Common use of Servicer Transfer Event Clause in Contracts

Servicer Transfer Event. (a) If a Servicer Transfer Event occurs, the Trustee must at the direction of the Manager by notice terminate this Agreement with immediate effect. (b) Following such action: (i) clause 2.8 shall apply; (ii) the Servicer must promptly transfer at its own cost to the Trustee or as the Trustee directs the relevant information in the Data Base held or maintained by the Servicer in relation to this Agreement, the Receivables or Receivable Rights; and (iii) unless and until another Eligible Servicer has been appointed to be the Servicer, the Trustee shall act as Servicer and be entitled to the fee payable under clause 6 while so acting. (c) No other person will be appointed to perform all or part of the obligations the Servicer has undertaken to perform under this Agreement or to service any of the Receivables unless: (i) the Trustee has terminated this Agreement in accordance with the provisions of paragraph (a); or (ii) the Servicer has resigned in accordance with clause 7.3; and in all circumstances that person must be an Eligible Servicer or the Trustee.

Servicer Transfer Event. (a) If a Servicer Transfer Event occurs, the Trustee must at the direction of the Manager by notice terminate this Agreement agreement with immediate effect. The Trustee must promptly give notice of that termination to the Trust Manager, the Approved Seller, the Servicer and the Designated Rating Agencies. (b) Following such action: (i) clause 2.8 Clause 3.4 shall apply;; and (ii) the Servicer must promptly transfer at its own cost to the Trustee or as the Trustee directs the relevant information in the Data Base held or maintained by the Servicer in relation to this Agreementagreement, the Receivables or Receivable Rights; and (iii) unless and until another Eligible Servicer has been appointed to be the Servicer, the Trustee shall act as Servicer and be entitled to the fee payable under clause 6 while so actingSecurities. (c) No The Trustee will not appoint any other person will be appointed to perform all or part of the obligations the Servicer has undertaken to perform under this Agreement agreement or to service any of the Receivables unless: (i) the Trustee has terminated this Agreement agreement in accordance with the provisions of paragraph (a); or (ii) the Servicer has resigned in accordance with clause 7.3; and 8.3. (d) [If this agreement is terminated in all circumstances that person must be accordance with this clause 8.2, then until the Trustee appoints an Eligible Servicer or to be the TrusteeServicer, and that Eligible Servicer agrees to act as Servicer, the Trust Manager shall act as Servicer and is entitled to the fee payable under clause 7 while so acting.]

Servicer Transfer Event. (a) If a Servicer Transfer Event occurs, the Trustee must at its option in the manner and at the direction times the Trustee in its absolute discretion deems appropriate but without any obligation to do so and notwithstanding any omission, neglect, delay or waiver of the Manager right to exercise such option may by notice terminate this Agreement with immediate effect. (b) Following such action: (i) clause 2.8 Clause 3.4 shall apply;; and (ii) the Servicer must promptly transfer at its own cost to the Trustee or as the Trustee directs the relevant information in the Data Base held or maintained by the Servicer in relation to this Agreement, the Receivables or Receivable Rights; and (iii) unless and until another Eligible Servicer has been appointed to be the Servicer, the Trustee shall act as Servicer and be entitled to the fee payable under clause 6 while so actingSecurities. (c) No The Trustee will not appoint any other person will be appointed to perform all or part of the obligations the Servicer has undertaken to perform under this Agreement or to service any of the Receivables unless: (i) the Trustee has terminated this Agreement in accordance with the provisions of paragraph (a); or (ii) the Servicer has resigned in accordance with clause 7.3; and in all circumstances that person must be an Eligible Servicer or the Trustee8.3.