Servicer Termination or Non-Renewal. At the direction of [the Securities Insurer, or] the Master Servicer [(with the prior consent of the Securities Insurer)] or the Majority Noteholders [(with the prior consent of the Securities Insurer)], the Master Servicer, on behalf of the Issuer and the Securityholders, shall terminate the Servicer upon the occurrence and continuance of a Servicer Event of Default. [The Securities Insurer will instruct the Master Servicer not to renew the term of the Servicer and appoint a replacement servicer (which shall be an Eligible Servicer) approved by the Securities Insurer at the request of the Master Servicer.]
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Samples: Sale and Servicing Agreement (Hsi Asset Securitization Corp), Sale and Servicing Agreement (Painewebber Mortgage Acceptance Corporation Iv), Sale and Servicing Agreement (Securitized Asset Backed Receivables LLC)
Servicer Termination or Non-Renewal. At the direction of [the Securities Insurer, or] the Master Servicer [(with the prior consent of the Securities Insurer)] or the Majority Noteholders [(with the prior consent of the Securities Insurer)], the Master Servicer, on behalf of the Issuer Issuing Entity and the Securityholders, shall terminate the Servicer upon the occurrence and continuance of a Servicer Event of Default. [The Securities Insurer will instruct the Master Servicer not to renew the term of the Servicer and appoint a replacement servicer (which shall be an Eligible Servicer) approved by the Securities Insurer at the request of the Master Servicer.]
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