Common use of TERMINATION OF MASTER SERVICER Clause in Contracts

TERMINATION OF MASTER SERVICER. In the event of the occurrence of a Servicer Event of Default specified in Section 7.01 of the Sale and Servicing Agreement, the Indenture Trustee may, with the consent of the Note Insurer or, with the prior written consent of the Note Insurer, the Holder of Notes representing not less than 50% of the Note Principal Balance of the Outstanding Notes of all of the Classes, and shall, upon the written direction of the Note Insurer (or as otherwise provided in the Sale and Servicing Agreement), terminate the Master Servicer as provided in Section 7.01 of the Sale and Servicing Agreement. If the Indenture Trustee terminates the Master Servicer, the Backup Servicer shall, pursuant to Section 7.02 of the Sale and Servicing Agreement, assume the duties of the Master Servicer or appoint a successor master servicer acceptable to the Rating Agencies in accordance with the directions of the Note Insurer and meeting the requirements set forth in the Sale and Servicing Agreement.

TERMINATION OF MASTER SERVICER. In the event of the occurrence of a Servicer Event of Default specified in Section 7.01 of the Sale and Servicing Agreement, the Indenture Trustee may, with the consent of the Note Insurer or, with the prior written consent of the Note Insurer, the Holder of Notes representing not less than 50% of the Note Principal Balance of the Outstanding Notes of all of the both Classes, and shall, upon the written direction of the Note Insurer (or as otherwise provided in the Sale and Servicing Agreement), terminate the Master Servicer as provided in Section 7.01 of the Sale and Servicing Agreement. If the Indenture Trustee terminates the Master Servicer, the Backup Servicer shall, pursuant to Section 7.02 of the Sale and Servicing Agreement, assume the duties of the Master Servicer or appoint a successor master servicer acceptable to the Rating Agencies in accordance with the directions of the Note Insurer and meeting the requirements set forth in the Sale and Servicing Agreement.

TERMINATION OF MASTER SERVICER. In the event of the occurrence of a Servicer Event of Default specified in Section 7.01 of the Sale and Servicing Agreement, the Indenture Trustee may, with the consent of the Note Insurer or, with the prior written consent of the Note Insurer, the Holder of Notes representing not less than 50% of the Note Principal Balance of the Outstanding Notes of all of the Classes, and shall, upon the written direction of the Note Insurer (or as otherwise provided in the Sale and Servicing Agreement), terminate the Master Servicer as provided in Section 7.01 of the Sale and Servicing Agreement. If the Indenture Trustee terminates the Master Servicer, the Backup Servicer shall, pursuant to Section 7.02 of the Sale and Servicing Agreement, assume the duties of the Master Servicer or appoint a successor master servicer acceptable to the Rating Agencies in accordance with the directions of the Note Insurer and meeting the requirements set forth in the Sale and Servicing Agreement.