purchase of All Receivables........................................9310.7.

Servicer Termination Event. 88 35 SECTION 10.2 8.2. Consequences of a Servicer Termination Event................................90 ................37 SECTION 10.3 8.3. Trustee to Act; Appointment of Successor....................................................91 ....................37 SECTION 10.4 8.4. Notification to Securityholders.............................................92 Noteholders.................................38 SECTION 10.5 8.5. Waiver of Past Defaults.....................................................93 .....................................38 ARTICLE IX SUBSTITUTION OF LEASES............................................38 SECTION 10.6 Action Upon Certain Failures of the 9.1. Substitution.................................................38 SECTION 9.2. Procedure....................................................39 SECTION 9.3. Objection and Repurchase.....................................40 SECTION 9.4. Vendor Services' and Servicer................................93 ARTICLE XI TERMINATION..............................................................................93 SECTION 11.1 Optional Purchase of All Receivables........................................93's Subsequent Obligations.......41

Servicer Termination Event. 88 SECTION 10.2 61 Section 8.2. Consequences of a Servicer Termination Event................................90 SECTION 10.3 .........62 Section 8.3. Appointment of Successor....................................................91 SECTION 10.4 .............................62 Section 8.4. Notification to Securityholders.............................................92 SECTION 10.5 Noteholders..........................63 Section 8.5. Waiver of Past Defaults.....................................................93 SECTION 10.6 Action Upon Certain Failures of the Servicer................................93 ARTICLE XI TERMINATION..............................................................................93 SECTION 11.1 Optional Purchase of All Receivables........................................93..............................64

Servicer Termination Event. 88 64 SECTION 10.2 9.2. Consequences of a Servicer Termination Event................................90 ............................................... 65 SECTION 10.3 9.3. Appointment of Successor....................................................91 ................................................................... 66 SECTION 10.4 9.4. Notification to Securityholders.............................................92 Noteholders................................................................ 67 SECTION 10.5 9.5. Waiver of Past Defaults.....................................................93 .................................................................... 67 ARTICLE X TERMINATION........................................................................................... 68 SECTION 10.6 Action Upon Certain Failures of the Servicer................................93 ARTICLE XI TERMINATION..............................................................................93 SECTION 11.1 10.1. Optional Purchase of All Receivables........................................93....................................................... 68 ARTICLE XI ADMINISTRATIVE DUTIES OF THE SERVICER................................................................ 68

Servicer Termination Event. 88 65 SECTION 10.2 10.2. Consequences of a Servicer Termination Event................................90 ...................67 SECTION 10.3 10.3. Appointment of Successor....................................................91 .......................................68 SECTION 10.4 10.4. Notification to Securityholders.............................................92 Noteholders and Certificateholders.............69 SECTION 10.5 10.5. Waiver of Past Defaults.....................................................93 ........................................69 SECTION 10.6 10.6. Action Upon Certain Failures of the Servicer................................93 ...................69 ARTICLE XI TERMINATION..............................................................................93 SECTION 11.1 Optional Purchase of All Receivables........................................93

Servicer Termination Event. 88 89 SECTION 10.2 Consequences of a Servicer Termination Event................................90 91 SECTION 10.3 Appointment of Successor....................................................91 92 SECTION 10.4 Notification to Securityholders.............................................92 93 SECTION 10.5 Waiver of Past Defaults.....................................................93 SECTION 10.6 Action Upon Certain Failures of the Servicer................................93 94 ARTICLE XI TERMINATION..............................................................................93 94 SECTION 11.1 Optional Purchase of All Receivables........................................9394

Servicer Termination Event. 88 64 SECTION 10.2 9.2. Consequences of a Servicer Termination Event................................90 ....................................................... 65 SECTION 10.3 9.3. Appointment of Successor....................................................91 ........................................................................... 66 SECTION 10.4 9.4. Notification to Securityholders.............................................92 Noteholders........................................................................ 67 SECTION 10.5 9.5. Waiver of Past Defaults.....................................................93 ............................................................................ 67 ARTICLE X TERMINATION 67 SECTION 10.6 Action Upon Certain Failures of the Servicer................................93 ARTICLE XI TERMINATION..............................................................................93 SECTION 11.1 10.1. Optional Purchase of All Receivables........................................93............................................................... 67 ARTICLE XI ADMINISTRATIVE DUTIES OF THE SERVICER 68

Servicer Termination Event. 88 71 SECTION 10.2 10.2. Consequences of a Servicer Termination Event................................90 ...........................................................73 SECTION 10.3 10.3. Additional Consequences of a Servicer Termination Event................................................74 SECTION 10.4. Appointment of Successor....................................................91 ...............................................................................74 SECTION 10.4 10.5. [RESERVED].............................................................................................72 SECTION 10.6. Notification to Securityholders.............................................92 Noteholders and Rating Agencies........................................................76 SECTION 10.5 10.7. Waiver of Past Defaults.....................................................93 ................................................................................76 SECTION 10.6 Action Upon Certain Failures 10.8. Termination of the Servicer................................93 ARTICLE XI TERMINATION..............................................................................93 Trust Collateral Agent..................................................................76 SECTION 11.1 Optional Purchase of All Receivables........................................9310.9.

Servicer Termination Event. 88 65 SECTION 10.2 10.2. Consequences of a Servicer Termination Event................................90 ............................................67 SECTION 10.3 10.3. Additional Consequences of a Servicer Termination Event.................................68 SECTION 10.4. Appointment of Successor....................................................91 ................................................................68 SECTION 10.4 10.5. [RESERVED]..............................................................................72 SECTION 10.6. Notification to Securityholders.............................................92 Noteholders and Rating Agencies.........................................70 SECTION 10.5 10.7. Waiver of Past Defaults.....................................................93 .................................................................70 SECTION 10.6 Action Upon Certain Failures 10.8. Termination of the Servicer................................93 ARTICLE XI TERMINATION..............................................................................93 Trust Collateral Agent...................................................70 SECTION 11.1 Optional Purchase of All Receivables........................................9310.9.

Servicer Termination Event. 88 SECTION 10.2 Section 4.2. Consequences of a Servicer Termination Event................................90 SECTION 10.3 ............................................... 20 Section 4.3. Appointment of Successor....................................................91 SECTION 10.4 ................................................................... 21 Section 4.4. Notification to Securityholders.............................................92 SECTION 10.5 Secured Parties............................................................ 21 Section 4.5. Waiver of Past Defaults.....................................................93 SECTION 10.6 Action Upon Certain Failures of the Servicer................................93 ARTICLE XI TERMINATION..............................................................................93 SECTION 11.1 Optional Purchase of All Receivables........................................93.................................................................... 21

Servicer Termination Event. 88 85 SECTION 10.2 10.2. Consequences of a Servicer Termination Event................................90 ..................................................87 SECTION 10.3 10.3. Appointment of Successor....................................................91 ..................................89 SECTION 10.4 10.4. Notification to Securityholders.............................................92 Noteholders and Certificateholders.....................................90 SECTION 10.5 10.5. Waiver of Past Defaults.....................................................93 ...................................90 SECTION 10.6 10.6. Action Upon Certain Failures of the Servicer................................93 ...............................................91 TABLE OF CONTENTS (continued) Page ARTICLE XI TERMINATION..............................................................................93 SECTION 11.1 Optional Purchase of All Receivables........................................93XI

Servicer Termination Event. 88 SECTION 10.2 51 Section 9.2 Consequences of a Servicer Termination Event................................90 SECTION 10.3 ...................................... 52 Section 9.3 Appointment of Successor....................................................91 SECTION 10.4 .......................................................... 53 Section 9.4 Notification to Securityholders.............................................92 SECTION 10.5 Noteholders....................................................... 54 Section 9.5 Waiver of Past Defaults.....................................................93 SECTION 10.6 Action Upon Certain Failures of the Servicer................................93 ARTICLE XI TERMINATION..............................................................................93 SECTION 11.1 Optional Purchase of All Receivables........................................93........................................................... 54

Servicer Termination Event. 88 76 SECTION 10.2 10.2. Consequences of a Servicer Termination Event................................90 ...................78 SECTION 10.3 10.3. Appointment of Successor....................................................91 .......................................80 SECTION 10.4 10.4. Notification to Securityholders.............................................92 Noteholders and Certificateholders...........................................81 SECTION 10.5 10.5. Waiver of Past Defaults.....................................................93 ........................................81 SECTION 10.6 10.6. Action Upon Certain Failures of the Servicer................................93 ...................82 ARTICLE XI TERMINATION..............................................................................93 SECTION 11.1 Optional Purchase of All Receivables........................................93

Servicer Termination Event. 88 SECTION 10.2 50 Section 9.2 Consequences of a Servicer Termination Event................................90 SECTION 10.3 ............... 51 Section 9.3 Appointment of Successor....................................................91 SECTION 10.4 ................................... 51 Section 9.4 Notification to Securityholders.............................................92 SECTION 10.5 Noteholders................................ 52 Section 9.5 Waiver of Past Defaults.....................................................93 SECTION 10.6 Action Upon Certain Failures of the Servicer................................93 .................................... 52 ARTICLE XI X TERMINATION..............................................................................93 SECTION 11.1 ................................................................. 53 Section 10.1 Optional Purchase of All Receivables........................................93....................... 53

Servicer Termination Event. 88 SECTION 10.2 51 Section 9.2 Consequences of a Servicer Termination Event................................90 SECTION 10.3 .......................................... 52 Section 9.3 Appointment of Successor....................................................91 SECTION 10.4 .............................................................. 53 Section 9.4 Notification to Securityholders.............................................92 SECTION 10.5 Noteholders........................................................... 54 Section 9.5 Waiver of Past Defaults.....................................................93 SECTION 10.6 Action Upon Certain Failures of the Servicer................................93 ARTICLE XI TERMINATION..............................................................................93 SECTION 11.1 Optional Purchase of All Receivables........................................93............................................................... 54