Common use of Substitute Servicer Clause in Contracts

Substitute Servicer. Notwithstanding the provisions of Section 6.01, the Trustee may, if it shall be unwilling to continue to act as the successor to the Servicer in accordance with Section 6.01, or shall, if it is unable to continue to so act or is so instructed in writing by the Insurer (if no Insurer Default has occurred and is continuing) or the holders of 66-2/3% of the then Outstanding Principal Amount of the Notes (if an Insurer Default has occurred and is continuing), appoint a successor to the Servicer in accordance with the provisions of Section 10.03 of the Assignment and Servicing Agreement.

Appears in 8 contracts

Samples: Indenture (Ikon Receivables LLC), Indenture (Ikon Receivables LLC), Indenture (Ikon Receivables LLC)

AutoNDA by SimpleDocs

Substitute Servicer. Notwithstanding the provisions of Section 6.01, the Trustee may, if it shall be unwilling to continue to act as the successor to the Servicer in accordance with Section 6.01, or shall, if it is unable to continue to so act [or is so instructed in writing by the Insurer (if no Insurer Default has occurred and is continuing) )] or the holders of 66-2/3% of the then Outstanding Principal Amount of the Notes (if an Insurer Default has occurred and is continuing), appoint a successor to the Servicer in accordance with the provisions of Section 10.03 of the Assignment and Servicing Agreement.

Appears in 1 contract

Samples: Indenture (Ikon Receivables Funding LLC)

AutoNDA by SimpleDocs
Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!