Common use of Events of Default; Trustee To Act; Appointment of Successor Clause in Contracts

Events of Default; Trustee To Act; Appointment of Successor. (a) If an Event of Default (other than an Event of Default described in clause (a) of Section 14.01 of the Servicing Agreement) shall occur, then, in each and every case, subject to applicable law, so long as any such Event of Default shall not have been remedied within any period of time as prescribed under the Servicing Agreement, the Trustee may, and if so directed in writing by Certificateholders evidencing either (i) more than 50% of the Class Principal Amount (or Class Notional Amount) of each Class of Certificates, or (ii) 50% of the aggregate Class Principal Amount of the Subordinate Certificates, shall terminate all of the rights and obligations of the Servicer under the Servicing Agreement; provided, however, that in the case of the preceding clause (ii), the Trustee shall provide written notice to all of the Certificateholders within two Business Days of receiving such direction and shall not terminate the Servicer if, within 30 days of sending such written notice, the Trustee has received contrary instructions from Certificateholders evidencing more than 50% of the Aggregate Voting Interests of the Certificateholders. If an Event of Default described in clause (a) of Section 14.01 of the Servicing Agreement shall occur, then the Trustee, by notice in writing to the Servicer, shall terminate all of the rights and obligations of the Servicer under the Servicing Agreement, unless any waiver described under Section 6.16 shall have been obtained. When a Responsible Officer of the Trustee has actual knowledge of the occurrence of an Event of Default, the Trustee shall promptly notify the Rating Agency of the nature and extent of such Event of Default. The Trustee shall promptly give written notice to the Servicer of a default under the Servicing Agreement if (a) the Servicer fails to pay any Monthly Advance owed on any Servicer Remittance Date when due, (b) the Servicer fails to remit payments owed on any Servicer Remittance Date or (c) the Servicer fails to deliver Mortgage Loan-level data when due. Upon termination of the rights and obligations of the Servicer under the Servicing Agreement in connection with an Event of Default, the successor servicer shall not be required to purchase or reimburse the terminated Servicer's advance receivables under the Servicing Agreement. For the avoidance of doubt, to the extent that the terminated Servicer and a successor servicer have each made advances in respect of the same Mortgage Loan, recovered amounts shall be used to reimburse the terminated Servicer and a successor servicer in the order that such advances were made.

Events of Default; Trustee To Act; Appointment of Successor. (a) If an Event of Default (other than an Event of Default described in clause (a) of Section 14.01 of the Servicing Agreement) shall occur, then, in each and every case, subject to applicable law, so long as any such Event of Default shall not have been remedied within any period of time as prescribed under the Servicing Agreement, the Trustee may, and if so directed in writing by Certificateholders evidencing either (i) more than 50% of the Class Principal Amount (or Class Notional Amount) of each Class of Certificates, or (ii) 50% of the aggregate Class Principal Amount of the Subordinate Certificates, shall terminate all of the rights and obligations of the Servicer under the Servicing Agreement; provided, however, that in the case of the preceding clause (ii), the Trustee shall provide written notice to all of the Certificateholders within two Business Days of receiving such direction and shall not terminate the Servicer if, within 30 days of sending such written notice, the Trustee has received contrary instructions from Certificateholders evidencing more than 50% of the Aggregate Voting Interests of the Certificateholders. If an Event of Default described in clause (a) of Section 14.01 of the Servicing Agreement shall occur, then the Trustee, by notice in writing to the Servicer, shall terminate all of the rights and obligations of the Servicer under the Servicing Agreement, unless any waiver described under Section 6.16 shall have been obtained. When a Responsible Officer of the Trustee has actual knowledge of the occurrence of an Event of Default, the Trustee shall promptly notify the Rating Agency of the nature and extent of such Event of Default. The Trustee shall promptly give written notice to the Servicer of a default under the Servicing Agreement if (a) the Servicer fails to pay any Monthly Advance owed on any Servicer Remittance Date when due, (b) the Servicer fails to remit payments owed on any Servicer Remittance Date or (c) the Servicer fails to deliver Mortgage Loan-level data when due. Upon termination of the rights and obligations of the Servicer under the Servicing Agreement in connection with an Event of Default, the successor servicer shall not be required to purchase or reimburse the terminated Servicer's ’s advance receivables under the Servicing Agreement. For the avoidance of doubt, to the extent that the terminated Servicer and a successor servicer have each made advances in respect of the same Mortgage Loan, recovered amounts shall be used to reimburse the terminated Servicer and a successor servicer in the order that such advances were made.