Common use of Termination of Successor Servicer Clause in Contracts

Termination of Successor Servicer. If the Successor Servicer --------------------------------- (prior to becoming the successor to the Servicer) shall fail to duly observe or perform any of its covenants, agreements or obligations set forth in this Agreement which failure (i) would have a material adverse effect on the Noteholders (determined without regard to the availability of funds under the Note Policy), the Insurer (unless an Insurer Default shall have occurred and be continuing) or the Trust Property, and (ii) if capable of remedy, continues unremedied for a period of 30 days after the earlier to occur of (x) the date on which written notice of such failure, requiring the same to be remedied, shall have been received by an Authorized Officer of the Successor Servicer from the Insurer (or, if an Insurer Default shall have occurred and be continuing by any Noteholder or group of Noteholders evidencing not less than 25% of the principal balance of the Notes) or (y) the discovery of such failure by an Authorized Officer of the Successor Servicer, the Insurer (or, if an Insurer Default shall have occurred and be continuing, any 76 Noteholder or group of Noteholders evidencing not less than 25% of the principal balance of the Notes) may terminate all of the duties of the Successor Servicer under this Agreement. Any removal pursuant to the provisions of this Section 10.10 shall take effect only upon the appointment of a successor to the Successor Servicer and the acceptance in writing by such successor to Successor Servicer of such appointment and of its obligation to perform its duties hereunder in accordance with the provisions hereof. In no event shall Xxxxx Fargo Bank Minnesota, National Association be appointed as the Successor Servicer.

Termination of Successor Servicer. If the Successor --------------------------------- Servicer --------------------------------- (prior to becoming the successor to the Servicer) shall fail to duly observe or perform any of its covenants, agreements or obligations set forth in this Agreement which failure (i) would have a material adverse effect on the Noteholders (determined without regard to the availability of funds under the Note Policy), the Insurer (unless an Insurer Default shall have occurred and be continuing) or the Trust Property, and (ii) if capable of remedy, continues unremedied for a period of 30 days after the earlier to occur of (x) the date on which written notice of such failure, requiring the same to be remedied, shall have been received by an Authorized Officer of the Successor Servicer from the Insurer (or, if an Insurer Default shall have occurred and be continuing by any Noteholder or group of Noteholders evidencing not less than 25% of the principal balance of the Notes) or (y) the discovery of such failure by an Authorized Officer of the Successor Servicer, the Insurer (or, if an Insurer Default shall have occurred and be continuing, any 76 Noteholder or group of Noteholders evidencing not less than 25% of the principal balance of the Notes) may terminate all of the duties of the Successor Servicer under this Agreement. Any removal pursuant to the provisions of this Section 10.10 shall take effect only upon the appointment of a successor to the Successor Servicer and the acceptance in writing by such successor to Successor Servicer of such appointment and of its obligation to perform its duties hereunder in accordance with the provisions hereof. In no event shall Xxxxx Fargo Bank Minnesota, National Association be appointed as the Successor Servicer.

Termination of Successor Servicer. If the Successor Servicer --------------------------------- (prior to becoming the successor to the Servicer) shall fail to duly observe or perform any of its covenants, agreements or obligations set forth in this Agreement which failure (i) would have a material adverse effect on the Noteholders (determined without regard to the availability of funds under the Note Policy), the Insurer (unless an Insurer Default shall have occurred and be continuing) or the Trust Property, and (ii) if capable of remedy, continues unremedied for a period of 30 days after the earlier to occur of (x) the date on which written notice of such failure, requiring the same to be remedied, shall have been received by an Authorized Officer of the Successor Servicer from the Insurer (or, if an Insurer Default shall have occurred and be continuing by any Noteholder or group of Noteholders evidencing not less than 25% of the principal balance of the Notes) or (y) the discovery of such failure by an Authorized Officer of the Successor Servicer, the Insurer (or, if an Insurer Default shall have occurred and be continuing, any 76 Noteholder or group of Noteholders evidencing not less than 25% of the principal balance of the Notes) may terminate all of the duties of the Successor Servicer under this Agreement. Any removal pursuant to the provisions of this Section 10.10 shall take effect only upon the appointment of a successor to the Successor Servicer and the acceptance in writing by such successor to Successor Servicer of such appointment and of its obligation to perform its duties hereunder in accordance with the provisions hereof. In no event shall Xxxxx Fargo Bank Minnesota, National Association be appointed as the Successor Servicer.

Termination of Successor Servicer. If the Successor Servicer --------------------------------- (prior to becoming the successor to the Servicer) shall fail to duly observe or perform any of its covenants, agreements or obligations set forth in this Agreement which failure (i) would have a material adverse effect on the Noteholders (determined without regard to the availability of funds under the Note Policy), the Insurer (unless an Insurer Default shall have occurred and be continuing) or the Trust Property, and (ii) if capable of remedy, continues unremedied for a period of 30 days after the earlier to occur of (x) the date on which written notice of such failure, requiring the same to be remedied, shall have been received by an Authorized Officer of the Successor Servicer from the Insurer (or, if an Insurer Default shall have occurred and be continuing by any Noteholder or group of Noteholders evidencing not less than 25% of the principal balance of the Notes) or (y) the discovery of such failure by an Authorized Officer of the Successor Servicer, the Insurer (or, if an Insurer Default shall have occurred and be continuing, any 76 Sale and Servicing Agreement Noteholder or group of Noteholders evidencing not less than 25% of the principal balance of the Notes) may terminate all of the duties of the Successor Servicer under this Agreement. Any removal pursuant to the provisions of this Section 10.10 shall take effect only upon the appointment of a successor to the Successor Servicer and the acceptance in writing by such successor to Successor Servicer of such appointment and of its obligation to perform its duties hereunder in accordance with the provisions hereof. In no event shall Xxxxx Fargo Bank Minnesota, National Association be appointed as the Successor Servicer.