Common use of Warehouse Facility Remedies Clause in Contracts

Warehouse Facility Remedies. Without limiting the generality of Section 8.5: (a) Following the occurrence and during the continuation of a Facility Servicer Event of Default or a Warehouse Facility Servicer Default, the Required Warehouse Lenders may direct the Deal Agent to terminate the rights and obligations of the Closed-End Servicer and appoint a new Person acceptable to the Required Warehouse Lenders to perform the duties of Closed-End Servicer under the Closed-End Servicing Agreement, all in accordance with and subject to Article VIII of the Closed-End Servicing Agreement; (b) after the Closed-End Collateral Agent has received a Default Notice (that has not been withdrawn), the Required Warehouse Lenders (or the Deal Agent on their behalf) may direct the Closed-End Collateral Agent to give notice to the Company Account Bank, as provided in the Company Account Agreement, of the exercise by the Closed-End Collateral Agent of exclusive dominion and control over the Company Account; provided, however, that, any such notice may be given only pursuant to and in accordance with the terms of, and procedures set forth in, the Company Account Agreement; (c) after the Closed-End Collateral Agent has taken control of the Company Account in the manner set forth in Section 8.6(b), the Closed-End Collateral Agent shall direct the Company Account Bank to withdraw from the Company Account, and deposit into the Lease Funding Account, all Closed-End Collections with respect to the Warehouse Facility Pool that are on deposit in the Company Account. The Closed-End Administrative Agent shall apply such amounts in accordance with the terms of this Collateral Agency Agreement; (d) after the Closed-End Collateral Agent has received a Default Notice (that has not been withdrawn), the Required Warehouse Lenders (or the Deal Agent on their behalf) may direct the Closed-End Collateral Agent to give notice to the Lease Funding Account Bank, as provided in the Lease Funding Account Agreement, of the exercise by the Closed-End Collateral Agent of exclusive dominion and control over the Lease Funding Account; provided, however, that, any such notice may be given only pursuant to and in accordance with the terms of, and procedures set forth in, the Lease Funding Account Agreement.