Common use of Termination on Issuance of Additional Notes Clause in Contracts

Termination on Issuance of Additional Notes. Notwithstanding anything to the contrary set forth herein or in any of the other Transaction Documents (including the second paragraph of Section 4.04 of this Agreement), if the Issuer proposes to issue Additional Notes and the Servicer does not consent to continue its obligations under this Agreement (including its obligation to make Advances), the Indenture Trustee, in consultation with the Issuer, shall use reasonable efforts to appoint an established and qualified institution to act as successor servicer under this Agreement, provided, however, that the Indenture Trustee has received a Rating Agency Confirmation with respect to the proposed successor servicer. Effective with the appointment of such successor, the existing Servicer shall be deemed to have resigned as Servicer under this Agreement and the existing Servicer will have no obligation to make any Advances with respect to such Additional Notes prior to such resignation. If this Agreement is terminated pursuant to this Section 6.02, the Servicer shall (upon such termination) be entitled to reimbursement for unreimbursed Additional Issuer Expenses and Advances, including any applicable Advance Interest, and payment of any fees due under Section 2.04. In addition, the Servicer shall have the right to unconditionally resign as a result of an issuance of Additional Notes. If the Servicer exercises such right in connection with an issuance of Additional Notes, such issuance shall be conditioned on the appointment by the Indenture Trustee, in consultation with the Issuer, of a successor servicer.