Common use of Successor Servicer Clause in Contracts

Successor Servicer. In the event the Servicer is removed or has resigned, the Trustee shall appoint a successor Servicer at the direction of the Significant Bondholder and in the absence of such direction, an entity selected by the Owners of a majority in principal amount of Outstanding Bonds shall be so appointed.

Successor Servicer. In the event the Servicer is removed or has resigned, the Trustee shall appoint a successor Servicer at the direction of the Significant Bondholder and in the absence of such direction, an entity selected by the Owners of a majority in principal amount of Outstanding Bonds shall be so appointedBonds.