Common use of Termination of Servicer Clause in Contracts

Termination of 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, and, upon the request of the Holders of Notes representing more than 50% of the Class Note Balance of the Outstanding Notes, shall (or as otherwise provided in the Sale and Servicing Agreement), terminate the Servicer as provided in Section 7.01 of the Sale and Servicing Agreement. If the Indenture Trustee terminates the Servicer, the Indenture Trustee as successor servicer shall, pursuant to Section 7.02 of the Sale and Servicing Agreement, assume the duties of the Servicer or the Indenture Trustee shall appoint a successor servicer acceptable to the Rating Agencies and meeting the requirements set forth in the Sale and Servicing Agreement and shall provide notice to the Swap Provider of such appointment.

Termination of Servicer. In the event of an 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, and, upon with the request consent of the Holders Note Insurer or, with the prior written consent of the Note Insurer, the Holder of Notes representing more not less than 50% of the Class Note Principal Balance of the Outstanding NotesNotes of both Classes, shall and shall, upon the direction of the Note Insurer (or as otherwise provided in the Sale and Servicing Agreement), terminate the Servicer as provided in Section 7.01 of the Sale and Servicing Agreement. If the Indenture Trustee terminates the Servicer, the Indenture Trustee as successor servicer shall, pursuant to Section 7.02 of the Sale and Servicing Agreement, assume the duties of the Servicer or the Indenture Trustee shall appoint a successor servicer Servicer acceptable to the Trust, the Note Insurer and the Rating Agencies and meeting the requirements set forth in the Sale and Servicing Agreement and shall provide notice to the Swap Provider of such appointmentAgreement.

Termination of 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, and, upon with the request consent of the Holders Note Insurer or, with the prior written consent of the Note Insurer, the Holder of Notes representing more not less than 50% of the Class Note Principal Balance of the Outstanding Notes, shall and shall, upon the direction of the Note Insurer (or as otherwise provided in the Sale and Servicing Agreement), terminate the Servicer as provided in Section 7.01 of the Sale and Servicing Agreement. If the Indenture Trustee terminates the Servicer, the Indenture Trustee as successor servicer shall, pursuant to Section 7.02 of the Sale and Servicing Agreement, assume the duties of the Servicer or the Indenture Trustee shall appoint a successor servicer Servicer acceptable to the Trust, the Note Insurer and the Rating Agencies and meeting the requirements set forth in the Sale and Servicing Agreement and shall provide notice to the Swap Provider of such appointmentAgreement.

Termination of 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, and, upon the request of the Holders of Notes representing more than 50% of the Class Note Balance of the Outstanding Notes, shall (or as otherwise provided in the Sale and Servicing Agreement), terminate the Servicer as provided in Section 7.01 of the Sale and Servicing Agreement. If the Indenture Trustee terminates the Servicer, the Indenture Trustee as successor servicer shall, pursuant to Section 7.02 of the Sale and Servicing Agreement, assume the duties of the Servicer or the Indenture Trustee shall appoint a successor servicer acceptable to the Rating Agencies and meeting the requirements set forth in the Sale and Servicing Agreement [and shall provide notice to the Swap Provider of such appointment].

Termination of Servicer. In the event of the occurrence of a Servicer Event of Servicing Default specified in Section 7.01 8.01 of the Sale and Servicing Agreement, the Indenture Trustee may, and, upon the request of the Holders of Notes representing more than 50% of the Class Note Balance of the Outstanding Notes, shall (or as otherwise provided in the Sale and Servicing Agreement), terminate the Servicer as provided in Section 7.01 of the Sale and Servicing Agreement, subject to the rights of the Servicing Rights Pledgee. If the Indenture Trustee terminates the Servicer, the Indenture Trustee as successor servicer shall, pursuant to Section 7.02 8.02 of the Sale and Servicing Agreement, assume the duties of the Servicer or the Indenture Trustee shall appoint or petition a court and appoint a successor servicer acceptable to the Rating Agencies and meeting the requirements set forth in the Sale and Servicing Agreement and shall provide notice to the Swap Provider of such appointmentAgreement.

Termination of 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, and, upon the request of the Holders of Notes representing more than 50% of the Class Note Balance of the Outstanding Notes, shall (or as otherwise provided in the Sale and Servicing Agreement), terminate the Servicer as provided in Section 7.01 of the Sale and Servicing Agreement. If the Indenture Trustee terminates the Servicer, the Indenture Trustee as successor servicer shall, pursuant to Section 7.02 of the Sale and Servicing Agreement, assume the duties of the Servicer or the Indenture Trustee shall appoint a successor servicer acceptable to the Rating Agencies and meeting the requirements set forth in the Sale and Servicing Agreement and shall provide notice to the Swap Provider Hedge Providers of such appointment.

Termination of 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, and, upon the request of the Holders of Notes representing more than 50% of the Class Note Balance of the Outstanding Notes, shall (or as otherwise provided in the Sale and Servicing Agreement), terminate the Servicer as provided in Section 7.01 of the Sale and Servicing Agreement. If the Indenture Trustee terminates the Servicer, the Indenture Trustee as successor servicer shall, pursuant to Section 7.02 of the Sale and Servicing Agreement, assume the duties of the Servicer or the Indenture Trustee shall appoint a successor servicer acceptable to the Rating Agencies and meeting the requirements set forth in the Sale and Servicing Agreement and shall provide notice to the Swap Provider of such appointmentAgreement.

Termination of 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, and, upon with the request consent of the Holders Note Insurer or, with the prior written consent of the Note Insurer, the Holder of Notes representing more not less than 50% of the Class Note Principal Balance of the Outstanding NotesNotes of both of the Classes, shall and shall, upon the direction of the Note Insurer (or as otherwise provided in the Sale and Servicing Agreement), terminate the Servicer as provided in Section 7.01 of the Sale and Servicing Agreement. If the Indenture Trustee terminates the Servicer, the Indenture Trustee as successor servicer shall, pursuant to Section 7.02 of the Sale and Servicing Agreement, assume the duties of the Servicer or the Indenture Trustee shall appoint a successor servicer Servicer acceptable to the Trust, the Note Insurer and the Rating Agencies and meeting the requirements set forth in the Sale and Servicing Agreement and shall provide notice to the Swap Provider of such appointmentAgreement.

Termination of Servicer. In the event of the occurrence of a Servicer Event of Servicing Default specified in Section 7.01 8.01 of the Sale and Servicing Agreement, the Indenture Trustee may, and, upon the request of the Holders of Notes representing more than 50% of the Class Note Balance of the Outstanding Notes, shall (or as otherwise provided in the Sale and Servicing Agreement), terminate the Servicer as provided in Section 7.01 of the Sale and Servicing Agreement. If the Indenture Trustee terminates the Servicer, the Indenture Trustee as successor servicer shall, pursuant to Section 7.02 8.02 of the Sale and Servicing Agreement, assume the duties of the Servicer or the Indenture Trustee shall appoint or petition a court and appoint a successor servicer acceptable to the Rating Agencies and meeting the requirements set forth in the Sale and Servicing Agreement and shall provide notice to the Swap Provider Hedge Counterparties of such appointment.

Termination of Servicer. In the event of Upon the occurrence and during the continuance of a Servicer Event of Default specified in Section 7.01 9.01 of the Sale and Servicing Agreement, 44 the Indenture Trustee may, and, upon with the request consent of the Holders Note Purchaser or, with the prior written consent of the Note Purchaser, the Holder of Secured Notes representing more not less than 50% of the Class Note Principal Balance of the Outstanding Notes, shall and shall, upon the direction of the Note Purchaser (or as otherwise provided in the Sale and Servicing Agreement), terminate the Servicer as provided in Section 7.01 9.01 of the Sale and Servicing Agreement. If the Indenture Trustee terminates the Servicer, the Indenture Trustee as successor servicer shall, pursuant to Section 7.02 9.02 of the Sale and Servicing Agreement, assume the duties of the Servicer or the Indenture Trustee shall appoint a successor servicer Servicer acceptable to the Rating Agencies Trust and the Note Purchaser and meeting the requirements set forth in the Sale and Servicing Agreement and shall provide notice to the Swap Provider of such appointmentAgreement.