Common use of Servicer Transfer Clause in Contracts

Servicer Transfer. (a) If a Servicer Default has occurred and is continuing, the Trustee or the Issuer may terminate all of the rights and obligations of the Servicer hereunder by notice to the Servicer (a “Termination Notice”), whereupon the Backup Servicer will succeed to all of the Servicer’s management, administrative, servicing, custodial and collection functions as Servicer hereunder within thirty (30) days of receiving a Termination Notice.

Servicer Transfer. (a) If a Servicer Default has occurred and is continuing, the Trustee or the Issuer may may, upon direction of a Supermajority of the Noteholders, terminate all of the rights and obligations of the Servicer hereunder by notice to the Servicer (a “Termination Notice”), whereupon the Backup Servicer will succeed to all of the Servicer’s management, administrative, servicing, custodial and collection functions as Servicer hereunder within thirty sixty (3060) days of receiving a Termination Notice.

Servicer Transfer. (a) If a Servicer Default has occurred and is continuingcontinuing (subject to any applicable cure period), the Trustee or the Issuer may Issuer, at the direction of the Majority Noteholders, shall terminate all of the rights and obligations of the Servicer hereunder by notice to the Servicer (a “Termination Notice”), whereupon the Backup Servicer will succeed to all of the Servicer’s management, administrative, servicing, custodial and collection functions as Servicer hereunder within thirty (30) 30 days of receiving a Termination Notice.

Servicer Transfer. (a) If a Servicer Default has occurred and is continuing, the Trustee (at the direction of the majority in principal amount of the Noteholders) or the Issuer may terminate all of the rights and obligations of the Servicer hereunder by notice to the Servicer (a “Termination Notice”), whereupon the Backup Servicer will succeed to all of the Servicer’s management, administrative, servicing, custodial and collection functions as Servicer hereunder within thirty forty five (3045) days of receiving a Termination Notice.

Servicer Transfer. (a) If a Servicer Default has occurred and is continuingcontinuing (subject to any applicable cure period), the Trustee or the Issuer may Issuer, at the written direction of the Majority Noteholders, shall terminate all of the rights and obligations of the Servicer hereunder by notice to the Servicer and the Backup Servicer (a “Termination Notice”), whereupon the Backup Servicer will succeed to all of the Servicer’s management, administrative, servicing, custodial and collection functions as Servicer hereunder within thirty (30) 45 days of receiving a Termination Notice.